Delta Air Lines (DAL)

Hold Recap: Q2 2026

Premium Overtakes Main Cabin and the Dividend Rises 15% on a Guide-Beating Quarter; We Fade the All-Time Highs and Downgrade Delta to Hold

Outperform Recap: Q1 2026

Premium Reaches Parity With Main Cabin; Revenue Beats Decisively — But Fuel Spike Clouds Q2 Outlook and Stock Has Already Moved

Outperform Flashcap: Q1 2026

Premium Flywheel Intact; MRO Surge and Fuel Escalation Demand Answers at 10 AM

Outperform Recap: Q4 2025

Record Free Cash Flow and Premium Dominance Intact, but Main Cabin Drag and Below-Consensus FY26 Guide Create a Buying Opportunity

Outperform Recap: Q3 2025

Premium Flywheel Accelerates as Delta Delivers 180bp Margin Expansion and Guides Q4 to Record Territory

Outperform Recap: Q2 2025

Guidance Restoration Is the Real Story: Demand Stabilization, Premium Resilience, and a 25% Dividend Hike Validate the Q1 Thesis at a Still-Discounted Valuation

Outperform Recap: Q1 2025

Beat on Lowered Bar Masks the Real Story: Premium Moat Intact, Capacity Discipline Emerging, and a De-Rated Valuation at $44 Creates a Compelling Entry