Delta Q3 adj EPS $1.72, revenue $17.6B up 16%; guides Q4 revenue +20%, FY2026 EPS $5.10-$5.60

DELTA AIR LINES, INC.

2026-Q3 EPS reported $3.15 vs consensus $1.99 ▲ beat (+58.5%)

Adjusted Q3 EPS $1.72 vs $1.70 a year ago; adjusted pre-tax income $1.5B, operating margin 9.4%; GAAP EPS $1.15 on $20.2B revenue.
Q3 adjusted revenue $17.6B, +16% YoY on flat capacity; TRASM +15%, domestic unit revenue +16%, international +12% led by Latin +22%.
Cost pressure: non-fuel CASM 14.03¢ (+7.3% YoY); adjusted fuel price $3.61/gal (+60%) with 13¢ refinery benefit; adjusted fuel expense $4.1B, +62%.
Guidance: Q4 revenue +~20%, EPS $1.15-$1.65; FY2026 EPS $5.10-$5.60, free cash flow ~$2.5B, gross leverage ~2.2x; fuel assumed at $4.25/gal.
Balance sheet: adjusted net debt $13.4B, down $950M from end-2025; $1.2B debt/lease payments in Q3; plans >$2B debt paydown in 2026; liquidity $6.9B.

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