Earnings calls, dissected.

American Airlines posted record first-quarter revenue of $13.9 billion, up 10.8% year over year, while narrowing its adjusted net loss to $0.40 per diluted share. The quarter demonstrated meaningful margin improvement even as fuel costs and a $320 million weather impact created headwinds.

Delta delivered Q1 2026 adjusted EPS of $0.64 and record adjusted revenue of $14.2 billion, up 9.4% year-over-year, beating initial guidance on broad demand strength across premium, corporate, and loyalty segments. For Q2 2026, management guides to low-teens revenue growth on flat capacity and approximately $1 billion in pre-tax profit despite a more than $2 billion fuel headwind.