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 · 3 years

Total assets $81.3B

Total liabilities $27.6B

Shareholders equity $20.9B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$4.3B 40.4%	$3.1B 12.0%	$2.7B
Short Term Investments	$0	$0 -100.0%	$1.1B
Accounts Receivable	$2.9B -11.6%	$3.2B 3.0%	$3.1B
Inventory	$1.6B 12.1%	$1.4B 8.7%	$1.3B
Prepaid Expenses	$2.2B 4.0%	$2.1B 8.5%	$2.0B
Other Current Assets	$4.4B 62.8%	$2.7B 60.5%	$1.7B
Total Current Assets	$11.0B 11.4%	$9.8B -4.1%	$10.3B
Property,Plant and Equipment	$39.7B 5.7%	$37.6B 5.9%	$35.5B
Operating Lease Assets	$6.2B -6.0%	$6.6B -5.1%	$7.0B
Goodwill	$9.8B 0.0%	$9.8B 0.0%	$9.8B
Intangible Assets	$6.0B -0.2%	$6.0B -0.1%	$6.0B
Other Noncurrent Assets	$4.4B 62.8%	$2.7B 60.5%	$1.7B
Total Assets	$81.3B 7.9%	$75.4B 2.3%	$73.6B
Liabilities
Accounts Payable	$5.2B 12.4%	$4.7B 4.6%	$4.4B
Accrued Liabilities	$1.9B 7.3%	$1.8B 12.1%	$1.6B
Current Portion of Long Term Debt	$1.4B -23.8%	$1.8B -31.4%	$2.6B
Operating Lease Liabilities	$809.0M 6.0%	$763.0M 0.5%	$759.0M
Other Current Liabilities	$4.0B 6.7%	$3.7B 5.1%	$3.6B
Total Current Liabilities	$27.6B 3.6%	$26.7B 1.0%	$26.4B
Long Term Debt	$11.9B -11.9%	$13.5B -15.3%	$16.0B
Operating Lease Liabilities Noncurrent	$5.4B -7.9%	$5.8B -10.1%	$6.5B
Deferred Tax Liabilities	$3.4B 58.3%	$2.2B 139.6%	$908.0M
Other Noncurrent Liabilities	$4.0B 6.7%	$3.7B 5.1%	$3.6B
Total Liabilities	$27.6B 3.6%	$26.7B 1.0%	$26.4B
Equity
Common Stock	$0	$0	$0
Additional Paid In Capital	$11.9B 1.2%	$11.7B 0.9%	$11.6B
Retained Earnings	$13.3B 51.9%	$8.8B 55.5%	$5.7B
Treasury Stock	$238.0M -5.2%	$251.0M	$0
Accumulated Other Comprehensive Income	$-4.1B 17.0%	$-5.0B 14.8%	$-5.8B
Total Stockholders Equity	$20.9B 36.4%	$15.3B 37.7%	$11.1B
Total Liabilitiesand Equity	$81.3B 7.9%	$75.4B 2.3%	$73.6B

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $63.4B

Operating income $5.8B

Net income $5.0B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$63.4B 2.8%	$61.6B 6.2%	$58.0B
Expenses Cost of Revenue	$57.5B 3.4%	$55.6B 5.9%	$52.5B
Expenses Selling,General and Administrative	$2.5B 0.0%	$2.5B 6.5%	$2.3B
Expenses Depreciation and Amortization	$2.4B -2.8%	$2.5B 7.3%	$2.3B
Expenses Share Based Compensation	$313.0M 32.6%	$236.0M 31.1%	$180.0M
Expenses Operating Expenses	$57.5B 3.4%	$55.6B 5.9%	$52.5B
Other Income Expense Operating Income	$5.8B -2.9%	$6.0B 8.6%	$5.5B
Other Income Expense Interest Expense	$37.0M -31.5%	$54.0M 28.6%	$42.0M
Other Income Expense Other Income/expense	$-144.0M 37.9%	$-232.0M 16.8%	$-279.0M
Other Income Expense Income Before Tax	$6.2B 32.8%	$4.7B -16.9%	$5.6B
Income Tax Income Tax Expense	$1.2B -1.7%	$1.2B 20.2%	$999.0M
net Income net Income	$5.0B 44.8%	$3.5B -25.0%	$4.6B
net Income Comprehensive Income	$5.8B 35.3%	$4.3B -5.3%	$4.6B
Earnings Per Share Basic Eps	$8 43.2%	$5 -25.2%	$7
Earnings Per Share Diluted Eps	$8 43.7%	$5 -25.7%	$7
Earnings Per Share Weighted Average Shares Basic	$648.0M 1.1%	$641.0M 0.3%	$639.0M
Earnings Per Share Weighted Average Shares Diluted	$654.0M 0.9%	$648.0M 0.8%	$643.0M

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	$5.0B 44.8%	$3.5B -25.0%	$4.6B
Operating Activities Depreciation and Amortization	$2.4B -2.8%	$2.5B 7.3%	$2.3B
Operating Activities Stock Based Compensation	$313.0M 32.6%	$236.0M 31.1%	$180.0M
Operating Activities Deferred Income Taxes	$1.1B -4.0%	$1.2B 17.9%	$980.0M
Operating Activities Changes In Operating Assets and Liabilities	$183.0M -24.1%	$241.0M 193.4%	$-258.0M
Operating Activities Other Non Cash Items	$-332.0M -303.7%	$163.0M 426.0%	$-50.0M
Operating Activities net Cash From Operating Activities	$8.3B 4.0%	$8.0B 24.1%	$6.5B
Investing Activities Other Investing Activities	$-589.0M -123.1%	$-264.0M -187.0%	$-92.0M
Investing Activities net Cash From Investing Activities	$-4.2B -12.0%	$-3.7B -18.8%	$-3.1B
Financing Activities Proceeds From Debt	$2.2B	$0 -100.0%	$878.0M
Financing Activities Dividends Paid	$440.0M 37.1%	$321.0M 150.8%	$128.0M
Financing Activities Other Financing Activities	$-24.0M -271.4%	$14.0M 119.2%	$-73.0M
Financing Activities net Cash From Financing Activities	$-3.1B 27.8%	$-4.3B -25.5%	$-3.4B
Cash Reconciliation Effect of Exchange Rate On Cash	$4.5B 31.6%	$3.4B 0.8%	$3.4B
Cash Reconciliation net Change In Cash	$1.1B 4053.8%	$26.0M 133.3%	$-78.0M
Cash Reconciliation Cash At Beginning of Period	$4.5B 31.6%	$3.4B 0.8%	$3.4B
Cash Reconciliation Cash At End of Period	$4.5B 31.6%	$3.4B 0.8%	$3.4B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+9.2%	+9.7%	+9.5%
Operating margin	+9.2%	+9.7%	+9.5%
Net margin	+7.9%	+5.6%	+7.9%
FCF margin	—	—	—
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	+15.8%	+16.1%	+16.8%
Liquidity
Current ratio	0.40x	0.37x	0.39x
Quick ratio	0.26x	0.24x	0.22x
Leverage
D/E	1.32x	1.74x	2.38x
Interest coverage	157.35x	111.02x	131.45x
Efficiency
Asset turnover	0.78x	0.82x	0.79x
Cash conversion cycle	-7d	-2d	-2d

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Delta Air Lines

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