secwatch.observer — SEC 8-K summary
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Issuer:     DELTA AIR LINES, INC. (DAL)
CIK:        0000027904
Form:       8-K
Filed at:   2026-10-09T10:30:47+00:00
Accession:  0000027904-26-000035
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/27904/000002790426000035/0000027904-26-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/27904/000002790426000035/dal-20261009.htm
  HTML page:      https://secwatch.observer/filing/0000027904-26-000035

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