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Delta Air Lines posted higher revenue but a net loss for the March 2026 quarter. Total operating revenue rose to $15.9 billion, up 13% from a year earlier, driven by stronger premium passenger demand, higher loyalty revenue, refinery sales and MRO growth.
Operating income slipped to $501 million from $569 million as operating expenses increased 14%, mainly from fuel, refinery costs and higher salaries. A $550 million loss on investments pushed results to a net loss of $289 million, or $0.44 per share, versus prior-year net income of $240 million.
Cash generation remained solid: operating cash flow was $2.4 billion, free cash flow reached $1.2 billion, and liquidity totaled $8.1 billion, including undrawn credit lines. Delta also continued reducing debt, paying down $1.6 billion of debt and finance leases while adding a new $1.25 billion term loan.
Delta Air Lines reported strong March quarter 2026 results, with record adjusted revenue and sharply higher underlying earnings despite fuel and investment headwinds. Adjusted operating revenue was $14.2 billion, up 9.4% year-over-year, and adjusted diluted EPS rose to $0.64, a 44% increase. On a GAAP basis, operating revenue was $15.9 billion and Delta posted a net loss of $289 million, or $0.44 per share, driven largely by a $550 million mark-to-market loss on investments.
The company generated adjusted pre-tax income of $532 million and an adjusted operating margin of 4.6%. Free cash flow was $1.2 billion, and adjusted net debt fell to $13.5 billion, below 2019 levels. For the June quarter, Delta expects total revenue up low-teens year-over-year, a 6%–8% operating margin, EPS of $1.00–$1.50 and around $1 billion of pre-tax profit, assuming a projected all-in fuel price of about $4.30 per gallon.
DELTA AIR LINES, INC. executive Julia Ann McConnell, SVP – Controller and CAO, reports direct ownership of 17,988 shares of common stock. This includes 14,363 shares of restricted common stock from grants made on April 23, 2025 and February 4, 2026, which vest in scheduled installments through 2029. The restricted stock grants were approved by the Personnel & Compensation Committee of Delta’s Board of Directors and are exempt from Section 16(b) of the Securities Exchange Act under Rule 16b-3(d)(1).
Janki Daniel C. reported acquisition or exercise transactions in this Form 4 filing.
DELTA AIR LINES, INC. executive Daniel C. Janki, EVP & Chief Operating Officer, received a grant of 5,550 shares of common stock as equity compensation. The award consists of restricted common stock granted under Delta's 2026 long-term incentive program and will vest under the related award terms. Following this grant, Janki directly holds 381,937 shares of Delta common stock.
BELLEMARE ALAIN reported acquisition or exercise transactions in this Form 4 filing.
DELTA AIR LINES, INC. reported that EVP & Pres. - International Alain Bellemare received a grant of 2,470 shares of restricted common stock as part of Delta's 2026 long-term incentive program. These compensation shares were awarded at no cost and will vest under the terms of the award agreement. Following this grant, Bellemare directly holds 140,646 shares of Delta common stock.
Carter Peter W reported acquisition or exercise transactions in this Form 4 filing.
Delta Air Lines President Peter W. Carter received a grant of 2,960 shares of restricted common stock under Delta’s 2026 long-term incentive program. The award was approved by the Board’s Personnel & Compensation Committee and is exempt from Section 16(b) under Rule 16b-3(d)(1). After this grant, Carter directly owns 424,704 shares of Delta common stock.
Snell Erik Storey reported acquisition or exercise transactions in this Form 4 filing.
Delta Air Lines EVP & Chief Financial Officer Erik Storey Snell received a grant of 7,400 shares of restricted common stock. The Personnel & Compensation Committee of the Board approved this award under Delta's 2026 long-term incentive program, with the shares vesting pursuant to the award agreement.
Following this compensation-related grant, his directly owned common stock holdings increased to 48,898 shares. The grant was made at no cash purchase price and is exempt from Section 16(b) of the Securities Exchange Act of 1934 under Rule 16b-3(d)(1).
Delta Air Lines Inc: Amendment No. 12 to a Schedule 13G/A filed by The Vanguard Group reports 0 shares beneficially owned of Delta common stock following an internal realignment. The filing states Vanguard disaggregated certain subsidiaries in accordance with SEC Release No. 34-39538, and those entities now report separately. The disclosure is signed by Ashley Grim, Head of Global Fund Administration, dated 03/26/2026.
Delta Air Lines furnished an investor presentation for the J.P. Morgan Industrials Conference outlining its current environment, 2025 performance and multi‑year financial goals. Delta is raising its March-quarter revenue guidance on stronger demand, with domestic and international unit revenue growing mid‑single digits year over year and maintenance, repair and overhaul revenue projected to grow about 150%.
The company expects March-quarter non‑fuel unit costs to be up mid‑single digits year over year due to lower capacity and higher operating costs, but still expects earnings within its initial guidance range. For 2025, Delta reports differentiated performance versus U.S. peers, including $4.6 billion of free cash flow, a 12% return on invested capital and double‑digit margins, while peers collectively generated negative free cash flow and mid‑single‑digit ROIC.
Delta highlights more than $10 billion of free cash flow generated from 2023‑2025 and what it describes as the strongest balance sheet in its history, with net leverage of 1.9x in 2025 and a 2026 target of about 1.5x. Over the next three to five years, it is targeting mid‑teens operating margins, at least 15% ROIC, annual free cash flow of $3‑5 billion, gross leverage of about 1x and average annual earnings‑per‑share growth of roughly 10%, while allocating about half of operating cash flow to shareholder returns and half to growth investment.
Delta Air Lines is reshaping its senior leadership team as long-time executive John E. Laughter, the company’s Executive Vice President – Chief of Operations and President – Delta TechOps and designated principal operating officer, plans to retire effective April 30, 2026 after a more than 30-year career with the airline.
Effective April 1, 2026, Peter W. Carter will become President, Daniel C. Janki will move from Chief Financial Officer to Executive Vice President – Chief Operating Officer, and Erik S. Snell will become Executive Vice President – Chief Financial Officer. Carter currently oversees external affairs, Janki has led finance since 2021, and Snell most recently served as Chief Customer Experience Officer after a series of senior operational and planning roles.
Delta is also expanding Alain Bellemare’s remit as Executive Vice President and President – International by adding the role of Chairman of Delta TechOps, while Chief Marketing Officer Alicia Tillman will leave to pursue opportunities outside Delta and Ranjan Goswami will become Chief Marketing and Product Officer. All of Carter, Janki, Snell, and Goswami will report directly to CEO Ed Bastian.