| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 19.8K | 24.6% | 18.7% |
| Total Income | 19.8K | 24.6% | 18.7% |
| Expenditure | 17.9K | 16.5% | 23.0% |
| PBT | 2.0K | 1038.8% | 21.9% |
| Net Profit | 1.6K | 655.0% | 24.7% |
| OPM | 9.44% | 6.28pp | 3.19pp |
| NPM | 8.12% | 9.94pp | 4.68pp |
| EPS | 2.45 | 656.8% | 25.3% |
Delta Air Lines Reports June Quarter 2026 Financial Results
10 Jul 2026 · 10 Jul, 4:11 pm
Summary
Delta Air Lines announced strong financial results for the June quarter of 2026, with operating revenue reaching $19.8 billion, a 19% increase year-over-year. The company reported a GAAP pre-tax profit of $2.0 billion and a non-GAAP pre-tax profit of $1.4 billion, demonstrating broad demand strength and operational execution. Management expressed confidence in continued momentum, expecting mid-teens revenue growth and double-digit margins for the September quarter, while affirming full-year guidance for adjusted EPS and free cash flow.
Key Highlights
- 1
Delta reported operating revenue of $19.8 billion for the June quarter of 2026.
- 2
The company achieved a pre-tax profit of $2.0 billion with a pre-tax margin of 10.2 percent on a GAAP basis.
- 3
On a non-GAAP basis, pre-tax income was $1.4 billion with a pre-tax margin of 7.7 percent.
- 4
Earnings per share were $2.44 on a GAAP basis and $1.56 on a non-GAAP basis for the June quarter.
- 5
Total revenue increased 19 percent year-over-year to a record $19.8 billion.
- 6
Adjusted total revenue per available seat mile (TRASM) grew 12.4 percent over the prior year.
- 7
The company affirmed full-year guidance for adjusted EPS of $6.50 to $7.50 and free cash flow of $3 to $4 billion.
Management Comments
Ed Bastian
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. 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.
Joe Esposito
Revenue grew 14 percent in the June quarter, at the high end of our expectations, increasing more than $2 billion over last year on broad demand strength. With continued momentum across customer segments and diverse revenue streams, we are confident in the sustainability of yield and revenue strength. For the September quarter, we expect revenue to grow mid-teens over prior year on modest capacity growth, with unit revenue growth improving sequentially. While still early, current trends provide a constructive setup for this strength to extend into the December quarter.
Erik Snell
Delta delivered June quarter results above guidance, with an operating margin of 8.8 percent and earnings of $1.56 per share. In the September quarter, we expect earnings per share to grow over prior year to $2.00 to $2.50 on an operating margin of 11 to 13 percent. Non‑fuel unit cost performance is expected to improve modestly from the June quarter with further progression in the December quarter as capacity growth begins to normalize. This puts us back on a path toward our long-term framework of low-single-digit non-fuel unit cost growth. Through the first half, we generated $4.1 billion of operating cash flow and delivered $1.4 billion of free cash flow. The durability of our cash generation enables us to consistently reinvest in the business, strengthen our balance sheet and grow shareholder returns. Debt reduction remains a top priority, and we expect to reach gross leverage of approximately 2x by year-end.
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