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Delta Air Lines completed a $500,000,000 public offering of 5.500% Notes due 2029 on November 6, 2026. The notes mature on November 6, 2029, and proceeds will repay debt, with remaining funds used for general corporate purposes.
Delta Air Lines’ September 2026 quarter revenue increased $3.5 billion, but operating income fell $230 million to $1.5 billion as operating expense rose $3.7 billion. Free cash flow was $463 million and liquidity was $6.9 billion as of September 30, 2026.
Delta Air Lines reported September-quarter revenue growth of 16% and pre-tax profit of $1.5 billion while absorbing $1.6 billion in higher fuel costs. It expects full-year earnings of $5.10 to $5.60 per share and free cash flow of approximately $2.5 billion.
Delta Air Lines reported September quarter adjusted revenue of $17.6 billion, up 16 percent, and adjusted EPS of $1.72. Full-year 2026 guidance is $5.10 - $5.60 EPS, approximately $2.5 billion free cash flow and more than $2 billion debt paydown.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted net debt non-GAAP | $13.35B | 3Q26 | — |
GAAP → non-GAAP reconciliationGAAP Debt and finance lease obligations 12.85B
+1.73B Plus: sale-leaseback financing liabilities
-9M Plus: unamortized discount/(premium) and debt issue cost, net and other
+2.58B Plus: fleet operating lease liabilities
-3.79B Less: cash and cash equivalents
-18M Less: LGA restricted cash
= Adjusted Net Debt 13.35B
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| Aircraft delivered | 13 | September quarter | — |
| Available seat miles (in millions) ("ASM") | 79.29B | the three months ended September 30, 2026 filing | — |
| Average fuel price per gallon non-GAAP | $3.61 | 3Q26 | — |
| Average fuel price per gallon, adjusted non-GAAP | $3.61 | Three Months Ended September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Average fuel price per gallon $3.8
-$0.18 MTM adjustments and settlements on hedges
= Average fuel price per gallon, adjusted $3.61
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| Average price per fuel gallon | $3.8 | the three months ended September 30, 2026 filing | — |
| Average price per fuel gallon, adjusted non-GAAP | $3.61 | the three months ended September 30, 2026 filing | — |
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GAAP → non-GAAP reconciliationGAAP Average price per fuel gallon $3.8
-$0.18 MTM adjustments and settlements on hedges
= Average price per fuel gallon, adjusted $3.61
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| Average price per fuel gallon, adjusted - see Note A non-GAAP | $3.61 | Three Months Ended September 30, 2026 | — |
| Average price per gallon, adjusted non-GAAP | $3.61 | the three months ended September 30, 2026 filing | — |
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| Free cash flow non-GAAP | $1.9B | Nine Months Ended September 30, 2026 | — |
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| Fuel efficiency, defined as gallons per 1,000 ASMs | 14.5 | September quarter | — |
| Fuel expense non-GAAP | $4.14B | 3Q26 | — |
| Fuel gallons consumed (millions) | 1.15B | Three Months Ended September 30, 2026 | — |
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| Gross capital expenditures non-GAAP | $1.41B | Three Months Ended September 30, 2026 | — |
| Liquidity | $6.9B | September quarter end | — |
| Non-fuel cost non-GAAP | $11.13B | 3Q26 | — |
GAAP → non-GAAP reconciliationGAAP Operating expense 18.73B
-4.35B Aircraft fuel and related taxes
-2.6B Third-party refinery sales
-267M MRO expense
-389M Profit sharing
= Non-Fuel Cost 11.13B
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| Non-fuel unit cost (CASM-Ex) (cents) non-GAAP | 14.03 | 3Q26 | — |
GAAP → non-GAAP reconciliationGAAP CASM 23.63
-5.49 Aircraft fuel and related taxes
-3.28 Third-party refinery sales
-0.34 MRO expense
-0.49 Profit sharing
= CASM-Ex 14.03
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| Operating cash flow, adjusted non-GAAP | $1.72B | Three Months Ended September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net cash provided by operating activities 1.71B
+3M Net cash flows related to certain airport construction projects and other
= Operating Cash Flow, adjusted 1.72B
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| Operating expense, adjusted non-GAAP | $15.92B | Three Months Ended September 30, 2026 | — |
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GAAP → non-GAAP reconciliationGAAP Operating expense 18.73B
-2.6B Third-party refinery sales
-208M MTM adjustments and settlements on hedges
= Operating expense, adjusted 15.92B
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| Operating income, adjusted non-GAAP | $1.66B | Three Months Ended September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Operating income 1.45B
+208M MTM adjustments and settlements on hedges
= Operating income, adjusted 1.66B
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| Operating margin, adjusted non-GAAP | 9.4% | Three Months Ended September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Operating margin 7.2%
+1.2% Third-party refinery sales
+1% MTM adjustments and settlements on hedges
= Operating margin, adjusted 9.4%
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| Operating revenue, adjusted non-GAAP | $17.59B | Three Months Ended September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Operating revenue 20.19B
-2.6B Third-party refinery sales
= Operating revenue, adjusted 17.59B
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| Passenger load factor | 86% | Three Months Ended September 30, 2026 | — |
| Percent of operating revenue, adjusted related to premium products and diverse revenue streams non-GAAP | 61% | Three Months Ended September 30, 2026 | — |
| Pre-tax margin, adjusted non-GAAP | 8.5% | Three Months Ended September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Pre-tax margin 5.3%
+1.1% Third-party refinery sales
+1.1% MTM adjustments on investments
+1% MTM adjustments and settlements on hedges
= Pre-tax margin, adjusted 8.5%
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| Revenue passenger miles (in millions) ("RPM") | 68.13B | the three months ended September 30, 2026 filing | — |
| Total fuel expense, adjusted non-GAAP | $4.14B | Three Months Ended September 30, 2026 | — |
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GAAP → non-GAAP reconciliationGAAP Total fuel expense 4.35B
-208M MTM adjustments and settlements on hedges
= Total fuel expense, adjusted 4.14B
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| Total Revenue, adjusted (See Note A) non-GAAP | $17.59B | 3Q26 | — |
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GAAP → non-GAAP reconciliationGAAP Total Revenue 20.19B
-2.6B Third Party Refinery Sales
= Total Revenue, adjusted 17.59B
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| TRASM (cents) non-GAAP | 22.18 | 3Q26 | — |
| TRASM, adjusted - see Note A (cents) non-GAAP | 22.18 | Three Months Ended September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP TRASM 25.46
-3.28 Third-party refinery sales
= TRASM, adjusted 22.18
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
DAL
this stock
Delta Air Lines, Inc.
|
$56.74B | +24.3% | +4.0% | 17.3 | 2.4% |
|
UAL
United Airlines Holdings, Inc.
|
$35.51B | -2.2% | +3.2% | 10.0 | 2.6% |
|
RYAAY
Ryanair Holdings PLC
|
$29.89B | -20.0% | — | — | 0.5% |
|
LUV
Southwest Airlines Co
|
$22.00B | +8.7% | +3.7% | 22.1 | 5.0% |
|
LTM
Latam Airlines Group S.A.
|
$13.50B | -12.4% | — | — | 0.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Delta Air Lines completed a $500,000,000 public offering of 5.500% Notes due 2029 on November 6, 2026. The notes mature on November 6, 2029, and proceeds will repay debt, with remaining funds used for general corporate purposes.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| DAL | -1.1% | +14.4% | +8.6% | +7.6% | +24.3% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -3.7% | +15.6% | +8.1% | +7.8% | +13.7% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
