$DAL Q3 EARNINGS Adj. EPS $1.72 vs Est. $1.85 to $1.94 Adj. Revenue $17.59B (+16% YoY), GAAP Revenue $20.19B (+21%) vs Est. $18.92B Adj. Op Margin 9.4% vs 11.1% LY Premium revenue +18% YoY Loyalty revenue +18%, Amex remuneration +15% Cargo +29%, TRASM +15%, CASM-ex +7.3% Adj. fuel $3.61/gal (+60%), capacity flat FCF $463M (-44%) Q4 Guidance Revenue ~+20% YoY EPS $1.15 to $1.65 Op Margin 7% to 9% Fuel ~$4.25/gal FY26 Guidance (cut) EPS $5.10 to $5.60 (prior $6.50 to $7.50) FCF ~$2.5B (prior $3B to $4B) Pre-tax profit ~$4.5B, gross leverage ~2.2x