FirmAtlas
Company handbook · DAL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
DAL · CIK 27904 · LATEST FILING: 10-Q SEP '26 · FILED OCT 9, 2026
DELTA AIR LINES, INC.
$75.37
−2.71 (−3.47%)
Close, Oct 16, 2026 · 52-week $55–96
Last fiscal year
DELTA AIR LINES, INC. reported revenue of $63.4B for the year ended Dec 31, 2025 (FY25), up 2.8% from FY24. Net income was $5.0B, operating cash flow $8.3B and free cash flow $3.8B. Source: 10-K filed Feb 11, 2026.
Market cap
$49.3B
P/E
15.0
EV/EBITDA
6.9x
P/B
2.2
Div yield
1.07%
ROIC
17.2%
Revenue 1Y
2.8%/yr
EPS 1Y
43.7%/yr
Shares 1Y
+0.9%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOEdward H. Bastian
HQAtlanta, GA
AuditorErnst & Young LLP
Employees103,000
Year endsDecember
Revenue by segment · FY25
Airline89%
Refinery11%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.5%
13.0%
29.9%
24.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$10.4B deployed
Capex
$9.6B
92.7%
Dividends
$761M
7.3%
Operating cash flow over the period: $16.4B. Total debt changed by −$1.5B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Sep '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
61,643
63,364+2.8%
71,800
YoY
+2.8%
Operating income
5,995
5,822−2.9%
5,286
Operating margin
9.7%
9.2%−0.5 pp
—
EBITDA
8,508
8,265−2.9%
—
EBITDA margin
13.8%
13.0%−0.8 pp
—
Interest expense
1,001
850−15.1%
—
Interest coverage
8.50x
9.72x+1.22x
—
Net income
3,457
5,005+44.8%
3,289
YoY
+44.8%
Net margin
5.6%
7.9%+2.3 pp
—
EPS (diluted, $)
5.33
7.66+43.7%
5.01
YoY
+43.7%
Balance sheet
Total assets
75,372
81,317+7.9%
86,048
Cash & short-term investments
3,421
4,501+31.6%
—
Accounts receivable
3,224
2,850−11.6%
—
Net PP&E
37,595
39,743+5.7%
—
Other assets
31,132
34,223+9.9%
—
Total liabilities
60,079
60,464+0.6%
63,535
Accounts payable
4,650
5,226+12.4%
—
Total debt
14,019
12,507−10.8%
9,527
Other liabilities
41,410
42,731+3.2%
—
Shareholders’ equity
15,293
20,853+36.4%
22,513
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
8,025
8,342+4.0%
8,000
Net income
3,457
5,005+44.8%
—
Depreciation & amortization
2,513
2,443−2.8%
—
Stock-based compensation
236
313+32.6%
—
Working capital & other
1,819
581−68.1%
—
Cash from investing
(3,739)
(4,186)n/m
—
Capex
(5,140)
(4,499)n/m
—
Investments bought
0
0n/m
—
Other investing
1,401
313−77.7%
—
Cash from financing
(4,260)
(3,076)n/m
—
Debt raised
0
2,215n/m
—
Debt repaid
(3,953)
(4,827)n/m
—
Dividends
(321)
(440)n/m
—
Other financing
14
(24)−271.4%
—
Net change in cash
26
1,080+4053.8%
—
Free cash flow (OCF − capex)
2,885
3,843+33.2%
—
Where the cash went
Operating cash flow
8,025
8,342+4.0%
8,000
Reinvested in the business
5,140
4,499−12.5%
—
% of operating cash flow
64.0%
53.9%
Capex
5,140
4,499−12.5%
—
Free cash flow
2,885
3,843+33.2%
—
YoY
+33.2%
Returned to shareholders
321
440+37.1%
—
% of free cash flow
11.1%
11.4%
Dividends
321
440+37.1%
—
Change in total debt
—
(1,512)
—
Cash left over
—
1,891
—
FCF conversion (FCF ÷ net income)
83.5%
76.8%−6.7 pp
—
Owner earnings
—
3,899
—
Owner earnings margin
—
6.2%
—
Returns & ratios
ROIC (all capital)
17.2%
17.2%+0.0 pp
—
ROIC (operating)
12.3%
12.8%+0.5 pp
—
Net debt / EBITDA
1.25x
0.97x−0.28x
—
Debt / equity
0.92x
0.60x−0.32x
—
ROE
22.6%
24.0%+1.4 pp
—
ROA
4.6%
6.2%+1.6 pp
—
ROCE
12.3%
10.8%−1.5 pp
—
NOPAT
4,449
4,711+5.9%
—
Invested capital (operating)
36,169
37,367+3.3%
—
Invested capital (all)
25,891
28,859+11.5%
—
Reinvestment rate
—
25.4%
—
Income
Dec '25
Mar '26
Jun '26
Sep '26
Revenue
16,003
15,854
19,757
20,186
vs year-ago quarter
Operating income
1,467
501
1,864
1,454
Net income
1,218
(289)
1,604
756
vs year-ago quarter
Net margin
7.6%
−1.8%
8.1%
3.7%
EPS (diluted, $)
1.86
−0.44
2.44
1.15
vs year-ago quarter
Balance sheet
Dec '25
Mar '26
Jun '26
Sep '26
Total assets
81,317
84,431
86,321
86,048
Cash & equivalents
4,501
5,235
4,773
3,882
Total debt
12,507
11,076
10,510
9,527
Shareholders’ equity
20,853
20,376
21,815
22,513
Cash flow
Dec '25
Mar '26
Jun '26
Sep '26
Operating cash flow
2,260
2,432
1,595
1,713
Capex
906
1,200
—
—
Free cash flow
1,354
1,232
—
—
vs year-ago quarter