Delta Air Lines, Inc. (DAL) Q3 FY2026 Financial Statements: Revenue $20.19B, Net income $756.00M
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PeriodQ3 FY2026
Published
Delta Air Lines reported $20.19 billion in operating revenue for Q3 FY2026, the quarter ended September 30, 2026, up 21.1% from a year earlier, helped by higher fares on roughly flat capacity and higher third-party refinery sales. Aircraft fuel expense rose to $4.35 billion, up 69.3%, and operating income was $1.45 billion, down 13.7%. Net income was $756 million, or $1.15 per diluted share, down 46.6% from $1.42 billion, as mark-to-market losses on Delta's equity investments replaced gains recorded a year earlier.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $20,186,000,000 | up 21.1% |
| Net income | $756,000,000 | down 46.6% |
| Diluted EPS | $1.15 | down 47.0% |
| Operating income | $1,454,000,000 | down 13.7% |
| Fuel expense | $4,351,000,000 | up 69.3% |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | DAL |
|---|---|
| CIK | 0000027904 |
| Company | Delta Air Lines, Inc. |
| Business type | airline |
| Schema template | airline: operating revenue by type (passenger, cargo, other), operating expense by line as the statement prints it, operating income, net income, EPS and weighted shares; full balance sheet with air traffic liability, loyalty deferred revenue and debt and finance leases; operating, investing and financing cash flow with capital expenditures and free cash flow; the airline and refinery segments; and airline operating statistics (capacity, traffic, load factor, unit revenue and unit cost, fuel) |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions); per-share amounts in dollars; share counts in actual shares; seat miles and fuel gallons in actual units; unit revenue and unit cost in cents; load factor in percent |
DAL annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 10-K | 10-K | 10-K |
| Income statement | |||
| Passenger revenue | 51,768,000,000 | 50,894,000,000 | 48,909,000,000 |
| Cargo revenue | 900,000,000 | 822,000,000 | 723,000,000 |
| Other revenue | 10,696,000,000 | 9,927,000,000 | 8,416,000,000 |
| Total operating revenue | 63,364,000,000 | 61,643,000,000 | 58,048,000,000 |
| Salaries and related costs | 17,520,000,000 | 16,161,000,000 | 14,607,000,000 |
| Aircraft fuel and related taxes | 9,819,000,000 | 10,566,000,000 | 11,069,000,000 |
| Ancillary businesses and refinery expense | 5,987,000,000 | 5,416,000,000 | 4,172,000,000 |
| Contracted services | 4,617,000,000 | 4,228,000,000 | 4,041,000,000 |
| Landing fees and other rents | 3,564,000,000 | 3,150,000,000 | 2,563,000,000 |
| Aircraft maintenance materials and outside repairs | 2,432,000,000 | 2,616,000,000 | 2,432,000,000 |
| Passenger commissions and other selling expenses | 2,485,000,000 | 2,485,000,000 | 2,334,000,000 |
| Regional carrier expense | 2,553,000,000 | 2,328,000,000 | 2,200,000,000 |
| Depreciation and amortization | 2,443,000,000 | 2,513,000,000 | 2,341,000,000 |
| Passenger service | 1,855,000,000 | 1,788,000,000 | 1,750,000,000 |
| Profit sharing | 1,337,000,000 | 1,389,000,000 | 1,383,000,000 |
| Aircraft rent | 542,000,000 | 548,000,000 | 532,000,000 |
| Other operating expense | 2,388,000,000 | 2,460,000,000 | 2,239,000,000 |
| Total operating expense | 57,542,000,000 | 55,648,000,000 | 52,527,000,000 |
| Operating income | 5,822,000,000 | 5,995,000,000 | 5,521,000,000 |
| Interest expense net | 679,000,000 | 747,000,000 | 834,000,000 |
| Gain loss on investments net | 1,212,000,000 | -319,000,000 | 1,263,000,000 |
| Gain loss on extinguishment of debt | -26,000,000 | -39,000,000 | -63,000,000 |
| Miscellaneous non operating net | -144,000,000 | -232,000,000 | -279,000,000 |
| Total non operating income expense net | 363,000,000 | -1,337,000,000 | 87,000,000 |
| Income before income taxes | 6,185,000,000 | 4,658,000,000 | 5,608,000,000 |
| Income tax provision | 1,180,000,000 | 1,201,000,000 | 999,000,000 |
| Net income | 5,005,000,000 | 3,457,000,000 | 4,609,000,000 |
| Basic EPS | 7.72 | 5.39 | 7.21 |
| Diluted EPS | 7.66 | 5.33 | 7.17 |
| Basic shares | 648,000,000 | 641,000,000 | 639,000,000 |
| Diluted shares | 654,000,000 | 648,000,000 | 643,000,000 |
| Pilot agreement and related expenses | 864,000,000 | ||
| Balance sheet | |||
| Cash and cash equivalents | 4,310,000,000 | 3,069,000,000 | |
| Accounts receivable net | 2,850,000,000 | 3,224,000,000 | |
| Fuel expendable parts and supplies inventories net | 1,601,000,000 | 1,428,000,000 | |
| Prepaid expenses and other | 2,207,000,000 | 2,123,000,000 | |
| Total current assets | 10,968,000,000 | 9,844,000,000 | |
| Property and equipment net | 39,743,000,000 | 37,595,000,000 | |
| Operating lease right of use assets | 6,244,000,000 | 6,644,000,000 | |
| Goodwill | 9,753,000,000 | 9,753,000,000 | |
| Identifiable intangibles net | 5,966,000,000 | 5,975,000,000 | |
| Equity investments | 4,222,000,000 | 2,846,000,000 | |
| Other noncurrent assets | 4,421,000,000 | 2,715,000,000 | |
| Total noncurrent assets | 70,349,000,000 | 65,528,000,000 | |
| Total assets | 81,317,000,000 | 75,372,000,000 | |
| Current maturities of debt and finance leases | 1,605,000,000 | 2,175,000,000 | |
| Current maturities of operating leases | 809,000,000 | 763,000,000 | |
| Air traffic liability | 7,157,000,000 | 7,094,000,000 | |
| Accounts payable | 5,226,000,000 | 4,650,000,000 | |
| Accrued salaries and related benefits | 4,906,000,000 | 4,762,000,000 | |
| Loyalty program deferred revenue current | 4,876,000,000 | 4,314,000,000 | |
| Fuel card obligation | 1,100,000,000 | 1,100,000,000 | |
| Other accrued liabilities | 1,945,000,000 | 1,812,000,000 | |
| Total current liabilities | 27,624,000,000 | 26,670,000,000 | |
| Debt and finance leases noncurrent | 12,507,000,000 | 14,019,000,000 | |
| Noncurrent operating leases | 5,353,000,000 | 5,814,000,000 | |
| Pension postretirement and related benefits | 3,156,000,000 | 3,144,000,000 | |
| Loyalty program deferred revenue noncurrent | 4,386,000,000 | 4,512,000,000 | |
| Deferred income taxes net | 3,444,000,000 | 2,176,000,000 | |
| Other noncurrent liabilities | 3,994,000,000 | 3,744,000,000 | |
| Total noncurrent liabilities | 32,840,000,000 | 33,409,000,000 | |
| Additional paid in capital | 11,883,000,000 | 11,740,000,000 | |
| Retained earnings | 13,343,000,000 | 8,783,000,000 | |
| Accumulated other comprehensive loss | -4,135,000,000 | -4,979,000,000 | |
| Treasury stock at cost | -238,000,000 | -251,000,000 | |
| Total stockholders equity | 20,853,000,000 | 15,293,000,000 | |
| Total liabilities | 60,464,000,000 | 60,079,000,000 | |
| Total debt and finance leases | 14,112,000,000 | 16,194,000,000 | |
| Total debt | 13,308,000,000 | 15,347,000,000 | |
| Common shares issued | 659,669,346 | 654,571,606 | |
| Treasury shares | 6,498,109 | 8,098,971 | |
| Common shares outstanding | 653,171,237 | 646,472,635 | |
| Cash flow | |||
| Net cash provided by operating activities | 8,342,000,000 | 8,025,000,000 | 6,464,000,000 |
| Depreciation and amortization | 2,443,000,000 | 2,513,000,000 | 2,341,000,000 |
| Flight equipment additions | 3,521,000,000 | 3,914,000,000 | 3,645,000,000 |
| Ground property and equipment additions | 978,000,000 | 1,226,000,000 | 1,678,000,000 |
| Capital expenditures | 4,499,000,000 | 5,140,000,000 | 5,323,000,000 |
| Purchase of equity investments | 276,000,000 | 0 | 152,000,000 |
| Net cash used in investing activities | -4,186,000,000 | -3,739,000,000 | -3,148,000,000 |
| Proceeds from long term obligations | 2,215,000,000 | 0 | 878,000,000 |
| Payments on debt and finance lease obligations | 4,827,000,000 | 3,953,000,000 | 4,071,000,000 |
| Cash dividends paid | 440,000,000 | 321,000,000 | 128,000,000 |
| Net cash used in financing activities | -3,076,000,000 | -4,260,000,000 | -3,394,000,000 |
| Cash cash equivalents and restricted cash end of period | 4,501,000,000 | 3,421,000,000 | 3,395,000,000 |
| Free cash flow | 3,843,000,000 | 2,885,000,000 | 1,141,000,000 |
| Free cash flow as reported by delta | 4,643,000,000 | ||
| Equity | |||
| Dividends declared | 445,000,000 | 324,000,000 | 129,000,000 |
| Dividends declared per share | 0.675 | 0.500 | 0.200 |
| Segments | |||
| Airline | |||
| Operating revenue | 58,287,000,000 | 57,001,000,000 | 54,669,000,000 |
| Operating income | 5,665,000,000 | 5,957,000,000 | 5,136,000,000 |
| Refinery | |||
| Operating revenue | 6,961,000,000 | 7,767,000,000 | 7,572,000,000 |
| Operating income | 157,000,000 | 38,000,000 | 385,000,000 |
| Intersegment sales and other | |||
| Operating revenue | -1,884,000,000 | -3,125,000,000 | -4,193,000,000 |
| Operating metrics | |||
| Revenue passenger miles | 249,578,000,000 | 246,145,000,000 | |
| Available seat miles | 298,045,000,000 | 288,394,000,000 | |
| Passenger mile yield cents | 20.74 | 20.68 | |
| Prasm cents | 17.37 | 17.65 | |
| Trasm cents | 21.26 | 21.37 | |
| Trasm adjusted cents | 19.56 | 19.76 | |
| Casm cents | 19.31 | 19.30 | |
| Casm ex cents | 13.86 | 13.54 | |
| Passenger load factor % | 84% | 85% | |
| Fuel gallons consumed | 4,269,000,000 | 4,114,000,000 | |
| Average price per fuel gallon | 2.30 | 2.57 | |
DAL quarterly income statement, balance sheet and cash flow
| Q3 FY2026 | Q3 FY2025 | |
|---|---|---|
| Fiscal quarter | 3 | 3 |
| Period start | 2026-07-01 | 2025-07-01 |
| Period end | 2026-09-30 | 2025-09-30 |
| Period type | three months | three months |
| Source accession | 10-Q | 10-Q |
| Income statement | ||
| Passenger revenue | 15,534,000,000 | 13,506,000,000 |
| Cargo revenue | 301,000,000 | 233,000,000 |
| Other revenue | 4,351,000,000 | 2,934,000,000 |
| Total operating revenue | 20,186,000,000 | 16,673,000,000 |
| Salaries and related costs | 4,822,000,000 | 4,443,000,000 |
| Aircraft fuel and related taxes | 4,351,000,000 | 2,570,000,000 |
| Refinery expense | 2,601,000,000 | 1,476,000,000 |
| Contracted services | 1,277,000,000 | 1,166,000,000 |
| Landing fees and other rents | 1,021,000,000 | 921,000,000 |
| Aircraft maintenance materials and outside repairs | 662,000,000 | 667,000,000 |
| Passenger commissions and other selling expenses | 703,000,000 | 645,000,000 |
| Regional carrier expense | 680,000,000 | 649,000,000 |
| Depreciation and amortization | 673,000,000 | 614,000,000 |
| Passenger service | 494,000,000 | 485,000,000 |
| Profit sharing | 389,000,000 | 392,000,000 |
| Mro expense | 267,000,000 | 212,000,000 |
| Aircraft rent | 159,000,000 | 135,000,000 |
| Other operating expense | 633,000,000 | 614,000,000 |
| Total operating expense | 18,732,000,000 | 14,989,000,000 |
| Operating income | 1,454,000,000 | 1,684,000,000 |
| Interest expense net | 146,000,000 | 171,000,000 |
| Gain loss on investments net | -218,000,000 | 311,000,000 |
| Gain loss on extinguishment of debt | 2,000,000 | -6,000,000 |
| Miscellaneous non operating net | -18,000,000 | -41,000,000 |
| Total non operating income expense net | -380,000,000 | 93,000,000 |
| Income before income taxes | 1,074,000,000 | 1,777,000,000 |
| Income tax provision | 318,000,000 | 360,000,000 |
| Net income | 756,000,000 | 1,417,000,000 |
| Basic EPS | 1.15 | 2.18 |
| Diluted EPS | 1.15 | 2.17 |
| Basic shares | 655,000,000 | 649,000,000 |
| Diluted shares | 659,000,000 | 654,000,000 |
| Balance sheet | ||
| Cash and cash equivalents | 3,787,000,000 | |
| Accounts receivable net | 4,325,000,000 | |
| Fuel expendable parts and supplies inventories net | 2,637,000,000 | |
| Prepaid expenses and other | 2,741,000,000 | |
| Total current assets | 13,490,000,000 | |
| Property and equipment net | 42,206,000,000 | |
| Operating lease right of use assets | 6,120,000,000 | |
| Goodwill | 9,753,000,000 | |
| Identifiable intangibles net | 5,960,000,000 | |
| Equity investments | 3,824,000,000 | |
| Other noncurrent assets | 4,695,000,000 | |
| Total noncurrent assets | 72,558,000,000 | |
| Total assets | 86,048,000,000 | |
| Current maturities of debt and finance leases | 3,324,000,000 | |
| Current maturities of operating leases | 912,000,000 | |
| Air traffic liability | 9,560,000,000 | |
| Accounts payable | 6,595,000,000 | |
| Accrued salaries and related benefits | 4,550,000,000 | |
| Loyalty program deferred revenue current | 5,451,000,000 | |
| Fuel card obligation | 1,100,000,000 | |
| Other accrued liabilities | 2,083,000,000 | |
| Total current liabilities | 33,575,000,000 | |
| Debt and finance leases noncurrent | 9,527,000,000 | |
| Noncurrent operating leases | 5,072,000,000 | |
| Pension postretirement and related benefits | 3,031,000,000 | |
| Loyalty program deferred revenue noncurrent | 4,181,000,000 | |
| Deferred income taxes net | 4,232,000,000 | |
| Other noncurrent liabilities | 3,917,000,000 | |
| Total noncurrent liabilities | 29,960,000,000 | |
| Additional paid in capital | 12,071,000,000 | |
| Retained earnings | 14,883,000,000 | |
| Accumulated other comprehensive loss | -4,043,000,000 | |
| Treasury stock at cost | -398,000,000 | |
| Total stockholders equity | 22,513,000,000 | |
| Total liabilities | 63,535,000,000 | |
| Total debt and finance leases | 12,851,000,000 | |
| Total debt | 12,105,000,000 | |
| Common shares issued | 666,699,325 | |
| Treasury shares | 8,786,945 | |
| Common shares outstanding | 657,912,380 | |
| Cash flow | ||
| Net cash provided by operating activities | 1,713,000,000 | 1,847,000,000 |
| Capital expenditures | 1,413,000,000 | 1,160,000,000 |
| Net cash used in investing activities | -1,303,000,000 | -1,035,000,000 |
| Free cash flow | 300,000,000 | 687,000,000 |
| Free cash flow as reported by delta | 463,000,000 | 833,000,000 |
| Equity | ||
| Dividends declared | 142,000,000 | 124,000,000 |
| Dividends declared per share | 0.2150 | 0.1875 |
| Segments | ||
| Airline | ||
| Operating revenue | 17,585,000,000 | 15,197,000,000 |
| Operating income | 1,487,000,000 | 1,631,000,000 |
| Refinery | ||
| Operating revenue | 2,967,000,000 | 1,795,000,000 |
| Operating income | -33,000,000 | 53,000,000 |
| Intersegment sales and other | ||
| Operating revenue | -366,000,000 | -319,000,000 |
| Operating metrics | ||
| Revenue passenger miles | 68,133,000,000 | 67,621,000,000 |
| Available seat miles | 79,288,000,000 | 79,054,000,000 |
| Passenger mile yield cents | 22.80 | 19.97 |
| Prasm cents | 19.59 | 17.08 |
| Trasm cents | 25.46 | 21.09 |
| Trasm adjusted cents | 22.18 | 19.22 |
| Casm cents | 23.63 | 18.96 |
| Casm ex cents | 14.03 | 13.08 |
| Passenger load factor % | 86% | 86% |
| Fuel gallons consumed | 1,146,000,000 | 1,138,000,000 |
| Average price per fuel gallon | 3.80 | 2.26 |
| Cash flow source accession | 0000027904-26-000035 | |
DAL year-to-date income statement and cash flow
| Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | |
|---|---|---|
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-09-30 | 2025-09-30 |
| Period type | nine months | nine months |
| Source accession | 10-Q | 10-Q |
| Income statement | ||
| Passenger revenue | 43,443,000,000 | 38,852,000,000 |
| Cargo revenue | 821,000,000 | 654,000,000 |
| Other revenue | 11,533,000,000 | 7,855,000,000 |
| Total operating revenue | 55,797,000,000 | 47,361,000,000 |
| Salaries and related costs | 14,124,000,000 | 12,928,000,000 |
| Aircraft fuel and related taxes | 11,202,000,000 | 7,439,000,000 |
| Refinery expense | 6,346,000,000 | 3,679,000,000 |
| Contracted services | 3,729,000,000 | 3,442,000,000 |
| Landing fees and other rents | 2,912,000,000 | 2,650,000,000 |
| Aircraft maintenance materials and outside repairs | 2,059,000,000 | 1,904,000,000 |
| Passenger commissions and other selling expenses | 2,019,000,000 | 1,869,000,000 |
| Regional carrier expense | 2,001,000,000 | 1,913,000,000 |
| Depreciation and amortization | 1,964,000,000 | 1,823,000,000 |
| Passenger service | 1,411,000,000 | 1,397,000,000 |
| Profit sharing | 882,000,000 | 986,000,000 |
| Mro expense | 868,000,000 | 581,000,000 |
| Aircraft rent | 469,000,000 | 408,000,000 |
| Other operating expense | 1,992,000,000 | 1,987,000,000 |
| Total operating expense | 51,978,000,000 | 43,006,000,000 |
| Operating income | 3,819,000,000 | 4,355,000,000 |
| Interest expense net | 442,000,000 | 521,000,000 |
| Gain loss on investments net | -419,000,000 | 1,007,000,000 |
| Gain loss on extinguishment of debt | -3,000,000 | -26,000,000 |
| Miscellaneous non operating net | -87,000,000 | -143,000,000 |
| Total non operating income expense net | -951,000,000 | 317,000,000 |
| Income before income taxes | 2,868,000,000 | 4,672,000,000 |
| Income tax provision | 798,000,000 | 886,000,000 |
| Net income | 2,070,000,000 | 3,786,000,000 |
| Basic EPS | 3.17 | 5.85 |
| Diluted EPS | 3.15 | 5.80 |
| Basic shares | 654,000,000 | 648,000,000 |
| Diluted shares | 657,000,000 | 653,000,000 |
| Cash flow | ||
| Net cash provided by operating activities | 5,740,000,000 | 6,082,000,000 |
| Flight equipment additions | 3,444,000,000 | 2,912,000,000 |
| Ground property and equipment additions | 627,000,000 | 680,000,000 |
| Capital expenditures | 4,071,000,000 | 3,592,000,000 |
| Acquisition of strategic investments and related | 150,000,000 | 0 |
| Net cash used in investing activities | -4,078,000,000 | -3,458,000,000 |
| Proceeds from short term obligations | 1,325,000,000 | 0 |
| Proceeds from long term obligations | 103,000,000 | 2,215,000,000 |
| Payments on debt and finance lease obligations | 3,334,000,000 | 3,931,000,000 |
| Cash dividends paid | 393,000,000 | 318,000,000 |
| Net cash used in financing activities | -2,281,000,000 | -2,074,000,000 |
| Cash cash equivalents and restricted cash end of period | 3,882,000,000 | 3,971,000,000 |
| Free cash flow | 1,669,000,000 | 2,490,000,000 |
| Segments | ||
| Airline | ||
| Operating revenue | 49,451,000,000 | 43,681,000,000 |
| Operating income | 3,541,000,000 | 4,313,000,000 |
| Refinery | ||
| Operating revenue | 7,616,000,000 | 5,213,000,000 |
| Operating income | 278,000,000 | 42,000,000 |
| Intersegment sales and other | ||
| Operating revenue | -1,270,000,000 | -1,533,000,000 |
| Operating metrics | ||
| Revenue passenger miles | 191,369,000,000 | 189,717,000,000 |
| Available seat miles | 227,145,000,000 | 225,099,000,000 |
| Passenger mile yield cents | 22.70 | 20.48 |
| Prasm cents | 19.13 | 17.26 |
| Trasm cents | 24.56 | 21.04 |
| Trasm adjusted cents | 21.77 | 19.41 |
| Casm cents | 22.88 | 19.11 |
| Casm ex cents | 14.39 | 13.47 |
| Passenger load factor % | 84% | 84% |
| Fuel gallons consumed | 3,256,000,000 | 3,226,000,000 |
| Average price per fuel gallon | 3.44 | 2.31 |
DAL trailing twelve month income statement and cash flow
| Twelve months ended September 30, 2026 | |
|---|---|
| Period start | 2025-10-01 |
| Period end | 2026-09-30 |
| Period type | trailing twelve months |
| Source accession | 10-Q |
| Derived from accessions | 10-K, 10-Q |
| Income statement | |
| Passenger revenue | 56,359,000,000 |
| Cargo revenue | 1,067,000,000 |
| Other revenue | 14,374,000,000 |
| Total operating revenue | 71,800,000,000 |
| Depreciation and amortization | 2,584,000,000 |
| Total operating expense | 66,514,000,000 |
| Operating income | 5,286,000,000 |
| Total non operating income expense net | -905,000,000 |
| Income before income taxes | 4,381,000,000 |
| Income tax provision | 1,092,000,000 |
| Net income | 3,289,000,000 |
| Cash flow | |
| Net cash provided by operating activities | 8,000,000,000 |
| Capital expenditures | 4,978,000,000 |
| Free cash flow | 3,022,000,000 |
Adjustments
| Splits applied | none |
|---|---|
| ADR ratio | n/a |
| FX | None. Delta reports in U.S. dollars, so no currency translation was applied. |
| Splits | None. Delta has had no stock split in the periods covered; per-share figures are as printed. |
| ADR | Not applicable. Delta's common stock trades directly on the New York Stock Exchange. |
Notes
- Figures are taken from the financial statements, notes and operating statistics in the FY2025 Form 10-K (accession 0000027904-26-000013, filed February 11, 2026) and the Form 10-Q for the quarter ended September 30, 2026 (accession 0000027904-26-000038, filed October 9, 2026), except where a note below names another source. Both filings state amounts in millions; every amount here is converted to actual dollars, share counts to actual shares, and seat miles and fuel gallons to actual units.
- Periods covered: fiscal years 2025, 2024 and 2023 (the 10-K's income statement and cash flow statement present three years, but its balance sheet presents only December 31, 2025 and 2024, so fiscal 2023 carries no balance sheet); the September 2026 and September 2025 quarters; the nine months ended September 30, 2026 and 2025; and a trailing twelve months to September 30, 2026. Delta's fiscal year is the calendar year.
- Sign convention: operating expense lines, net interest expense and the income tax provision are shown as positive amounts (the statements print interest and tax in parentheses as deductions). Investment gains and losses, debt-extinguishment gains and losses, miscellaneous non-operating items and the non-operating total keep the sign the statement prints, so a negative value is a loss or expense. Cash flow subtotals keep their printed sign (negative means a net outflow); capital expenditures, debt and finance lease payments, dividends paid and investment purchases are shown as positive outflow amounts.
- Presentation change: the 2026 Form 10-Q presents 'Refinery expense' and 'MRO expense' (Delta TechOps' third-party maintenance, repair and overhaul business) as separate operating expense lines and states that certain prior-period amounts were reclassified to conform. The 10-K instead presents a single 'Ancillary businesses and refinery' line. The annual expense lines therefore follow the 10-K presentation and the quarterly and nine-month lines follow the 10-Q presentation; 'other operating expense' is not comparable between the two. Comparing the September 2025 quarter and nine months as originally published in Delta's October 2025 earnings release (accession 0000027904-25-000018) with the same periods in the 2026 10-Q, the reclassification moved amounts only among ancillary businesses and refinery, MRO and other operating expense; every revenue line, total operating expense and every line from operating income down are unchanged.
- Total liabilities is not printed on Delta's balance sheet; it is the sum of total current liabilities and total noncurrent liabilities. 'Total debt and finance leases' is the sum of the balance sheet's current and noncurrent 'debt and finance leases' lines; it agrees with the $12,851 million of total debt and finance lease obligations at September 30, 2026 in the earnings release. 'Total debt' is the debt-note total, which excludes finance leases.
- Common shares outstanding is shares issued less treasury shares, both as printed in the balance sheet captions. At September 30, 2026 this gives 657,912,380 shares, the same count the 10-Q cover reports.
- Capital expenditures are Delta's property and equipment additions: flight equipment (including advance payments) plus ground property and equipment (including technology). The annual, nine-month and September 2026 quarter figures are the consolidated 'Capital expenditures' line of the segment note, which equals the sum of the two cash flow statement lines in every period where both are printed.
- free_cash_flow is computed here as net cash provided by operating activities less capital expenditures. Delta's own free cash flow, a non-GAAP measure, is defined differently (operating and investing cash flows, adjusted for pension contributions, certain airport construction projects and strategic investments) and is shown separately as free_cash_flow_as_reported_by_delta: $4,643 million for fiscal 2025 (10-K), $463 million for the September 2026 quarter (10-Q) and $833 million for the September 2025 quarter (earnings release).
- Quarterly cash flow: the 10-Q's cash flow statement covers the nine months only. The September 2026 quarter's operating and investing cash flows come from the 10-Q's free cash flow reconciliation, and its capital expenditures from the 10-Q's segment note. The September 2025 quarter's cash flow figures come from Delta's September quarter 2026 earnings release, furnished as Exhibit 99.1 to a Form 8-K (accession 0000027904-26-000035, filed October 9, 2026), which prints a three-month cash flow statement for both years; that quarter's capital expenditures of $1,160 million also appear in the 10-Q's segment note.
- The trailing twelve months to September 30, 2026 are derived as fiscal 2025 plus the nine months of 2026 less the nine months of 2025. Only lines unaffected by the 2026 expense reclassification are included, and no per-share figure is derived for the period.
- Segments: Delta reports an airline segment and a refinery segment (its Monroe subsidiary's Trainer refinery). The intersegment line removes refinery sales to the airline and products delivered under exchange agreements; segment revenue less that line equals consolidated operating revenue, and airline plus refinery operating income equals consolidated operating income.
- Operating statistics are as printed in management's discussion and analysis. TRASM, adjusted and CASM-Ex are non-GAAP measures that Delta defines and reconciles in the same filing. Average price per fuel gallon includes fuel hedge activity and refinery segment results.
- CASM-Ex is defined differently in the two filings: the FY2025 10-K excludes aircraft fuel and related taxes, third-party refinery sales and profit sharing from CASM, while the 2026 10-Q also excludes MRO expense, and restates the September 2025 quarter and nine months on that basis. Annual CASM-Ex (13.86 cents for 2025) is therefore not directly comparable with the 2026 10-Q's quarterly and nine-month figures.
- Dividends declared per share are the amounts printed in the stockholders' equity statements: $0.675, $0.50 and $0.20 for fiscal 2025, 2024 and 2023; $0.2150 for the September 2026 quarter and $0.1875 for the September 2025 quarter.
Uncertainties
- The September 2025 quarter's cash flow figures come from an earnings release furnished on Form 8-K rather than a filed quarterly report, because the 10-Q prints three-month cash flow only for the current quarter.
- The trailing-twelve-month figures combine fiscal 2025 as presented in the 10-K with nine-month periods as presented in the 2026 10-Q. Revenue, total operating expense and the lines below operating income were confirmed unchanged by the reclassification for the September 2025 quarter and nine months; the full-year 2025 split between affected expense lines under the new presentation is not published in these filings.
Company details
| Name | Delta Air Lines, Inc. |
|---|---|
| Ticker | DAL |
| CIK | 0000027904 |
| Exchange | NYSE |
| State | Georgia |
| Incorporation | Delaware |
| SIC | 4512 |
| Office | Energy & Transportation |
| Industry | Air Transportation, Scheduled |
Fiscal period
| Fiscal year | 2026 |
|---|---|
| Fiscal period | Q3 |
| Tag | FY26Q3 |
| Period end | 2026-09-30 |
| Form | 10-Q |
| Accession | 0000027904-26-000038 |
| Fiscal year end | 1231 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-11 | 0000027904-26-000013 | reported |
| quarterly | yes | 10-Q | 2026 | Q3 | FY26Q3 | 2026-09-30 | 2026-10-09 | 0000027904-26-000038 | facts |
FAQ · Delta Air Lines financial statements
How much revenue did Delta Air Lines make in Q3 FY2026?
Delta Air Lines reported $20.19 billion in operating revenue for Q3 FY2026, the quarter ended September 30, 2026. That is up 21.1% from $16.67 billion in the same quarter a year earlier.
What were Delta Air Lines' net income and EPS in Q3 FY2026?
Delta Air Lines earned net income of $756 million, or $1.15 per diluted share, in Q3 FY2026, the quarter ended September 30, 2026. A year earlier it earned $1.42 billion, or $2.17 per diluted share.
Why did Delta's profit fall in Q3 FY2026?
Delta Air Lines' aircraft fuel expense rose to $4.35 billion in Q3 FY2026 from $2.57 billion a year earlier, and operating income fell to $1.45 billion from $1.68 billion even as revenue grew. Net income fell more steeply than operating income because mark-to-market losses on Delta's equity investments replaced gains recorded a year earlier.
How much did Delta spend on fuel in Q3 FY2026?
Delta Air Lines recorded $4.35 billion of aircraft fuel and related taxes in Q3 FY2026, the quarter ended September 30, 2026, up 69.3% from $2.57 billion a year earlier, as jet fuel prices rose.
Where can I get Delta Air Lines, Inc. (DAL) financial data in machine-readable form?
Ticker Scout publishes Delta Air Lines, Inc.'s financial statements as JSON at https://tickerscout.ai/dal/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/dal/narrative.md and https://tickerscout.ai/dal/events.md. Delta Air Lines, Inc.'s SEC CIK is 0000027904. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Delta Air Lines, Inc. (DAL) next file with the SEC?
Delta Air Lines, Inc. (DAL) is expected to file its next Form 10-K with the SEC on or around February 10, 2027. That date is a projection rather than a company-announced date: it is derived from Delta Air Lines, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q3 FY2026, the period ended 2026-09-30, SEC accession 0000027904-26-000038.
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How this page was built
This page was built from four of Delta Air Lines, Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names two such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
Published by Ticker Scout, an independent publisher of company filings data. About Ticker Scout · Disclaimer
Built from Delta Air Lines, Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.