Delta Beats on Q2 Earnings, Reinstates Full-Year Guidance as Fuel Costs Bite

Delta Air Lines reported second-quarter adjusted revenue of $17.7 billion, up 14% year over year and a company record, with adjusted earnings per share of $1.56 — topping Wall Street estimates of $1.48. Despite the beat, shares traded lower as investors sold the news.

The carrier absorbed the highest quarterly fuel expense in its history at $4.4 billion, up nearly $2 billion from a year earlier. Even so, management reinstated full-year 2026 guidance, projecting adjusted EPS of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion.

Delta's results set the tone for the rest of the sector: United Airlines reports after the close on July 15, and American Airlines follows on July 16. Investors will be watching whether rivals' fuel-cost assumptions and premium revenue trends hold up against Delta's benchmark.