Companies · DAL
Delta Air Lines
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Latest analysis
Updated Jul 10, 2026
Delta Q2 2026: Record $17.7B adjusted revenue on 14% growth, but fuel costs at historic high compress adjusted margins 4.5pts YoY.
Delta Air Lines delivered record June quarter adjusted revenue of $17.7 billion, up approximately 14% year-over-year on roughly 1% capacity growth, demonstrating exceptional yield leverage — adjusted TRASM expanded 12.4% while non-fuel unit costs rose 6.8%. The headline result is overshadowed by the highest quarterly fuel expense in Delta's history at $4.4 billion adjusted, up 77% YoY, compressing adjusted operating margin to 8.8% from 13.3% in Q2 2025. Management affirmed full-year adjusted EPS guidance of $6.50–$7.50 and free cash flow of $3–$4 billion, and guided September quarter revenue growth of mid-teens — a signal of sustained demand momentum despite the fuel burden.
Tone: mixedRevenue
$63.4B
DAL 10-K · FY 2025
Employees
103,000
Revenue growth YoY
+3%
Headquarters
Atlanta, GA
Profile
DAL 10-K Item 1 · Feb 11, 2026Delta Air Lines is a U.S.-based global airline serving over 200 million customers annually across a network spanning more than 300 destinations on six continents. The company generates revenue through passenger ticket sales, cargo, loyalty program partnerships, MRO services, and a wholly owned petroleum refinery. Delta differentiates itself through operational reliability, premium product offerings, and a co-brand credit card partnership with American Express.
Read filing description ↓ Collapse description ↑
As a global airline based in the United States, we connect customers across our expansive global network with a commitment to ensuring that the future of travel is connected, personalized and enjoyable. In 2025, we served over 200 million customers safely, reliably and with industry-leading customer service innovation. Our domestic network is centered around core hubs in Atlanta, Detroit, Minneapolis-St. Paul and Salt Lake City. Coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK and Seattle complement our core hub positions. We and our alliance partners collectively serve over 150 countries and territories and nearly 1,000 destinations around the world. At the end of 2025, we offered up to 5,500 peak-day flights to more than 300 destinations on six continents. Our global network is supported by a fleet of 1,314 aircraft as of December 31, 2025. We continue to diversify our business by growing high-margin revenue streams that leverage our competitive advantages, including our continued focus on premium products, our partnership with American Express, our Maintenance, Repair and Overhaul operation, and complementary portfolio businesses such as cargo operations and Delta Vacations. Our SkyMiles program provides members with the ability to earn mileage credits when traveling on Delta, Delta Connection and our partner airlines, and in 2025, remuneration from American Express totaled $8.2 billion. Through more than 15 years of consistent strategy, investment and execution, we have fundamentally transformed our business by investing in our people, our product and our reliability to alter the commodity-like nature of air travel and improve our financial foundation.
Primary products
- Delta One
- First Class
- Delta Premium Select
- Delta Comfort+
- Main cabin
- SkyMiles loyalty program
Business segments
End markets
Geographies
Named customers
In 2025, remuneration from American Express totaled $8.2 billion, which we expect to grow to $10 billion over the next few years.
Named competitors
“We are consistently among the industry's best performers, delivering the best completion factor and on-time departures and arrivals among our network carrier competitors in 2025.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenue increased $1.7 billion, or 3%, compared to 2024, driven by premium product demand, loyalty travel award growth, increased refinery sales to third parties, and MRO business expansion, partially offset by a decline in main cabin revenue.
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