OpenNashEarnings

Transportation · NYSE: DAL

Delta Air Lines earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 12 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Delta reported September quarter 2026 GAAP operating revenue of $20.2 billion and earnings per share of $1.15, with non-GAAP earnings per share of $1.72 and record adjusted revenue of $17.6 billion.

Delta's September quarter revenue grew strongly. Adjusted revenue rose 16 percent to a record $17.6 billion on flat capacity. Fuel was the problem: the adjusted fuel price rose 60 percent to $3.61 per gallon. Adjusted earnings per share were $1.72, up from $1.70. GAAP earnings per share fell to $1.15 from $2.17, mainly because of investment and hedge losses. Free cash flow was $463 million.

Read the Q3 2026 summary →Official transcript (PDF) ↗

Quarters

KPI history

Revenue$20.2B+21.1% y/yQ3 2026
Q4 2024: $15.6B (worked out from the annual figure)Q4 ’24$15.6BQ1 2025: $14.0BQ1 ’25$14.0BQ2 2025: $16.6BQ2 ’25$16.6BQ3 2025: $16.7BQ3 ’25$16.7BQ4 2025: $16.0B (worked out from the annual figure)Q4 ’25$16.0BQ1 2026: $15.9BQ1 ’26$15.9BQ2 2026: $19.8BQ2 ’26$19.8BQ3 2026: $20.2BQ3 ’26$20.2B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$15.6B *
Q1 2025$14.0B
Q2 2025$16.6B
Q3 2025$16.7B
Q4 2025$16.0B *
Q1 2026$15.9B
Q2 2026$19.8B
Q3 2026$20.2B
Diluted EPS (GAAP)$1.15−47.0% y/yQ3 2026
Q1 2025: $0.37Q1 ’25$0.37Q2 2025: $3.27Q2 ’25$3.27Q3 2025: $2.17Q3 ’25$2.17Q1 2026: -$0.44Q1 ’26-$0.44Q2 2026: $2.44Q2 ’26$2.44Q3 2026: $1.15Q3 ’26$1.15
Data
Q1 2025$0.37
Q2 2025$3.27
Q3 2025$2.17
Q1 2026-$0.44
Q2 2026$2.44
Q3 2026$1.15

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin7.2%−2.9 pts y/yQ3 2026
Q4 2024: 11.0%Q4 ’2411.0%Q1 2025: 4.1%Q1 ’254.1%Q2 2025: 12.6%Q2 ’2512.6%Q3 2025: 10.1%Q3 ’2510.1%Q4 2025: 9.2%Q4 ’259.2%Q1 2026: 3.2%Q1 ’263.2%Q2 2026: 9.4%Q2 ’269.4%Q3 2026: 7.2%Q3 ’267.2%
Data
Q4 202411.0%
Q1 20254.1%
Q2 202512.6%
Q3 202510.1%
Q4 20259.2%
Q1 20263.2%
Q2 20269.4%
Q3 20267.2%
Free cash flow$1.2B+6.8% y/yQ1 2026
Q4 2024: $584.0MQ4 ’24$584.0MQ1 2025: $1.2BQ1 ’25$1.2BQ2 2025: $648.0MQ2 ’25$648.0MQ3 2025: $687.0MQ3 ’25$687.0MQ4 2025: $1.4BQ4 ’25$1.4BQ1 2026: $1.2BQ1 ’26$1.2B
Data
Q4 2024$584.0M
Q1 2025$1.2B
Q2 2025$648.0M
Q3 2025$687.0M
Q4 2025$1.4B
Q1 2026$1.2B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$15.6Bd$14.0B$16.6B$16.7B$16.0Bd$15.9B$19.8B$20.2B
Operating income$1.7Bd$569.0M$2.1B$1.7B$1.5Bd$501.0M$1.9B$1.5B
Operating margin11.0%4.1%12.6%10.1%9.2%3.2%9.4%7.2%
Net income$843.0Md$240.0M$2.1B$1.4B$1.2Bd-$289.0M$1.6B$756.0M
Diluted EPS—$0.37$3.27$2.17—-$0.44$2.44$1.15
Operating cash flow$1.9Bd$2.4B$1.9Bd$1.8Bd$2.3Bd$2.4B$1.6Bd$1.7Bd
Capital expenditure$1.3Bd$1.2B$1.2B$1.2B$907.0Md$1.2B——
Free cash flow$584.0M$1.2B$648.0M$687.0M$1.4B$1.2B——

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings