Delta Air Lines March Quarter 2026 Earnings: Revenue Hits Record $14.2 Billion 

Delta Air Lines reported adjusted EPS of $0.64 on record adjusted operating revenue of $14.2 billion, roughly 9% higher year over year, while GAAP results showed a net loss due to investment marks and higher fuel costs. After-hours movement was not disclosed in the release.

About Delta Air Lines

Delta Air Lines (NYSE: DAL) is a leading global airline headquartered in Atlanta, Georgia, serving more than 300 destinations across six continents with up to 5,500 daily flights through Delta and Delta Connection. The company traces its roots to the 1920s crop‑dusting business, with Delta becoming an airline in 1929, and today it employs over 100,000 people worldwide.

Delta focuses on premium products, corporate travel, a large SkyMiles loyalty program, and diversified revenue streams including its Monroe refinery and Delta TechOps MRO operations. It served more than 200 million customers in 2025 and has been recognized for on‑time performance and as one of the most admired and best‑to‑work‑for companies in the United States.

While the release does not state market capitalization or P/E ratio, Delta carries investment‑grade credit ratings at all three major agencies and reported adjusted net debt of $13.5 billion at quarter‑end.

Top Financial Highlights

1. Operating revenue (GAAP) of $15.9 billion, up 13% year over year, including third‑party refinery sales.
2. Adjusted operating revenue of $14.2 billion, a record March quarter, up 9.4% versus $13.0 billion in 1Q25.
3. GAAP net loss of $289 million and GAAP diluted loss per share of ($0.44), driven largely by investment mark‑to‑market and non‑operating items.
4. Adjusted net income of $423 million with adjusted EPS of $0.64, up 44% from $0.45 a year earlier.
5. GAAP operating income of $501 million (margin 3.2%); adjusted operating income of $652 million (margin 4.6%), modestly higher than last year’s 4.5%
6. Operating cash flow of $2.4 billion and free cash flow of $1.2 billion after $1.2 billion of gross capex.
7. Adjusted non‑fuel costs of $10.5 billion; non‑fuel CASM of 15.13¢, up 6% year over year.
8. Adjusted fuel expense of $2.6 billion, up 8%, with an adjusted fuel price of $2.62 per gallon and a 6¢ per‑gallon refinery benefit.
9. Passenger revenue of $12.3 billion, up 7%, including $5.4 billion main cabin, $5.4 billion premium products, $1.0 billion loyalty travel awards, and $0.5 billion travel‑related services.
10. Other revenue of $3.3 billion, up 41%, including $1.65 billion refinery revenue, $1.22 billion loyalty and related, $380 million MRO, and $71 million miscellaneous.
11. Record corporate sales growing double‑digits year over year, led by banking, aerospace and defense, and technology sectors, with 85% of surveyed corporates expecting stable or higher travel spend in the June quarter.
12. Guidance for 2Q26: total revenue up low‑teens year over year, operating margin 6-8%, and EPS $1.00-$1.50, assuming an all‑in fuel price of about $4.30 per gallon including a $300 million refinery benefit.
13. Adjusted net debt of $13.5 billion, down $760 million since year‑end 2025; total debt and finance leases of $14.2 billion, down 10% year over year.
14. Quarter‑end liquidity of $8.1 billion, including $3.1 billion in undrawn revolver capacity and $5.1 billion of cash and cash equivalents.

March Quarter 2026 Results

Beat or Miss?

What Leadership Is Saying?

“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.” – Ed Bastian, CEO.

“Delta delivered record March quarter revenue, with an operating margin of 4.6% and earnings of $0.64 per share, within our initial guidance range even with a sharp run up in March fuel prices. Non‑fuel unit costs grew 6% over prior year, reflecting lower than planned capacity growth and higher recovery costs. For the June quarter, we expect non‑fuel unit costs to grow at a rate similar to the March quarter, reflecting the impact of our capacity actions and a continuation of higher crew costs. Improving operational resilience is a top focus and we are confident in delivering improvement in both operational and cost performance in the second half of the year.” – Dan Janki, then‑CFO (now COO).

Historical Performance

YoY comparison: March quarter 2026 vs March quarter 2025 

Competitors (YoY)

The provided press release does not include financial results for peers such as United Airlines, American Airlines, Southwest, or others in the same quarter, so a data‑driven YoY competitor comparison table cannot be constructed from this source alone. Public filings and press releases for those carriers would be needed to populate comparable measures like revenue, net income, and operating expenses by quarter.

How the Market Reacted?

Delta’s March quarter release emphasizes strong revenue growth, higher adjusted earnings, and an improved balance sheet despite fuel headwinds, which gives the overall tone a constructive and moderately bullish tilt.

Management highlights record corporate and premium revenues and guides to a $1 billion pre‑tax profit in the June quarter with low‑teens revenue growth, signaling confidence in demand and margin actions. However, GAAP results show a net loss driven by investment marks and higher costs, which may temper investor enthusiasm depending on how the market weighs adjusted versus GAAP performance