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

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. 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%
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

Delta Air Lines, Inc. (DAL) Financial Analysis

Updated · Covers results through Q3 FY2026 · Sources · How this is made

Snapshot

Delta Air Lines reported revenue of $63.4 billion in FY2025, operating income of $5.8 billion in FY2025, and net income of $5.0 billion in FY2025. Diluted EPS was $7.66 in FY2025, while free cash flow was $3.8 billion in FY2025. The workforce was 100,000 employees in FY2025.

In the latest reported quarter, revenue was $20.2 billion in Q3 FY2026, operating income was $1.5 billion in Q3 FY2026, and diluted EPS was $1.15 in Q3 FY2026. Revenue for the trailing twelve months was $71.8 billion to Q3 FY2026. Market capitalisation was $52.5 billion as of October 12, 2026.

Growth

Revenue increased 2.79% in FY2025 against FY2024, following a 7.80% compound annual growth rate in FY2022–FY2025 and a 30.0% compound annual growth rate in FY2020–FY2025. Diluted EPS increased 43.7% in FY2025 against FY2024 and had a 54.9% compound annual growth rate in FY2022–FY2025. Free cash flow increased 33.2% in FY2025 against FY2024.

Revenue was $20.2 billion in Q3 FY2026, an increase of 21.1% in Q3 FY2026 against Q3 FY2025 and 2.17% in Q3 FY2026 against Q2 FY2026. Diluted EPS was $1.15 in Q3 FY2026, down 47.1% in Q3 FY2026 against Q3 FY2025 and down 53.0% in Q3 FY2026 against Q2 FY2026. Free cash flow was $300.0 million in Q3 FY2026, down 56.4% in Q3 FY2026 against Q3 FY2025.

Profitability

Gross margin was 34.2% in FY2025, a change of −0.2 percentage points in FY2024–FY2025 and 38.0 percentage points in FY2020–FY2025. Operating margin was 9.19% in FY2025, a change of −0.5 percentage points in FY2024–FY2025 and 82.1 percentage points in FY2020–FY2025. Net margin was 7.90% in FY2025, increasing by 2.3 percentage points in FY2024–FY2025 and by 80.3 percentage points in FY2020–FY2025.

Pre-tax margin was 9.76% in FY2025, up 2.2 percentage points in FY2024–FY2025. Return on equity was 27.7% in FY2025, return on assets was 6.39% in FY2025, and return on invested capital was 11.9% in FY2025. In Q3 FY2026, gross margin was 21.8% and operating margin was 7.20%; both were lower than in Q3 FY2025.

Balance sheet

Total debt declined to $14.1 billion in FY2025 from $16.2 billion in FY2024, while net debt declined to $9.8 billion in FY2025 from $13.1 billion in FY2024. Cash and short-term investments were $4.3 billion in FY2025, compared with $3.1 billion in FY2024. Shareholders’ equity was $20.9 billion in FY2025, and book value per share was $32.18 in FY2025.

Net debt was $9.1 billion in Q3 FY2026, a decrease of −$223.0 million in Q3 FY2026 against Q2 FY2026 and −$2.0 billion in Q3 FY2026 against Q3 FY2025. The current ratio was 0.4× in Q3 FY2026 and debt to equity was 0.6× in Q3 FY2026. Working capital was −$16.7 billion in FY2025.

Cash flow & capital return

Operating cash flow was $8.3 billion in FY2025, an increase of 3.95% in FY2025 against FY2024. Capital expenditure was $4.5 billion in FY2025, lower than $5.1 billion in FY2024. Free cash flow was $3.8 billion in FY2025, an increase of 33.2% in FY2025 against FY2024, and represented 76.8% of net income in FY2025.

Free cash flow was $300.0 million in Q3 FY2026, compared with $137.0 million in Q2 FY2026 and $688.0 million in Q3 FY2025. Dividends paid were $440.0 million in FY2025, compared with $321.0 million in FY2024. Weighted average shares were 648.0 million shares in FY2025, and the share count changed 1.89% in FY2020–FY2025. Net share repurchases for FY2025 are not reported.

Valuation

As of October 12, 2026, the P/E was 15.9×, above the 11.2× five-year median as of October 12, 2026, over the five fiscal years to FY2025, and above the 9.5× industry median as of October 12, 2026. The P/S was 0.7× as of October 12, 2026, above the 0.6× five-year median as of October 12, 2026, over the five fiscal years to FY2025, but below the 0.8× ten-year median as of October 12, 2026, over the ten fiscal years to FY2025, and above the 0.5× industry median as of October 12, 2026.

As of October 12, 2026, P/B was 2.3×, below the 2.5× five-year median and 2.8× ten-year median, but above the 2.0× industry median. EV/Sales was 0.9× as of October 12, 2026, above the 0.8× five-year median and the 0.8× industry median, but below the 1.0× ten-year median. EV/Cash flow was 20.4× as of October 12, 2026, above the 18.0× five-year median.

What changed since last quarter

Revenue increased 2.17% in Q3 FY2026 against Q2 FY2026 and 21.1% in Q3 FY2026 against Q3 FY2025. Management attributes the year-over-year revenue increase in Q3 FY2026 to demand across premium, main, and loyalty offerings, higher third-party refinery sales, and growth in cargo and MRO operations. Management also cites higher customer spending on American Express cards and new card acquisitions as contributors to loyalty-related revenue growth in Q3 FY2026.

Operating income was $1.5 billion in Q3 FY2026, below $1.9 billion in Q2 FY2026 and $1.7 billion in Q3 FY2025. Management attributes higher operating expenses in Q3 FY2026 against Q3 FY2025 primarily to aircraft fuel, refinery-related expenses, and salaries and related costs. Gross margin declined by −2.9 percentage points in Q3 FY2026 against Q2 FY2026 and by −4.7 percentage points in Q3 FY2026 against Q3 FY2025. Management cites mark-to-market losses on certain equity investments for higher non-operating expense in Q3 FY2026 against Q3 FY2025.

Open questions

  • How sustainable is the demand strength described across premium, main, and loyalty offerings?
  • How could fuel-price volatility affect operating expenses and cash flows?
  • What will be the ongoing effect of refinery operations after the temporary outage?
  • How will debt repayment and refinancing activity affect future non-operating costs?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.