Filing Flows › Delta Air Lines (DAL) › Q2 2026 › vs Q2 2025
Delta Air Lines (DAL) Q2 2026 vs Q2 2025 (year over year)
Delta Air Lines's revenue rose $3.1B (+19%) from $16.6B in Q2 2025 to $19.8B in Q2 2026. The biggest changes: Passenger +$1.7B (+13%); Other +$1.3B (+50%); Cargo +$82.0M (+39%). Operating margin 9.4% against 12.6% (-3.2 pts).
Delta Air Lines, Q2 2026: revenue $19.8B (+19% year over year), operating margin 9.4%, net earnings $1.6B, operating cash flow $1.6B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.4% | 12.6% | -3.2 pts |
| Net margin | 8.1% | 12.8% | -4.7 pts |
| Free cash flow margin | 1.1% | 4.4% | -3.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Passenger, Air Traffic | $13.8B | $12.2B | $1.5B | +12% |
| Refinery | $2.1B | $1.1B | $950M | +83% |
| Loyalty and related | $1.3B | $1.1B | $217M | +19% |
| Loyalty travel awards | $1.2B | $1.1B | $155M | +14% |
| Travel-related services | $589M | $529M | $60.0M | +11% |
| MRO | $315M | $239M | $76.0M | +32% |
| Miscellaneous | $106M | $62.0M | $44.0M | +71% |
| Passenger | $15.6B | $13.9B | $1.7B | +13% |
| Other | $3.9B | $2.6B | $1.3B | +50% |
| Cargo | $294M | $212M | $82.0M | +39% |
| Revenue | $19.8B | $16.6B | $3.1B | +19% |
| Other income, net | $145M | $472M | −$327M | -69% |
| Operating profit | $1.9B | $2.1B | −$238M | -11% |
| Costs & expenses | $17.9B | $14.5B | $3.3B | +23% |
| Pre-tax earnings | $2.0B | $2.6B | −$565M | -22% |
| Sales & marketing | $726M | $673M | $53.0M | +8% |
| Other operating costs | $17.2B | $13.9B | $3.3B | +24% |
| Net earnings | $1.6B | $2.1B | −$526M | -25% |
| Income tax | $405M | $444M | −$39.0M | -9% |
| Depreciation & amortization | $656M | $602M | $54.0M | +9% |
| Working capital & other | $665M | $875M | −$210M | -24% |
| Operating cash flow | $1.6B | $1.9B | −$262M | -14% |
| Free cash flow (company-reported) | $208M | $733M | −$525M | -72% |
| Net cash used in investing activities, net | $1.4B | $1.1B | $263M | +23% |
Questions
How much did Delta Air Lines's revenue grow year over year in Q2 2026?
Delta Air Lines's revenue rose $3.1B (+19%) from $16.6B in Q2 2025 to $19.8B in Q2 2026.
What drove Delta Air Lines's revenue change in Q2 2026?
Passenger +$1.7B (+13%); Other +$1.3B (+50%); Cargo +$82.0M (+39%).