Delta Air Lines lowered its profit forecast for the year on Friday, blaming one thing: fuel.

Delta now expects adjusted earnings of $5.10 to $5.60 a share in 2026. In July it had forecast $6.50 to $7.50, Reuters reported via BNN Bloomberg. It also cut its free cash flow outlook to about $2.5 billion, from $3 billion to $4 billion. "All of it's fuel," Chief Financial Officer Erik Snell told reporters.

Fuel cost Delta $4.1 billion in the July-to-September quarter. That was 62% more than a year earlier and more than $500 million above the airline's own July forecast, Yahoo Finance reported. For the full year, Delta says fuel will cost about $6 billion more than planned. Jet fuel prices have climbed since the Iran war began in February, CNBC reported.

The quarter itself was mixed. Adjusted earnings came in at $1.72 a share, just under Wall Street's estimate. It was Delta's first earnings miss in two years, CNBC said. Adjusted revenue was about $17.6 billion, up nearly 16% from a year ago. Delta called it record revenue for a September quarter.

Demand has held up. "The consumer response continues to be quite strong," CEO Ed Bastian told CNBC, across business and leisure trips. Fares have climbed too. CNBC noted September inflation data showed airfares up more than 23% from a year earlier.

Fuel will likely get pricier before it gets cheaper. Delta expects to pay about $4.25 a gallon in the fourth quarter, up from $3.61 in the third, even after a 40-cent benefit from its own refinery, Reuters reported. Delta still expects a pre-tax profit of about $4.5 billion this year.

The stock fell about 3% in early trading Friday, Investing Live reported.

Why it matters: Delta is the first big airline to report this season, so its numbers hint at what United, American and others may say later this month.

What we know: Delta's third-quarter results and its lower 2026 forecast.
What we don't: how long high fuel prices will last.