Delta Air Lines (DAL) Financials

$73.31 +2.45 (+3.45%)

Closing price 03:59 PM Eastern

Extended Trading

$73.05 -0.26 (-0.35%)

As of 07:58 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	2025
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	12/31/2025
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	5,005
Consolidated Net Income / (Loss)	4,526	4,195	3,205	3,935	4,767	-12,385	280	1,318	4,609	3,457	5,005
Net Income / (Loss) Continuing Operations	4,526	4,195	3,205	3,935	4,767	-12,385	280	1,318	4,609	3,457	5,005
Total Pre-Tax Income	7,157	6,353	5,500	5,151	6,198	-15,587	398	1,914	5,608	4,658	6,185
Total Operating Income	7,802	6,996	5,966	5,264	6,618	-12,469	1,886	3,661	5,521	5,995	5,822
Total Gross Profit	17,552	16,251	12,689	15,911	19,134	-1,505	4,995	14,720	20,473	20,858	20,947
Total Revenue	40,704	39,450	41,138	44,438	47,007	17,095	29,899	50,582	58,048	61,643	63,364
Operating Revenue	35,595	39,450	41,138	44,438	47,007	17,095	29,899	50,582	58,048	61,643	63,364
Total Cost of Revenue	23,152	23,199	28,449	28,527	27,873	18,600	24,904	35,862	37,575	40,785	42,417
Operating Cost of Revenue	23,152	23,199	28,449	28,527	27,873	18,600	24,904	35,862	37,575	40,785	42,417
Total Operating Expenses	9,750	9,255	6,723	10,647	12,516	10,964	3,109	11,059	14,952	14,863	15,125
Selling, General & Admin Expense	3,881	3,539	1,609	3,898	4,769	3,185	3,806	5,045	6,280	6,688	7,005
Marketing Expense	1,672	1,751	1,827	1,941	2,211	643	953	1,891	2,334	2,485	2,485
Depreciation Expense	1,835	1,886	2,222	2,329	2,581	2,312	1,998	2,107	2,341	2,513	2,443
Other Operating Expenses / (Income)	2,362	2,079	1,065	2,479	2,955	-3,395	-3,648	2,016	3,997	3,177	3,192
Total Other Income / (Expense), net	-645	-643	-466	-113	-420	-3,118	-1,488	-1,747	87	-1,337	363
Interest Expense	481	388	396	311	301	937	1,598	100	63	39	26
Interest & Investment Income	-	0.00	0.00	38	-	-	-	-1,029	-834	-747	-679
Other Income / (Expense), net	-164	-255	-70	160	-119	-2,181	110	-618	984	-551	1,068
Income Tax Expense	2,631	2,158	2,295	1,216	1,431	-3,202	118	596	999	1,201	1,180
Basic Earnings per Share	$5.68	$5.59	$4.45	$5.69	$7.32	($19.49)	$0.44	$2.07	$7.21	$5.39	$7.72
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	653.13M
Diluted Earnings per Share	$5.63	$5.55	$4.43	$5.67	$7.30	($19.49)	$0.44	$2.06	$7.17	$5.33	$7.66
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	653.13M
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	653.13M
Cash Dividends to Common per Share	$0.45	$0.68	$1.02	$1.31	$1.51	$0.40	$0.00	-	$0.20	$0.50	$0.68

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1,108	2,037	37	1,305	1,272	843	240	2,130	1,417	1,218	-289
Consolidated Net Income / (Loss)	1,108	2,037	37	1,305	1,272	843	240	2,130	1,417	1,218	-289
Net Income / (Loss) Continuing Operations	1,108	2,037	37	1,305	1,272	843	240	2,130	1,417	1,218	-289
Total Pre-Tax Income	1,521	2,276	122	1,773	1,561	1,202	320	2,574	1,777	1,514	-214
Total Operating Income	1,984	1,323	614	2,267	1,397	1,717	569	2,102	1,684	1,467	501
Total Gross Profit	5,647	8,452	3,876	6,202	5,253	4,947	3,668	6,122	5,564	5,211	3,747
Total Revenue	15,488	14,223	13,748	16,658	15,677	15,560	14,040	16,648	16,673	16,003	15,854
Operating Revenue	15,488	14,223	13,748	16,658	15,677	15,560	14,040	16,648	16,673	16,003	15,854
Total Cost of Revenue	9,841	5,771	9,872	10,456	10,424	10,613	10,372	10,526	11,109	10,792	12,107
Operating Cost of Revenue	9,841	5,771	9,872	10,456	10,424	10,613	10,372	10,526	11,109	10,792	12,107
Total Operating Expenses	3,663	7,129	3,262	3,935	3,856	3,230	3,099	4,020	3,880	3,744	3,246
Selling, General & Admin Expense	1,585	1,599	1,559	1,661	1,787	1,681	1,816	1,793	1,744	1,700	1,856
Marketing Expense	618	565	550	672	643	620	552	673	645	615	590
Depreciation Expense	594	610	615	620	643	635	607	602	614	620	635
Other Operating Expenses / (Income)	866	4,355	538	982	783	294	124	952	877	809	165
Total Other Income / (Expense), net	-463	953	-492	-494	164	-515	-249	472	93	47	-715
Interest Expense	13	-228	4.00	32	0.00	-202	0.00	20	6.00	-	4.00
Interest & Investment Income	-196	-	-205	-188	-173	-	-179	-172	-171	-157	-151
Other Income / (Expense), net	-254	1,160	-283	-274	337	-331	-70	664	270	204	-560
Income Tax Expense	413	239	85	468	289	359	80	444	360	296	75
Basic Earnings per Share	$1.73	$3.19	$0.06	$2.04	$1.98	$1.31	$0.37	$3.28	$2.18	$1.89	($0.44)
Weighted Average Basic Shares Outstanding	643.46M	643.32M	645.31M	645.42M	645.28M	645.96M	652.96M	652.95M	652.96M	653.13M	656.99M
Diluted Earnings per Share	$1.72	$3.18	$0.06	$2.01	$1.97	$1.29	$0.37	$3.27	$2.17	$1.85	($0.44)
Weighted Average Diluted Shares Outstanding	643.46M	643.32M	645.31M	645.42M	645.28M	645.96M	652.96M	652.95M	652.96M	653.13M	656.99M
Weighted Average Basic & Diluted Shares Outstanding	643.46M	643.32M	645.31M	645.42M	645.28M	645.96M	652.96M	652.95M	652.96M	653.13M	656.99M
Cash Dividends to Common per Share	$0.10	-	$0.10	-	-	-	$0.15	-	-	-	$0.19

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-116	800	-973	895	982	6,325	-1,486	-5,096	-78	26	1,080
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	8,342
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	7,844
Net Income / (Loss) Continuing Operations	4,526	4,195	3,205	3,935	4,767	-12,385	280	1,318	4,609	3,457	5,005
Consolidated Net Income / (Loss)	4,526	4,195	3,205	3,935	4,767	-12,385	280	1,318	4,609	3,457	5,005
Depreciation Expense	1,835	1,886	2,222	2,329	2,581	2,312	1,998	2,107	2,341	2,513	2,443
Non-Cash Adjustments To Reconcile Net Income	-1,680	-1,100	-3,353	-497	-506	5,879	-1,968	1,467	-583	1,188	-1,472
Changes in Operating Assets and Liabilities, net	3,246	1,879	2,266	631	1,042	401	764	-755	775	410	1,868
Net Cash From Discontinued Operating Activities	-	355	683	616	541	-	2,190	2,226	-678	457	498
Net Cash From Investing Activities	-3,955	-2,155	-5,266	-4,393	-4,563	-9,238	-898	-6,924	-3,148	-3,739	-4,186
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	-4,186
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	-4,499
Purchase of Investments	-998	-1,707	-2,170	-145	-170	-15,499	-12,655	-3,574	-2,464	0.00	-276
Sale and/or Maturity of Investments	739	2,686	584	794	485	7,608	15,036	2,804	4,547	1,137	0.00
Other Investing Activities, net	-251	257	211	126	58	552	-32	212	92	264	589
Net Cash From Financing Activities	-4,088	-4,260	-730	-1,726	-2,880	19,356	-3,852	-4,535	-3,394	-4,260	-3,076
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	-3,076
Repayment of Debt	-2,925	-1,811	-1,412	-2,994	-3,341	-8,761	-5,754	-4,535	-4,144	-3,939	-4,851
Payment of Dividends	-359	-509	-731	-909	-980	-260	0.00	0.00	-128	-321	-440
Issuance of Debt	1,038	661	2,454	3,745	3,807	26,051	1,902	0.00	878	0.00	2,215
Cash Interest Paid	452	385	390	376	481	761	1,524	1,261	1,164	1,001	850

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-931	6,345	-1,424	-4,729	-1,495	5,266	-1,858	-2,269	-1,405	6,612	-1,698
Net Cash From Operating Activities	1,076	545	2,408	2,449	1,274	1,894	2,378	1,857	1,847	2,260	2,432
Net Cash From Continuing Operating Activities	-	7,142	0.00	-	-	7,568	0.00	-	-	7,844	0.00
Net Income / (Loss) Continuing Operations	-	4,609	0.00	-	-	3,457	0.00	-	-	5,005	0.00
Net Cash From Investing Activities	-131	-535	-637	-809	-1,124	-1,169	-1,224	-1,199	-1,035	-728	-1,263
Net Cash From Continuing Investing Activities	-131	-535	-637	-809	-1,124	-1,169	-1,224	-1,199	-1,035	-728	-1,263
Purchase of Property, Plant & Equipment	-1,269	-1,602	-1,193	-1,309	-1,328	-1,310	-1,224	-1,209	-1,159	-907	-1,200
Purchase of Investments	-453	-	-	-	-	-	0.00	-	-	-	-54
Other Investing Activities, net	64	8.00	10	33	87	134	0.00	10	124	455	-9.00
Net Cash From Financing Activities	-800	416	-787	-1,512	-371	-1,590	-634	-1,070	-370	-1,002	-435
Net Cash From Continuing Financing Activities	-800	416	-787	-1,512	-371	-1,590	-634	-1,070	-370	-1,002	-435
Repayment of Debt	-736	-398	-723	-1,448	-274	-1,494	-535	-2,971	-465	-880	-1,556
Payment of Dividends	-64	-64	-64	-64	-97	-96	-99	-97	-122	-122	-129
Issuance of Debt	-	-	-	-	-	-	0.00	-	217	-	1,250

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	2025
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	12/31/2025
Total Assets	53,134	51,261	53,671	60,266	64,532	71,996	72,459	72,288	73,644	75,372	81,317
Total Current Assets	9,056	7,451	7,804	6,340	8,249	17,404	15,940	13,011	10,269	9,844	10,968
Cash & Equivalents	1,972	2,762	1,814	1,565	2,882	8,307	7,933	3,266	2,741	3,069	4,310
Accounts Receivable	2,020	2,064	2,377	2,314	2,854	1,396	2,404	3,176	3,130	3,224	2,850
Inventories, net	697	891	1,329	1,055	1,251	732	1,098	1,424	1,314	1,428	1,601
Prepaid Expenses	915	1,247	1,459	1,406	1,262	1,180	1,119	1,877	1,957	2,123	2,207
Plant, Property, & Equipment, net	23,039	24,375	26,563	28,335	31,310	26,529	28,749	33,109	35,486	37,595	39,743
Total Noncurrent Assets	21,039	19,435	19,304	25,591	24,973	28,063	27,770	26,168	27,889	27,933	30,606
Long-Term Investments	-	-	-	-	2,568	1,665	1,712	2,128	3,457	2,846	4,222
Goodwill	9,794	9,794	9,794	9,781	9,781	9,753	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	5,966
Other Noncurrent Operating Assets	1,428	1,733	3,309	9,844	6,705	7,090	9,010	8,295	8,696	9,359	10,665
Total Liabilities & Shareholders' Equity	53,134	51,261	53,671	60,266	64,532	71,996	72,459	72,288	73,644	75,372	81,317
Total Liabilities	42,284	38,974	41,141	46,579	49,174	70,462	68,572	65,706	62,539	60,079	60,464
Total Current Liabilities	17,526	15,239	18,959	18,578	20,204	15,927	20,966	25,940	26,418	26,670	27,624
Short-Term Debt	1,563	1,562	3,309	2,593	3,023	2,832	2,882	3,459	4,083	3,275	2,705
Accounts Payable	2,743	2,572	3,634	2,976	3,266	2,840	4,240	5,106	4,446	4,650	5,226
Accrued Expenses	1,306	1,907	1,868	1,117	1,078	1,670	1,746	1,779	1,617	1,812	1,945
Current Deferred Revenue	-	-	0.00	-	8,335	5,821	0.00	0.00	0.00	11,408	12,033
Current Employee Benefit Liabilities	3,195	2,924	3,022	3,287	3,701	2,086	2,457	3,288	4,561	4,762	4,906
Other Current Liabilities	8,719	6,274	7,126	8,605	801	678	9,641	12,308	11,711	763	809
Total Noncurrent Liabilities	24,758	23,735	22,182	28,001	28,970	54,535	47,606	39,766	36,121	33,409	32,840
Long-Term Debt	6,766	6,201	6,592	8,253	8,873	27,425	25,138	20,671	17,071	14,019	12,507
Noncurrent Deferred Revenue	-	-	3,559	3,652	3,509	5,905	4,979	4,548	4,512	4,512	4,386
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	163	1,456	-	-	24	908	2,176	3,444
Noncurrent Employee Benefit Liabilities	13,855	13,378	9,810	9,163	8,452	10,630	6,035	3,707	3,601	3,144	3,156
Other Noncurrent Operating Liabilities	4,137	4,156	2,221	6,770	6,680	10,575	11,454	10,916	10,029	9,558	9,347
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	10,850	12,287	12,530	13,687	15,358	1,534	3,887	6,582	11,105	15,293	20,853
Total Preferred & Common Equity	10,850	12,287	12,530	13,687	15,358	1,534	3,887	6,582	11,105	15,293	20,853
Total Common Equity	10,850	12,287	12,530	13,687	15,358	1,534	3,887	6,582	11,105	15,293	20,853
Common Stock	12,936	12,294	12,053	11,671	11,129	11,259	11,447	11,526	11,641	11,740	11,883
Retained Earnings	5,562	7,903	8,256	10,039	12,454	-428	-148	1,170	5,650	8,783	13,343
Treasury Stock	-373	-274	-158	-198	-236	-259	-282	-313	-341	-251	-238
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	-4,135

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	73,497	73,247	73,644	74,969	75,197	75,368	75,372	77,342	78,395	79,623	84,431
Total Current Assets	13,080	12,255	10,269	11,579	11,588	11,062	9,844	11,236	10,982	11,230	13,663
Cash & Equivalents	2,668	2,835	2,741	3,877	4,110	3,969	3,069	3,711	3,331	3,791	5,053
Accounts Receivable	3,122	3,214	3,130	3,748	3,812	3,550	3,224	3,652	3,755	3,612	4,090
Inventories, net	1,438	1,507	1,314	1,452	1,486	1,467	1,428	1,486	1,525	1,543	1,767
Prepaid Expenses	2,484	2,529	1,957	1,913	2,056	2,068	2,123	2,387	2,371	2,284	2,753
Plant, Property, & Equipment, net	34,092	34,593	35,486	35,915	36,339	36,862	37,595	38,171	38,926	39,372	40,582
Total Noncurrent Assets	26,325	26,399	27,889	27,475	27,270	27,444	27,933	27,935	28,487	29,021	30,186
Long-Term Investments	2,389	2,291	3,457	3,247	3,022	3,272	2,846	2,819	3,556	3,883	3,696
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	5,988	5,985	5,983	5,981	5,979	5,977	5,975	5,972	5,970	5,968	5,964
Other Noncurrent Operating Assets	8,195	8,370	8,696	8,494	8,516	8,442	9,359	9,391	9,208	9,417	10,773
Total Liabilities & Shareholders' Equity	73,497	73,247	73,644	74,969	75,197	75,368	75,372	77,342	78,395	79,623	84,431
Total Liabilities	65,397	64,021	62,539	63,818	62,811	61,722	60,079	61,895	60,955	60,801	64,055
Total Current Liabilities	28,482	27,556	26,418	28,478	28,759	28,118	26,670	29,699	28,554	28,249	32,699
Short-Term Debt	3,165	3,081	4,083	3,909	4,050	4,424	3,275	4,038	3,320	3,206	4,188
Accounts Payable	5,114	5,320	4,446	4,541	4,876	4,545	4,650	4,809	5,063	5,022	5,969
Accrued Expenses	1,918	1,769	1,617	2,038	1,928	1,848	1,812	2,319	2,213	2,025	2,319
Current Deferred Revenue	14,246	12,655	0.00	14,211	13,475	0.00	0.00	14,448	0.00	12,819	15,752
Current Employee Benefit Liabilities	3,340	4,003	4,561	3,037	3,655	4,105	4,762	3,333	3,822	4,434	3,634
Other Current Liabilities	699	728	11,711	742	775	13,196	12,171	752	14,136	743	837
Total Noncurrent Liabilities	36,915	36,465	36,121	35,340	34,052	33,604	33,409	32,196	32,401	32,552	31,356
Long-Term Debt	18,140	17,532	17,071	16,555	15,033	14,373	14,019	12,886	12,836	12,773	11,076
Noncurrent Deferred Revenue	4,443	4,456	4,512	4,523	4,596	4,630	4,512	4,553	4,573	4,468	4,448
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	908	994	1,410	1,675	2,176	2,229	2,626	2,961	3,496
Noncurrent Employee Benefit Liabilities	3,669	3,618	3,601	3,524	3,453	3,404	3,144	3,117	3,087	3,051	3,115
Other Noncurrent Operating Liabilities	10,663	10,859	10,029	9,744	9,560	9,522	9,558	9,411	9,279	9,299	9,221
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	8,100	9,226	11,105	11,151	12,386	13,646	15,293	15,447	17,440	18,822	20,376
Total Preferred & Common Equity	8,100	9,226	11,105	11,151	12,386	13,646	15,293	15,447	17,440	18,822	20,376
Total Common Equity	8,100	9,226	11,105	11,151	12,386	13,646	15,293	15,447	17,440	18,822	20,376
Common Stock	11,578	11,613	11,641	11,688	11,647	11,686	11,740	11,698	11,744	11,791	11,944
Retained Earnings	2,569	3,613	5,650	5,622	6,765	7,940	8,783	8,925	10,833	12,126	12,931
Treasury Stock	-338	-340	-341	-366	-286	-289	-251	-238	-238	-237	-393
Accumulated Other Comprehensive Income / (Loss)	-5,709	-5,660	-5,845	-5,793	-5,740	-5,691	-4,979	-4,938	-4,899	-4,858	-4,106

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.85%	-3.08%	4.28%	8.02%	5.78%	-63.63%	74.90%	69.18%	14.76%	6.19%	2.79%
EBITDA Growth	171.20%	-8.93%	-5.90%	-4.50%	17.12%	-235.88%	132.37%	28.94%	71.77%	-10.05%	17.29%
EBIT Growth	343.55%	-11.74%	-12.54%	-8.01%	19.82%	-325.42%	113.62%	52.45%	113.77%	-16.31%	26.56%
NOPAT Growth	263.83%	-6.37%	-24.74%	15.67%	26.58%	-271.48%	115.20%	90.00%	79.99%	-1.94%	5.89%
Net Income Growth	586.80%	-7.31%	-23.60%	22.78%	21.14%	-359.81%	102.26%	370.71%	249.70%	-24.99%	44.78%
EPS Growth	621.79%	-1.42%	-20.18%	27.99%	28.75%	-366.99%	102.26%	368.18%	248.06%	-25.66%	43.71%
Operating Cash Flow Growth	60.24%	-8.98%	-30.38%	39.64%	20.12%	-145.02%	186.05%	94.94%	1.59%	24.15%	3.95%
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%	42.01%
Invested Capital Growth	3.78%	6.73%	17.80%	10.31%	-3.04%	-31.62%	30.41%	16.29%	13.59%	6.97%	3.23%
Revenue Q/Q Growth	-0.36%	-0.59%	2.39%	1.17%	1.51%	-30.40%	22.52%	8.51%	1.38%	2.22%	0.70%
EBITDA Q/Q Growth	39.23%	-9.14%	6.68%	0.62%	3.44%	-24.24%	23.50%	40.37%	15.44%	-11.87%	2.98%
EBIT Q/Q Growth	53.31%	-11.47%	6.91%	1.14%	4.00%	-18.46%	60.71%	88.89%	20.93%	-16.77%	4.31%
NOPAT Q/Q Growth	48.50%	-7.87%	-9.36%	13.74%	5.74%	-22.10%	147.77%	394.88%	4.82%	-2.10%	-1.58%
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%	8.10%
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%	7.89%
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%	4.59%
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%	34.91%
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%	1.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.12%	41.19%	30.85%	35.80%	40.70%	-8.80%	16.71%	29.10%	42.46%	33.84%	33.06%
EBITDA Margin	23.27%	21.87%	19.73%	17.45%	19.32%	-72.17%	13.36%	10.18%	15.24%	12.91%	14.73%
Operating Margin	19.17%	17.73%	14.50%	11.85%	14.08%	-72.94%	6.31%	7.24%	9.51%	9.73%	9.19%
EBIT Margin	18.76%	17.09%	14.33%	12.21%	13.83%	-85.70%	6.68%	6.02%	11.21%	8.83%	10.87%
Profit (Net Income) Margin	11.12%	10.63%	7.79%	8.86%	10.14%	-72.45%	0.94%	2.61%	7.94%	5.61%	7.90%
Tax Burden Percent	63.24%	66.03%	58.27%	76.39%	76.91%	79.46%	70.35%	68.86%	82.19%	74.22%	80.92%
Interest Burden Percent	93.70%	94.24%	93.28%	94.97%	95.37%	106.40%	19.94%	62.90%	86.21%	85.56%	89.77%
Effective Tax Rate	36.76%	33.97%	41.73%	23.61%	23.09%	0.00%	29.65%	31.14%	17.81%	25.78%	19.08%
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%	17.38%
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%	20.64%
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%	10.31%
Return on Equity (ROE)	46.04%	36.26%	25.83%	30.02%	32.82%	-146.64%	10.33%	25.18%	52.12%	26.19%	27.69%
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%	14.21%
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%	8.79%
Return on Assets (ROA)	8.45%	8.04%	6.11%	6.91%	7.64%	-18.14%	0.39%	1.82%	6.32%	4.64%	6.39%
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%	27.69%
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%	0.00%
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	4,711
NOPAT Margin	12.12%	11.71%	8.45%	9.05%	10.83%	-51.06%	4.44%	4.98%	7.82%	7.22%	7.44%
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%	-3.25%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	8.21%	14.07%	13.65%	13.06%
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%	66.94%
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%	11.06%
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	23.95%	23.46%	16.34%	23.96%	26.63%	64.14%	10.40%	21.86%	32.95%	24.11%	23.87%
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	6,890
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	9,333
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	2.17
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	8.83
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	0.72
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	9.05
Dividend Yield	0.98%	1.50%	1.94%	3.37%	3.22%	4.78%	0.00%	0.00%	0.50%	0.83%	0.97%
Earnings Yield	12.58%	12.63%	8.57%	11.98%	12.78%	0.00%	1.13%	6.35%	18.00%	8.86%	11.04%
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	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	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	5.57
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	7.55
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	11.04
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	6.23
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	13.50
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	0.73
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	0.60
Financial Leverage	0.57	0.41	0.47	0.59	0.48	1.11	5.15	2.90	1.65	0.95	0.50
Leverage Ratio	5.45	4.51	4.23	4.35	4.30	8.08	26.65	13.83	8.25	5.65	4.33
Compound Leverage Factor	5.11	4.25	3.94	4.13	4.10	8.60	5.31	8.70	7.11	4.83	3.89
Debt to Total Capital	43.43%	38.72%	44.14%	44.21%	43.65%	95.17%	87.82%	78.57%	65.58%	53.07%	42.18%
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%	7.50%
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%	34.68%
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	56.57%	61.28%	55.86%	55.79%	56.35%	4.83%	12.18%	21.43%	34.42%	46.93%	57.82%
Debt to EBITDA	0.88	0.90	1.22	1.40	1.31	-2.45	7.02	4.69	2.39	2.17	1.63
Net Debt to EBITDA	0.52	0.52	0.89	1.20	0.71	-1.17	3.75	3.00	1.56	1.43	0.72
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	1.34
Debt to NOPAT	1.69	1.68	2.85	2.70	2.34	-3.47	21.12	9.57	4.66	3.89	3.23
Net Debt to NOPAT	0.99	0.98	2.09	2.31	1.27	-1.66	11.30	6.14	3.05	2.56	1.42
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	2.65
Altman Z-Score	1.71	1.75	1.64	1.45	1.56	-0.20	0.63	0.84	1.17	1.34	1.49
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	0.52	0.49	0.41	0.34	0.41	1.09	0.76	0.50	0.39	0.37	0.40
Quick Ratio	0.31	0.35	0.26	0.21	0.28	0.97	0.65	0.37	0.26	0.24	0.26
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	3,850
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%	185.42%
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	148.09
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	320.85
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	147.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.76	0.78	0.78	0.75	0.25	0.41	0.70	0.80	0.83	0.81
Accounts Receivable Turnover	18.86	19.32	18.53	18.95	18.19	8.04	15.74	18.13	18.41	19.40	20.86
Inventory Turnover	29.89	29.22	25.63	23.93	24.17	18.76	27.22	28.44	24.40	29.75	28.01
Fixed Asset Turnover	1.81	1.66	1.62	1.62	1.58	0.59	1.08	1.64	1.69	1.69	1.64
Accounts Payable Turnover	8.63	8.73	9.17	8.63	8.93	6.09	7.04	7.67	6.99	8.97	8.59
Days Sales Outstanding (DSO)	19.36	18.89	19.70	19.27	20.06	45.37	23.19	20.13	19.83	18.81	17.49
Days Inventory Outstanding (DIO)	12.21	12.49	14.24	15.25	15.10	19.46	13.41	12.83	14.96	12.27	13.03
Days Payable Outstanding (DPO)	42.29	41.81	39.81	42.29	40.87	59.91	51.88	47.56	52.19	40.70	42.49
Cash Conversion Cycle (CCC)	-10.72	-10.43	-5.87	-7.77	-5.71	4.92	-15.28	-14.59	-17.40	-9.62	-11.97
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	27,533
Invested Capital Turnover	2.63	2.42	2.25	2.14	2.19	0.96	1.79	2.48	2.48	2.39	2.34
Increase / (Decrease) in Invested Capital	573	1,059	2,991	2,040	-664	-6,694	4,402	3,074	2,984	1,738	861
Enterprise Value (EV)	40,863	37,740	44,651	42,121	43,736	39,954	39,820	36,211	39,440	50,419	51,996
Market Capitalization	35,971	33,226	37,389	32,840	37,290	25,458	24,831	20,743	25,611	39,040	45,316
Book Value per Share	$13.80	$16.69	$17.57	$19.96	$23.75	$2.41	$6.07	$10.27	$17.26	$23.70	$31.94
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)	$7.86
Total Capital	19,179	20,050	22,431	24,533	27,254	31,791	31,907	30,712	32,259	32,587	36,065
Total Debt	8,329	7,763	9,901	10,846	11,896	30,257	28,020	24,130	21,154	17,294	15,212
Total Long-Term Debt	6,766	6,201	6,592	8,253	8,873	27,425	25,138	20,671	17,071	14,019	12,507
Net Debt	4,892	4,514	7,262	9,281	6,446	14,496	14,989	15,468	13,829	11,379	6,680
Capital Expenditures (CapEx)	2,945	3,391	3,891	5,168	4,936	1,899	3,247	6,366	5,323	5,140	4,499
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	-18,261
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	-13,951
Net Working Capital (NWC)	-8,470	-7,788	-11,155	-12,238	-11,955	1,477	-5,026	-12,929	-16,149	-16,826	-16,656
Net Nonoperating Expense (NNE)	408	425	272	86	323	3,657	1,047	1,203	-72	992	-294
Net Nonoperating Obligations (NNO)	4,892	4,514	7,262	8,145	5,810	12,940	14,989	15,368	13,829	11,379	6,680
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	2,443
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%	-28.82%
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%	-22.02%
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%	-26.29%
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	$7.72
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	653.13M
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	$7.66
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	653.13M
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	778.51M	730.77M	706.91M	678.95M	640.09M	638.15M	639.93M	641.24M	643.32M	645.96M	653.13M
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	4,711
Normalized NOPAT Margin	12.12%	11.71%	8.45%	9.05%	10.83%	-17.40%	4.44%	4.98%	7.82%	7.22%	7.44%
Pre Tax Income Margin	17.58%	16.10%	13.37%	11.59%	13.19%	-91.18%	1.33%	3.78%	9.66%	7.56%	9.76%
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	265.00
NOPAT to Interest Expense	10.26	11.91	8.78	12.93	16.91	-9.32	0.83	25.21	72.02	114.08	181.20
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	91.96
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	8.16
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%	8.79%
Augmented Payout Ratio	56.54%	74.14%	75.13%	63.13%	63.08%	-4.88%	0.00%	0.00%	2.78%	9.29%	8.79%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	656,994,112.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	656,994,112.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.44
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.83%	5.87%	7.75%	6.93%	1.22%	9.40%	2.12%	-0.06%	6.35%	2.85%	12.92%
EBITDA Growth	30.42%	61.94%	208.14%	-16.30%	2.28%	-34.66%	16.91%	28.89%	8.04%	13.36%	-47.92%
EBIT Growth	39.07%	82.98%	228.79%	-21.81%	0.23%	-44.18%	50.76%	38.79%	12.69%	20.56%	-111.82%
NOPAT Growth	37.40%	8.93%	196.04%	-15.05%	-21.24%	1.70%	129.17%	4.24%	17.96%	-1.99%	-17.82%
Net Income Growth	59.42%	146.01%	110.19%	-28.57%	14.80%	-58.62%	548.65%	63.22%	11.40%	44.48%	-220.42%
EPS Growth	59.26%	142.75%	110.53%	-29.23%	14.53%	-59.43%	516.67%	62.69%	10.15%	43.41%	-218.92%
Operating Cash Flow Growth	23.82%	-54.12%	7.74%	-6.10%	18.40%	247.52%	-1.25%	-24.17%	44.98%	19.32%	2.27%
Free Cash Flow Firm Growth	4.46%	9.42%	-10.07%	13.42%	28.91%	70.34%	53.57%	51.64%	60.98%	159.79%	53.76%
Invested Capital Growth	18.84%	13.59%	16.83%	15.41%	11.76%	6.97%	8.11%	10.31%	7.67%	3.23%	4.06%
Revenue Q/Q Growth	-0.58%	-8.17%	-3.34%	21.17%	-5.89%	-0.75%	-9.77%	18.58%	0.15%	-4.02%	-0.93%
EBITDA Q/Q Growth	-25.56%	33.09%	-69.41%	176.22%	-9.03%	-14.98%	-45.27%	204.52%	-23.75%	-10.79%	-74.86%
EBIT Q/Q Growth	-32.13%	43.53%	-86.67%	502.11%	-13.00%	-20.07%	-64.00%	454.31%	-29.36%	-14.48%	-103.53%
NOPAT Q/Q Growth	-26.42%	-18.07%	-84.27%	796.07%	-31.78%	5.78%	-64.56%	307.60%	-22.80%	-12.11%	-70.28%
Net Income Q/Q Growth	-39.35%	83.84%	-98.18%	3,427.03%	-2.53%	-33.73%	-71.53%	787.50%	-33.47%	-14.04%	-123.73%
EPS Q/Q Growth	-39.44%	84.88%	-98.11%	3,250.00%	-1.99%	-34.52%	-71.32%	783.78%	-33.64%	-14.75%	-123.78%
Operating Cash Flow Q/Q Growth	-58.74%	-49.35%	341.83%	1.70%	-47.98%	48.67%	25.55%	-21.91%	-0.54%	22.36%	7.61%
Free Cash Flow Firm Q/Q Growth	-17.76%	15.41%	-80.94%	51.97%	3.31%	64.71%	-183.29%	49.97%	22.00%	154.09%	-319.09%
Invested Capital Q/Q Growth	7.45%	10.61%	-4.14%	1.30%	4.05%	5.87%	-3.12%	3.36%	1.57%	1.50%	-2.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.46%	59.42%	28.19%	40.71%	33.51%	31.79%	28.85%	36.77%	33.37%	32.56%	23.63%
EBITDA Margin	15.01%	21.75%	6.88%	15.69%	15.16%	12.99%	7.88%	20.23%	15.40%	14.32%	3.63%
Operating Margin	12.81%	9.30%	4.47%	13.61%	8.91%	11.03%	4.05%	12.63%	10.10%	9.17%	3.16%
EBIT Margin	11.17%	17.46%	2.41%	11.96%	11.06%	8.91%	3.55%	16.61%	11.72%	10.44%	-0.37%
Profit (Net Income) Margin	7.15%	14.32%	0.27%	7.83%	8.11%	5.42%	1.71%	12.79%	8.50%	7.61%	-1.82%
Tax Burden Percent	72.85%	89.50%	30.33%	73.60%	81.49%	70.13%	75.00%	82.75%	79.74%	80.45%	135.05%
Interest Burden Percent	87.92%	91.66%	36.86%	88.96%	90.02%	86.72%	64.13%	93.06%	90.94%	90.60%	362.71%
Effective Tax Rate	27.15%	10.50%	69.67%	26.40%	18.51%	29.87%	25.00%	17.25%	20.26%	19.55%	0.00%
Return on Invested Capital (ROIC)	25.74%	20.61%	3.61%	26.65%	18.35%	18.49%	7.57%	25.41%	19.37%	17.24%	5.47%
ROIC Less NNEP Spread (ROIC-NNEP)	23.31%	26.46%	2.50%	23.71%	19.42%	15.62%	5.96%	29.11%	20.12%	17.66%	-2.10%
Return on Net Nonoperating Assets (RNNOA)	46.72%	43.67%	3.87%	28.59%	21.11%	14.92%	5.18%	20.59%	12.30%	8.82%	-0.99%
Return on Equity (ROE)	72.47%	64.29%	7.47%	55.24%	39.46%	33.41%	12.75%	46.00%	31.67%	26.07%	4.48%
Cash Return on Invested Capital (CROIC)	3.64%	6.63%	7.70%	7.28%	7.93%	10.51%	10.23%	8.21%	10.91%	14.21%	13.30%
Operating Return on Assets (OROA)	8.77%	13.89%	1.92%	9.67%	8.98%	7.37%	2.89%	13.40%	9.52%	8.45%	-0.30%
Return on Assets (ROA)	5.62%	11.39%	0.21%	6.33%	6.58%	4.48%	1.39%	10.32%	6.90%	6.16%	-1.47%
Return on Common Equity (ROCE)	72.47%	64.29%	7.47%	55.24%	39.46%	33.41%	12.75%	46.00%	31.67%	26.07%	4.48%
Return on Equity Simple (ROE_SIMPLE)	36.85%	0.00%	44.92%	36.23%	34.08%	0.00%	23.69%	25.72%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,445	1,184	186	1,669	1,138	1,204	427	1,739	1,343	1,180	351
NOPAT Margin	9.33%	8.33%	1.35%	10.02%	7.26%	7.74%	3.04%	10.45%	8.05%	7.37%	2.21%
Net Nonoperating Expense Percent (NNEP)	2.44%	-5.84%	1.11%	2.94%	-1.07%	2.87%	1.61%	-3.70%	-0.75%	-0.42%	7.57%
Return On Investment Capital (ROIC_SIMPLE)	-	3.67%	-	-	-	3.70%	1.32%	5.18%	3.86%	3.27%	0.98%
Cost of Revenue to Revenue	63.54%	40.58%	71.81%	59.29%	66.49%	68.21%	71.15%	63.23%	66.63%	67.44%	76.37%
SG&A Expenses to Revenue	10.23%	11.24%	11.34%	9.97%	11.40%	10.80%	12.59%	10.77%	10.46%	10.62%	11.71%
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	23.65%	50.12%	23.73%	27.10%	24.60%	20.76%	24.79%	24.15%	23.27%	23.40%	20.47%
Earnings before Interest and Taxes (EBIT)	1,730	2,483	331	1,993	1,734	1,386	499	2,766	1,954	1,671	-59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,324	3,093	946	2,613	2,377	2,021	1,106	3,368	2,568	2,291	576
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.55	2.31	2.76	2.47	2.40	2.55	1.82	1.84	1.97	2.17	2.13
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.70	11.95	8.83	9.32
Price to Revenue (P/Rev)	0.41	0.44	0.52	0.51	0.54	0.63	0.45	0.52	0.59	0.72	0.67
Price to Earnings (P/E)	6.91	5.56	6.15	6.82	7.03	11.29	7.70	7.16	8.00	9.05	9.70
Dividend Yield	0.27%	0.50%	0.63%	0.84%	0.89%	0.83%	1.26%	1.22%	1.12%	0.97%	1.07%
Earnings Yield	14.48%	18.00%	16.26%	14.66%	14.23%	8.86%	13.00%	13.97%	12.50%	11.04%	10.31%
Enterprise Value to Invested Capital (EV/IC)	1.63	1.58	1.82	1.75	1.76	1.89	1.49	1.55	1.67	1.89	1.86
Enterprise Value to Revenue (EV/Rev)	0.64	0.68	0.74	0.71	0.73	0.82	0.62	0.67	0.72	0.82	0.77
Enterprise Value to EBITDA (EV/EBITDA)	4.80	4.46	4.59	4.73	4.90	6.34	4.75	4.66	5.00	5.57	5.67
Enterprise Value to EBIT (EV/EBIT)	6.84	6.06	6.14	6.49	6.76	9.26	6.87	6.48	6.87	7.55	7.89
Enterprise Value to NOPAT (EV/NOPAT)	8.50	8.69	8.46	8.70	9.73	11.33	8.60	9.02	9.48	11.04	10.96
Enterprise Value to Operating Cash Flow (EV/OCF)	5.18	6.10	6.56	6.55	6.63	6.28	4.82	5.59	5.69	6.23	5.95
Enterprise Value to Free Cash Flow (EV/FCFF)	48.69	25.39	25.51	25.80	23.36	18.60	15.15	19.80	15.89	13.50	14.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.23	1.90	1.84	1.54	1.38	1.13	1.10	0.93	0.85	0.73	0.75
Long-Term Debt to Equity	1.90	1.54	1.48	1.21	1.05	0.92	0.83	0.74	0.68	0.60	0.54
Financial Leverage	2.00	1.65	1.55	1.21	1.09	0.95	0.87	0.71	0.61	0.50	0.47
Leverage Ratio	10.56	8.25	8.51	7.26	6.50	5.65	5.73	5.15	4.77	4.33	4.52
Compound Leverage Factor	9.28	7.56	3.14	6.46	5.85	4.90	3.67	4.79	4.34	3.93	16.38
Debt to Total Capital	69.08%	65.58%	64.73%	60.64%	57.94%	53.07%	52.28%	48.09%	45.92%	42.18%	42.83%
Short-Term Debt to Total Capital	10.33%	12.66%	12.36%	12.87%	13.64%	10.05%	12.47%	9.88%	9.21%	7.50%	11.75%
Long-Term Debt to Total Capital	58.76%	52.92%	52.36%	47.77%	44.30%	43.02%	39.81%	38.21%	36.70%	34.68%	31.08%
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	30.92%	34.42%	35.27%	39.36%	42.06%	46.93%	47.72%	51.91%	54.08%	57.82%	57.17%
Debt to EBITDA	2.69	2.39	2.16	2.13	2.08	2.17	2.09	1.82	1.76	1.63	1.73
Net Debt to EBITDA	1.74	1.56	1.34	1.32	1.28	1.43	1.28	1.04	0.92	0.72	0.74
Long-Term Debt to EBITDA	2.29	1.93	1.75	1.67	1.59	1.76	1.59	1.45	1.41	1.34	1.26
Debt to NOPAT	4.76	4.66	3.97	3.91	4.14	3.89	3.77	3.52	3.34	3.23	3.35
Net Debt to NOPAT	3.08	3.05	2.48	2.42	2.54	2.56	2.32	2.02	1.73	1.42	1.43
Long-Term Debt to NOPAT	4.05	3.76	3.21	3.08	3.16	3.15	2.87	2.80	2.67	2.65	2.43
Altman Z-Score	0.90	0.99	0.93	1.03	1.07	1.16	0.97	1.15	1.19	1.28	1.12
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	0.44	0.39	0.41	0.40	0.39	0.37	0.38	0.38	0.40	0.40	0.42
Quick Ratio	0.30	0.26	0.29	0.28	0.27	0.24	0.25	0.25	0.26	0.26	0.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,128	-1,800	-3,257	-1,564	-1,513	-534	-1,512	-757	-590	319	-699
Operating Cash Flow to CapEx	84.79%	34.02%	201.84%	187.09%	95.93%	144.58%	194.28%	153.60%	159.36%	249.17%	202.67%
Free Cash Flow to Firm to Interest Expense	-163.67	0.00	-15.58	-48.89	0.00	0.00	0.00	-37.83	-98.36	0.00	-174.83
Operating Cash Flow to Interest Expense	82.77	0.00	11.52	76.53	0.00	0.00	0.00	92.85	307.83	0.00	608.00
Operating Cash Flow Less CapEx to Interest Expense	-14.85	0.00	5.81	35.63	0.00	0.00	0.00	32.40	114.67	0.00	308.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.80	0.80	0.81	0.81	0.83	0.81	0.81	0.81	0.81	0.81
Accounts Receivable Turnover	18.15	18.41	16.94	17.34	17.83	19.40	16.74	16.37	17.57	20.86	16.84
Inventory Turnover	24.54	24.40	27.13	27.04	26.98	29.75	27.84	27.22	27.68	28.01	27.15
Fixed Asset Turnover	1.73	1.69	1.71	1.71	1.69	1.69	1.67	1.65	1.65	1.64	1.66
Accounts Payable Turnover	7.12	6.99	8.26	7.91	8.13	8.97	8.75	8.24	8.71	8.59	8.19
Days Sales Outstanding (DSO)	20.11	19.83	21.55	21.05	20.47	18.81	21.81	22.30	20.77	17.49	21.68
Days Inventory Outstanding (DIO)	14.87	14.96	13.45	13.50	13.53	12.27	13.11	13.41	13.19	13.03	13.45
Days Payable Outstanding (DPO)	51.29	52.19	44.18	46.12	44.88	40.70	41.72	44.27	41.91	42.49	44.55
Cash Conversion Cycle (CCC)	-16.31	-17.40	-9.17	-11.57	-10.88	-9.62	-6.80	-8.56	-7.95	-11.97	-9.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,543	24,934	23,902	24,213	25,194	26,672	25,841	26,709	27,127	27,533	26,891
Invested Capital Turnover	2.76	2.48	2.66	2.66	2.53	2.39	2.49	2.43	2.41	2.34	2.47
Increase / (Decrease) in Invested Capital	3,573	2,984	3,443	3,233	2,651	1,738	1,939	2,496	1,933	861	1,050
Enterprise Value (EV)	36,804	39,440	43,554	42,441	44,232	50,419	38,558	41,381	45,360	51,996	49,935
Market Capitalization	23,487	25,611	30,803	30,614	32,684	39,040	28,164	32,112	37,055	45,316	43,420
Book Value per Share	$14.34	$17.26	$17.28	$19.19	$21.14	$23.70	$23.91	$26.71	$28.83	$31.94	$31.20
Tangible Book Value per Share	($10.12)	($7.20)	($7.10)	($5.19)	($3.23)	($0.67)	($0.43)	$2.63	$4.75	$7.86	$7.13
Total Capital	29,839	32,259	31,615	31,469	32,443	32,587	32,371	33,596	34,801	36,065	35,640
Total Debt	20,613	21,154	20,464	19,083	18,797	17,294	16,924	16,156	15,979	15,212	15,264
Total Long-Term Debt	17,532	17,071	16,555	15,033	14,373	14,019	12,886	12,836	12,773	12,507	11,076
Net Debt	13,317	13,829	12,751	11,827	11,548	11,379	10,394	9,269	8,305	6,680	6,515
Capital Expenditures (CapEx)	1,269	1,602	1,193	1,309	1,328	1,310	1,224	1,209	1,159	907	1,200
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-17,225	-15,934	-17,456	-17,355	-16,609	-16,620	-18,136	-17,583	-17,604	-18,261	-19,901
Debt-free Net Working Capital (DFNWC)	-12,220	-12,066	-12,990	-13,121	-12,632	-13,551	-14,425	-14,252	-13,813	-13,951	-14,848
Net Working Capital (NWC)	-15,301	-16,149	-16,899	-17,171	-17,056	-16,826	-18,463	-17,572	-17,019	-16,656	-19,036
Net Nonoperating Expense (NNE)	337	-853	149	364	-134	361	187	-391	-74	-38	640
Net Nonoperating Obligations (NNO)	13,317	13,829	12,751	11,827	11,548	11,379	10,394	9,269	8,305	6,680	6,515
Total Depreciation and Amortization (D&A)	594	610	615	620	643	635	607	602	614	620	635
Debt-free, Cash-free Net Working Capital to Revenue	-30.08%	-27.45%	-29.57%	-28.87%	-27.54%	-26.96%	-29.28%	-28.39%	-27.98%	-28.82%	-30.53%
Debt-free Net Working Capital to Revenue	-21.34%	-20.79%	-22.00%	-21.83%	-20.95%	-21.98%	-23.29%	-23.01%	-21.95%	-22.02%	-22.78%
Net Working Capital to Revenue	-26.72%	-27.82%	-28.62%	-28.56%	-28.28%	-27.30%	-29.81%	-28.38%	-27.05%	-26.29%	-29.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.73	$3.19	$0.06	$2.04	$1.98	$1.31	$0.37	$3.28	$2.18	$1.89	($0.44)
Adjusted Weighted Average Basic Shares Outstanding	643.46M	643.32M	645.31M	645.42M	645.28M	645.96M	652.96M	652.95M	652.96M	653.13M	656.99M
Adjusted Diluted Earnings per Share	$1.72	$3.18	$0.06	$2.01	$1.97	$1.29	$0.37	$3.27	$2.17	$1.85	($0.44)
Adjusted Weighted Average Diluted Shares Outstanding	643.46M	643.32M	645.31M	645.42M	645.28M	645.96M	652.96M	652.95M	652.96M	653.13M	656.99M
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	643.46M	643.32M	645.31M	645.42M	645.28M	645.96M	652.96M	652.95M	652.96M	653.13M	656.99M
Normalized Net Operating Profit after Tax (NOPAT)	1,445	1,184	430	1,669	1,138	1,204	427	1,739	1,343	1,180	351
Normalized NOPAT Margin	9.33%	8.33%	3.13%	10.02%	7.26%	7.74%	3.04%	10.45%	8.05%	7.37%	2.21%
Pre Tax Income Margin	9.82%	16.00%	0.89%	10.64%	9.96%	7.72%	2.28%	15.46%	10.66%	9.46%	-1.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	133.08	0.00	1.58	62.28	0.00	0.00	0.00	138.30	325.67	0.00	-14.75
NOPAT to Interest Expense	111.18	0.00	0.89	52.14	0.00	0.00	0.00	86.97	223.81	0.00	87.68
EBIT Less CapEx to Interest Expense	35.46	0.00	-4.12	21.38	0.00	0.00	0.00	77.85	132.50	0.00	-314.75
NOPAT Less CapEx to Interest Expense	13.56	0.00	-4.82	11.24	0.00	0.00	0.00	26.52	30.64	0.00	-212.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1.88%	2.78%	3.83%	5.71%	6.21%	9.29%	9.73%	8.67%	8.94%	8.79%	10.50%
Augmented Payout Ratio	1.88%	2.78%	3.83%	5.71%	6.21%	9.29%	9.73%	8.67%	8.94%	8.79%	10.50%

Financials Breakdown Chart

Key Financial Trends

Delta Air Lines (DAL) has shown a recovery path over the last four years across its income statement, balance sheet, and cash flow. The following points summarize the most important trends and signals for retail investors based on the latest quarterly data (2022–2025, with a focus on 2023–2025 performance).

Rising revenue trend over four years. Operating revenue increased from about 13.43B in Q4 2022 to 16.03B in Q4 2025, signaling a return to growth after the pandemic disruption. This trend is echoed across other recent quarters (e.g., Q4 2024 at 15.56B, Q3 2025 at 16.67B).
Net income back in positive territory in 2023–2025. Delta reported positive net income attributable to common shareholders in 2023–2025, with Q4 2025 net income of about 1.21B and multiple quarters posting solid positive results (e.g., Q2 2025 around 2.13B, Q3 2025 around 1.42B).
Strong quarterly cash flow from operations (CFO) in late 2024–2025. CFO in Q4 2025 was about 7.84B, with solid CFO in the prior quarters (e.g., Q3 2025 ~1.85B, Q2 2025 ~1.86B). This points to meaningful operating cash generation even as quarterly mix varies.
Dividends resumed in 2025. Delta paid a cash dividend per share of 0.15 in Q1 2025, indicating improved profitability and a return of capital to shareholders after the pandemic period.
Large current deferred revenue signals substantial upfront cash and future revenue recognition. Current deferred revenue sits around 12.8B in recent quarters (e.g., 12.82B in Q4 2025), which can support near-term cash flow but also reflects obligations that will unwind into revenue over time.
Liquidity is tight by some measures. In the latest Q3 2025 balance sheet, current assets were about 11.2B against total current liabilities near 28.25B, implying a relatively low current ratio and potential liquidity risk if cash flows falter.
High overall leverage and debt load. Total liabilities around 60.8B and total assets near 79.6B in Q3 2025 yield substantial leverage (debt-to-equity and overall liability load remain meaningful), suggesting sensitivity to interest rates and funding costs.
Significant net cash outflow from financing and some quarters show negative net cash changes. For example, the Q3 2025 net change in cash and equivalents was a negative 1.405B, reflecting reliance on investing/financing activities in addition to operating cash flow.
Net cash flow patterns can be choppy across quarters. While CFOs were strong in some quarters (e.g., Q4 2025), other quarters show smaller CFO or negative net cash from financing activities, highlighting seasonal and cycle-related volatility inherent in an airline business.

Takeaway for investors: Delta’s path to recovery appears strong on revenue and net income fronts, with meaningful operating cash flow in late 2024–2025 and a return of dividends. However, liquidity is relatively tight at the short term, and the company carries a sizable leverage load, which warrants attention to cash flow durability, debt service costs, and capital allocation strategy moving forward. As always, consider these cash flow and balance sheet dynamics alongside industry cycles, fuel prices, and capacity growth when evaluating DAL as an investment.

05/06/26 08:51 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Delta Air Lines' Financials

When does Delta Air Lines' 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 2025 ended on December 31, 2025.

How has Delta Air Lines' net income changed over the last 10 years?

Delta Air Lines' net income appears to be on a downward trend, with a most recent value of $5.01 billion in 2025, rising from $4.53 billion in 2015. The previous period was $3.46 billion in 2024. See Delta Air Lines' forecast for analyst expectations on whatâ€™s next for the company.

What is Delta Air Lines' operating income?

Delta Air Lines' total operating income in 2025 was $5.82 billion, based on the following breakdown:

Total Gross Profit: $20.95 billion
Total Operating Expenses: $15.13 billion

How has Delta Air Lines' revenue changed over the last 10 years?

Over the last 10 years, Delta Air Lines' total revenue changed from $40.70 billion in 2015 to $63.36 billion in 2025, a change of 55.7%.

How much debt does Delta Air Lines have?

Delta Air Lines' total liabilities were at $60.46 billion at the end of 2025, a 0.6% increase from 2024, and a 43.0% increase since 2015.

How much cash does Delta Air Lines have?

In the past 10 years, Delta Air Lines' cash and equivalents has ranged from $1.57 billion in 2018 to $8.31 billion in 2020, and is currently $4.31 billion as of their latest financial filing in 2025.

How has Delta Air Lines' book value per share changed over the last 10 years?

Over the last 10 years, Delta Air Lines' book value per share changed from 13.80 in 2015 to 31.94 in 2025, a change of 131.5%.

Related Companies

Financial statements for NYSE:DAL last updated on 4/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Delta Air Lines (DAL) Financials

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Delta Air Lines (DAL) Financials

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