Delta Air Lines, Inc. (NYSE: DAL) reported record June quarter revenue on July 10, 2026, posting adjusted operating revenue of $17.7 billion, up 14% from the same period a year earlier. The Atlanta-based carrier delivered the result on approximately 1% capacity growth.
On a GAAP basis, total operating revenue was $19.8 billion, up 19% year-over-year, a figure that includes third-party sales from Delta's Monroe refinery subsidiary. Adjusted total unit revenue (TRASM) grew 12.4% over the prior year.
Domestic unit revenue grew 12% year-over-year, while international unit revenue increased 8%, which the company said was led by Latin America. Corporate sales grew double-digits across all sectors, led by aerospace and defense, banking, and automotive customers.
#Delta Posts Record June Quarter Revenue on Premium and Loyalty Demand
Premium products revenue grew 17% year-over-year, which Delta attributed to yield strength and continued investment in premium seating.
Diverse revenue streams accounted for 61% of total revenue, up 2 points from the same period last year.
Loyalty and related revenue grew 19%. American Express remuneration of $2.4 billion grew 16% over the prior year, which the company said marked the seventh consecutive quarter of double-digit growth in cardholder spend.
Cargo revenue increased 39% and maintenance, repair and overhaul (MRO) revenue grew 32%, according to the release.
"Revenue grew 14% in the June quarter, at the high end of our expectations, increasing more than $2 billion over last year on broad demand strength," Joe Esposito, Delta's chief commercial officer, said in the earnings release.
#Profit Declines as Fuel Expense Rises 77%
The revenue record came alongside a decline in profit. GAAP net income fell 25% to $1.6 billion, and adjusted earnings per share fell 26% to $1.56.
Adjusted operating margin was 8.8%, down from 13.3% a year earlier. GAAP operating margin was 9.4%, compared with 12.6% in the June quarter of 2025.
The decline reflected a sharp rise in fuel costs. Adjusted fuel expense rose 77% year-over-year to $4.4 billion, and the adjusted fuel price of $3.93 per gallon increased 75% from a year earlier.
Delta described the quarter's fuel expense as the highest in its history. Non-fuel unit cost, measured as CASM-Ex, rose 6.8% year-over-year to 14.09 cents.
Delta is one of the three largest US network carriers alongside American Airlines and United Airlines, and competes with both on domestic and international routes. Its results reflect an industry-wide rise in jet fuel prices during the quarter, against which the carrier has leaned on premium cabins and loyalty income to support revenue.
#Delta Raises Dividend 15% and Affirms Full-Year Guidance
Delta announced a 15% increase to its dividend payment, beginning in the September quarter.
The company affirmed full-year 2026 guidance for adjusted earnings per share of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion.
For the September quarter, Delta guided to revenue growth in the mid-teens over the prior year, an operating margin of 11% to 13%, and adjusted earnings per share of $2.00 to $2.50. The company said its September quarter guidance assumes an all-in fuel price of approximately $3.15 per gallon.
Adjusted net debt was $13.6 billion at quarter-end, a reduction of $709 million from the end of 2025. Delta reported an after-tax return on invested capital of 10.9% for the trailing twelve months.
The company said debt reduction remains a priority and that it expects gross leverage of approximately 2 times by the end of the year.
Forward-looking projections are subject to fuel price volatility, demand shifts, and broader macroeconomic conditions, which Delta identified among the risks to its outlook. The company noted that its fuel assumptions are based on the forward curve as of July 2, 2026.
Chief Executive Ed Bastian said Delta is affirming its target to grow full-year earnings by 20%, while the company flagged fuel costs, competitive conditions, and economic uncertainty as key risks to that outlook.