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

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $81.3B

Total liabilities $27.6B

Shareholders equity $20.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$4.3B 40.4%	$3.1B 12.0%	$2.7B -16.1%	$3.3B -58.8%	$7.9B -4.5%	$8.3B 188.2%	$2.9B 84.2%	$1.6B -13.7%	$1.8B -34.3%	$2.8B
Short Term Investments	$0	$0 -100.0%	$1.1B -65.5%	$3.3B -3.5%	$3.4B -41.5%	$5.8B 426.8%	$1.1B	$0 -100.0%	$825.0M 69.4%	$487.0M
Accounts Receivable	$2.9B -11.6%	$3.2B 3.0%	$3.1B -1.4%	$3.2B 32.1%	$2.4B 72.2%	$1.4B -51.1%	$2.9B 23.3%	$2.3B -2.7%	$2.4B 15.2%	$2.1B
Inventory	$1.6B 12.1%	$1.4B 8.7%	$1.3B -7.7%	$1.4B -9.7%	$1.6B 13.7%	$1.4B -45.9%	$2.6B 453.6%	$463.0M 12.1%	$413.0M 11.0%	$372.0M
Prepaid Expenses	$2.2B 4.0%	$2.1B 8.5%	$2.0B 4.3%	$1.9B 67.7%	$1.1B -5.2%	$1.2B -6.5%	$1.3B 4.9%	$1.2B -19.7%	$1.5B 75.5%	$854.0M
Other Current Assets	$4.4B 62.8%	$2.7B 60.5%	$1.7B 81.2%	$934.0M -28.2%	$1.3B -4.2%	$1.4B -64.0%	$3.8B 4.4%	$3.6B 9.0%	$3.3B 90.9%	$1.7B
Total Current Assets	$11.0B 11.4%	$9.8B -4.1%	$10.3B -21.1%	$13.0B -18.4%	$15.9B -8.4%	$17.4B 111.0%	$8.2B 30.1%	$6.3B -19.2%	$7.8B 5.3%	$7.5B
Property,Plant and Equipment	$39.7B 5.7%	$37.6B 5.9%	$35.5B 7.2%	$33.1B 15.2%	$28.7B 8.4%	$26.5B	$0 -100.0%	$28.3B 6.7%	$26.6B 9.0%	$24.4B
Operating Lease Assets	$6.2B -6.0%	$6.6B -5.1%	$7.0B -0.5%	$7.0B -2.8%	$7.2B 26.2%	$5.7B 1.9%	$5.6B -6.1%	$6.0B	—	—
Goodwill	$9.8B 0.0%	$9.8B 0.0%	$9.8B 0.0%	$9.8B 0.0%	$9.8B 0.0%	$9.8B -0.3%	$9.8B 0.0%	$9.8B -0.1%	$9.8B 0.0%	$9.8B
Intangible Assets	$6.0B -0.2%	$6.0B -0.1%	$6.0B -0.2%	$6.0B -0.1%	$6.0B -0.2%	$6.0B 16.4%	$5.2B 6.9%	$4.8B -0.4%	$4.8B 0.1%	$4.8B
Other Noncurrent Assets	$4.4B 62.8%	$2.7B 60.5%	$1.7B 81.2%	$934.0M -28.2%	$1.3B -4.2%	$1.4B -64.0%	$3.8B 4.4%	$3.6B 9.0%	$3.3B 90.9%	$1.7B
Total Assets	$81.3B 7.9%	$75.4B 2.3%	$73.6B 1.9%	$72.3B -0.2%	$72.5B 0.6%	$72.0B 11.6%	$64.5B 7.1%	$60.3B 12.3%	$53.7B 4.7%	$51.3B
Liabilities
Accounts Payable	$5.2B 12.4%	$4.7B 4.6%	$4.4B -12.9%	$5.1B 20.4%	$4.2B 49.3%	$2.8B -13.0%	$3.3B 9.7%	$3.0B -19.0%	$3.7B 42.8%	$2.6B
Accrued Liabilities	$1.9B 7.3%	$1.8B 12.1%	$1.6B -9.1%	$1.8B 1.9%	$1.7B 4.6%	$1.7B 54.9%	$1.1B -3.5%	$1.1B -39.9%	$1.9B 12.6%	$1.6B
Current Portion of Long Term Debt	$1.4B -23.8%	$1.8B -31.4%	$2.6B 27.7%	$2.1B 36.8%	$1.5B 4.1%	$1.4B -29.7%	$2.1B 45.8%	$1.4B -34.3%	$2.1B 112.6%	$1.0B
Operating Lease Liabilities	$809.0M 6.0%	$763.0M 0.5%	$759.0M 6.3%	$714.0M 1.6%	$703.0M 3.7%	$678.0M -15.4%	$801.0M -16.1%	$955.0M	—	—
Other Current Liabilities	$4.0B 6.7%	$3.7B 5.1%	$3.6B -10.4%	$4.0B -9.6%	$4.4B -9.5%	$4.9B 250.8%	$1.4B 22.4%	$1.1B -46.4%	$2.1B 12.4%	$1.9B
Total Current Liabilities	$27.6B 3.6%	$26.7B 1.0%	$26.4B 1.8%	$25.9B 23.7%	$21.0B 31.6%	$15.9B -21.2%	$20.2B 8.8%	$18.6B 0.0%	$18.6B 21.9%	$15.2B
Long Term Debt	$11.9B -11.9%	$13.5B -15.3%	$16.0B -17.3%	$19.3B -18.0%	$23.6B -11.1%	$26.5B 229.5%	$8.1B 1.2%	$8.0B 26.4%	$6.3B 4.9%	$6.0B
Operating Lease Liabilities Noncurrent	$5.4B -7.9%	$5.8B -10.1%	$6.5B -5.8%	$6.9B -2.7%	$7.1B 23.5%	$5.7B 7.9%	$5.3B -8.7%	$5.8B	—	—
Deferred Tax Liabilities	$3.4B 58.3%	$2.2B 139.6%	$908.0M -88.6%	$7.9B 8.8%	$7.3B 3.0%	$7.1B 386.2%	$1.5B 793.3%	$163.0M -96.9%	$5.2B -32.2%	$7.6B
Other Noncurrent Liabilities	$4.0B 6.7%	$3.7B 5.1%	$3.6B -10.4%	$4.0B -9.6%	$4.4B -9.5%	$4.9B 250.8%	$1.4B 22.4%	$1.1B -46.4%	$2.1B 12.4%	$1.9B
Total Liabilities	$27.6B 3.6%	$26.7B 1.0%	$26.4B 1.8%	$25.9B 23.7%	$21.0B 31.6%	$15.9B -21.2%	$20.2B 8.8%	$18.6B 0.0%	$18.6B 21.9%	$15.2B
Equity
Common Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Additional Paid In Capital	$11.9B 1.2%	$11.7B 0.9%	$11.6B 1.0%	$11.5B 0.7%	$11.4B 1.7%	$11.3B 1.2%	$11.1B -4.6%	$11.7B -3.2%	$12.1B -2.0%	$12.3B
Retained Earnings	$13.3B 51.9%	$8.8B 55.5%	$5.7B 382.9%	$1.2B 890.5%	$-148.0M 65.4%	$-428.0M -103.4%	$12.5B 24.1%	$10.0B 4.2%	$9.6B 21.9%	$7.9B
Treasury Stock	$238.0M -5.2%	$251.0M	$0 -100.0%	$313.0M 11.0%	$282.0M 8.9%	$259.0M 9.7%	$236.0M 19.2%	$198.0M 25.3%	$158.0M -42.3%	$274.0M
Accumulated Other Comprehensive Income	$-4.1B 17.0%	$-5.0B 14.8%	$-5.8B -0.8%	$-5.8B 18.6%	$-7.1B 21.1%	$-9.0B -13.1%	$-8.0B -2.1%	$-7.8B -2.7%	$-7.6B 0.2%	$-7.6B
Total Stockholders Equity	$20.9B 36.4%	$15.3B 37.7%	$11.1B 68.7%	$6.6B 69.3%	$3.9B 153.4%	$1.5B -90.0%	$15.4B 12.2%	$13.7B 9.2%	$12.5B 11.1%	$11.3B
Total Liabilitiesand Equity	$81.3B 7.9%	$75.4B 2.3%	$73.6B 1.9%	$72.3B -0.2%	$72.5B 0.6%	$72.0B 11.6%	$64.5B 7.1%	$60.3B 13.1%	$53.3B 4.0%	$51.3B

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $63.4B

Operating income $5.8B

Net income $5.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$63.4B 2.8%	$61.6B 6.2%	$58.0B 14.8%	$50.6B 69.2%	$29.9B 74.9%	$17.1B -63.6%	$47.0B 5.8%	$44.4B 8.0%	$41.1B 4.3%	$39.5B
Expenses Cost of Revenue	$57.5B 3.4%	$55.6B 5.9%	$52.5B 11.9%	$46.9B 67.5%	$28.0B -5.2%	$29.6B -26.8%	$40.4B 3.1%	$39.2B 11.4%	$35.2B	—
Expenses Selling,General and Administrative	$2.5B 0.0%	$2.5B 6.5%	$2.3B 23.4%	$1.9B 98.4%	$953.0M 48.2%	$643.0M -70.9%	$2.2B 13.9%	$1.9B 6.2%	$1.8B 4.3%	$1.8B
Expenses Depreciation and Amortization	$2.4B -2.8%	$2.5B 7.3%	$2.3B 11.1%	$2.1B 5.5%	$2.0B -13.6%	$2.3B -10.4%	$2.6B 10.8%	$2.3B 4.8%	$2.2B 17.8%	$1.9B
Expenses Share Based Compensation	$313.0M 32.6%	$236.0M 31.1%	$180.0M 20.0%	$150.0M 0.7%	$149.0M 25.2%	$119.0M -26.1%	$161.0M 1.3%	$159.0M -5.9%	$169.0M 9.7%	$154.0M
Expenses Operating Expenses	$57.5B 3.4%	$55.6B 5.9%	$52.5B 11.9%	$46.9B 67.5%	$28.0B -5.2%	$29.6B -26.8%	$40.4B 3.1%	$39.2B 11.4%	$35.2B 8.4%	$32.5B
Other Income Expense Operating Income	$5.8B -2.9%	$6.0B 8.6%	$5.5B 50.8%	$3.7B 94.1%	$1.9B 115.1%	$-12.5B -288.4%	$6.6B 25.7%	$5.3B -11.8%	$6.0B -14.7%	$7.0B
Other Income Expense Interest Expense	$37.0M -31.5%	$54.0M 28.6%	$42.0M -6.7%	$45.0M -18.2%	$55.0M 71.9%	$32.0M 10.3%	$29.0M 31.8%	$22.0M -94.4%	$396.0M 2.1%	$388.0M
Other Income Expense Other Income/expense	$-144.0M 37.9%	$-232.0M 16.8%	$-279.0M -269.1%	$165.0M 141.6%	$-397.0M -389.8%	$137.0M 223.4%	$-111.0M -150.5%	$220.0M 414.3%	$-70.0M 72.5%	$-255.0M
Other Income Expense Income Before Tax	$6.2B 32.8%	$4.7B -16.9%	$5.6B 193.0%	$1.9B 380.9%	$398.0M 102.6%	$-15.6B -351.5%	$6.2B 20.3%	$5.2B -6.3%	$5.5B -13.4%	$6.4B
Income Tax Income Tax Expense	$1.2B -1.7%	$1.2B 20.2%	$999.0M 67.6%	$596.0M 405.1%	$118.0M 103.7%	$-3.2B -323.8%	$1.4B 17.7%	$1.2B -47.0%	$2.3B 6.3%	$2.2B
net Income net Income	$5.0B 44.8%	$3.5B -25.0%	$4.6B 249.7%	$1.3B 370.7%	$280.0M 102.3%	$-12.4B -359.8%	$4.8B 21.1%	$3.9B 22.8%	$3.2B -23.6%	$4.2B
net Income Comprehensive Income	$5.8B 35.3%	$4.3B -5.3%	$4.6B 72.5%	$2.6B 21.0%	$2.2B 116.3%	$-13.4B -391.9%	$4.6B 20.0%	$3.8B 19.2%	$3.2B -16.0%	$3.8B
Earnings Per Share Basic Eps	$8 43.2%	$5 -25.2%	$7 248.3%	$2 370.5%	$0 102.3%	$-19 -366.3%	$7 28.6%	$6 27.9%	$4 -20.4%	$6
Earnings Per Share Diluted Eps	$8 43.7%	$5 -25.7%	$7 248.1%	$2 368.2%	$0 102.3%	$-19 -367.0%	$7 28.7%	$6 28.0%	$4 -20.2%	$6
Earnings Per Share Weighted Average Shares Basic	$648.0M 1.1%	$641.0M 0.3%	$639.0M 0.2%	$638.0M 0.3%	$636.0M 0.0%	$636.0M -2.3%	$651.0M -5.8%	$691.0M -4.0%	$720.0M -4.1%	$751.0M
Earnings Per Share Weighted Average Shares Diluted	$654.0M 0.9%	$648.0M 0.8%	$643.0M 0.3%	$641.0M 0.0%	$641.0M 0.8%	$636.0M -2.6%	$653.0M -5.9%	$694.0M -4.0%	$723.0M -4.2%	$755.0M

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 10 years

Operating cash flow $8.3B

Investing cash flow $-4.2B

Financing cash flow $-3.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$5.0B 44.8%	$3.5B -25.0%	$4.6B 249.7%	$1.3B 370.7%	$280.0M 102.3%	$-12.4B -359.8%	$4.8B 21.1%	$3.9B 22.8%	$3.2B -23.6%	$4.2B
Operating Activities Depreciation and Amortization	$2.4B -2.8%	$2.5B 7.3%	$2.3B 11.1%	$2.1B 5.5%	$2.0B -13.6%	$2.3B -10.4%	$2.6B 10.8%	$2.3B 4.8%	$2.2B 17.8%	$1.9B
Operating Activities Stock Based Compensation	$313.0M 32.6%	$236.0M 31.1%	$180.0M 20.0%	$150.0M 0.7%	$149.0M 25.2%	$119.0M -26.1%	$161.0M 1.3%	$159.0M -5.9%	$169.0M 9.7%	$154.0M
Operating Activities Deferred Income Taxes	$1.1B -4.0%	$1.2B 17.9%	$980.0M 65.8%	$591.0M 413.9%	$115.0M 103.7%	$-3.1B -311.1%	$1.5B 8.0%	$1.4B -39.2%	$2.2B 5.9%	$2.1B
Operating Activities Changes In Operating Assets and Liabilities	$183.0M -24.1%	$241.0M 193.4%	$-258.0M -121.8%	$1.2B 214.9%	$376.0M 206.2%	$-354.0M -886.7%	$45.0M -61.2%	$116.0M -74.4%	$454.0M 173.5%	$166.0M
Operating Activities Other Non Cash Items	$-332.0M -303.7%	$163.0M 426.0%	$-50.0M 78.0%	$-227.0M -154.2%	$419.0M -38.5%	$681.0M 179.1%	$244.0M 142.6%	$-573.0M -1069.4%	$-49.0M 79.3%	$-237.0M
Operating Activities net Cash From Operating Activities	$8.3B 4.0%	$8.0B 24.1%	$6.5B 1.6%	$6.4B 94.9%	$3.3B 186.1%	$-3.8B -145.0%	$8.4B 20.1%	$7.0B 39.6%	$5.0B -30.4%	$7.2B
Investing Activities Other Investing Activities	$-589.0M -123.1%	$-264.0M -187.0%	$-92.0M 56.6%	$-212.0M -762.5%	$32.0M 136.8%	$-87.0M -50.0%	$-58.0M 54.0%	$-126.0M 40.3%	$-211.0M 17.9%	$-257.0M
Investing Activities net Cash From Investing Activities	$-4.2B -12.0%	$-3.7B -18.8%	$-3.1B 54.5%	$-6.9B -671.0%	$-898.0M 90.3%	$-9.2B -102.5%	$-4.6B -3.9%	$-4.4B 16.6%	$-5.3B -144.4%	$-2.2B
Financing Activities Proceeds From Debt	$2.2B	$0 -100.0%	$878.0M	$0 -100.0%	$1.9B -91.7%	$22.8B 1007.9%	$2.1B -45.1%	$3.7B 52.6%	$2.5B 445.3%	$450.0M
Financing Activities Dividends Paid	$440.0M 37.1%	$321.0M 150.8%	$128.0M	$0	$0 -100.0%	$260.0M -73.5%	$980.0M 7.8%	$909.0M 24.4%	$731.0M 43.6%	$509.0M
Financing Activities Other Financing Activities	$-24.0M -271.4%	$14.0M 119.2%	$-73.0M -21.7%	$-60.0M -175.0%	$80.0M 139.6%	$-202.0M -861.9%	$-21.0M -136.2%	$58.0M 137.7%	$-154.0M -51.0%	$-102.0M
Financing Activities net Cash From Financing Activities	$-3.1B 27.8%	$-4.3B -25.5%	$-3.4B 25.2%	$-4.5B -17.7%	$-3.9B -119.9%	$19.4B 772.1%	$-2.9B -66.9%	$-1.7B -136.4%	$-730.0M 82.9%	$-4.3B
Cash Reconciliation Effect of Exchange Rate On Cash	$4.5B 31.6%	$3.4B 0.8%	$3.4B -2.2%	$3.5B -59.5%	$8.6B -14.8%	$10.1B 169.6%	$3.7B 35.7%	$2.7B 48.3%	$1.9B -34.4%	$2.8B
Cash Reconciliation net Change In Cash	$1.1B 4053.8%	$26.0M 133.3%	$-78.0M 98.5%	$-5.1B -242.9%	$-1.5B -123.5%	$6.3B 544.1%	$982.0M 9.7%	$895.0M 192.0%	$-973.0M -221.6%	$800.0M
Cash Reconciliation Cash At Beginning of Period	$4.5B 31.6%	$3.4B 0.8%	$3.4B -2.2%	$3.5B -59.5%	$8.6B -14.8%	$10.1B 169.6%	$3.7B 35.7%	$2.7B 48.3%	$1.9B -34.4%	$2.8B
Cash Reconciliation Cash At End of Period	$4.5B 31.6%	$3.4B 0.8%	$3.4B -2.2%	$3.5B -59.5%	$8.6B -14.8%	$10.1B 169.6%	$3.7B 35.7%	$2.7B 48.3%	$1.9B -34.4%	$2.8B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+9.2%	+9.7%	+9.5%	+7.2%	+6.3%	-72.9%	+14.1%	+11.8%	+14.5%	—
Operating margin	+9.2%	+9.7%	+9.5%	+7.2%	+6.3%	-72.9%	+14.1%	+11.8%	+14.5%	+17.7%
Net margin	+7.9%	+5.6%	+7.9%	+2.6%	+0.9%	-72.4%	+10.1%	+8.9%	+7.8%	+10.6%
FCF margin	—	—	—	—	—	—	—	—	—	—
Growth
Revenue CAGR (3y)	+7.8%	+27.3%	+50.3%	+2.5%	-12.4%	-25.4%	+6.0%	+3.0%	+0.6%	+1.5%
Returns
ROE	+24.0%	+22.6%	+41.5%	+20.0%	+7.2%	-807.4%	+31.0%	+28.7%	+25.6%	+37.2%
ROA	+6.2%	+4.6%	+6.3%	+1.8%	+0.4%	-17.2%	+7.4%	+6.5%	+6.0%	+8.2%
ROIC	+15.8%	+16.1%	+16.8%	+10.2%	+6.3%	-58.8%	+22.5%	+18.7%	+18.1%	+29.8%
Liquidity
Current ratio	0.40x	0.37x	0.39x	0.50x	0.76x	1.09x	0.41x	0.34x	0.42x	0.49x
Quick ratio	0.26x	0.24x	0.22x	0.25x	0.49x	0.61x	0.28x	0.21x	0.23x	0.32x
Leverage
D/E	1.32x	1.74x	2.38x	3.94x	5.39x	10.38x	1.32x	1.36x	1.48x	1.35x
Interest coverage	157.35x	111.02x	131.45x	81.36x	34.29x	-389.66x	228.21x	239.27x	15.07x	18.03x
Efficiency
Asset turnover	0.78x	0.82x	0.79x	0.70x	0.41x	0.24x	0.73x	0.74x	0.77x	0.77x
Cash conversion cycle	-7d	-2d	-2d	-6d	-5d	+12d	+16d	-4d	-13d	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Delta Air Lines

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Assets, liabilities, and equity

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