Delta Air Lines Q3 FY2026: revenue up 21.1%, profit down 46.6%
Delta's September quarter splits in two: revenue of $20.19 billion rose 21.1%, while GAAP net income fell 46.6% to $756 million because fuel costs jumped. Adjusted EPS of $1.72 missed the $1.9868 consensus. Read the revenue lines as strong demand with real pricing power, and the profit lines as a fuel problem — not a demand problem.
1 · Expected vs. Actual
Free preview belowGAAP diluted earnings per share fell 47.0% to $1.15 from $2.17, while adjusted EPS was $1.72 versus $1.70 a year ago. The consensus estimate was $1.9868, so the adjusted number landed roughly 13% light. The $0.57 gap between GAAP and adjusted EPS is mostly $218 million of mark-to-market losses on equity investments, a portfolio swing rather than an operating cost.
Total operating revenue of $20.186 billion rose 21.1% from $16.673 billion, but $2.601 billion of that was third-party refinery sales, which Delta strips out as not part of the airline. Adjusted revenue of $17.585 billion rose 16.0%, and passenger revenue of $15.534 billion rose 15.0% on flat capacity. Adjusted unit revenue (TRASM) grew 15.0%, accelerating from 12% in the June quarter, the clearest sign that pricing, not just volume, is driving the top line.
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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 2026-10-09
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