Delta Air Lines reported stronger revenue but lower year-over-year operating profit for the quarter ended June 30, 2026, as sharply higher fuel costs outweighed broad demand gains across its passenger, loyalty, cargo and maintenance businesses. The company said June-quarter operating income was $1.9 billion, down $238 million from the same quarter of 2025. Total operating revenue rose $3.1 billion to $19.757 billion from $16.648 billion a year earlier. Passenger revenue increased $1.740 billion to $15.607 billion, driven by higher pricing in response to rapidly rising fuel costs and “broad based demand strength” across premium, main cabin, corporate and loyalty channels. Main cabin ticket revenue was $6.851 billion, up $504 million, while premium product ticket revenue rose $1.021 billion to $6.920 billion. Loyalty travel award revenue increased $155 million to $1.247 billion, and travel-related services revenue was $589 million. Delta also reported meaningful gains outside the passenger business. Cargo revenue rose to $294 million from $212 million, a 39% increase driven largely by volume. Other revenue increased to $3.856 billion from $2.569 billion, including a $950 million rise in third-party refinery sales to $2.091 billion, higher loyalty and related revenue of $1.344 billion, and MRO revenue of $315 million from Delta TechOps’ third-party maintenance, repair and overhaul business. The company attributed loyalty growth largely to higher American Express card spending and new card acquisitions following a refresh of its co-branded credit card portfolio. Regionally, domestic passenger revenue was $10.673 billion in the June quarter, up 15% on a 2% increase in capacity. International passenger revenue rose 8%, with Atlantic revenue of $3.112 billion supported by demand to London and European leisure markets. Latin America revenue was $990 million, reflecting strength in the Caribbean partly offset by lower capacity to Mexican leisure destinations following civil unrest in several locations earlier in 2026. Pacific revenue was $832 million, helped by South Korea growth through Delta’s joint venture with Korean Air and stronger results on increased China capacity. Operating costs rose faster than revenue. Total operating expense increased $3.347 billion, or 23%, to $17.893 billion. Aircraft fuel and related taxes were the largest driver, rising $1.651 billion to $4.109 billion as Delta’s average jet fuel purchase price increased 80% year over year. Salaries and related costs increased $360 million to $4.762 billion, reflecting 4% base pay increases for eligible employees effective June 1, 2026 and June 1, 2025, as well as a January 1, 2026 increase for Delta pilots. Profit sharing expense fell $142 million to $328 million because quarterly results were lower than in the prior-year period. For the first six months of 2026, Delta’s total revenue increased $4.923 billion, or 16%, to $35.611 billion on a 1% increase in capacity. Passenger revenue for the six-month period was $27.909 billion, up from $25.347 billion, with main cabin ticket revenue of $12.256 billion and premium product ticket revenue of $12.282 billion. Operating expense for the six months rose $5.229 billion to $33.246 billion. Aircraft fuel and related taxes increased by about $2.0 billion for the six-month period, reflecting a 46% increase in Delta’s average jet fuel purchase price, mainly from increases beginning in March 2026. Non-operating results were less favorable than a year earlier. For the June quarter, total non-operating income was $145 million, down from $472 million, primarily because mark-to-market gains on certain equity investments were lower than in the prior-year quarter. Interest expense, net, improved compared with the prior year due to Delta’s debt reduction efforts. The company said it reduced debt and finance lease obligations by approximately $2.0 billion during 2025 and made $2.1 billion of debt and finance lease payments during the first six months of 2026, including $1.3 billion of early repayments enabled by refinancing at lower interest rates. Delta generated $1.6 billion of operating cash flow during the June quarter, primarily from ticket sales and sales of SkyMiles to partners. Remuneration from American Express was $2.4 billion in the quarter. Investing cash outflows totaled $1.5 billion, primarily from capital expenditures, resulting in free cash flow of $209 million. The company also had $536 million of cash outflows related to debt and finance lease repayments during the quarter. As of June 30, 2026, Delta reported $7.7 billion of liquidity, including cash, cash equivalents, short-term investments and undrawn revolving credit facilities. The filing also notes routine equity-related activity during the period, including common stock issued for employee equity awards, stock options exercised and warrants exercised, but the extracted document does not provide the underlying share counts, prices or amounts. No insider purchase or sale transaction is reported in this quarterly filing. Instead, the filing’s significance is that it updates investors on Delta’s operating performance, fuel-cost exposure, debt repayment progress, liquidity position and the financial impact of its loyalty, refinery, cargo and MRO businesses through June 30, 2026.