DAL · Delta Air Lines, Inc.

Delta Air Lines reported March quarter 2026 results that demonstrated resilience amid industry challenges, with adjusted earnings per share of $0.64 representing more than 40% growth over the prior year despite significant fuel cost increases and operational disruptions. The company delivered earnings in line with its initial guidance, driven by better-than-expected revenue performance from broad demand strength across corporate and leisure segments. March quarter adjusted operating revenue reached a record $14.2 billion, up 9.4% year-over-year, with particular strength in premium revenue (up 14%), loyalty and related revenue (up 13%), and MRO revenue (increased by more than $200 million). The company's diversified revenue base represented 62% of total revenue and grew mid-teens over prior year. Cost performance showed non-fuel unit costs growing 6% year-over-year, reflecting lower than planned capacity growth and higher recovery costs. For the June quarter, Delta provided guidance for low-teens revenue growth on flat capacity, with expectations for approximately $1 billion in pre-tax profit despite a projected more than $2 billion increase in fuel expense at the forward curve. The guidance includes a refinery benefit of approximately $300 million and projects an all-in fuel price of approximately $4.30 per gallon. Management highlighted the company's strong financial foundation, with adjusted net debt of $13.5 billion below 2019 levels, and emphasized actions to protect margins and cash flow through capacity reductions and fuel cost recapture. CEO Ed Bastian expressed confidence that Delta is best positioned to navigate the current environment, citing the company's leading brand, strong financial foundation, and refinery benefits.