Delta Air Lines (DAL)
Delta Air Lines (DAL) is one of the world’s largest airlines, physically moving passengers and cargo through a global hub network. In ETFpedia it represents the HALO concept of AI-resilient physical businesses, because its moat is a fleet of about 1,000 aircraft, scarce airport slots, and a service that cannot be automated away.
| Ticker | DAL |
|---|---|
| Exchange | NYSE |
| Sector | Industrials · Airlines |
| Country | United States |
| Held by ETF | Roundhill HALO ETF (LOHA) |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Date is estimated (providers differ between estimated and confirmed); confirm on ir.delta.com. Last report: Q1 2026 on 2026-04-08. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-08)
Delta reported record adjusted revenue of $14.2 billion, up about 9% year over year, with adjusted EPS of $0.64; a non-operating investment mark-to-market loss drove a GAAP net loss.
| Adjusted revenue | $14.2B+9%YoY · GAAP revenue $15.9B |
|---|---|
| Adjusted EPS | $0.64 |
| GAAP EPS | -$0.44 · investment mark-to-market loss |
| Adjusted operating margin | 4.6% |
Revenue by segment
| Passenger | $12.3B · ~78%of revenue+7% YoY |
|---|---|
| Cargo | $226M+9% YoY |
| Other (incl. loyalty) | $3.3B+41% YoY |
Guidance:Q2 2026
| Revenue growth | low-teens % YoY |
|---|---|
| Operating margin | 6%–8% |
| EPS | $1.00–$1.50 |
Delta expects to lead the industry with about $1 billion of June-quarter profit. Full-year 2026 guidance was not given in the Q1 release.
Recent & upcoming events
- · Order for 31 Airbus widebodies.Added 16 A330-900neo and 15 A350-900 jets to expand long-haul and premium capacity, with deliveries from about 2029. (source)
- · Q1 2026 results.Record adjusted revenue $14.2B (+9.4%) and adjusted EPS $0.64; premium +14%, loyalty +13%, Amex remuneration over $2B (+10%); a GAAP loss came from a non-operating investment mark-to-market. (source)
The Q1 GAAP loss reflects a non-operating investment mark-to-market, not operating performance.
Figures are as of 2026-06-03 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Delta do?
Delta flies passengers and cargo through a hub-and-spoke network anchored in Atlanta, Detroit, Minneapolis, and New York. Its revenue increasingly leans on high-margin sources: a large premium cabin, the SkyMiles loyalty program, and a major American Express co-brand relationship whose remuneration topped $2 billion in the quarter, up 10% year over year. Passenger was about 78% of Q1 2026 revenue (Delta, Apr 8, 2026).
Why is Delta resilient to AI disruption?
Flying people from one city to another is an irreducibly physical service. The barriers, fleets, slots, gates, and certifications, are physical and scarce, and AI can schedule a flight but cannot operate one without the aircraft. That places Delta in the HALO basket of real-economy businesses, with multi-year aircraft orders underscoring decades-long physical-capital commitments.
We delivered earnings that were more than 40 percent higher than last year, even with a significant increase in fuel costs and operational disruptions across the industry.
— Ed Bastian, CEO, Delta Air Lines (Q1 2026 results)
What did Delta report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Delta reported record adjusted revenue of $14.2 billion, up about 9% year over year, with adjusted EPS of $0.64 (Delta). Premium revenue rose 14% and loyalty 13%. A non-operating investment mark-to-market loss produced a GAAP net loss, masking solid operating performance.
What is Delta’s guidance?
For Q2 2026, Delta guided revenue growth in the low teens, operating margin of 6–8%, and EPS of $1.00–1.50, and said it expects to lead the industry with about $1 billion of June-quarter profit (Delta). In January 2026 it ordered 31 Airbus widebodies to expand long-haul capacity (Airbus).
What are the risks for Delta?
- Demand cyclicality. Discretionary travel and fuel prices swing earnings.
- Investment volatility. Mark-to-market on equity stakes can drive GAAP losses despite operating profit.
- Capital intensity. Large aircraft orders and fleet capex carry balance-sheet risk.
- Operations. Labor, air-traffic-control, weather, and OEM delivery delays can all disrupt the schedule.
Related securities, concepts & terms
- AI-Resilient Investingparent
- Heavy Asset Low Obsolescence (HALO)parent
- Canadian National Railway (CNI)sibling
- Lennox International (LII)sibling
Related indices & ETFs
- Roundhill HALO ETF (LOHA) · Roundhill InvestmentsTracks the Akros U.S. HALO Index of physical-economy companies screened for AI resilience.
Frequently asked questions about Delta Air Lines
What does Delta Air Lines do?
Delta is one of the world's largest airlines, physically transporting passengers and cargo through a global hub network. Its revenue comes from passenger tickets, an outsized premium cabin, the SkyMiles loyalty program with its American Express co-brand, and cargo.
When does Delta report its next earnings?
Delta is expected to report Q2 2026 (June quarter) results around July 9, 2026. Providers differ on whether the date is confirmed, so check ir.delta.com. It last reported Q1 2026 on April 8, 2026.
What was Delta's latest quarterly revenue?
Delta reported record adjusted revenue of $14.2 billion in Q1 2026 (GAAP revenue $15.9 billion), up 9.4% year over year, with adjusted EPS of $0.64. A non-operating investment mark-to-market loss drove a GAAP loss per share of $0.44 despite a 3.2% adjusted operating margin.
How are Delta's high-margin revenue streams doing?
In Q1 2026, premium revenue grew 14% year over year and loyalty and related revenue rose 13%, while American Express remuneration topped $2 billion, up 10%. Delta's diversified, high-margin revenue base was 62% of total revenue and grew mid-teens over the prior year.
What is Delta's guidance?
For Q2 2026, Delta guided revenue growth in the low teens, operating margin of 6–8%, and EPS of $1.00–1.50, and said it expects to lead the industry with a pre-tax June-quarter profit of around $1 billion, absorbing a more than $2 billion increase in fuel expense. Full-year 2026 guidance was not provided.
Why is Delta a HALO (AI-resilient) stock?
Delta's moat is physical: a fleet of about 1,000 aircraft, scarce airport slots and gates, and hub infrastructure, delivering a service (moving people) that AI cannot automate away. Its January 2026 order for 31 Airbus widebodies, with deliveries from about 2029, underscores the durability of that physical capital.
Sources & references
- Delta Air Lines announces March quarter 2026 financial results · Delta Air Lines, 2026-04-08
- Delta Air Lines March quarter 2026 results (Form 8-K) · SEC EDGAR, 2026-04-08
- Delta grows Airbus fleet with order for 31 additional widebody aircraft · Airbus, 2026-01-28
- Delta Air Lines · investor relations and events · Delta Air Lines, 2026-06-02
- NYSE listed company information · DAL · New York Stock Exchange, 2026-06-02