### At a GlanceDelta Q3 2026 results beat expectations, driven by strong demand and earnings resilience despite high fuel costs.

Key data: Revenue grew 16% year-over-year to $2.4B, with earnings per share of $1.72 and an operating margin of 9.4%, all reflecting pricing power.

Business progress: Premium and Loyalty revenue both grew nearly 20%, with AmEx remuneration expected to exceed $9B; a strategic partnership established with Hyatt, with expansion into new routes such as the Philippines; operational reliability improved, and MRO revenue increased nearly 60% year-over-year.

Guidance and outlook: Q4 revenue is expected to grow approximately 20%, with full-year earnings per share of $5.10-$5.60, free cash flow of approximately $2.5B, and non-fuel unit cost growth expected to improve.

Risk/highlight signals: Management tone is positive, emphasizing structural changes in the industry and the sustainability of brand premiums; however, high fuel costs remain a short-term pressure, and industry capacity adjustments warrant attention.