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Delta Air Lines, Inc.

DAL Industrials Airlines

Delta Air Lines, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $63.4 billion, up 2.79% from fiscal 2024.

Revenue
+21.1%
EPS
−47.3%
Free cash flow
−56.4%
Total debt
−13.6%

Quarter to September 2026, against a year earlier

85.67 3.57 −4.00%
Market cap
$56.2B
P/E
17.0×
Fwd P/E
16.2×
Dividend yield
0.94%
F-score
6/9
Altman Z
1.45
Beneish M
−2.73
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Airline
  • Refinery

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 126.27
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 7 8 — 2 4 — — 6 — 1 —
Insider Ownership 0.15%

Capital & Financial Ratios $m

Size
Market Cap 56,160.00
Revenue ttm 71,800.00
Net income ttm 5,005.00
Free cash flow ttm 3,022.00
Net debt Q 9,064.00
Valuation
P/E 17.00
Forward P/E 16.20
Price / sales 0.78
Forward P/S Powerpack
Price / FCF 18.57
Price / book 2.49
Financial health
Current ratio Q 0.40 (below 1: weak)
Debt / equity Q 0.57
Interest coverage Q 9.96
Growth
Revenue growth Q +21.07% (above 0%: growing)
Operating income growth Q −13.66% (below 0%: shrinking)
EPS, this year −6.68% (below 0%: weak)
EPS, next year A +36.40% (at or above 15%: strong)
Revenue, next year A +18.47% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +18.93% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 0.9×; over the ten years it ranged from 0.6× in 2020 to 3.6× in 2021.
P/E against its own 10 years 87.22%
10-year low 10-year high
P/S against its own 10 years 51.89%
10-year low 10-year high
P/B against its own 10 years 31.02%
10-year low 10-year high
EV/Sales against its own 10 years 45.51%
10-year low 10-year high
EV/FCF against its own 10 years 48.82%
10-year low 10-year high

Dividends raised 4 years running

Yield
0.94%
Annual rate
0.81
Payout ratio
16.1%
Growth, 2018–26
−5.91%/yr
  1. 1.31 ’18
  2. 1.51 ’19 +15
  3. 0.40 ’20 −73
  4. 0.00 ’21 −100
  5. 0.00 ’22
  6. 0.20 ’23
  7. 0.50 ’24 +150
  8. 0.68 ’25 +35
  9. 0.81 ’26 +19
paid change on the year, % Powerpack

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%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.80 Actual 1.72

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.53 1.55 Beat by 0.02
Q1 FY26 0.61 0.64 Beat by 0.03
Q2 FY26 1.51 1.56 Beat by 0.05
Q3 FY26 1.80 1.72 Miss by 0.08
Q4 FY26 1.42 — Reports 12 January 2027

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.

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.

Valuation

The price implies free cash flow after share-based pay growing 6.7% a year for ten years. It grew −3.0% a year over the last ten.

Implied
6.7%
10 years, reported
−3.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
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 71,800 +5.4% 75,066 77,297 79,754 +8.0%
Gross margin, % 42.80 40.32 36.88 35.40 (3.74) 24.76 29.88 33.89 34.39 34.21 31.20 (8.6) pt
EBT 6,353 5,500 5,151 6,198 (15,587) 398 1,914 5,608 4,658 6,185 4,383 (0.3%)
EBT margin, % 16.10 13.37 11.59 13.19 (91.18) 1.33 3.78 9.66 7.56 9.76 6.10 (6.3) pt
Net income 4,195 3,205 3,935 4,767 (12,385) 280 1,318 4,609 3,457 5,005 5,005 +2.0%
Per share, $
Per share, $ Revenue 52.53 57.14 64.31 72.21 26.88 47.01 79.28 90.84 96.17 97.78 109.62 +7.1%
Earnings 5.82 4.45 5.69 7.32 (19.49) 0.44 2.07 7.21 5.39 7.72 5.04 +3.2%
Cash flow 9.61 6.98 10.15 12.94 (5.96) 5.13 9.97 10.12 12.52 12.87 12.21 +3.3%
Capex (4.52) (5.40) (7.48) (7.58) (2.99) (5.11) (9.98) (8.33) (8.02) (6.94) (7.60) +4.9%
Free cash flow 5.09 1.57 2.67 5.36 (8.95) 0.03 0.00 1.79 4.50 5.93 4.61 +1.7%
Book value 16.36 17.40 19.81 23.59 2.41 6.11 10.32 17.38 23.86 32.18 34.37 +7.8%
Shares, m 751 720 691 651 636 636 638 639 641 648 652 (1.6%)
Valuation, ×
Valuation, × P/E 8.86 12.38 8.82 7.96 0.00 90.88 15.83 5.61 11.22 9.00 17.00 17.1
P/S 0.94 0.99 0.78 0.81 1.50 0.83 0.41 0.45 0.63 0.71 0.78 0.8
P/B 3.02 3.26 2.52 2.48 16.67 6.39 3.16 2.33 2.54 2.16 2.49 4.5
EV/Sales 1.05 1.14 0.96 0.99 2.42 1.35 0.74 0.72 0.84 0.86 0.91 1.1
EV/FCF 10.79 41.56 398.94 13.28 (7.26) 2,379.76 (12,433.73) 36.84 17.99 14.25 21.57 (952.8)
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 8,000 +1.6%
Capex (3,391) (3,891) (5,168) (4,936) (1,899) (3,247) (6,366) (5,323) (5,140) (4,499) (4,978) +3.2%
Free cash flow 3,824 1,132 1,846 3,489 (5,692) 17 (3) 1,141 2,885 3,843 3,022 +0.1%
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) (20,085) +8.8%
Net debt 4,083 6,195 8,206 8,278 15,739 15,601 16,496 16,186 13,125 9,802 9,064 +10.2%
Shareholders’ equity 12,287 12,530 13,687 15,358 1,534 3,887 6,582 11,105 15,293 20,853 22,513 +6.1%
Returns, %
Returns, % ROA 8.04 6.11 6.91 7.64 (18.14) 0.39 1.82 6.32 4.64 6.39 3.97 (1.7) pt
ROIC 26.71 19.91 15.03 17.50 (45.12) 6.05 9.91 12.64 13.18 11.87 10.46 (14.8) pt
ROE 36.26 25.83 30.02 32.82 (146.64) 10.33 25.18 52.12 26.19 27.69 15.91 (8.6) pt
People
People Employees 84,000 86,564 89,000 91,000 74,000 83,000 95,000 100,000 100,000 100,000 — +2.0%
Revenue/emp, $m 0.47 0.48 0.50 0.52 0.23 0.36 0.53 0.58 0.62 0.63 — +3.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Delta Air Lines is a global airline based in the United States. Founded on 1925-03-02 and headquartered in Atlanta, it is led by Chief Executive Officer Edward H. Bastian. The company sells passenger air travel, primarily under the Delta brand, connecting domestic and international customers through its hubs, regional carriers and airline partners.

Its network is centered on Atlanta, Detroit, Minneapolis-St. Paul and Salt Lake City, with coastal hubs in Boston, Los Angeles, New York-LaGuardia, New York-JFK and Seattle. Delta and its alliance partners serve more than 150 countries and territories and nearly 1,000 destinations; Delta offered up to 5,500 peak-day flights to more than 300 destinations on six continents at the end of 2025. Its fleet comprised 1,314 aircraft at December 31, 2025.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Airline 58,287 91.99%
Refinery 6,961 10.99%
Gross margin 34.21%
Operating margin 9.19%
Pre-tax margin 9.76%

Revenue by segment since 2009

Delta Air Lines, Inc. vs peers in Airlines (Q) = latest quarter vs a year earlier

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. $56.2B 17.0× 16.2× +21.07% (above 0%: growing) −47.25% (below 0%: shrinking) −56.40% (below 0%: shrinking) 21.85% 7.20%
UAL United Airlines Holdings Inc $35.9B 10.1× 12.2× +17.41% (above 0%: growing) +8.28% (above 0%: growing) −615.58% (below 0%: shrinking) 64.34% 8.08% Compare
RYAAY Ryanair Holdings PLC $30.3B 14.3× — +2.39% (above 0%: growing) −62.31% (below 0%: shrinking) −150.18% (below 0%: shrinking) 60.67% 31.94% Compare
LUV Southwest Airlines Co. $21.8B 21.1× 17.1× +21.20% (above 0%: growing) +450.00% (above 0%: growing) +46.94% (above 0%: growing) 21.40% 4.49% Compare
LTM LATAM Airlines Group S.A. $13.5B 8.3× 8.3× +17.97% (above 0%: growing) +17.79% (above 0%: growing) −13.57% (below 0%: shrinking) 23.04% 13.14% Compare
AAL American Airlines Group Inc. $8.6B — (loss-making) — (loss-making) +19.31% (above 0%: growing) n/m −43.12% (below 0%: shrinking) 19.23% 0.70% Compare
CPA Copa Holdings, S.A. $5.8B 9.4× 8.5× +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. $4.3B — (loss-making) — (loss-making) +14.39% (above 0%: growing) n/m −16.83% (below 0%: shrinking) 100.00% 1.90% Compare
SKYW SkyWest, Inc. $3.0B 7.6× 7.7× +6.41% (above 0%: growing) +7.27% (above 0%: growing) −119.57% (below 0%: shrinking) 69.21% 15.75% Compare
Median of peers $11.0B 9.7× 8.5× +17.69% +7.78% −29.97% 55.76% 8.37%

All 19 Airlines stocks →

From the latest earnings call

Updated

  • Edward H. Bastian said Delta expects December-quarter revenue momentum to continue as demand spans leisure and business travel, with premium and main-cabin trends improving.
  • Erik Storey Snell said Delta expects fourth-quarter earnings of $1.15 to $1.65 per share and an operating margin of 7% to 9%.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Morgan Stanley Oct 15, 2026 Reiterated Outperform 125.00
Bank of America Oct 12, 2026 Target raised — —
Seaport Research Oct 12, 2026 Target raised Buy 95.00 → 100.00
Argus Oct 12, 2026 Target cut Buy 105.00 → 95.00
Susquehanna Oct 12, 2026 Target cut Outperform 100.00 → 95.00
BMO Capital Oct 12, 2026 Target raised Outperform 100.00 → 105.00
Raymond James Oct 9, 2026 Target raised Outperform 98.00 → 100.00
Wells Fargo Oct 7, 2026 Target cut Outperform 105.00 → 100.00
Bernstein Oct 7, 2026 Target cut Outperform 106.00 → 100.00
TD Cowen Oct 6, 2026 Target cut Buy 105.00 → 101.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.10%
Held by the ten largest 51.53%
Holder Shares Stake Change
Vanguard 73.20m 11.13% −1.68m
Berkshire Hathaway 57.32m 8.72% +17.51m
BlackRock 45.11m 6.86% +981.37k
Fidelity (FMR) 33.19m 5.05% +5.68m
Sanders Capital 29.13m 4.43% −337.53k
State Street 24.13m 3.67% +669.44k
Capital Group 23.99m 3.65% −579.68k
Geode Capital Management 18.51m 2.81% +541.33k
PRIMECAP Management 17.52m 2.66% −27.40k
HARRIS ASSOCIATES L P 16.76m 2.55% −577.13k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.22m 105.50m 177.00
2024 27.12m 56.43m 152.00
2023 34.21m 39.81m 101.00
2022 9.61m 7.61m 82.00
2021 12.36m 11.62m 97.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Delta Air Lines, Inc. (DAL) Latest News

29 Oct

Impact 3 · · Zacks
Impact 3 · · Trefis
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 3 · · TIKR

27 Oct

Impact 4 · · Stocktwits
Impact 3 · · thehustle.co
Impact 3 · · TheStreet

26 Oct

Impact 3 · · TheStreet
Impact 3 · · 24/7 Wall St.

24 Oct

Impact 3 · · TheStreet

23 Oct

Impact 3 · · TheStreet

22 Oct

Impact 3 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · 24/7 Wall St.
Impact 3 · · Simply Wall St.

21 Oct

Impact 3 · · Bloomberg
Impact 3 · · Zacks

20 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · PR Newswire
Impact 3 · · Investing.com
Impact 3 · · Trefis

19 Oct

Impact 4 · · MT Newswires
Impact 4 · · Zacks
Impact 3 · · Zacks

18 Oct

Impact 4 · · TheStreet

17 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

16 Oct

Impact 4 · · TheStreet
Impact 4 · · TheStreet

DAL metrics, ten years each

stockrow.com/DAL · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com