DAL Delta Air Lines (DAL) Q3 FY26 earnings call
Delta used pricing power, premium mix and diversified revenue to offset a historic fuel spike, protecting earnings and cash while it deleverages. The open issue is nonfuel cost: reliability investments have delayed the return to low-single-digit growth, and 2027 margin progress hinges on fuel easing and sustained fares. Management is confident but cautious on capacity.
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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 | 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.