Delta reports net loss for First Quarter 2026 |

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Delta Air Lines reported a net loss of $289 million for the first quarter of 2026, or ($0.44) per share. Revenues for the quarter were up 13% year-over-year at $15.9 billion, and $8.1 billion in total liquidity at quarter end. Operating income was %501 million with an operating margin of 3.2%, down from 4% last year. The pre-tax loss was $214 million with a pre-tax margin of (1.4%), and operating cash flow was $2.4 billion. Delta’s full first quarter financial results can be found here.

Total revenue per available seat mile (TRASM) rose to 22.92 cents during the first quarter, up 12% from last year. Cost per available seat mile (CASM) increased to 22.20 cents, up 13% from last year.

Ed Bastien, Delta CEO, summarized results in his statements associated with the first quarter financial release. “Delta’s results underscore the power of our brand and the durability of our financial foundation. We delivered earnings that were more than 40% higher than last year, even with a significant increase in fuel costs and operational disruptions across the industry Our results are powered by the Delta people, who will always be our greatest competitive advantage. In February, we celebrated $1.3 billion in profit-sharing payouts, similar to last year and more than the rest of the industry combined.”

“Demand remains strong,” said Bastien,“and we are taking actions to protect our margins and cash flow. This includes meaningfully reducing capacity growth, with a downward bias until the fuel environment improves, and moving quickly to recapture higher fuel costs. Delta is best positioned to navigate this environment, with a leading brand, strong financial foundation, and the benefit of our refinery. In the June quarter, we expect to lead the industry with $1 billion of profit. And while the recent fuel spike is currently impacting earnings, I’m confident this environment ultimately reinforces Delta’s leadership and accelerates long-term earnings power.”

In terms of traffic, Delta indicated that the bookings acceleration in March is continuing in the second quarter, with cash sales, the clearest indicator, “up double digits across the booking curve, geographies and products,” according to Chief Commercial Officer Joe Esposito. The carrier is also seeing double-digit growth on the Delta American Express card portfolio. The carrier is meaningfully reducing capacity in the June quarter, with a downward bias until the fuel situation improves. Delta owns an oil refinery that provides a partial offset to elevated refining margins. Current trends indicate a low teens revenue growth for the June quarter, recapturing 40-50% of the $2 billion plus fuel headwind. Given the global geo-political uncertainties, management deemed it too early to provide full year guidance.

The Bottom Line

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Delta has likely fared better than many of its competitors in the first quarter, and remains well positioned for a profitable June quarter. Typically, major industry downturns, which the Iran war has the possibility of becoming, cause disruption in the industry. Historically, that has brought opportunities for acquisitions and consolidations, with low cost carriers often those facing viability issues. However, it does not appear that Delta is seeking to take advantage of weaker competitors through consolidation, given its size, strength, and approval difficulties.