Delta Air Lines, Inc.

DAL · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$45,316	$39,040	$25,887	$21,069	$25,012	$25,735	$37,428	$31,937	$35,841	$31,482	$32,442	$41,123	$23,322	$10,030	$6,779	$10,508	$9,411	$5,363	$4,645	–	–	–	–	$2,809	$2,806	$2,823	$3,256	$3,384	$1,718	$2,344	$2,303	$2,292	$2,271	$2,257	$2,020	$2,194	$2,240	$2,220	$2,037	$1,827
Enterprise value	$62,089	$58,742	$49,300	$45,145	$48,372	$47,187	$51,801	$46,696	$42,036	$35,565	$37,334	$47,595	$30,861	$19,365	$16,955	$22,150	$25,144	$22,029	$8,947	–	–	–	–	$11,807	$9,994	$7,214	$5,954	$4,200	$2,594	$2,964	$3,896	$3,927	$4,855	$5,862	$3,394	$3,546	$2,430	$2,163	$2,723	$2,695
P/E (TTM) at period end	9.05×	11.29×	5.62×	15.99×	89.33×	–	7.85×	8.12×	11.18×	7.50×	7.17×	62.40×	2.21×	9.94×	7.94×	17.72×	–	–	2.88×	–	–	–	–	–	–	3.41×	2.70×	3.07×	1.72×	2.74×	14.76×	5.62×	–	–	–	–	7.40×	4.82×	6.64×	6.93×
P/S (TTM) at period end	0.72×	0.63×	0.45×	0.42×	0.84×	1.51×	0.80×	0.72×	0.87×	0.79×	0.80×	1.02×	0.62×	0.27×	0.19×	0.33×	0.34×	0.24×	0.24×	–	–	–	–	0.20×	0.20×	0.17×	0.22×	0.23×	0.12×	0.17×	0.18×	0.19×	0.19×	0.19×	0.19×	0.24×	0.26×	0.27×	0.29×	0.34×
P/B at period end	2.17×	2.55×	2.33×	3.20×	6.43×	16.78×	2.44×	2.33×	2.86×	2.79×	2.99×	4.67×	2.00×	–	–	11.72×	38.41×	6.14×	0.46×	–	–	–	–	3.15×	0.74×	0.49×	0.65×	0.76×	0.43×	0.74×	0.86×	1.18×	1.45×	1.13×	1.03×	0.88×	0.86×	0.85×	0.92×	0.94×
EV / EBITDA (TTM)	7.51×	6.90×	6.27×	7.83×	12.45×	–	5.63×	6.15×	5.13×	4.00×	3.87×	11.97×	6.10×	5.18×	4.85×	5.94×	20.75×	–	2.53×	–	–	–	–	–	–	2.55×	0.47×	1.54×	1.08×	0.27×	0.39×	0.38×	0.56×	–	–	–	–	–	–	–
EV / Sales (TTM)	0.98×	0.95×	0.85×	0.89×	1.62×	2.76×	1.10×	1.05×	1.02×	0.90×	0.92×	1.18×	0.82×	0.53×	0.48×	0.70×	0.90×	0.97×	0.47×	–	–	–	–	0.85×	0.72×	0.43×	0.40×	0.29×	0.18×	0.22×	0.31×	0.32×	0.40×	0.49×	0.31×	0.39×	0.28×	0.27×	0.39×	0.51×
Returns
Return on equity	24.0%	22.6%	41.5%	20.0%	7.2%	(807.4%)	31.0%	28.7%	25.6%	37.2%	41.7%	7.5%	90.5%	–	–	66.1%	(504.9%)	(1020.8%)	15.9%	–	–	–	–	(142.4%)	(32.3%)	14.3%	24.2%	24.8%	24.9%	27.0%	5.8%	21.0%	(26.1%)	(50.2%)	(25.8%)	(12.9%)	11.6%	17.6%	13.9%	13.6%
Return on invested capital	12.5%	12.7%	12.7%	7.4%	4.3%	(34.4%)	17.1%	14.0%	17.8%	29.1%	28.7%	8.2%	16.9%	26.2%	20.3%	16.3%	(1.6%)	(46.2%)	18.5%	–	–	(49.8%)	(5.5%)	(8.4%)	(9.5%)	9.4%	84.7%	21.3%	18.9%	143.9%	112.3%	137.9%	140.5%	(5.6%)	(13.0%)	(7.6%)	9.7%	17.2%	11.6%	8.5%
Dividend yield	1.0%	0.8%	0.5%	–	–	1.0%	2.6%	2.8%	2.0%	1.6%	1.1%	0.6%	0.4%	–	–	–	–	–	0.3%	–	–	–	–	1.4%	1.4%	1.4%	1.3%	1.3%	2.5%	1.9%	5.2%	5.2%	5.3%	6.1%	4.4%	3.8%	–	–	–	–
Financial health
Current ratio	0.40×	0.37×	0.39×	0.50×	0.76×	1.09×	0.41×	0.34×	0.41×	0.49×	0.52×	0.54×	0.68×	0.62×	0.61×	0.64×	0.82×	0.81×	0.79×	0.93×	0.85×	0.61×	0.75×	0.60×	0.56×	0.61×	0.71×	0.50×	0.73×	0.70×	0.90×	0.88×	0.91×	0.95×	0.48×	0.88×	0.56×	0.84×	1.19×	1.00×
Debt / equity	0.68×	1.06×	1.81×	3.50×	6.93×	19.01×	0.73×	0.71×	0.71×	0.65×	0.77×	1.10×	0.97×	(5.96×)	(9.88×)	17.00×	56.22×	24.26×	1.12×	(0.59×)	(0.78×)	(2.40×)	(19.03×)	12.14×	2.47×	1.01×	0.97×	0.54×	0.40×	0.56×	0.71×	1.49×	2.15×	1.89×	1.86×	0.85×	0.54×	0.27×	0.35×	0.55×
Effective tax rate	19.1%	25.8%	17.8%	31.1%	29.6%	20.5%	23.1%	23.6%	41.7%	34.0%	36.8%	38.5%	(317.1%)	1.6%	(11.1%)	2.5%	21.8%	1.3%	11.4%	11.0%	1.1%	(30.2%)	35.0%	36.5%	34.8%	40.1%	39.7%	39.7%	39.3%	39.6%	43.5%	40.5%	38.0%	36.3%	35.6%	35.1%	35.3%	35.2%	32.7%	41.0%
Share count
Diluted shares outstanding	654	648	643	641	641	636	653	694	723	755	804	845	858	850	844	843	827	468	312	196	162	127	123	123	123	130	151	155	75	103	101	101	100	99	89	106	98	97	89	80

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$71,800	$63,364	$61,643	$58,048	$50,582	$29,899	$17,095	$47,007	$44,438	$41,244	$39,639	$40,704	$40,362	$37,773	$36,670	$35,115	$31,755	$28,063	$22,697	$19,154	$17,532	$16,480	$15,235	$14,308	$13,866	$13,879	$16,741	$14,883	$14,597	$14,138	$13,594	$12,455	$12,194	$12,077	$11,997	$10,837	$9,171	$8,582	$8,090	$6,915	$5,318
Cost of revenue	($50,335)	($48,889)	($45,086)	($42,530)	($39,422)	($27,766)	($21,463)	($33,409)	($33,335)	($29,628)	($27,164)	($27,349)	($32,194)	($29,183)	($29,295)	($27,946)	($24,384)	($15,048)	($13,815)	($9,184)	–	–	–	–	–	–	–	($4,090)	–	–	($3,877)	($3,505)	($3,371)	($3,551)	($4,862)	($4,466)	($3,814)	($5,225)	($4,665)	($4,152)	($3,179)
Gross profit	$21,465	$14,475	$16,557	$15,518	$11,160	$2,133	($4,368)	$13,598	$11,103	$11,510	$12,286	$13,355	$8,168	$8,590	$7,375	$7,169	$7,371	$13,015	$8,882	$9,970	–	–	–	–	–	–	–	$10,793	–	–	$9,717	$8,950	$8,823	$8,526	$7,135	$6,371	$5,356	$3,357	$3,424	$2,763	$2,139
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($21,352)	($20,005)	($18,646)	($16,941)	($13,793)	($10,681)	($9,644)	($15,455)	($13,985)	($12,950)	($12,260)	($11,938)	($10,905)	($9,829)	($9,228)	($8,840)	($8,573)	($9,838)	($6,421)	($5,122)	($6,164)	($7,104)	($2,580)	($8,776)	($8,863)	($9,076)	($9,057)	$719	($7,980)	($7,854)	$519	$588	$755	$759	($6,953)	($6,469)	($5,341)	($2,478)	($2,353)	($1,912)	($1,456)
Total operating expenses	($16,179)	($8,653)	($10,562)	($9,997)	($7,499)	($247)	($8,101)	($6,980)	($5,839)	($5,544)	($5,290)	($5,553)	($5,962)	($5,190)	($5,200)	($5,194)	($5,154)	($13,339)	($17,196)	($6,932)	–	–	–	–	–	–	–	$913	–	–	$511	$547	$705	$886	($7,628)	($7,046)	($5,806)	($2,938)	($2,746)	($2,266)	($1,734)
Total costs and expenses	($66,514)	($57,542)	($55,648)	($52,527)	($46,921)	($28,013)	($29,564)	($40,389)	($39,174)	($35,278)	($32,643)	($32,902)	($38,156)	($34,373)	($34,495)	($33,140)	($29,538)	($28,387)	($31,011)	($16,116)	($17,474)	($18,481)	($18,543)	($15,093)	($15,175)	($15,481)	($15,104)	($3,177)	($12,727)	($12,444)	($3,366)	($2,958)	($2,666)	($2,665)	($12,490)	($11,512)	($9,621)	($8,163)	($7,411)	($6,418)	($4,914)
Operating income	$5,286	$5,822	$5,995	$5,521	$3,661	$1,886	($12,469)	$6,618	$5,264	$5,966	$6,996	$7,802	$2,206	$3,400	$2,175	$1,975	$2,217	($324)	($8,314)	$3,038	$58	($2,001)	($3,308)	($785)	($1,309)	($1,602)	$1,637	$11,706	$1,870	$1,694	$10,228	$9,497	$9,528	$9,412	($493)	($675)	($450)	$420	$678	$497	$405
Earnings
EBITDA	$7,870	$8,265	$8,508	$7,862	$5,768	$3,884	($10,157)	$9,199	$7,593	$8,188	$8,882	$9,637	$3,977	$5,058	$3,740	$3,498	$3,728	$1,212	($7,048)	$3,533	$1,334	($728)	($2,064)	$445	($128)	($319)	$2,824	$12,667	$2,731	$2,404	$10,862	$10,119	$10,206	$8,737	($1,070)	($1,141)	($909)	–	–	–	–
Interest income	–	($679)	($747)	($834)	($783)	$56	($105)	$119	–	–	–	–	–	–	–	–	$35	$27	$92	$128	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($598)	($679)	($747)	($834)	($1,029)	($1,279)	($929)	($301)	($311)	($396)	($388)	($481)	($650)	($852)	($1,005)	($901)	($1,004)	($908)	($685)	($652)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$4,382	$6,185	$4,658	$5,608	$1,914	$398	($15,587)	$6,198	$5,151	$5,500	$6,353	$7,157	$1,072	$2,527	$1,025	$769	$608	($1,581)	($9,041)	$1,819	($6,968)	($3,859)	($3,992)	($1,189)	($2,002)	($1,864)	$1,549	$2,093	$1,826	$1,648	$1,415	$276	$494	($660)	($651)	($786)	($500)	$468	$711	$456	$447
Income tax expense	($1,092)	($1,180)	($1,201)	($999)	($596)	($118)	$3,202	($1,431)	($1,216)	($2,295)	($2,158)	($2,631)	($413)	$8,013	($16)	$85	($15)	$344	$119	($207)	$765	$41	($1,206)	$416	$730	$648	($621)	($831)	($725)	($647)	($561)	($120)	($200)	$251	$236	$280	$176	($165)	($250)	($149)	($184)
Net income	$3,290	$5,005	$3,457	$4,609	$1,318	$280	($12,385)	$4,767	$3,935	$3,205	$4,195	$4,526	$659	$10,540	$1,009	$854	$593	($1,237)	($8,922)	$1,612	($6,203)	($3,818)	($5,198)	($773)	($1,272)	($1,216)	$828	$1,208	$1,101	$1,001	$854	$156	$408	($409)	($1,002)	($506)	($324)	$303	$461	$307	$264
Per share
Diluted EPS (GAAP)	$5.01	$7.66	$5.33	$7.17	$2.06	$0.44	($19.49)	$7.30	$5.67	$4.43	$5.55	$5.63	$0.78	$12.29	$1.19	$1.01	$0.70	($1.50)	($19.08)	$6.71	($31.57)	($23.64)	($40.92)	($6.26)	($10.32)	($9.88)	$6.38	$7.27	$6.44	$13.28	$1.52	$2.20	$3.18	($10.05)	($5.11)	($3.66)	($3.24)	$4.69	$3.15	$2.95	$0.59
Basic EPS (GAAP)	$5.04	$7.72	$5.39	$7.21	$2.07	$0.44	($19.49)	$7.32	$5.69	$4.45	$5.59	$5.68	$0.79	$12.41	$1.20	$1.02	$0.71	($1.50)	($19.08)	$6.71	($31.57)	($23.64)	($40.92)	($6.26)	($10.32)	($9.88)	$6.68	$7.71	$6.74	$13.28	$1.52	$4.04	$3.18	($10.05)	($5.11)	($3.66)	($3.56)	$4.69	$3.15	$2.95	$0.59
Basic shares outstanding	652	648	641	639	638	636	636	651	691	720	751	797	836	849	845	838	834	827	468	312	196	162	127	123	123	123	124	143	148	75	103	101	101	100	99	89	96	98	97	89	80
Margins
Gross margin	29.9%	22.8%	26.9%	26.7%	22.1%	7.1%	(25.6%)	28.9%	25.0%	27.9%	31.0%	32.8%	20.2%	22.7%	20.1%	20.4%	23.2%	46.4%	39.1%	52.1%	–	–	–	–	–	–	–	72.5%	–	–	71.5%	71.9%	72.4%	70.6%	59.5%	58.8%	58.4%	39.1%	42.3%	40.0%	40.2%
Operating margin	7.4%	9.2%	9.7%	9.5%	7.2%	6.3%	(72.9%)	14.1%	11.8%	14.5%	17.6%	19.2%	5.5%	9.0%	5.9%	5.6%	7.0%	(1.2%)	(36.6%)	15.9%	0.3%	(12.1%)	(21.7%)	(5.5%)	(9.4%)	(11.5%)	9.8%	78.7%	12.8%	12.0%	75.2%	76.3%	78.1%	77.9%	(4.1%)	(6.2%)	(4.9%)	4.9%	8.4%	7.2%	7.6%
Net margin	4.6%	7.9%	5.6%	7.9%	2.6%	0.9%	(72.4%)	10.1%	8.9%	7.8%	10.6%	11.1%	1.6%	27.9%	2.8%	2.4%	1.9%	(4.4%)	(39.3%)	8.4%	(35.4%)	(23.2%)	(34.1%)	(5.4%)	(9.2%)	(8.8%)	4.9%	8.1%	7.5%	7.1%	6.3%	1.3%	3.3%	(3.4%)	(8.4%)	(4.7%)	(3.5%)	3.5%	5.7%	4.4%	5.0%

Analyst consensus

Buy45 analysts

Bearish · 0 · Hold · 8 · Bullish · 37

Earnings history

	EPS	Estimate
Q4 2024	$1.85	$1.74	Beat
Q1 2025	$0.46	$0.38	Beat
Q2 2025	$2.10	$2.06	Beat
Q3 2025	$1.71	$1.57	Beat
Q4 2025	$1.55	$1.53	Beat
Q1 2026	$0.64	$0.58	Beat
Q2 2026	$1.56	$1.49	Beat
Q3 2026	$1.72	$1.77	Miss

Peers

Company overview

IPO dateMay 3, 2007

CEOEdward H. Bastian

Employees100,000

SectorIndustrials

IndustryAirlines, Airports & Air Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.delta.com

Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Detroit, Minneapolis-St. Paul, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Santiago (Chile), Sao Paulo, Seoul-Incheon, and Tokyo. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages. The company operates through a fleet of approximately 1,314 aircraft. Delta Air Lines, Inc. was founded in 1924 and is headquartered in Atlanta, Georgia.

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