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Get filing alertsDelta reports Q2 EPS of $1.56, affirms full-year guidance, raises dividend 15%
Filed July 10, 2026 · Period ending July 10, 2026 · ~1 min read
Key Changes
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Q2 adjusted EPS of $1.56 beat guidance despite record $4.4B fuel expense (up 77% YoY); affirmed full-year adjusted EPS guidance of $6.50–$7.50 (20% growth) and $3–4B free cash flow target.
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Announced 15% dividend increase starting Q3 2026; reduced adjusted net debt by $709M from year-end 2025 to $13.6B, targeting ~2x gross leverage by year-end.
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Q2 revenue grew 14% YoY to $17.7B on ~1% capacity growth, with adjusted unit revenue up 12.4%; premium revenue +17%, loyalty +19%, corporate sales up double-digits across all sectors.
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Q3 outlook: mid-teens revenue growth, 11–13% operating margin, EPS of $2.00–$2.50; fuel projected at ~$3.15/gallon (including 5-cent refinery benefit).
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Led all carriers in on-time performance for Q2; set all-time record for domestic mishandled baggage rate, with proprietary Baggage AI in Atlanta improving performance 25% YTD (50% in June).
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Summary
Delta reported strong Q2 2026 results that exceeded guidance despite absorbing its highest-ever quarterly fuel expense. Adjusted EPS of $1.56 came on revenue of $17.7 billion (up 14% year-over-year) and an 8.8% operating margin, even as fuel costs surged 77% to $4.4 billion.
The company affirmed its full-year adjusted EPS guidance of $6.50–$7.50 (representing 20% earnings growth) and free cash flow target of $3–4 billion, while announcing a 15% dividend increase starting in Q3. Revenue strength was broad-based: premium revenue grew 17%, loyalty revenue rose 19%, and corporate sales increased double-digits across all sectors.
Unit revenue (TRASM) improved 12.4% on approximately 1% capacity growth, reflecting sustained demand and growing brand preference. For Q3, Delta expects mid-teens revenue growth with improving unit revenue trends, an operating margin of 11–13%, and EPS of $2.00–$2.50. Operational performance remained industry-leading, with Delta topping all carriers in on-time arrivals and setting an all-time record for domestic baggage handling.
Section-by-Section Diff
Event · Exhibit 99.1
Delta reported Q2 2026 earnings of $1.56/share (adjusted), affirmed full-year EPS guidance of $6.50–$7.50, and announced a 15% dividend increase.
Added in current filing · view on EDGAR →
June quarter earnings topped guidance on broad demand strength and strong execution, generating a double-digit return on invested capital ... Affirming full-year guidance for adjusted EPS of $6.50 to $7.50 and free cash flow of $3 to $4 billion ... announced a 15 percent increase to dividend payment beginning in September quarter
Delta reported Q2 2026 adjusted EPS of $1.56 on revenue of $17.7 billion (adjusted), beating guidance despite record fuel costs. The company affirmed full-year adjusted EPS guidance of $6.50–$7.50 (20% earnings growth) and free cash flow of $3–$4 billion, while announcing a 15% dividend increase starting in Q3. For Q3 2026, Delta expects mid-teens revenue growth and an operating margin of 11–13%, translating to EPS of $2.00–$2.50.
Added in current filing · view on EDGAR →
We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history ... Adjusted fuel expense of $4.4 billion was up 77 percent year-over-year ... Adjusted fuel price of $3.93 per gallon increased 75 percent year-over-year
Delta absorbed its highest-ever quarterly fuel expense of $4.4 billion (adjusted), up 77% year-over-year, with fuel prices rising 75% to $3.93/gallon. Despite this headwind, the company delivered an 8.8% adjusted operating margin and $1.4 billion in pre-tax profit. For Q3, Delta projects fuel at approximately $3.15/gallon (including a 5-cent refinery benefit), with operating margins of 11–13%.
Added in current filing · view on EDGAR → · paraphrased
Further strengthened investment grade balance sheet through debt paydown ... Adjusted net debt of $13.6 billion at June quarter end, a reduction of $709 million from the end of 2025 ... Payments on debt and finance lease obligations for the June quarter of $536 million ... we expect to reach gross leverage of approximately 2x by year-end
Delta reduced adjusted net debt by $709 million from year-end 2025 to $13.6 billion, making $536 million in debt and lease payments during Q2. The company expects to reach approximately 2x gross leverage (adjusted debt to EBITDAR) by year-end 2026, further strengthening its investment-grade balance sheet. Year-to-date, Delta generated $4.1 billion in operating cash flow and $1.4 billion in free cash flow.
Event · Item 2.02 — Results of Operations and Financial Condition
Delta Air Lines reported Q2 2026 financial results via press release.
Added in current filing · verify on EDGAR →
Delta Air Lines, Inc. today issued a press release reporting financial results for the quarter ended June 30, 2026.
Delta disclosed its second quarter 2026 financial results through a press release. The 8-K itself does not contain the actual financial figures or performance metrics—those details are in the attached press release exhibit. This filing serves as the formal notification that results have been announced.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 13, 2026 · How we verify