Delta Air Lines (DAL) reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis. Adjusted revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis.
Delta Air Lines, Inc. Price, Consensus and EPS Surprise 
Delta Air Lines, Inc. price-consensus-eps-surprise-chart | Delta Air Lines, Inc. Quote
Other Details of DAL’s Q1 Results
Passenger revenues, which accounted for 77.5% of total revenues, increased 7% year over year to $12.30 billion. Domestic unit revenue grew 6% year over year with strength across all cabins. International unit revenue grew 5% owing to Transatlantic, DAL’s largest and most profitable international entity. The March quarter was the first full quarter of positive unit revenue growth in main cabin since the end of 2024, reflecting strong demand and continued supply rationalization. Corporate sales increased double-digits year over year in the March quarter.
Cargo revenues grew 9% year over year to $226 million. Other revenues jumped 41% year over year to $3.32 billion. Adjusted operating margin was 4.6% in the first quarter of 2026 compared with 4.5% a year ago.
Below, we present all figures (in percentage terms) in comparison with the first quarter of 2025 results.
Revenue passenger miles (a measure of air traffic) inched up 1% to 56.47 billion. Capacity (measured in available seat miles) expanded 1% to 69.16 billion. The load factor (percentage of seats filled by passengers) increased 20 basis points to 81.6%.
Passenger revenue per available seat mile grew 6% to 17.79 cents. Passenger mile yield inched up 6% to 21.78 cents. On an adjusted basis, total revenue per available seat mile inched up 8.2% to 20.53 cents.
Total operating expenses, including special items, increased 14% to $15.3 billion. Salaries and related costs rose 11% to $4.54 billion. This increase was due to higher wages stemming from the contract with pilots that was ratified in 2023. Fuel gallons consumed jumped 1% to 988 million. Average fuel price per gallon (adjusted) grew 12% to $2.78. Non-fuel unit cost (adjusted or CASM-Ex) inched up 6% to 15.13 cents.
DAL exited the first quarter of 2026 with cash and cash equivalents of $5.05 billion compared with $4.31 billion at the end of the fourth quarter of 2025. The company had an adjusted net debt of $13.5 billion at the end of the first quarter of 2026, a reduction of $3.33 billion from the first quarter of 2024-end. Operating cash flow in the first quarter was $2.41 billion, with gross capital expenditures and free cash flow of $1.17 billion and $1.22 billion, respectively.
DAL Issues Q2 EPS Guidance
Delta Air Lines expects second-quarter 2026 adjusted earnings per share to be in the band of $1.00-$1.50. The Zacks Consensus Estimate is currently pegged at $1.88 per share. The adjusted operating margin is expected to be in the range of 6-8%. With air-travel demand stabilizing, total revenue growth in the June quarter is expected to be up low-teens on flat capacity year over year.
The guidance assumes fuel at the forward curve as of April 2, 2026, and includes a refinery benefit of approximately $300 million. This leads to an expected fuel price of almost $4.30 per gallon for the second quarter of 2026.
DAL’s Zacks Rank
Currently, DAL carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Earnings Release of Other Transportation Companies
J.B. Hunt Transport Services JBHT is scheduled to report first-quarter 2026 earnings on April 15. The Zacks Consensus Estimate for first-quarter 2026 earnings has been revised 1.4% downward over the past 60 days. JBHT’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters and missed in the remaining one, the average beat being 6.1%.
Union Pacific UNP is scheduled to report first-quarter 2026 earnings on April 23.
The Zacks Consensus Estimate for first-quarter 2026 earnings has been revised 1.4% downward over the past 60 days. UNP’s earnings beat the Zacks Consensus Estimate in two of the preceding four quarters (missing the mark on the other occasions). The average beat is 1.3%.
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Delta Air Lines, Inc. (DAL): Free Stock Analysis Report
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