DELTA AIR LINES, INC. Q3 FY2026 10-Q, explained in plain English
Key financials — as reported
| Total revenue | $20.2B |
| Gross margin | — not reported |
| Operating income | $1.5B |
| Net income | $756.0M |
| Diluted EPS | $1.15 |
| Cash & equivalents | $3.8B |
| Total assets | $86.0B |
| Long-term debt | $12.1B |
Key takeaway
Revenue rose 21% year-over-year to $20.19 billion, led by strong passenger ticket sales and a sharp jump in refinery and other revenue.
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Beneath the surface
Operating cash flow of $5.74 billion for the nine months comfortably covers $3.44 billion of flight equipment capex, but net income fell 45% as a $419 million year-to-date investment loss (vs a $1.0 billion gain last year) distorted the bottom line relative to underlying operations.
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- DELTA AIR LINES, INC. FY 2025 10-Kperiod ending 2025-12-31