Delta $DAL ( ▼ 2.39% ) just crossed a milestone that basically confirms what frequent flyers already knew.
For the first time, Delta is making more money from premium passengers than from the main cabin. In a world where the rich keep traveling and everyone else keeps checking their bank account twice, Delta is leaning hard into the top of the plane.
Premium Now Brings in More Than Economy
In Q4, Delta’s premium ticket revenue grew 9% to $5.7B, while main cabin ticket revenue fell 7% to $5.62B.
That means first class and Comfort+ officially overtook the main cabin as Delta’s biggest revenue engine, and it happened earlier than Delta expected. Back in October, CEO Ed Bastian said this shift might show up a few times during fiscal 2026.
Instead, it is already here.
The K-Shaped Economy Has a Boarding Pass
This outcome has been building for years.
Premium ticket growth has outpaced main cabin growth for at least three straight years at Delta, as travel has become a clear reflection of America’s “K-shaped economy” where higher-income consumers keep spending while lower-income consumers cut back.
Bastian summed it up bluntly on the earnings call: high-end consumers feel bullish.
2026 Seat Growth Will Be Almost All Premium
Delta is not just observing the trend. It is restructuring the business around it.
Delta plans to increase capacity about 3% in 2026, but management said all of its new seat growth will be concentrated in premium cabins.
Delta President Glen Hauenstein pointed out the split directly: the low-end, commodity side of the airline business has been struggling and has not been able to grow for years.
The American Express Card Is the Secret Weapon
Delta’s co-branded American Express $AXP ( ▼ 0.44% ) card continues to be one of the most important parts of the business.
It generated $8.4B in 2025, helping lock customers into the Delta ecosystem through points, perks, and status-like benefits that scale with spending.
And that is the key: the people spending the most are also the people flying premium more often.
Bottom line: Delta is increasingly not an airline for everyone. It is becoming the airline for the customer who can afford to upgrade and keeps upgrading.