Delta cuts 2026 profit forecast due to higher fuel costs — CNBC

U.S. airline Delta Air Lines has lowered its adjusted profit forecast for 2026 due to a surge in jet fuel prices. The company expects adjusted profit of between $5.10 and $5.60 per share, compared with its July forecast of between $6.50 and $7.50 per share.

As CNBC reports, Delta also reduced its full-year free cash flow forecast to $2.5 billion. In July, the carrier expected to receive up to $4 billion.

Third-quarter results

In the third quarter, Delta missed Wall Street expectations for adjusted earnings per share and adjusted revenue for the first time in two years. Adjusted revenue amounted to $17.59 billion, while the LSEG consensus forecast projected $17.67 billion.

The company’s net profit fell by 47% year-on-year to $756 million, or $1.15 per share. A year earlier, Delta reported net profit of $1.42 billion, or $2.17 per share.

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Operating revenue in the third quarter rose by 21% to $20.19 billion. At the same time, revenue adjusted for refinery sales, maintenance and employee payments increased by 16%, to $17.59 billion.

Demand and ticket prices

Delta CEO Ed Bastian said demand for flights remains strong despite higher fares. According to him, bookings continue across all segments — among business and leisure travelers, in different service classes and regions.

The company forecasts fourth-quarter revenue growth of 20% compared with the same period last year. Sales of premium services in the third quarter increased by 18% to $6.82 billion, while revenue in the main cabin grew by 12%, to $6.8 billion.

Delta estimates that its fuel expenses will increase by $6 billion this year. According to CNBC, jet fuel prices rose sharply after the start of the war in Iran in February, while air ticket prices in September were more than 23% higher than a year earlier.