| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 89 | 13.2x | 17.8x | Top tier | |
Growth | 55 | 10.3% | 7.1% | Around median | |
Quality | 62 | 10.5% | 4.5% | Around median | |
Safety | 54 | 2.1x | 2.6x | Around median | |
Capital Return | 32 | 0.94% | 2.12% | Bottom tier | |
Momentum | 78 | 49.0% | 2.9% | Top tier | |
Sentiment | 43 | 13 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Delta Air Lines operates a domestic and international air transportation network and generates revenue from main cabin and premium cabin tickets, as well as cargo and third-party aircraft and engine maintenance through Delta TechOps. Its loyalty program also represents an important segment of its model; the company benefits from SkyMiles membership and its partnership with American Express, and expects remuneration of $9 billion during fiscal year 2026, up 10% from fiscal year 2025.
According to EDGAR filings, Delta recorded revenue of $19.8 billion, net income of $1.6 billion, and earnings per share of $2.44 in fiscal year 2026 Q2, compared with a net loss of $289 million and negative earnings per share of $0.44 in fiscal year 2026 Q1. On the basis of the twelve months recorded within fiscal year 2026, revenue reached $68.3 billion, net income was $4 billion, and earnings per share were approximately $6.00, compared with revenue of $63.4 billion and net income of $5 billion in fiscal year 2025.
In its adjusted fiscal year 2026 Q2 results presentation, management reported total revenue of $17.7 billion, up 14% year over year with capacity increasing by only approximately 1%, pre-tax income of $1.4 billion, and an operating margin between 8.8% and 9%. Diversified revenue sources accounted for 61% of the total, up two percentage points, while premium cabin and loyalty revenue each grew by approximately 20%, cargo revenue by 39%, and third-party maintenance revenue by more than 30%. The EDGAR figures and the adjusted call figures should each be presented on their respective accounting bases and should not be treated as one identical series.
The analyst consensus is Buy, with an average price target of $107.25 within a wide range of $85 to $125; the average is above the 52-week range high of $95.68, while the lowest target is within the 52-week range of $55.03 to $95.68. This divergence reflects optimism about improved earnings and margins in the second half of fiscal year 2026, but it also reveals a meaningful difference in estimates of the impact of fuel and costs, and the available data do not include a valid price-to-earnings ratio that could be used as an additional anchor.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
EDGAR filings showed revenue of $19.8 billion, net income of $1.6 billion, and earnings per share of $2.44. In management's adjusted presentation, total revenue was $17.7 billion, up 14% year over year, and pre-tax income was $1.4 billion. The adjusted operating margin reached a range between 8.8% and 9% despite fuel expense reaching $4.4 billion. The EDGAR figures and the adjusted presentation reflect different accounting bases, so they should not be compared directly as though they were two figures for the same metric.
Management reaffirmed fiscal year 2026 earnings-per-share guidance between $6.50 and $7.50, representing 20% year-over-year growth. It also maintained its free cash flow forecast between $3 billion and $4 billion despite an annual fuel cost increase of approximately $4 billion. For fiscal year 2026 Q3, the company expects an operating margin between 11% and 13% and earnings per share between $2.20 and $2.50. It plans to increase capacity by approximately 1% in Q3 and then between 2% and 3% in Q4.
Delta expects $9 billion in remuneration from the partnership during fiscal year 2026, up 10% from fiscal year 2025. Card spending grew at double-digit rates for seven consecutive quarters, with particular strength among premium Reserve cardholders. The company is also targeting the addition of approximately one million cards during fiscal year 2026. Loyalty growth, alongside premium cabins, helped increase diversified revenue to 61% of total fiscal year 2026 Q2 revenue.
Automated analysis for informational purposes only — not investment advice.
The average fuel price was $3.93 per gallon in fiscal year 2026 Q2, and total expense reached $4.4 billion, up approximately $2 billion. Q3 guidance assumes an all-in price of approximately $3.50 per gallon, with fuel expense approximately 40% above the corresponding period. The refinery contributed a benefit of 11 cents per gallon in Q2 before a five-cent impact from a temporary outage. Management expects a net refinery benefit of five cents per gallon in Q3 despite the continuing outage impact of between five and seven cents.
Cargo revenue grew 39% in fiscal year 2026 Q2, with most of the growth driven by volume and the rerouting of some shipments away from routes in the Middle East. Third-party maintenance revenue also grew by more than 30%, and Delta TechOps is targeting approximately $1.2 billion in revenue during fiscal year 2026. Management expects maintenance revenue to more than double over several years as margins move from the 10% to 12% range toward the mid-teens. In addition, premium cabin and loyalty revenue each grew by approximately 20% during the quarter.
The company plans for its international business to grow faster than its domestic business, with expansion over the coming years focused on Asia and the Middle East. The markets mentioned included Hong Kong, Melbourne, and Riyadh, while the partnership with Korean Air provides access to between 70 and 80 destinations in Asia. In fiscal year 2026 Q2, international revenue grew 8%, led by Latin America, while Pacific unit revenue rose by approximately 8% with similar capacity. In contrast, management described Mexico and short-haul Latin American flights as weaker, reduced regional capacity by 7%, and tied its restoration to a recovery in demand.
