Last 48 quarters of trend data · Industrials · Airlines, Airports & Air Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 10.02 | 18.14 | 9.60 | — | 9.33 | 6.54 | 3.77 | 29.46 | 11.72 | 6.45 | 5.90 | 208.49 | 3.18 | 5.38 | 4.17 | — | 6.37 | 6.50 | 6.30 | — | — |
| — | +177.5% | +154.4% | — | -20.4% | +1.4% | -36.1% | -85.9% | +268.4% | +19.9% | +41.5% | — | -50.0% | -17.2% | -33.8% | — | — | +15.2% | -40.6% | — | — | |
| P/S Ratio | 0.80 | 0.68 | 0.78 | 0.68 | 0.71 | 0.56 | 0.48 | 0.51 | 0.63 | 0.52 | 0.46 | 0.56 | 0.46 | 0.38 | 0.49 | 0.44 | 0.39 | 0.32 | 0.34 | 0.67 | 0.66 |
| — | +22.6% | +61.7% | +35.0% | +12.2% | +6.0% | +4.4% | -9.8% | +39.2% | +36.2% | -5.8% | +28.4% | +16.2% | +19.5% | +45.9% | -35.1% | -40.4% | -56.9% | -65.5% | -63.6% | -59.1% | |
| P/B Ratio | 2.42 | 2.44 | 2.82 | 2.13 | 2.19 | 1.97 | 1.84 | 1.84 | 2.58 | 2.41 | 2.48 | 2.77 | 2.33 | 2.58 | 3.77 | 3.56 | 3.20 | 3.92 | 4.87 | 8.43 | 6.40 |
| — | +24.1% | +53.4% | +15.6% | -15.0% | -18.2% | -25.9% | -33.5% | +10.6% | -6.8% | -34.1% | -22.3% | -27.1% | -34.1% | -22.7% | -57.7% | -50.0% | -62.6% | -77.5% | -86.8% | -61.5% | |
| P/FCF | 13.14 | 45.83 | 5.50 | 8.80 | 8.41 | 13.49 | 12.37 | 6.16 | 16.89 | — | 6.74 | 6.35 | — | — | 6.59 | 4.52 | — | — | 2.94 | 1260.30 | — |
| — | +239.9% | -55.5% | +42.8% | -50.2% | — | +83.5% | -3.1% | — | — | +2.2% | +40.6% | — | — | +124.0% | -99.6% | — | — | -53.1% | +4053.7% | — | |
| EV / EBITDA | 8.14 | 8.23 | 7.62 | 11.54 | 7.46 | 4.73 | 4.62 | 9.99 | 6.29 | 6.53 | 4.45 | 10.84 | 6.53 | 4.63 | 4.52 | 42.39 | 5.98 | 5.24 | 5.17 | — | 16.83 |
| — | +74.0% | +64.9% | +15.5% | +18.7% | -27.5% | +3.8% | -7.9% | -3.7% | +40.9% | -1.5% | -74.4% | +9.2% | -11.6% | -12.5% | — | -64.5% | +7.6% | -48.4% | — | — | |
| EV / EBIT | 11.55 | 12.04 | 9.54 | — | 11.22 | 7.06 | 4.55 | 23.55 | 10.70 | 7.68 | 6.56 | 40.76 | 5.08 | 6.96 | 5.50 | — | 8.91 | 8.64 | 8.05 | — | — |
| — | +70.7% | +109.6% | — | +4.9% | -8.1% | -30.6% | -42.2% | +110.6% | +10.4% | +19.3% | — | -43.0% | -19.4% | -31.7% | — | — | +20.9% | -32.0% | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.8% | 33.3% | 33.5% | 28.6% | 22.4% | 23.5% | 30.3% | 21.5% | 28.6% | 26.4% | 30.7% | 20.7% | 24.5% | 27.0% | 29.9% | 14.1% | 24.3% | 24.1% | 23.7% | 7.3% | 17.5% |
| — | +41.8% | +10.9% | +33.4% | -21.7% | -11.2% | -1.5% | +3.6% | +16.5% | -2.2% | +2.6% | +47.2% | +0.7% | +12.1% | +26.5% | +92.1% | +39.2% | +28.7% | +281.6% | +118.1% | +162.9% | |
| Operating Margin | 9.2% | 7.2% | 9.4% | 3.2% | 9.2% | 10.1% | 12.6% | 4.1% | 11.0% | 8.9% | 13.6% | 4.5% | 9.3% | 12.8% | 16.0% | -2.2% | 10.9% | 10.4% | 11.0% | -8.4% | 2.8% |
| — | -28.7% | -25.3% | -22.0% | -16.9% | +13.3% | -7.2% | -9.3% | +18.7% | -30.4% | -14.9% | +305.7% | -15.1% | +23.0% | +45.5% | +74.1% | +294.0% | -56.7% | -4.0% | +75.1% | +112.9% | |
| Net Margin | 7.9% | 3.7% | 8.1% | -1.8% | 7.6% | 8.5% | 12.8% | 1.7% | 5.4% | 8.1% | 7.8% | 0.3% | 14.3% | 7.2% | 11.7% | -2.8% | 6.2% | 5.0% | 5.3% | -10.1% | -4.3% |
| — | -55.9% | -36.5% | -206.6% | +40.6% | +4.7% | +63.3% | +535.2% | -62.2% | +13.4% | -33.2% | +109.5% | +132.1% | +43.8% | +120.6% | +71.7% | +243.2% | -62.4% | -41.9% | +64.5% | +77.3% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.8% | 3.4% | 7.6% | -1.4% | 6.2% | 7.8% | 13.0% | 1.6% | 5.8% | 9.8% | 11.1% | 0.3% | 20.0% | 12.8% | 25.4% | -5.7% | 14.8% | 16.5% | 21.6% | -27.3% | -12.6% |
| — | -56.4% | -41.3% | -190.0% | +5.7% | -20.0% | +16.8% | +369.6% | -70.9% | -23.6% | -56.4% | +105.9% | +35.0% | -22.7% | +17.7% | +79.3% | +218.1% | -73.5% | -70.8% | +76.6% | +59.3% | |
| ROA | 6.4% | 0.9% | 1.9% | -0.3% | 1.5% | 1.8% | 2.7% | 0.3% | 1.1% | 1.7% | 1.7% | 0.0% | 2.8% | 1.5% | 2.5% | -0.5% | 1.1% | 0.9% | 1.0% | -1.3% | -0.6% |
| — | -51.1% | -31.3% | -211.0% | +35.5% | +6.1% | +57.4% | +531.1% | -59.7% | +11.9% | -30.3% | +110.0% | +142.3% | +60.1% | +151.8% | +61.2% | +303.7% | -42.4% | +12.6% | +20.8% | +43.8% | |
| ROIC | 12.0% | 2.9% | 4.2% | 1.1% | 3.0% | 3.5% | 4.5% | 1.2% | 3.7% | 3.1% | 5.1% | 1.3% | 2.9% | 4.5% | 5.7% | -0.6% | 3.5% | 3.9% | 4.1% | -2.0% | 0.7% |
| — | -16.6% | -7.6% | -9.3% | -20.6% | +12.2% | -10.9% | -7.0% | +29.5% | -30.6% | -10.5% | +313.0% | -18.6% | +14.4% | +39.9% | +68.4% | +426.0% | -35.5% | +78.1% | +47.2% | +129.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 0.84 | 0.92 | 0.70 | 1.02 | 1.15 | 1.22 | 1.44 | 1.49 | 1.79 | 2.00 | 2.36 | 2.46 | 2.90 | 3.40 | 4.72 | 4.65 | 6.72 | 8.55 | 11.20 | 8.92 |
| — | -27.5% | -24.9% | -51.8% | -31.8% | -35.4% | -39.1% | -38.9% | -39.4% | -38.5% | -41.1% | -50.0% | -47.2% | -56.8% | -60.2% | -57.8% | -47.9% | -48.8% | -69.0% | -84.7% | -61.5% | |
| Debt / EBITDA | 2.55 | 8.86 | 7.93 | 12.47 | 10.10 | 7.48 | 7.87 | 18.95 | 9.68 | 11.95 | 8.59 | 21.41 | 14.12 | 10.40 | 8.99 | 103.00 | 15.12 | 15.46 | 16.05 | — | 45.21 |
| — | +18.4% | +0.8% | -34.2% | +4.3% | -37.5% | -8.4% | -11.5% | -31.4% | +15.0% | -4.4% | -79.2% | -6.6% | -32.8% | -44.0% | — | -66.6% | +22.4% | -40.1% | — | — | |
| Current Ratio | 0.40 | 0.40 | 0.42 | 0.42 | 0.40 | 0.40 | 0.38 | 0.38 | 0.37 | 0.39 | 0.40 | 0.41 | 0.39 | 0.44 | 0.46 | 0.47 | 0.50 | 0.57 | 0.66 | 0.65 | 0.76 |
| — | +1.1% | +10.1% | +10.4% | +7.4% | +1.0% | -4.5% | -7.0% | -5.0% | -11.5% | -12.3% | -13.8% | -22.5% | -22.3% | -30.2% | -27.8% | -34.0% | -31.5% | -21.2% | -24.3% | -30.4% | |
| Quick Ratio | 0.34 | 0.32 | 0.35 | 0.36 | 0.34 | 0.34 | 0.33 | 0.33 | 0.32 | 0.34 | 0.35 | 0.36 | 0.34 | 0.39 | 0.41 | 0.42 | 0.45 | 0.52 | 0.59 | 0.60 | 0.71 |
| — | -5.7% | +4.9% | +10.8% | +7.3% | +0.5% | -5.7% | -7.7% | -6.9% | -12.5% | -14.1% | -15.9% | -24.1% | -24.3% | -30.9% | -29.5% | -36.9% | -34.5% | -25.2% | -27.1% | -32.4% | |
| Interest Coverage | 8.23 | 9.96 | 13.98 | -0.42 | 8.84 | 11.39 | 15.97 | 2.79 | 7.68 | 10.02 | 10.43 | 1.60 | 11.99 | 8.76 | 12.41 | -1.23 | 5.71 | 4.88 | 4.84 | -3.38 | -0.49 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying DAL stock.
Delta Air Lines, Inc.'s current P/E is 10.0x. The average P/E over the last 3 quarters is 12.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Delta Air Lines, Inc.'s current operating margin is 9.2%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Delta Air Lines, Inc.'s business trajectory between earnings reports.