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Delta Air Lines

DAL NYSE Passenger Airlines Financials FY2016–FY2025

Delta Air Lines' revenue rose 2.8% to $63.4 billion in fiscal 2025. Its operating margin was 9.2%, down from 9.7% a year earlier. Free cash flow was $3.8 billion, up 33.2%. It paid out $440 million in dividends and buybacks, 11% of free cash flow. The diluted share count rose 0.9%.

Last close · Oct 23, 2026

$76.78

3.1%
Value it Compare
Revenue Total sales reported in the income statement.
$63.4B
2.8% vs prior year
Operating margin Operating income as a share of revenue.
9.2%
0.5 pts
Net income Profit after all expenses, interest and tax.
$5.0B
44.8%
Free cash flow Cash from operations minus capital spending.
$3.8B
33.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.0%
0.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$50.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.3x
On $5.01 EPS (TTM)

What Delta Air Lines does

Delta Air Lines flies passengers and cargo across the United States and to six continents. Its main hubs are Atlanta, Detroit, Minneapolis-St. Paul and Salt Lake City, with coastal hubs in Boston, Los Angeles, New York and Seattle. Delta says it carried over 200 million customers in 2025, using a fleet of 1,314 aircraft at year end. Regional airlines, including its own Endeavor Air, fly smaller planes under the Delta Connection name.

Most of its money comes from ticket sales, and Delta is putting more seats in its pricier cabins, such as Delta One and First Class. Its SkyMiles loyalty program is a large second source: Delta sells miles to partners, above all American Express, whose co-branded credit card brought in $8.2 billion in 2025. It also earns money from cargo, from repairing engines and aircraft for other airlines through Delta TechOps, and from Delta Vacations. Delta says the airline industry is highly competitive.

Abroad, Delta works through joint ventures with Air France-KLM, Virgin Atlantic, Aeromexico, LATAM and Korean Air, and owns stakes in several of these carriers. It also owns Monroe Energy, which runs an oil refinery near Philadelphia that supplies jet fuel to its northeastern operations. Delta has more than 100,000 employees.

Legal name
DELTA AIR LINES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 11, 2026
Accession · CIK
0000027904-26-000013
0000027904

Revenue and margins

Delta Air Lines had $63.4B of revenue in fiscal 2025, up 2.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 3.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.8B in fiscal 2025, 6.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Delta Air Lines returned $440M to shareholders in fiscal 2025, 11% of free cash flow. The diluted share count rose 0.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Delta Air Lines yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$9.8B and divides by 654.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.3x · peers 11.4x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Delta Air Lines can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $11.3B$6.5B$3.9B$3.1B$4.3B
Debt incl. finance leases $26.9B$23.0B$20.1B$16.2B$14.1B
Net debt / EBITDA 4.0x2.9x2.1x1.5x1.2x
Debt / equity 6.9x3.5x1.8x1.1x0.7x
Interest coverage 1.2x2.9x4.7x6.0x6.9x
Current ratio 0.8x0.5x0.4x0.4x0.4x
Quick ratio 0.8x0.5x0.4x0.4x0.4x
Total assets $72.5B$72.3B$73.6B$75.4B$81.3B
Total liabilities $68.6B$65.7B$62.5B$60.1B$60.5B
Shareholders' equity $3.9B$6.6B$11.1B$15.3B$20.9B
Net debt (− = net cash) $15.6B$16.5B$16.2B$13.1B$9.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$38.5M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 5, 2026 Michael P HuertaDirector Sold 3,100 $94.12 $0.3M Form 4
Aug 5, 2026 Steven M SearEVP - Global Sales & Distrib Sold 40,460 $93.55 $3.8M Form 4
Aug 4, 2026 Alain BellemareEVP & Pres. - International Sold 35,000 $92.72 $3.2M Form 4
Aug 4, 2026 Edward H BastianChief Executive Officer, Director Sold 206,510 $92.80 $19.2M Form 4
Aug 4, 2026 Peter W CarterPresident Sold 39,900 $92.98 $3.7M Form 4
Aug 3, 2026 David G DewaltDirector Sold 31,756 $90.85 $2.9M Form 4
May 27, 2026 Alain BellemareEVP & Pres. - International Sold 25,000 $81.44 $2.0M Form 4
May 27, 2026 Allison C AusbandEVP & Chief People Officer Sold 5,000 $80.90 $0.4M Form 4
May 26, 2026 Allison C AusbandEVP & Chief People Officer Sold 5,000 $79.00 $0.4M Form 4
May 22, 2026 Allison C AusbandEVP & Chief People Officer Sold 9,710 $76.00 $0.7M Form 4
May 21, 2026 Allison C AusbandEVP & Chief People Officer Sold 5,000 $73.50 $0.4M Form 4
May 7, 2026 Alain BellemareEVP & Pres. - International Sold 20,621 $72.75 $1.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 85 / 87 / 8
Accruals ratio −2.5%−6.1%−4.3%
Altman Z'' −0.50−0.280.03

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Delta Air Lines DAL $50.6B 2.8% 9.2% 6.1% 16.0% 15.3x 7
United Airlines UAL $32.1B 3.5% 8.0% 4.3% 15.3% 9.0x 6 Compare →
Carnival CCL $35.7B 6.4% 16.8% 9.8% 12.1% 11.4x 7 Compare →
FedEx FDX $71.4B 7.7% 5.8% 5.4% 9.4% 16.1x 7 Compare →

Stories about Delta Air Lines

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $39.6B $41.2B $44.4B $47.0B $17.1B $29.9B $50.6B $58.0B $61.6B $63.4B
Operating income $7.0B $6.0B $5.3B $6.6B −$12.5B $1.9B $3.7B $5.5B $6.0B $5.8B
Interest expense $388M $396M $376M $481M $761M $1.5B $1.3B $1.2B $1.0B $850M
Pretax income $6.4B $5.5B $5.2B $6.2B −$15.6B $398M $1.9B $5.6B $4.7B $6.2B
Income tax $2.2B $2.3B $1.2B $1.4B −$3.2B $118M $596M $999M $1.2B $1.2B
Net income $4.2B $3.2B $3.9B $4.8B −$12.4B $280M $1.3B $4.6B $3.5B $5.0B
Diluted EPS $5.55 $4.43 $5.67 $7.30 −$19.49 $0.44 $2.06 $7.17 $5.33 $7.66
Diluted shares 0.76B 0.72B 0.69B 0.65B 0.64B 0.64B 0.64B 0.64B 0.65B 0.65B
Cash flow
Cash from operations $7.2B $5.0B $7.0B $8.4B −$3.8B $3.3B $6.4B $6.5B $8.0B $8.3B
Capital expenditure $3.4B $3.9B $5.2B $4.9B $1.9B $3.2B $6.4B $5.3B $5.1B $4.5B
Free cash flow $3.8B $1.1B $1.8B $3.5B −$5.7B $17.0M −$3.0M $1.1B $2.9B $3.8B
Depreciation and amortization $1.9B $2.2B $2.3B $2.6B $2.3B $2.0B $2.1B $2.3B $2.5B $2.4B
Stock-based compensation $154M $169M $159M $161M $119M $149M $150M $180M $236M $313M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $2.6B $1.7B $1.6B $2.0B $344M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $509M $731M $909M $980M $260M $0.0M $0.0M $128M $321M $440M
Dividends and buybacks $3.1B $2.4B $2.5B $3.0B $604M $0.0M $0.0M $128M $321M $440M
Balance sheet
Cash and short-term investments $3.2B $2.6B $1.8B $2.9B $14.1B $11.3B $6.5B $3.9B $3.1B $4.3B
Total debt $7.0B $8.4B $9.4B $10.1B $28.0B $25.1B $21.4B $18.6B $15.3B $13.3B
Finance lease liabilities $0.0M $0.0M $403M $1.1B $1.2B $1.8B $1.6B $1.4B $847M $805M
Current assets $7.5B $7.8B $6.3B $8.2B $17.4B $15.9B $13.0B $10.3B $9.8B $11.0B
Current liabilities $15.2B $19.0B $18.6B $20.2B $15.9B $21.0B $25.9B $26.4B $26.7B $27.6B
Inventory $519M $916M $592M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $24.4B $26.6B $28.3B $31.3B $26.5B $28.7B $33.1B $35.5B $37.6B $39.7B
Total assets $51.9B $53.7B $60.3B $64.5B $72.0B $72.5B $72.3B $73.6B $75.4B $81.3B
Total liabilities $40.0B $41.1B $46.6B $49.2B $70.5B $68.6B $65.7B $62.5B $60.1B $60.5B
Shareholders' equity $11.3B $12.5B $13.7B $15.4B $1.5B $3.9B $6.6B $11.1B $15.3B $20.9B
Margins
Operating margin 17.7% 14.5% 11.9% 14.1% −72.9% 6.3% 7.2% 9.5% 9.7% 9.2%
EBITDA margin 22.4% 19.9% 17.1% 19.6% −59.4% 13.0% 11.4% 13.5% 13.8% 13.0%
Net margin 10.6% 7.8% 8.9% 10.1% −72.5% 0.9% 2.6% 7.9% 5.6% 7.9%
FCF margin 9.7% 2.7% 4.2% 7.4% −33.3% 0.1% −0.0% 2.0% 4.7% 6.1%
Returns
Return on capital — 20.8% 20.1% 22.5% −49.0% 7.4% 11.9% 18.0% 16.0% 16.0%
Return on capital employed 19.4% 16.7% 13.8% 15.4% −24.8% 3.5% 7.5% 11.8% 12.5% 11.4%
Return on equity 37.9% 26.9% 30.0% 32.8% −146.6% — 25.2% 52.1% 26.2% 27.7%
Return on assets 8.0% 6.1% 6.9% 7.6% −18.1% 0.4% 1.8% 6.3% 4.6% 6.4%
Growth
Revenue growth −2.6% 4.1% 7.7% 5.8% −63.6% 74.9% 69.2% 14.8% 6.2% 2.8%
Net income growth −7.3% −23.6% 22.8% 21.1% −359.8% — 370.7% 249.7% −25.0% 44.8%
EPS growth −1.4% −20.2% 28.0% 28.8% −367.0% — 368.2% 248.1% −25.7% 43.7%
FCF growth −23.2% −70.4% 63.1% 89.0% −263.1% — −117.7% — 152.9% 33.2%
Share count change −6.1% −4.2% −4.0% −5.9% −2.6% 0.8% 0.0% 0.3% 0.8% 0.9%
Financial health
Net debt / EBITDA 0.4x 0.7x 1.1x 0.9x — 4.0x 2.9x 2.1x 1.5x 1.2x
Debt / equity 0.6x 0.7x 0.7x 0.7x — 6.9x 3.5x 1.8x 1.1x 0.7x
Interest coverage 18.0x 15.1x 14.0x 13.8x −16.4x 1.2x 2.9x 4.7x 6.0x 6.9x
Current ratio 0.5x 0.4x 0.3x 0.4x 1.1x 0.8x 0.5x 0.4x 0.4x 0.4x
Quick ratio 0.5x 0.4x 0.3x 0.4x 1.1x 0.8x 0.5x 0.4x 0.4x 0.4x
Capital allocation
Capex / revenue 8.6% 9.4% 11.6% 10.5% 11.1% 10.9% 12.6% 9.2% 8.3% 7.1%
Stock comp / revenue 0.4% 0.4% 0.4% 0.3% 0.7% 0.5% 0.3% 0.3% 0.4% 0.5%
Payouts / FCF 81.3% 212.7% 134.6% 86.2% — 0.0% — 11.2% 11.1% 11.5%
Quality scores
Piotroski F-score — 5.0 6.0 7.0 3.0 6.0 7.0 6.0 5.0 7.0
Altman Z'' 0.7 0.2 0.1 0.4 −1.0 −0.2 −0.7 −0.5 −0.3 0.0
Accruals ratio −5.8% −3.5% −5.4% −5.9% −12.6% −4.1% −7.0% −2.5% −6.1% −4.3%

Source: SEC EDGAR XBRL filings (CIK 0000027904). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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