Delta Air Lines Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +9.11%.
Did DAL Beat Earnings? Q1 2026 Results
Delta Air Lines posted a record-setting March quarter on an adjusted basis, reporting first-quarter 2026 adjusted earnings of $0.64 per share, a 44% jump year-over-year, on adjusted total revenue of $14.20 billion, up 9.4% from the prior year, extending the carrier's streak of beating consensus EPS estimates to four consecutive quarters. The headline strength was broad, with premium ticket revenue climbing 14% and loyalty revenue rising 13%, while American Express remuneration crossed $2.00 billion, illustrating how Delta's high-margin diversified revenue streams, now representing 62% of total adjusted revenue, are increasingly insulating the airline from cyclical pressure. Fuel costs remained the defining headwind, with adjusted fuel expense rising 8% to $2.59 billion, prompting Delta to raise checked bag fees ahead of the report and adopt a capacity growth posture with a downward bias until the fuel environment improves. Looking to the second quarter, management guided for low-teens revenue growth on flat capacity, EPS of $1.00 to $1.50, and approximately $1.00 billion in pre-tax profit, even as fuel costs are projected to increase by roughly $2.00 billion year-over-year.
- Premium ticket revenue grew 14% year-over-year
- Loyalty and related revenue increased 13% driven by double-digit growth in card spend and expanding cardholder base
- American Express remuneration exceeded $2 billion, up 10% year-over-year
- MRO revenue increased by more than $200 million year-over-year
- Record quarterly corporate sales with double-digit year-over-year growth across all sectors
- Diversified high-margin revenue streams represented 62% of total adjusted revenue, up from 59% prior year
- First full quarter of positive unit revenue growth in main cabin since end of 2024
- Domestic unit revenue grew 6% year-over-year; international unit revenue grew 5%
“Delta's results underscore the power of our brand and the durability of our financial foundation. We delivered earnings that were more than 40 percent higher than last year, even with a significant increase in fuel costs and operational disruptions across the industry. Our results are powered by the Delta people, who will always be our greatest competitive advantage. In February, we celebrated $1.3 billion in profit‑sharing payouts, similar to last year and more than the rest of the industry combined.”
Delta Air Lines CEO, on the earnings call
Forward Guidance & Outlook
For Q2 2026, Delta expects total revenue growth in the low-teens on flat capacity year-over-year, reflecting strong demand momentum, meaningful capacity reductions, and rapid actions to recapture higher fuel costs. EPS is guided at $1.00 to $1.50, with an operating margin of 6% to 8% and approximately $1 billion in pre-tax profit. Fuel guidance assumes the forward curve as of April 2, 2026, with a projected all-in fuel price of approximately $4.30 per gallon, including an expected $300 million refinery benefit. Capacity growth has a downward bias until the fuel environment improves. Non-fuel unit costs are expected to grow at a rate similar to the March quarter in Q2, with improvement expected in the second half of the year.
DAL YoY Financials
DAL Revenue by Segment
DAL Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.