Delta Q2 revenue +19% but operating income falls 11% as fuel costs surge 80%; refinery profit offsets

Filed July 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 10, 2025 · ~1 min read

Key Changes

• high

  Operating income declined 11% to $1.9B despite 19% revenue growth, as jet fuel prices spiked 80% YoY to $3.66/gal. Management expects elevated fuel costs to persist until geopolitical disruptions resolve.

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

  Refinery swung from $10M loss to $351M profit on higher refining margins, partially offsetting airline fuel headwinds. A mid-June production outage limited the gain.

  MD&A: Refinery Operations verify on EDGAR →
• high

  Aircraft purchase commitments jumped 64% to $27.6B, adding 30 Boeing 787-10s (deliveries from 2031) and 31 Airbus widebodies (deliveries from 2029), signaling long-term international expansion.

  Legal Proceedings: Fleet Commitments verify on EDGAR →