Delta Air Lines (DAL) Financials

$44.90 -0.61 (-1.35%)

Closing price 03:59 PM Eastern

Extended Trading

$44.70 -0.20 (-0.44%)

As of 05:29 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	4,526	4,195	3,205	3,935	4,767	-12,385	280	1,318	4,609	3,457
Consolidated Net Income / (Loss)	4,526	4,195	3,205	3,935	4,767	-12,385	280	1,318	4,609	3,457
Net Income / (Loss) Continuing Operations	4,526	4,195	3,205	3,935	4,767	-12,385	280	1,318	4,609	3,457
Total Pre-Tax Income	7,157	6,353	5,500	5,151	6,198	-15,587	398	1,914	5,608	4,658
Total Operating Income	7,802	6,996	5,966	5,264	6,618	-12,469	1,886	3,661	5,521	5,995
Total Gross Profit	17,552	16,251	12,689	15,911	19,134	-1,505	4,995	14,720	24,645	20,858
Total Revenue	40,704	39,450	41,138	44,438	47,007	17,095	29,899	50,582	58,048	61,643
Operating Revenue	35,595	39,450	41,138	44,438	47,007	17,095	29,899	50,582	58,048	61,643
Total Cost of Revenue	23,152	23,199	28,449	28,527	27,873	18,600	24,904	35,862	33,403	40,785
Operating Cost of Revenue	23,152	23,199	28,449	28,527	27,873	18,600	24,904	35,862	33,403	40,785
Total Operating Expenses	9,750	9,255	6,723	10,647	12,516	10,964	3,109	11,059	19,124	14,863
Selling, General & Admin Expense	3,881	3,539	1,609	3,898	4,769	3,185	3,806	5,045	6,280	6,688
Marketing Expense	1,672	1,751	1,827	1,941	2,211	643	953	1,891	2,334	2,485
Depreciation Expense	1,835	1,886	2,222	2,329	2,581	2,312	1,998	2,107	2,341	2,513
Other Operating Expenses / (Income)	2,362	2,079	1,065	2,479	2,955	-3,395	-3,648	2,016	8,169	3,177
Total Other Income / (Expense), net	-645	-643	-466	-113	-420	-3,118	-1,488	-1,747	87	-1,337
Interest Expense	481	388	396	311	301	937	1,598	100	63	39
Interest & Investment Income	-	0.00	0.00	38	-	-	-	-1,029	-834	-747
Other Income / (Expense), net	-164	-255	-70	160	-119	-2,181	110	-618	984	-551
Income Tax Expense	2,631	2,158	2,295	1,216	1,431	-3,202	118	596	999	1,201
Basic Earnings per Share	$5.68	$5.59	$4.45	$5.69	$7.32	($19.49)	$0.44	$2.07	$7.21	$5.39
Weighted Average Basic Shares Outstanding	778.51M	730.77M	706.91M	678.95M	640.09M	638.15M	639.93M	641.24M	643.32M	645.96M
Diluted Earnings per Share	$5.63	$5.55	$4.43	$5.67	$7.30	($19.49)	$0.44	$2.06	$7.17	$5.33
Weighted Average Diluted Shares Outstanding	778.51M	730.77M	706.91M	678.95M	640.09M	638.15M	639.93M	641.24M	643.32M	645.96M
Weighted Average Basic & Diluted Shares Outstanding	778.51M	730.77M	706.91M	678.95M	640.09M	638.15M	639.93M	641.24M	643.32M	645.96M
Cash Dividends to Common per Share	$0.45	$0.68	$1.02	$1.31	$1.51	$0.40	$0.00	-	$0.20	$0.50

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Delta Air Lines' Financials

When does Delta Air Lines's fiscal year end?

According to the most recent income statement we have on file, Delta Air Lines' financial year ends in December. Their financial 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. See Delta Air Lines' forecast for analyst expectations on what’s next for the company.

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 5/6/2025 by MarketBeat.com Staff

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Delta Air Lines (DAL) Financials

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