Overview
DELTA AIR LINES, INC.
Latest 10-K: FY2025, filed Feb 11, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $63.36B
- 2.8%YoYup from FY2024
- TotalRevenue
- Gross profit
- Not reported
- Operating income
- $5.82B
- 2.9%YoYdown from FY2024
- OperatingIncome
- Net income
- $5.00B
- 44.8%YoYup from FY2024
- NetIncome
- Diluted EPS
- $7.66
- 43.7%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 654.0M
- 0.9%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- DELTA AIR LINES, INC. reported revenue of $63.36B for fiscal 2025, up 2.8% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 4 of the last 5 fiscal years.
Profitability
- Operating margin was 9.2% and net margin was 7.9%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $7.66, up 43.7% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $63.36B2.8%up Benchmark median 6.4% | $61.64B6.2%up Benchmark median 4.5% | $58.05B14.8%up Benchmark median 4.8% | $50.58B69.2%up Benchmark median 10.3% | $29.90B74.9%up Benchmark median 13.8% | 20.7% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | — | — | — | — | — | — Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $5.82B2.9%down Benchmark median 7.3% | $6.00B8.6%up Benchmark median 7.4% | $5.52B50.8%up Benchmark median 4.9% | $3.66B94.1%up Benchmark median 7.5% | $1.89Bn/m Benchmark median 23.5% | 32.6% Benchmark median 7.2% |
| Net Income | $5.00B44.8%up Benchmark median 4.8% | $3.46B25.0%down Benchmark median 5.7% | $4.61B249.7%up Benchmark median 1.9% | $1.32B370.7%up Benchmark median 1.3% | $0.28Bn/m Benchmark median 33.9% | 105.6% Benchmark median 4.1% |
| EPS (Diluted) | $7.6643.7%up Benchmark median 6.2% | $5.3325.7%down Benchmark median 7.9% | $7.17248.1%up Benchmark median 1.9% | $2.06368.2%up Benchmark median 1.5% | $0.44n/m Benchmark median 34.8% | 104.3% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $81.32B7.9%up Benchmark median 5.6% | $75.37B2.3%up Benchmark median 3.4% | $73.64B1.9%up Benchmark median 4.1% | $72.29B0.2%down Benchmark median 2.2% | $72.46B0.6%up Benchmark median 6.7% | 2.9% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | $20.85B36.4%up Benchmark median 6.8% | $15.29B37.7%up Benchmark median 5.4% | $11.11B68.7%up Benchmark median 7.3% | $6.58B69.3%up Benchmark median 2.5% | $3.89B153.4%up Benchmark median 9.0% | 52.2% Benchmark median 6.1% |
| Cash & Equivalents | $4.31B40.4%up Benchmark median 5.2% | $3.07B12.0%up Benchmark median 1.9% | $2.74B16.1%down Benchmark median 6.7% | $3.27B58.8%down Benchmark median -8.6% | $7.93B4.5%down Benchmark median -2.9% | -14.1% Benchmark median 2.0% |
| Total Debt | $13.31B13.3%down Benchmark median 2.1% | $15.35B17.5%down Benchmark median 0.2% | $18.61B13.0%down Benchmark median 0.3% | $21.38B14.8%down Benchmark median 0.1% | $25.08B10.3%down Benchmark median -0.1% | -14.7% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.34B4.0%up Benchmark median 6.3% | $8.03B24.1%up Benchmark median 4.8% | $6.46B1.6%up Benchmark median 9.9% | $6.36B94.9%up Benchmark median -0.7% | $3.26Bn/m Benchmark median 10.7% | 26.4% Benchmark median 7.0% |
| Capital Expenditures | $4.50B12.5%down Benchmark median 5.4% | $5.14B3.4%down Benchmark median 2.8% | $5.32B16.4%down Benchmark median 11.3% | $6.37B96.1%up Benchmark median 14.0% | $3.25B71.0%up Benchmark median 8.1% | 8.5% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $3.84B33.2%up Benchmark median 7.3% | $2.88B152.8%up Benchmark median 6.1% | $1.14Bn/m Benchmark median 8.8% | negative: -$3.00M117.6%down Benchmark median -11.3% | $0.02Bn/m Benchmark median 10.2% | 287.8% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
11.0%
Wall Street
on net earnings
FY2024 8.8%
8.5%
Value investor
on free cash flow
FY2024 7.4%
Gap −2.5 pts: Value-investor figure 2.5 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 9.1×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
15.2%
Wall Street
on EBITDA
FY2024 16.5%
10.7%
Value investor
on EBIT
FY2024 11.6%
Gap −4.5 pts: Value-investor figure 4.5 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 6.6×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
46.0%
Wall Street
on book equity
FY2024 39.0%
11.3%
Value investor
on tangible book
FY2024 n/m
Gap −34.7 pts: Value-investor figure 34.7 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 2.2×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
27.7%
Wall Street
ROE: net income ÷ equity
FY2024 26.2%
9.3%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 9.4%
Gap −18.4 pts: Value-investor figure 18.4 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
13.0%
Wall Street
EBITDA margin
FY2024 13.8%
6.1%
Value investor
Free-cash-flow margin
FY2024 4.7%
Gap −6.9 pts: Value-investor figure 6.9 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.40×
Wall Street
Current ratio
FY2024 0.37×
0.34×
Value investor
Quick ratio, inventory excluded
FY2024 0.32×
Gap −0.06×: Value-investor figure 0.06 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.62×
Wall Street
EBITDA ÷ total debt
FY2024 0.55×
0.29×
Value investor
FCF ÷ total debt
FY2024 0.19×
Gap −0.33×: Value-investor figure 0.33 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 1.09×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
223.4×
Wall Street
EBITDA ÷ interest
FY2024 157.6×
157.4×
Value investor
EBIT ÷ interest
FY2024 111.0×
Gap −66.0×: Value-investor figure 66.0 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on DAL yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on DAL and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/DAL
Valuein. (2026, October 30). DELTA AIR LINES, INC. (DAL) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/DAL
@misc{valuein_dal_2026,
author = {{Valuein}},
title = {DELTA AIR LINES, INC. (DAL) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/DAL}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 11, 2026 · accession 0000027904-26-000013
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point-in-time · survivorship-free · every number traceable to its SEC filing
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