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

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 (below 1: weak)
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%) (below 0%: weak)
Next Y EPS Growth 36.95% (at or above 15%: strong)
Next Y revenue growth 16.26% (at or above 10%: strong)
Next 5Y EPS Growth 19.12% (at or above 15%: strong)

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

Valuation vs history

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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. $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 →

DAL metrics, ten years each

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

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.

Delta Air Lines, Inc. (DAL) Latest News

stockrow.com/DAL · Data as of Oct 15, 2026 · For information only; not investment advice. · © 2026 stockrow.com