Delta Air Lines, Inc. (DAL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.55	$1.55	0.0%	—	—	—
Q1 26	$1.53	$1.71	+11.8%	—	—	—
Q4 25	$2.06	$2.1	+1.9%	—	—	—
Q3 25	$0.39	$0.46	+17.9%	—	—	—
Q2 25	$1.74	$1.85	+6.3%	—	—	—
Q1 25	$1.52	$1.5	-1.3%	—	—	—
Q4 24	$2.38	$2.36	-0.8%	—	—	—
Q3 24	$0.37	$0.45	+21.6%	—	—	—
Q2 24	$1.16	$1.28	+10.3%	—	—	—
Q1 24	$1.95	$2.03	+4.1%	—	—	—
Q4 23	$2.4	$2.68	+11.7%	—	—	—
Q3 23	$0.29	$0.25	-13.8%	—	—	—
Q2 23	$1.32	$1.48	+12.1%	—	—	—
Q1 23	$1.53	$1.51	-1.3%	—	—	—
Q4 22	$1.72	$1.44	-16.3%	—	—	—
Q3 22	-$1.27	-$1.23	+3.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.72	—	—	$63.4B	—
FY24	—	$5.39	—	—	$61.6B	—
FY23	—	$7.21	—	—	$58B	—
FY22	—	$2.07	—	—	$50.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$39.5B	$41.1B	$44.4B	$47B	$17.1B	$29.9B	$50.6B	$58B	$61.6B	$63.4B
YoY change	-3.08%	+4.28%	+8.02%	+5.78%	-63.6%	+74.9%	+69.2%	+14.8%	+6.19%	+2.79%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	39.5B	41.1B	44.4B	47B	17.1B	29.9B	50.6B	58B	61.6B	63.4B
Cost of revenue	27.2B	29.6B	33.3B	33.4B	21.5B	27.8B	40B	43.9B	45.1B	48.1B
Gross profit	12.3B	11.5B	11.1B	13.6B	-4.4B	2.1B	10.6B	14.1B	16.6B	15.3B
Gross margin	31.1%	28%	25%	28.9%	-25.6%	7.13%	21%	24.4%	26.9%	24.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.8B	1.8B	1.9B	2.3B	424M	502M	1.6B	2.6B	3.9B	2.5B
Operating expenses	5.3B	5.5B	5.8B	7B	-337M	-204M	6.6B	8.9B	10.6B	9.5B
Operating income	7B	6B	5.3B	6.6B	-4B	2.3B	4B	5.3B	6B	5.8B
Operating margin	17.7%	14.5%	11.8%	13.9%	-23.6%	7.82%	7.82%	9.09%	9.73%	9.19%
Non-operating income, net	-255M	-70M	198M	-54M	-10.6B	-660M	-1B	1.2B	-590M	1B
Pretax income	6.4B	5.5B	5.2B	6.2B	-15.6B	398M	1.9B	5.6B	4.7B	6.2B
Income tax	2.2B	2.3B	1.2B	1.4B	-3.2B	118M	596M	999M	1.2B	1.2B
Net income	4.2B	3.2B	3.9B	4.8B	-12.4B	280M	1.3B	4.6B	3.5B	5B
Net margin	10.6%	7.79%	8.86%	10.1%	-72.4%	0.94%	2.61%	7.94%	5.61%	7.9%
EBITDA	8.6B	8.1B	7.8B	9B	-1.6B	3.9B	5.9B	7.6B	8.3B	8.1B
EPS	5.82	4.53	5.69	7.32	-19.5	0.44	2.07	7.21	5.39	7.72
Diluted EPS	5.79	4.43	5.67	7.3	-19.5	0.44	2.06	7.17	5.33	7.66

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	16.7B	16B	15.9B	19.8B
Cost of revenue	—	—	—	—	—	—	—	—	12.6B	12.2B	12.9B	15.2B
Gross profit	—	—	—	—	—	—	—	—	4.1B	3.8B	2.9B	4.5B
Gross margin	—	—	—	—	—	—	—	—	24.4%	23.6%	18.6%	23%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	645M	616M	590M	726M
Operating expenses	—	—	—	—	—	—	—	—	2.4B	2.3B	2.4B	2.7B
Operating income	2B	1.3B	614M	2.3B	1.4B	1.7B	569M	2.1B	1.7B	1.5B	501M	1.9B
Operating margin	—	—	—	—	—	—	—	—	10.1%	9.17%	3.16%	9.43%
Non-operating income, net	—	—	—	—	—	—	—	—	264M	204M	-564M	289M
Pretax income	—	—	—	—	—	—	—	—	1.8B	1.5B	-214M	2B
Income tax	—	—	—	—	—	—	—	—	360M	294M	75M	405M
Net income	—	—	—	—	—	—	—	—	1.4B	1.2B	-289M	1.6B
Net margin	—	—	—	—	—	—	—	—	8.5%	7.62%	-1.82%	8.12%
EBITDA	—	—	—	—	—	—	—	—	1.6B	1.5B	491M	1.8B
EPS	1.73	3.19	0.06	2.04	1.98	1.31	0.37	3.28	2.18	1.88	-0.44	2.45
Diluted EPS	1.72	3.16	0.06	2.01	1.97	1.29	0.37	3.27	2.17	1.86	-0.44	2.44

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	36.9B	39.6B	34.5B	38.1B	25.6B	24.9B	21B	25.7B	38.8B	45B	55.3B
Enterprise value	41B	45.8B	49.2B	52.4B	47B	48.2B	45B	49.1B	58.5B	60.9B	72B
Shares outstanding	751M	707.2M	691M	651M	636M	636M	638M	639M	641M	648M	648M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	8.81	12.4	8.76	7.99	—	88.8	15.9	5.58	11.2	8.99	13.9
P/S	0.94	0.96	0.78	0.81	1.5	0.83	0.41	0.44	0.63	0.71	0.81
P/B	3.01	3.16	2.52	2.48	16.7	6.39	3.19	2.31	2.54	2.16	2.52
EV/EBITDA	4.76	5.64	6.3	5.81	-29.7	12.2	7.59	6.48	7.07	7.5	9.59
EV/Sales	1.04	1.11	1.11	1.12	2.75	1.61	0.89	0.85	0.95	0.96	1.05
Earnings yield	11.4%	8.09%	11.4%	12.5%	—	1.13%	6.29%	17.9%	8.91%	11.1%	7.18%
FCF yield	10.4%	2.86%	5.35%	9.16%	-22.3%	0.07%	-0.01%	4.44%	7.44%	8.55%	5.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.55

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	31.1%	28%	25%	28.9%	-25.6%	7.13%	21%	24.4%	26.9%	24.2%	23%
Operating margin	17.7%	14.5%	11.8%	13.9%	-23.6%	7.82%	7.82%	9.09%	9.73%	9.19%	7.92%
Net margin	10.6%	7.79%	8.86%	10.1%	-72.4%	0.94%	2.61%	7.94%	5.61%	7.9%	5.78%
ROE	34.1%	25.6%	28.7%	31%	-807.4%	7.2%	20%	41.5%	22.6%	24%	20.1%
ROA	8.18%	5.97%	6.53%	7.39%	-17.2%	0.39%	1.82%	6.26%	4.59%	6.15%	4.02%
ROIC	28.2%	18.6%	14.1%	17%	-17.5%	6.03%	8.88%	12.6%	12.7%	12.8%	11.5%
Return on tangible assets	19.1%	13.1%	12.7%	13.8%	-30.6%	0.68%	3.23%	10.9%	7.87%	10%	7.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.49	0.41	0.34	0.41	1.09	0.76	0.5	0.39	0.37	0.4	0.42
Quick ratio	0.43	0.34	0.28	0.35	1.05	0.71	0.45	0.34	0.32	0.34	0.35
Debt / equity	0.6	0.71	1.21	1.12	23.2	8.92	4.65	2.46	1.49	0.97	0.97
Debt / assets	0.14	0.16	0.27	0.27	0.49	0.48	0.42	0.37	0.3	0.25	0.23
Net debt / EBITDA	0.47	0.76	1.89	1.59	-13.6	5.93	4.06	3.09	2.38	1.97	2.83
Interest coverage	17.4	14.9	17.6	21.6	-15.8	1.31	2.86	7.72	7.24	10.1	9.15
Effective tax rate	34%	41.7%	23.6%	23.1%	0%	29.6%	31.1%	17.8%	25.8%	19.1%	22.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	52.5	58.2	64.3	72.2	26.9	47	79.3	90.8	96.2	97.8	104.9
EPS (basic)	5.82	4.53	5.69	7.32	-19.5	0.44	2.07	7.21	5.39	7.72	7.72
EPS (diluted)	5.79	4.43	5.67	7.3	-19.5	0.44	2.06	7.17	5.33	7.66	6.03
Book value per share	16.4	17.7	19.8	23.6	2.41	6.11	10.3	17.4	23.9	32.2	33.4
FCF per share	5.09	1.6	2.67	5.36	-8.95	0.03	-0	1.79	4.5	5.93	5.18
Cash per share	4.33	3.73	2.56	4.43	22.2	17.8	10.2	6.05	4.79	6.65	7.13
Capex per share	4.52	5.5	7.48	7.58	2.25	5.11	9.98	8.33	8.02	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	8.6%	9.46%	11.6%	10.5%	8.39%	10.9%	12.6%	9.17%	8.34%	—	—
Capex / operating cash flow	48.3%	94.4%	63.3%	54%	-19.5%	97.3%	114%	65.4%	67.4%	—	—
Payout ratio	12.1%	22.8%	23.1%	20.6%	-2.1%	0%	0%	2.78%	9.29%	8.79%	12.4%
Dividend yield	1.38%	1.85%	2.64%	2.57%	1.02%	0%	0%	0.5%	0.83%	0.98%	1.02%

Yield

1.02%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.215

ex-dividend Jul 9, 2026

Payout ratio

12%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 9, 2026	$0.215
May 14, 2026	$0.188
Feb 26, 2026	$0.188
Oct 16, 2025	$0.188
Jul 31, 2025	$0.188
May 13, 2025	$0.15
Feb 27, 2025	$0.15
Oct 10, 2024

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$16.7B	$16B	$15.9B	$19.8B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.2B	2.6B	1.8B	2.9B	14.1B	11.3B	6.5B	3.9B	3.1B	4.3B
Receivables	2.1B	2.4B	2.3B	2.9B	1.4B	2.4B	3.2B	3.1B	3.2B	2.9B
Inventory	891M	1.3B	1.1B	1.3B	732M	1.1B	1.4B	1.3B	1.4B	1.6B
Total current assets	7.5B	7.8B	6.3B	8.2B	17.4B	15.9B	13B	10.3B	9.8B	11B
Property, plant & equipment	-3.8B	-4.1B	-624M	-1.4B	-1.1B	566M	104M	-348M	-1.7B	-3.2B
Goodwill & intangibles	29.3B	29.3B	29.2B	29.9B	31.5B	31.5B	31.5B	31.5B	31.5B	31.4B
Total assets	51.3B	53.7B	60.3B	64.5B	72B	72.5B	72.3B	73.6B	75.4B	81.3B
Accounts payable	2.6B	3.6B	3B	3.3B	2.8B	4.2B	5.1B	4.4B	4.7B	5.2B
Short-term debt	1.1B	2.2B	2.5B	3.1B	2.4B	2.5B	3.1B	3.7B	2.9B	2.4B
Total current liabilities	15.2B	19B	18.6B	20.2B	15.9B	21B	25.9B	26.4B	26.7B	27.6B
Long-term debt	6.2B	6.6B	14.1B	14.2B	33.1B	32.2B	27.5B	23.5B	19.8B	17.9B
Total liabilities	39B	41.1B	46.6B	49.2B	70.5B	68.6B	65.7B	62.5B	60.1B	60.5B
Shareholders' equity	12.3B	12.5B	13.7B	15.4B	1.5B	3.9B	6.6B	11.1B	15.3B	20.9B
Total debt	7.3B	8.8B	16.5B	17.3B	35.5B	34.7B	30.6B	27.3B	22.8B	20.3B
Net debt	4.6B	7B	15B	14.4B	27.2B	26.7B	27.3B	24.5B	19.7B	16B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5B	3.9B	4.5B	4.2B	4B	3.1B	3.7B	3.3B	3.8B	4.3B	5.1B	4.7B
Receivables	3.2B	3.1B	3.7B	3.8B	3.5B	3.2B	3.7B	3.8B	3.6B	2.9B	4.1B	4.3B
Inventory	1.5B	1.3B	1.5B	1.5B	1.5B	1.4B	1.5B	1.5B	1.5B	1.6B	1.8B	2.6B
Total current assets	12.3B	10.3B	11.6B	11.6B	11.1B	9.8B	11.2B	11B	11.2B	11B	13.7B	14.2B
Property, plant & equipment	41.6B	-348M	42.7B	43.1B	43.5B	-1.7B	44.7B	45.3B	45.6B	-3.2B	46.9B	47.7B
Goodwill & intangibles	31.5B	31.5B	31.5B	31.5B	31.5B	31.5B	31.4B	31.4B	31.4B	31.4B	31.4B	31.4B
Total assets	73.2B	73.6B	75B	75.2B	75.4B	75.4B	77.3B	78.4B	79.6B	81.3B	84.4B	86.3B
Accounts payable	5.3B	4.4B	4.5B	4.9B	4.5B	4.7B	4.8B	5.1B	5B	5.2B	6B	6.7B
Short-term debt	2.7B	3.7B	3.6B	3.7B	4.1B	2.9B	3.7B	3B	2.8B	2.4B	3.9B	4.3B
Total current liabilities	27.6B	26.4B	28.5B	28.8B	28.1B	26.7B	29.7B	28.6B	28.2B	27.6B	32.7B	33.6B
Long-term debt	24.1B	23.5B	22.8B	21.1B	20.3B	19.8B	18.6B	18.3B	18.1B	17.9B	16.4B	15.7B
Total liabilities	64B	62.5B	63.8B	62.8B	61.7B	60.1B	61.9B	61B	60.8B	60.5B	64.1B	64.5B
Shareholders' equity	9.2B	11.1B	11.2B	12.4B	13.6B	15.3B	15.4B	17.4B	18.8B	20.9B	20.4B	21.8B
Total debt	26.8B	27.3B	26.3B	24.8B	24.4B	22.8B	22.3B	21.3B	21B	20.3B	20.3B	20B
Net debt	24B	24.5B	22.4B	20.7B	20.4B	19.7B	18.6B	17.9B	17.2B	16B	15.2B	15.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	4.2B	3.2B	3.9B	4.8B	-12.4B	280M	1.3B	4.6B	3.5B	5B
Depreciation & amortization	1.9B	2.2B	2.3B	2.6B	2.3B	2B	2.1B	2.3B	2.5B	2.4B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-221M	-198M	1.1B	76M	1.1B	524M	1.4B	239M	337M	877M
Operating cash flow	7B	4.1B	8.2B	9.1B	-7.4B	3.3B	5.6B	8.1B	7.6B	8.3B
Capital expenditure	-3.4B	-3.9B	-5.2B	-4.9B	-1.4B	-3.2B	-6.4B	-5.3B	-5.1B	—
Investing cash flow	-2.2B	-5.3B	-4.4B	-4.6B	-9.2B	-898M	-6.9B	-3.1B	-3.7B	313M
Dividends paid	-509M	-731M	-909M	-980M	-260M	0	0	-128M	-321M	-440M
Share repurchases	-2.6B	-1.7B	-1.6B	-2B	-344M	0	0	—	—	—
Financing cash flow	-3.8B	-730M	-1.7B	-1.1B	22.6B	-3.9B	-4.5B	-3.4B	-4.3B	-3.1B
Net change in cash	1.1B	-1.9B	2B	3.4B	6B	-1.4B	-5.9B	1.6B	-374M	5.6B
Free cash flow	3.8B	1.1B	1.8B	3.5B	-5.7B	17M	-3M	1.1B	2.9B	3.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	—	1.8B	2.3B	2.4B	1.6B
Capital expenditure	-1.3B	-1.6B	-1.2B	-1.3B	-1.3B	-1.3B	-1.2B	-1.2B	—	—	—	—
Investing cash flow	-131M	-535M	-637M	-809M	-1.1B	-1.2B	-1.2B	-1.2B	124M	455M	-63M	-54M
Dividends paid	-64M	-64M	-64M	-64M	-97M	-96M	-99M	-97M	-122M	-122M	-129M	-123M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-800M	416M	-787M	-1.5B	-371M	-1.6B	-634M	-1.1B	-370M	-1B	-435M	-545M
Net change in cash	-931M	-119M	-1.4B	-2.3B	-1.5B	-2.8B	-1.9B	-2.3B	1.6B	1.7B	1.9B	996M
Free cash flow	-193M	-1.1B	1.2B	1.1B	-54M	584M	1.2B	648M	688M	1.4B	1.2B	137M

Delta Air Lines, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement