Delta Air Lines

Delta Air Lines flies passengers and cargo in the United States and to more than 300 destinations on six continents, with up to 5,500 daily flights of Delta and Delta Connection. It has about 100,000 employees and served more than 200 million customers in 2025. Its main hubs and markets include Atlanta, Detroit, Minneapolis-St. Paul, Salt Lake City, Seattle, Los Angeles, Boston and New York.

Delta also earns revenue from premium cabins, its SkyMiles loyalty program and its co-brand credit cards with American Express, cargo, and maintenance, repair and overhaul (MRO) work for other airlines. In Q3 2026, these other revenue streams gave 61% of total revenue. Delta owns a refinery through its Monroe subsidiary and holds equity stakes in airlines and airline groups such as LATAM, Air France-KLM, Grupo Aeromexico, Hanjin KAL and WestJet. Its shares trade on the New York Stock Exchange.

The head office is in Atlanta. Ed Bastian is Chief Executive Officer.

Delta trades above its intrinsic value because investors pay for its strong brand, its premium and loyalty revenue and its record of profits in a cyclical industry. In 2026, fuel costs rose sharply. The adjusted fuel price was $3.61 per gallon in Q3 2026, 60% more than a year earlier, and Delta expects about $6 billion of higher fuel costs for the year. Delta cut capacity growth and acted to recover the higher costs, and adjusted revenue rose 16% in Q3 2026.

But it cut its 2026 adjusted EPS outlook to $5.10 to $5.60, from $6.50 to $7.50. For the shares to earn this price, three things must be true. Revenue must keep growing faster than costs while fuel prices stay high. Premium, loyalty and American Express revenue must keep growing, with American Express remuneration of more than $9 billion in 2026.

Delta must keep paying down debt toward gross leverage of about 1 times. The Q4 2026 report and the 2027 outlook, expected in mid-January 2027, are the next test. A fall in demand or higher fuel prices can make the premium hard to keep.

1. Oct 9, 2026Failed

   Q3 2026 results and the fuel cost impactAdjusted EPS in line with a year earlier and a kept 2026 outlook pass; a lower 2026 EPS outlook fails.Outcome: Adjusted EPS was $1.72, against $1.70 a year earlier, but Delta lowered its 2026 adjusted EPS outlook to $5.10 to $5.60 because of higher fuel costs.
2. Jan 9, 2027 · est.Pending

   Q4 2026 results and the 2027 outlook2026 adjusted EPS within $5.10 to $5.60 and a 2027 outlook for higher EPS pass; EPS below the range fails.
3. 2027 · est.Pending

   Debt reduction toward the leverage targetGross leverage below 2 times adjusted EBITDAR by the end of 2027 passes; higher leverage fails.

Every passed and failed checkpoint across all picks

• November 6, 2026Delta completed a public offering of $500 million of 5.500% notes due 2029.
• October 9, 2026Delta reported Q3 2026 results. Adjusted revenue rose 16% to a record $17.6 billion, and adjusted EPS was $1.72, against $1.70 a year earlier. GAAP EPS was $1.15. The adjusted fuel price rose 60% to $3.61 per gallon. Delta expects Q4 2026 revenue growth of about 20% and adjusted EPS of $1.15 to $1.65, and it lowered its 2026 adjusted EPS outlook to $5.10 to $5.60 and free cash flow to about $2.5 billion.
• July 10, 2026Delta reported Q2 2026 results. Adjusted EPS was $1.56, and adjusted pre-tax income was $1.4 billion, although fuel expense was the highest of any quarter in its history. Delta kept its 2026 outlook of adjusted EPS of $6.50 to $7.50 and raised the quarterly dividend by 15% to $0.215 per share from the September quarter.

Last earnings

October 9, 2026 (8-K on sec.gov)

Next earnings

Expected about January 9, 2027. The company has not confirmed the date.

• 8-KNew material agreement and Other company newsFiled November 6, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 9, 2026 · dal-20260930
• 8-KEarnings releaseFiled October 9, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 10, 2026 · dal-20260630
• 8-KEarnings releaseFiled July 10, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled June 22, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled June 12, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 8, 2026 · dal-20260331
• 8-KEarnings releaseFiled April 8, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled March 17, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 27904)

• Fuel is a large cost. The adjusted fuel price rose 60% in Q3 2026, and Delta expects about $6 billion of higher fuel costs in 2026. A further rise in fuel prices can cut earnings fast, although its refinery gives a partial offset.
• Air travel demand falls in a recession. Lower demand from consumers and companies can reduce fares and load factors, while most airline costs stay fixed in the short term.
• Delta has aircraft purchase commitments of about $26.7 billion at September 30, 2026, including 100 Boeing 737-10 aircraft. Late deliveries or higher costs can delay growth and raise capital spending.
• Salaries and profit sharing are large costs. New union contracts and profit sharing, with nearly $900 million accrued in the first nine months of 2026, can raise costs.
• Storms, air traffic control problems and IT failures can disrupt operations. In Q3 2026, summer storms reduced capacity by nearly one point.

Delta funds itself with cash flow, unsecured notes, secured debt and leases. At September 30, 2026, cash and cash equivalents were $3,787 million. Read more

Dividend yield

0.9% (last 12 months, at today’s price of $92.20)

Paid per share

$0.806 in the last 12 months (4 payments)

Current annual rate

$0.86 ($0.215 × 4 a year)

Payout ratio

9% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 15, 2026, $0.215 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 10.9% a year. From 2015 to 2025, the dividend grew by about 4.2% a year.

Source: company filings and market data, read on November 11, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.