Delta reported fourth-quarter earnings per share of $1.55, surpassing the consensus estimate of $1.53. However, operating revenue of $14.61 billion fell short of the $15.69 billion analysts had forecast, driven by softer ticket yields in international and domestic markets. The miss reflects a roughly 7% shortfall versus expectations and marks the first revenue gap for the carrier in three quarters.

For full-year 2026, Delta guided to adjusted earnings per share in a range of $6.50 to $7.50, implying midpoint growth of 20% year-over-year but falling below the $7.26 consensus forecast compiled by Visible Alpha. The company also projected first-quarter EPS of $0.50 to $0.90, under the $0.72 consensus. Management cited continued cost headwinds—particularly labor and maintenance expenses—offsetting stronger demand trends.

Delta has increased its widebody fleet commitment by ordering thirty Boeing 787-10 Dreamliner aircraft, with deliveries scheduled to begin in 2031. This order marks a restart of widebody capacity investments and aligns with Delta’s plan to modernize older jets. The addition of these long-range, fuel-efficient aircraft supports the carrier’s strategy to enhance premium service on transoceanic routes.

Options volume in Delta shares has surged, with 30,000 calls and 24,000 puts traded on the latest session—approximately four times the normal level. The most active strikes are the January 2026 70-strike call and put contracts. Schaeffer’s Volatility Index for Delta stands at 41%, placing it in the bottom decile of readings over the past year and suggesting low near-term implied volatility priced by options traders.