Delta Air Lines, Inc.

Delta reported a net loss of $289M (-$0.44 diluted EPS) on total operating revenue of $15,854M, as a $550M net loss on investments and a $468M fuel hedge loss at Monroe drove the swing from prior-year net income of $240M.

The swing to a net loss was driven by non-operating items: total non-operating expense was $715M versus $249M, primarily due to larger mark-to-market losses on certain equity investments, and the refinery segment recorded an operating loss of $39M versus $1M, primarily from settlement losses on fuel hedge contracts. Operating income declined $68M as operating expense growth of 14% outpaced revenue growth of 13%.

Reported operating income of $501M includes a $468M loss on fuel hedge contracts recognized in aircraft fuel and related taxes at Monroe, composed of $49M of mark-to-market losses and $419M of settlement losses, versus a $20M loss a year earlier. Non-operating expense of $715M includes a $550M net loss on investments versus $40M a year earlier and a $4M loss on extinguishment of debt. Delta reports non-GAAP adjusted measures: total revenue, adjusted of $14,200M (excluding $1,654M of third-party refinery sales) and operating expense, adjusted of $13,549M (excluding third-party refinery sales and $151M of MTM adjustments and settlements on hedges).

Capital expenditures $1.2B (prior $1.2B) (selected cash-flow amount, not necessarily total capital investment).

“In the March 2026 quarter, the Board of Directors approved a quarterly dividend of $0.1875 per share which we paid on March 19, 2026 for total cash dividends of $129 million.”

— Filing statement

Return on equity was -1.4% (prior 1.6%) (period net income / period-end equity, not annualized); return on assets -0.3% (prior 0.3%) (period net income / period-end assets, not annualized).

Delta did not provide revenue or EPS guidance in this filing. It stated that it expects to continue generating positive cash flows from operations during the remainder of 2026, that fuel consumption for the remainder of 2026 will remain aligned with capacity changes compared to 2025, that it expects this elevated jet fuel cost to continue until recent market disruptions and geopolitical events are resolved, and that excluding mark-to-market adjustments on equity investments recognized in the March 2026 quarter, it projects its annual effective tax rate for 2026 will be 23% to 25%.

“We expect to meet our liquidity needs for the next twelve months with cash and cash equivalents and cash flows from operations.”

— Delta Air Lines, Inc. (MD&A)Verified in filing

“We expect this elevated jet fuel cost to continue until recent market disruptions and geopolitical events are resolved.”

— Delta Air Lines, Inc. (MD&A)Verified in filing

Leverage: Identified debt as of 2026-03-31: reported debt balance of unestablished maturity scope of $10.6B. The concept behind this balance does not establish which maturities it covers. Total debt, net debt and debt-to-equity are therefore not stated.

Liquidity: Liquidity of $8.1B in cash, cash equivalents, short-term investments and aggregate undrawn principal amount available under revolving credit facilities as of March 31, 2026, including approximately $3.1B undrawn and available under revolving credit facilities.

Cash flow: Cash flow — operating $2.4B, investing $-1.3B, financing $-435.0M.

Working capital: Current assets $13.7B vs. current liabilities $32.7B (current ratio 0.42x). Prior reported balance sheet as of 2025-12-31: $11.0B vs. $27.6B (0.40x).