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Delta Air Lines (DAL) guidance and outlook
Delta Air Lines (DAL) raised some and lowered other parts of its guidance on Oct 9, 2026: Revenue +20% for FY2026; EPS $5.10–$5.60 for FY2026; Free cash flow $2.5B for FY2026; EPS $1.15–$1.65 for Q4 2026. Delta Air Lines' 10-Q filed Oct 9, 2026 makes 15 forward-looking statements, 3 of them new and 2 no longer said since the filing before.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| Revenue | FY2026 | +20% | raised |
| EPS | FY2026 | $5.10–$5.60 | raised |
| Free cash flow | FY2026 | $2.5B | lowered |
| EPS | Q4 2026 | $1.15–$1.65 | new |
| Revenue | FY2026 | +12% | new |
From the earnings release filed Oct 9, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Oct 9, 2026
- The increase compared to the prior period resulted from a shift in mix to work on more legacy engines than next generation engines, which we expect to continue through the remainder of 2026.
- We expect that fuel consumption for the remainder of 2026 will remain aligned with capacity changes compared to 2025, while elevated jet fuel costs are anticipated to persist until market disruptions and geopolitical events are resolved.
- new · The increase compared to the prior period resulted from a shift in mix to work on more legacy engines than next-generation engines, which we expect to continue through the remainder of 2026.
- In certain periods, we may have adjustments to our net deferred tax liabilities as a result of changes in prior year estimates, the valuation allowance on mark-to-market adjustments on our equity investments, and tax laws enacted during the period, which will impact the effective tax rate for that period.
- Excluding mark-to-market adjustments on equity investments recognized in the nine months ended September 2026, we project our annual effective tax rate for 2026 will be 23% to 25%.
- new · By the end of the September 2026 quarter, the refinery operated at normal production levels and we expect it to return to profitability in the December 2026 quarter.
- We expect to meet our liquidity needs for the next twelve months with cash and cash equivalents and cash flows from operations.
- We expect to meet our long-term liquidity needs with cash flows from operations and financing arrangements.
- We expect to continue generating positive cash flows from operations during the remainder of 2026.
- Our broad-based employee profit sharing program provides that we will pay 10% of that profit to all eligible employees for the first $2.5 billion of annual profit, as defined by the terms of the program, and 20% of annual profit above $2.5 billion.
- new · We do not expect our income tax cash payment in 2026 to materially increase compared to 2025.
- Our 2026 capital spend is expected to be over $5 billion and will be primarily for aircraft, including deliveries and advance deposit payments, as well as fleet modifications and technology enhancements.
Delta Air Lines' latest quarter
Delta Air Lines, Q3 2026: revenue $20.2B (+21% year over year), operating margin 7.2%, net earnings $756M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
Questions
Did Delta Air Lines raise or lower its guidance?
Delta Air Lines (DAL) raised some and lowered other parts of its guidance on Oct 9, 2026: Revenue +20% for FY2026; EPS $5.10–$5.60 for FY2026; Free cash flow $2.5B for FY2026; EPS $1.15–$1.65 for Q4 2026.
What does Delta Air Lines expect?
The increase compared to the prior period resulted from a shift in mix to work on more legacy engines than next-generation engines, which we expect to continue through the remainder of 2026. By the end of the September 2026 quarter, the refinery operated at normal production levels and we expect it to return to profitability in the December 2026 quarter. We do not expect our income tax cash payment in 2026 to materially increase compared to 2025.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.