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 | 2026-07-20 |
Next event: Q3 2026 (September quarter) results , estimated · Delta had not confirmed a September-quarter earnings date; estimated from its historical mid-October reporting. Verify on Delta investor relations. (source)
Latest reported quarter: Q2 2026 (ended Jun 30, 2026) (reported 2026-07-10)
Delta reported June-quarter adjusted revenue of $17.7 billion (GAAP revenue $19.8 billion, up 19% year over year), with adjusted EPS of $1.56 and GAAP EPS of $2.44. Adjusted operating margin was 8.8% and adjusted pre-tax profit reached $1.4 billion, absorbing the highest quarterly fuel expense in company history.
| Adjusted revenue | $17.7B +14% YoY · GAAP revenue $19.8B, +19% |
|---|---|
| Adjusted operating margin | 8.8% · GAAP 9.4% |
| Adjusted EPS | $1.56 |
| GAAP EPS | $2.44 · non-operating investment mark-to-market gain |
| Adjusted pre-tax profit | $1.4B · GAAP pre-tax $2.0B; net income $1.6B |
Revenue by segment
| Passenger | $15.6B · ~79% of revenue +13% YoY |
|---|---|
| Cargo | $294M +39% YoY |
| Other (incl. loyalty) | $3.9B +50% YoY |
Guidance: Q3 2026 (September quarter)
| Revenue growth | mid-teens % YoY |
|---|---|
| Operating margin | 11%–13% |
| EPS | $2.00–$2.50 |
Delta reaffirmed full-year 2026 guidance of adjusted EPS $6.50–$7.50 and free cash flow of $3–$4 billion.
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)
- · Q2 2026 results. GAAP revenue $19.8B (+19%) and adjusted revenue $17.7B; GAAP EPS $2.44, adjusted EPS $1.56; premium +17%, loyalty +19%, Amex remuneration $2.4B (+16%); adjusted pre-tax profit $1.4B against the highest quarterly fuel expense in company history. (source)
Q2 2026 GAAP EPS of $2.44 exceeds adjusted EPS of $1.56 largely because of a non-operating investment mark-to-market gain; adjusted figures better reflect operating performance.
Figures are as of 2026-07-20 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 reached $2.4 billion in the June quarter, up 16% year over year. Passenger was about 79% of Q2 2026 revenue (Delta, Jul 10, 2026).
The full-year picture shows how far that diversification has gone. Delta closed 2025, its centennial year, with operating revenue of $63.4 billion and a 9.2% GAAP operating margin; American Express remuneration grew 11% to $8.2 billion, maintenance (MRO) revenue for outside customers grew 25%, and diversified, high-margin streams reached 60% of total revenue (Delta 8-K, Jan 13, 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 $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history.
— Ed Bastian, CEO, Delta Air Lines (Q2 2026 results)
How capital-intensive is Delta, and what does it earn on that capital?
An airline’s moat is bought with airplanes. Delta took delivery of 38 aircraft in 2025, spanning the A321neo, A220-300, and A350-900, and spent $3.5 billion on flight equipment including advance payments (Delta 8-K). The returns on that capital held up: full-year 2025 adjusted pre-tax income was $5.0 billion on adjusted EPS of $5.82, with operating cash flow of $8.3 billion, record free cash flow of $4.6 billion, and a 12.0% return on invested capital. The cash also repaired the balance sheet, cutting adjusted net debt by $3.7 billion to $14.3 billion for gross leverage of 2.4x, backed by $35 billion of unencumbered assets (Delta 8-K).
The Delta team delivered a strong close to our Centennial year, demonstrating the differentiation and durability we’ve built. … We generated $5 billion of pre-tax profit with a double-digit operating margin and record free cash flow of $4.6 billion, all while navigating a challenging environment.
— Ed Bastian, CEO, Delta Air Lines (December quarter and full year 2025 results)
What did Delta report most recently?
In Q2 2026 (the quarter ended June 30, 2026), Delta reported GAAP operating revenue of $19.8 billion, up 19% year over year, and adjusted revenue of $17.7 billion, with adjusted EPS of $1.56 and GAAP EPS of $2.44 (Delta). Premium revenue rose 17% and loyalty 19%. Adjusted operating margin was 8.8% and adjusted pre-tax profit reached $1.4 billion, absorbing the highest quarterly fuel expense in company history.
What is Delta’s guidance?
For Q3 2026 (the September quarter), Delta guided revenue growth in the mid-teens, operating margin of 11–13%, and EPS of $2.00–2.50, and reaffirmed full-year 2026 adjusted EPS of $6.50–7.50 with free cash flow of $3–4 billion (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 Investing parent
- Heavy Asset Low Obsolescence (HALO) parent
- Canadian National Railway (CNI) sibling
- Lennox International (LII) sibling
Related indices & ETFs
- Roundhill HALO ETF (LOHA) · Roundhill Investments Tracks the Akros U.S. HALO Index of physical-economy companies screened for AI resilience.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
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 reported its June-quarter (Q2 2026) results on July 10, 2026. Its next report is the September-quarter (Q3 2026) results, which Delta has historically released in mid-October but had not formally confirmed; ETFpedia estimates around October 9, 2026, so verify the date on Delta's official investor-relations page.
What was Delta's latest quarterly revenue?
In Q2 2026 (June quarter), Delta reported GAAP operating revenue of $19.8 billion, up 19% year over year, and adjusted revenue of $17.7 billion. Adjusted EPS was $1.56 and GAAP EPS was $2.44, with an adjusted operating margin of 8.8%. Passenger revenue was $15.6 billion (+13%) and cargo $294 million (+39%).
How are Delta's high-margin revenue streams doing?
In Q2 2026, premium revenue grew 17% year over year and loyalty and related revenue rose 19%, while American Express remuneration reached $2.4 billion, up 16%. Delta's diversified, high-margin revenue streams accounted for 61% of total revenue, up two points from a year earlier.
What is Delta's guidance?
For Q3 2026 (the September quarter), Delta guided revenue growth in the mid-teens, operating margin of 11–13%, and EPS of $2.00–2.50. It reaffirmed full-year 2026 guidance of adjusted EPS of $6.50–7.50 and free cash flow of $3–4 billion.
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 June quarter 2026 financial results · Delta Air Lines, 2026-07-10
- Delta Air Lines June quarter 2026 results (Form 8-K) · SEC EDGAR, 2026-07-10
- 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 Air Lines announces December quarter and full year 2025 financial results (Form 8-K) · Delta Air Lines / SEC EDGAR, 2026-01-13
- 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, 2026-07-10
- NYSE listed company information · DAL · New York Stock Exchange, 2026-06-02