DELTA AIR LINES, INC. DAL
As a global airline based in the United States, we connect customers across our expansive global network with a commitment to ensuring that the future of travel is connected, personalized and enjoyable. In 2025, we served over 200 million customers safely, reliably and with industry-leading customer service innovation.
As we celebrated our centennial year in 2025, we continued to differentiate Delta from the industry and to invest in extending our competitive advantages. These enduring competitive advantages, which support our trusted consumer brand, include our people and culture, operational reliability, global network, customer loyalty and financial foundation.
The Delta people and culture are our strongest competitive advantage. Our more than 100,000 employees provide world-class travel experiences for our customers and best-in-class service. We believe that Delta's brand transcends the industry, powered by our people's outstanding work and passion for serving our customers. For 2025, Delta was named No. 15 on the Fortune 100 Best Companies to Work For list and was ranked No. 2 in the Forbes ranking of the World's Best Employers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63.36B | $61.64B | $58.05B | $50.58B | $29.90B | $17.09B | $47.01B | $44.44B | $41.14B | $39.45B |
| Total operating expenses | $57.54B | $55.65B | $52.53B | $46.92B | $28.01B | $29.56B | $40.39B | $39.17B | $35.17B | $32.45B |
| Operating income | $5.82B | $6.00B | $5.52B | $3.66B | $1.89B | -$12.47B | $6.62B | $5.26B | $5.97B | $7.00B |
| Interest expense | — | — | $834.0M | $1.03B | $1.28B | $929.0M | $301.0M | $311.0M | $396.0M | $388.0M |
| Pre-tax income | $6.18B | $4.66B | $5.61B | $1.91B | $398.0M | -$15.59B | $6.20B | $5.15B | $5.50B | $6.35B |
| Income tax | $1.18B | $1.20B | $999.0M | $596.0M | $118.0M | $3.20B | $1.43B | $1.22B | $2.29B | $2.16B |
| Net income | $5.00B | $3.46B | $4.61B | $1.32B | $280.0M | -$12.38B | $4.77B | $3.94B | $3.21B | $4.20B |
| EPS, basic | 7.72 | 5.39 | 7.21 | 2.07 | 0.44 | -19.49 | 7.32 | 5.69 | 4.45 | 5.59 |
| EPS, diluted | 7.66 | 5.33 | 7.17 | 2.06 | 0.44 | -19.49 | 7.30 | 5.67 | 4.43 | 5.55 |
| Shares, diluted (wtd. avg.) | $654.0M | $648.0M | $643.0M | $641.0M | $641.0M | $636.0M | $653.0M | $694.0M | $723.0M | $755.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.31B | $3.07B | $2.74B | $3.47B | $8.57B | $10.05B | $3.73B | $2.75B | $1.85B | $2.83B |
| Short-term investments | — | $0 | $1.13B | $3.27B | $3.39B | $5.79B | $0 | $203.0M | $825.0M | $487.0M |
| Receivables | $2.85B | $3.22B | $3.13B | $3.18B | $2.40B | $1.40B | $2.85B | $2.31B | $2.38B | $2.06B |
| Total current assets | $10.97B | $9.84B | $10.27B | $13.01B | $15.94B | $17.40B | $8.25B | $6.34B | $7.80B | $7.45B |
| Property, plant and equipment | — | — | — | — | — | — | — | $28.34B | $26.56B | $24.38B |
| Goodwill | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | $9.78B | $9.78B | $9.79B | $9.79B |
| Other intangibles | $5.97B | $5.97B | $5.98B | $5.99B | $6.00B | $6.01B | $5.16B | $4.83B | $4.85B | $4.84B |
| Total assets | $81.32B | $75.37B | $73.64B | $72.29B | $72.46B | $72.00B | $64.53B | $60.27B | $53.67B | $51.85B |
| Accounts payable | $5.23B | $4.65B | $4.45B | $5.11B | $4.24B | $2.84B | $3.27B | $2.98B | $3.63B | $2.57B |
| Short-term debt | $1.37B | $1.80B | $2.62B | $2.06B | $1.50B | $1.44B | $2.05B | $1.41B | $2.15B | $1.01B |
| Total current liabilities | $27.62B | $26.67B | $26.42B | $25.94B | $20.97B | $15.93B | $20.20B | $18.58B | $18.96B | $15.24B |
| Long-term debt | $11.94B | $13.55B | $15.98B | $19.33B | $23.58B | $26.53B | $8.05B | $7.96B | $6.29B | $6.00B |
| Retained earnings | $13.34B | $8.78B | $5.65B | $1.17B | -$148.0M | -$428.0M | $12.45B | $10.04B | $8.26B | $7.90B |
| Total equity | $20.85B | $15.29B | $11.11B | $6.58B | $3.89B | $1.53B | $15.36B | $13.69B | $12.53B | $11.28B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.34B | $8.03B | $6.46B | $6.36B | $3.26B | -$3.79B | $8.43B | $7.01B | $5.02B | $7.21B |
| Depreciation and amortisation | $2.44B | $2.51B | $2.34B | $2.11B | $2.00B | $2.31B | $2.58B | $2.33B | $2.22B | $1.89B |
| Stock-based compensation | — | — | — | — | — | — | $161.0M | $159.0M | $169.0M | $154.0M |
| Capital expenditure | $4.50B | $5.14B | $5.32B | $6.37B | $3.25B | $1.90B | $4.94B | $5.17B | $3.89B | $3.39B |
| Investing cash flow | -$4.19B | -$3.74B | -$3.15B | -$6.92B | -$898.0M | -$9.24B | -$4.56B | -$4.39B | -$5.27B | -$2.15B |
| Financing cash flow | -$3.08B | -$4.26B | -$3.39B | -$4.54B | -$3.85B | $19.36B | -$2.88B | -$1.73B | -$730.0M | -$4.26B |
| Dividends paid | $440.0M | $321.0M | $128.0M | $0 | $0 | $260.0M | $980.0M | $909.0M | $731.0M | $509.0M |
| Buybacks | — | — | — | $0 | $0 | $344.0M | $2.03B | $1.57B | $1.68B | $2.60B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000345.
Others in SIC 4512
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| UAL | United Airlines Holdings, Inc. | $36.15B | 10.9x | 3.5% |
| LUV | SOUTHWEST AIRLINES CO | $19.38B | 50.2x | 2.1% |
| AAL | American Airlines Group Inc. | $8.69B | 77.2x | 0.8% |
| ALK | ALASKA AIR GROUP, INC. | $4.69B | 50.7x | 21.3% |
| SKYW | SKYWEST INC | $3.85B | 9.6x | 15.0% |
| ALGT | Allegiant Travel CO | $2.14B | — | 4.8% |
| JBLU | JETBLUE AIRWAYS CORP | $1.75B | — | -2.3% |
| ULCC | Frontier Group Holdings, Inc. | $1.37B | — | -1.4% |