Delta Air Lines Inc. (DAL): 2Q beat; slightly raising 2026 outlook on better revenue trends despite higher jet fuel

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Delta Air Lines Inc. (DAL): 2Q beat; slightly raising 2026 outlook on better revenue trends despite higher jet fuel

Equity Research

10 July 2026 | 5:40PM EDT

Delta Air Lines Inc. (DAL): 2Q beat; slightly raising 2026 outlook on

better revenue trends despite higher jet fuel

What happened: Delta reported a 2Q beat and introduced/reinstated better-than Catherine O’Brien

+1(212)357-8285 |

expected 3Q/FY EPS guidance. The company’s 3Q revenue outlook was ahead of catherine.m.obrien@gs.com

Goldman Sachs & Co. LLC

consensus, but in-line with investor expectations into the print (note here). DAL

David Kim

shares traded essentially in-line with our coverage ex-DAL, both down ~2%, which +1(212)902-7169 | david.z.kim@gs.com

compares to the S&P 500 flat. Goldman Sachs & Co. LLC

Radhika Shintre

Our view: We believe the primary driver of today’s slight underperformance for DAL +1(332)245-7982radhika.shintre@gs.com|

shares vs. the market is the company’s in-line 3Q revenue guide (in-line with investor Goldman Sachs India SPL

expectations, ahead of GSe into the print). The bar was fairly high given the stock

was up 28% YTD through last close, with investors also concerned about the

potential impact to the outlook from the recent run up in jet fuel prices.

While we are marking-to-market for higher jet fuel prices, we are slightly raising our

3Q and FY 2026 outlook as both close-in revenue trends and cost control are better

than we were expecting into the print. Management cited that unit revenue

performance accelerated over 2Q with the June exit rate significantly higher than

April performance, also noting cash sales further out in the booking curve are

outperforming still strong close-in bookings. While main cabin unit revenue