Delta Air Lines Q2 2026 Earnings Beat Estimates, Maintains FY Guidance

Delta Air Lines (DAL) reported its Q2 2026 financial results, posting adjusted earnings per share of $1.56, above the consensus estimate of $1.48. Adjusted operating revenue came in at $17.67 billion, also exceeding the $17.53 billion forecast.

The company reaffirmed its full-year 2026 guidance: adjusted EPS in the range of $6.50 to $7.50, and free cash flow between $3 billion and $4 billion.

For the third quarter, Delta expects total revenue growth in the mid-teens year-over-year, with adjusted EPS of $2.00 to $2.50 (vs. estimate of $2.02). The all-in fuel price is forecast at approximately $3.15 per gallon. Operating margin is projected at 11% to 13%. The airline noted that non-fuel unit cost performance is expected to improve modestly from Q2, with further progression in Q4 as capacity growth begins to normalize.

Beyond 2026, Delta expressed confidence in its long-term framework, targeting mid-teens margins and return on invested capital.