Why Did Delta Stock Fall

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Delta Air Lines (DAL) stock fell 5.2% on Thursday, November 12, 2026, while the S&P 500 slipped 0.3%. There was no announcement, earnings report or filing from the company that day. Instead, all seven other passenger airlines worth $2 billion or more fell as well, on a day when a news headline said rebounding oil prices hit airline stocks. How much does the price of fuel matter to Delta's profits?

Delta Is Paying Far More For Fuel In 2026

Delta has faced much higher fuel costs in 2026 than a year earlier, and management expects the trend to continue. The airline recorded a pretax profit of $1.5 billion in the September quarter, matching the prior year, even as it absorbed $1.6 billion of higher fuel costs, management said on its October 9 call.

Delta paid an average of $3.61 per gallon for fuel in that quarter. Management projected a price of $4.25 per gallon for the December quarter and still expected a pretax profit of $1.2 billion for the period, even with fuel prices expected to double over last year. The company added that it would be cautious going into 2027 until it sees the all clear, particularly on fuel.

Delta Fell Along With Other Large Airlines

Delta declined alongside its group, dropping further than the typical airline. All seven other companies valued at $2 billion or more in the passenger airlines sub-industry finished lower, recording a median drop of 3.9%. Two of those companies fell 5% or more.

United Airlines dropped 6.0% and American Airlines lost 5.6%, while all five of Delta's peers on the Trefis list ended the session lower. The wider industrials sector registered a much smaller decline, with the XLI fund falling 0.9%.

Where Delta Stock Stands Now

A decline of this size is rare for Delta. The stock had dropped this much on only two sessions in the previous 365 days. Its most recent move of this magnitude in either direction was a 5.3% rise on November 9.

The decline comes after a strong year. Delta shares returned 51.5% over the past twelve months, against 12.2% for the S&P 500. The stock remains closer to its 52-week closing high of $93.66, set on June 30, 2026, than to its low of $55.76 on November 17, 2025.

Delta trades at 0.79 times sales, against 3.2 times for the S&P 500. On profits the gap is narrower: Delta trades at 17.2 times its earnings, against 21.9 times for the index. The fuel price the airline paid per gallon in the December quarter is the number to watch when the company reports fourth-quarter results, expected in January 2027.

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