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Delta Stock Falls 4% After Q3 Earnings Miss, Guidance Cut

PR Newswire (Delta Air Lines)2 min read4 sources

Why is Delta stock down today?

Delta Air Lines (DAL) stock fell about 4% to near $79 in premarket trading Friday after third-quarter earnings and a lower 2026 profit forecast, as fuel costs rose 62%.

Key numbers

Adjusted EPS$1.72+1% YoY; analysts expected $1.82
Fuel expense (adjusted)$4.1B+62% YoY; July outlook was about +40%
2026 EPS outlook$5.10–$5.60down from $6.50–$7.50
Dec-quarter fuel price outlook$4.25/galvs $3.61 in Sept quarter
Adjusted revenue$17.6B+16% YoY
Premarket price$79.15-3.7% (per [4])

What happened

Delta Air Lines (DAL) stock fell about 4% to near $79 in premarket trading Friday after third-quarter earnings and a lower 2026 profit forecast, as fuel costs rose 62%. Profit per share, excluding one-time items, was $1.72, below the $1.82 analysts expected, and sales of $17.6 billion were also slightly light. Delta's fuel bill hit $4.1 billion, about $500 million more than it planned in July. It now expects 2026 profit of $5.10 to $5.60 a share, down from $6.50 to $7.50.

Why it matters

Delta Air Lines is the first big US airline to report this season, so its results hint at how rivals are coping with expensive jet fuel. Delta says demand is strong, but fuel is eating into profit, and it expects to pay about $4.25 a gallon in the December quarter, up from $3.61 now. That could mean thinner airline profits or higher ticket prices for travelers.

Who this affects

Marketbearish
Medium impact
Airline shareholders face lower profit forecasts; mildly negative.
Companybearish
Medium impact
Delta shareholders face weaker 2026 profit; fuel adds $6 billion.
Competitorsbearish
Low impact
United and American also face costly fuel; both dipped premarket.
Industrybearish
Medium impact
Fliers may pay more as airlines pass on fuel.

Delta Air Lines vs United Airlines, American Airlines

Delta Air LinesDAL$54.0B-3.7%—9.2x
United AirlinesUAL$34.9B-1.1%-3.9%7.4x
American AirlinesAAL$8.5B-1.1%-16.5%5.3x

As of 2026-10-09

How we got here

  1. Delta guides September-quarter fuel expense about 40% higher than a year earlier.

  2. Forward fuel prices set the $4.25-a-gallon assumption in Delta's December-quarter outlook.

  3. Delta reports $1.72 adjusted EPS, cuts 2026 profit outlook, shares fall about 4% premarket.

What to watch

  • Whether jet fuel stays near the $4.25 a gallon Delta assumed for the December quarterQ4 2026
  • Delta's December-quarter profit versus its $1.15 to $1.65 a share outlookQ4 2026

Educational content only. Not investment advice.

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