Revenue growth rebounded to 18.7% YoY in 2026Q2, but margins remain volatile, with gross margin swinging from 20.7% in 2024Q1 to 33.5% in 2026Q2 and a net loss of -$289M in 2026Q1.
Delta Air Lines, Inc. (DAL) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Jun'00 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 68.29B | 63.36B | 61.64B | 58.05B | 50.58B | 29.9B | 17.09B | 47.01B | 44.44B | 41.14B | 39.45B | 40.7B | 40.36B | 37.77B | 36.67B | 35.12B | 31.75B | 28.06B | 22.7B | 19.15B | 17.53B | 16.48B | 15.23B | 14.31B | 13.87B | 13.88B | 16.74B | 14.88B | 14.6B | 14.14B | 13.59B |
| Revenue Growth % | 10.28% | 2.79% | 6.19% | 14.76% | 69.18% | 74.9% | -63.63% | 5.78% | 8.02% | 4.28% | -3.08% | 0.85% | 6.85% | 3.01% | 4.43% | 10.58% | 13.16% | 23.64% | 18.5% | 9.25% | 6.38% | 8.17% | 6.48% | 3.19% | -0.09% | -17.1% | 12.48% | 1.96% | 3.25% | 4% | 9.14% |
| Cost of Goods Sold | 49.63B | 48.89B | 45.09B | 42.53B | 39.42B | 27.77B | 21.46B | 33.41B | 33.34B | 29.63B | 27.16B | 27.35B | 32.19B | 29.18B | 29.3B | 27.95B | 24.38B | 15.05B | 13.81B | 9.18B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.09B | 0 | 0 | 3.88B |
| COGS % of Revenue | - | 77.16% | 73.14% | 73.27% | 77.94% | 92.87% | 125.55% | 71.07% | 75.01% | 72.02% | 68.86% | 67.19% | 79.76% | 77.26% | 79.89% | 79.58% | 76.79% | 53.62% | 60.87% | 47.95% | - | - | - | - | - | - | - | 27.48% | - | - | 28.52% |
| Gross Profit | 18.66B | 14.47B | 16.56B | 15.52B | 11.16B | 2.13B | -4.37B | 13.6B | 11.1B | 11.51B | 12.29B | 13.36B | 8.17B | 8.59B | 7.38B | 7.17B | 7.37B | 13.02B | 8.88B | 9.97B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.79B | 0 | 0 | 9.72B |
| Gross Margin % | 27.32% | 22.84% | 26.86% | 26.73% | 22.06% | 7.13% | -25.55% | 28.93% | 24.99% | 27.98% | 31.14% | 32.81% | 20.24% | 22.74% | 20.11% | 20.42% | 23.21% | 46.38% | 39.13% | 52.05% | - | - | - | - | - | - | - | 72.52% | - | - | 71.48% |
| Gross Profit Growth % | - | -12.57% | 6.7% | 39.05% | 423.21% | 148.83% | -132.12% | 22.47% | -3.54% | -6.32% | -8% | 63.5% | -4.91% | 16.47% | 2.87% | -2.74% | -43.37% | 46.53% | -10.91% | - | - | - | - | - | - | - | -100% | - | - | -100% | 8.57% |
| Operating Expenses | 13.14B | 8.65B | 10.56B | 10B | 7.5B | 247M | 8.1B | 6.98B | 5.84B | 5.54B | 5.29B | 5.55B | 5.96B | 5.19B | 5.2B | 5.19B | 5.15B | 11.37B | 7.69B | 6.93B | 17.47B | 18.48B | 18.54B | 15.09B | 15.18B | 15.48B | 15.1B | -913M | 12.73B | 12.44B | -511M |
| OpEx % of Revenue | - | 13.66% | 17.13% | 17.22% | 14.83% | 0.83% | 47.39% | 14.85% | 13.14% | 13.48% | 13.41% | 13.64% | 14.77% | 13.74% | 14.18% | 14.79% | 16.23% | 40.53% | 33.87% | 36.19% | 99.67% | 112.14% | 121.71% | 105.49% | 109.44% | 111.54% | 90.22% | -6.13% | 87.19% | 88.02% | -3.76% |
| Selling, General & Admin | 2.97B | 2.48B | 3.87B | 3.72B | 2.45B | 502M | 424M | 2.28B | 1.94B | 1.83B | 1.75B | 1.67B | 1.7B | 1.6B | 1.59B | 1.68B | 1.51B | 9.84B | 6.42B | 5.12B | 6.16B | 7.1B | 2.58B | 8.78B | 8.86B | 9.08B | 9.06B | -719M | 7.98B | 7.85B | -519M |
| SG&A % of Revenue | - | 3.92% | 6.28% | 6.4% | 4.85% | 1.68% | 2.48% | 4.84% | 4.37% | 4.44% | 4.44% | 4.11% | 4.21% | 4.24% | 4.34% | 4.79% | 4.75% | 35.06% | 28.29% | 26.74% | 35.16% | 43.11% | 16.93% | 61.34% | 63.92% | 65.39% | 54.1% | -4.83% | 54.67% | 55.55% | -3.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 6.17B | 6.69B | 6.28B | 5.04B | -255M | 7.68B | 4.7B | 3.9B | 3.72B | 3.54B | 3.88B | 4.26B | 3.59B | 3.61B | 3.51B | 3.65B | 1.54B | 1.27B | 1.81B | 11.31B | 11.38B | 15.96B | 6.32B | 6.31B | 6.41B | 6.05B | -194M | 4.75B | 4.59B | 8M |
| Operating Income | 5.52B | 5.82B | 6B | 5.52B | 3.66B | 1.89B | -12.47B | 6.62B | 5.26B | 5.97B | 7B | 7.8B | 2.21B | 3.4B | 2.17B | 1.98B | 2.22B | 1.64B | 1.2B | 3.04B | 58M | -2B | -3.31B | -785M | -1.31B | -1.6B | 1.64B | 11.71B | 1.87B | 1.69B | 10.23B |
| Operating Margin % | 8.08% | 9.19% | 9.73% | 9.51% | 7.24% | 6.31% | -72.94% | 14.08% | 11.85% | 14.5% | 17.73% | 19.17% | 5.47% | 9% | 5.93% | 5.62% | 6.98% | 5.85% | 5.27% | 15.86% | 0.33% | -12.14% | -21.71% | -5.49% | -9.44% | -11.54% | 9.78% | 78.65% | 12.81% | 11.98% | 75.24% |
| Operating Income Growth % | - | -2.89% | 8.59% | 50.81% | 94.11% | 115.13% | -288.41% | 25.72% | -11.77% | -14.72% | -10.33% | 253.67% | -35.12% | 56.32% | 10.13% | -10.92% | 35.1% | 37.32% | -60.66% | 5137.93% | 102.9% | 39.51% | -321.4% | 40.03% | 18.29% | -197.86% | -86.02% | 525.99% | 10.39% | -83.44% | 7.7% |
| EBITDA | 8.65B | 8.27B | 8.51B | 7.86B | 5.77B | 3.88B | -10.16B | 9.2B | 7.59B | 8.19B | 8.9B | 9.64B | 3.98B | 5.06B | 3.74B | 3.5B | 3.73B | 3.18B | 2.46B | 3.53B | 1.33B | -728M | -2.06B | 445M | -128M | -319M | 2.82B | 12.67B | 2.73B | 2.4B | 10.86B |
| EBITDA Margin % | 12.66% | 13.04% | 13.8% | 13.54% | 11.4% | 12.99% | -59.41% | 19.57% | 17.09% | 19.9% | 22.56% | 23.68% | 9.85% | 13.39% | 10.2% | 9.96% | 11.74% | 11.32% | 10.84% | 18.45% | 7.61% | -4.42% | -13.55% | 3.11% | -0.92% | -2.3% | 16.87% | 85.11% | 18.71% | 17% | 79.9% |
| EBITDA Growth % | 4.55% | -2.86% | 8.22% | 36.3% | 48.51% | 138.24% | -210.41% | 21.15% | -7.27% | -7.98% | -7.67% | 142.32% | -21.37% | 35.24% | 6.92% | -6.17% | 17.34% | 29.09% | -30.34% | 164.84% | 283.24% | 64.73% | -563.82% | 447.66% | 59.87% | -111.3% | -77.71% | 363.82% | 13.6% | -77.87% | 7.34% |
| D&A (Non-Cash Add-back) | 3.13B | 2.44B | 2.51B | 2.34B | 2.11B | 2B | 2.31B | 2.58B | 2.33B | 2.22B | 1.9B | 1.83B | 1.77B | 1.66B | 1.56B | 1.52B | 1.51B | 1.54B | 1.27B | 495M | 1.28B | 1.27B | 1.24B | 1.23B | 1.18B | 1.28B | 1.19B | 961M | 861M | 710M | 634M |
| EBIT | 5.29B | 5.59B | 5.41B | 6.44B | 2.94B | 1.68B | -14.66B | 6.5B | 5.46B | 5.9B | 6.74B | 7.64B | 1.72B | 3.38B | 2.03B | 1.86B | 1.79B | -673M | -8.36B | 2.47B | 58M | -2B | -3.31B | -785M | -1.31B | -1.6B | 1.64B | 11.71B | 1.87B | 1.69B | 10.23B |
| Net Interest Income | -623M | -679M | -747M | -834M | -1.03B | -1.28B | -929M | -301M | -311M | -396M | -388M | -481M | -650M | -852M | -1B | -1.09B | -1.19B | -881M | -593M | -524M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27M | 92M | 128M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 623M | 679M | 747M | 834M | 1.03B | 1.28B | 929M | 301M | 311M | 396M | 388M | 481M | 650M | 852M | 1B | 1.09B | 1.19B | 908M | 685M | 652M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -431M | 363M | -1.34B | 87M | -1.75B | -1.49B | -3.12B | -420M | -113M | -466M | -643M | -645M | -1.13B | -873M | -1.15B | -1.21B | -1.61B | -3.22B | -10.24B | -1.22B | -7.03B | -1.86B | -684M | -404M | -693M | -262M | -88M | -9.61B | -44M | -46M | -8.81B |
| Pretax Income | 5.08B | 6.18B | 4.66B | 5.61B | 1.91B | 398M | -15.59B | 6.2B | 5.15B | 5.5B | 6.35B | 7.16B | 1.07B | 2.53B | 1.02B | 769M | 608M | -1.58B | -9.04B | 1.82B | -6.97B | -3.86B | -3.99B | -1.19B | -2B | -1.86B | 1.55B | 2.09B | 1.83B | 1.65B | 1.42B |
| Pretax Margin % | 7.45% | 9.76% | 7.56% | 9.66% | 3.78% | 1.33% | -91.18% | 13.19% | 11.59% | 13.37% | 16.1% | 17.58% | 2.66% | 6.69% | 2.8% | 2.19% | 1.91% | -5.63% | -39.83% | 9.5% | -39.74% | -23.42% | -26.2% | -8.31% | -14.44% | -13.43% | 9.25% | 14.06% | 12.51% | 11.66% | 10.41% |
| Income Tax | 1.13B | 1.18B | 1.2B | 999M | 596M | 118M | -3.2B | 1.43B | 1.22B | 2.29B | 2.16B | 2.63B | 413M | -8.01B | 16M | -85M | 15M | -344M | -119M | 207M | -765M | -41M | 1.21B | -416M | -730M | -648M | 621M | 831M | 725M | 647M | 561M |
| Effective Tax Rate % | 22.3% | 19.08% | 25.78% | 17.81% | 31.14% | 29.65% | 20.54% | 23.09% | 23.61% | 41.73% | 33.97% | 36.76% | 38.53% | -317.1% | 1.56% | -11.05% | 2.47% | 21.76% | 1.32% | 11.38% | 10.98% | 1.06% | -30.21% | 34.99% | 36.46% | 34.76% | 40.09% | 39.7% | 39.7% | 39.26% | 39.65% |
| Net Income | 3.95B | 5B | 3.46B | 4.61B | 1.32B | 280M | -12.38B | 4.77B | 3.94B | 3.21B | 4.2B | 4.53B | 659M | 10.54B | 1.01B | 854M | 593M | -1.24B | -8.92B | 1.61B | -6.2B | -3.82B | -5.2B | -773M | -1.27B | -1.22B | 828M | 1.21B | 1.1B | 1B | 854M |
| Net Margin % | 5.79% | 7.9% | 5.61% | 7.94% | 2.61% | 0.94% | -72.45% | 10.14% | 8.86% | 7.79% | 10.63% | 11.12% | 1.63% | 27.9% | 2.75% | 2.43% | 1.87% | -4.41% | -39.31% | 8.42% | -35.38% | -23.17% | -34.12% | -5.4% | -9.17% | -8.76% | 4.95% | 8.12% | 7.54% | 7.08% | 6.28% |
| Net Income Growth % | -11.91% | 44.78% | -24.99% | 249.7% | 370.71% | 102.26% | -359.81% | 21.14% | 22.78% | -23.6% | -7.31% | 586.8% | -93.75% | 944.6% | 18.15% | 44.01% | 147.94% | 86.14% | -653.47% | 125.99% | -62.47% | 26.55% | -572.45% | 39.23% | -4.61% | -246.86% | -31.46% | 9.72% | 9.99% | 17.21% | 447.44% |
| Net Income (Continuing) | 3.95B | 5B | 3.46B | 4.61B | 1.32B | 280M | -12.38B | 4.77B | 3.94B | 3.21B | 4.2B | 4.53B | 659M | 10.54B | 1.01B | 854M | 593M | -1.24B | -8.92B | 1.61B | -6.2B | -3.82B | -5.2B | -773M | -1.27B | -1.22B | 928M | 1.26B | 1.1B | 1B | 854M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.01 | 7.66 | 5.33 | 7.17 | 2.06 | 0.44 | -19.47 | 7.30 | 5.67 | 4.43 | 5.79 | 5.63 | 0.78 | 12.28 | 1.19 | 1.01 | 0.70 | -1.50 | -19.06 | 6.71 | -31.57 | -23.64 | -40.92 | -6.26 | -10.32 | -9.88 | 6.38 | 7.27 | 6.44 | 13.28 | 1.52 |
| EPS Growth % | -12.48% | 43.71% | -25.66% | 248.06% | 368.18% | 102.26% | -366.71% | 28.75% | 27.99% | -23.49% | 2.84% | 621.79% | -93.65% | 931.93% | 17.82% | 44.29% | 146.67% | 92.13% | -384.05% | 121.25% | -33.54% | 42.23% | -553.67% | 39.34% | -4.45% | -254.86% | -12.24% | 12.89% | -51.51% | 773.68% | -30.91% |
| EPS (Basic) | - | 7.72 | 5.39 | 7.21 | 2.07 | 0.44 | -19.47 | 7.32 | 5.69 | 4.53 | 5.82 | 5.68 | 0.79 | 12.41 | 1.19 | 1.02 | 0.71 | -1.50 | -19.06 | 4.14 | -31.57 | -23.64 | -40.92 | -6.26 | -10.32 | -9.88 | 6.68 | 7.71 | 6.74 | 13.28 | 1.52 |
| Diluted Shares Outstanding | 657M | 654M | 648M | 643M | 641M | 641M | 636M | 653M | 694M | 723.48M | 755M | 804M | 845M | 858M | 850M | 844M | 843M | 827M | 468M | 311.92M | 196.49M | 161.52M | 127.03M | 123.44M | 123.28M | 123.12M | 129.78M | 151.39M | 155.42M | 75.38M | 102.86M |
| Basic Shares Outstanding | 653M | 648M | 648M | 639M | 638M | 636M | 636M | 651M | 691M | 707.2M | 751M | 797M | 836M | 849M | 845M | 838M | 834M | 827M | 468M | 388.99M | 196.49M | 161.52M | 127.03M | 123.44M | 123.28M | 123.12M | 123.86M | 142.86M | 148.47M | 75.38M | 102.86M |
| Dividend Payout Ratio | - | 8.79% | 9.29% | 2.78% | - | - | - | 20.56% | 23.1% | 22.81% | 12.13% | 7.93% | 38.09% | 0.97% | - | - | - | - | - | 0.93% | - | - | - | - | - | - | 4.83% | 3.48% | 3.91% | 4.3% | 5.15% |
Quick answers to the most common questions about buying DAL stock.
For fiscal year 2025, Delta Air Lines, Inc. (DAL) reported total revenue of $63.36B. This represents a 366.1% increase compared to $13.59B in 1996.
Delta Air Lines, Inc. (DAL) is profitable, generating $5.00B in net income for the fiscal year ending 2025 with a net profit margin of 7.9%.
Delta Air Lines, Inc. (DAL) reported an operating income of $5.82B, resulting in an operating profit margin of 9.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Delta Air Lines, Inc. (DAL) generated $14.47B in gross profit for the year, representing a gross profit margin of 22.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Fuel price volatility and seasonality
Metrics are mathematically derived from official filings.
Revenue Growth Rebounds but Remains Uneven
Delta's revenue grew 18.7% year-over-year in 2026Q2 to $19.8B, according to the latest quarterly report, but the prior quarter saw a 12.9% increase, indicating a volatile recovery trajectory.
The 18.7% growth in 2026Q2 is the strongest in the ten-quarter window, but it follows a quarter where revenue was only $15.9B, suggesting a sharp sequential rebound. However, growth has been inconsistent: 2025Q2 saw a slight decline (-0.1%), and 2025Q4 grew only 2.9%. This unevenness may reflect fluctuating demand and capacity decisions, and investors should monitor whether the 2026Q2 pace is sustainable or a one-off.
Gross Margin Volatility Mirrors Fuel and Pricing
Gross margin swung from 20.7% in 2024Q1 to 33.5% in 2026Q2, as reported in financial statements, reflecting significant variability in unit costs and pricing power.
The gross margin range of roughly 13 percentage points over ten quarters is wide for an airline, indicating sensitivity to fuel prices and fare competition. The 33.5% in 2026Q2 is a peak, but it follows a 22.4% in 2025Q4, suggesting that margin expansion may not be durable. Compared to peers, Delta's gross margin is higher than AAL and LUV but lower than UAL's 64.1%, which may reflect different accounting treatments or ancillary revenue streams.
Operating Leverage Shows Through in Profit Swings
Operating income swung from $501M in 2026Q1 to $1.9B in 2026Q2, as per the income statement, demonstrating high operating leverage as revenue rose 24.5% sequentially.
The sequential revenue increase of $3.9B (from $15.9B to $19.8B) translated into a $1.4B increase in operating income, implying an incremental margin of roughly 36%. This indicates that fixed costs are substantial, and profitability is highly sensitive to revenue changes. However, the 2026Q1 operating margin of 3.2% shows that when revenue dips, profits compress quickly, highlighting the risk of demand shocks.
Net Income Volatility Raises Quality Questions
Net income ranged from a -$289M loss in 2026Q1 to a $2.1B profit in 2025Q2, based on reported figures, with EPS swinging from -$0.44 to $3.26.
The wide swings in net income and EPS suggest that earnings are heavily influenced by non-operating items or one-time events, such as fuel hedges or special charges. For instance, 2024Q4 net income of $843M was significantly lower than operating income of $1.7B, implying a large tax or other expense. Investors should scrutinize the gap between operating and net income to assess the sustainability of reported EPS.
SG&A Efficiency Improves but Remains a Swing Factor
SG&A as a percentage of revenue fell from 7.2% in 2024Q2 to 3.7% in 2026Q2, as reported in the income statement, indicating improved cost discipline.
The absolute SG&A in 2026Q2 was $726M, down from $1.2B in 2024Q2, even as revenue grew, suggesting that Delta has streamlined overhead. However, the 2025Q3 and 2025Q4 SG&A were around $1.0B, so the recent low may not be a trend. The variability in SG&A could reflect timing of marketing or IT investments, and investors should monitor whether this efficiency is sustainable.
2026Q1 Loss Marks a Turning Point
The -$289M net loss in 2026Q1, as per the income statement, was the only loss in the ten-quarter period, signaling a potential inflection in demand or cost pressures.
This loss came despite revenue growth of 12.9%, indicating that costs grew faster than revenue, likely due to fuel price spikes or operational disruptions. The subsequent quarter's strong recovery suggests that the loss was temporary, but it highlights the fragility of Delta's earnings. The lasting impact may be a more cautious approach to capacity expansion, as the company seeks to avoid similar margin compression.
What Could Invalidate the Base Case
Despite strong 2026Q2 results, Delta's earnings remain vulnerable to fuel price spikes and demand seasonality, as evidenced by the 2026Q1 loss and volatile margins.
The sharp swing from a net loss in 2026Q1 to a record profit in 2026Q2 underscores the fragility of Delta's earnings power. If fuel costs rise or demand softens, the high operating leverage could quickly reverse gains, as seen in the 3.2% operating margin in 2026Q1. Additionally, the inconsistent revenue growth and wide gross margin fluctuations suggest that the company lacks durable pricing power, which could pressure future profitability.