Delta Air Lines announces March quarter 2026 financial results

Delta Air Lines today reported financial results for the March quarter and provided its outlook for the June quarter.  

• Delivered March quarter earnings in line with initial guidance on broad demand strength driving better-than-expected revenue performance
• Guiding to low-teens revenue growth in the June quarter on flat capacity growth, reflecting strong demand momentum, meaningful capacity reductions, and rapid actions to recapture higher fuel
• Expect June quarter pre-tax profit of around $1 billion, on a more than $2 billion increase in fuel expense at the forward curve 
• Continuing to strengthen investment-grade balance sheet, with adjusted net debt below 2019 levels

Delta Air Lines (NYSE: DAL) today reported financial results for the March quarter and provided its outlook for the June quarter.  

“Delta’s results underscore the power of our brand and the durability of our financial foundation,” said Ed Bastian, Delta’s Chief Executive Officer. “We delivered earnings that were more than 40% 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.”

Bastian continued, “Demand remains strong, and we are taking actions to protect our margins and cash flow. This includes meaningfully reducing capacity growth, with a downward bias until the fuel environment improves, and moving quickly to recapture higher fuel costs. Delta is best positioned to navigate this environment, with a leading brand, strong financial foundation, and the benefit of our refinery. In the June quarter, we expect to lead the industry with $1 billion of profit. And while the recent fuel spike is currently impacting earnings, I’m confident this environment ultimately reinforces Delta’s leadership and accelerates long-term earnings power.”

March Quarter 2026 GAAP Financial Results

• Operating revenue of $15.9 billion
• Operating income of $501 million with an operating margin of 3.2%
• Pre-tax loss of $214 million with a pre-tax margin of (1.4) %
• Loss per share of ($0.44)
• Operating cash flow of $2.4 billion

Read the full release on PR Newswire or via download.

Forward Looking Statements

Statements made in this press release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies for the future, should be considered “forward-looking statements” under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees or promised outcomes and should not be construed as such. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the possible effects of serious accidents involving our aircraft or aircraft of our airline partners; breaches or lapses in the security of technology systems we use and rely on, which could compromise the data stored within them, as well as failure to comply with evolving global privacy and security regulatory obligations or adequately address increasing customer focus on privacy issues and data security; disruptions in our information technology infrastructure; failure of the technology we use or depend on to perform effectively, including new and emerging technologies; increases in the price of aircraft fuel; extended disruptions in the supply of aircraft fuel, including from Monroe Energy, LLC (“Monroe”), our wholly-owned subsidiary that operates the Trainer refinery; failure to achieve expected results or returns from our commercial relationships with airlines in other parts of the world and the investments we have in certain of those airlines; the effects of a significant disruption in the operations or performance of third parties on which we rely; failure to comply with the financial or other covenants in our financing agreements; labor-related disruptions; the effects on our business of seasonality and other factors beyond our control, such as changes in value in our equity investments, severe weather conditions, natural disasters or other environmental events, including from the impact of climate change; failure or inability of insurance to cover a significant liability at Monroe’s refinery; failure to comply with existing and future environmental regulations to which Monroe’s refinery operations are subject, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas emissions; significant damage to our reputation and brand, including from exposure to significant adverse publicity or inability to achieve certain sustainability goals; our ability to retain senior management and other key employees, and to maintain our company culture; disease outbreaks or other public health threats, and measures implemented to combat them; the effects of terrorist attacks, geopolitical conflict or security events; competitive conditions in the airline industry; extended interruptions or disruptions in service at major airports where we operate; significant problems associated with types of aircraft or engines we operate; the effects of extensive regulatory and legal compliance requirements we are subject to; the impact of laws and regulations governing environmental protection, including but not limited to regulation of hazardous substances, increased regulation to reduce emissions and other risks associated with climate change, and the cost of compliance with more stringent environmental regulations; and unfavorable economic or political conditions in the markets in which we operate or volatility in currency exchange rates.

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other filings filed with the SEC from time to time. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of the date of this press release, and which we undertake no obligation to update except to the extent required by law.