Delta Air Lines (NYSE:DAL) shares moved higher in premarket trading on Friday after the airline reported second-quarter results that exceeded Wall Street expectations and reaffirmed guidance that remains well ahead of analyst forecasts.
The carrier posted adjusted earnings of $1.56 per share for the second quarter, surpassing the consensus estimate of $1.53. Revenue reached $17.7 billion, ahead of expectations of $17.47 billion. Delta also maintained its full-year adjusted earnings per share forecast of $6.50 to $7.50, comfortably above the analyst consensus of $5.97.
During the quarter, Delta generated $1.4 billion in pre-tax profit despite what the company described as the highest quarterly fuel bill in its history. Revenue increased 14% year-over-year from $15.5 billion in the second quarter of 2025, supported by solid demand across its customer base. Shares climbed 3.4% following the results as investors welcomed the earnings beat and reaffirmed outlook.
“Delta’s brand and industry position are stronger than ever,” said Ed Bastian, Delta’s chief executive officer. “We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history, reflecting broad demand strength, growing brand preference and momentum across our diversified revenue base.”
Looking ahead, Delta expects third-quarter revenue to increase by the mid-teens year-over-year, with an operating margin of between 11% and 13% and adjusted earnings per share in the range of $2.00 to $2.50. The midpoint of that earnings forecast stands above current market expectations. The airline also reaffirmed its full-year free cash flow guidance of $3 billion to $4 billion.
Premium travel continued to drive growth, with premium revenue rising 17% year-over-year, while loyalty and related revenue increased 19%. American Express remuneration climbed 16% to $2.4 billion. Delta’s adjusted operating margin came in at 8.8%, down from 13.3% a year earlier, primarily reflecting a 75% increase in adjusted fuel prices to $3.93 per gallon.
The company also strengthened its balance sheet by reducing adjusted net debt by $709 million from the end of 2025 to $13.6 billion. In addition, Delta announced a 15% increase in its dividend, effective from the third quarter.