Delta Air Lines' first quarter 2026 EPS met estimates, but revenue missed as strong premium demand was offset by rising costs.

Delta Air Lines reported first-quarter 2026 adjusted revenue of $14.2 billion, up 9.4% year-over-year, and adjusted earnings per share of $0.64, a 44% increase from the prior year. The company provided second quarter guidance for revenue growth in the low-teens and EPS between $1.00 and $1.50.

Key Highlights

• Premium product revenue grew 14% year-over-year, and corporate sales increased by a double-digit percentage, signaling continued strength in high-margin travel segments.
• Adjusted non-fuel unit costs (CASM-Ex) rose 6% year-over-year to 15.13 cents, exceeding analyst expectations and reflecting lower than planned capacity growth and higher crew costs.
• The company generated $2.4 billion in adjusted operating cash flow and $1.2 billion in free cash flow during the quarter.
• For the second quarter, Delta expects to see low-teens revenue growth on flat capacity, indicating strong pricing power to recapture higher fuel costs.