Filing Flows › Delta Air Lines (DAL) › Q3 2026 › vs Q2 2026
Delta Air Lines (DAL) Q3 2026 vs Q2 2026 (quarter over quarter)
Delta Air Lines's revenue rose $429M (+2%) from $19.8B in Q2 2026 to $20.2B in Q3 2026. The biggest changes: Refinery +$510M (+24%); Passenger −$126M (-0.8%); Loyalty travel awards +$55.0M (+4%). Operating margin 7.2% against 9.4% (-2.2 pts).
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 draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 7.2% | 9.4% | -2.2 pts |
| Net margin | 3.7% | 8.1% | -4.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Passenger, Air Traffic | $13.6B | $13.8B | −$151M | -1% |
| Loyalty and related | $1.3B | $1.3B | $2.0M | +0.1% |
| Travel-related services | $612M | $589M | $23.0M | +4% |
| Passenger | $15.6B | $15.7B | −$126M | -0.8% |
| Refinery | $2.6B | $2.1B | $510M | +24% |
| Loyalty travel awards | $1.3B | $1.2B | $55.0M | +4% |
| Cargo | $301M | $294M | $7.0M | +2% |
| MRO | $296M | $315M | −$19.0M | -6% |
| Miscellaneous | $108M | $106M | $2.0M | +2% |
| Revenue | $20.2B | $19.8B | $429M | +2% |
| Operating profit | $1.5B | $1.9B | −$410M | -22% |
| Costs & expenses | $18.7B | $17.9B | $839M | +5% |
| Pre-tax earnings | $1.1B | $2.0B | −$935M | -47% |
| Other expense, net | $380M | −$145M | $525M | — |
| Sales & marketing | $703M | $726M | −$23.0M | -3% |
| Other operating costs | $18.0B | $17.2B | $862M | +5% |
| Net earnings | $756M | $1.6B | −$848M | -53% |
| Income tax | $318M | $405M | −$87.0M | -21% |
| Depreciation & amortization | $673M | $656M | $17.0M | +3% |
| Working capital & other | $284M | −$665M | $949M | — |
| Operating cash flow | $1.7B | $1.6B | $118M | +7% |
Questions
How much did Delta Air Lines's revenue grow quarter over quarter in Q3 2026?
Delta Air Lines's revenue rose $429M (+2%) from $19.8B in Q2 2026 to $20.2B in Q3 2026.
What drove Delta Air Lines's revenue change in Q3 2026?
Refinery +$510M (+24%); Passenger −$126M (-0.8%); Loyalty travel awards +$55.0M (+4%).