Delta Misses Q3 2026 as Fuel Costs Snap a Six-Quarter Streak
As seen on the 24/7 Wall St. homepage on October 9, 2026.
A six-quarter streak of beating consensus EPS ends here, undone by a 62% jump in adjusted fuel expense to $4.14 billion. Demand held up: premium revenue rose 18%, and management guided December quarter revenue growth of roughly 20% with full-year EPS held at $5.10 to $5.60.
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Delta's six-quarter run of beating Wall Street ended, with adjusted EPS of $1.72 missing expectations of $1.88.
Fuel did the damage: adjusted fuel expense jumped 62%, pulling adjusted operating margin down to 9.4%.
Demand held up underneath the cost pressure, with premium revenue up 18% and corporate sales expanding double-digits across all sectors.
Management kept its full-year EPS target of $5.10 to $5.60 intact, with CEO Ed Bastian pointing to roughly $4.5 billion in full-year pre-tax profit despite the fuel hit.
The fourth quarter hinges on whether fuel stabilizes, with Delta guiding to approximately $4.25 per gallon for the December quarter.
Mentioned: DAL