Delta reports lower Q3 earnings and operating margin as fuel costs rise
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Delta reported adjusted earnings per share of $1.72 for the third quarter, below the July guidance of $2.00 to $2.50, and an adjusted operating margin of 9.4%, lower than the guidance range of 11% to 13%, while absorbing more than $500 million in higher fuel costs compared with the guidance.
GAAP net income fell 47% to $756 million, partly due to a $218 million loss on investment valuations and $208 million in hedging adjustments; adjusted revenue reached $17,585 million, a record 16% increase; the adjusted fuel price was $3.61 per gallon, 60% higher than a year earlier, with a projected $4.25 per gallon for the fourth quarter; Delta expects 2026 earnings per share of $5.10 to $5.60 and free cash flow of about $2,500 million; the airline received 13 aircraft in the quarter, including Airbus A350‑900, A321neo and A220‑300.