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%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 5 | 5 | 7 | 3 | 8 | 7 | 7 | 6 | 6 |
P/E ratio |
8.86 | 12.38 | 8.82 | 7.96 | 0.00 | 90.88 | 15.83 | 5.61 | 11.22 | 9.00 |
P/S ratio |
0.94 | 0.99 | 0.78 | 0.81 | 1.50 | 0.83 | 0.41 | 0.45 | 0.63 | 0.71 |
Altman Z-Score |
1.82 | 1.69 | 1.46 | 1.58 | (0.10) | 0.63 | 0.87 | 1.13 | 1.36 | 1.45 |
P/FCF ratio |
9.72 | 36.09 | 322.25 | 10.91 | 0.00 | 1,462.05 | 0.00 | 22.65 | 13.44 | 11.70 |
Altman Z″-Score (non-manufacturers) |
0.75 | 0.20 | 0.11 | 0.43 | (1.03) | (0.23) | (0.67) | (0.50) | (0.28) | 0.03 |
Beneish M-Score |
(3.22) | (2.59) | (2.55) | (2.52) | — | (2.76) | (2.40) | (2.80) | (2.73) | (2.73) |
P/Operating CF |
32.74 | 21.60 | (7.84) | 39.25 | (19.89) | 44.70 | 17.51 | 47.43 | 20.48 | 19.90 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 78 |
P/B ratio |
3.02 | 3.26 | 2.52 | 2.48 | 16.67 | 6.39 | 3.16 | 2.33 | 2.54 | 2.16 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 91.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.76 |
EV/Sales |
1.05 | 1.14 | 0.96 | 0.99 | 2.42 | 1.35 | 0.74 | 0.72 | 0.84 | 0.86 |
EV/EBITDA |
5.90 | 7.89 | 8.11 | 7.00 | 0.00 | 21.45 | 10.19 | 7.61 | 8.66 | 9.41 |
EV/Operating CF |
5.72 | 9.37 | 31.11 | 5.50 | (10.89) | 12.39 | 5.86 | 6.50 | 6.47 | 6.57 |
EV/FCF |
10.79 | 41.56 | 398.94 | 13.28 | (7.26) | 2,379.76 | (12,433.73) | 36.84 | 17.99 | 14.25 |
Quick Ratio |
0.35 | 0.26 | 0.21 | 0.28 | 1.00 | 0.65 | 0.37 | 0.26 | 0.24 | 0.26 |
Current Ratio |
0.49 | 0.41 | 0.34 | 0.41 | 1.09 | 0.76 | 0.50 | 0.39 | 0.37 | 0.40 |
Net Debt/EBITDA |
0.46 | 0.76 | 1.08 | 0.90 | (1.55) | 4.02 | 2.86 | 2.06 | 1.54 | 1.19 |
Debt/Assets |
14.30% | 16.46% | 16.21% | 17.29% | 41.44% | 37.15% | 31.86% | 27.23% | 21.49% | 17.35% |
Debt/Equity |
0.60 | 0.71 | 0.71 | 0.73 | 19.45 | 6.93 | 3.50 | 1.81 | 1.06 | 0.68 |
Asset Turnover |
0.76 | 0.78 | 0.78 | 0.75 | 0.25 | 0.41 | 0.70 | 0.80 | 0.83 | 0.81 |
Operating CF/Net income |
1.72 | 1.57 | 1.78 | 1.77 | 0.31 | 11.66 | 4.83 | 1.40 | 2.32 | 1.67 |
Capex/Depreciation |
(1.80) | (1.75) | (2.22) | (1.91) | (0.82) | (1.63) | (3.02) | (2.27) | (2.05) | (1.84) |
Interest Coverage |
18.03 | 15.07 | 16.93 | 21.99 | (13.42) | 1.47 | 3.56 | 6.62 | 8.03 | 8.57 |
| 36.26% | 25.83% | 30.02% | 32.82% | (146.64%) | 10.33% | 25.18% | 52.12% | 26.19% | 27.69% | |
| 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% |
Return on Tangible Assets |
25.29% | 20.80% | 24.45% | 24.63% | (44.22%) | 1.18% | 6.53% | 23.84% | 16.64% | 21.68% |
Average Days of Receivables |
19.10 | 21.09 | 19.01 | 22.16 | 37.86 | 29.35 | 22.92 | 19.68 | 19.09 | 16.42 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
13.18% | 16.78% | 12.10% | 9.29% | 13.03% | 8.99% | 3.74% | 7.81% | 7.81% | 7.95% |
Intangible Assets out of Total Assets |
0.29 | 0.27 | 0.24 | 0.23 | 0.22 | 0.22 | 0.22 | 0.21 | 0.21 | 0.19 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(0.85) | (0.82) | (1.17) | (1.07) | (2.07) | (2.12) | (2.53) | (2.02) | (1.30) | (1.10) |
Graham Number |
45.33 | 42.36 | 50.22 | 62.46 | 0.00 | 7.69 | 21.87 | 53.10 | 53.79 | 74.72 |
Earnings Yield |
11.28% | 8.08% | 11.34% | 12.57% | (48.52%) | 1.10% | 6.32% | 17.82% | 8.91% | 11.11% |
Free Cash Flow Yield |
10.29% | 2.77% | 0.31% | 9.16% | (22.26%) | 0.07% | (0.01%) | 4.41% | 7.44% | 8.55% |
Revenue per Share |
52.53 | 57.14 | 64.31 | 72.21 | 26.88 | 47.01 | 79.28 | 90.84 | 96.17 | 97.78 |
Operating CF per Share |
9.61 | 6.98 | 10.15 | 12.94 | (5.96) | 5.13 | 9.97 | 10.12 | 12.52 | 12.87 |
Capex per Share |
(4.52) | (5.40) | (7.48) | (7.58) | (2.99) | (5.11) | (9.98) | (8.33) | (8.02) | (6.94) |
Free Cash Flow per Share |
5.09 | 1.57 | 2.67 | 5.36 | (8.95) | 0.03 | 0.00 | 1.79 | 4.50 | 5.93 |
Cash per Share |
4.33 | 3.67 | 2.26 | 4.43 | 22.16 | 17.80 | 10.24 | 6.05 | 4.79 | 6.65 |
Shareholders Equity per Share |
16.36 | 17.40 | 19.81 | 23.59 | 2.41 | 6.11 | 10.32 | 17.38 | 23.86 | 32.18 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
16.36 | 17.40 | 19.81 | 23.59 | 2.41 | 6.11 | 10.32 | 17.38 | 23.86 | 32.18 |
Free Cash Flow |
3,824.00 | 1,132.00 | 1,846.00 | 3,489.00 | (5,692.00) | 17.00 | (3.00) | 1,141.00 | 2,885.00 | 3,843.00 |
Working Capital |
(7,788.00) | (11,155.00) | (12,238.00) | (11,955.00) | 1,477.00 | (5,026.00) | (12,929.00) | (16,149.00) | (16,826.00) | (16,656.00) |
Capital Expenditures |
(3,391.00) | (3,891.00) | (5,168.00) | (4,936.00) | (1,899.00) | (3,247.00) | (6,366.00) | (5,323.00) | (5,140.00) | (4,499.00) |
Net Current Asset Value |
(31,523.00) | (33,337.00) | (40,239.00) | (40,925.00) | (53,058.00) | (52,632.00) | (52,695.00) | (52,270.00) | (50,235.00) | (49,496.00) |
EV/EBIT |
5.90 | 7.89 | 8.11 | 7.00 | 0.00 | 21.45 | 10.19 | 7.61 | 8.66 | 9.41 |
Capex to Sales |
0.09 | 0.09 | 0.12 | 0.11 | 0.11 | 0.11 | 0.13 | 0.09 | 0.08 | 0.07 |
Price to Operating Income |
5.31 | 6.85 | 6.55 | 5.75 | 0.00 | 13.18 | 5.68 | 4.68 | 6.47 | 7.72 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.07 | 0.06 | 0.07 | 0.07 | 0.06 |
Cash ROIC |
16.72% | 4.72% | 7.38% | 11.87% | (12.52%) | 0.04% | (0.01%) | 3.26% | 8.35% | 9.78% |
Accounts Receivable Turnover |
19.32 | 18.53 | 18.95 | 18.19 | 7.39 | 14.32 | 18.13 | 18.41 | 19.40 | 20.86 |
Accounts Payable Turnover |
8.49 | 7.91 | 8.49 | 9.73 | 5.81 | 6.35 | 7.59 | 8.04 | 8.89 | 8.44 |
Inventory Turnover |
28.42 | 22.12 | 23.53 | 26.34 | 22.09 | 30.96 | 28.13 | 28.03 | 29.50 | 27.52 |
Average Days of Payables |
41.60 | 54.02 | 38.73 | 39.26 | 58.45 | 68.80 | 52.55 | 42.29 | 41.96 | 45.76 |
Days of Inventory on Hand |
14.41 | 19.76 | 13.73 | 15.04 | 7.31 | 17.82 | 14.65 | 12.50 | 12.89 | 14.02 |
Average Receivables |
2,042.00 | 2,220.50 | 2,345.50 | 2,584.00 | 2,313.50 | 2,088.50 | 2,790.00 | 3,153.00 | 3,177.00 | 3,037.00 |
Average Payables |
2,657.50 | 3,103.00 | 3,305.00 | 3,121.00 | 3,053.00 | 3,540.00 | 4,673.00 | 4,776.00 | 4,548.00 | 4,938.00 |
Average Inventory |
794.00 | 1,110.00 | 1,192.00 | 1,153.00 | 803.00 | 726.50 | 1,261.00 | 1,369.00 | 1,371.00 | 1,514.50 |
Average Assets |
52,197.50 | 52,466.00 | 56,968.50 | 62,399.00 | 68,264.00 | 72,227.50 | 72,373.50 | 72,966.00 | 74,508.00 | 78,344.50 |
Average Common Equity |
11,568.50 | 12,408.50 | 13,108.50 | 14,522.50 | 8,446.00 | 2,710.50 | 5,234.50 | 8,843.50 | 13,199.00 | 18,073.00 |
Columns are period end dates · fundamentals updated 15 Oct 2026