Delta Air Lines has lowered its full-year 2026 profit outlook after a sharp rise in fuel costs offset resilient demand and strong revenue in the September quarter. The Atlanta-based carrier now expects adjusted earnings per share of $5.10 to $5.60, down from its July forecast of $6.50 to $7.50, while projecting an all-in fuel price of about $4.25 per gallon in the fourth quarter.
Delta still expects to generate roughly $4.5 billion in pre-tax profit for 2026, but the outlook now reflects about $6 billion in higher fuel costs for the year. Fourth-quarter adjusted earnings per share are forecast at $1.15 to $1.65, signalling continued pressure from energy prices even as underlying travel demand remains firm.
The revision is a significant reduction in guidance for one of the largest US airlines and comes as fuel expense has become the dominant headwind to profitability. Delta said premium demand and broader booking trends held up well, indicating the weaker profit outlook is tied more to cost inflation than to any broad-based deterioration in traffic. The airline’s latest update keeps profitability in sight, but at a materially lower level than previously projected.