Delta cuts its 2026 forecast on fuel, but premium cabins and Amex cards keep growing

Delta Air Lines had a rare off day with Wall Street on Friday, Oct. 9. The airline missed earnings estimates for the first time in two years and cut its profit forecast for 2026. It blamed jet fuel prices that have surged since the Iran war began in February.

For people who care about lounges, the more telling numbers are elsewhere in the report. Delta's premium cabins and its American Express partnership grew faster than the rest of the business. Those are the same two forces that fill Sky Clubs.

The numbers

Delta reported adjusted earnings of $1.72 a share for the September quarter. Adjusted revenue hit a record $17.6 billion, up 16% from a year earlier. Analysts polled by LSEG had expected $1.75 a share and $17.67 billion, according to CNBC. Net income fell 47% to $756 million.

Delta now expects full-year adjusted earnings of $5.10 to $5.60 a share. In July, when fuel was cheaper, it had guided to $6.50 to $7.50. CEO Ed Bastian said Delta expects a pre-tax profit of roughly $4.5 billion for 2026, "absorbing a $6 billion increase in fuel costs." Its forecast for the last three months of the year assumes fuel at about $4.25 a gallon.

Bastian said travelers are still paying up. "The consumer response continues to be quite strong," he told CNBC. Delta expects fourth-quarter revenue to grow about 20%.

Why lounge regulars should care

Three lines in Delta's full release matter more to Sky Club regulars than earnings per share:

• Premium keeps growing. Premium revenue rose 18% on 6% more premium seats. CNBC put it at $6.82 billion, a bit more than Main Cabin's $6.8 billion.
• The Amex deal keeps growing. Co-brand card sign-ups and spending both grew by double digits. That makes eight straight quarters of double-digit growth in cardholder spending. American Express paid Delta 15% more than a year ago, and Delta expects that to top $9 billion for the year. Total loyalty revenue rose 18%. Delta also ran its "highest-ever introductory mileage offer" for new Reserve card sign-ups.
• Main Cabin is shrinking. Delta expects fourth-quarter seats to grow less than 2%, "including a reduction in Main Cabin seats," said chief commercial officer Joe Esposito.

Put together, more of Delta's flyers sit up front or carry a Delta or Amex card. Both groups can get into a Sky Club. That is the backdrop to scenes like the 80-minute line at LaGuardia's main Sky Club on Wednesday, Oct. 7. Delta's visit caps for cardholders limit how often each person comes, not how many show up at once. Delta did not announce any new Sky Club access rules or openings with its results.

The release also listed a new partnership with Hyatt for SkyMiles members. It said Delta's Reserve, Platinum and Gold Amex cards ranked first through third for airline card satisfaction in J.D. Power's 2026 study.

Riyadh: still no decision

Delta's new Atlanta–Riyadh route is due to start on Oct. 23. Delta's route page says it will fly daily through Oct. 30, then three times a week, on an Airbus A350-900. On Friday, Oct. 9, Bastian told CNBC that "safety is going to make the call" and that customers would hear a decision soon.

Things got worse the next day. Saudi Arabia's civil aviation authority said Saturday's attack on King Khalid International Airport killed 12 people, including one American, and injured 309, per the Saudi Press Agency. On Sunday, Oct. 11, the US Mission in Saudi Arabia strongly recommended that all US citizens avoid the airport.

After Saturday's attack, a Delta spokesperson told Simple Flying that the airline has "not announced any changes to our previous announcement." If you are booked, watch your email and the Fly Delta app. Our Riyadh story has the latest on the airport.

United is coming for Delta's elites

United's "Switch to Better Wi-Fi" status match for Delta Medallion members closes on Thursday, Oct. 15. Approved members get matching United Premier status for 90 days. To keep it through Jan. 31, 2028, they must spend $1,500 to $7,000 on United flights in that window, per The Points Guy. Delta's release pointed to its own free Wi-Fi for SkyMiles members, now on nearly its whole fleet. Our take on whether to switch is here.

Where to toast it

Champagne Taittinger is free in Delta One Lounges and now pours on domestic Delta One flights too, Delta says. The JFK Delta One Lounge rates 4.7 on Lounge Frog, tied for best of 10 lounges in Terminal 4. The LAX Terminal 3 Delta One Lounge also rates 4.7. Boston's Delta One Lounge rates 4.4, fourth of six lounges in Terminal E.

What we don't know

Delta hasn't said whether fewer Main Cabin seats and more cardholders will mean new Sky Club rules or more space at its busiest clubs. It also hasn't said whether the Riyadh flight will launch on time. For every Delta lounge we track, see our Delta Air Lines page and the 12 best Sky Clubs, ranked.