Delta Q3 10-Q: $756M Profit, Refinery Outage Loss, and $26.7B Aircraft Commitments
DAL sits 49% above its 52-week low of $55.03 on elevated volume (1.9× avg).
Summary
Delta's Q3 10-Q shows $756M net income on $20.2B revenue, with a refinery outage loss and $416M fuel hedge losses driving the earnings miss. Debt fell to $12.1B and liquidity stands at $6.9B.
Key Events · Earnings and Guidance · DAL
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Q3 Net Income Falls to $756M
Net income of $756M ($1.15 diluted EPS) on $20.186B revenue, down from $1.417B ($2.17 EPS) a year ago. Operating income fell $230M to $1.454B.
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Refinery Outage Drives $33M Loss
The Monroe refinery swung to a $33M operating loss in Q3 2026 from $53M income a year earlier, due to a temporary outage beginning mid-June 2026 that reduced capacity through the quarter.
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Fuel Hedge Losses of $416M
Fuel hedge contracts lost $416M in Q3 2026 versus a $21M loss a year ago, composed of $3M mark-to-market and $716M settlement losses for the nine-month period.
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Debt Reduced to $12.1B
Total debt fell to $12.105B from $13.308B at year-end 2025, with $3.1B undrawn under revolving credit facilities and total liquidity of $6.9B.
Analysis · DAL · Energy & Transportation
Delta's Q3 10-Q confirms the earnings already previewed in today's 8-K, but adds material detail: the refinery swung to a $33M operating loss on a mid-June outage, fuel hedge losses hit $416M, and total debt fell to $12.1B. The filing also discloses a September 29 Boeing supplemental agreement amending the 737-10 order. The refinery outage and fuel hedge losses explain the EPS miss and guidance cut reported earlier today.
How filings like this one have moved
In the 30 days to Oct 9, 2026, 28.2% of the 1631 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, DAL was trading at $82.02 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $54B. The 52-week trading range was $55.03 to $95.68. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.