Delta Air Lines Swings to $289M Net Loss in Q1 2026 Despite 13% Revenue Gain

Delta Air Lines (NYSE: DAL), a major U.S. commercial airline, swung to a net loss of $289 million for the three months ending March 31, 2026, compared with net income of $240 million in the same quarter of 2025. The loss translated to $0.44 per diluted share, versus earnings of $0.37 per share a year earlier. Read more earnings reports.

Total operating revenue rose 13% to $15.85 billion for the quarter ending March 31, 2026, up from $14.04 billion in the prior-year period. Passenger revenue — which includes mainline and regional operations — increased to $12.30 billion from $11.48 billion, while cargo revenue climbed to $226 million from $208 million. Other revenue, including ancillary services, surged 41% to $3.33 billion from $2.35 billion.

Operating income fell to $501 million from $569 million a year earlier, even as revenue grew. Labor and related expenses jumped 11% to $4.54 billion from $4.08 billion in the first quarter of 2025. The company reported an effective tax rate that resulted in income tax expense of $75 million for the quarter, down from $80 million in the prior year.

Cash and cash equivalents stood at $5.05 billion as of March 31, 2026, up from $4.31 billion at the end of December 2025 and $3.71 billion a year earlier. Total assets climbed to $84.43 billion from $81.32 billion at year-end 2025.

Operating cash flow for the quarter reached $2.43 billion, compared with $2.38 billion in the same period of 2025. The company spent $1.26 billion on investing activities and used $435 million in financing activities during the three months. Delta paid $123 million in dividends during the quarter, up from $98 million in the first quarter of 2025.

Long-term debt totaled $13.24 billion as of March 31, 2026, down slightly from $13.31 billion at the end of December 2025. Total stockholders' equity decreased to $20.38 billion from $20.85 billion at year-end, driven by the quarterly net loss. The company had 666 million common shares outstanding at quarter-end, up from 660 million at the end of 2025.

Current liabilities increased to $32.70 billion from $27.62 billion at the end of December 2025, while accounts payable rose to $5.97 billion from $5.23 billion. The company reported goodwill of $9.75 billion and intangible assets of $5.96 billion as of March 31, 2026, both essentially flat from year-end levels.