Delta Air Lines, Inc.
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+ FollowMarket Cap$52.73B
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Earnings Call Q3 2026
October 9, 2026 - AI Summary
Strong earnings durability despite major fuel shock (good/surprising):
- Sept quarter pretax profit: $1.5B, in line with last year while absorbing $1.6B higher fuel costs (fuel expense up >$500M vs guidance).
- EPS: $1.72; operating margin: 9.4%; revenue: +~16% YoY on flat capacity.
- Emphasis on *structural resilience*: leadership framed this quarter as proof that Delta’s business model can withstand fuel spikes without earnings collapsing.
Next-quarter and full-year outlook remains solid (with fuel still a headwind):
- Dec quarter expectations: pretax ~$1.2B, revenue momentum continues, and nonfuel cost performance improves.
- Dec quarter guidance (key detail): pretax ~$1.2B even with fuel prices expected to double YoY.
- Full-year pretax profits: ~$4.5B (roughly similar to last year despite much higher fuel).
- Full-year earnings guide (EPS): $5.10–$5.60; operating margin not explicitly restated for full year in transcript, but Dec operating margin guide was 7%–9%.
Cash flow and balance sheet strength; debt reduction targeted (good):
- Free cash flow: $460M in Sept quarter; $1.9B YTD; ~$2.5B full-year FCF expected.
- Debt reduction: > $2B planned; gross leverage target: ~2.2x end of year, with aim to move toward 1x over time.
- Balance sheet supports resilience: investment grade at all three agencies; Fitch upgrade to BBB flat; $3B pension surplus; meaningful unencumbered assets.
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$125.11
40.2% upside
Current Fair Value
40.2% upsideUndervalued by 40.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $52.73 Billion |
|---|---|
| Enterprise Value | $68.16 Billion |
| Annual dividend | $0.81 |
| Dividend yield | 1.00% |
| Earnings per Share | $7.72 |
| Beta | 1.34 |
| Outstanding Shares | 655,000,000 |
Return
| Return on Equity | 14.61% |
|---|---|
| Return on Assets | 3.82% |
| Return on Invested Capital | 7.99% |
Valuation & Multiples
| P/E Ratio | 15.9 |
|---|---|
| PEG | -34.09 |
| Price to Sales | 0.82 |
| Price to Book Ratio | 2.62 |
| Enterprise Value to Revenue | 0.95 |
| Enterprise Value to EBIT | 16.25 |
| Enterprise Value to Net Income | 20 |
| Total Debt to Enterprise | 0.28 |
| Debt to Equity | 0.85 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 9, 2026
EPS Estimate
$1.77
Consensus analyst estimateRevenue Estimate
$17.64 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 12, 2027
EPS Estimate
$1.46
Consensus analyst estimateRevenue Estimate
$17.44 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.59, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.5868▼ 49.94% |
|---|---|
| Total Calls | 4,090▼ 99.97% |
| Total Puts | 2,400▼ 99.99% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.20%▼ 86.25% |
|---|---|
| Total Invested | $1.74B▼ 96.82% |
| Investors Holding | 556▼ 1050.00% |
About Delta Air Lines, Inc.
100,000 employees
CEO: Edward H. Bastian
Delta Air Lines is the U.S. global airline leader in safety, innovation, reliability and customer experience. Powered by its employees around the world, Delta has for a decade led the airline industry in operational excellence while maintaining its reputation for award-winning customer service.