Delta releases quarterly results on Wednesday. About a month ago, the carrier cut its outlook for revenue growth for the first quarter, saying it would only grow 3% to 4%. That’s after initially predicting a growth rate more than double that.

Now, with new tariffs taking hold and the stock market down, Delta — and all airlines — are facing new headwinds, so to speak.

Say you’ve been planning to fly to Europe later this year and were going to spring for extra legroom. Well, if you had a lot of money invested in the stock market, you might not be feeling the urge to splurge right now.

"After a week of what we just had, you'd be like, ‘You know what? Not so sure,’" said George Ferguson, an analyst with Bloomberg Intelligence.

He expects demand for premium seats, which have been a big moneymaker, to deteriorate. People flying economy who are worried about their jobs might not be so quick to hit “buy” either. 

"The whole population sees the market, and it creates sort of an uncertainty. And so they're like, 'Ehhh, do we really need to spend this money?" Ferguson said.

On the cost side for airlines, jets might get more expensive, according to Richard Aboulafia, managing director at the consulting firm AeroDynamic Advisory.

"These have complex global supply chains, just like the automotive industry," he said. "You start tariffing 20%, 30% or more in terms of these inputs — yeah, their price goes up."

In the short term, airlines could lower fares to attract customers, per Bloomberg’s George Ferguson. In the long term, they might reduce capacity, which could mean fewer flights.