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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Jamie Baker | JPMorgan | 13 | 8% |
| Duane Pfennigwerth | Evercore ISI | 12 | 0% |
| Savi Syth | Raymond James | 12 | 0% |
| Andy Didora | Bank of America | 12 | 8% |
| Conor Cunningham | Melius Research | 12 | 17% |
| Tom Fitzgerald | TD Cowen | 11 | 0% |
| Catherine O'Brien | Goldman Sachs | 11 | 0% |
| Dave Vernon | Bernstein | 10 | 20% |
| Ravi Shanker | Morgan Stanley | 10 | 20% |
| Mike Linenberg | Deutsche Bank | 9 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| JPMorgan | 1 | 13 | 8% |
| Evercore ISI | 1 | 12 | 0% |
| Melius Research | 1 | 12 | 17% |
| Bank of America | 1 |
| 12 |
| 8% |
| Raymond James | 1 | 12 | 0% |
| Deutsche Bank | 2 | 11 | 0% |
| Goldman Sachs | 1 | 11 | 0% |
| TD Cowen | 1 | 11 | 0% |
Delta reported Q1 record revenue of $14.2 billion, up 9.4% year-over-year, with adjusted earnings of $0.64 per share. Full-year guidance was effectively deferred due to Middle East conflict driving an unprecedented fuel price spike to $4.30 per gallon. Corporate demand set a record with double-digit growth across all sectors, and MRO revenue more than doubled to $380 million. Capacity was being reduced and the fuel recapture strategy activated, while adjusted net debt declined 20% year-over-year.
Demand | Competitive Dynamics | Pricing | Geographic Expansion | Cost Pressure | Margin | Revenue Growth | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 11 | 6 | 4 | 5 | 4 | 1 | 3 | 3 |
| 2025Q1 | 14 | 8 | 5 | 5 | 6 | 2 | 4 | |
| 2025Q2 | 13 | 5 | 3 | 4 | 2 | 3 | 2 | 1 |
| 2025Q3 | 14 | 8 | 6 | 6 | 2 | 7 | 5 | 1 |
| 2025Q4 | 7 | 10 | 4 | 4 | 1 | 2 | 2 | 2 |
| 2026Q1 | 9 | 5 | 8 | 5 | 7 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 11 | 14 | 13 | 14 | 7 | 9 |
| Competitive Dynamics | 6 | 8 | 5 | 8 | 10 | 5 |
| Pricing | 4 | 5 | 3 | 6 | 4 | 8 |
| Geographic Expansion | 5 | 5 | 4 | 6 | 4 | 5 |
| Cost Pressure | 4 | 6 | 2 | 2 | 1 | 7 |
| Margin | 1 | 2 | 3 | 7 | 2 | 1 |
| Revenue Growth | 3 | 2 | 5 | 2 | 1 | |
| Capex Investment | 3 | 4 | 1 | 1 | 2 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DAL Delta Air Lines | 6 | +12.9% | |
| LUV Southwest Airlines | 8 | +12.8% | |
| UAL United Airlines Holdings | 6 | +10.6% |