Delta Air Lines lowered its 2026 profit forecast on Friday as jet fuel costs approach a $6 billion hit. The airline now expects adjusted earnings of $5.10 to $5.60 per share, down from July's projection of $6.50 to $7.50. Management also reduced its free cash flow target to $2.5 billion from as much as $4 billion.

The carrier reported third-quarter net income of $756 million, or $1.15 a share, missing Wall Street estimates for the first time in two years. Adjusted earnings came in at $1.76 per share. Revenue climbed 16% to $17.59 billion, while operating revenue jumped 21% to $20.19 billion.

Travelers continue shifting toward higher-priced seats. Premium revenue grew 18% in the third quarter to $6.82 billion, outpacing main cabin sales, which rose 12% to $6.8 billion. Delta expects fourth-quarter revenue to rise 20% from last year, beating the 16% gain posted in the previous quarter.

Jet fuel prices in the U.S. Gulf of Mexico region reached $4.34 on Thursday, nearly double the $2.19 recorded a year earlier. September inflation data showed airfare up more than 23% compared to the previous year. CEO Ed Bastian said the airline is passing most of the fuel cost increase to passengers without losing bookings. "The consumer response continues to be quite strong. We're seeing it across all channels, all cabins of service, all geographies, business, leisure," he said.

Delta also announced plans to add Amazon Leo satellite internet to its fleet. The upgrade continues a push for faster connectivity that began almost four years ago. The move comes after SpaceX CEO Elon Musk publicly criticized the airline's technology choice. Bastian dismissed the tension and noted that Delta previously explored a partnership with SpaceX six years ago before the satellite service was not ready to scale.