Delta Air Lines reported second-quarter adjusted earnings of $1.56 per share, exceeding analyst estimates, and reaffirmed its full-year 2026 profit guidance of $6.50 to $7.50 per share. Revenue rose 14 percent year-on-year while capacity expanded by only 1 percent, a gap that drove an 11 percent increase in passenger revenue per available seat mile. The carrier’s chief financial officer, Erik Snell, told reporters that demand showed “no signs of weakness” and that the airline had recovered about 60 percent of the fuel cost increase during the quarter, faster than historical patterns.

The results offer an early signal that US carriers may preserve fare increases implemented during the spring surge in jet fuel prices linked to the Iran conflict, even as fuel costs retreat from their peak. Delta’s premium revenue grew 17 percent, but main-cabin ticket revenue also rose 8 percent, supporting the view that pricing power extends beyond high-yield passengers. Analysts in New York caution that the true test will arrive after the September Labour Day holiday, when leisure travel typically softens and any rapid capacity restoration could undercut current fare strength. Delta expects third-quarter adjusted earnings of $2.00 to $2.50 per share, with mid-teen revenue growth and an operating margin of 11 to 13 percent.

Across the Atlantic, EasyJet became the focus of a bidding contest between financial investors, marking a shift in European aviation consolidation. The British low-cost carrier said it would recommend a £5.7 billion all-share offer from Apollo Global Management, withdrawing its previous support for a £5.5 billion proposal from Castlelake. EasyJet shares rose 15 percent to a four-year high. Viewed from Frankfurt, the tussle reflects a broader trend: private capital firms, rather than rival airlines, are now driving restructuring in a sector where several carriers trade below the sum of their assets. Analysts in London note that EasyJet’s profitable package-holiday division and extensive slot portfolio make it an attractive target, though a break-up or the diversion of its aircraft order book outside Europe could reduce capacity and raise fares for passengers.

The next milestones are Delta’s third-quarter execution and the post-summer demand environment, with United, American and Southwest reporting results later this month. For EasyJet, attention turns to whether Castlelake will raise its bid and to any regulatory scrutiny of a deal that could reshape Europe’s low-cost landscape.