DAL earnings analysis
What we found in DAL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Delta Air Lines reported strong revenue growth in Q2 2026, with total revenue reaching $19.8 billion, a notable increase of $3.1 billion year-over-year. The company surpassed EPS expectations, reporting $1.56 against estimates of $1.47, while maintaining strong cash flow generation despite rising operating costs driven largely by increased fuel prices.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue for Q2 2026 increased to $19.8 billion, up $3.1 billion or 19% from $16.6 billion in Q2 2025.
- EPS Surpasses Expectations
- Diluted EPS was reported at $1.56, exceeding the estimated EPS of $1.47.
- Increased Premium Revenues
- Premium product revenues were up 17%, contributing to a total passenger revenue of $15.6 billion, a 13% increase y-o-y.
- Refinery Sales Boost
- Refinery sales increased by $950 million to $2.1 billion compared to Q2 2025, driven by higher market prices.
- Operating Cash Flow Strength
- Operating cash flow was robust at $1.6 billion for Q2 2026 despite rising operating expenses.
- Solid Liquidity Position
- Total cash and undrawn credit facilities amounted to $7.7 billion, ensuring liquidity needs are met.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Fuel Costs
- Aircraft fuel costs increased by $1.7 billion, a 67% rise compared to Q2 2025 due to elevated market prices.
- Increased Operating Expenses
- Total operating expenses surged to $17.9 billion, up 23% from $14.5 billion due to multiple factors including fuel and salaries.
- Profit Sharing Decrease
- Profit-sharing expenses decreased by $142 million, reflecting lower quarterly results compared to the previous year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.56
- Segment
- Passenger Revenue
- Segment
- Cargo Revenue
- Segment
- Refinery Revenue
What they said about what is next.
Management affirmed full-year guidance for adjusted EPS between $6.50 to $7.50 and free cash flow of $3 to $4 billion.
The filing reads better than the one before it.
What came before.
- 10-Q · April 8, 2026
- Delta reported consolidated operating revenue of $15,854 million for Q1 2026, up from $14,040 million in Q1 2025, but swung to a net loss of $(289) million (diluted EPS $(0.44)) from net income $240 million a year ago,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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