Business is booming at Delta Air Lines, and so is the fuel bill. The Iran war is adding $6B to the carrier’s 2026 costs, forcing a cut to its full-year profit forecast while travelers keep booking. Even the most profitable airline in the US can’t upgrade its way out of this one.
- Delta slashed its adjusted EPS outlook to $5.10–$5.60 from $6.50–$7.50 in July — and logged its first earnings miss in two years.
- Meanwhile, premium cabins are doing the heavy lifting — revenue there rose 18% in Q3, outpacing the 12% rise in main cabin sales.
Exclusive club: Delta’s CEO says only three airlines are profitable this year, and the fuel bills explain the short guest list. Through August, US carriers racked up a $42.9B fuel tab, $13.2B above last year’s pace, despite burning slightly less. Deutsche Bank expects the industry to recover a smaller share of those costs in Q4, with full recovery not coming until early 2027. United, American and Southwest report later this month, so we’ll soon see who else is on the list.
