Delta Air Lines (NYSE:DAL) reported record adjusted revenue for the first quarter of 2026, as robust international demand and a recovery in corporate travel offset rising operational costs and geopolitical headwinds.
The Atlanta-based carrier announced on April 8 that adjusted total revenue for the March quarter reached an all-time high of $14.2 billion, representing a 9.4% increase compared to the prior-year period.
On an adjusted basis, the airline earned $0.64 per share.
However, on a GAAP basis, the company recorded a pre-tax loss of $214 million, primarily due to non-recurring charges and the timing of labor contract adjustments.
Despite the GAAP loss, Delta’s operational performance remained strong, with the company generating $2.4 billion in operating cash flow during the quarter.
This liquidity allowed the carrier to continue its aggressive deleveraging strategy, successfully reducing its adjusted net debt to $13.54 billion as it works toward restoring an investment-grade balance sheet.
Looking ahead to the June quarter, Delta provided optimistic guidance, forecasting revenue growth in the "low-teens" on roughly flat capacity compared to the previous year.
The company expects to generate approximately $1 billion in pre-tax profit for the second quarter.
This outlook assumes an all-in fuel price of approximately $4.30 per gallon, partially mitigated by an anticipated $300 million benefit from its Trainer refinery operations.