Delta Air Lines has cut its full-year 2026 profit outlook after a sharp rise in fuel costs, even as travel demand and fares remain resilient. The Atlanta-based carrier now expects adjusted earnings of $5.10 to $5.60 per share, down from the $6.50 to $7.50 range given in July, and is guiding to roughly $4.5 billion in full-year pre-tax profit.
The reset follows a steep increase in fuel expense during the September quarter, when adjusted fuel costs rose 62% to $4.1 billion, more than $500 million above Delta’s July guidance. Chief executive Ed Bastian said the airline is absorbing about $6 billion in extra fuel costs versus 2025, while chief financial officer Erik Snell attributed the downgrade to higher jet fuel prices.
Delta also lowered its fourth-quarter earnings outlook to $1.15 to $1.65 per share and expects fuel to average about $4.25 per gallon in the period. The guidance signals that elevated fuel inflation is now outweighing stronger fares and steady premium and leisure demand, keeping pressure on airline margins even at a time when revenue trends remain constructive.