Last 47 quarters of trend data · Industrials · Airlines, Airports & Air Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Delta Air Lines, Inc.'s quarterly P/E stands at 9.3x, down 20.4% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has expanded 18.7% YoY to 7.5x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 9.54 | 9.33 | 6.54 | 3.77 | 29.46 | 11.72 | 6.45 | 5.90 | 208.49 | 3.18 | 5.38 | 4.17 | — |
| — | -20.4% | +1.4% | -36.1% | -85.9% | +268.4% | +19.9% | +41.5% | — | -50.0% | -17.2% | -33.8% | — | |
| P/S Ratio | 0.75 | 0.71 | 0.56 | 0.48 | 0.51 | 0.63 | 0.52 | 0.46 | 0.56 | 0.46 | 0.38 | 0.49 | 0.44 |
| — | +12.2% | +6.0% | +4.4% | -9.8% | +39.2% | +36.2% | -5.8% | +28.4% | +16.2% | +19.5% | +45.9% | -35.1% | |
| P/B Ratio | 2.30 | 2.19 | 1.97 | 1.84 | 1.84 | 2.58 | 2.41 | 2.48 | 2.77 | 2.33 | 2.58 | 3.77 | 3.56 |
| — | -15.0% | -18.2% | -25.9% | -33.5% | +10.6% | -6.8% | -34.1% | -22.3% | -27.1% | -34.1% | -22.7% | -57.7% | |
| P/FCF | 12.43 | 8.42 | 13.49 | 12.37 | 6.16 | 16.89 | — | 6.74 | 6.35 | — | — | 6.59 | 4.52 |
| — | -50.1% | — | +83.5% | -3.1% | — | — | +2.2% | +40.6% | — | — | +124.0% | -99.6% | |
| EV / EBITDA | 7.81 | 7.46 | 4.73 | 4.62 | 9.99 | 6.29 | 6.53 | 4.45 | 10.84 | 6.53 | 4.63 | 4.52 | 42.39 |
| — | +18.7% | -27.5% | +3.8% | -7.9% | -3.7% | +40.9% | -1.5% | -74.4% | +9.2% | -11.6% | -12.5% | — | |
| EV / EBIT | 11.08 | 11.22 | 7.06 | 4.55 | 23.55 | 10.70 | 7.68 | 6.56 | 40.76 | 5.08 | 6.96 | 5.50 | — |
| — | +4.9% | -8.1% | -30.6% | -42.2% | +110.6% | +10.4% | +19.3% | — | -43.0% | -19.4% | -31.7% | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Delta Air Lines, Inc.'s operating margin was 9.2% in Q4 2025, down 0.9 pp QoQ and down 1.9 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. Gross margin contracted 21.7% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.8% | 22.4% | 23.5% | 30.3% | 21.5% | 28.6% | 26.4% | 30.7% | 20.7% | 24.5% | 27.0% | 29.9% | 14.1% |
| — | -21.7% | -11.2% | -1.5% | +3.6% | +16.5% | -2.2% | +2.6% | +47.2% | +0.7% | +12.1% | +26.5% | +92.1% | |
| Operating Margin | 9.2% | 9.2% | 10.1% | 12.6% | 4.1% | 11.0% | 8.9% | 13.6% | 4.5% | 9.3% | 12.8% | 16.0% | -2.2% |
| — | -16.9% | +13.3% | -7.2% | -9.3% | +18.7% | -30.4% | -14.9% | +305.7% | -15.1% | +23.0% | +45.5% | +74.1% | |
| Net Margin | 7.9% | 7.6% | 8.5% | 12.8% | 1.7% | 5.4% | 8.1% | 7.8% | 0.3% | 14.3% | 7.2% | 11.7% | -2.8% |
| — | +40.6% | +4.7% | +63.3% | +535.2% | -62.2% | +13.4% | -33.2% | +109.5% | +132.1% | +43.8% | +120.6% | +71.7% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.8% | 6.2% | 7.8% | 13.0% | 1.6% | 5.8% | 9.8% | 11.1% | 0.3% | 20.0% | 12.8% | 25.4% | -5.7% |
| — | +5.7% | -20.0% | +16.8% | +369.6% | -70.9% | -23.6% | -56.4% | +105.9% | +35.0% | -22.7% | +17.7% | +79.3% | |
| ROA | 6.4% | 1.5% | 1.8% | 2.7% | 0.3% | 1.1% | 1.7% | 1.7% | 0.0% | 2.8% | 1.5% | 2.5% | -0.5% |
| — | +35.5% | +6.1% | +57.4% | +531.1% | -59.7% | +11.9% | -30.3% | +110.0% | +142.3% | +60.1% | +151.8% | +61.2% | |
| ROIC | 12.0% | 3.0% | 3.5% | 4.5% | 1.2% | 3.7% | 3.1% | 5.1% | 1.3% | 2.9% | 4.5% | 5.7% | -0.6% |
| — | -20.6% | +12.2% | -10.9% | -7.0% | +29.5% | -30.6% | -10.5% | +313.0% | -18.6% | +14.4% | +39.9% | +68.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Delta Air Lines, Inc.'s Debt/EBITDA ratio is 10.1x, up from 7.5x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 7.4% YoY to 0.40x, strengthening the short-term liquidity position. Debt/Equity has declined for 12 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 1.15 | 1.22 | 1.44 | 1.49 | 1.79 | 2.00 | 2.36 | 2.46 | 2.90 | 3.40 | 4.72 |
| — | -31.8% | -35.4% | -39.1% | -38.9% | -39.4% | -38.5% | -41.1% | -50.0% | -47.2% | -56.8% | -60.2% | -57.8% | |
| Debt / EBITDA | 2.55 | 10.10 | 7.48 | 7.87 | 18.95 | 9.68 | 11.95 | 8.59 | 21.41 | 14.12 | 10.40 | 8.99 | 103.00 |
| — | +4.3% | -37.5% | -8.4% | -11.5% | -31.4% | +15.0% | -4.4% | -79.2% | -6.6% | -32.8% | -44.0% | — | |
| Current Ratio | 0.40 | 0.40 | 0.40 | 0.38 | 0.38 | 0.37 | 0.39 | 0.40 | 0.41 | 0.39 | 0.44 | 0.46 | 0.47 |
| — | +7.4% | +1.0% | -4.5% | -7.0% | -5.0% | -11.5% | -12.3% | -13.8% | -22.5% | -22.3% | -30.2% | -27.8% | |
| Quick Ratio | 0.34 | 0.34 | 0.34 | 0.33 | 0.33 | 0.32 | 0.34 | 0.35 | 0.36 | 0.34 | 0.39 | 0.41 | 0.42 |
| — | +7.3% | +0.5% | -5.7% | -7.7% | -6.9% | -12.5% | -14.1% | -15.9% | -24.1% | -24.3% | -30.9% | -29.5% | |
| Interest Coverage | 8.57 | 9.34 | 9.85 | 12.22 | 3.18 | 9.54 | 8.08 | 12.06 | 3.00 | 6.39 | 10.12 | 12.27 | -1.22 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Delta Air Lines, Inc.'s current P/E is 9.5x. The average P/E over the last 4 quarters is 12.3x. 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 expanding 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.