−3.2pt vLY
Load factor
−1.2pt vLY
Millions of USD, as reported · calendar-normalized quarters
Operating profit ÷ revenue, computed from reported figures
Revenue vs cost per available seat-km (USD cents) — the gap is unit profitability
| Period | Revenue | Op. profit | Load factor | ASK | Net result | Load factor |
|---|---|---|---|---|---|---|
| Q2 2026 | ||||||
| Q1 2026 | ||||||
| Q4 2025 | ||||||
| Q3 2025 |
Delta guided September quarter EPS to $2.00–$2.50 on an 11–13% operating margin and affirmed full-year 2026 adjusted EPS of $6.50–$7.50 with free cash flow of $3–4B.
Delta absorbed the highest quarterly fuel expense in its history, ~$4.1B on 1,122M gallons (~$3.66/gallon), amid elevated fuel prices.
Delta announced a 15% increase to its dividend beginning in the September quarter.
Adjusted operating revenue rose 14% to a June-quarter record ~$17.7B on ~1% capacity growth, driven by broad demand strength and growing brand preference.
Delta delivered $1.4B of pre-tax profit (adjusted) and a double-digit return on invested capital while growing its diversified revenue base.
Delta guides June quarter revenue up low-teens YoY on flat capacity, operating margin 6-8%, and EPS of $1.00-$1.50.
| Q2 2025 |
| Q1 2025 |
| Q4 2024 |
| Q3 2024 |
| Q2 2024 |
“In the June quarter, Delta expects to lead the industry with $1 billion of profit.”
June quarter guidance assumes fuel at the forward curve of ~$4.30/gallon all-in, a more than $2 billion increase in fuel expense at the industry level.
A $550M mark-to-market loss on equity investments swung GAAP results to a pre-tax loss, versus adjusted (ex-MTM) pre-tax income of $532M.
Delta Air Lines