Delta Air Lines (DAL) Financials

$49.58 +1.66 (+3.46%)

Closing price 03:59 PM Eastern

Extended Trading

$49.47 -0.11 (-0.22%)

As of 07:59 PM Eastern

Annual Income Statements for Delta Air Lines

This table shows Delta Air Lines' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	3,457	4,609	1,318	280	-12,385	4,767	3,935	3,205	4,195	4,526
Consolidated Net Income / (Loss)	3,457	4,609	1,318	280	-12,385	4,767	3,935	3,205	4,195	4,526
Net Income / (Loss) Continuing Operations	3,457	4,609	1,318	280	-12,385	4,767	3,935	3,205	4,195	4,526
Total Pre-Tax Income	4,658	5,608	1,914	398	-15,587	6,198	5,151	5,500	6,353	7,157
Total Operating Income	5,995	5,521	3,661	1,886	-12,469	6,618	5,264	5,966	6,996	7,802
Total Gross Profit	20,858	24,645	14,720	4,995	-1,505	19,134	15,911	12,689	16,251	17,552
Total Revenue	61,643	58,048	50,582	29,899	17,095	47,007	44,438	41,138	39,450	40,704
Operating Revenue	61,643	58,048	50,582	29,899	17,095	47,007	44,438	41,138	39,450	35,595
Total Cost of Revenue	40,785	33,403	35,862	24,904	18,600	27,873	28,527	28,449	23,199	23,152
Operating Cost of Revenue	40,785	33,403	35,862	24,904	18,600	27,873	28,527	28,449	23,199	23,152
Total Operating Expenses	14,863	19,124	11,059	3,109	10,964	12,516	10,647	6,723	9,255	9,750
Selling, General & Admin Expense	6,688	6,280	5,045	3,806	3,185	4,769	3,898	1,609	3,539	3,881
Marketing Expense	2,485	2,334	1,891	953	643	2,211	1,941	1,827	1,751	1,672
Depreciation Expense	2,513	2,341	2,107	1,998	2,312	2,581	2,329	2,222	1,886	1,835
Other Operating Expenses / (Income)	3,177	8,169	2,016	-3,648	-3,395	2,955	2,479	1,065	2,079	2,362
Total Other Income / (Expense), net	-1,337	87	-1,747	-1,488	-3,118	-420	-113	-466	-643	-645
Interest Expense	39	63	100	1,598	937	301	311	396	388	481
Interest & Investment Income	-747	-834	-1,029	-	-	-	38	0.00	0.00	-
Other Income / (Expense), net	-551	984	-618	110	-2,181	-119	160	-70	-255	-164
Income Tax Expense	1,201	999	596	118	-3,202	1,431	1,216	2,295	2,158	2,631
Basic Earnings per Share	$5.39	$7.21	$2.07	$0.44	($19.49)	$7.32	$5.69	$4.45	$5.59	$5.68
Weighted Average Basic Shares Outstanding	645.96M	643.32M	641.24M	639.93M	638.15M	640.09M	678.95M	706.91M	730.77M	778.51M
Diluted Earnings per Share	$5.33	$7.17	$2.06	$0.44	($19.49)	$7.30	$5.67	$4.43	$5.55	$5.63
Weighted Average Diluted Shares Outstanding	645.96M	643.32M	641.24M	639.93M	638.15M	640.09M	678.95M	706.91M	730.77M	778.51M
Weighted Average Basic & Diluted Shares Outstanding	645.96M	643.32M	641.24M	639.93M	638.15M	640.09M	678.95M	706.91M	730.77M	778.51M
Cash Dividends to Common per Share	$0.50	$0.20	-	$0.00	$0.40	$1.51	$1.31	$1.02	$0.68	$0.45

This table shows Delta Air Lines' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	240	843	1,272	1,305	37	2,037	1,108	1,827	-363	828	695
Consolidated Net Income / (Loss)	240	843	1,272	1,305	37	2,037	1,108	1,827	-363	828	695
Net Income / (Loss) Continuing Operations	240	843	1,272	1,305	37	2,037	1,108	1,827	-363	828	695
Total Pre-Tax Income	320	1,202	1,561	1,773	122	2,276	1,521	2,317	-506	1,119	962
Total Operating Income	569	1,717	1,397	2,267	614	1,323	1,984	2,491	-277	1,469	1,456
Total Gross Profit	4,050	4,947	5,253	6,782	3,876	8,452	5,647	6,834	3,712	4,499	4,550
Total Revenue	14,040	15,560	15,677	16,658	13,748	14,223	15,488	15,578	12,759	13,435	13,975
Operating Revenue	14,040	15,560	15,677	16,658	13,748	14,223	15,488	15,578	12,759	13,435	13,975
Total Cost of Revenue	9,990	10,613	10,424	9,876	9,872	5,771	9,841	8,744	9,047	8,936	9,425
Operating Cost of Revenue	9,990	10,613	10,424	9,876	9,872	5,771	9,841	8,744	9,047	8,936	9,425
Total Operating Expenses	3,481	3,230	3,856	4,515	3,262	7,129	3,663	4,343	3,989	3,030	3,094
Selling, General & Admin Expense	1,768	1,681	1,787	1,661	1,559	1,599	1,585	1,523	1,573	1,295	1,367
Marketing Expense	552	620	643	672	550	565	618	651	500	507	546
Depreciation Expense	607	635	643	620	615	610	594	573	564	553	538
Other Operating Expenses / (Income)	554	294	783	1,562	538	4,355	866	1,596	1,352	675	643
Total Other Income / (Expense), net	-249	-515	164	-494	-492	953	-463	-174	-229	-350	-494
Interest Expense	0.00	-202	0.00	32	209	-228	13	29	249	-791	282
Interest & Investment Income	-179	-	-173	-188	-	-	-196	-203	-	-	-
Other Income / (Expense), net	-70	-331	337	-274	-283	1,160	-254	58	20	-112	-212
Income Tax Expense	80	359	289	468	85	239	413	490	-143	291	267
Basic Earnings per Share	$0.37	$1.31	$1.98	$2.04	$0.06	$3.19	$1.73	$2.86	($0.57)	$1.31	$1.09
Weighted Average Basic Shares Outstanding	652.96M	645.96M	645.28M	645.42M	645.31M	643.32M	643.46M	643.42M	642.72M	641.24M	641.19M
Diluted Earnings per Share	$0.37	$1.29	$1.97	$2.01	$0.06	$3.18	$1.72	$2.84	($0.57)	$1.31	$1.08
Weighted Average Diluted Shares Outstanding	652.96M	645.96M	645.28M	645.42M	645.31M	643.32M	643.46M	643.42M	642.72M	641.24M	641.19M
Weighted Average Basic & Diluted Shares Outstanding	652.96M	645.96M	645.28M	645.42M	645.31M	643.32M	643.46M	643.42M	642.72M	641.24M	641.19M
Cash Dividends to Common per Share	$0.15	-	$0.15	-	$0.10	-	$0.10	$0.10	-	-	-

This table details how cash moves in and out of Delta Air Lines' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	26	-78	-5,096	-1,486	6,325	982	895	-973	800	-116
Net Cash From Operating Activities	8,025	6,464	6,363	3,264	-3,793	8,425	7,014	5,023	7,215	7,927
Net Cash From Continuing Operating Activities	7,568	7,142	4,137	1,074	-3,793	7,884	6,398	4,340	6,860	7,927
Net Income / (Loss) Continuing Operations	3,457	4,609	1,318	280	-12,385	4,767	3,935	3,205	4,195	4,526
Consolidated Net Income / (Loss)	3,457	4,609	1,318	280	-12,385	4,767	3,935	3,205	4,195	4,526
Depreciation Expense	2,513	2,341	2,107	1,998	2,312	2,581	2,329	2,222	1,886	1,835
Non-Cash Adjustments To Reconcile Net Income	1,188	-583	1,467	-1,968	5,879	-506	-497	-3,353	-1,100	-1,680
Changes in Operating Assets and Liabilities, net	410	775	-755	764	401	1,042	631	2,266	1,879	3,246
Net Cash From Discontinued Operating Activities	457	-678	2,226	2,190	-	541	616	683	355	-
Net Cash From Investing Activities	-3,739	-3,148	-6,924	-898	-9,238	-4,563	-4,393	-5,266	-2,155	-3,955
Net Cash From Continuing Investing Activities	-3,739	-3,148	-6,924	-898	-9,238	-4,563	-4,393	-5,266	-2,155	-3,955
Purchase of Property, Plant & Equipment	-5,140	-5,323	-6,366	-3,247	-1,899	-4,936	-5,168	-3,891	-3,391	-2,945
Purchase of Investments	0.00	-2,464	-3,574	-12,655	-15,499	-170	-145	-2,170	-1,707	-998
Sale and/or Maturity of Investments	1,137	4,547	2,804	15,036	7,608	485	794	584	2,686	739
Other Investing Activities, net	264	92	212	-32	552	58	126	211	257	-251
Net Cash From Financing Activities	-4,260	-3,394	-4,535	-3,852	19,356	-2,880	-1,726	-730	-4,260	-4,088
Net Cash From Continuing Financing Activities	-4,260	-3,394	-4,535	-3,852	19,356	-2,880	-1,733	-730	-4,260	-4,088
Repayment of Debt	-3,939	-4,144	-4,535	-5,754	-8,761	-3,341	-2,994	-1,412	-1,811	-2,925
Payment of Dividends	-321	-128	0.00	0.00	-260	-980	-909	-731	-509	-359
Issuance of Debt	0.00	878	0.00	1,902	26,051	3,807	3,745	2,454	661	1,038
Cash Interest Paid	1,001	1,164	1,261	1,524	761	481	376	390	385	452

This table details how cash moves in and out of Delta Air Lines' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-1,858	5,266	-1,495	-4,729	984	6,345	-931	-5,448	-44	-3,852	2,079
Net Cash From Operating Activities	2,378	1,894	1,274	2,449	2,408	545	1,076	2,608	2,235	1,188	869
Net Cash From Continuing Operating Activities	0.00	7,568	-	-	0.00	7,142	-	-	0.00	4,137	-
Net Income / (Loss) Continuing Operations	0.00	3,457	-	-	0.00	4,609	-	-	0.00	1,318	-
Net Cash From Investing Activities	-1,224	-1,169	-1,124	-809	-637	-535	-131	-1,382	-1,100	-4,735	-1,288
Net Cash From Continuing Investing Activities	-1,224	-1,169	-1,124	-809	-637	-535	-131	-1,382	-1,100	-4,735	-1,288
Purchase of Property, Plant & Equipment	-1,224	-1,310	-1,328	-1,309	-1,193	-1,602	-1,269	-1,452	-1,000	-2,200	-1,442
Sale and/or Maturity of Investments	0.00	7.00	117	467	546	1,059	1,527	1,064	897	220	295
Other Investing Activities, net	0.00	134	87	33	10	8.00	64	18	2.00	91	13
Net Cash From Financing Activities	-634	-1,590	-371	-1,512	-787	416	-800	-1,831	-1,179	-305	-1,808
Net Cash From Continuing Financing Activities	-634	-1,590	-371	-1,512	-787	416	-800	-1,831	-1,179	-305	-1,808
Repayment of Debt	-535	-1,494	-274	-1,448	-723	-398	-736	-1,831	-1,179	-305	-1,808
Payment of Dividends	-99	-96	-97	-64	-64	-64	-64	-	0.00	-	-

This table presents Delta Air Lines' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	75,372	73,644	72,288	72,459	71,996	64,532	60,266	53,671	51,261	53,134
Total Current Assets	9,844	10,269	13,011	15,940	17,404	8,249	6,340	7,804	7,451	9,056
Cash & Equivalents	3,069	2,741	3,266	7,933	8,307	2,882	1,565	1,814	2,762	1,972
Short-Term Investments	0.00	1,127	3,268	3,386	5,789	0.00	-	825	487	1,465
Accounts Receivable	3,224	3,130	3,176	2,404	1,396	2,854	2,314	2,377	2,064	2,020
Inventories, net	1,428	1,314	1,424	1,098	732	1,251	1,055	1,329	891	697
Prepaid Expenses	2,123	1,957	1,877	1,119	1,180	1,262	1,406	1,459	1,247	915
Plant, Property, & Equipment, net	37,595	35,486	33,109	28,749	26,529	31,310	28,335	26,563	24,375	23,039
Total Noncurrent Assets	27,933	27,889	26,168	27,770	28,063	24,973	25,591	19,304	19,435	21,039
Long-Term Investments	2,846	3,457	2,128	1,712	1,665	2,568	-	-	-	-
Goodwill	9,753	9,753	9,753	9,753	9,753	9,781	9,781	9,794	9,794	9,794
Intangible Assets	5,975	5,983	5,992	6,001	6,011	5,163	4,830	4,847	4,844	4,861
Other Noncurrent Operating Assets	9,359	8,696	8,295	9,010	7,090	6,705	9,844	3,309	1,733	1,428
Total Liabilities & Shareholders' Equity	75,372	73,644	72,288	72,459	71,996	64,532	60,266	53,671	51,261	53,134
Total Liabilities	60,079	62,539	65,706	68,572	70,462	49,174	46,579	41,141	38,974	42,284
Total Current Liabilities	26,670	26,418	25,940	20,966	15,927	20,204	18,578	18,959	15,239	17,526
Short-Term Debt	3,275	4,083	3,459	2,882	2,832	3,023	2,593	3,309	1,562	1,563
Accounts Payable	4,650	4,446	5,106	4,240	2,840	3,266	2,976	3,634	2,572	2,743
Accrued Expenses	1,812	1,617	1,779	1,746	1,670	1,078	1,117	1,868	1,907	1,306
Current Deferred Revenue	0.00	0.00	0.00	0.00	5,821	8,335	-	0.00	-	-
Current Employee Benefit Liabilities	4,762	4,561	3,288	2,457	2,086	3,701	3,287	3,022	2,924	3,195
Other Current Liabilities	12,171	11,711	12,308	9,641	678	801	8,605	7,126	6,274	8,719
Total Noncurrent Liabilities	33,409	36,121	39,766	47,606	54,535	28,970	28,001	22,182	23,735	24,758
Long-Term Debt	14,019	17,071	20,671	25,138	27,425	8,873	8,253	6,592	6,201	6,766
Noncurrent Deferred Revenue	4,512	4,512	4,548	4,979	5,905	3,509	3,652	3,559	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	2,176	908	24	-	-	1,456	163	-	-	-
Noncurrent Employee Benefit Liabilities	3,144	3,601	3,707	6,035	10,630	8,452	9,163	9,810	13,378	13,855
Other Noncurrent Operating Liabilities	9,558	10,029	10,916	11,454	10,575	6,680	6,770	2,221	4,156	4,137
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	15,293	11,105	6,582	3,887	1,534	15,358	13,687	12,530	12,287	10,850
Total Preferred & Common Equity	15,293	11,105	6,582	3,887	1,534	15,358	13,687	12,530	12,287	10,850
Total Common Equity	15,293	11,105	6,582	3,887	1,534	15,358	13,687	12,530	12,287	10,850
Common Stock	11,740	11,641	11,526	11,447	11,259	11,129	11,671	12,053	12,294	12,936
Retained Earnings	8,783	5,650	1,170	-148	-428	12,454	10,039	8,256	7,903	5,562
Treasury Stock	-251	-341	-313	-282	-259	-236	-198	-158	-274	-373
Accumulated Other Comprehensive Income / (Loss)	-4,979	-5,845	-5,801	-7,130	-9,038	-7,989	-7,825	-7,621	-7,636	-7,275

This table presents Delta Air Lines' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	77,342	75,372	75,368	75,197	74,969	73,644	73,247	73,497	73,134	72,288	72,596
Total Current Assets	11,236	9,844	11,062	11,588	11,579	10,269	12,255	13,080	13,401	13,011	14,799
Cash & Equivalents	3,711	3,069	3,969	4,110	3,877	2,741	2,835	2,668	3,215	3,266	7,023
Accounts Receivable	3,652	3,224	3,550	3,812	3,748	3,130	3,214	3,122	3,224	3,176	3,097
Inventories, net	1,486	1,428	1,467	1,486	1,452	1,314	1,507	1,438	1,379	1,424	1,473
Prepaid Expenses	2,387	2,123	2,068	2,056	1,913	1,957	2,529	2,484	2,187	1,877	1,861
Plant, Property, & Equipment, net	38,171	37,595	36,862	36,339	35,915	35,486	34,593	34,092	33,249	33,109	31,512
Total Noncurrent Assets	27,935	27,933	27,444	27,270	27,475	27,889	26,399	26,325	26,484	26,168	26,285
Long-Term Investments	2,819	2,846	3,272	3,022	3,247	3,457	2,291	2,389	2,249	2,128	1,585
Goodwill	9,753	9,753	9,753	9,753	9,753	9,753	9,753	9,753	9,753	9,753	9,753
Intangible Assets	5,972	5,975	5,977	5,979	5,981	5,983	5,985	5,988	5,990	5,992	5,994
Other Noncurrent Operating Assets	9,391	9,359	8,442	8,516	8,494	8,696	8,370	8,195	8,060	8,295	8,018
Total Liabilities & Shareholders' Equity	77,342	75,372	75,368	75,197	74,969	73,644	73,247	73,497	73,134	72,288	72,596
Total Liabilities	61,895	60,079	61,722	62,811	63,818	62,539	64,021	65,397	66,874	65,706	68,006
Total Current Liabilities	29,699	26,670	28,118	28,759	28,478	26,418	27,556	28,482	28,417	25,940	25,870
Short-Term Debt	4,038	3,275	4,424	4,050	3,909	4,083	3,081	3,165	3,236	3,459	3,131
Accounts Payable	4,809	4,650	4,545	4,876	4,541	4,446	5,320	5,114	4,754	5,106	4,958
Accrued Expenses	2,319	1,812	1,848	1,928	2,038	1,617	1,769	1,918	2,003	1,779	1,822
Current Deferred Revenue	14,448	0.00	0.00	13,475	14,211	0.00	12,655	14,246	14,872	0.00	0.00
Current Employee Benefit Liabilities	3,333	4,762	4,105	3,655	3,037	4,561	4,003	3,340	2,828	3,288	2,796
Other Current Liabilities	752	12,171	13,196	775	742	11,711	728	699	724	12,308	13,163
Total Noncurrent Liabilities	32,196	33,409	33,604	34,052	35,340	36,121	36,465	36,915	38,457	39,766	42,136
Long-Term Debt	12,886	14,019	14,373	15,033	16,555	17,071	17,532	18,140	19,823	20,671	21,202
Noncurrent Deferred Revenue	4,553	4,512	4,630	4,596	4,523	4,512	4,456	4,443	4,413	4,548	4,532
Noncurrent Deferred & Payable Income Tax Liabilities	2,229	2,176	1,675	1,410	994	908	-	-	-	24	-
Noncurrent Employee Benefit Liabilities	3,117	3,144	3,404	3,453	3,524	3,601	3,618	3,669	3,730	3,707	5,470
Other Noncurrent Operating Liabilities	9,411	9,558	9,522	9,560	9,744	10,029	10,859	10,663	10,491	10,916	10,932
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	15,447	15,293	13,646	12,386	11,151	11,105	9,226	8,100	6,260	6,582	4,590
Total Preferred & Common Equity	15,447	15,293	13,646	12,386	11,151	11,105	9,226	8,100	6,260	6,582	4,590
Total Common Equity	15,447	15,293	13,646	12,386	11,151	11,105	9,226	8,100	6,260	6,582	4,590
Common Stock	11,698	11,740	11,686	11,647	11,688	11,641	11,613	11,578	11,544	11,526	11,507
Retained Earnings	8,925	8,783	7,940	6,765	5,622	5,650	3,613	2,569	807	1,170	342
Treasury Stock	-238	-251	-289	-286	-366	-341	-340	-338	-337	-313	-313
Accumulated Other Comprehensive Income / (Loss)	-4,938	-4,979	-5,691	-5,740	-5,793	-5,845	-5,660	-5,709	-5,754	-5,801	-6,946

This table displays calculated financial ratios and metrics derived from Delta Air Lines' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.19%	14.76%	69.18%	74.90%	-63.63%	5.78%	8.02%	4.28%	-3.08%	0.85%
EBITDA Growth	-10.05%	71.77%	28.94%	132.37%	-235.88%	17.12%	-4.50%	-5.90%	-8.93%	171.20%
EBIT Growth	-16.31%	113.77%	52.45%	113.62%	-325.42%	19.82%	-8.01%	-12.54%	-11.74%	343.55%
NOPAT Growth	-1.94%	79.99%	90.00%	115.20%	-271.48%	26.58%	15.67%	-24.74%	-6.37%	263.83%
Net Income Growth	-24.99%	249.70%	370.71%	102.26%	-359.81%	21.14%	22.78%	-23.60%	-7.31%	586.80%
EPS Growth	-25.66%	248.06%	368.18%	102.26%	-366.99%	28.75%	27.99%	-20.18%	-1.42%	621.79%
Operating Cash Flow Growth	24.15%	1.59%	94.94%	186.05%	-145.02%	20.12%	39.64%	-30.38%	-8.98%	60.24%
Free Cash Flow Firm Growth	74.53%	380.92%	82.02%	-51.17%	-135.35%	190.41%	308.06%	-86.36%	-18.35%	-18.73%
Invested Capital Growth	6.97%	13.59%	16.29%	30.41%	-31.62%	-3.04%	10.31%	17.80%	6.73%	3.78%
Revenue Q/Q Growth	2.22%	1.38%	8.51%	22.52%	-30.40%	1.51%	1.17%	2.39%	-0.59%	-0.36%
EBITDA Q/Q Growth	-11.87%	15.44%	40.37%	23.50%	-24.24%	3.44%	0.62%	6.68%	-9.14%	39.23%
EBIT Q/Q Growth	-16.77%	20.93%	88.89%	60.71%	-18.46%	4.00%	1.14%	6.91%	-11.47%	53.31%
NOPAT Q/Q Growth	-2.10%	4.82%	394.88%	147.77%	-22.10%	5.74%	13.74%	-9.36%	-7.87%	48.50%
Net Income Q/Q Growth	-25.67%	35.56%	1,487.95%	511.76%	-17.61%	1.69%	22.43%	-4.33%	-11.33%	59.70%
EPS Q/Q Growth	-26.18%	35.28%	1,484.62%	500.00%	-17.20%	3.11%	22.46%	-4.11%	-10.19%	58.59%
Operating Cash Flow Q/Q Growth	20.21%	-9.05%	11.03%	129.54%	-146.78%	-3.16%	-8.43%	17.72%	-4.55%	12.76%
Free Cash Flow Firm Q/Q Growth	43.17%	105.52%	80.03%	-416.40%	-260.74%	103.40%	-32.09%	25.25%	3.92%	-33.06%
Invested Capital Q/Q Growth	5.87%	10.61%	15.71%	20.30%	-0.59%	-7.86%	4.02%	-2.84%	-0.72%	2.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.84%	42.46%	29.10%	16.71%	-8.80%	40.70%	35.80%	30.85%	41.19%	43.12%
EBITDA Margin	12.91%	15.24%	10.18%	13.36%	-72.17%	19.32%	17.45%	19.73%	21.87%	23.27%
Operating Margin	9.73%	9.51%	7.24%	6.31%	-72.94%	14.08%	11.85%	14.50%	17.73%	19.17%
EBIT Margin	8.83%	11.21%	6.02%	6.68%	-85.70%	13.83%	12.21%	14.33%	17.09%	18.76%
Profit (Net Income) Margin	5.61%	7.94%	2.61%	0.94%	-72.45%	10.14%	8.86%	7.79%	10.63%	11.12%
Tax Burden Percent	74.22%	82.19%	68.86%	70.35%	79.46%	76.91%	76.39%	58.27%	66.03%	63.24%
Interest Burden Percent	85.56%	86.21%	62.90%	19.94%	106.40%	95.37%	94.97%	93.28%	94.24%	93.70%
Effective Tax Rate	25.78%	17.81%	31.14%	29.65%	0.00%	23.09%	23.61%	41.73%	33.97%	36.76%
Return on Invested Capital (ROIC)	17.24%	19.36%	12.35%	7.96%	-48.98%	23.67%	19.32%	19.00%	28.39%	31.92%
ROIC Less NNEP Spread (ROIC-NNEP)	9.37%	19.85%	4.42%	0.46%	-87.98%	19.05%	18.20%	14.39%	19.36%	24.67%
Return on Net Nonoperating Assets (RNNOA)	8.95%	32.76%	12.83%	2.37%	-97.66%	9.15%	10.70%	6.83%	7.87%	14.11%
Return on Equity (ROE)	26.19%	52.12%	25.18%	10.33%	-146.64%	32.82%	30.02%	25.83%	36.26%	46.04%
Cash Return on Invested Capital (CROIC)	10.51%	6.63%	-2.71%	-18.44%	-11.42%	26.76%	9.52%	2.65%	21.88%	28.22%
Operating Return on Assets (OROA)	7.31%	8.92%	4.20%	2.76%	-21.46%	10.42%	9.52%	11.24%	12.91%	14.26%
Return on Assets (ROA)	4.64%	6.32%	1.82%	0.39%	-18.14%	7.64%	6.91%	6.11%	8.04%	8.45%
Return on Common Equity (ROCE)	26.19%	52.12%	25.18%	10.33%	-146.64%	32.82%	30.02%	25.83%	36.26%	46.04%
Return on Equity Simple (ROE_SIMPLE)	22.61%	41.50%	20.02%	7.20%	-807.37%	31.04%	28.75%	25.58%	34.14%	41.71%
Net Operating Profit after Tax (NOPAT)	4,449	4,537	2,521	1,327	-8,728	5,090	4,021	3,477	4,620	4,934
NOPAT Margin	7.22%	7.82%	4.98%	4.44%	-51.06%	10.83%	9.05%	8.45%	11.71%	12.12%
Net Nonoperating Expense Percent (NNEP)	7.87%	-0.49%	7.93%	7.50%	39.00%	4.63%	1.12%	4.61%	9.03%	7.25%
Return On Investment Capital (ROIC_SIMPLE)	13.65%	14.07%	8.21%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	66.16%	57.54%	70.90%	83.29%	108.80%	59.30%	64.20%	69.16%	58.81%	56.88%
SG&A Expenses to Revenue	10.85%	10.82%	9.97%	12.73%	18.63%	10.15%	8.77%	3.91%	8.97%	9.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.11%	32.95%	21.86%	10.40%	64.14%	26.63%	23.96%	16.34%	23.46%	23.95%
Earnings before Interest and Taxes (EBIT)	5,444	6,505	3,043	1,996	-14,650	6,499	5,424	5,896	6,741	7,638
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7,957	8,846	5,150	3,994	-12,338	9,080	7,753	8,118	8,627	9,473
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.55	2.31	3.15	6.39	16.60	2.43	2.40	2.98	2.70	3.32
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	90.07	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.63	0.44	0.41	0.83	1.49	0.79	0.74	0.91	0.84	0.88
Price to Earnings (P/E)	11.29	5.56	15.74	88.68	0.00	7.82	8.35	11.67	7.92	7.95
Dividend Yield	0.83%	0.50%	0.00%	0.00%	4.78%	3.22%	3.37%	1.94%	1.50%	0.98%
Earnings Yield	8.86%	18.00%	6.35%	1.13%	0.00%	12.78%	11.98%	8.57%	12.63%	12.58%
Enterprise Value to Invested Capital (EV/IC)	1.89	1.58	1.65	2.11	2.76	2.07	1.93	2.26	2.25	2.60
Enterprise Value to Revenue (EV/Rev)	0.82	0.68	0.72	1.33	2.34	0.93	0.95	1.09	0.96	1.00
Enterprise Value to EBITDA (EV/EBITDA)	6.34	4.46	7.03	9.97	0.00	4.82	5.43	5.50	4.37	4.31
Enterprise Value to EBIT (EV/EBIT)	9.26	6.06	11.90	19.95	0.00	6.73	7.77	7.57	5.60	5.35
Enterprise Value to NOPAT (EV/NOPAT)	11.33	8.69	14.36	30.01	0.00	8.59	10.47	12.84	8.17	8.28
Enterprise Value to Operating Cash Flow (EV/OCF)	6.28	6.10	5.69	12.20	0.00	5.19	6.01	8.89	5.23	5.16
Enterprise Value to Free Cash Flow (EV/FCFF)	18.60	25.39	0.00	0.00	0.00	7.60	21.26	91.96	10.60	9.37
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.13	1.90	3.67	7.21	19.72	0.77	0.79	0.79	0.63	0.77
Long-Term Debt to Equity	0.92	1.54	3.14	6.47	17.88	0.58	0.60	0.53	0.50	0.62
Financial Leverage	0.95	1.65	2.90	5.15	1.11	0.48	0.59	0.47	0.41	0.57
Leverage Ratio	5.65	8.25	13.83	26.65	8.08	4.30	4.35	4.23	4.51	5.45
Compound Leverage Factor	4.83	7.11	8.70	5.31	8.60	4.10	4.13	3.94	4.25	5.11
Debt to Total Capital	53.07%	65.58%	78.57%	87.82%	95.17%	43.65%	44.21%	44.14%	38.72%	43.43%
Short-Term Debt to Total Capital	10.05%	12.66%	11.26%	9.03%	8.91%	11.09%	10.57%	14.75%	7.79%	8.15%
Long-Term Debt to Total Capital	43.02%	52.92%	67.31%	78.79%	86.27%	32.56%	33.64%	29.39%	30.93%	35.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	46.93%	34.42%	21.43%	12.18%	4.83%	56.35%	55.79%	55.86%	61.28%	56.57%
Debt to EBITDA	2.17	2.39	4.69	7.02	-2.45	1.31	1.40	1.22	0.90	0.88
Net Debt to EBITDA	1.43	1.56	3.00	3.75	-1.17	0.71	1.20	0.89	0.52	0.52
Long-Term Debt to EBITDA	1.76	1.93	4.01	6.29	-2.22	0.98	1.06	0.81	0.72	0.71
Debt to NOPAT	3.89	4.66	9.57	21.12	-3.47	2.34	2.70	2.85	1.68	1.69
Net Debt to NOPAT	2.56	3.05	6.14	11.30	-1.66	1.27	2.31	2.09	0.98	0.99
Long-Term Debt to NOPAT	3.15	3.76	8.20	18.95	-3.14	1.74	2.05	1.90	1.34	1.37
Altman Z-Score	1.34	1.17	0.84	0.63	-0.20	1.56	1.45	1.64	1.75	1.71
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.37	0.39	0.50	0.76	1.09	0.41	0.34	0.41	0.49	0.52
Quick Ratio	0.24	0.26	0.37	0.65	0.97	0.28	0.21	0.26	0.35	0.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,711	1,553	-553	-3,075	-2,034	5,754	1,981	486	3,561	4,361
Operating Cash Flow to CapEx	156.13%	121.44%	99.95%	100.52%	-199.74%	170.68%	135.72%	129.09%	212.77%	269.17%
Free Cash Flow to Firm to Interest Expense	69.52	24.66	-5.53	-1.92	-2.17	19.12	6.37	1.23	9.18	9.07
Operating Cash Flow to Interest Expense	205.77	102.60	63.63	2.04	-4.05	27.99	22.55	12.68	18.60	16.48
Operating Cash Flow Less CapEx to Interest Expense	73.97	18.11	-0.03	0.01	-6.07	11.59	5.94	2.86	9.86	10.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.80	0.70	0.41	0.25	0.75	0.78	0.78	0.76	0.76
Accounts Receivable Turnover	19.40	18.41	18.13	15.74	8.04	18.19	18.95	18.53	19.32	18.86
Inventory Turnover	29.75	24.40	28.44	27.22	18.76	24.17	23.93	25.63	29.22	29.89
Fixed Asset Turnover	1.69	1.69	1.64	1.08	0.59	1.58	1.62	1.62	1.66	1.81
Accounts Payable Turnover	8.97	6.99	7.67	7.04	6.09	8.93	8.63	9.17	8.73	8.63
Days Sales Outstanding (DSO)	18.81	19.83	20.13	23.19	45.37	20.06	19.27	19.70	18.89	19.36
Days Inventory Outstanding (DIO)	12.27	14.96	12.83	13.41	19.46	15.10	15.25	14.24	12.49	12.21
Days Payable Outstanding (DPO)	40.70	52.19	47.56	51.88	59.91	40.87	42.29	39.81	41.81	42.29
Cash Conversion Cycle (CCC)	-9.62	-17.40	-14.59	-15.28	4.92	-5.71	-7.77	-5.87	-10.43	-10.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	26,672	24,934	21,950	18,876	14,474	21,168	21,832	19,792	16,801	15,742
Invested Capital Turnover	2.39	2.48	2.48	1.79	0.96	2.19	2.14	2.25	2.42	2.63
Increase / (Decrease) in Invested Capital	1,738	2,984	3,074	4,402	-6,694	-664	2,040	2,991	1,059	573
Enterprise Value (EV)	50,419	39,440	36,211	39,820	39,954	43,736	42,121	44,651	37,740	40,863
Market Capitalization	39,040	25,611	20,743	24,831	25,458	37,290	32,840	37,389	33,226	35,971
Book Value per Share	$23.70	$17.26	$10.27	$6.07	$2.41	$23.75	$19.96	$17.57	$16.69	$13.80
Tangible Book Value per Share	($0.67)	($7.20)	($14.29)	($18.54)	($22.31)	$0.64	($1.35)	($2.96)	($3.19)	($4.84)
Total Capital	32,587	32,259	30,712	31,907	31,791	27,254	24,533	22,431	20,050	19,179
Total Debt	17,294	21,154	24,130	28,020	30,257	11,896	10,846	9,901	7,763	8,329
Total Long-Term Debt	14,019	17,071	20,671	25,138	27,425	8,873	8,253	6,592	6,201	6,766
Net Debt	11,379	13,829	15,468	14,989	14,496	6,446	9,281	7,262	4,514	4,892
Capital Expenditures (CapEx)	5,140	5,323	6,366	3,247	1,899	4,936	5,168	3,891	3,391	2,945
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-16,620	-15,934	-16,004	-13,463	-9,787	-11,814	-11,210	-10,485	-9,475	-10,344
Debt-free Net Working Capital (DFNWC)	-13,551	-12,066	-9,470	-2,144	4,309	-8,932	-9,645	-7,846	-6,226	-6,907
Net Working Capital (NWC)	-16,826	-16,149	-12,929	-5,026	1,477	-11,955	-12,238	-11,155	-7,788	-8,470
Net Nonoperating Expense (NNE)	992	-72	1,203	1,047	3,657	323	86	272	425	408
Net Nonoperating Obligations (NNO)	11,379	13,829	15,368	14,989	12,940	5,810	8,145	7,262	4,514	4,892
Total Depreciation and Amortization (D&A)	2,513	2,341	2,107	1,998	2,312	2,581	2,329	2,222	1,886	1,835
Debt-free, Cash-free Net Working Capital to Revenue	-26.96%	-27.45%	-31.64%	-45.03%	-57.25%	-25.13%	-25.23%	-25.49%	-24.02%	-25.41%
Debt-free Net Working Capital to Revenue	-21.98%	-20.79%	-18.72%	-7.17%	25.21%	-19.00%	-21.70%	-19.07%	-15.78%	-16.97%
Net Working Capital to Revenue	-27.30%	-27.82%	-25.56%	-16.81%	8.64%	-25.43%	-27.54%	-27.12%	-19.74%	-20.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.39	$7.21	$2.07	$0.44	($19.49)	$7.32	$5.69	$4.97	$5.82	$5.68
Adjusted Weighted Average Basic Shares Outstanding	645.96M	643.32M	641.24M	639.93M	638.15M	640.09M	678.95M	706.91M	730.77M	778.51M
Adjusted Diluted Earnings per Share	$5.33	$7.17	$2.06	$0.44	($19.49)	$7.30	$5.67	$4.95	$5.79	$5.63
Adjusted Weighted Average Diluted Shares Outstanding	645.96M	643.32M	641.24M	639.93M	638.15M	640.09M	678.95M	706.91M	730.77M	778.51M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	645.96M	643.32M	641.24M	639.93M	638.15M	640.09M	678.95M	706.91M	730.77M	778.51M
Normalized Net Operating Profit after Tax (NOPAT)	4,449	4,537	2,521	1,327	-2,975	5,090	4,021	3,477	4,620	4,934
Normalized NOPAT Margin	7.22%	7.82%	4.98%	4.44%	-17.40%	10.83%	9.05%	8.45%	11.71%	12.12%
Pre Tax Income Margin	7.56%	9.66%	3.78%	1.33%	-91.18%	13.19%	11.59%	13.37%	16.10%	17.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	139.59	103.25	30.43	1.25	-15.64	21.59	17.44	14.89	17.37	15.88
NOPAT to Interest Expense	114.08	72.02	25.21	0.83	-9.32	16.91	12.93	8.78	11.91	10.26
EBIT Less CapEx to Interest Expense	7.79	18.76	-33.23	-0.78	-17.66	5.19	0.82	5.06	8.63	9.76
NOPAT Less CapEx to Interest Expense	-17.71	-12.47	-38.45	-1.20	-11.34	0.51	-3.69	-1.05	3.17	4.13
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.29%	2.78%	0.00%	0.00%	-2.10%	20.56%	23.10%	22.81%	12.13%	7.93%
Augmented Payout Ratio	9.29%	2.78%	0.00%	0.00%	-4.88%	63.08%	63.13%	75.13%	74.14%	56.54%

This table displays calculated financial ratios and metrics derived from Delta Air Lines' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.12%	9.40%	1.22%	6.93%	7.75%	5.87%	10.83%	12.69%	36.49%	41.88%	52.67%
EBITDA Growth	16.91%	-34.66%	2.28%	-16.30%	208.14%	61.94%	30.42%	68.48%	177.72%	345.22%	-29.57%
EBIT Growth	50.76%	-44.18%	0.23%	-21.81%	228.79%	82.98%	39.07%	89.80%	71.48%	1,909.33%	-38.69%
NOPAT Growth	129.17%	1.70%	-21.24%	-15.05%	196.04%	8.93%	37.40%	81.74%	64.62%	490.43%	-39.70%
Net Income Growth	548.65%	-58.62%	14.80%	-28.57%	110.19%	146.01%	59.42%	148.57%	61.38%	303.44%	-42.66%
EPS Growth	516.67%	-59.43%	14.53%	-29.23%	110.53%	142.75%	59.26%	146.96%	61.49%	311.29%	-42.86%
Operating Cash Flow Growth	-1.25%	247.52%	18.40%	-6.10%	7.74%	-54.12%	23.82%	2.88%	26.20%	113.67%	475.50%
Free Cash Flow Firm Growth	53.57%	70.34%	28.91%	13.42%	-10.07%	9.42%	4.46%	39.74%	38.40%	52.89%	-463.06%
Invested Capital Growth	8.11%	6.97%	11.76%	15.41%	16.83%	13.59%	18.84%	21.91%	15.63%	16.29%	20.90%
Revenue Q/Q Growth	-9.77%	-0.75%	-5.89%	21.17%	-3.34%	-8.17%	-0.58%	22.09%	-5.03%	-3.86%	1.09%
EBITDA Q/Q Growth	-45.27%	-14.98%	-9.03%	176.22%	-69.41%	33.09%	-25.56%	916.94%	-83.93%	7.18%	-3.83%
EBIT Q/Q Growth	-64.00%	-20.07%	-13.00%	502.11%	-86.67%	43.53%	-32.13%	1,091.83%	-118.94%	9.08%	-7.37%
NOPAT Q/Q Growth	-64.56%	5.78%	-31.78%	796.07%	-84.27%	-18.07%	-26.42%	1,113.00%	-117.84%	3.34%	-2.67%
Net Income Q/Q Growth	-71.53%	-33.73%	-2.53%	3,427.03%	-98.18%	83.84%	-39.35%	603.31%	-143.84%	19.14%	-5.44%
EPS Q/Q Growth	-71.32%	-34.52%	-1.99%	3,250.00%	-98.11%	84.88%	-39.44%	598.25%	-143.51%	21.30%	-6.09%
Operating Cash Flow Q/Q Growth	25.55%	48.67%	-47.98%	1.70%	341.83%	-49.35%	-58.74%	16.69%	88.13%	36.71%	-65.72%
Free Cash Flow Firm Q/Q Growth	-183.29%	64.71%	3.31%	51.97%	-80.94%	15.41%	-17.76%	38.94%	-48.91%	10.78%	25.72%
Invested Capital Q/Q Growth	-3.12%	5.87%	4.05%	1.30%	-4.14%	10.61%	7.45%	2.55%	-6.79%	15.71%	10.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.85%	31.79%	33.51%	40.71%	28.19%	59.42%	36.46%	43.87%	29.09%	33.49%	32.56%
EBITDA Margin	7.88%	12.99%	15.16%	15.69%	6.88%	21.75%	15.01%	20.04%	2.41%	14.22%	12.75%
Operating Margin	4.05%	11.03%	8.91%	13.61%	4.47%	9.30%	12.81%	15.99%	-2.17%	10.93%	10.42%
EBIT Margin	3.55%	8.91%	11.06%	11.96%	2.41%	17.46%	11.17%	16.36%	-2.01%	10.10%	8.90%
Profit (Net Income) Margin	1.71%	5.42%	8.11%	7.83%	0.27%	14.32%	7.15%	11.73%	-2.85%	6.16%	4.97%
Tax Burden Percent	75.00%	70.13%	81.49%	73.60%	30.33%	89.50%	72.85%	78.85%	71.74%	73.99%	72.25%
Interest Burden Percent	64.13%	86.72%	90.02%	88.96%	36.86%	91.66%	87.92%	90.90%	196.89%	82.46%	77.33%
Effective Tax Rate	25.00%	29.87%	18.51%	26.40%	69.67%	10.50%	27.15%	21.15%	0.00%	26.01%	27.75%
Return on Invested Capital (ROIC)	7.57%	18.49%	18.35%	26.65%	3.61%	20.61%	25.74%	36.81%	-4.30%	20.05%	20.25%
ROIC Less NNEP Spread (ROIC-NNEP)	5.96%	15.62%	19.42%	23.71%	2.50%	26.46%	23.31%	35.77%	-5.47%	18.34%	17.65%
Return on Net Nonoperating Assets (RNNOA)	5.18%	14.92%	21.11%	28.59%	3.87%	43.67%	46.72%	78.91%	-17.09%	53.19%	67.35%
Return on Equity (ROE)	12.75%	33.41%	39.46%	55.24%	7.47%	64.29%	72.47%	115.72%	-21.40%	73.23%	87.60%
Cash Return on Invested Capital (CROIC)	10.23%	10.51%	7.93%	7.28%	7.70%	6.63%	3.64%	0.91%	1.38%	-2.71%	-15.98%
Operating Return on Assets (OROA)	2.89%	7.37%	8.98%	9.67%	1.92%	13.89%	8.77%	12.30%	-1.48%	7.06%	5.71%
Return on Assets (ROA)	1.39%	4.48%	6.58%	6.33%	0.21%	11.39%	5.62%	8.82%	-2.09%	4.31%	3.19%
Return on Common Equity (ROCE)	12.75%	33.41%	39.46%	55.24%	7.47%	64.29%	72.47%	115.72%	-21.40%	73.23%	87.60%
Return on Equity Simple (ROE_SIMPLE)	23.69%	0.00%	34.08%	36.23%	44.92%	0.00%	36.85%	36.88%	30.27%	0.00%	1.81%
Net Operating Profit after Tax (NOPAT)	427	1,204	1,138	1,669	186	1,184	1,445	1,964	-194	1,087	1,052
NOPAT Margin	3.04%	7.74%	7.26%	10.02%	1.35%	8.33%	9.33%	12.61%	-1.52%	8.09%	7.53%
Net Nonoperating Expense Percent (NNEP)	1.61%	2.87%	-1.07%	2.94%	1.11%	-5.84%	2.44%	1.04%	1.17%	1.71%	2.60%
Return On Investment Capital (ROIC_SIMPLE)	1.32%	3.70%	-	-	-	3.67%	-	-	-	3.54%	-
Cost of Revenue to Revenue	71.15%	68.21%	66.49%	59.29%	71.81%	40.58%	63.54%	56.13%	70.91%	66.51%	67.44%
SG&A Expenses to Revenue	12.59%	10.80%	11.40%	9.97%	11.34%	11.24%	10.23%	9.78%	12.33%	9.64%	9.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.79%	20.76%	24.60%	27.10%	23.73%	50.12%	23.65%	27.88%	31.26%	22.55%	22.14%
Earnings before Interest and Taxes (EBIT)	499	1,386	1,734	1,993	331	2,483	1,730	2,549	-257	1,357	1,244
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,106	2,021	2,377	2,613	946	3,093	2,324	3,122	307	1,910	1,782
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.82	2.55	2.40	2.47	2.76	2.31	2.55	3.74	3.55	3.15	3.89
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.45	0.63	0.54	0.51	0.52	0.44	0.41	0.54	0.41	0.41	0.38
Price to Earnings (P/E)	7.70	11.29	7.03	6.82	6.15	5.56	6.91	10.14	11.73	15.74	215.20
Dividend Yield	1.26%	0.83%	0.89%	0.84%	0.63%	0.50%	0.27%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	13.00%	8.86%	14.23%	14.66%	16.26%	18.00%	14.48%	9.87%	8.52%	6.35%	0.46%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.89	1.76	1.75	1.82	1.58	1.63	2.06	1.78	1.65	1.70
Enterprise Value to Revenue (EV/Rev)	0.62	0.82	0.73	0.71	0.74	0.68	0.64	0.77	0.67	0.72	0.69
Enterprise Value to EBITDA (EV/EBITDA)	4.75	6.34	4.90	4.73	4.59	4.46	4.80	6.06	6.23	7.03	8.79
Enterprise Value to EBIT (EV/EBIT)	6.87	9.26	6.76	6.49	6.14	6.06	6.84	8.82	9.88	11.90	20.01
Enterprise Value to NOPAT (EV/NOPAT)	8.60	11.33	9.73	8.70	8.46	8.69	8.50	10.94	12.03	14.36	63.29
Enterprise Value to Operating Cash Flow (EV/OCF)	4.82	6.28	6.63	6.55	6.56	6.10	5.18	6.25	5.34	5.69	5.63
Enterprise Value to Free Cash Flow (EV/FCFF)	15.15	18.60	23.36	25.80	25.51	25.39	48.69	249.40	138.63	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.10	1.13	1.38	1.54	1.84	1.90	2.23	2.63	3.68	3.67	5.30
Long-Term Debt to Equity	0.83	0.92	1.05	1.21	1.48	1.54	1.90	2.24	3.17	3.14	4.62
Financial Leverage	0.87	0.95	1.09	1.21	1.55	1.65	2.00	2.21	3.12	2.90	3.82
Leverage Ratio	5.73	5.65	6.50	7.26	8.51	8.25	10.56	12.45	15.88	13.83	20.20
Compound Leverage Factor	3.67	4.90	5.85	6.46	3.14	7.56	9.28	11.32	31.26	11.40	15.62
Debt to Total Capital	52.28%	53.07%	57.94%	60.64%	64.73%	65.58%	69.08%	72.45%	78.65%	78.57%	84.13%
Short-Term Debt to Total Capital	12.47%	10.05%	13.64%	12.87%	12.36%	12.66%	10.33%	10.76%	11.04%	11.26%	10.83%
Long-Term Debt to Total Capital	39.81%	43.02%	44.30%	47.77%	52.36%	52.92%	58.76%	61.69%	67.61%	67.31%	73.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	47.72%	46.93%	42.06%	39.36%	35.27%	34.42%	30.92%	27.55%	21.35%	21.43%	15.87%
Debt to EBITDA	2.09	2.17	2.08	2.13	2.16	2.39	2.69	2.99	3.94	4.69	6.63
Net Debt to EBITDA	1.28	1.43	1.28	1.32	1.34	1.56	1.74	1.81	2.43	3.00	3.92
Long-Term Debt to EBITDA	1.59	1.76	1.59	1.67	1.75	1.93	2.29	2.55	3.39	4.01	5.78
Debt to NOPAT	3.77	3.89	4.14	3.91	3.97	4.66	4.76	5.40	7.62	9.57	47.77
Net Debt to NOPAT	2.32	2.56	2.54	2.42	2.48	3.05	3.08	3.27	4.69	6.14	28.23
Long-Term Debt to NOPAT	2.87	3.15	3.16	3.08	3.21	3.76	4.05	4.60	6.55	8.20	41.62
Altman Z-Score	0.97	1.16	1.07	1.03	0.93	0.99	0.90	0.95	0.70	0.76	0.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.38	0.37	0.39	0.40	0.41	0.39	0.44	0.46	0.47	0.50	0.57
Quick Ratio	0.25	0.24	0.27	0.28	0.29	0.26	0.30	0.32	0.35	0.37	0.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,512	-534	-1,513	-1,564	-3,257	-1,800	-2,128	-1,807	-2,959	-1,987	-2,227
Operating Cash Flow to CapEx	194.28%	144.58%	95.93%	187.09%	201.84%	34.02%	84.79%	179.61%	223.50%	54.00%	60.26%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-48.89	-15.58	0.00	-163.67	-62.30	-11.88	0.00	-7.90
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	76.53	11.52	0.00	82.77	89.93	8.98	0.00	3.08
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	35.63	5.81	0.00	-14.85	39.86	4.96	0.00	-2.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.81	0.83	0.81	0.81	0.80	0.80	0.79	0.75	0.74	0.70	0.64
Accounts Receivable Turnover	16.74	19.40	17.83	17.34	16.94	18.41	18.15	17.94	17.24	18.13	17.66
Inventory Turnover	27.84	29.75	26.98	27.04	27.13	24.40	24.54	22.79	27.73	28.44	27.28
Fixed Asset Turnover	1.67	1.69	1.69	1.71	1.71	1.69	1.73	1.73	1.71	1.64	1.57
Accounts Payable Turnover	8.75	8.97	8.13	7.91	8.26	6.99	7.12	6.91	7.74	7.67	7.55
Days Sales Outstanding (DSO)	21.81	18.81	20.47	21.05	21.55	19.83	20.11	20.35	21.17	20.13	20.67
Days Inventory Outstanding (DIO)	13.11	12.27	13.53	13.50	13.45	14.96	14.87	16.01	13.16	12.83	13.38
Days Payable Outstanding (DPO)	41.72	40.70	44.88	46.12	44.18	52.19	51.29	52.84	47.14	47.56	48.33
Cash Conversion Cycle (CCC)	-6.80	-9.62	-10.88	-11.57	-9.17	-17.40	-16.31	-16.48	-12.81	-14.59	-14.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	25,841	26,672	25,194	24,213	23,902	24,934	22,543	20,980	20,459	21,950	18,970
Invested Capital Turnover	2.49	2.39	2.53	2.66	2.66	2.48	2.76	2.92	2.83	2.48	2.69
Increase / (Decrease) in Invested Capital	1,939	1,738	2,651	3,233	3,443	2,984	3,573	3,771	2,765	3,074	3,279
Enterprise Value (EV)	38,558	50,419	44,232	42,441	43,554	39,440	36,804	43,156	36,429	36,211	32,242
Market Capitalization	28,164	39,040	32,684	30,614	30,803	25,611	23,487	30,276	22,230	20,743	17,862
Book Value per Share	$23.91	$23.70	$21.14	$19.19	$17.28	$17.26	$14.34	$12.60	$9.76	$10.27	$7.16
Tangible Book Value per Share	($0.43)	($0.67)	($3.23)	($5.19)	($7.10)	($7.20)	($10.12)	($11.89)	($14.79)	($14.29)	($17.40)
Total Capital	32,371	32,587	32,443	31,469	31,615	32,259	29,839	29,405	29,319	30,712	28,923
Total Debt	16,924	17,294	18,797	19,083	20,464	21,154	20,613	21,305	23,059	24,130	24,333
Total Long-Term Debt	12,886	14,019	14,373	15,033	16,555	17,071	17,532	18,140	19,823	20,671	21,202
Net Debt	10,394	11,379	11,548	11,827	12,751	13,829	13,317	12,880	14,199	15,468	14,380
Capital Expenditures (CapEx)	1,224	1,310	1,328	1,309	1,193	1,602	1,269	1,452	1,000	2,200	1,442
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-18,136	-16,620	-16,609	-17,355	-17,456	-15,934	-17,225	-18,273	-18,391	-16,004	-16,308
Debt-free Net Working Capital (DFNWC)	-14,425	-13,551	-12,632	-13,121	-12,990	-12,066	-12,220	-12,237	-11,780	-9,470	-7,940
Net Working Capital (NWC)	-18,463	-16,826	-17,056	-17,171	-16,899	-16,149	-15,301	-15,402	-15,016	-12,929	-11,071
Net Nonoperating Expense (NNE)	187	361	-134	364	149	-853	337	137	169	259	357
Net Nonoperating Obligations (NNO)	10,394	11,379	11,548	11,827	12,751	13,829	13,317	12,880	14,199	15,368	14,380
Total Depreciation and Amortization (D&A)	607	635	643	620	615	610	594	573	564	553	538
Debt-free, Cash-free Net Working Capital to Revenue	-29.28%	-26.96%	-27.54%	-28.87%	-29.57%	-27.45%	-30.08%	-32.78%	-34.06%	-31.64%	-34.98%
Debt-free Net Working Capital to Revenue	-23.29%	-21.98%	-20.95%	-21.83%	-22.00%	-20.79%	-21.34%	-21.95%	-21.82%	-18.72%	-17.03%
Net Working Capital to Revenue	-29.81%	-27.30%	-28.28%	-28.56%	-28.62%	-27.82%	-26.72%	-27.63%	-27.81%	-25.56%	-23.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.37	$1.31	$1.98	$2.04	$0.06	$3.19	$1.73	$2.86	($0.57)	$1.31	$1.09
Adjusted Weighted Average Basic Shares Outstanding	652.96M	645.96M	645.28M	645.42M	645.31M	643.32M	643.46M	643.42M	642.72M	641.24M	641.19M
Adjusted Diluted Earnings per Share	$0.37	$1.29	$1.97	$2.01	$0.06	$3.18	$1.72	$2.84	($0.57)	$1.31	$1.08
Adjusted Weighted Average Diluted Shares Outstanding	652.96M	645.96M	645.28M	645.42M	645.31M	643.32M	643.46M	643.42M	642.72M	641.24M	641.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	652.96M	645.96M	645.28M	645.42M	645.31M	643.32M	643.46M	643.42M	642.72M	641.24M	641.19M
Normalized Net Operating Profit after Tax (NOPAT)	427	1,204	1,138	1,669	430	1,184	1,445	1,964	-194	1,087	1,052
Normalized NOPAT Margin	3.04%	7.74%	7.26%	10.02%	3.13%	8.33%	9.33%	12.61%	-1.52%	8.09%	7.53%
Pre Tax Income Margin	2.28%	7.72%	9.96%	10.64%	0.89%	16.00%	9.82%	14.87%	-3.97%	8.33%	6.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	62.28	1.58	0.00	133.08	87.90	-1.03	0.00	4.41
NOPAT to Interest Expense	0.00	0.00	0.00	52.14	0.89	0.00	111.18	67.73	-0.78	0.00	3.73
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	21.38	-4.12	0.00	35.46	37.83	-5.05	0.00	-0.70
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	11.24	-4.82	0.00	13.56	17.66	-4.79	0.00	-1.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.73%	9.29%	6.21%	5.71%	3.83%	2.78%	1.88%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	9.73%	9.29%	6.21%	5.71%	3.83%	2.78%	1.88%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Delta Air Lines' Financials

When does Delta Air Lines's financial year end?

According to the most recent income statement we have on file, Delta Air Lines' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Delta Air Lines' net income changed over the last 9 years?

Delta Air Lines' net income appears to be on a downward trend, with a most recent value of $3.46 billion in 2024, falling from $4.53 billion in 2015. The previous period was $4.61 billion in 2023. Check out Delta Air Lines' forecast to explore projected trends and price targets.

What is Delta Air Lines's operating income?

Delta Air Lines's total operating income in 2024 was $6.00 billion, based on the following breakdown:

Total Gross Profit: $20.86 billion
Total Operating Expenses: $14.86 billion

How has Delta Air Lines revenue changed over the last 9 years?

Over the last 9 years, Delta Air Lines' total revenue changed from $40.70 billion in 2015 to $61.64 billion in 2024, a change of 51.4%.

How much debt does Delta Air Lines have?

Delta Air Lines' total liabilities were at $60.08 billion at the end of 2024, a 3.9% decrease from 2023, and a 42.1% increase since 2015.

How much cash does Delta Air Lines have?

In the past 9 years, Delta Air Lines' cash and equivalents has ranged from $1.57 billion in 2018 to $8.31 billion in 2020, and is currently $3.07 billion as of their latest financial filing in 2024.

How has Delta Air Lines' book value per share changed over the last 9 years?

Over the last 9 years, Delta Air Lines' book value per share changed from 13.80 in 2015 to 23.70 in 2024, a change of 71.8%.

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This page (NYSE:DAL) was last updated on 5/27/2025 by MarketBeat.com Staff

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Delta Air Lines (DAL) Financials

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