Saturday 17 October 2026 Export DAL’s income statement to Excel — free account

Delta Air Lines, Inc.

Delta Air Lines, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $63.4 billion, up 2.79% from fiscal 2024. In the quarter to September 2026, revenue grew 21.1%, EPS fell 47.3%, free cash flow fell 56.4% and total debt fell 13.6%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for three consecutive years, revenue growth for five, operating cash flow growth for five.

75.37 2.71 −3.47%

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Market cap: $51.4B
P/E: 15.0×
Fwd P/E: 16.9×
Dividend yield: 1.07%
F-score: 6/9
Altman Z: 1.45
Beneish M: −2.73
Dividend safety: 78/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 122.17

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	7	8	—	2	4	—	—	6	—	—

Insider Ownership 0.15%

Capital & Financial Ratios $m

Market Cap 51,370.00

Revenue 71,800.00

Net Income 5,005.00

Free Cash Flow 3,022.00

Net Debt 9,064.00

Current Ratio 0.40

Debt/Equity 0.57

P/E ratio 14.95

Fwd P/E 16.90

P/S ratio 0.69

P/B ratio 2.19

Past 5Y EPS Growth —

This Y EPS Growth (6.65%)

Next Y EPS Growth 36.95%

Next Y revenue growth 16.26%

Next 5Y EPS Growth 19.12%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 85.51%

10-year low 10-year high

P/S against its own 10 years 39.51%

10-year low 10-year high

P/B against its own 10 years 14.49%

10-year low 10-year high

EV/Sales against its own 10 years 30.81%

10-year low 10-year high

EV/FCF against its own 10 years 43.27%

10-year low 10-year high

Dividends

Payout Ratio 0.16

Annual Dividend Rate 0.81

Annual Dividend Yield 1.07%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.81	0.19 0.19 0.22 0.22
2025	0.68	0.15 0.15 0.19 0.19
2024	0.50	0.10 0.10 0.15 0.15
2023	0.20	0.10 0.10
2022	Powerpack
2021	Powerpack
2020	0.40	0.40
2019	1.51	0.35 0.35 0.40 0.40
2018	1.31	0.31 0.31 0.35 0.35
2017	1.02	0.20 0.20 0.31 0.31
2016	0.68	0.14 0.14 0.20 0.20

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	3,868	3,069	4,310	3,787
Receivables	3,130	3,224	2,850	4,325
Inventory	1,314	1,428	1,601	2,637
Other	—	—	—	—
	10,269	9,844	10,968	13,490

	2023	2024	2025	Q'26
Payables	4,446	4,650	5,226	6,595
ST’ Debt	2,983	2,175	1,605	3,324
Other	8,144	8,194	8,257	10,660
	26,418	26,670	27,624	33,575

Compound Annual Growth %

	10y	5y	3y
Sales	4.53%	29.96%	7.80%
Cash Flow	0.51%	0.00%	9.45%
Earnings	1.01%	0.00%	56.01%
Book Value	6.75%	68.53%	46.87%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	15,854	19,757	20,186	—	—
’25	14,040	16,648	16,673	16,003	63,364
’24	13,748	16,658	15,677	15,560	61,643
’23	12,759	15,578	15,488	14,223	58,048
’22	9,348	13,824	13,975	13,435	50,582
’21	4,150	7,126	9,154	9,469	29,899
’20	8,592	1,468	3,062	3,973	17,095

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	2,432	1,595	1,713	—	—
’25	2,378	1,857	1,847	2,260	8,342
’24	2,408	2,449	1,274	1,894	8,025
’23	2,235	2,608	1,076	545	6,464
’22	1,771	2,535	869	1,188	6,363
’21	691	1,866	151	556	3,264
’20	358	(290)	(2,575)	(1,286)	(3,793)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,232	137	300	—	—
’25	1,154	648	688	1,353	3,843
’24	1,215	1,140	(54)	584	2,885
’23	1,235	1,156	(193)	(1,057)	1,141
’22	5	1,577	(573)	(1,012)	(3)
’21	253	1,105	(679)	(662)	17
’20	(579)	(571)	(2,708)	(1,834)	(5,692)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.44)	2.44	1.15	—	—
’25	0.37	3.27	2.17	1.86	7.66
’24	0.06	2.01	1.97	1.29	5.33
’23	(0.57)	2.84	1.72	3.16	7.17
’22	(1.48)	1.15	1.08	1.29	2.06
’21	(1.85)	1.02	1.89	(0.64)	0.44
’20	(0.84)	(9.01)	(8.47)	(1.19)	(19.49)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	32.60	43.81	47.90	45.08	17.51	33.40	27.20	30.60	36.34	34.74	Analyst estimates 2026–2028 Powerpack
	High	52.76	56.84	61.32	63.44	62.48	52.28	46.27	49.81	67.50	72.34
People
People	Employees	84,000	86,564	89,000	91,000	74,000	83,000	95,000	100,000	100,000	100,000
	Revenue/emp, $m	0.47	0.48	0.50	0.52	0.23	0.36	0.53	0.58	0.62	0.63
Income, $m
Income, $m	Revenue	39,450	41,138	44,438	47,007	17,095	29,899	50,582	58,048	61,643	63,364
	Gross margin, %	42.80	40.32	36.88	35.40	(3.74)	24.76	29.88	33.89	34.39	34.21
	EBT	6,353	5,500	5,151	6,198	(15,587)	398	1,914	5,608	4,658	6,185
	EBT margin, %	16.10	13.37	11.59	13.19	(91.18)	1.33	3.78	9.66	7.56	9.76
	Net income	4,195	3,205	3,935	4,767	(12,385)	280	1,318	4,609	3,457	5,005
	Depreciation	1,886	2,222	2,329	2,581	2,312	1,998	2,107	2,341	2,513	2,443
Per share, $
Per share, $	Revenue	52.53	57.14	64.31	72.21	26.88	47.01	79.28	90.84	96.17	97.78
	Earnings	5.82	4.97	5.69	7.32	(19.49)	0.44	2.07	7.21	5.39	7.72
	Cash flow	9.61	6.98	10.15	12.94	(5.96)	5.13	9.97	10.12	12.52	12.87
	Capex	(4.52)	(5.40)	(7.48)	(7.58)	(2.99)	(5.11)	(9.98)	(8.33)	(8.02)	(6.94)
	Free cash flow	5.09	1.57	2.67	5.36	(8.95)	0.03	0.00	1.79	4.50	5.93
	Book value	16.36	17.40	19.81	23.59	2.41	6.11	10.32	17.38	23.86	32.18
	Shares, m	751	720	691	651	636	636	638	639	641	648
Valuation, ×
Valuation, ×	P/E	8.86	12.38	8.82	7.96	0.00	90.88	15.83	5.61	11.22	9.00
	P/S	0.94	0.99	0.78	0.81	1.50	0.83	0.41	0.45	0.63	0.71
	P/B	3.02	3.26	2.52	2.48	16.67	6.39	3.16	2.33	2.54	2.16
	EV/Sales	1.05	1.14	0.96	0.99	2.42	1.35	0.74	0.72	0.84	0.86
	EV/FCF	10.79	41.56	398.94	13.28	(7.26)	2,379.76	(12,433.73)	36.84	17.99	14.25
Cash, $m
Cash, $m	Operating cash flow	7,215	5,023	7,014	8,425	(3,793)	3,264	6,363	6,464	8,025	8,342
	Capex	(3,391)	(3,891)	(5,168)	(4,936)	(1,899)	(3,247)	(6,366)	(5,323)	(5,140)	(4,499)
	Free cash flow	3,824	1,132	1,846	3,489	(5,692)	17	(3)	1,141	2,885	3,843
Balance, $m
Balance, $m	Working capital	(7,788)	(11,155)	(12,238)	(11,955)	1,477	(5,026)	(12,929)	(16,149)	(16,826)	(16,656)
	Total debt	7,332	8,834	9,771	11,160	29,835	26,920	23,030	20,054	16,194	14,112
	Net debt	4,083	6,195	8,206	8,278	15,739	15,601	16,496	16,186	13,125	9,802
	Shareholders’ equity	12,287	12,530	13,687	15,358	1,534	3,887	6,582	11,105	15,293	20,853
Returns, %
Returns, %	ROA	8.04	6.11	6.91	7.64	(18.14)	0.39	1.82	6.32	4.64	6.39
	ROIC	26.71	19.91	15.03	17.50	(45.12)	6.05	9.91	12.64	13.18	11.87
	ROE	36.26	25.83	30.02	32.82	(146.64)	10.33	25.18	52.12	26.19	27.69

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 15 Oct 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DAL Delta Air Lines, Inc.	$51.4B	15.0×	16.9×	+21.07% (above 0%: growing)	−47.25% (below 0%: shrinking)	−56.40% (below 0%: shrinking)	21.85%	7.20%
UAL United Airlines Holdings Inc	$32.9B	9.0×	10.8×	+15.99% (above 0%: growing)	−17.17% (below 0%: shrinking)	−69.34% (below 0%: shrinking)	61.75%	6.20%	Compare
RYAAY Ryanair Holdings PLC	$27.0B	5.3×	—	+3.52% (above 0%: growing)	−72.60% (below 0%: shrinking)	−10.66% (below 0%: shrinking)	49.61%	13.12%	Compare
LUV Southwest Airlines Co.	$20.0B	23.8×	15.0×	+16.40% (above 0%: growing)	+20.00% (above 0%: growing)	+86.75% (above 0%: growing)	21.20%	3.38%	Compare
ZNH China Southern Airlines Company Limited	$17.7B	— (loss-making)	—	−21.77% (below 0%: shrinking)	n/m	+258.94% (above 0%: growing)	10.93%	3.41%	Compare
LTM LATAM Airlines Group S.A.	$13.9B	8.7×	8.8×	+27.15% (above 0%: growing)	−45.68% (below 0%: shrinking)	−20.71% (below 0%: shrinking)	16.27%	5.29%	Compare
AAL American Airlines Group Inc.	$8.1B	— (loss-making)	— (loss-making)	+16.28% (above 0%: growing)	−87.91% (below 0%: shrinking)	−175.65% (below 0%: shrinking)	20.73%	2.67%	Compare
CPA Copa Holdings, S.A.	$5.5B	8.7×	8.2×	+25.72% (above 0%: growing)	−53.74% (below 0%: shrinking)	+207.63% (above 0%: growing)	50.85%	8.65%	Compare
ALK Alaska Air Group, Inc.	$4.1B	— (loss-making)	— (loss-making)	+9.75% (above 0%: growing)	n/m	−14.61% (below 0%: shrinking)	100.00%	(4.13%)	Compare
Median of peers	$15.8B	8.7×	9.8×	+16.14%	−49.71%	−12.64%	35.41%	4.35%

All 19 Airlines stocks →

Delta Air Lines, Inc. (DAL) key facts

Strength: Delta Air Lines, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $63.4 billion, up 2.79% from fiscal 2024.
Delta Air Lines, Inc. (DAL) is an Airlines company in the Industrials sector, listed on the New York Stock Exchange.
As of October 16, 2026, DAL traded at $75.37, a market capitalization of $51.4 billion.
Delta Air Lines, Inc. pays an annual dividend of $0.81 per share, a yield of 1.07%, with a payout ratio of 16.1%.
Return on equity was 27.7% and debt-to-equity 0.57.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.45 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 15, 2026.

Financial Analysis (summary)

Updated 13 October 2026

Delta Air Lines generated $63.4 billion of revenue in FY2025, with operating income of $5.8 billion, net income of $5.0 billion, and diluted EPS of $7.66. Free cash flow was $3.8 billion in FY2025. Revenue reached $20.2 billion in Q3 FY2026, while operating income was $1.5 billion and diluted EPS was $1.15 in Q3 FY2026.

Revenue over the trailing twelve months to Q3 FY2026 was $71.8 billion. Net debt was $9.1 billion in Q3 FY2026, compared with $14.1 billion of total debt and $4.3 billion of cash and short-term investments in FY2025. The operating margin was 9.19% in FY2025 and 7.20% in Q3 FY2026.

Read the full analysis →