With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

This year's 100 Best Companies to Work For are rebuilding the social contract at work so people feel supported, trusted, and future-ready as they undergo that transition.

100 Best Places to Work 2026_Delta Air Lines

Delta Air Lines handed out $1.3 billion in bonuses this year to its more than 100,000 workers worldwide after posting strong earnings, bringing total employee profit-sharing to $11 billion since 2015. Staffers also get unlimited standby travel privileges to any destination Delta serves, along with discounts on tickets and vacation packages. Employees say: "I truly appreciate how Delta listens to employee feedback and continues to innovate in ways that drive meaningful improvement. What I love most is that we are recognized not just as employees, but as family. The sense of community here is incredibly strong, and the diversity within our teams is something I find truly beautiful. Delta has been a part of my life since birth, thanks to my father also being a member of this incredible team since 2005. For us, Delta is more than a company - it's generational, and it's home." &nbsp;

Fortune 100 Best Companies to Work For

This is the 40th year for our annual Fastest-Growing Companies list, which ranks companies based on growth in revenue, profits, and stock returns.

100 Fastest-Growing Companies

The companies on this annual list make a conscious effort to be supportive, inclusive workplaces.

Employees say:"I absolutely love working for this company and the family dynamic that it has. I love how inclusive the executives are and how they make us (the regular ground workers and hourly workers) feel important by including us in all of the big decisions Delta makes. For an example within the first year of joining Delta I was able to meet the CEO of the company, and I was able to ask him different questions directly about the future of Delta and listen to him speak. I've never been with a company that has made me feel so important and like my voice matters until I started working with Delta."

100 Best Large Workplaces for Women

This ranking evaluates how Fortune 500 companies are deploying AI, and how technology leaders value those investments relative to industry peers.

Fortune AIQ 50

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune Global 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The top companies on our list have one thing in common: Staff largely trust leadership to see them as well-rounded people and reward them for a job well done.

GPTW_100BestCompaniesToWorkFor_2025-Delta Air Lines_US1__20241210214006_4

Employees say: "Delta provides an amazing place to develop a career, not just a job. People care for each other here and push each other to be better every day. When an employee hits a personal or family challenge, the company steps up and does right by them. My family experienced a medical issue, and the support and care that Delta provided to help us deal with the medical issue went above and beyond what was required or normal."

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

Energy sector dominated this year for the first time since 2008, with 28 companies featured on the list.

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are airlines, transportation equipment, logistics, mail and freight delivery, railroads, shipping, and trucking.

Fortune Sector Leaders: Transportation

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

Creating a more empathetic workplace looks like staying loyal to workers, emphasizing D&I initiatives, and paying well.

100 Best Companies 2024-Delta Air Lines

Delta Air Lines employs over 100,000 people and services more than 4,000 daily flights to hundreds of destinations on six continents. With over 200 million annual customers, the airline company values its employees by raising pay, eliminating college-degree requirements, and instilling antiracism action plans. In April of last year, Delta increased the base pay for its operations employees by a flat 5%, and reported an average 5% increase for its salaried employees worldwide. It also offers a Shared Rewards program for its employees to earn 10% of corporate profits from their first dollar earned, through which employees earned a total of $61 million in 2022. Last February, Delta announced a profit-sharing payment of $1,250 to every eligible employee and later extended its payments through a 4% base pay raise in May, followed by another base pay increase of 5% in April. Delta also partners with Care.com to give workers last-minute care for children, adults, and pets with rates as low as $6 an hour.&nbsp;

The 200 companies on this list are transforming industries from the inside out.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

WMA 2024-Delta

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

WMAC 2023-Delta Air Lines

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

The 300 companies on this list are transforming industries from the inside out.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500-2023-085-Delta

The Atlanta-based carrier moved 28 spots up this year’s list, thanks to a robust travel rebound in the wake of the COVID-era slowdown. Its operating revenue for the year reached $50.6 billion, up 69% from 2021. 
<ul> 
 	<li>In May 2022, Delta said it would remove 100 flights a day from its summer schedule to stave off travel chaos as it rebuilt its operations. In the month to follow, however, CEO Ed Bastian apologized for delays and the disruption of hundreds of flights owing in part to understaffing.</li> 
 	<li>Delta reached a deal with its pilots’ union in March 2023 to boost pay by 34% over three years.</li> 
 	<li>Inflation threatened Delta’s profits in early 2023, but the company anticipates a 2% to 4% nonfuel unit cost decline through the year compared with 2022.</li> 
 	<li>Still, Delta faces a pilot shortage and the delayed delivery of new aircraft, which could reduce flight volume and raise airfares.</li> 
 	<li>The airline expects flight demand to grow in 2023, which will help offset higher expenses, like the surging cost of fuel and labor.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

WMAC-2022-18-Delta

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

This year’s Fortune 500 marks the 68th running of the list.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

WMAC 2021-23-Delta Airlines

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-178-Delta Air Lines

The Atlanta-based airline was heavily challenged in 2020 as air travel was all but grounded during the pandemic. Its revenue fell 64% to $17.1 billion and it lost more than $12 billion. This year, the carrier has so far reported $4 million in daily cash generation in March, an improvement from the $11 million daily cash burn on average for the quarter ended in March 2021.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

Our 2020 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-252-Delta-Air-Lines

In retrospect, 2019 was a halcyon year for the travel industry. Fuel was cheap, travel demand was high, and as the only major U.S. airline without Boeing 737 MAX planes in its fleet, Delta sidestepped the fallout from their grounding. Annual revenue rose 5.8% to $47 billion, and net income jumped 21.1% to $4.8 billion, giving Delta its tenth straight year of profitability—if likely the last it will see for some time. After the pandemic closed down most airline travel and led Delta and its competitors to seek government aid, CEO Ed Bastian predicted that Delta will need at least three years to get back to a sustainable—but still sub-2019—level of travel. As Bastian told Fortune: “This is going to take a long time.”

This year's Fortune 500 marks the 66th running of the list.

F500-2020-068-Delta-Airlines

In retrospect, 2019 was a halcyon year for the travel industry and especially for Delta, which climbed past American to claim the title of the largest airline on the Fortune 500. Fuel was cheap, travel demand was high, and as the only major U.S. airline without Boeing 737 MAX planes in its fleet, Delta sidestepped the fallout from their grounding. Annual revenue rose 5.8% to $47 billion, and net income jumped 21.1% to $4.8 billion, giving Delta its tenth straight year of profitability—if likely the last it will see for some time. After the pandemic closed down most airline travel and led Delta and its competitors to seek government aid, CEO Ed Bastian predicted that Delta will need at least three years to get back to a sustainable—but still sub-2019—level of travel. As CEO Ed Bastian told Fortune: “This is going to take a long time.”

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

Our 2019 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

At the Best Workplaces for Women, company leaders foster mentorship and career growth.

Delta Airlines-Best Large Workplaces for Women 2019

An employee says: 
 
"Our leadership has a great vision and encourages us to be our best. Our executives treat us all as equals and strive to make our company the best place to work. I am blessed to be able to work at Delta." 
 
Read the Great Place to Work review .

This year's Fortune 500 marks the 65th running of the list.

We surveyed tens of thousands of young employees to create this list of millennials’ favorite workplaces.

Delta-Best Workplaces Millennials 2019

Employees say: 
“The unique experience I have seen at Delta is the close and upfront relationship we have with our executive team. Every interaction we have with our leaders is important because it give us a sense of belonging and recognition.”

100 Best Large Workplaces for Millennials

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

Our 2018 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune 500 marks the 64th running of the list.

Best Large Workplaces for Women 2018_Delta Air Lines

Employees say: 
 
&nbsp; 
 
"Delta's support of employee participation in community service and charity events is extraordinary. Employees volunteer in projects all over the world. Through Delta I have volunteered in Argentina, the Dominican Republic, Mexico and Haiti." 
 
&nbsp; 
 
Read the Great Place to Work review .

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

Our 2017 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune 500 marks the 63rd running of the list.

Fortune’s annual list of the 100 Best Workplaces for Women highlights companies with generous benefits, flexible schedules, and an emphasis on balancing work and life. 

Best Workplaces for Diversity 2016- Delta Air Lines

Employees say: "My company takes the time to listen to my suggestions. We work in a team environment and my opinion as well as the person next to me has equal weight in a discussion. When we had our power outage that caused disruptions to thousands of travelers, they took ownership and did right by our customers and their employees. When doing damage control, everyone gave it their all because we wanted to not because we were told to do it. That speaks volumes!" 
 
&nbsp; 
 
"Delta takes very good care of their employees, and the employees love and respect the company. Because of this, the employees are willing to go above and beyond what is expected by leaders in order to ensure that the last customer is taken care of as needed." Read the .

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Company Info

Industry

Founded

City

Sites

Revenue ($)

Web Address

Millennials In The Organization

# of millennial employees

Millennials as % of total workforce

Best Companies

Rank last year

Years on list

U.S. employees

U.S. job openings

Year founded

Benefits

Subsidized childcare

Compressed work weeks

Option to work remotely

Minimum requirement in-office attendance (days per week)

Mental health coverage

Free mental health sessions (per year)

Free backup childcare time off (days)

Maximum $ amount covered for fertility services

Fully paid maternal leave (days)

Fully paid paternal leave (days)

Fully paid adoptive leave (days)

Maternal leave in addition to regular time off (days)

Paid days off for volunteering

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Best Workplaces For Women

Industry Vertical

# Work Sites

Fastest-growing Companies

Revenue 3 Yr Growth Rank

Revenue 3 Yr Annual Growth Rate

EPS 3 Yr Growth Rank

EPS 3 Yr Annual Growth Rate

Total Return 3 Yr Rank

Total Return 3 Yr Annual Rate

Beat S&P 500 3 Yr Return

Current Streak

Years on List

Sector

Current All-Star Rank

Previous All-Star Rank

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Strongest Dimension

Previous rank

State

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

A fixture of the aviation world since it launched in the 1920s, Delta is one of the world’s largest airlines by passengers and by revenue. It has numerous U.S. hub cities, the biggest of which is Atlanta, where Delta is headquartered. The airline’s routes span most of the world, including Asia and Latin America. Delta’s iconic red triangle logo is suggestive of flight and the fourth letter of the Greek alphabet. The airline also helped popularize Biscoff cookies—the name a portmanteau of biscuit and coffee—as an in-flight snack.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Delta Air Lines (DAL): Company Profile, Stock Price, News, Rankings

legacy

Delta Air Lines

delta air lines

Good morning, everyone, and welcome to the Delta Air Lines June Quarter 2026 financial results conference call. My name is Matthew, and I'll be your coordinator. At this time, all participants are on a listen-only mode until we conduct a question-and-answer session following the presentation. As a reminder, today's call is being recorded. If you have any questions or comments during the presentation, you may press star one on your phone to enter the question queue at any time. I would now like to turn the conference over to Julie Stewart, Vice President of Investor Relations and Corporate Development. Please go ahead.

Thank you, Matthew. Good morning, everyone, and thanks for joining us for our June Quarter 2026 earnings call. Joining us from Atlanta today are our CEO, Ed Bastian, our Chief Operating Officer, Dan Janki, our Chief Commercial Officer, Joe Esposito, and our Chief Financial Officer, Erik Snell. Ed will open the call with an overview of Delta's performance and strategy. Dan will cover the operation. Joe will provide an update on the revenue environment. Erik will discuss costs and our balance sheet. After the prepared remarks, we'll take analyst questions. We ask that you please limit yourself to one question with a brief follow-up so that we can get to as many of you as possible. As a reminder, today's discussion contains forward-looking statements that represent our beliefs or expectations about future events.   

All forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from forward-looking statements. Some of the factors that may cause such differences are described in Delta's SEC filings. We'll also discuss non-GAAP financial measures. All results exclude special items unless otherwise noted. You can find a reconciliation of our non-GAAP measures on the investor relations page at ir.delta.com. With that, I'll turn the call over to Ed.

Thank you, Julie. Good morning, everyone. We appreciate you joining us today. This morning, we reported our June quarter results. It's clear that Delta's brand and industry position are stronger than ever. We generated record revenue, which grew 14%, increasing more than $2 billion over last year. This reflects sustained strength and demand and momentum across our diversified business. We delivered pre-tax profits of $1.4 billion, earnings of $1.56 per share, and an operating margin of 9%, all better than the guidance that we provided at the start of the quarter. Return on invested capital was 11%, well above our cost of capital. Through the first half, we've generated $1.4 billion of free cash flow, fortified our investment-grade balance sheet, and announced a 15% increase to the dividend. Most importantly, we kept investing to make travel safer, easier, and more enjoyable for our customers.      

Our people are what truly set Delta apart. Their efforts delivered industry-leading performance across key operational metrics and also earned Delta recognition from The Points Guy as the best U.S. airline for the eighth consecutive year. Our people are our number one competitive advantage, and I want to thank the Delta team for their commitment to delivering for our customers every day, particularly during the busy summer travel season. In May, we announced a 4% pay increase, and we've accrued nearly $500 million towards next year's profit-sharing payout through the first half of the year. Both reflect our longstanding commitment to sharing success with the people who drive it. Turning to the current environment, the U.S. economy remains resilient, supported by strong employment, rising household incomes, and significant wealth accumulation.

Our customers are prioritizing experiences and investing in the moments and connections that matter most to them, driving sustained strength and demand for air travel. These trends align well with Delta's strategy, demonstrating the loyalty that we are seeing across customer segments and powering high-margin, diverse revenue streams that enhance the resilience of our business. Our Delta American Express partnership is a clear example of the strength of our loyalty ecosystem. Card spend has grown double digits for the past seven quarters, with particular strength among our premium reserve cardholders. With continued momentum in both new card acquisitions and spend, we expect remuneration of $9 billion this year, up 10% over 2025. As I stated in April, high fuel prices have proven to be the most powerful catalyst for change in our industry, and this year, that has once again been the case.     

Coming into the recent fuel spike, most U.S. carriers were already struggling to earn their cost of capital against a backdrop where industry airfares have meaningfully trailed inflation, costs have reset higher, and consumer preferences have evolved. As we predicted, structural change has accelerated, enabling the industry to recapture this year's fuel cost inflation at the fastest pace of any recent cycle. Even after recent fare increases, airfares remain 10-15 points below overall inflation since COVID. With continued fuel volatility and much of the industry still earning returns below its cost of capital, we believe current revenue momentum should remain sustainable even if fuel prices moderate. That is an important step towards improving the industry's financial health and earning sustainable returns over time. For Delta, we are executing on our strategy from a position of strength.

With continued revenue momentum, measured capacity, and a more stable fuel environment, we expect to return to earnings growth on double-digit operating margins in the second half of this year. For the full year, we are affirming the guidance that we set at the start of the year, even with a multibillion-dollar fuel headwind. Our outlook for earnings of $6.50-$7.50 per share represents growth of 20% year-over-year, and our free cash flow outlook of $3 billion-$4 billion brings our three-year cumulative total to over $11 billion. Looking beyond 2026, we are confident in our long-term financial framework and path to mid-teens margins and return on invested capital. The strength and consistency of our results give us the ability to keep investing and innovating to extend Delta's lead, elevating the experience in creating a more seamless and personalized travel journey.     

As we invest in the areas that customers value the most, loyalty to Delta continues to grow. Last month, we opened our second Delta One Lounge at L.A.X., bringing the Delta One Lounge network to five locations and expanding the industry's largest club and lounge footprint. Our Delta Amex co-brand card continues to lead the industry, and our recent portfolio enhancements are strengthening the value proposition for both existing and prospective cardholders. We are also making the journey more seamless through Delta Concierge, our AI-powered digital assistant, which is now available to more than half of Fly Delta app users, with a full rollout later this month. In the air, we continue to set the standard on connectivity. Fast, free Wi-Fi is already available to members across nearly our entire fleet, with satellite upgrades coming online in the months ahead to deliver even faster speeds and broader global coverage.   

Starting in 2028, Amazon Leo will unlock the next generation of onboard connectivity, reach, and personalization. In closing, our performance and outlook reinforce the durability and the differentiation of the Delta business model and our investment thesis. Looking ahead, I am incredibly optimistic about Delta's future and our opportunities to deliver even better performance for our employees, our customers, and our owners. Now, Dan will cover off on our operational results.

Thank you, Ed. I want to begin by thanking the Delta team for the outstanding service they provide our customers every day. Operational excellence is core to the Delta brand, and it's an experience our customers expect. Our culture of continuous improvement, that spirit of keep climbing, drives us to get better every day. This, combined with the continued investment in technology and data, better position our people to run a great operation, improving reliability and efficiency. During the quarter, we extended our industry leadership in on-time arrival and departure performance while strengthening operational metrics across our system. Completion factor improved through the quarter. We expect continued progress into the second half as targeted actions we have taken to improve resilience gain further traction.         

We delivered record baggage performance led by our largest hub in Atlanta, where performance has improved meaningfully from last year's strong baseline, supported by enhancements to our baggage handling system and processes and our patented baggage AI technology. Delta's continued to lead large U.S. carriers in domestic net promoter scores, improving over last year. This was driven by outstanding service of the Delta team, with people interaction scores reaching all-time records across this global system. This includes year-over-year improvement across airport customer service, reservations and care, flight attendants, and our pilots. This performance reflects the focus of our people, reinforces how we're making travel easier and more reliable to every customer. We are continuing to invest in technology while empowering our people to deliver more proactive communication directly to customers. We're also enhancing digital tools with a simplified rebooking process, expanded self-service, and continued rollout of Delta Concierge.                                 

Our customers are noticing. This has driven more than a 25-point improvement in NPS during periods of irregular operations. A more reliable customer experience starts with a more reliable fleet, and our Delta TechOps team is central to that. Key fleet reliability metrics, including aircraft out-of-service levels, maintenance-related delays, and cancellations all improved versus the prior year, benefiting from predictive maintenance capabilities and the investments we've made in fleet resilience over the last few years. Beyond supporting our own operation, the TechOps represents an exciting operation to further diversify our revenue through growing our third-party MRO business. This year, we remain on track to generate approximately $1.2 billion of revenue, up nearly 50% from last year, with low double-digit margins.    

Over the next several years, our technical capabilities, coupled with our strong customer relationships and record backlog position, us to more than double MRO revenue while expanding margins. I'll turn it over to Joe to cover our commercial results and outlook.

Thank you, Dan. June quarter results reflect strong execution and our clear prioritization of managing for margins. Total revenue of $17.7 billion was at the high end of our expectations, up 14% over the prior year on approximately 1% capacity growth, driving total unit revenue growth of 12.4%. We are focused on continuing this revenue momentum to fully recover this year's fuel cost pressure and improve margins as we move through the back half of the year. Domestic-led unit revenue growth up 12.4%, driven by higher yield with international growing 8% over prior year, led by Latin. Importantly, main cabin trends improved through the quarter, with main cabin unit revenue growing mid-teens in the month of June. Across corporate sales, all sectors posted double-digit growth. Performance was strong across core and coastal hubs, where sales rose more than 20% versus prior year.

Diverse revenue streams represented 61% of total revenue in the quarter, up two points over last year, with premium and loyalty revenue both up nearly 20%. Cargo revenue grew 39%, primarily on volume, and MRO delivered revenue growth of more than 30% year-over-year, driven by legacy engine platforms. Turning to outlook. Demand remains strong and broad-based. Cash sales improved through the quarter across the entire booking curve in both premium and main cabin products. These trends, combined with our measured approach to capacity growth, support the sustainability of yield strength. We accept September quarter revenue to grow mid-teens versus last year. Total unit revenue growth is expected to improve sequentially, even against more challenging prior year comparisons. While it remains early, December quarter bookings are coming in strong, giving us confidence that this revenue strength will extend through the fourth quarter.

Capacity for the third quarter is up 1%, while fourth quarter planned 2%-3%, led by international. Our integrated commercial strategy is how we will continue to deliver a revenue and margin premium to the industry. We are expanding our global network through new routes and JV partnerships while continuing to renew our fleet, enabling us to grow the network more profitably. We are also improving the product and giving customers more choice. The rollout of basic, classic, and extra offerings in Delta Comfort+ is now complete and will be expanded across all premium cabins this quarter. These offerings increase flexibility for customers while driving improved revenue performance. Loyalty remains one of Delta's most valuable assets. SkyMiles membership growth is outpacing capacity, led by double-digit gains among Gen Z members. That engagement is translating into durable revenue, best illustrated by our industry-leading co-brand performance.

In closing, these investments reinforce our competitive advantage and give us more ways to grow revenue, deepen loyalty, and expand margins over time. I'll now hand it to Erik to discuss our financial performance.   

Thank you, Joe. I want to start by recognizing the Delta team for delivering strong two quarter results. We generated $1.4 billion of pre-tax profit with an 8.8% operating margin, despite the highest fuel costs in our history, reflecting the structural advantages we've built in the business. Total fuel expense was $4.4 billion, up nearly $2 billion versus last year. Fuel price per gallon averaged $3.93, including an $0.11 refinery benefit, net of a $0.05 impact from a temporary outage. Fuel price came in better than guidance as lower crack spreads more than offset the reduced refinery benefit. The refinery is a strategic advantage for Delta, providing a meaningful offset in a high crack environment, and we expect 2026 to be one of its most profitable years.   

Non-fuel unit costs increased 6.8% over prior year in the June quarter, reflecting higher crew and revenue-related costs on capacity growth several points below our initial plan. Through the first half, we generated $4 billion of operating cash flow and $1.4 billion of free cash flow after $2.6 billion of reinvestment. The investments we are making are further compounding our advantages. The durability of our performance allows us to invest year-after-year in our employees and in elevating the customer experience, all while continuing to pay down debt. Our balance sheet is the best in Delta's history, with investment-grade ratings from all three major credit agencies and a substantial and growing base of unencumbered assets and secured borrowing capacity. We ended the quarter with adjusted net debt of $13.6 billion, down from year-end, while much of the industry raised additional capital.       

Delta Air Lines (DAL) Q2 2026 Earnings Call Transcript

Company Participants