Revenue growth remains highly sensitive to seasonal demand, with top-line performance fluctuating significantly between a 12.9% year-over-year increase in 2026Q1 and flat growth in 2025Q2.
| 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 | 65.18B | 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 % | 5.24% | 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 | 48.11B | 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 | 17.07B | 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 % | 26.19% | 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 | 11.31B | 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 | 3.39B | 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 | 5.75B | 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 % | 8.83% | 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 | 8.83B | 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 % | 13.55% | 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 % | 4.46% | -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) | 3.08B | 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 | 6.02B | 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 | -651M | -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 | 651M | 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 | -104M | 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 | 5.65B | 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 % | 8.67% | 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 | 1.17B | 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 % | 20.76% | 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 | 4.48B | 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 % | 6.87% | 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 % | 22.32% | 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) | 4.48B | 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) | 6.87 | 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 % | 21.45% | 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 | 652M | 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 | 652M | 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% |
Labor cost inflation pressure
As indicated by the most recent quarterly data, Delta's revenue growth has exhibited significant volatility, with a 12.9% year-over-year increase in 2026Q1 contrasting sharply against the flat performance observed in 2025Q2, suggesting that the company's top-line trajectory remains highly sensitive to seasonal demand and capacity constraints.
The revenue fluctuations appear to reflect the inherent cyclicality of the airline industry, where peak travel periods mask underlying demand shifts. Investors should monitor whether the recent growth acceleration is sustainable or merely a recovery from prior-year troughs, as the company struggles to maintain consistent double-digit expansion.
Based on reported financial statements, Delta's gross margins have fluctuated between 20.7% and 30.7% over the last ten quarters, highlighting a lack of structural stability that may indicate significant exposure to volatile input costs such as jet fuel and the operational complexities of the refinery segment.
The wide variance in gross margins suggests that Delta's pricing power is frequently offset by external cost pressures. This volatility warrants further investigation into whether the company's premiumization strategy is sufficient to insulate net profitability from the cyclical nature of global energy markets.
According to the income statement data, operating income has failed to scale linearly with gross profit, as evidenced by the 2026Q1 operating margin of 3.2% despite a gross margin of 28.6%, suggesting that rising SG&A and labor costs are effectively absorbing potential gains in operational efficiency.
The disconnect between gross and operating margins implies that the company's fixed-cost base is expanding, potentially due to recent labor contract renewals. This trend suggests that Delta may face difficulty in achieving meaningful operating leverage without significant improvements in unit cost management.
As reported in recent filings, the company's reliance on premium cabin upsells and loyalty remuneration may be masking underlying weakness in core ticket pricing, raising concerns that the current profitability profile is vulnerable to a potential normalization in consumer discretionary spending on high-end travel experiences.
Short-term profitability gains appear heavily dependent on the premium segment, which may be reaching a saturation point. If leisure travelers pivot toward lower-cost alternatives, the company's high-cost structure could lead to rapid margin compression, challenging the narrative of a structural shift toward a travel-fintech hybrid model.
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.