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 revenue.

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	6.8%	5.0%	4.7%	6.5%	26.5%	48.6%	6.1%	3.5%	4.4%	7.0%
Short Term Investments	0.0%	0.0%	1.9%	6.5%	11.3%	33.9%	2.3%	0.0%	2.0%	1.2%
Accounts Receivable	4.5%	5.2%	5.4%	6.3%	8.0%	8.2%	6.1%	5.2%	5.8%	5.2%
Inventory	2.5%	2.3%	2.3%	2.8%	5.3%	8.1%	5.5%	1.0%	1.0%	0.9%
Prepaid Expenses	3.5%	3.4%	3.4%	3.7%	3.7%	6.9%	2.7%	2.7%	3.6%	2.2%
Other Current Assets	7.0%	4.4%	2.9%	1.8%	4.3%	7.9%	8.0%	8.1%	8.0%	4.4%
Total Current Assets	17.3%	16.0%	17.7%	25.7%	53.3%	101.8%	17.5%	14.3%	19.1%	18.9%
Property,Plant and Equipment	62.7%	61.0%	61.1%	65.5%	96.2%	155.2%	0.0%	63.8%	64.6%	61.8%
Operating Lease Assets	9.9%	10.8%	12.1%	13.9%	24.2%	33.5%	12.0%	13.5%	—	—
Goodwill	15.4%	15.8%	16.8%	19.3%	32.6%	57.1%	20.8%	22.0%	23.8%	24.8%
Intangible Assets	9.4%	9.7%	10.3%	11.8%	20.1%	35.2%	11.0%	10.9%	11.8%	12.3%
Other Noncurrent Assets	7.0%	4.4%	2.9%	1.8%	4.3%	7.9%	8.0%	8.1%	8.0%	4.4%
Total Assets	128.3%	122.3%	126.9%	142.9%	242.3%	421.2%	137.3%	135.6%	130.5%	129.9%
Liabilities
Accounts Payable	8.2%	7.5%	7.7%	10.1%	14.2%	16.6%	6.9%	6.7%	8.9%	6.5%
Accrued Liabilities	3.1%	2.9%	2.8%	3.5%	5.8%	9.8%	2.3%	2.5%	4.5%	4.2%
Current Portion of Long Term Debt	2.2%	2.9%	4.5%	4.1%	5.0%	8.4%	4.4%	3.2%	5.2%	2.6%
Operating Lease Liabilities	1.3%	1.2%	1.3%	1.4%	2.4%	4.0%	1.7%	2.1%	—	—
Other Current Liabilities	6.3%	6.1%	6.1%	7.9%	14.7%	28.4%	2.9%	2.5%	5.1%	4.8%
Total Current Liabilities	43.6%	43.3%	45.5%	51.3%	70.1%	93.2%	43.0%	41.8%	45.1%	38.6%
Long Term Debt	18.8%	22.0%	27.5%	38.2%	78.9%	155.2%	17.1%	17.9%	15.3%	15.2%
Operating Lease Liabilities Noncurrent	8.4%	9.4%	11.1%	13.6%	23.6%	33.4%	11.3%	13.1%	—	—
Deferred Tax Liabilities	5.4%	3.5%	1.6%	15.7%	24.4%	41.4%	3.1%	0.4%	12.6%	19.4%
Other Noncurrent Liabilities	6.3%	6.1%	6.1%	7.9%	14.7%	28.4%	2.9%	2.5%	5.1%	4.8%
Total Liabilities	43.6%	43.3%	45.5%	51.3%	70.1%	93.2%	43.0%	41.8%	45.1%	38.6%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	18.8%	19.0%	20.1%	22.8%	38.3%	65.9%	23.7%	26.3%	29.3%	31.2%
Retained Earnings	21.1%	14.2%	9.7%	2.3%	-0.5%	-2.5%	26.5%	22.6%	23.4%	20.0%
Treasury Stock	0.4%	0.4%	0.0%	0.6%	0.9%	1.5%	0.5%	0.4%	0.4%	0.7%
Accumulated Other Comprehensive Income	-6.5%	-8.1%	-10.1%	-11.5%	-23.8%	-52.9%	-17.0%	-17.6%	-18.5%	-19.4%
Total Stockholders Equity	32.9%	24.8%	19.1%	13.0%	13.0%	9.0%	32.7%	30.8%	30.5%	28.6%
Total Liabilitiesand Equity	128.3%	122.3%	126.9%	142.9%	242.3%	421.2%	137.3%	135.6%	129.5%	129.9%

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	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	90.8%	90.3%	90.5%	92.8%	93.7%	172.9%	85.9%	88.2%	85.5%	—
Expenses Selling,General and Administrative	3.9%	4.0%	4.0%	3.7%	3.2%	3.8%	4.7%	4.4%	4.4%	4.4%
Expenses Depreciation and Amortization	3.9%	4.1%	4.0%	4.2%	6.7%	13.5%	5.5%	5.2%	5.4%	4.8%
Expenses Share Based Compensation	0.5%	0.4%	0.3%	0.3%	0.5%	0.7%	0.3%	0.4%	0.4%	0.4%
Expenses Operating Expenses	90.8%	90.3%	90.5%	92.8%	93.7%	172.9%	85.9%	88.2%	85.5%	82.3%
Other Income Expense Operating Income	9.2%	9.7%	9.5%	7.2%	6.3%	-72.9%	14.1%	11.8%	14.5%	17.7%
Other Income Expense Interest Expense	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%	0.1%	0.0%	1.0%	1.0%
Other Income Expense Other Income/expense	-0.2%	-0.4%	-0.5%	0.3%	-1.3%	0.8%	-0.2%	0.5%	-0.2%	-0.6%
Other Income Expense Income Before Tax	9.8%	7.6%	9.7%	3.8%	1.3%	-91.2%	13.2%	11.6%	13.4%	16.1%
Income Tax Income Tax Expense	1.9%	1.9%	1.7%	1.2%	0.4%	-18.7%	3.0%	2.7%	5.6%	5.5%
net Income net Income	7.9%	5.6%	7.9%	2.6%	0.9%	-72.4%	10.1%	8.9%	7.8%	10.6%
net Income Comprehensive Income	9.2%	7.0%	7.9%	5.2%	7.3%	-78.6%	9.8%	8.6%	7.8%	9.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	-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%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.0%	1.0%	1.1%	1.3%	2.1%	3.7%	1.4%	1.6%	1.8%	1.9%
Earnings Per Share Weighted Average Shares Diluted	1.0%	1.1%	1.1%	1.3%	2.1%	3.7%	1.4%	1.6%	1.8%	1.9%

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	7.9%	5.6%	7.9%	2.6%	0.9%	-72.4%	10.1%	8.9%	7.8%	10.6%
Operating Activities Depreciation and Amortization	3.9%	4.1%	4.0%	4.2%	6.7%	13.5%	5.5%	5.2%	5.4%	4.8%
Operating Activities Stock Based Compensation	0.5%	0.4%	0.3%	0.3%	0.5%	0.7%	0.3%	0.4%	0.4%	0.4%
Operating Activities Deferred Income Taxes	1.8%	1.9%	1.7%	1.2%	0.4%	-18.2%	3.1%	3.1%	5.4%	5.4%
Operating Activities Changes In Operating Assets and Liabilities	0.3%	0.4%	-0.4%	2.3%	1.3%	-2.1%	0.1%	0.3%	1.1%	0.4%
Operating Activities Other Non Cash Items	-0.5%	0.3%	-0.1%	-0.4%	1.4%	4.0%	0.5%	-1.3%	-0.1%	-0.6%
Operating Activities net Cash From Operating Activities	13.2%	13.0%	11.1%	12.6%	10.9%	-22.2%	17.9%	15.8%	12.2%	18.3%
Investing Activities Other Investing Activities	-0.9%	-0.4%	-0.2%	-0.4%	0.1%	-0.5%	-0.1%	-0.3%	-0.5%	-0.7%
Investing Activities net Cash From Investing Activities	-6.6%	-6.1%	-5.4%	-13.7%	-3.0%	-54.0%	-9.7%	-9.9%	-12.8%	-5.5%
Financing Activities Proceeds From Debt	3.5%	0.0%	1.5%	0.0%	6.4%	133.3%	4.4%	8.4%	6.0%	1.1%
Financing Activities Dividends Paid	0.7%	0.5%	0.2%	0.0%	0.0%	1.5%	2.1%	2.0%	1.8%	1.3%
Financing Activities Other Financing Activities	-0.0%	0.0%	-0.1%	-0.1%	0.3%	-1.2%	-0.0%	0.1%	-0.4%	-0.3%
Financing Activities net Cash From Financing Activities	-4.9%	-6.9%	-5.8%	-9.0%	-12.9%	113.2%	-6.1%	-3.9%	-1.8%	-10.8%
Cash Reconciliation Effect of Exchange Rate On Cash	7.1%	5.5%	5.8%	6.9%	28.7%	58.8%	7.9%	6.2%	4.5%	7.2%
Cash Reconciliation net Change In Cash	1.7%	0.0%	-0.1%	-10.1%	-5.0%	37.0%	2.1%	2.0%	-2.4%	2.0%
Cash Reconciliation Cash At Beginning of Period	7.1%	5.5%	5.8%	6.9%	28.7%	58.8%	7.9%	6.2%	4.5%	7.2%
Cash Reconciliation Cash At End of Period	7.1%	5.5%	5.8%	6.9%	28.7%	58.8%	7.9%	6.2%	4.5%	7.2%

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	—

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Delta Air Lines

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