Bullish Sentiment Builds Ahead of Delta Air Lines Earnings

Delta Air Lines Inc (NYSE:DAL) is scheduled to report third-quarter earnings before the open on Thursday, Oct. 9. Wall Street is anticipating earnings of $1.96 per share on revenue of $17.7 billion, according to Zacks Consensus Estimates.

Delta Air Lines stock has staged a rebound in recent weeks. The shares' September pullback was captured by the 150-day moving average, though DAL is now running into firm pressure at the $85 level. Though the equity is a ways away from its June 2nd record high, it's still up roughly 20%.

Looking back at the last 12 earnings reports, DAL finished its next trading session lower seven times. The stock averaged a 2.5% post-earnings gain during this time period, with an average absolute move of 6.3%. Its largest move was a 23.4% surge in October 2025, while its steepest decline was a 9% drop in January 2026.

Analysts are overwhelmingly bullish on the airline stock. Of the 23 brokerages in coverage, 21 carry a "strong buy" rating and two recommend a "buy," with not a single "hold" or "sell" on the books.

Options traders have been more optimistic than usual ahead of the event as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), DAL's 10-day call/put volume ratio of 3.86 ranks in the 90th percentile of its annual range. The longer-term 50-day call/put volume ratio of 4.53 ranks in the 99th annual percentile, showing calls being picked up at a much faster-than-usual clip.