Delta Air Lines (DAL) Q1 2026 Financial Results Summary

April 8, 2026 – Delta Air Lines (NYSE: DAL) released its financial results for the March quarter 2026, showcasing notable performance against a backdrop of increased fuel costs and industry disruptions. Here are the key highlights:

Financial Performance

GAAP Metrics

• Operating Revenue: $15.9 billion
• Operating Income: $501 million
• Pre-tax Loss: $214 million
• Loss per Share: ($0.44)
• Operating Cash Flow: $2.4 billion

Non-GAAP Metrics

• Operating Revenue (adjusted): $14.2 billion (↑9.4% YoY)
• Operating Income (adjusted): $652 million (↑12% YoY)
• Pre-tax Income (adjusted): $532 million (↑42% YoY)
• Earnings per Share (adjusted): $0.64 (↑44% YoY)
• Operating Cash Flow (adjusted): $2.4 billion

Other Metrics

• Total Revenue Growth: Up nearly 10% YoY
• Adjusted Total Unit Revenue (TRASM): Grew 8.2% YoY
• Operating Margin (adjusted): 4.6% (↑0.1 pts YoY)

Operational Highlights

Record March quarter revenue with strong demand across corporate and leisure sectors. Corporate sales increased double-digits YoY, indicating robust demand from sectors such as Banking, Aerospace & Defense, and Tech. Delta delivered $1.3 billion in profit-sharing to its employees, consistent with the previous year.

Cost Insights

• Total Operating Expense: $15.4 billion (↑14% YoY)
• Adjusted Non-Fuel Costs: $10.5 billion (↑7% YoY)
• Non-fuel CASM: 15.13¢ (↑6% YoY)

Fuel Costs

• Adjusted Fuel Expense: $2.6 billion (↑8% YoY)
• Average Fuel Price per Gallon: $2.62 (↑7% YoY)

Liquidity and Balance Sheet

• Adjusted Net Debt: $13.5 billion, down $760 million from the end of 2025.
• Liquidity at Quarter-End: $8.1 billion, including $3.1 billion in undrawn revolver capacity.
• Free Cash Flow: $1.2 billion

Dividends and Share Repurchase

• Quarterly Dividend Declared: $129 million
• No share repurchase was mentioned in the results.

Outlook for Q2 2026

Delta anticipates low-teens revenue growth for the June quarter. Expected Pre-tax Profit: Around $1 billion. Guidance reflects a projected fuel expense increase of more than $2 billion following fuel price trends.

Summary

Delta Air Lines reported significant growth in operating revenue and substantial improvements in adjusted earnings metrics for Q1 2026 compared to Q1 2025. The company navigated challenges from increasing fuel costs and operational disruptions while maintaining a solid balance sheet, highlighted by reduced net debt. Continued demand across various sectors positions Delta well for future quarters, with optimistic guidance indicating further revenue growth.

Note: All amounts are in millions.

Operating Revenue:	2026	2025	$ Change	% Change
Passenger	$ 12,302	$ 11,480	$ 822	7%
Cargo	$ 226	$ 208	$ 18	9%
Other	$ 3,326	$ 2,352	$ 974	41%
Total operating revenue	$ 15,854	$ 14,040	$ 1,814	13%

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