Delta Air Lines reported $19.8 billion in revenue for the June quarter, topping analyst estimates by $950 million and setting a company record. Non-GAAP earnings per share came in at $1.56, beating expectations by $0.06, even as fuel expense rose 67% year-over-year to the highest quarterly level in Delta's history. Management guided third-quarter EPS of $2.00 to $2.50 and stated that elevated fare levels are expected to hold through at least 2026.
Delta is the first major U.S. carrier to report Q2 results, so its numbers set the tone for the entire airline sector. If Delta can absorb a 67% fuel cost increase and still beat estimates, it signals that consumer travel demand is strong enough to support pricing power across the industry. Airline ETFs and peers like United and American move on this kind of read-through.
United Airlines Q2 earnings: expected mid-July. American Airlines Q2 earnings: expected late July. Next U.S. CPI report: ~July 11.
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