Delta June-quarter revenue up 19% to $19.76B, but fuel cut profit
Delta beat the earnings number it was judged on but not the one printed at the bottom of the page: adjusted earnings per share of $1.56 topped the $1.49 consensus, while GAAP net income fell 24.7% to $1.60 billion. Revenue of $19.76 billion rose 19.0% on broad demand. The story is simple: demand is strong, fuel is expensive. Scorecard view: Neutral.
1 · Expected vs. Actual
Free preview belowGAAP earnings per share fell 25.4% to $2.44 and non-GAAP earnings per share fell 26.4% to $1.56, yet the adjusted figure beat the $1.49 consensus by about 4.4%. The gap between the two numbers is $349 million of mark-to-market gains on investments and $301 million of hedge adjustments that Delta excludes. On a GAAP basis, net income of $1.60 billion was down 24.7% from $2.13 billion.
Revenue rose 19.0% to $19.76 billion from $16.65 billion a year ago, but $2.09 billion of that was third-party refinery sales that Delta strips out of its adjusted numbers. Adjusted revenue was $17.67 billion, up 13.9% on capacity growth of about 1%, and adjusted unit revenue rose 12.4%. Premium, loyalty, MRO and cargo all grew faster than the main cabin.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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