Delta Air Lines (DAL) official guidance

With seats growing less than 2 percent, including a reduction in Main Cabin seats, our capacity positioning supports another quarter of sequential improvement in unit revenue with progression in both Domestic and International.

Capacity for the third quarter is up 1%, while fourth quarter planned 2%-3%, led by international.

Strengthening investment-grade balance sheet with plan to pay down more than $2 billion of debt in 2026

This results in a projected all-in fuel price for the quarter of approximately $4.25 per gallon.

For the full year, we expect to deliver free cash flow of approximately $2.5 billion and pay down more than $2 billion of debt, positioning us to end the year with gross leverage of approximately 2.2x,” Snell said.

We expect gross leverage to reach 2x by year-end.

| Gross Leverage2 | Approx. 2x |

For the full year, we expect EPS of $6.50-$7.50, representing 20% year-over-year growth at the midpoint, free cash flow of $3-$4 billion, and leverage of two times by year-end.

| Operating Margin | 7% - 9% | Free Cash Flow ($B) | Approx. $2.5 |

For the full year, we expect to generate a pre-tax profit of roughly $4.5 billion, absorbing a $6 billion increase in fuel costs.

With continued momentum in both new card acquisitions and spend, we expect remuneration of $9 billion this year, up 10% over 2025.

Looking to next year, we remain on track for low-single-digit unit cost growth as capacity normalizes, operational improvements continue and we lap higher costs in our baseline.

With slightly higher capacity and continued operational efficiencies, we expect December quarter non-fuel unit cost growth to improve 1 to 2 points sequentially.

Turning to our outlook, we expect September quarter non-fuel unit cost performance to improve modestly, with further progress in the December quarter as operational investments continue to gain traction and capacity growth begins to normalize.

Non‑fuel unit cost performance is expected to improve modestly from the June quarter with further progression in the December quarter as capacity growth begins to normalize.

With seats growing less than 2 percent, including a reduction in Main Cabin seats, our capacity positioning supports another quarter of sequential improvement in unit revenue with progression in both Domestic and International.

| Earnings Per Share | $6.50 - $7.50 |

For the full year, we expect EPS of $6.50-$7.50, representing 20% year-over-year growth at the midpoint, free cash flow of $3-$4 billion, and leverage of two times by year-end.

| Earnings Per Share | $6.50 - $7.50 | n/a |

For the full year, we are affirming the guidance that we set at the start of the year, even with a multibillion-dollar fuel headwind. Our outlook for earnings of $6.50-$7.50 per share represents growth of 20% year-over-year, and our free cash flow outlook of $3 billion-$4 billion brings our three-year cumulative total to over $11 billion.

Affirming full-year guidance for adjusted EPS of $6.50 to $7.50 and free cash flow of $3 to $4 billion

For the full year, we expect EPS of $6.50-$7.50, representing 20% year-over-year growth at the midpoint, free cash flow of $3-$4 billion, and leverage of two times by year-end.

| Free Cash Flow ($B) | $3 - $4 | $3 - $5 |

For the September quarter, we expect revenue to grow mid-teens over prior year on modest capacity growth, with unit revenue growth improving sequentially.