Delta posts record September-quarter revenue, earns $1.72 a share as fuel bill jumps 62%

Delta Air Lines on Friday reported adjusted earnings of $1.72 a share for the September quarter of 2026, edging past $1.70 a year earlier, on record adjusted revenue of $17.6 billion, up 16%.

The October 9 release showed how hard Delta had to run to stand still. Adjusted fuel expense climbed 62% to $4.1 billion as the average adjusted price per gallon rose 60% to $3.61. Chief Financial Officer Erik Snell said the company absorbed "more than $500 million of higher fuel costs" versus its early-July guidance.

On a GAAP basis the picture was weaker. Earnings per share fell 47% to $1.15 from $2.17, and pre-tax income dropped 40% to $1.1 billion, even as GAAP operating revenue rose 21% to $20.2 billion.

Demand did the heavy lifting. Revenue grew about 16% on flat capacity, adjusted unit revenue rose 15%, and premium revenue climbed 18%. Cargo revenue jumped 29%, and total loyalty revenue grew 18%, with American Express remuneration up 15% and on pace to top $9 billion for the year.

Costs were the soft spot. Non-fuel unit costs rose 7.3%, which Delta tied mainly to higher crew and revenue-related costs on capacity growth that came in below plan, including nearly a point of impact from summer storms.

Delta expects the momentum to carry into year-end. It guided December-quarter revenue up about 20% and earnings of $1.15 to $1.65 a share, assuming all-in fuel of about $4.25 a gallon. For full-year 2026 it sees EPS of $5.10 to $5.60, pre-tax profit of roughly $4.5 billion after a $6 billion increase in fuel costs, and free cash flow of about $2.5 billion.

The company also plans to pay down more than $2 billion of debt this year, targeting gross leverage of about 2.2 times by year-end.

By the numbers

• Adjusted EPS: $1.72 (vs. $1.70); GAAP EPS: $1.15 (vs. $2.17)
• Adjusted operating revenue: $17.6 billion, up 16%
• Adjusted operating margin: 9.4% (vs. 11.1%)
• September-quarter free cash flow: $463 million
• Adjusted net debt: $13.4 billion, down $950 million from end of 2025
• Liquidity: $6.9 billion, including $3.1 billion undrawn revolver capacity

Sources

1. Delta Air Lines, Form 8-K and Exhibit 99.1, "Delta Air Lines Announces September Quarter 2026 Financial Results," filed October 9, 2026, accession 0000027904-26-000035.

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