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

Balance Sheet

Assets, liabilities, and equity

28 accounts · 5 years

Total assets $81.3B

Total liabilities ~$60.5B

Shareholders equity $20.9B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$4.3B 40.4%	$3.1B 12.0%	$2.7B -16.1%	$3.3B -58.8%	$7.9B
Accounts Receivable	$2.9B -11.6%	$3.2B 3.0%	$3.1B -1.4%	$3.2B 32.1%	$2.4B
Inventory	$1.6B 12.1%	$1.4B 8.7%	$1.3B -7.7%	$1.4B 29.7%	$1.1B
Prepaid Expenses	$2.2B 4.0%	$2.1B 8.5%	$2.0B 4.3%	$1.9B 67.7%	$1.1B
Total Current Assets	$11.0B 11.4%	$9.8B -4.1%	$10.3B -21.1%	$13.0B -18.4%	$15.9B
Property,Plant and Equipment	$39.7B 5.7%	$37.6B 5.9%	$35.5B 7.2%	$33.1B 15.2%	$28.7B
Operating Lease Assets	$6.2B -6.0%	$6.6B -5.1%	$7.0B -0.5%	$7.0B -2.8%	$7.2B
Goodwill	$9.8B 0.0%	$9.8B 0.0%	$9.8B 0.0%	$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
Long Term Investments	$4.2B 48.3%	$2.8B -17.7%	$3.5B 62.5%	$2.1B 24.3%	$1.7B
Other Noncurrent Assets	$4.4B 62.8%	$2.7B 60.5%	$1.7B 34.4%	$1.3B -29.0%	$1.8B
Total Assets	$81.3B 7.9%	$75.4B 2.3%	$73.6B 1.9%	$72.3B -0.2%	$72.5B
Liabilities
Accounts Payable	$5.2B 12.4%	$4.7B 4.6%	$4.4B -12.9%	$5.1B 20.4%	$4.2B
Accrued Liabilities	$6.9B 4.2%	$6.6B 6.4%	$6.2B 21.9%	$5.1B 20.6%	$4.2B
Current Portion of Long Term Debt	$2.7B -17.4%	$3.3B -19.8%	$4.1B 18.0%	$3.5B 20.0%	$2.9B
Operating Lease Liabilities	$809.0M 6.0%	$763.0M 0.5%	$759.0M 6.3%	$714.0M 1.6%	$703.0M
Total Current Liabilities	$27.6B 3.6%	$26.7B 1.0%	$26.4B 1.8%	$25.9B 23.7%	$21.0B
Long Term Debt	$12.5B -10.8%	$14.0B -17.9%	$17.1B -17.4%	$20.7B -17.8%	$25.1B
Operating Lease Liabilities Noncurrent	$5.4B -7.9%	$5.8B -10.1%	$6.5B -5.8%	$6.9B -2.7%	$7.1B
Deferred Tax Liabilities	$3.4B 58.3%	$2.2B 139.6%	$908.0M 3683.3%	$24.0M	—
Other Noncurrent Liabilities	$7.2B 3.8%	$6.9B -3.8%	$7.2B -7.7%	$7.8B -25.6%	$10.4B
Equity
Common Stock	$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
Retained Earnings	$13.3B 51.9%	$8.8B 55.5%	$5.7B 382.9%	$1.2B 890.5%	$-148.0M
Treasury Stock	$238.0M -5.2%	$251.0M -26.4%	$341.0M 8.9%	$313.0M 11.0%	$282.0M
Accumulated Other Comprehensive Income	$-4.1B 17.0%	$-5.0B 14.8%	$-5.8B -0.8%	$-5.8B 18.6%	$-7.1B
Total Stockholders Equity	$20.9B 36.4%	$15.3B 37.7%	$11.1B 68.7%	$6.6B 69.3%	$3.9B
Total Liabilitiesand Equity	$81.3B 7.9%	$75.4B 2.3%	$73.6B 1.9%	$72.3B -0.2%	$72.5B

Income Statement

Revenue, expense, and profitability

13 accounts · 5 years

Revenue $63.4B

Operating income $5.8B

Net income $5.0B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$63.4B 2.8%	$61.6B 6.2%	$58.0B 14.8%	$50.6B 69.2%	$29.9B
Expenses Selling,General and Administrative	$25.9B 6.8%	$24.3B 8.5%	$22.4B 26.3%	$17.7B 34.0%	$13.2B
Expenses Depreciation and Amortization	$2.4B -2.8%	$2.5B 7.3%	$2.3B 11.1%	$2.1B 5.5%	$2.0B
Expenses Other Operating Expenses	$29.1B 0.9%	$28.9B 3.8%	$27.8B 2.6%	$27.1B 111.7%	$12.8B
Other Income Expense Operating Income	$5.8B -2.9%	$6.0B 8.6%	$5.5B 50.8%	$3.7B 94.1%	$1.9B
Other Income Expense Interest Expense	$679.0M -9.1%	$747.0M -10.4%	$834.0M -19.0%	$1.0B	—
Other Income Expense Other Income/expense	$1.0B 276.6%	$-590.0M -164.1%	$921.0M 228.3%	$-718.0M 51.7%	$-1.5B
Other Income Expense Income Before Tax	$6.2B 32.8%	$4.7B -16.9%	$5.6B 193.0%	$1.9B 380.9%	$398.0M
Income Tax Income Tax Expense	$1.2B -1.7%	$1.2B 20.2%	$999.0M 67.6%	$596.0M 405.1%	$118.0M
net Income net Income	$5.0B 44.8%	$3.5B -25.0%	$4.6B 249.7%	$1.3B 370.7%	$280.0M
net Income Comprehensive Income	$5.8B 35.3%	$4.3B -5.3%	$4.6B 72.5%	$2.6B 21.0%	$2.2B
Earnings Per Share Basic Eps	$8 43.2%	$5 -25.2%	$7 248.3%	$2 370.5%	$0
Earnings Per Share Diluted Eps	$8 43.7%	$5 -25.7%	$7 248.1%	$2 368.2%	$0

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	$5.0B 44.8%	$3.5B -25.0%	$4.6B 249.7%	$1.3B 370.7%	$280.0M
Operating Activities Depreciation and Amortization	$2.4B -2.8%	$2.5B 7.3%	$2.3B 11.1%	$2.1B 5.5%	$2.0B
Operating Activities Deferred Income Taxes	$1.1B -4.0%	$1.2B 17.9%	$980.0M 65.8%	$591.0M 413.9%	$115.0M
Operating Activities Changes In Operating Assets and Liabilities	$1.0B 310.3%	$253.0M -62.0%	$666.0M 1012.3%	$-73.0M -121.6%	$338.0M
Operating Activities Other Non Cash Items	$-1.8B -1021.6%	$190.0M 113.1%	$-1.5B -849.5%	$194.0M 111.7%	$-1.7B
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
Investing Activities Capital Expenditures	$-4.5B 12.5%	$-5.1B 3.4%	$-5.3B 16.4%	$-6.4B -96.1%	$-3.2B
Investing Activities Purchases of Investments	$-276.0M	$0 100.0%	$-2.5B 31.1%	$-3.6B 71.8%	$-12.7B
Investing Activities Proceeds From Sale of Investments	$0 -100.0%	$1.1B -75.0%	$4.5B 62.2%	$2.8B -81.4%	$15.0B
Investing Activities Other Investing Activities	$589.0M 123.1%	$264.0M 187.0%	$92.0M -56.6%	$212.0M 762.5%	$-32.0M
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
Financing Activities Proceeds From Debt	$2.2B	$0 -100.0%	$878.0M	$0 -100.0%	$1.9B
Financing Activities Repayment of Debt	$-4.8B -22.1%	$-4.0B 2.9%	$-4.1B 9.0%	$-4.5B 23.3%	$-5.8B
Financing Activities Dividends Paid	$-440.0M -37.1%	$-321.0M -150.8%	$-128.0M	$0	$0
Financing Activities Other Financing Activities	$-24.0M -271.4%	$14.0M 119.2%	$-73.0M -21.7%	$-60.0M -175.0%	$80.0M
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
Cash Reconciliation net Change In Cash	$1.1B 4053.8%	$26.0M 133.3%	$-78.0M 98.5%	$-5.1B -242.9%	$-1.5B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
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	+6.1%	+4.7%	+2.0%	-0.0%	+0.1%
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	+14.8%	+15.1%	+15.4%	+9.2%	+5.5%
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	2.90x	3.93x	5.63x	9.98x	17.64x
Interest coverage	8.57x	8.03x	6.62x	3.56x	—
Efficiency
Asset turnover	0.78x	0.82x	0.79x	0.70x	0.41x
Cash conversion cycle	—	—	—	—	—

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Delta Air Lines

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