Delta Air Lines

Industrials Passenger Airlines Atlanta, Georgia Last filing Feb 11, 2026 · FY2025

                    Revenue
                    FY2025
                
$63.4B
                    3y CAGR +7.8%
                    
                    P68
                    
                    +2.8%
                    
                    Net income
                    FY2025
                
$5.0B
                    Net margin +7.9%
                    
                    P28
                    
                    +44.8%
                    
                    Total assets
                    FY2025
                
$81.3B
                    ROA +6.2%
                    
                    P32
                    
                    +7.9%
                    
                    Operating cash flow
                    FY2025
                
$8.3B
                    
                    +4.0%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 5 years

Total assets $81.3B

Total liabilities $27.6B

Shareholders equity $20.9B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	5.3%	4.1%	3.7%	4.5%	10.9%
Short Term Investments	0.0%	0.0%	1.5%	4.5%	4.7%
Accounts Receivable	3.5%	4.3%	4.3%	4.4%	3.3%
Inventory	2.0%	1.9%	1.8%	2.0%	2.2%
Prepaid Expenses	2.7%	2.8%	2.7%	2.6%	1.5%
Other Current Assets	5.4%	3.6%	2.3%	1.3%	1.8%
Total Current Assets	13.5%	13.1%	13.9%	18.0%	22.0%
Property,Plant and Equipment	48.9%	49.9%	48.2%	45.8%	39.7%
Operating Lease Assets	7.7%	8.8%	9.5%	9.7%	10.0%
Goodwill	12.0%	12.9%	13.2%	13.5%	13.5%
Intangible Assets	7.3%	7.9%	8.1%	8.3%	8.3%
Other Noncurrent Assets	5.4%	3.6%	2.3%	1.3%	1.8%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	6.4%	6.2%	6.0%	7.1%	5.9%
Accrued Liabilities	2.4%	2.4%	2.2%	2.5%	2.4%
Current Portion of Long Term Debt	1.7%	2.4%	3.6%	2.8%	2.1%
Operating Lease Liabilities	1.0%	1.0%	1.0%	1.0%	1.0%
Other Current Liabilities	4.9%	5.0%	4.8%	5.5%	6.1%
Total Current Liabilities	34.0%	35.4%	35.9%	35.9%	28.9%
Long Term Debt	14.7%	18.0%	21.7%	26.7%	32.5%
Operating Lease Liabilities Noncurrent	6.6%	7.7%	8.8%	9.5%	9.7%
Deferred Tax Liabilities	4.2%	2.9%	1.2%	11.0%	10.1%
Other Noncurrent Liabilities	4.9%	5.0%	4.8%	5.5%	6.1%
Total Liabilities	34.0%	35.4%	35.9%	35.9%	28.9%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	14.6%	15.6%	15.8%	15.9%	15.8%
Retained Earnings	16.4%	11.7%	7.7%	1.6%	-0.2%
Treasury Stock	0.3%	0.3%	0.0%	0.4%	0.4%
Accumulated Other Comprehensive Income	-5.1%	-6.6%	-7.9%	-8.0%	-9.8%
Total Stockholders Equity	25.6%	20.3%	15.1%	9.1%	5.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $63.4B

Operating income $5.8B

Net income $5.0B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	77.9%	81.8%	78.8%	70.0%	41.3%
Expenses Cost of Revenue	70.8%	73.8%	71.3%	64.9%	38.7%
Expenses Selling,General and Administrative	3.1%	3.3%	3.2%	2.6%	1.3%
Expenses Depreciation and Amortization	3.0%	3.3%	3.2%	2.9%	2.8%
Expenses Share Based Compensation	0.4%	0.3%	0.2%	0.2%	0.2%
Expenses Operating Expenses	70.8%	73.8%	71.3%	64.9%	38.7%
Other Income Expense Operating Income	7.2%	8.0%	7.5%	5.1%	2.6%
Other Income Expense Interest Expense	0.0%	0.1%	0.1%	0.1%	0.1%
Other Income Expense Other Income/expense	-0.2%	-0.3%	-0.4%	0.2%	-0.5%
Other Income Expense Income Before Tax	7.6%	6.2%	7.6%	2.6%	0.5%
Income Tax Income Tax Expense	1.5%	1.6%	1.4%	0.8%	0.2%
net Income net Income	6.2%	4.6%	6.3%	1.8%	0.4%
net Income Comprehensive Income	7.2%	5.7%	6.2%	3.7%	3.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.8%	0.9%	0.9%	0.9%	0.9%
Earnings Per Share Weighted Average Shares Diluted	0.8%	0.9%	0.9%	0.9%	0.9%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 5 years

Operating cash flow $8.3B

Investing cash flow $-4.2B

Financing cash flow $-3.1B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	6.2%	4.6%	6.3%	1.8%	0.4%
Operating Activities Depreciation and Amortization	3.0%	3.3%	3.2%	2.9%	2.8%
Operating Activities Stock Based Compensation	0.4%	0.3%	0.2%	0.2%	0.2%
Operating Activities Deferred Income Taxes	1.4%	1.5%	1.3%	0.8%	0.2%
Operating Activities Changes In Operating Assets and Liabilities	0.2%	0.3%	-0.4%	1.6%	0.5%
Operating Activities Other Non Cash Items	-0.4%	0.2%	-0.1%	-0.3%	0.6%
Operating Activities net Cash From Operating Activities	10.3%	10.6%	8.8%	8.8%	4.5%
Investing Activities Other Investing Activities	-0.7%	-0.4%	-0.1%	-0.3%	0.0%
Investing Activities net Cash From Investing Activities	-5.1%	-5.0%	-4.3%	-9.6%	-1.2%
Financing Activities Proceeds From Debt	2.7%	0.0%	1.2%	0.0%	2.6%
Financing Activities Dividends Paid	0.5%	0.4%	0.2%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.0%	0.0%	-0.1%	-0.1%	0.1%
Financing Activities net Cash From Financing Activities	-3.8%	-5.7%	-4.6%	-6.3%	-5.3%
Cash Reconciliation Effect of Exchange Rate On Cash	5.5%	4.5%	4.6%	4.8%	11.8%
Cash Reconciliation net Change In Cash	1.3%	0.0%	-0.1%	-7.0%	-2.1%
Cash Reconciliation Cash At Beginning of Period	5.5%	4.5%	4.6%	4.8%	11.8%
Cash Reconciliation Cash At End of Period	5.5%	4.5%	4.6%	4.8%	11.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+9.2%	+9.7%	+9.5%	+7.2%	+6.3%
Operating margin	+9.2%	+9.7%	+9.5%	+7.2%	+6.3%
Net margin	+7.9%	+5.6%	+7.9%	+2.6%	+0.9%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+7.8%	+27.3%	+50.3%	+2.5%	-12.4%
Returns
ROE	+24.0%	+22.6%	+41.5%	+20.0%	+7.2%
ROA	+6.2%	+4.6%	+6.3%	+1.8%	+0.4%
ROIC	+15.8%	+16.1%	+16.8%	+10.2%	+6.3%
Liquidity
Current ratio	0.40x	0.37x	0.39x	0.50x	0.76x
Quick ratio	0.26x	0.24x	0.22x	0.25x	0.49x
Leverage
D/E	1.32x	1.74x	2.38x	3.94x	5.39x
Interest coverage	157.35x	111.02x	131.45x	81.36x	34.29x
Efficiency
Asset turnover	0.78x	0.82x	0.79x	0.70x	0.41x
Cash conversion cycle	-7d	-2d	-2d	-6d	-5d

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Delta Air Lines

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