Delta Air Lines

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

                    Revenue
                    FY2025
                
$63.4B
                    3y CAGR +7.8%
                    
                    P69
                    
                    +2.8%
                    
                    Net income
                    FY2025
                
$5.0B
                    Net margin +7.9%
                    
                    P26
                    
                    +44.8%
                    
                    Total assets
                    FY2025
                
$81.3B
                    ROA +6.2%
                    
                    P29
                    
                    +7.9%
                    
                    Operating cash flow
                    FY2025
                
$8.3B
                    FCF margin +6.1%
                    
                    P18
                    
                    +4.0%

18 yrs · FY2008–FY2025 8 filed · 1 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

28 accounts · 3 years

Total assets $81.3B

Total liabilities ~$60.5B

Shareholders equity $20.9B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	6.8%	5.0%	4.7%
Accounts Receivable	4.5%	5.2%	5.4%
Inventory	2.5%	2.3%	2.3%
Prepaid Expenses	3.5%	3.4%	3.4%
Total Current Assets	17.3%	16.0%	17.7%
Property,Plant and Equipment	62.7%	61.0%	61.1%
Operating Lease Assets	9.9%	10.8%	12.1%
Goodwill	15.4%	15.8%	16.8%
Intangible Assets	9.4%	9.7%	10.3%
Long Term Investments	6.7%	4.6%	6.0%
Other Noncurrent Assets	7.0%	4.4%	2.9%
Total Assets	128.3%	122.3%	126.9%
Liabilities
Accounts Payable	8.2%	7.5%	7.7%
Accrued Liabilities	10.8%	10.7%	10.6%
Current Portion of Long Term Debt	4.3%	5.3%	7.0%
Operating Lease Liabilities	1.3%	1.2%	1.3%
Total Current Liabilities	43.6%	43.3%	45.5%
Long Term Debt	19.7%	22.7%	29.4%
Operating Lease Liabilities Noncurrent	8.4%	9.4%	11.1%
Deferred Tax Liabilities	5.4%	3.5%	1.6%
Other Noncurrent Liabilities	11.3%	11.2%	12.3%
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	18.8%	19.0%	20.1%
Retained Earnings	21.1%	14.2%	9.7%
Treasury Stock	0.4%	0.4%	0.6%
Accumulated Other Comprehensive Income	-6.5%	-8.1%	-10.1%
Total Stockholders Equity	32.9%	24.8%	19.1%
Total Liabilitiesand Equity	128.3%	122.3%	126.9%

Income Statement

Revenue, expense, and profitability

13 accounts · 3 years

Revenue $63.4B

Operating income $5.8B

Net income $5.0B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Selling,General and Administrative	40.9%	39.4%	38.5%
Expenses Depreciation and Amortization	3.9%	4.1%	4.0%
Expenses Other Operating Expenses	46.0%	46.8%	47.9%
Other Income Expense Operating Income	9.2%	9.7%	9.5%
Other Income Expense Interest Expense	1.1%	1.2%	1.4%
Other Income Expense Other Income/expense	1.6%	-1.0%	1.6%
Other Income Expense Income Before Tax	9.8%	7.6%	9.7%
Income Tax Income Tax Expense	1.9%	1.9%	1.7%
net Income net Income	7.9%	5.6%	7.9%
net Income Comprehensive Income	9.2%	7.0%	7.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 3 years

Operating cash flow $8.3B

Investing cash flow $-4.2B

Financing cash flow $-3.1B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	7.9%	5.6%	7.9%
Operating Activities Depreciation and Amortization	3.9%	4.1%	4.0%
Operating Activities Deferred Income Taxes	1.8%	1.9%	1.7%
Operating Activities Changes In Operating Assets and Liabilities	1.6%	0.4%	1.1%
Operating Activities Other Non Cash Items	-2.8%	0.3%	-2.5%
Operating Activities net Cash From Operating Activities	13.2%	13.0%	11.1%
Investing Activities Capital Expenditures	-7.1%	-8.3%	-9.2%
Investing Activities Purchases of Investments	-0.4%	0.0%	-4.2%
Investing Activities Proceeds From Sale of Investments	0.0%	1.8%	7.8%
Investing Activities Other Investing Activities	0.9%	0.4%	0.2%
Investing Activities net Cash From Investing Activities	-6.6%	-6.1%	-5.4%
Financing Activities Proceeds From Debt	3.5%	0.0%	1.5%
Financing Activities Repayment of Debt	-7.6%	-6.4%	-7.0%
Financing Activities Dividends Paid	-0.7%	-0.5%	-0.2%
Financing Activities Other Financing Activities	-0.0%	0.0%	-0.1%
Financing Activities net Cash From Financing Activities	-4.9%	-6.9%	-5.8%
Cash Reconciliation net Change In Cash	1.7%	0.0%	-0.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+9.2%	+9.7%	+9.5%
Net margin	+7.9%	+5.6%	+7.9%
FCF margin	+6.1%	+4.7%	+2.0%
Growth
Revenue CAGR (3y)	+7.8%	+27.3%	+50.3%
Returns
ROE	+24.0%	+22.6%	+41.5%
ROA	+6.2%	+4.6%	+6.3%
ROIC	+14.8%	+15.1%	+15.4%
Liquidity
Current ratio	0.40x	0.37x	0.39x
Quick ratio	0.26x	0.24x	0.22x
Leverage
D/E	2.90x	3.93x	5.63x
Interest coverage	8.57x	8.03x	6.62x
Efficiency
Asset turnover	0.78x	0.82x	0.79x
Cash conversion cycle	—	—	—

Valuation

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Delta Air Lines

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