June quarter earnings topped guidance on broad demand strength and strong execution, generating a double-digit return on invested capital
Expect continued momentum in September quarter with mid-teens revenue growth and double-digit margin
Affirming full-year guidance for adjusted EPS of $6.50 to $7.50 and free cash flow of $3 to $4 billion
Further strengthened investment grade balance sheet through debt paydown, and announced a 15 percent increase to dividend payment beginning in September quarter
ATLANTA, July 10, 2026 /PRNewswire/ -- Delta Air Lines (NYSE: DAL) today reported financial results for the June quarter and provided its outlook for the September quarter and full year 2026. Highlights of the June quarter, including both GAAP and adjusted metrics, are on page five and incorporated here.
"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," said Ed Bastian, Delta's chief executive officer.
"Delta is executing from a position of strength, and we expect momentum to carry into the second half with double-digit margins and a return to earnings growth. For the full year, we are affirming the guidance we set at the start of the year to grow earnings by 20 percent, overcoming a multi-billion dollar fuel headwind. This reinforces Delta's durability while positioning us to continue our momentum into 2027."
June Quarter 2026 GAAP Financial Results
Operating revenue of $19.8 billion
Operating income of $1.9 billion with an operating margin of 9.4 percent
Pre-tax income of $2.0 billion with a pre-tax margin of 10.2 percent
Earnings per share of $2.44
Operating cash flow of $1.6 billion
June Quarter 2026 Non-GAAP Financial Results
Operating revenue of $17.7 billion
Operating income of $1.6 billion with an operating margin of 8.8 percent
Pre-tax income of $1.4 billion with a pre-tax margin of 7.7 percent
Earnings per share of $1.56
Operating cash flow of $1.7 billion
Financial Guidance1
FY 2026 | |
Earnings Per Share | $6.50 - $7.50 |
Free Cash Flow ($B) | $3 - $4 |
Gross Leverage2 | Approx. 2x |
3Q26 | |
Total Revenue YoY (%) | Up Mid-Teens |
Operating Margin | 11% - 13% |
Earnings Per Share | $2.00 - $2.50 |
Guidance for the September quarter assumes fuel at the forward curve as of July 2, 2026, and includes a refinery benefit of 5-cents per gallon. This results in a projected all-in fuel price for the quarter of approximately $3.15 per gallon. |