DELTA AIR LINES, INC. Earnings Summary — Q2 2026

• Revenue grew by 18.68% year-over-year to a record $19.76 billion, reflecting strong seasonal demand and premium travel performance.
• Net income of $1.6 billion represents a sharp recovery from the prior quarter's loss but is down nearly 25% compared to the prior-year period.
• Operating income reached $1.86 billion, with operating expenses climbing to $3.66 billion as capacity scaled up.
• Non-operating items provided a tailwind of $145 million, compared to a significant non-operating loss of $715 million in the previous quarter.
• The tax provision increased significantly to $405 million, reflecting a return to sustained pre-tax profitability.
• Total non-operating income was bolstered by a swing from substantial losses in Q1 2026 to gains in Q2 2026.

Management continues to focus on a 'loyalty and services' revenue model driven by the American Express partnership, aiming to mitigate cyclicality through high-margin premium streams.

Improving

While YoY profitability is down, the company successfully pivoted from a Q1 loss to significant Q2 profit with double-digit revenue growth.

Delta is positioned to benefit from a return to historical profitability norms and a continued descent in long-term debt, though it remains sensitive to energy prices and macro-economic volatility.