Delta Air Lines Offsets Rising Fuel Costs Despite Earnings Miss

Delta Air Lines reported weaker-than-expected earnings and reduced its full-year profit forecast Friday, October 9, 2026, as rising jet fuel prices pressured its business. However, CNBC's Jim Cramer said the airline demonstrated resilience by keeping adjusted pretax profit roughly flat despite a sharp increase in fuel expenses, supported by premium travel demand and growth in its loyalty business.

Delta reported adjusted earnings of $1.72 per share, below the $1.75 analysts had expected. According to the report, jet fuel costs increased 60% from a year earlier amid the Iran war, contributing to the airline's decision to lower its annual profit guidance.

Cramer focused on Delta's ability to generate additional revenue to absorb much of the increase in operating expenses. He argued that the company's underlying performance offered a more encouraging picture than its headline earnings figures suggested.

"Delta's putting up incredible numbers, to the point where they're able to offset a huge chunk of the increase in fuel costs," said Cramer, host of CNBC's "Mad Money." "Once the price of crude comes back down, I think they'll make out like bandits."

He highlighted the airline's ability to maintain adjusted pretax profit at roughly the same level despite significantly higher fuel expenses.

"That's incredible," Cramer said. "Delta's been able to generate enough additional revenue to offset most of the damage."

Premium travel was a major contributor to Delta's performance. Revenue from premium seating increased 18%, exceeding revenue from main cabin tickets, while the airline filled a larger proportion of its premium seats despite charging higher fares, according to the report.

"Delta added premium capacity, filled more of it and charged more, too," Cramer said. "This is the best kind of demand and is proving to be pretty sticky."

Delta's expanding loyalty business also provided support beyond traditional ticket sales. Revenue from its partnership with American Express rose 15%, adding to the airline's ability to generate income from multiple sources.

These results support Cramer's view that Delta is building a more resilient business through loyal customers, premium travel offerings and revenue streams beyond standard passenger tickets. He also pointed to the potential benefit of lower oil prices if the conflict involving Iran subsides.

Delta has raised fares to recover higher fuel expenses, with customers showing limited resistance, according to the report. Cramer expects lower oil prices to improve the airline's financial performance if the conflict eases.

"Once the war with Iran ends, or at least fizzles to the point that oil can come down, this airline will be printing money," Cramer said.

Despite his optimism about Delta's longer-term prospects, Cramer said he was not rushing to buy airline stocks while fuel prices remained elevated. The company's earnings shortfall and reduced annual forecast remain key factors as higher operating costs continue to pressure the industry.