Delta Pulls Away From American as 2026 Airline Divide Widens

The gap between the major U.S. carriers keeps widening. Delta Air Lines is up about 16% year to date at $80.86, while American Airlines has slid 12% to $13.49, leaving it the only major U.S. carrier in the red this year. United sits roughly flat in between.

Analysts attribute Delta's outperformance to its diversified revenue mix — premium cabins, loyalty and credit-card partnerships, and even its own oil refinery — which softens the blow from elevated jet fuel prices. American, more dependent on ticket revenue, has also absorbed an 8.2% year-over-year rise in salaries and related costs in the first half of 2026.

The demand backdrop remains a shared bright spot: leisure travel volumes stayed healthy through the summer season. The question for investors is whether American's discount to peers marks value or a structural disadvantage as fuel and labor costs stay high.