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DAL

Delta Air Lines, Inc.

DAL

Delta Air Lines, Inc. • NYSE
$64.10 ▼ -0.26% (-0.17)
Market Cap $41.85 B
52w High $69.98
52w Low $34.74
Dividend Yield 0.75%
P/E 9.04
Volume 3.47M
Outstanding Shares 652.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $16.673B ▲ $2.23B ▼ $1.417B ▼ 8.499% ▼ $2.19 ▼ $3.169B ▼
Q2-2025 $16.648B ▲ $2.936B ▲ $2.13B ▲ 12.794% ▲ $3.29 ▲ $3.348B ▲
Q1-2025 $14.04B ▼ $2.444B ▼ $240M ▼ 1.709% ▼ $0.37 ▼ $1.106B ▼
Q4-2024 $15.559B ▼ $2.727B ▼ $843M ▼ 5.418% ▼ $1.29 ▼ $2.017B ▼
Q3-2024 $15.677B $2.75B $1.272B 8.114% $1.98 $2.377B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.791B ▲ $79.623B ▲ $60.801B ▼ $18.822B ▲
Q2-2025 $3.331B ▼ $78.395B ▲ $60.955B ▼ $17.44B ▲
Q1-2025 $3.711B ▲ $77.342B ▲ $61.895B ▲ $15.447B ▲
Q4-2024 $3.069B ▼ $75.372B ▲ $60.079B ▼ $15.293B ▲
Q3-2024 $3.977B $75.368B $61.722B $13.646B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.417B ▼ $1.847B ▼ $-1.035B ▲ $-370M ▲ $442M ▲ $687M ▲
Q2-2025 $2.13B ▲ $1.857B ▼ $-1.199B ▲ $-1.07B ▼ $-373M ▼ $648M ▼
Q1-2025 $240M ▼ $2.378B ▲ $-1.224B ▼ $-634M ▲ $563M ▲ $1.154B ▲
Q4-2024 $843M ▼ $1.894B ▲ $-1.169B ▼ $-1.59B ▼ $-829M ▼ $584M ▲
Q3-2024 $1.272B $1.274B $-1.124B $-371M $-158M $-54M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Airline
Airline
 $14.44Bn ▲$12.98Bn ▼$15.51Bn ▲$15.20Bn ▼
Intersegment Eliminations
Intersegment Eliminations
 $0 ▲$0 ▲$-580.00M ▼$-320.00M ▲
Refinery
Refinery
 $1.75Bn ▲$1.70Bn ▼$1.72Bn ▲$1.79Bn ▲
Exchanged Products
Exchanged Products
 $-630.00M ▲$-640.00M ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Delta’s income statement shows a clear recovery story from the pandemic shock to solid profitability. Revenue has climbed steadily each year and is now well above the crisis years, supported by a mix of domestic, international, and especially premium travel. Profitability has improved even faster than revenue: operating profit and cash earnings have moved from deep losses to healthy, repeatable profit levels. One nuance: net income jumped unusually high in one recent year and then eased back, even as sales kept rising. That pattern often signals one‑off items or normalization of tax and accounting effects rather than a deterioration in the core business. Overall, the trend points to a company that has largely rebuilt its earnings power, but still operates in a cyclical, cost‑sensitive industry where fuel, labor, and economic conditions can quickly pressure margins.

Balance Sheet

Balance Sheet The balance sheet has transitioned from “survival mode” during the pandemic to a more stable footing. Total assets have stayed fairly steady, but the mix has improved: emergency cash cushions built up during the crisis have been drawn down as operations normalized, while the company has started to reduce its heavy debt load. Debt is still substantial, yet it has been brought down meaningfully from peak levels. At the same time, shareholder equity has been rebuilt from a very thin base to a healthier buffer, reflecting several years of profits being retained in the business. This combination—less debt and more equity—points to gradually improving financial resilience, though leverage remains an important risk to monitor in a downturn or in a higher‑rate environment.

Cash Flow

Cash Flow Cash flow is a notable strength in the recent period. Operating cash flow has grown robustly as demand returned and profitability recovered, turning from sizable outflows during the pandemic to strong inflows in recent years. Free cash flow, after heavy spending on aircraft and other investments, has turned positive and is trending in the right direction. Delta is spending aggressively on its fleet and infrastructure, but now largely funds this out of its own cash generation instead of relying as heavily on new borrowing. This shift supports continued debt reduction and gives the company more flexibility to handle shocks, while still investing for future growth.

Competitive Edge

Competitive Edge Delta’s competitive position is built around reliability, a strong brand, and a focus on higher‑value customers. It is often recognized for operational performance, which matters greatly to both business and leisure travelers who care about on‑time arrivals and fewer disruptions. Its large hub network, particularly in Atlanta and other key cities, gives it scale advantages and attractive connectivity. The SkyMiles loyalty program deepens customer stickiness and supports premium revenue, as frequent travelers tend to consolidate their flying with one carrier. Delta’s emphasis on premium cabins, upgraded lounges, and differentiated service helps it tap a more profitable segment of the market. However, it still competes in a highly competitive, price‑sensitive sector, facing pressure from low‑cost carriers on one side and other global network airlines on the other, all under tight regulatory and capacity constraints.

Innovation and R&D

Innovation and R&D Delta’s “R&D” is less about lab research and more about technology, customer experience, and fleet modernization. The company is leaning heavily into digital tools, including AI‑powered assistants in its app, smarter disruption management in its operations center, and AI‑driven pricing to fine‑tune fares. These tools aim to make travel smoother for customers and operations more efficient behind the scenes. Onboard, Delta is investing in next‑generation entertainment systems, free Wi‑Fi for loyalty members, and partnerships that bring premium content and better connectivity. It is also adopting new training technologies like augmented and virtual reality to improve safety and productivity. Longer term, its fleet renewal and work on sustainable aviation fuels and future propulsion concepts show an eye toward lowering fuel use and emissions. Overall, innovation is being used to reinforce its premium positioning and cost efficiency more than to radically change the business model.

Summary

Delta’s recent financials tell a story of recovery, repair, and repositioning. Earnings have rebounded strongly from pandemic losses, and while year‑to‑year profit can still move around, the underlying trend in revenue and operating performance is positive. The balance sheet, while still leveraged, is noticeably healthier than at the crisis peak thanks to debt paydown and rebuilding of equity. Strong cash generation now supports both heavy investment in aircraft, technology, and customer experience, and a gradual reduction in financial risk. Strategically, Delta leans on a strong brand, loyal high‑value customers, and hub dominance, and is using technology to deepen that edge. The main watchpoints are the usual airline risks: economic cycles, high fixed costs, fuel and labor volatility, and the capital‑intensive nature of the business. Within that challenging industry context, Delta appears to be operating from a position of relative strength, with clearer levers for growth in premium services and international expansion, but still exposed to the inherent ups and downs of global air travel.

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