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Delta Air Lines (DAL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 9, 2026 · Delta Air Lines (DAL) Q3 2026 earnings results →
Q3 2026 Revenue up 21% year over year to $20.2B · 4¢ of every $1 of revenue kept as net profit · operating margin 7.2%
Delta Air Lines made $20.2B in Q3 2026 (+21% Y/Y): Passenger $15.6B, Refinery $2.6B, Loyalty travel awards $1.3B. Operating margin 7.2%, net earnings $756M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 9, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $20.2B in Q3 2026, up 21% year over year and up 2% from the previous quarter. Passenger, Air Traffic was the largest line at 67% of revenue. Passenger, Air Traffic added $1.8B year over year (up 15%), 50% of the total change.
Operating profit was $1.5B, a 7.2% margin (down 2.9 points year over year). Operating profit fell $0.23B even though revenue rose $3.5B versus Q3 2025, so costs grew faster than sales. Total costs grew 25% against revenue growth of 21%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $0.76B, down 47% year over year. The effective tax rate was 29.6%.
Operating cash flow was $1.7B (down 7% year over year), 227% of net earnings. Non-cash charges added back $0.67B of depreciation and amortization. Working capital and other items added $0.28B. After net cash used in investing activities, net ($1.2B), free cash flow as the company reports it was $0.46B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 9, 2026 | $20.2B | +21% | 7.2% | $756M | $1.7B |
| Q2 2026 | 10-Q | Jul 10, 2026 | $19.8B | +19% | 9.4% | $1.6B | $1.6B |
| Q1 2026 | 10-Q | Apr 8, 2026 | $15.9B | +13% | 3.2% | −$289M | $2.4B |
| Q4 2025 | 10-K | Feb 11, 2026 | $16.0B | +3% | 9.2% | $1.2B | $2.3B |
| Q3 2025 | 10-Q | Oct 9, 2025 | $16.7B | +6% | 10.1% | $1.4B | $1.8B |
| Q2 2025 | 10-Q | Jul 10, 2025 | $16.6B | -0.1% | 12.6% | $2.1B | $1.9B |
| Q1 2025 | 10-Q | Apr 9, 2025 | $14.0B | +2% | 4.1% | $240M | $2.4B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
Buys from
- RJET — 24% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- GE · Stated in 10-K (named, share not stated) · source
About Delta Air Lines
Erik S. Snell, Age 49: Executive Vice President - Chief Customer Experience Officer of Delta since January 2025; Senior Vice President - Airport Customer Service, Cargo Operations, Ground Support Equipment and Global Clean (June 2022 - December 2024); Senior Vice President - Operations & Customer Center, Operations Analytics, and Delta Connection (October 2020 - June 2022); Senior Vice President - Corporate Planning (March 2020 - October 2020); Senior Vice President - Operations & Customer Center (September 2018 - March 2020); Vice President - Operations & Customer Center (March 2017 - August 2018); Vice President - Delta Connection (November 2015 - March 2017); Chief Executive Officer of Delta Global Services and Delta Private Jets (March 2015 - November 2015).
In its own words, from its 10-K, filed Feb 11, 2026.
Delta Air Lines against its Air Transportation, Scheduled peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +21% against the peers' median +19%. Operating margin: 7.2% against the peers' median 1.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DAL Delta Air Lines | Q3 2026 | $20.2B | +21% | 7.2% |
| United Airlines | Q3 2026 | $17.9B | +17% | 8.1% |
| AAL American Airlines Group | Q3 2026 | $16.3B | +19% | 0.7% |
| American Airlines | Q1 2025 | $12.6B | -0.2% | -2.2% |
| LUV Southwest Airlines | Q3 2026 | $8.4B | +21% | 4.5% |
| ALK Alaska Air Group | Q3 2026 | $4.3B | +14% | 1.9% |
| JBLU Jetblue Airways | Q3 2026 | $2.8B | +21% | -5.1% |
| ULCC Frontier Group Holdings | Q3 2026 | $1.4B | +53% | -8.0% |
| SKYW Skywest | Q3 2026 | $1.1B | +6% | 15.8% |
Source: Delta Air Lines 10-Q on SEC EDGAR · CIK 27904 · Air Transportation, Scheduled
Guidance and outlook
13F: who owns DAL and who is buying
More on DAL
- How Delta Air Lines makes money: revenue by segment
- Delta Air Lines stock forecast, price target and fair value
- Who owns Delta Air Lines stock: holders, funds and Congress trades
- Delta Air Lines guidance and outlook
- Is Delta Air Lines a takeover target? LBO and rumors
- Delta Air Lines recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Delta Air Lines guidance history: guided vs reported
- Delta Air Lines operating margin by quarter
- Delta Air Lines net income by quarter
- Delta Air Lines free cash flow by quarter
- Delta Air Lines Passenger revenue by quarter
- Delta Air Lines Refinery revenue by quarter
- Delta Air Lines Loyalty travel awards revenue by quarter