Delta Air Lines, Inc. (DAL) 10-Year Financial Performance & Capital Metrics

DAL • • Industrial / General

IndustrialsAirlines & AirportsFull-Service Network AirlinesMajor US Network Carriers

AboutDelta 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, Minneapolis-St. Paul, Detroit, 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, Mexico City, London-Heathrow, Paris-Charles de Gaulle, and Seoul-Incheon. The company sells its tickets through various distribution channels, including delta.com and the Fly Delta app, reservations, online travel agencies, traditional brick and mortar, and other agencies. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages to third-party consumers, as well as aircraft charters, and management and programs. The company operates through a fleet of approximately 1,200 aircrafts. Delta Air Lines, Inc. was founded in 1924 and is based in Atlanta, Georgia.Show more

Revenue $63.36B +2.8%
EBITDA $8.27B -2.9%
Net Income $5B +44.8%
EPS (Diluted) 7.66 +43.7%
Gross Margin 22.84% -14.9%
EBITDA Margin 13.04% -5.5%
Operating Margin 9.19% -5.5%
Net Margin 7.9% +40.8%
ROE 27.77% +6.0%
ROIC 12.04% -5.4%
Debt/Equity 1.02 -31.8%
Interest Coverage 8.57 +6.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 35.4%
✓Momentum leader: RS Rating 82 (top 18%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 30.0%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.53%

5Y29.96%

3Y7.8%

TTM2.79%

Profit (Net Income) CAGR

10Y1.01%

5Y-

3Y56.01%

TTM44.81%

EPS CAGR

10Y3.13%

5Y-

3Y54.92%

TTM43.79%

ROCE

10Y Avg8.76%

5Y Avg9.34%

3Y Avg11.9%

Latest11.39%

Peer Comparison

Major US Network Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKAlaska Air Group, Inc.	5.76B	49.66	16.12	12.56%	1.06%	3.72%	3.18%	1.46
AALAmerican Airlines Group Inc.	10.37B	15.71	12.67	2.7%	1.11%		12.54%
UALUnited Airlines Holdings, Inc.	37.56B	116.02	12.28	6.23%	5.64%	23.01%	10.2%	2.65
DALDelta Air Lines, Inc.	46.58B	71.34	9.31	2.79%	7.9%	24.12%	8.25%	1.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	39.45B	41.14B	44.44B	47.01B	17.09B	29.9B	50.58B	58.05B	61.64B	63.36B
Revenue Growth %	-0.03%	0.04%	0.08%	0.06%	-0.64%	0.75%	0.69%	0.15%	0.06%	0.03%
Cost of Goods Sold+	27.16B	29.63B	33.34B	33.41B	21.46B	27.77B	39.42B	42.53B	45.09B	48.89B
COGS % of Revenue	0.69%	0.72%	0.75%	0.71%	1.26%	0.93%	0.78%	0.73%	0.73%	0.77%
Gross Profit+	12.29B	11.51B	11.1B	13.6B	-4.37B	2.13B	11.16B	15.52B	16.56B	14.47B
Gross Margin %	0.31%	0.28%	0.25%	0.29%	-0.26%	0.07%	0.22%	0.27%	0.27%	0.23%
Gross Profit Growth %	-0.08%	-0.06%	-0.04%	0.22%	-1.32%	1.49%	4.23%	0.39%	0.07%	-0.13%
Operating Expenses+	5.29B	5.54B	5.84B	6.98B	8.1B	247M	7.5B	10B	10.56B	8.65B
OpEx % of Revenue	0.13%	0.13%	0.13%	0.15%	0.47%	0.01%	0.15%	0.17%	0.17%	0.14%
Selling, General & Admin	1.75B	1.83B	1.94B	2.28B	424M	502M	2.45B	3.72B	3.87B	2.48B
SG&A % of Revenue	0.04%	0.04%	0.04%	0.05%	0.02%	0.02%	0.05%	0.06%	0.06%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	3.54B	3.72B	3.9B	4.7B	7.68B	-255M	5.04B	6.28B	6.69B	6.17B
Operating Income+	7B	5.97B	5.26B	6.62B	-12.47B	1.89B	3.66B	5.52B	6B	5.82B
Operating Margin %	0.18%	0.15%	0.12%	0.14%	-0.73%	0.06%	0.07%	0.1%	0.1%	0.09%
Operating Income Growth %	-0.1%	-0.15%	-0.12%	0.26%	-2.88%	1.15%	0.94%	0.51%	0.09%	-0.03%
EBITDA+	8.9B	8.19B	7.59B	9.2B	-10.16B	3.88B	5.77B	7.86B	8.51B	8.27B
EBITDA Margin %	0.23%	0.2%	0.17%	0.2%	-0.59%	0.13%	0.11%	0.14%	0.14%	0.13%
EBITDA Growth %	-0.08%	-0.08%	-0.07%	0.21%	-2.1%	1.38%	0.49%	0.36%	0.08%	-0.03%
D&A (Non-Cash Add-back)	1.9B	2.22B	2.33B	2.58B	2.31B	2B	2.11B	2.34B	2.51B	2.44B
EBIT	6.74B	5.9B	5.46B	6.5B	-14.66B	1.68B	2.94B	6.44B	5.41B	5.59B
Net Interest Income+	-388M	-396M	-311M	-301M	-929M	-1.28B	-1.03B	-834M	-747M	-679M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	388M	396M	311M	301M	929M	1.28B	1.03B	834M	747M	679M
Other Income/Expense	-643M	-466M	-113M	-420M	-3.12B	-1.49B	-1.75B	87M	-1.34B	363M
Pretax Income+	6.35B	5.5B	5.15B	6.2B	-15.59B	398M	1.91B	5.61B	4.66B	6.18B
Pretax Margin %	0.16%	0.13%	0.12%	0.13%	-0.91%	0.01%	0.04%	0.1%	0.08%	0.1%
Income Tax+	2.16B	2.29B	1.22B	1.43B	-3.2B	118M	596M	999M	1.2B	1.18B
Effective Tax Rate %	0.66%	0.58%	0.76%	0.77%	0.79%	0.7%	0.69%	0.82%	0.74%	0.81%
Net Income+	4.2B	3.21B	3.94B	4.77B	-12.38B	280M	1.32B	4.61B	3.46B	5B
Net Margin %	0.11%	0.08%	0.09%	0.1%	-0.72%	0.01%	0.03%	0.08%	0.06%	0.08%
Net Income Growth %	-0.07%	-0.24%	0.23%	0.21%	-3.6%	1.02%	3.71%	2.5%	-0.25%	0.45%
Net Income (Continuing)	4.2B	3.21B	3.94B	4.77B	-12.38B	280M	1.32B	4.61B	3.46B	5B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	5.79	4.43	5.67	7.30	-19.47	0.44	2.06	7.17	5.33	7.66
EPS Growth %	0.03%	-0.23%	0.28%	0.29%	-3.67%	1.02%	3.68%	2.48%	-0.26%	0.44%
EPS (Basic)	5.82	4.53	5.69	7.32	-19.47	0.44	2.07	7.21	5.39	7.72
Diluted Shares Outstanding	755M	723.48M	694M	653M	636M	641M	641M	643M	648M	654M
Basic Shares Outstanding	751M	707.2M	691M	651M	636M	636M	638M	639M	648M	648M
Dividend Payout Ratio	0.12%	0.23%	0.23%	0.21%	-	-	-	0.03%	0.09%	0.09%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	7.45B	7.8B	6.34B	8.25B	17.4B	15.94B	13.01B	10.27B	9.84B	10.97B
Cash & Short-Term Investments	3.25B	2.64B	1.56B	2.88B	14.1B	11.32B	6.53B	3.87B	3.07B	4.31B
Cash Only	2.76B	1.81B	1.56B	2.88B	8.31B	7.93B	3.27B	2.74B	3.07B	4.31B
Short-Term Investments	487M	825M	0	0	5.79B	3.39B	3.27B	1.13B	0	0
Accounts Receivable	2.06B	2.38B	2.31B	2.85B	1.4B	2.4B	3.18B	3.13B	3.22B	2.85B
Days Sales Outstanding	19.1	21.09	19.01	22.16	29.81	29.35	22.92	19.68	19.09	16.42
Inventory	891M	1.33B	1.05B	1.25B	732M	1.1B	1.42B	1.31B	1.43B	1.6B
Days Inventory Outstanding	11.97	16.37	11.55	13.67	12.45	14.43	13.18	11.28	11.56	11.95
Other Current Assets	0	0	0	0	0	0	0	1.96B	2.12B	2.21B
Total Non-Current Assets+	43.81B	45.87B	53.93B	56.28B	54.59B	56.52B	59.28B	63.38B	65.53B	70.22B
Property, Plant & Equipment	24.38B	26.56B	34.33B	36.94B	32.26B	35.92B	40.15B	42.49B	44.24B	45.99B
Fixed Asset Turnover	1.62x	1.55x	1.29x	1.27x	0.53x	0.83x	1.26x	1.37x	1.39x	1.38x
Goodwill	9.79B	9.79B	9.78B	9.78B	9.75B	9.75B	9.75B	9.75B	9.75B	9.75B
Intangible Assets	4.84B	4.85B	4.83B	5.17B	6.01B	6B	5.99B	5.98B	5.97B	5.97B
Long-Term Investments	0	0	0	2.57B	1.67B	1.71B	2.13B	3.46B	2.85B	4.22B
Other Non-Current Assets	1.73B	3.31B	4.74B	1.71B	2.91B	1.77B	934M	1.69B	2.71B	4.29B
Total Assets+	51.26B	53.29B	60.27B	64.53B	72B	72.47B	72.28B	73.64B	75.37B	81.19B
Asset Turnover	0.77x	0.77x	0.74x	0.73x	0.24x	0.41x	0.70x	0.79x	0.82x	0.78x
Asset Growth %	-0.04%	0.04%	0.13%	0.07%	0.12%	0.01%	-0%	0.02%	0.02%	0.08%
Total Current Liabilities+	15.24B	18.96B	18.58B	20.2B	15.93B	20.97B	25.94B	26.42B	26.67B	27.67B
Accounts Payable	2.57B	3.63B	2.98B	3.27B	2.84B	4.24B	5.11B	4.45B	4.65B	5.23B
Days Payables Outstanding	34.56	44.77	32.59	35.68	48.3	55.74	47.28	38.16	37.64	39.02
Short-Term Debt	1.13B	2.24B	1.52B	2.29B	1.73B	1.78B	2.36B	2.98B	2.17B	2.41B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	5.06B	5.43B	5.74B	5.85B	5.14B	7.33B	9.26B	8.14B	8.19B	9.44B
Current Ratio	0.49x	0.41x	0.34x	0.41x	1.09x	0.76x	0.50x	0.39x	0.37x	0.40x
Quick Ratio	0.43x	0.34x	0.28x	0.35x	1.05x	0.71x	0.45x	0.34x	0.32x	0.34x
Cash Conversion Cycle	-3.49	-7.31	-2.03	0.15	-6.04	-11.96	-11.17	-7.2	-6.99	-10.65
Total Non-Current Liabilities+	23.73B	22.18B	28B	28.97B	54.53B	47.61B	39.77B	36.12B	33.41B	32.77B
Long-Term Debt	6.2B	6.59B	8.25B	8.87B	27.43B	25.14B	20.67B	17.07B	14.02B	12.51B
Capital Lease Obligations	0	0	5.8B	5.29B	5.71B	7.06B	6.87B	6.47B	5.81B	5.35B
Deferred Tax Liabilities	0	0	163M	1.46B	0	0	24M	908M	2.18B	3.37B
Other Non-Current Liabilities	15.26B	12.03B	10.13B	9.84B	15.99B	10.56B	7.76B	7.16B	6.89B	7.15B
Total Liabilities	38.97B	41.14B	46.58B	49.17B	70.46B	68.57B	65.71B	62.54B	60.08B	60.43B
Total Debt+	7.33B	8.83B	16.53B	17.25B	35.55B	34.68B	30.61B	27.28B	22.77B	21.08B
Net Debt	4.57B	7.02B	14.96B	14.37B	27.24B	26.75B	27.34B	24.54B	19.7B	16.77B
Debt / Equity	0.60x	0.71x	1.21x	1.12x	23.17x	8.92x	4.65x	2.46x	1.49x	1.02x
Debt / EBITDA	0.82x	1.08x	2.18x	1.88x	-	8.93x	5.31x	3.47x	2.68x	2.55x
Net Debt / EBITDA	0.51x	0.86x	1.97x	1.56x	-	6.89x	4.74x	3.12x	2.32x	2.03x
Interest Coverage	18.03x	15.07x	16.93x	21.99x	-13.42x	1.47x	3.56x	6.62x	8.03x	8.57x
Total Equity+	12.29B	12.53B	13.69B	15.36B	1.53B	3.89B	6.58B	11.11B	15.29B	20.75B
Equity Growth %	0.13%	0.02%	0.09%	0.12%	-0.9%	1.53%	0.69%	0.69%	0.38%	0.36%
Book Value per Share	16.27	17.32	19.72	23.52	2.41	6.06	10.27	17.27	23.60	31.73
Total Shareholders' Equity	12.29B	12.53B	13.69B	15.36B	1.53B	3.89B	6.58B	11.11B	15.29B	20.75B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	7.9B	9.64B	10.04B	12.45B	-428M	-148M	1.17B	5.65B	8.78B	0
Treasury Stock	-274M	-158M	-198M	-236M	-259M	-282M	-313M	-341M	-251M	0
Accumulated OCI	-7.64B	-7.62B	-7.83B	-7.99B	-9.04B	-7.13B	-5.8B	-5.84B	-4.98B	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	7.21B	5.15B	7.01B	8.44B	-3.79B	3.26B	6.36B	6.46B	8.03B	8.34B
Operating CF Margin %	0.18%	0.13%	0.16%	0.18%	-0.22%	0.11%	0.13%	0.11%	0.13%	0.13%
Operating CF Growth %	-0.09%	-0.29%	0.36%	0.2%	-1.45%	1.86%	0.95%	0.02%	0.24%	0.04%
Net Income	4.37B	3.58B	3.94B	4.77B	-12.38B	280M	1.32B	4.61B	3.46B	5.01B
Depreciation & Amortization	1.9B	2.23B	2.33B	2.58B	2.31B	2B	2.11B	2.34B	2.51B	2.44B
Stock-Based Compensation	154M	169M	0	161M	119M	0	150M	0	0	0
Deferred Taxes	2.22B	2.07B	1.36B	1.47B	-3.11B	115M	591M	980M	1.16B	0
Other Non-Cash Items	-931M	-3.25B	-790M	-1.07B	7.88B	-1.64B	392M	-1.44B	190M	893M
Working Capital Changes	-173M	608M	176M	526M	1.39B	2.51B	1.81B	-29M	710M	0
Change in Receivables	-147M	-328M	108M	-775M	1.17B	-981M	-728M	0	-126M	0
Change in Inventory	-140M	-397M	324M	-139M	354M	-318M	-158M	121M	0	0
Change in Payables	285M	992M	-418M	144M	-1.17B	981M	0	0	0	0
Cash from Investing+	-2.15B	-5.37B	-4.39B	-4.58B	-9.24B	-897M	-6.92B	-3.15B	-3.74B	-4.19B
Capital Expenditures	-3.39B	-3.89B	-5.17B	-4.94B	-1.9B	-3.25B	-6.37B	-5.32B	-5.14B	-4.5B
CapEx % of Revenue	0.09%	0.09%	0.12%	0.11%	0.11%	0.11%	0.13%	0.09%	0.08%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	31M	111M	154M	325M	551M	-31M	210M	92M	264M	315M
Cash from Financing+	-4.26B	-730M	-1.73B	-2.88B	19.36B	-3.85B	-4.54B	-3.39B	-4.26B	-3.08B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-509M	-731M	-909M	-980M	-260M	0	0	-128M	-321M	-440M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	109M	2.94B	3.81B	1.39B	162M	1.98B	-60M	805M	14M	-919M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	3.81B	1.26B	1.85B	3.5B	-5.69B	16M	-2M	1.14B	2.88B	3.84B
FCF Margin %	0.1%	0.03%	0.04%	0.07%	-0.33%	0%	-0%	0.02%	0.05%	0.06%
FCF Growth %	-0.23%	-0.67%	0.47%	0.9%	-2.63%	1%	-1.13%	571.5%	1.53%	0.33%
FCF per Share	5.05	1.74	2.66	5.36	-8.95	0.02	-0.00	1.77	4.45	5.87
FCF Conversion (FCF/Net Income)	1.72x	1.61x	1.78x	1.77x	0.31x	11.65x	4.83x	1.40x	2.32x	1.67x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	36.26%	25.83%	30.02%	32.82%	-146.64%	10.33%	25.18%	52.12%	26.19%	27.77%
Return on Invested Capital (ROIC)	30.81%	24.58%	16.38%	17%	-31.97%	4.76%	8.51%	11.9%	12.73%	12.04%
Gross Margin	31.14%	27.98%	24.99%	28.93%	-25.55%	7.13%	22.06%	26.73%	26.86%	22.84%
Net Margin	10.63%	7.79%	8.86%	10.14%	-72.45%	0.94%	2.61%	7.94%	5.61%	7.9%
Debt / Equity	0.60x	0.71x	1.21x	1.12x	23.17x	8.92x	4.65x	2.46x	1.49x	1.02x
Interest Coverage	18.03x	15.07x	16.93x	21.99x	-13.42x	1.47x	3.56x	6.62x	8.03x	8.57x
FCF Conversion	1.72x	1.61x	1.78x	1.77x	0.31x	11.65x	4.83x	1.40x	2.32x	1.67x
Revenue Growth	-3.08%	4.28%	8.02%	5.78%	-63.63%	74.9%	69.18%	14.76%	6.19%	2.79%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Airline	-	39.41B	40.74B	43.89B	46.91B	15.95B	26.67B	45.6B	54.67B	57B
Airline Growth	-	-	3.39%	7.73%	6.88%	-66.01%	67.26%	71.00%	19.88%	4.27%
Refinery	4.74B	3.84B	5.04B	5.46B	5.56B	3.14B	6.05B	10.71B	7.57B	7.77B
Refinery Growth	-	-18.94%	31.12%	8.32%	1.83%	-43.45%	92.62%	76.84%	-29.27%	2.58%
Exchanged Products	-	-	-	-	-	-1.99B	-2.3B	-3.5B	-4.19B	-3.13B
Exchanged Products Growth	-	-	-	-	-	-	-15.40%	-52.17%	-19.80%	25.47%
Intersegment Sales/Other	-	-3.61B	-4.54B	-4.91B	-5.46B	-	-	-	-	-
Intersegment Sales/Other Growth	-	-	-25.68%	-8.22%	-11.22%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	28.11B	29.56B	31.23B	33.28B	13.34B	24.32B	38.48B	40.84B	43.51B
United States Growth	-	-	5.15%	5.67%	6.57%	-59.92%	82.32%	58.22%	6.15%	6.52%
Atlantic	6.5B	5.92B	6.04B	7.04B	7.36B	1.65B	2.54B	7.43B	10.46B	10.54B
Atlantic Growth	-	-9.01%	2.11%	16.51%	4.56%	-77.60%	53.85%	192.83%	40.77%	0.74%
Latin America	2.81B	2.67B	2.91B	3.18B	3.34B	1.32B	2.28B	3.33B	4.29B	4.56B
Latin America Growth	-	-4.94%	9.02%	9.16%	5.09%	-60.48%	72.90%	45.97%	28.73%	6.34%
Pacific	3.5B	2.94B	2.73B	2.98B	3.02B	786M	758M	1.34B	2.45B	3.04B
Pacific Growth	-	-16.10%	-7.11%	9.23%	1.17%	-73.95%	-3.56%	76.91%	82.92%	23.77%
Domestic	27.88B	-	-	-	-	-	-	-	-	-
Domestic Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Delta Air Lines, Inc. (DAL) has a price-to-earnings (P/E) ratio of 9.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Delta Air Lines, Inc. (DAL) reported $63.36B in revenue for fiscal year 2025. This represents a 73% increase from $36.67B in 2012.

Delta Air Lines, Inc. (DAL) grew revenue by 2.8% over the past year. Growth has been modest.

Yes, Delta Air Lines, Inc. (DAL) is profitable, generating $5.01B in net income for fiscal year 2025 (7.9% net margin).

Dividend & Returns

Yes, Delta Air Lines, Inc. (DAL) pays a dividend with a yield of 0.94%. This makes it attractive for income-focused investors.

Delta Air Lines, Inc. (DAL) has a return on equity (ROE) of 27.8%. This is excellent, indicating efficient use of shareholder capital.

Delta Air Lines, Inc. (DAL) generated $3.84B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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