Friday 6 November 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.

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%

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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 Segments Valuation Filings

Delta Air Lines, Inc. (DAL) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Cargo	900 1.42%	822 1.33%	723 1.25%	1,050 2.08%	1,032 3.45%	608 3.56%	753 1.60%	865 1.95%	744 1.81%	684 1.73%
Product And Service, Other, Ancillary Businesses And Refinery	—	—	—	—	—	—	—	1,801 4.05%	1,591 3.87%	1,293 3.28%
Also reported: a second breakdown of the same revenue
Air traffic liability	45,488 71.79%	45,096 73.16%	43,596 75.10%	35,626 70.43%	19,339 64.68%	10,970 64.17%	36,908 78.52%	34,950 78.65%	32,467 78.92%	31,534 79.93%
Refinery	5,077 8.01%	4,642 7.53%	3,379 5.82%	4,977 9.84%	3,229 10.80%	1,150 6.73%	97 0.21%	—	—	—
Loyalty travel awards	4,237 6.69%	3,841 6.23%	3,462 5.96%	2,898 5.73%	1,786 5.97%	935 5.47%	2,900 6.17%	2,651 5.97%	2,403 5.84%	2,234 5.66%
Loyalty and related	3,362 5.31%	3,297 5.35%	3,093 5.33%	2,597 5.13%	1,770 5.92%	1,458 8.53%	1,962 4.17%	1,459 3.28%	1,269 3.08%	1,110 2.81%
Travel-related services	2,043 3.22%	1,957 3.17%	1,851 3.19%	1,694 3.35%	1,394 4.66%	978 5.72%	2,469 5.25%	2,154 4.85%	2,077 5.05%	2,046 5.19%
Miscellaneous	1,320 2.08%	1,216 1.97%	1,104 1.90%	894 1.77%	556 1.86%	348 2.04%	718 1.53%	558 1.26%	587 1.43%	549 1.39%
MRO	937 1.48%	772 1.25%	840 1.45%	846 1.67%	793 2.65%	648 3.79%	1,200 2.55%	—	—	—
Product And Service, Other, MRO Business	822 1.30%	658 1.07%	—	—	—	—	—	—	—	—
Passenger	—	—	48,909	40,218	22,519	12,883	42,277	39,755	36,947	35,814
Other	—	—	8,416	9,314	6,348	3,604	3,977	3,818	3,447	2,952
Revenue	63,364	61,643	58,048	50,582	29,899	17,095	47,007	44,438	41,138	39,450

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012
Airline	58,287 91.99%	57,001 92.47%	54,669 94.18%	45,605 90.16%	26,670 89.20%	15,945 93.27%	46,910 99.79%	43,890 98.77%	40,636 98.78%	39,217 99.41%	40,398 99.25%	40,217 99.64%	37,773 100.00%	36,670 100.00%
Refinery	6,961 10.99%	7,767 12.60%	7,572 13.04%	10,706 21.17%	6,054 20.25%	3,143 18.39%	5,558 11.82%	5,458 12.28%	5,039 12.25%	3,843 9.74%	4,741 11.65%	6,959 17.24%	7,003 18.54%	1,347 3.67%
Eliminations	(1,884) (2.97%)	(3,125) (5.07%)	(4,193) (7.22%)	(5,729) (11.33%)	(2,825) (9.45%)	(1,993) (11.66%)	(5,461) (11.62%)	(4,910) (11.05%)	(4,537) (11.03%)	(3,610) (9.15%)	(4,435) (10.90%)	(6,814) (16.88%)	(7,003) (18.54%)	(1,347) (3.67%)
Revenue	63,364	61,643	58,048	50,582	29,899	17,095	47,007	44,438	41,138	39,450	40,704	40,362	37,773	36,670

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012
Airline	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Refinery	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Domestic	29,556 71.85%	28,108 71.25%	27,884 68.50%	26,898 66.64%	24,857 65.81%	23,989 65.42%	22,722 64.71%	20,744 65.33%	19,043 67.86%
Atlantic	6,044 14.69%	5,919 15.00%	6,505 15.98%	6,757 16.74%	6,446 17.07%	6,329 17.26%	6,486 18.47%	5,931 18.68%	4,970 17.71%
Latin America	2,914 7.08%	2,673 6.78%	2,812 6.91%	2,759 6.84%	2,384 6.31%	2,154 5.87%	2,263 6.44%	1,797 5.66%	1,565 5.58%
Pacific	2,730 6.64%	2,939 7.45%	3,503 8.61%	3,948 9.78%	4,086 10.82%	4,198 11.45%	3,644 10.38%	3,283 10.34%	2,485 8.86%
Revenue	41,138	39,450	40,704	40,362	37,773	36,670	35,115	31,755	28,063

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Aircraft deliveries	Q3 FY2026	13.00	12.00	+8.33%
Available seat miles	Q3 FY2026	79.3B	79.1B	+0.30%
CASM-Ex - see Note A	Q3 FY2026	14.03	13.35	+5.09%
Cost per available seat mile	Q3 FY2026	23.63	18.96	+24.63%
Fuel efficiency	Q3 FY2026	14.5×	—	—
Fuel gallons consumed	Q3 FY2026	1.1B	1.1B	+0.70%
Passenger mile yield	Q3 FY2026	22.80	19.97	+14.17%
Passenger revenue per available seat mile	Q3 FY2026	19.59	17.08	+14.70%
Revenue passenger miles	Q3 FY2026	68.1B	67.6B	+0.76%
Total revenue per available seat mile	Q3 FY2026	25.46	21.09	+20.72%
TRASM, adjusted - see Note A	Q3 FY2026	22.18	19.22	+15.40%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Aircraft deliveries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Available seat miles	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
CASM-Ex - see Note A	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Cost per available seat mile	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fuel efficiency	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fuel gallons consumed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Passenger mile yield	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Passenger revenue per available seat mile	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Revenue passenger miles	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total revenue per available seat mile	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
TRASM, adjusted - see Note A	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.