DAL · 10-Q · 2026Q2 · Full report

Macroeconomic Factors Impact

DELTA AIR LINES, INC. · 2026-07-10 · Importance 90 · Surprise 100

Delta attributes a large portion of its June 2026 quarter revenue and pricing moves to a rapid increase in jet fuel costs and broad-based demand strength across premium, main, corporate and loyalty customers. Aircraft fuel and related taxes increased by $1.7 billion in the June 2026 quarter versus the June 2025 quarter, driven primarily by an 80% increase in average jet fuel purchase price and a ~1% increase in capacity. Management states it expects fuel consumption to align with capacity changes for the remainder of 2026 but that elevated jet fuel costs are anticipated to persist until recent market disruptions and geopolitical events are resolved. The company also cites demand-driven pricing benefits — passenger revenue rose $1.7 billion in the quarter as pricing responded to higher fuel costs and demand strength.