DELTA AIR LINES, INC.
DAL· NYSE· Air Transportation, Scheduled
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 6.1%
- ROIC, 5 yr avg
- 13.8%
- Revenue, 5 yr CAGR
- +30.0%
We record prices for the companies we cover; DAL is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 654.0M
- Revenue
- $63.4B
- Free cash flow
- $3.8B
- Owner earnings
- $3.5B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 9.2%
- Net
- 7.9%
- Free cash flow
- 6.1%
- Owner earnings
- 5.6%
- Stock pay
- 0.5%
Returns
- ROIC, FY2025
- 15.8%
- ROIC, 5 yr avg
- 13.8%
- ROE, FY2025
- 24.0%
- ROE, 5 yr avg
- 23.1%
Growth (CAGR)
- Revenue, 3 yr
- 7.8%
- Revenue, 5 yr
- 30.0%
- Revenue, 9 yr
- 5.4%
- Diluted EPS, 3 yr
- 54.9%
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- 3.6%
- Free cash flow, 3 yr
- –
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- 0.1%
Financial health · FY2025
- Cash and investments
- $4.3B
- Total debt
- $13.3B
- Net debt
- $9.0B
- Debt/Equity
- 0.6x
- Debt/FCF
- 3.5x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- 8.8%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 0.6%
Financials: ten years from the 10-Ks
Revenue
$63.4B
+5.4% a year over 9 years
FY2016FY2025
Margins
Operating9.2%Net7.9%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$3.8BOwner earnings$3.5B
Free cash flow +0.1% a year
FY2016FY2025
Diluted shares
654.0M
-13.4% over 9 years, net buybacks
FY2016FY2025
Return on invested capital
15.8%
FY2025
FY2016FY2025
Net debt (below zero)
-$9.0B
$9.0B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $39.5B | $41.1B | $44.4B | $47.0B | $17.1B | $29.9B | $50.6B | $58.0B | $61.6B | $63.4B |
| Revenue growth | -3.1% | 4.3% | 8.0% | 5.8% | -63.6% | 74.9% | 69.2% | 14.8% | 6.2% | 2.8% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 17.7% | 14.5% | 11.8% | 14.1% | -72.9% | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% |
| Net income | $4.2B | $3.2B | $3.9B | $4.8B | -$12.4B | $280.0M | $1.3B | $4.6B | $3.5B | $5.0B |
| Net margin | 10.6% | 7.8% | 8.9% | 10.1% | -72.4% | 0.9% | 2.6% | 7.9% | 5.6% | 7.9% |
| Diluted EPS | $5.55 | $4.43 | $5.67 | $7.30 | $-19.49 | $0.44 | $2.06 | $7.17 | $5.33 | $7.66 |
| Return on invested capital? | 30.7% | 19.0% | 18.9% | 22.5% | – | 7.5% | 11.8% | 17.6% | 16.1% | 15.8% |
| Cash | ||||||||||
| Operating cash flow | $7.2B | $5.0B | $7.0B | $8.4B | -$3.8B | $3.3B | $6.4B | $6.5B | $8.0B | $8.3B |
| Capital expenditure | $3.4B | $3.9B | $5.2B | $4.9B | $1.9B | $3.2B | $6.4B | $5.3B | $5.1B | $4.5B |
| Free cash flow | $3.8B | $1.1B | $1.8B | $3.5B | -$5.7B | $17.0M | -$3.0M | $1.1B | $2.9B | $3.8B |
| Stock-based compensation | $154.0M | $169.0M | $159.0M | $161.0M | $119.0M | $149.0M | $150.0M | $180.0M | $236.0M | $313.0M |
| Owner earnings? | $3.7B | $963.0M | $1.7B | $3.3B | -$5.8B | -$132.0M | -$153.0M | $961.0M | $2.6B | $3.5B |
| Free cash flow per share | $5.06 | $1.57 | $2.66 | $5.34 | $-8.95 | $0.03 | $-0.00 | $1.77 | $4.45 | $5.88 |
| Capital allocation | ||||||||||
| Dividends paid | $509.0M | $731.0M | $909.0M | $980.0M | $260.0M | $0 | $0 | $128.0M | $321.0M | $440.0M |
| Share repurchases | $2.6B | $1.7B | $1.6B | $2.0B | $344.0M | $0 | $0 | – | – | – |
| Diluted shares | 755.0M | 723.0M | 694.0M | 653.0M | 636.0M | 641.0M | 641.0M | 643.0M | 648.0M | 654.0M |
| Share count change? | -6.1% | -4.2% | -4.0% | -5.9% | -2.6% | 0.8% | 0.0% | 0.3% | 0.8% | 0.9% |
| Balance sheet | ||||||||||
| Cash and equivalents | $2.8B | $1.8B | $1.6B | $2.9B | $8.3B | $7.9B | $3.3B | $2.7B | $3.1B | $4.3B |
| Short-term investments | $487.0M | $825.0M | $203.0M | $0 | $5.8B | $3.4B | $3.3B | $1.1B | $0 | – |
| Total debt | $7.0B | $8.4B | $9.4B | $10.1B | $28.0B | $25.1B | $21.4B | $18.6B | $15.3B | $13.3B |
| Net debt | $3.8B | $5.8B | $7.6B | $7.2B | $13.9B | $13.8B | $14.8B | $14.7B | $12.3B | $9.0B |
| Shareholders' equity | $11.3B | $12.5B | $13.7B | $15.4B | $1.5B | $3.9B | $6.6B | $11.1B | $15.3B | $20.9B |
Latest filings
| 2026-10-09 | 10-Q | Quarterly report |
| 2026-10-09 | 8-K | Earnings release |
| 2026-07-10 | 10-Q | Quarterly report |
| 2026-07-10 | 8-K | Earnings release |
| 2026-04-24 | DEF 14A | Proxy statement |
| 2026-04-08 | 10-Q | Quarterly report |
| 2026-04-08 | 8-K | Earnings release |
| 2026-02-11 | 10-K | Annual report |
| 2026-01-13 | 8-K | Earnings release |
| 2025-10-09 | 10-Q | Quarterly report |
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