Delta Air Lines (DAL) Financials

Delta Air Lines has shown notable financial performance trends over the past several quarters and years. Here is a summary of key points from their financial statements for retail investors:

• Operating revenues have consistently increased, reaching $16.65 billion in Q2 2025, up from $13.44 billion in Q4 2022, illustrating solid top-line growth.
• Net income has seen significant improvement, with Q2 2025 net income at $2.13 billion compared to $828 million in Q4 2022, indicating strong profitability gains.
• Gross profit margin remains healthy; for example, in Q2 2025, gross profit was $6.12 billion, a stable margin despite rising operating costs.
• Operational cash flow has been robust, with net cash from operating activities around $1.86 billion in Q2 2025, supporting operational strength and liquidity.
• Delta has been actively managing its debt, with $2.97 billion in debt repayment in Q2 2025, reflecting efforts to reduce leverage.
• The company maintains substantial investment in property, plant and equipment (around $12 billion in recent quarters), supporting fleet renewal and capacity expansion.
• Cash and equivalents were $3.33 billion in Q2 2025, down from earlier periods, but still providing a moderate liquidity cushion.
• Total liabilities increased over time to about $60.96 billion by Q2 2025, alongside rising assets, suggesting balanced growth but continued leverage.
• Dividends per share have been steady, with $0.15 per share in recent quarters, attractive for income-focused investors.
• Other operating expenses and marketing expenses remain significant line items, requiring ongoing monitoring from investors.
• Net change in cash and equivalents was negative in recent quarters (e.g., -$2.27 billion in Q2 2025), reflecting heavy capital and financing outflows.
• Interest expense, while relatively low compared to income, remains a cost factor (around $20 million in Q2 2025) that could impact profitability if borrowing increases.
• Accumulated other comprehensive losses have been around -$4.9 billion to -$5 billion, which may impact equity but is common in airline industry due to fuel hedges and foreign currency.
• Total operating expenses have increased (e.g., $4.02 billion in Q2 2025), and controlling costs will be critical to maintain margins.

Overall, Delta Air Lines demonstrates strong revenue growth, improved profitability, and effective debt management over recent years. However, investors should keep an eye on cash flow volatility, expense control, and potential risks from operating leverage and fuel prices. The company's continued investment in its fleet and operations positions it well for future growth in the transportation sector.