Delta Q2 revenue +18.7% on fuel pass-through; operating income -11% as 80% fuel spike outpaces pricing

Filed July 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 10, 2025 · ~2 min read

Key Changes

• high

  Operating income fell $238M to $1.9B despite $3.1B revenue gain, as jet fuel costs surged $1.7B on an 80% price increase (avg $3.66/gal vs $2.21/gal prior year). Management expects elevated fuel costs to persist until geopolitical disruptions resolve.

  MD&A: Operating Results verify on EDGAR →
• high

  Aircraft purchase commitments jumped 64% to $27.6B, adding 57 aircraft on order: 30 Boeing 787-10s (deliveries from 2031), 31 Airbus widebodies (16 A330-900, 15 A350-900, deliveries from 2029), and 34 A321neos (deliveries from 2029).

  Legal Proceedings: Capital Commitments verify on EDGAR →
• high

  Refinery swung from $10M loss to $351M profit on higher refining margins, despite a mid-June production outage, materially offsetting fuel-cost headwinds at the consolidated level.

  MD&A: Refinery Operations verify on EDGAR →