Filing Flows › Delta Air Lines (DAL) › Q3 2026 › vs Q3 2025
Delta Air Lines (DAL) Q3 2026 vs Q3 2025 (year over year)
Delta Air Lines's revenue rose $3.5B (+21%) from $16.7B in Q3 2025 to $20.2B in Q3 2026. The biggest changes: Passenger +$2.1B (+15%); Refinery +$1.1B (+76%); Loyalty travel awards +$194M (+18%). Operating margin 7.2% against 10.1% (-2.9 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 7.2% | 10.1% | -2.9 pts |
| Net margin | 3.7% | 8.5% | -4.8 pts |
| Free cash flow margin | 2.3% | 5.0% | -2.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Passenger, Air Traffic | $13.6B | $11.9B | $1.8B | +15% |
| Loyalty and related | $1.3B | $1.1B | $217M | +19% |
| Travel-related services | $612M | $539M | $73.0M | +14% |
| Passenger | $15.6B | $13.5B | $2.1B | +15% |
| Refinery | $2.6B | $1.5B | $1.1B | +76% |
| Loyalty travel awards | $1.3B | $1.1B | $194M | +18% |
| Cargo | $301M | $233M | $68.0M | +29% |
| MRO | $296M | $231M | $65.0M | +28% |
| Miscellaneous | $108M | $98.0M | $10.0M | +10% |
| Revenue | $20.2B | $16.7B | $3.5B | +21% |
| Operating profit | $1.5B | $1.7B | −$230M | -14% |
| Costs & expenses | $18.7B | $15.0B | $3.7B | +25% |
| Pre-tax earnings | $1.1B | $1.8B | −$703M | -40% |
| Other expense, net | $380M | −$93.0M | $473M | — |
| Sales & marketing | $703M | $645M | $58.0M | +9% |
| Other operating costs | $18.0B | $14.3B | $3.7B | +26% |
| Net earnings | $756M | $1.4B | −$661M | -47% |
| Income tax | $318M | $360M | −$42.0M | -12% |
| Depreciation & amortization | $673M | $614M | $59.0M | +10% |
| Working capital & other | $284M | −$184M | $468M | — |
| Operating cash flow | $1.7B | $1.8B | −$134M | -7% |
| Free cash flow (company-reported) | $464M | $833M | −$369M | -44% |
| Net cash used in investing activities, net | $1.2B | $1.0B | $235M | +23% |
Questions
How much did Delta Air Lines's revenue grow year over year in Q3 2026?
Delta Air Lines's revenue rose $3.5B (+21%) from $16.7B in Q3 2025 to $20.2B in Q3 2026.
What drove Delta Air Lines's revenue change in Q3 2026?
Passenger +$2.1B (+15%); Refinery +$1.1B (+76%); Loyalty travel awards +$194M (+18%).