Delta Air Lines (NYSE:DAL) looks to carry momentum forward as one of the few airlines up in share price since the U.S.-Iran war began. The company reports third-quarter financial results Friday before the market opens.

Analysts expect third-quarter revenue of $17.64 billion, up from $16.67 billion a year earlier, according to Benzinga Pro data. The company has beaten revenue estimates in 23 straight quarters.

Analysts also expect earnings per share of $1.85, up from $1.71. Delta has topped EPS estimates in seven of the last 10 quarters, including the second quarter.

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Delta Analyst Ratings

Analysts have been lowering their price targets on Delta stock in recent weeks. Here are some of the most recent analyst ratings on Delta stock and their price targets:

  • Bernstein: Maintained Outperform rating, lowered price target from $106 to $100
  • Susquehanna: Maintained Positive rating, lowered price target from $105 to $100
  • Wells Fargo: Maintained Overweight rating, lowered price target from $105 to $100
  • TD Cowen: Maintained Buy rating, lowered price target from $105 to $101

Key Items to Watch

Delta reported a strong second quarter with passenger revenue up 13% year-over-year, including premium-product revenue up 17% year-over-year. Investors and analysts will want to see similar growth for the third quarter.

The key item to watch outside of overall revenue will be fuel costs, which are one of the largest costs for an airline company.

Rising oil prices are proving to be a negative catalyst for the airline sector. In the second quarter, adjusted fuel expenses rose 77% year-over-year for Delta, marking the highest quarterly fuel expense in company history.

Despite the increased costs, Delta reaffirmed its full-year outlook for earnings, highlighting the company’s momentum and ability to offset the higher fuel costs.

Analysts and investors will look for similar commentary in Q3, including guidance for the rest of the current fiscal year and perhaps an early read on the next fiscal year.

Unlike other large airline stocks, Delta shares are up year-to-date, with a current 20.1% return. By comparison, its peers —American Airlines (NASDAQ:AAL), United Airlines (NASDAQ:UAL) and Southwest Airlines (NYSE:LUV) — are down 17.8%, 3.5% and 0.3% respectively, in 2026.

The US Global Jets ETF (NYSE:JETS), which tracks the airline sector, is down 2.4% year-to-date in 2026. Delta is the second-largest position, at 11.3% of assets.

A strong report from Delta could help boost the airline sector overall.

Delta Air Lines Stock Price Action

Delta stock is down 0.4% to $82.63 on Thursday versus a 52-week trading range of $55.03 to $95.68.

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