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Delta Air Lines

Delta Air Lines (DAL) Q2 2026 Earnings

Reported Jul 10, 2026 at 6:30 AM ET · SEC Source

Q2 26 EPS

$1.56

BEAT +3.76%

Est. $1.50

Q2 26 Revenue

$17.67B

MISS 6.30%

Est. $18.85B

vs S&P Since Q2 26

-3.5%

TRAILING MARKET

DAL -5.2% vs S&P -1.7%

Market Reaction

Did DAL Beat Earnings? Q2 2026 Results

Delta Air Lines posted a headline beat on the bottom line for Q2 2026, delivering adjusted EPS of $1.56 against a consensus estimate of $1.50, a 3.76% beat that extended the carrier's streak of topping analyst EPS expectations to five consecutive qua… Read more Delta Air Lines posted a headline beat on the bottom line for Q2 2026, delivering adjusted EPS of $1.56 against a consensus estimate of $1.50, a 3.76% beat that extended the carrier's streak of topping analyst EPS expectations to five consecutive quarters. Revenue of $17.67 billion grew 6.1% year over year but fell short of the $18.85 billion consensus by 6.30%, though the underlying demand picture remained broadly constructive. The primary driver of the profit story was the strength and diversification of Delta's revenue mix, with premium product revenue climbing 17%, loyalty revenue rising 19%, and American Express remuneration reaching $2.40 billion, collectively allowing the airline to absorb record quarterly fuel costs of $4.41 billion at $3.93 per gallon. Corporate travel momentum added further support, with premium corporate sales growing more than 25%. Looking ahead, Delta affirmed full-year adjusted EPS guidance of $6.50 to $7.50 and free cash flow of $3.00 to $4.00 billion, while guiding Q3 EPS of $2.00 to $2.50 on mid-teens revenue growth.

Key Takeaways

  • • Broad demand strength across all customer segments with 14% total adjusted revenue growth
  • • Premium product revenue grew 17% YoY on yield strength and continued investment in premium seats
  • • American Express remuneration of $2.4 billion grew 16% with accelerating card acquisitions and seventh consecutive quarter of double-digit YoY cardholder spend growth
  • • Main cabin unit revenue grew double-digits for second consecutive quarter
  • • Domestic unit revenue grew 12% and international unit revenue grew 8% YoY
  • • Corporate sales accelerated with double-digit growth in all sectors
  • • Diversified, high-margin revenue streams accounted for 61% of total revenue, up 2 points YoY

DAL Forward Guidance & Outlook

For Q3 2026, Delta expects total revenue to grow mid-teens year-over-year on modest capacity growth, with unit revenue growth improving sequentially. Operating margin is projected at 11-13% and EPS at $2.00-$2.50, based on an all-in fuel price of approximately $3.15 per gallon. Current trends provide a constructive setup for revenue strength to extend into the December quarter. Full-year 2026 guidance is affirmed at adjusted EPS of $6.50-$7.50 and free cash flow of $3-$4 billion, targeting approximately 20% earnings growth. Gross leverage is expected to reach approximately 2x by year-end. Non-fuel unit cost growth is expected to improve modestly from Q2 with further progression in Q4, moving back toward the long-term framework of low-single-digit non-fuel unit cost growth.

24/7 Wall St

DAL YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

DAL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

DAL Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Today, we reported our June quarter results, and it is clear that Delta's brand and industry position are stronger than ever. We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history, reflecting broad demand strength, growing brand preference and momentum across our diversified revenue base. This industry-leading performance is powered by the best people in the business.”

— Ed Bastian, Q2 2026 Earnings Press Release

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