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How Delta Air Lines (DAL) makes money
Delta Air Lines (DAL) made $20.2B of revenue in the third quarter 2026 (Q3 2026), +21% from a year earlier. Passenger brought in $15.6B (77%); Refinery brought in $2.6B (13%); Loyalty travel awards brought in $1.3B (6%). Of every dollar of revenue, 7¢ was left as operating profit, 4¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Passenger | $15.6B | 77.2% | -0.8% | +15% |
| ↳ Passenger, Air Traffic | $13.6B | 67.5% | -1% | +15% |
| ↳ Loyalty and related | $1.3B | 6.7% | +0.1% | +19% |
| ↳ Travel-related services | $612M | 3.0% | +4% | +14% |
| Refinery | $2.6B | 12.9% | +24% | +76% |
| Loyalty travel awards | $1.3B | 6.5% | +4% | +18% |
| Cargo | $301M | 1.5% | +2% | +29% |
| MRO | $296M | 1.5% | -6% | +28% |
| Miscellaneous | $108M | 0.5% | +2% | +10% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $20.2B | 100.0% |
| Operating profit | $1.5B | 7.2% |
| Income tax | $318M | 1.6% |
| Net earnings | $756M | 3.7% |
| Operating cash flow | $1.7B | 8.5% |
| Free cash flow | $464M | 2.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $20.2B | +21% |
| Q2 2026 | $19.8B | +19% |
| Q1 2026 | $15.9B | +13% |
| Q4 2025 | $16.0B | +3% |
| Q3 2025 | $16.7B | +6% |
| Q2 2025 | $16.6B | -0.1% |
| Q1 2025 | $14.0B | +2% |
From Delta Air Lines' 10-Q filed Oct 9, 2026 (on EDGAR).
Questions
How does Delta Air Lines make money?
Delta Air Lines (DAL) made $20.2B of revenue in the third quarter 2026 (Q3 2026), +21% from a year earlier. Passenger brought in $15.6B (77%); Refinery brought in $2.6B (13%); Loyalty travel awards brought in $1.3B (6%). Of every dollar of revenue, 7¢ was left as operating profit, 4¢ was left as net earnings.
What is Delta Air Lines' biggest business?
Passenger: $15.6B in the third quarter 2026, 77% of revenue, +15% from a year earlier.
What is Delta Air Lines' profit margin?
Net earnings were $756M, 3.7% of revenue, in the third quarter 2026; the operating margin was 7.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.