Delta Air Lines stock is outpacing its ‘Big Four’ rivals in 2026. Could rising fuel costs end the winning streak?

Delta Air Lines' stock is outperforming its major competitors as it navigates the challenges of rising fuel costs in 2026. The airline's revenue surged 16% year-over-year, reaching $17.59 billion, although it missed analysts' expectations of $17.67 billion. Adjusted earnings per share also fell short of predictions, reported at $1.72 compared to the expected $1.75.

Net income declined significantly by 47%, reporting $1.15 billion, down from $2.17 billion the previous year. The primary driver behind these financial setbacks is the soaring fuel expense, which increased by 69% year-over-year to $4.35 billion, and the average fuel price per gallon, up by 68% to $3.80. Despite these hurdles, Delta CEO Ed Bastian remains optimistic, attributing the company's resilience to its strong infrastructure and committed workforce.

However, Delta has adjusted its 2026 earnings forecast to a more conservative range, now projecting earnings per share between $5.10 and $5.60, down from the previous range of $6.50 to $7.50. The airline also expects approximately $2.5 billion in cash flow for the year, compared to the previous estimate of $3 billion to $4 billion.

While Delta's stock has seen the best year-to-date performance among the 'Big Four' U.S. carriers, with an 18.94% increase, its peers United Airlines, American Airlines, and Southwest Airlines have underperformed, with losses ranging from 4.93% to flat.