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target is within reach as higher fares offset fuel costs even if oil prices retreat from multiyear highs. The airline forecast third-quarter adjusted earnings of $2.00 to $2.50 a share, exceeding the $2.02 consensus estimate, and projected revenue growth in the mid-teens compared with the July-through-September period of 2025. Delta reaffirmed its full-year adjusted earnings guidance of $6.50 to $7.50 a share, a range set in January. Second-quarter adjusted earnings came in at $1.56 a share on adjusted revenue of $17.67 billion, topping Wall Street estimates of $1.48 a share and $17.53 billion, according to LSEG data. Bastian told CNBC that demand remains robust across the board, driven by a more disciplined industry that has learned not to rush capacity back into the market when fuel costs ease. He attributed the resilience to diverse seat options and a customer base skewed toward higher-income travelers in what he described as a K-shaped economy.
That dynamic showed up in the cabin split. Premium tickets generated $6.92 billion in revenue for the quarter, edging past the $6.85 billion from the main cabin. Corporate travel rose in the period, led by aerospace and defense, banking and automotive sectors, while demand tied to the World Cup proved stronger than expected, particularly from inbound visitors to the United States.
Carriers have scaled back growth plans and pruned unprofitable flights after this year’s fuel-price run-up. Federal data showed May airfares up nearly 27 percent from a year earlier, though executives say the full fuel bill has not yet been passed through. Bastian said Delta has passed about 60 percent of higher fuel costs to consumers and expects that to approach 100 percent in the current quarter.
Unit economics reflected the pressure. Second-quarter revenue per available seat mile rose 17 percent from a year earlier, while cost per available seat mile climbed 21 percent. Net income fell 25 percent to $1.6 billion, or $2.44 a share, even as operating revenue increased 19 percent to $19.76 billion from the 2025 period. Adjusted for one-time items including third-party refinery sales, earnings were $1.03 billion, or $1.56 a share. The Trainer, Pennsylvania, refinery was a bright spot, with revenue surging 83 percent to $2.09 billion.