Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3784.1%
Neutral715.9%
Bearish00.0%
Delta Air Lines, Inc. · DAL · FY2026 Q2 · Calendar Q3 2026
Delta Air Lines Q2 FY2026: Record Revenue and Profit Beat Despite $2B Fuel Headwind
Delta Air Lines delivered record Q2 FY2026 results, beating consensus on both lines — EPS of $2.45 vs. $1.49 estimated (64% surprise) and revenue of $19.76B vs. $17.43B estimated (13% surprise). The beat came despite a $2 billion year-over-year increase in fuel costs, underscoring the airline's growing ability to offset fuel volatility through diversified high-margin streams: Delta Amex loyalty, cargo, and third-party MRO. Pretax profit reached $1.4 billion. Management reaffirmed full-year guidance and expressed confidence in sustaining double-digit operating margins through H2, with mid-teens margins as a longer-term aspiration. International expansion (Asia, Middle East), fleet up-gauging (A321neo, Max 10, 787s), and technology investments (Delta Sync Concierge AI, Delta 1 lounges) form the forward growth architecture. The stock's modest abnormal move of +1.1% on the report suggests…
Reported Before market openNYSEIndustrials
$58.77B market cap
100quality score
Company context
Snapshot as of publicationDelta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Detroit, Minneapolis-St. Paul, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Santiago (Chile), Sao Paulo, Seoul-Incheon, and Tokyo. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages. The company operates through a fleet of approximately 1,314 aircraft. Delta Air Lines, Inc. was founded in 1924 and is headquartered in Atlanta, Georgia.
Earnings scorecard
Reported versus consensus
Reported EPS
$2.45
Consensus $1
EPS surprise
+64.4%
Reported versus consensus
Reported revenue
$19.76B
Consensus $17.43B
Revenue surprise
+13.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$86.25Current
$38Low
$77.06Average
$125High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Jul 14, 2026 |
| UBS | Buy | Buy | Maintain | Jul 13, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 13, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 13, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 13, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 10, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 7, 2026 |
| Raymond James | Outperform | Strong Buy | Downgrade | Jul 6, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 2, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 2, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 1, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 30, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 25, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 25, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jun 17, 2026 |
| Rothschild & Co | Buy | Buy | Maintain | Mar 5, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Jan 14, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 10, 2025 |
| Seaport Global | Buy | Buy | Maintain | Apr 13, 2023 |
| Redburn Partners | Buy | Neutral | Upgrade | Feb 8, 2023 |
| Argus Research | Buy | Hold | Upgrade | Jan 5, 2023 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Oct 14, 2022 |
| Berenberg | Buy | Buy | Maintain | Jul 20, 2022 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Nov 19, 2021 |
| MKM Partners | Buy | Buy | Maintain | Jun 10, 2021 |
| Vertical Group | Buy | Hold | Upgrade | Jan 15, 2021 |
| Vertical Research | Buy | Hold | Upgrade | Jan 14, 2021 |
| Bank of America | Neutral | Neutral | Maintain | Mar 26, 2020 |
| CFRA | Hold | Strong Buy | Downgrade | Feb 28, 2020 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Jan 15, 2020 |
| Buckingham Research | Neutral | Neutral | Maintain | Dec 16, 2019 |
| Buckingham | Neutral | Neutral | Maintain | Dec 16, 2019 |
| Credit Suisse | Outperform | Outperform | Maintain | Oct 3, 2019 |
| Imperial Capital | In Line | In Line | Maintain | Jul 10, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 3, 2019 |
| Stifel | Buy | Buy | Maintain | Apr 3, 2019 |
| Macquarie | Outperform | Outperform | Maintain | Sep 26, 2017 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jun 20, 2017 |
| CRT Capital | Buy | Buy | Maintain | Apr 16, 2015 |
| Argus | Buy | Buy | Maintain | Mar 30, 2015 |
| S&P Capital IQ | Strong Buy | Buy | Upgrade | Jan 3, 2014 |
| Evercore Partners | Overweight | Equal Weight | Upgrade | Dec 19, 2013 |
| Standpoint Research | Hold | Buy | Downgrade | Oct 2, 2013 |
| Dahlman Rose | Buy | Hold | Upgrade | Dec 17, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $86.25. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Argus Research | Analyst unavailable | $105 | $85.57 | +21.7% | Jul 14, 2026 |
| Cantor Fitzgerald | Tom Fitzgerald | $112 | $86.19 | +29.9% | Jul 14, 2026 |
| UBS | Atul Maheswari | $112 | $85.75 | +29.9% | Jul 13, 2026 |
| Bernstein | Analyst unavailable | $106 | $87.39 | +22.9% | Jul 13, 2026 |
| Morgan Stanley | Ravi Shanker | $125 | $87.36 | +44.9% | Jul 10, 2026 |
| Jefferies | Analyst unavailable | $110 | $87.7 | +27.5% | Jul 10, 2026 |
| Susquehanna | Analyst unavailable | $108 | $91.68 | +25.2% | Jul 7, 2026 |
| Morgan Stanley | Ravi Shanker | $115 | $93.66 | +33.3% | Jul 6, 2026 |
| Raymond James | Savanthi Syth | $104 | $92.75 | +20.6% | Jul 6, 2026 |
| Goldman Sachs | Catherine O'Brien | $116 | $93.06 | +34.5% | Jul 2, 2026 |
| Wells Fargo | Analyst unavailable | $105 | $93.17 | +21.7% | Jun 30, 2026 |
| Barclays | Brandon Oglenski | $105 | $90.65 | +21.7% | Jun 25, 2026 |
| UBS | Analyst unavailable | $107 | $85.92 | +24.1% | Jun 23, 2026 |
| Bernstein | David Vernon | $93 | $83.14 | +7.8% | Jun 17, 2026 |
| Morgan Stanley | Analyst unavailable | $105 | $79.84 | +21.7% | Jun 1, 2026 |
| UBS | Atul Maheswari | $98 | $79 | +13.6% | May 26, 2026 |
| Bernstein | Analyst unavailable | $88 | $73.33 | +2.0% | May 11, 2026 |
| UBS | Analyst unavailable | $95 | $73.34 | +10.1% | May 7, 2026 |
| Evercore ISI | Duane Pfennigwerth | $85 | $74.46 | -1.4% | Apr 17, 2026 |
| UBS | Analyst unavailable | $86 | $67.83 | -0.3% | Apr 9, 2026 |
| Susquehanna | Analyst unavailable | $78 | $67.83 | -9.6% | Apr 9, 2026 |
| Seaport Global | Analyst unavailable | $88 | $67.89 | +2.0% | Jan 14, 2026 |
| UBS | Analyst unavailable | $87 | $69.66 | +0.9% | Jan 14, 2026 |
| Argus Research | John Staszak | $80 | $69.24 | -7.2% | Jan 14, 2026 |
| Bernstein | David Vernon | $81 | $70.18 | -6.1% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $85 | $72.31 | -1.4% | Jan 12, 2026 |
| Susquehanna | Christopher Stathoulopoulos | $85 | $72 | -1.4% | Jan 9, 2026 |
| Goldman Sachs | Catherine O'Brien | $77 | $71.82 | -10.7% | Jan 6, 2026 |
| Raymond James | Savanthi Syth | $80 | $70.15 | -7.2% | Dec 19, 2025 |
| Wells Fargo | Analyst unavailable | $87 | $69.72 | +0.9% | Dec 18, 2025 |
| UBS | Analyst unavailable | $90 | $70.56 | +4.3% | Dec 12, 2025 |
| BMO Capital | Michael Goldie | $80 | $67.22 | -7.2% | Dec 8, 2025 |
| UBS | Thomas Wadewitz | $75 | $59.57 | -13.0% | Oct 10, 2025 |
| Raymond James | Savanthi Syth | $70 | $59.57 | -18.8% | Oct 10, 2025 |
| Bernstein | Analyst unavailable | $74 | $59.57 | -14.2% | Oct 10, 2025 |
| Susquehanna | Analyst unavailable | $70 | $59.57 | -18.8% | Oct 10, 2025 |
| Deutsche Bank | Michael Linenberg | $72 | $59.57 | -16.5% | Oct 10, 2025 |
| Susquehanna | Analyst unavailable | $68 | $57.08 | -21.2% | Oct 3, 2025 |
| Jefferies | Analyst unavailable | $70 | $56.75 | -18.8% | Oct 1, 2025 |
| Evercore ISI | Analyst unavailable | $75 | $57.2 | -13.0% | Sep 29, 2025 |
| Barclays | Brandon Oglenski | $65 | $56.65 | -24.6% | Jul 11, 2025 |
| UBS | Thomas Wadewitz | $72 | $56.65 | -16.5% | Jul 11, 2025 |
| Susquehanna | Christopher Stathoulopoulos | $65 | $56.65 | -24.6% | Jul 11, 2025 |
| Goldman Sachs | Catherine O'Brien | $67 | $56.78 | -22.3% | Jul 10, 2025 |
| Bernstein | David Vernon | $60 | $47.56 | -30.4% | Jun 18, 2025 |
| UBS | Thomas Wadewitz | $66 | $51.19 | -23.5% | May 19, 2025 |
| UBS | Thomas Wadewitz | $42 | $36.7 | -51.3% | Apr 7, 2025 |
| Jefferies | Sheila Kahyaoglu | $46 | $42.42 | -46.7% | Apr 1, 2025 |
| Morgan Stanley | Analyst unavailable | $100 | $46.68 | +15.9% | Mar 11, 2025 |
| Deutsche Bank | Michael Linenberg | $82 | $61.18 | -4.9% | Jan 13, 2025 |
| Goldman Sachs | Catherine O'Brien | $83 | $64.85 | -3.8% | Nov 15, 2024 |
| Jefferies | Sheila Kahyaoglu | $72 | $63.56 | -16.5% | Nov 11, 2024 |
| HSBC | Achal Kumar | $68.3 | $50.42 | -20.8% | Oct 11, 2024 |
| Bernstein | David Vernon | $65 | $49.47 | -24.6% | Oct 8, 2024 |
| Bank of America Securities | Andrew Didora | $55 | $37.93 | -36.2% | Aug 5, 2024 |
| Jefferies | Sheila Kahyaoglu | $56 | $46.98 | -35.1% | Jul 9, 2024 |
| Evercore ISI | Duane Pfenningwerth | $65 | $48.81 | -24.6% | Jun 25, 2024 |
| HSBC | Achal Kumar | $72.8 | $52.99 | -15.6% | May 13, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $55 | $46.24 | -36.2% | Apr 11, 2024 |
| Argus Research | John Staszak | $55 | $46.24 | -36.2% | Apr 11, 2024 |
| Deutsche Bank | Michael Linenberg | $60 | $46.24 | -30.4% | Apr 11, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $54 | $47.01 | -37.4% | Apr 9, 2024 |
| Jefferies | Sheila Kahyaoglu | $58 | $48.22 | -32.8% | Apr 2, 2024 |
| Morgan Stanley | Ravi Shanker | $85 | $47.87 | -1.4% | Apr 1, 2024 |
| UBS | Atul Maheswari | $59 | $43.74 | -31.6% | Mar 19, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $44 | $42.42 | -49.0% | Jan 10, 2024 |
| Morgan Stanley | Ravi Shanker | $77 | $34.1 | -10.7% | Oct 13, 2023 |
| Raymond James | Savanthi Syth | $54 | $35.7 | -37.4% | Oct 11, 2023 |
| Deutsche Bank | Michael Linenberg | $58 | $48.52 | -32.8% | Jul 12, 2023 |
| Morgan Stanley | Ravi Shanker | $70 | $46.71 | -18.8% | Jun 28, 2023 |
| Barclays | Analyst unavailable | $44 | $38.09 | -49.0% | Jan 11, 2023 |
| Citigroup | Analyst unavailable | $59 | $33.49 | -31.6% | Dec 19, 2022 |
| Evercore ISI | Analyst unavailable | $40 | $33.1 | -53.6% | Dec 15, 2022 |
| Morgan Stanley | Ravi Shanker | $65 | $31.17 | -24.6% | Oct 14, 2022 |
| Raymond James | Raymond James Raymond James | $52 | $30.62 | -39.7% | Oct 7, 2022 |
| Melius Research | Conor Cunningham | $41 | $35 | -52.5% | Aug 15, 2022 |
| Berenberg Bank | Conor Dwyer | $48.5 | $31.8 | -43.8% | Jul 31, 2022 |
| Susquehanna | Christopher Stathoulopoulos | $35 | $31.41 | -59.4% | Jul 26, 2022 |
| Deutsche Bank | Michael Linenberg | $47 | $29.77 | -45.5% | Jul 14, 2022 |
| Jefferies | Chloe Lemarie | $60 | $29.9 | -30.4% | Jul 8, 2022 |
| Barclays | Analyst unavailable | $45 | $29.91 | -47.8% | Jul 8, 2022 |
| Evercore ISI | Duane Pfennigwerth | $56 | $29.44 | -35.1% | Jul 6, 2022 |
| Raymond James | Savanthi Syth | $50 | $29.37 | -42.0% | Jun 23, 2022 |
| Raymond James | Analyst unavailable | $50 | $30 | -42.0% | Jun 23, 2022 |
| Goldman Sachs | Catherine O’Brien | $45 | $38.54 | -47.8% | Jun 6, 2022 |
| Barclays | Brandon Oglenski | $60 | $40.72 | -30.4% | May 17, 2022 |
| J.P. Morgan | Analyst unavailable | $70 | $44.14 | -18.8% | Apr 22, 2022 |
| Argus Research | John Staszak | $50 | $43.54 | -42.0% | Apr 21, 2022 |
| UBS | Myles Walton | $53 | $42.13 | -38.6% | Apr 18, 2022 |
| Goldman Sachs | Catherine O’Brien | $44 | $42.36 | -49.0% | Apr 14, 2022 |
| Barclays | Brandon Oglenski | $42 | $38.21 | -51.3% | Apr 11, 2022 |
| Redburn Partners | James Goodall | $38 | $39.85 | -55.9% | Feb 6, 2022 |
| Berenberg Bank | Adrian Yanoshik | $50 | $38.28 | -42.0% | Jan 30, 2022 |
| Citigroup | Stephen Trent | $54 | $39.54 | -37.4% | Jan 18, 2022 |
| Raymond James | Savanthi Syth | $53 | $40.31 | -38.6% | Jan 14, 2022 |
| J.P. Morgan | Jamie Baker | $50 | $40.31 | -42.0% | Jan 14, 2022 |
| Goldman Sachs | Catherine O'Brien | $40 | $41.47 | -53.6% | Jan 13, 2022 |
| Deutsche Bank | Michael Linenberg | $55 | $41.47 | -36.2% | Jan 13, 2022 |
| Susquehanna | Christopher Stathoulopoulos | $50 | $41.47 | -42.0% | Jan 13, 2022 |
| Bernstein | David Vernon | $67 | $41.51 | -22.3% | Jan 7, 2022 |
| Cowen & Co. | Helane Becker | $54 | $41.2 | -37.4% | Oct 14, 2021 |
| UBS | Myles Walton | $48 | $40.11 | -44.3% | Sep 17, 2021 |
| Stifel Nicolaus | Joseph DeNardi | $58 | $41.35 | -32.8% | Jul 15, 2021 |
| MKM Partners | Conor Cunningham | $59 | $46.28 | -31.6% | Jun 10, 2021 |
Track every rating change on DAL the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+2.0%
Event window
SPY move
+0.8%
Same window
Abnormal move
+1.1%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
-0.9%
Up to 20 sessions
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Try FN2 freeTranscript intelligence
What changed
Q2 revenue grew 14% year-over-year to a record $19.76B, beating estimates by 13.4%. EPS of $2.45 surpassed the $1.49 consensus by 64.4%. The company absorbed $2B in additional fuel costs yet still delivered $1.4B in pretax profit. Delta's own refinery operated at roughly 75% throughput following an outage, contributing a $0.05/gallon benefit. Third-party MRO revenue reached $1.2B (up 50% YoY), with margins projected to rise into the mid-teens. A second Delta 1 lounge opened at LAX, bringing the network to five locations. The AI-powered Delta Sync Concierge assistant is now available to over half of Fly Delta app users. The market reaction was muted: a +1.1% abnormal move on the report session, followed by a -0.99% drift in subsequent sessions, with volume 1.11x baseline.
Guidance delta
Management maintained full-year earnings guidance, consistent with the prior quarter's maintained stance. They expressed confidence in sustaining double-digit operating margins in H2 FY2026 and reiterated mid-teens operating margins as a long-term target. No explicit upward or downward revision to quantitative guidance was noted. The guidance sentiment remained 'maintained' from Q1 to Q2, reinforcing management's view that diversified revenue streams can absorb fuel pressure without requiring a guidance reset.
Key takeaways
- Record Q2 revenue of $19.76B (up 14% YoY) beat estimates by 13.4%, with EPS of $2.45 topping the $1.49 consensus by 64.4%.
- Delta absorbed $2B in higher fuel costs year-over-year yet still delivered $1.4B pretax profit, reaffirming full-year guidance.
- Diversified high-margin revenue streams — Delta Amex loyalty, cargo, and third-party MRO ($1.2B, up 50% YoY) — are increasingly offsetting fuel volatility.
- International expansion into Asia, the Middle East, and new markets (Hong Kong, Melbourne), combined with fleet up-gauging (A321neo, Max 10, 787s), supports future capacity growth.
- Technology investments including the Delta Sync Concierge AI assistant and five Delta 1 lounges reinforce the premium customer experience and competitive moat.
Management priorities
- Open additional Delta 1 lounges, targeting five locations across the network.
- Fully roll out the Delta Sync Concierge AI assistant across the entire Fly Delta app user base.
- Up-gauge the fleet with A321neo, Max 10, and 787 aircraft to improve fuel efficiency and capacity.
- Enter new international routes in Asia and the Middle East, expanding JV partnerships with Korean Air and LATAM.
- Continue scaling third-party MRO and cargo operations to capture higher margins and diversify revenue.
Related earnings events
IndustrialsURI · FY2026 Q2 · Calendar Q3 2026United Rentals Q2: Record Revenue, Raised Guidance, and a Possible Investment-Grade UpgradeNSC · FY2026 Q2 · Calendar Q3 2026Norfolk Southern Beats on Volume Strength as Intermodal and Coal Drive Q2 GrowthHON · FY2026 Q2 · Calendar Q3 2026Honeywell Q2: Beat and Raise as Portfolio Reshaping Nears Completion
Sources
- Earnings call transcript and parsed analysis · 2026-07-10T17:04:02.390795+00:00
- FN2 earnings calendar · 2026-07-29T01:23:12.425879+00:00
- Polygon adjusted daily market bars · 2026-07-29T19:18:19.527667+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T19:18:19.524822+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.