Delta Air Lines (DAL) Q3 FY2026 earnings

Reported results

• GAAP operating income of $1.5 billion with 7.2% operating margin; non-GAAP operating income of $1.7 billion with 9.4% operating margin
• GAAP diluted earnings per share of $1.15; non-GAAP diluted earnings per share of $1.72
• GAAP operating revenue of $20.2 billion; adjusted operating revenue of $17.6 billion, up 16% year-over-year
• Non-GAAP adjusted fuel expense of $4.1 billion at an adjusted average fuel price of $3.61 per gallon, up 60% year-over-year
• Free cash flow of $463 million in the quarter; adjusted net debt of $13.4 billion, a reduction of $950 million from year-end 2025
• Non-GAAP adjusted non-fuel CASM of 14.03 cents, up 7.3% year-over-year

Guidance

• Full-year 2026 diluted earnings per share guidance of $5.10 to $5.60
• Full-year 2026 free cash flow guidance of approximately $2.5 billion
• Full-year 2026 operating margin guidance of 7% to 9%
• Full-year 2026 gross leverage of approximately 2.2x
• December quarter 2026 total revenue growth of approximately 20% year-over-year
• December quarter 2026 diluted earnings per share guidance of $1.15 to $1.65
• December quarter 2026 projected all-in fuel price of approximately $4.25 per gallon

Notes

Non-GAAP measures exclude third-party refinery sales, mark-to-market adjustments and settlements on hedges, gains/losses on investments, and gains/losses on extinguishment of debt. The company states it expects to pay down more than $2 billion of debt in 2026. Nine-month year-to-date free cash flow was $1.9 billion.

Price and volatility reaction

The stock moved -1.0% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -5.4 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-09 (8-K, Item 2.02). Read the original filing on sec.gov.