DAL Delta Air Lines (DAL) Q2 FY26 earnings call
Delta Air Lines reported strong Q2 FY26 results with record revenue and profitability, driven by sustained demand and diversified business momentum. The company affirmed its full-year earnings and free cash flow guidance despite significant fuel headwinds, demonstrating resilience and strategic execution. Investments in customer experience, technology, and employee compensation continue to strengthen its competitive position and support long-term margin expansion.
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DAL operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Employees | 100KI want to thank all 100,000 members of our team for their outstanding efforts, particularly during a busy holiday travel season.Source: earnings call transcript | — | — | — | — | 100KWe all think alike the 100,000 people of Delta understand the strategy, and they're all focused on service.Source: earnings call transcript | — |
| Gross leverage | — | 2.6 ratioOn debt, we repaid $530 million, ending the quarter with gross leverage of 2.6x.Source: earnings call transcript | 2.4 ratioStrong cash generation is able debt paydown of nearly $2 billion year-to-date with gross leverage ending the quarter at 2.4x.Source: earnings call transcript | 2.4 ratioFree cash flow of $4.6 billion supported debt reduction of $2.6 billion, and we ended the year with gross leverage of 2.4x.Source: earnings call transcript | 2.4 ratioWe ended the quarter with adjusted net debt of $13.5 billion, down 20% from last year, and gross leverage of 2.4x.Source: earnings call transcript | — | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.