American Airlines Group
AAL · Passenger Airlines
$12.11
3.9%Delta Air Lines
DAL · Passenger Airlines
$76.78
3.1%The short version
- Delta Air Lines is the larger business, with $63.4B of revenue in fiscal 2025 against $54.6B for American Airlines Group.
- Delta Air Lines grew revenue faster (2.8%, against 0.8%).
- Delta Air Lines kept more of each dollar of sales as operating profit (9.2% operating margin, against 2.7% operating margin).
- Delta Air Lines turned more of its sales into free cash flow (6.1% FCF margin, against −1.2% FCF margin).
- Delta Air Lines earned a higher return on the capital invested in it (16.0%, against 5.7%).
| Latest fiscal year | AAL · FY25 | DAL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.0B | $50.6B |
| Revenue | $54.6B | $63.4B |
| Free cash flow | −$680M | $3.8B |
| Net income | $111M | $5.0B |
| Growth | ||
| Revenue growth | 0.8% | 2.8% |
| 5-year growth | 25.8% | 30.0% |
| Share count change | −8.4% | 0.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 2.7% | 9.2% |
| Net margin | 0.2% | 7.9% |
| FCF margin | −1.2% | 6.1% |
| Return on capital | 5.7% | 16.0% |
| Return on equity | — | 27.7% |
| Balance sheet | ||
| Net debt | $19.4B | $9.8B |
| Net debt / EBITDA | 5.3x | 1.2x |
| Dividends and buybacks | $0.0M | $440M |
| Valuation & quality | ||
| P/E | — | 15.3x |
| Piotroski F-score | 5 | 7 |
FY16
AAL $40.1B
DAL $39.6B
FY17
AAL $42.6B
DAL $41.2B
FY18
AAL $44.5B
DAL $44.4B
FY19
AAL $45.8B
DAL $47.0B
FY20
AAL $17.3B
DAL $17.1B
FY21
AAL $29.9B
DAL $29.9B
FY22
AAL $49.0B
DAL $50.6B
FY23
AAL $52.8B
DAL $58.0B
FY24
AAL $54.2B
DAL $61.6B
FY25
AAL $54.6B
DAL $63.4B
AAL
DAL
FY16
AAL 12.6%
DAL 17.7%
FY17
AAL 9.9%
DAL 14.5%
FY18
AAL 6.0%
DAL 11.9%
FY19
AAL 6.7%
DAL 14.1%
FY20
AAL −60.1%
DAL −72.9%
FY21
AAL −3.5%
DAL 6.3%
FY22
AAL 3.3%
DAL 7.2%
FY23
AAL 5.8%
DAL 9.5%
FY24
AAL 4.8%
DAL 9.7%
FY25
AAL 2.7%
DAL 9.2%
AAL
DAL
FY16
AAL $793M
DAL $3.8B
FY17
AAL −$1.2B
DAL $1.1B
FY18
AAL −$212M
DAL $1.8B
FY19
AAL −$453M
DAL $3.5B
FY20
AAL −$8.5B
DAL −$5.7B
FY21
AAL $496M
DAL $17.0M
FY22
AAL −$373M
DAL −$3.0M
FY23
AAL $1.2B
DAL $1.1B
FY24
AAL $1.3B
DAL $2.9B
FY25
AAL −$680M
DAL $3.8B
AAL
DAL
FY16
AAL 16.8%
DAL —
FY17
AAL 12.7%
DAL 20.8%
FY18
AAL 12.4%
DAL 20.1%
FY19
AAL 13.5%
DAL 22.5%
FY20
AAL −48.8%
DAL −49.0%
FY21
AAL −5.2%
DAL 7.4%
FY22
AAL 6.5%
DAL 11.9%
FY23
AAL 13.0%
DAL 18.0%
FY24
AAL 12.5%
DAL 16.0%
FY25
AAL 5.7%
DAL 16.0%
AAL
DAL
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.