DELTA AIR LINES, INC. recently released its 10-Q report. The company provides scheduled passenger and cargo air transportation in the United States and internationally, and it also operates aircraft maintenance and overhaul services, vacation packages, and a refinery business. Its network is built around major domestic hubs including Atlanta, Detroit, Minneapolis-St. Paul, and Salt Lake City, along with key coastal and international markets such as New York, Los Angeles, Amsterdam, London-Heathrow, Paris-Charles de Gaulle, Seoul-Incheon, and Tokyo.
In the September 2026 quarter, Delta reported operating income of $1.5 billion, down $230 million from the same quarter a year earlier, even as total revenue rose $3.5 billion to $20.186 billion. Passenger revenue increased $2.028 billion, or 15%, to $15.534 billion, with premium ticket revenue up 18% to $6.818 billion and main cabin revenue up 12% to $6.802 billion. Cargo revenue climbed 29% to $301 million, while other revenue jumped 48% to $4.351 billion, led by refinery sales of $2.601 billion, up 76%, and loyalty and related revenue of $1.346 billion, up 19%.
Operating expenses increased $3.743 billion, or 25%, to $18.732 billion. Fuel and related taxes rose 69% to $4.351 billion, refinery expense increased 76% to $2.601 billion, and salaries and related costs rose 9% to $4.822 billion. Delta said the higher fuel bill reflected a 63% increase in its average jet fuel purchase price, while the wage line included 4% base pay increases for eligible employees and pilots, annual step-ups, and higher premium pay tied to operational disruptions.
Non-operating results turned negative, with a $380 million expense versus $93 million of income a year earlier, driven mainly by mark-to-market losses on equity investments. Cash from operating activities was $1.7 billion, supported by ticket sales and SkyMiles sales to partners, including $2.3 billion from American Express. Capital expenditures used $1.3 billion, producing free cash flow of $463 million, and debt and finance lease repayments consumed another $1.2 billion. Delta ended the quarter with $6.9 billion of liquidity.
For the first nine months of 2026, operating revenue rose 18% to $55.797 billion, while operating expense increased 21% to $51.978 billion. Passenger revenue reached $43.443 billion, up 12%, with premium products at $19.100 billion and main cabin at $19.058 billion. Other revenue climbed 47% to $11.533 billion, including refinery revenue of $6.346 billion, up 72%, and MRO revenue of $990 million, up 59%. Operating income for the nine-month period was $3.819 billion, compared with $4.355 billion a year earlier. Today the company's shares have moved 0.04% to a price of $82.17. If you want to know more, read the company's complete 10-Q report here.
