Delta’s Earnings Pop Masks 2026 Turbulence & Why I’m Still Bearish on DAL

Insider Scoop on Delta’s Labor Risks while "Growing into that Workforce"

As “The Job Chick,” I cut through corporate spin to deliver unfiltered insights on Delta Air Lines (DAL) and its workforce dynamics, helping you have sharp analysis for your investment calls.

Delta’s Q3 2025 results were strong, with adjusted earnings per share (EPS) of $1.71, up 14% from $1.50 in Q3 2024, and record adjusted revenue of $15.2 billion, up 4.1% year-over-year.

The stock closed at $59.57 on October 9, 2025 (real-time data), near its recent high, buoyed by reaffirmed full-year EPS guidance of $6 and free cash flow of $3.5–$4 billion.

Analysts are buzzing, with 15 “Strong Buy” ratings and targets averaging $71.25–$74.00.

But as I warned on September 17 (when DAL was $58), structural risks, lean staffing, the Aeromexico JV unwind, and fleet shifts totally threaten Q1–Q2 2026 margins, potentially driving DAL to the low $50s.

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