— Know what they know.
/
Not Investment Advice

DAL

NYSE · USD
Delta Air Lines, Inc.
Industrials · Airlines, Airports & Air Services
CEO Edward H. Bastian Employees 100,000 R&D / revenue 0.0%
Last price
$75.37−3.47%last session
Market cap
$49.6B
P/E (TTM)
15.0x
From 52w high
−21.2%
From 52w low
+37.0%
1-year return
+24.8%
RSI 14 · vs SMA200
33.5 · −1.1%
IS score
40.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

DAL   SPY   XLI (sector ETF) · weekly closes
100120140Jan 26Apr 26Jul 26Oct 26DAL 125SPY 116XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
34
Profitability
33
Growth
59
Value
63
Momentum
30
Risk (safety)
69
Quality
49
Balance sheet
83
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: None, Efficient ScalePiotroski 7 / 9Altman Z 1.5Beta 1.293 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
12 open-market sales, $38.5M
Form 144 notices (12m): 35, $133.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+181
310 new holders, 115 closed
1,526 filers hold 89.2% · 515 added, 493 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+34
1,018 funds adding shares
984 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
46.5%
20-day avg 53.3%, 50-day avg 58.1%
Latest 6.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$63.4B
Revenue growth YoY+2.8%
Gross margin22.8%
Operating income$5.8B
Operating margin9.2%
Net income$5.0B
Net margin7.9%
EPS (diluted)$7.66
Cash flow
Operating cash flow$8.3B
Capital expenditure$4.5B
Free cash flow$3.8B
FCF conversion (FCF / OCF)46.0%
Stock-based compensation$0
FCF less SBC$3.8B
Buybacks$0
Dividends$440.0M
Balance sheet & returns
Cash & short-term investments$4.3B
Total debt$14.9B
Net debt$10.6B
Shareholders' equity$20.8B
Goodwill & intangibles$15.7B
Debt / equity0.84
ROE (TTM)15.4%
ROIC (TTM)7.0%
Operating margin by fiscal year
6.3%FY20217.2%FY20229.5%FY20239.7%FY20249.2%FY2025
Revenue $29.9B (FY2021) to $63.4B (FY2025), a 20.7% CAGR.

Valuation

P/E (TTM)15.0x
EV / EBITDA8.8x
Price / sales0.69x
Price / FCF8.7x
FCF yield11.45%
Buyback yield0.00%
SBC / revenue0.0%
Price / book2.19x
Forward P/E FY202613.9x
Forward P/E FY202710.1x
Forward P/E FY20287.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $100.00 across 16 analysts last quarter is theirs, not ours.

DAL vs industry median

91 companies in Airlines, Airports & Air Services
Gross margin 29.9% 19.8% Operating margin 7.4% 3.0% Net margin 4.6% 0.6% ROIC 7.0% 6.0%
DAL (TTM)Industry median Asset turnover 0.83 vs industry 0.69 · financial leverage 3.82

Earnings delivery

Next report 2027-01-12 · consensus EPS $1.46
75%
beat rate, 9 of 12 quarters
+5.5%
median EPS surprise
7
longest beat streak
+9+22+0-1+6+21+2+9+1+10+5-3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2024-01-12 to 2026-10-09. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DAL Delta Air Lines, Inc. $49.6B15.0x15.4%4.6%+2.8% +24.8%
UAL United Airlines Holdings, In $31.2B9.0x23.3%4.6%+8.5% −2.1%
LUV Southwest Airlines Co. $19.3B23.8x11.1%2.8%+9.5% +20.8%
LTM LATAM Airlines Group S.A. $13.6B8.8x107.0%3.0%+20.1% +9.1%
AAL American Airlines Group Inc. $7.9Bn/m8.3%0.4%+7.5% −0.1%
CPA Copa Holdings, S.A. $5.5B8.7x23.1%6.4%+14.8% —
FIX Comfort Systems USA, Inc. $50.6B35.4x55.3%13.5%+46.1% —
WAB Westinghouse Air Brake Techn $48.4B38.5x11.5%12.4%+13.4% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-10-09Earnings Release; Exhibits
2026-07-10Earnings Release; Exhibits
2026-06-22Shareholder Vote
2026-06-12Material Agreement; Financial Obligation
2026-04-08Earnings Release; Exhibits
2026-03-17Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding657,912,000
Free float98.8%
Institutional ownership89.2%
Beta1.29
Dividend yield1.07%
Last dividend$0.21 on 2026-10-15
50 / 200-day average$82.64 / $76.26
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DAL sits among 16 scored companies in Airlines, Airports & Air Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureDALIndustry medianIndustry percentileSector median
P/E (TTM) 15.1x 13.3x
67th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 0.7x 0.6x
67th		 2.0x
Price / book 2.2x 2.0x
62nd		 2.9x
Price / tangible book 8.1x 4.7x
67th		 5.6x
Price / free cash flow 8.7x 10.1x
33rd		 20.8x
Price / operating cash flow 6.2x 3.8x
83rd		 14.5x
Enterprise value $64.6B $5.4B
100th		 $4.8B
EV / sales 0.9x 1.2x
33rd		 2.4x
EV / EBITDA 8.8x 6.4x
77th		 13.6x
EV / EBIT 13.5x 10.4x
64th		 19.9x
EV / free cash flow 11.4x 14.3x
33rd		 24.3x
Earnings yield 6.6% 4.7%
60th		 3.3%
FCF yield 11.5% 5.0%
80th		 3.8%
Operating cash flow yield 16.1% 24.3%
33rd		 6.2%
Graham number (per share) $61.95 $44.61
62nd		 $38.21

Profitability (TTM)

MeasureDALIndustry medianIndustry percentileSector median
Gross margin 29.9% 30.6%
43rd		 30.5%
EBITDA margin 10.3% 13.8%
40th		 14.3%
Operating margin 7.4% 6.4%
53rd		 9.8%
EBIT margin 6.7% 6.1%
53rd		 9.9%
Net margin 4.6% 2.8%
67th		 6.0%
NOPAT margin 5.5% 4.1%
53rd		 7.8%
FCF margin 7.9% 4.0%
73rd		 7.0%
Operating cash flow margin 11.1% 14.3%
40th		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 3.7% 6.9%
20th		 14.1%
Stock comp / revenue 0.0% 0.0%
0th		 0.6%
Effective tax rate 24.9% 21.0%
87th		 21.0%

Returns on capital

MeasureDALIndustry medianIndustry percentileSector median
ROE (on average equity) 15.9% 7.8%
69th		 11.9%
ROA 4.0% 1.8%
67th		 4.8%
ROIC 10.6% 6.4%
67th		 8.7%
ROCE 9.1% 6.5%
60th		 9.4%
Return on tangible assets 5.8% 4.5%
60th		 7.9%
Cash ROIC (OCF / invested capital) 21.3% 21.3%
53rd		 12.8%
Gross profitability (GP / assets) 24.9% 19.4%
67th		 19.2%
ROIC, 3-yr average 9.3% 2.7%
82nd		 7.8%
ROIC, 5-yr average 8.5% 3.2%
82nd		 8.6%
ROE, 5-yr average 22.4% 5.0%
91st		 12.5%
Incremental ROIC 61.2% 14.3%
83rd		 20.5%

Growth

MeasureDALIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 14.1% 9.5%
83rd		 8.6%
Revenue growth (QoQ) 2.2% 13.9%
20th		 9.9%
Revenue CAGR, 3 yr 7.8% 5.9%
73rd		 5.0%
Revenue CAGR, 5 yr 24.1% 25.3%
36th		 8.3%
Gross profit CAGR, 3 yr 15.5% 17.0%
45th		 6.5%
Operating income CAGR, 3 yr -2.3% 1.2%
38th		 6.4%
Net income growth (TTM YoY) -28.9% 5.7%
0th		 11.3%
Net income CAGR, 3 yr -1.1% 11.2%
20th		 6.6%
EPS growth (TTM YoY) -29.6% 5.9%
0th		 13.3%
EPS CAGR, 3 yr -1.9% 15.8%
20th		 5.6%
EPS CAGR, 5 yr —
FCF growth (TTM YoY) 84.8% 19.5%
100th		 14.7%
FCF CAGR, 3 yr 68.5% 9.4%
100th		 12.2%
Operating cash flow CAGR, 3 yr 4.0% 2.1%
56th		 8.8%
Book value CAGR, 3 yr 33.6% 2.2%
100th		 7.3%
Dividend CAGR, 3 yr 7.1% — 2.7%
Sustainable growth rate 13.4% 13.4%
50th		 11.0%

Margin history & stability

MeasureDALIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 27.3% 31.0%
27th		 30.6%
Operating margin, 3-yr average 8.8% 5.2%
73rd		 10.0%
Net margin, 3-yr average 6.6% 1.3%
73rd		 6.2%
FCF margin, 3-yr average 5.0% 2.1%
73rd		 7.1%
Revenue stability (0-1) 0.89 0.83
75th		 0.81
Earnings stability (0-1) 0.63 0.36
67th		 0.47
Margin stability (0-1) 0.36 0.00
100th		 0.90

Liquidity (latest quarter)

MeasureDALIndustry medianIndustry percentileSector median
Cash & short-term investments $3.8B $1.6B
80th		 $249.6M
Net cash (− = net debt) −$15.0B −$3.1B
13th		 −$666.5M
Working capital −$20.1B −$1.1B
0th		 $376.4M
Current ratio 0.40 0.66
0th		 1.79
Quick ratio 0.32 0.62
0th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.11 0.40
0th		 0.32
Defensive interval (days) 183 days 451 days
27th		 614 days

Leverage & solvency (latest quarter)

MeasureDALIndustry medianIndustry percentileSector median
Total debt $18.8B $4.7B
87th		 $919.8M
Debt / equity 0.84 1.29
31st		 0.65
Net debt / equity 0.67 0.84
46th		 0.46
Debt / assets 21.9% 38.2%
7th		 29.3%
Debt / capital 45.6% 55.5%
31st		 39.5%
Debt / EBITDA 2.55 3.93
31st		 2.44
Net debt / EBITDA 2.04 2.47
38th		 1.86
Interest coverage (EBIT / interest) 8.0x 3.4x
100th		 5.0x
Cash interest coverage 13.4x 5.7x
86th		 6.1x
Debt payback (years of OCF) 2.4 yrs 2.9 yrs
17th		 3.2 yrs
Liabilities / assets 73.8% 78.4%
40th		 56.7%
IS credit model rating BB+ — —
Implied credit spread (bps) 400 512
33rd		 200

Efficiency

MeasureDALIndustry medianIndustry percentileSector median
Asset turnover 0.87 0.59
80th		 0.75
Fixed asset turnover 1.49 1.02
93rd		 5.14
Inventory turnover 24.1 22.6
57th		 5.0
Receivables turnover 18.1 21.8
33rd		 6.7
Days sales outstanding 20 days 17 days
67th		 54 days
Days inventory outstanding 15 days 16 days
43rd		 72 days
Days payables outstanding 42 days 31 days
67th		 41 days
Cash conversion cycle (days) −7 days 0 days
33rd		 63 days
Capex / revenue 3.2% 10.0%
13th		 3.0%
Capex / depreciation 0.90 1.70
27th		 0.76
Operating expense ratio 26.1% 22.1%
53rd		 17.7%

Cash flow & earnings quality

MeasureDALIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.43 2.49
44th		 1.50
FCF / net income 1.73 1.00
78th		 1.15
FCF / operating cash flow 71.0% 28.5%
92nd		 74.0%
Capex / operating cash flow 29.0% 71.5%
8th		 26.1%
Accruals ratio -5.7% -7.3%
73rd		 -4.0%
Sloan accruals ratio -6.8% -5.8%
40th		 -2.4%
Earnings quality score (0-1) 0.75 0.75
0th		 1.00

Dividends & buybacks

MeasureDALIndustry medianIndustry percentileSector median
Dividend yield 1.1% 0.0%
67th		 0.6%
Dividend per share (TTM) $0.81 $0.00
80th		 $0.44
Payout ratio (dividends / net income) 15.8% 0.0%
67th		 22.5%
Dividends / FCF 9.2% 0.0%
78th		 19.6%
Dividend growth (YoY) 24.7% — 5.6%
Buyback yield 0.0% 0.1%
0th		 0.5%
Shareholder yield (dividends + buybacks) 1.1% 0.2%
60th		 2.0%
Share count change (YoY) 0.9% 0.1%
77th		 0.0%
Buybacks, last 5 years $0 $0
0th		 $76.0M

Scores & forensic checks

MeasureDALIndustry medianIndustry percentileSector median
IS score 41 41
53rd		 53
IS profitability 34 24
60th		 37
IS growth 33 49
0th		 54
IS value 59 44
60th		 47
IS momentum 63 70
46th		 76
IS risk (safety) 30 30
47th		 80
IS quality 69 55
73rd		 67
IS balance sheet 49 42
60th		 56
IS earnings quality 83 71
87th		 70
IS cash flow 65 38
93rd		 54
Piotroski F-score (0-9) 7 6
60th		 6
Altman Z-score 1.5 1.4
60th		 3.3
Beneish M-score −2.62 −2.79
67th		 −2.52
Ohlson O-score −6.83 −6.59
40th		 −7.49
IS credit score 47 40
67th		 65

Per share

MeasureDALIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $4.99 $1.25
73rd		 $2.21
Book value per share $34.16 $12.80
73rd		 $18.38
Tangible book per share $10.38 $3.40
57th		 $4.39
Revenue per share $108.95 $57.77
80th		 $36.64
FCF per share $8.62 $2.94
100th		 $2.70
Operating cash flow per share $12.14 $8.52
67th		 $4.28
Cash per share $5.75 $7.36
27th		 $3.02

Size (TTM)

MeasureDALIndustry medianIndustry percentileSector median
Market cap $49.6B $4.0B
100th		 $3.9B
Revenue $71.8B $4.2B
100th		 $2.7B
EBITDA $7.4B $858.9M
93rd		 $394.8M
Net income $3.3B $90.7M
93rd		 $136.3M
Free cash flow $5.7B $227.8M
100th		 $162.9M
Total assets $86.0B $7.4B
100th		 $3.5B
Shareholders' equity $22.5B $1.8B
100th		 $1.4B
Employees 100,000 16,080
87th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-05Huerta Michael P
Director
 Open-market sale 3,100$94.11$291,75632,525
2026-08-05Sear Steven M
EVP - Global Sales & Distrib
 Option exercise 40,460$51.23$2.1M144,864
2026-08-05Sear Steven M
EVP - Global Sales & Distrib
 Open-market sale 40,460$93.55$3.8M104,404
2026-08-05Sear Steven M
EVP - Global Sales & Distrib
 Option exercise 40,460$51.23$2.1M0
2026-08-04Bellemare Alain
EVP & Pres. - International
 Option exercise 35,000$39.78$1.4M33,060
2026-08-04Carter Peter W
President
 Option exercise 39,900$49.33$2.0M464,604
2026-08-04Carter Peter W
President
 Open-market sale 39,900$92.98$3.7M424,704
2026-08-04Carter Peter W
President
 Option exercise 39,900$49.33$2.0M0
2026-08-04Bellemare Alain
EVP & Pres. - International
 Option exercise 35,000$39.78$1.4M130,025
2026-08-04Bellemare Alain
EVP & Pres. - International
 Open-market sale 35,000$92.72$3.2M95,025
2026-08-04Bellemare Alain
EVP & Pres. - International
 Option exercise 35,000$39.78$1.4M0
2026-08-04Bastian Edward H
Director, Chief Executive Officer
 Option exercise 206,510$49.33$10.2M1,569,958

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMayJunAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1740—
Open-market saleDisposed12427,057$38.5M
Option exerciseDisposed6366,580$17.5M
Option exerciseAcquired5331,580$16.1M
Tax withholdingDisposed11,272$107,077
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 35 notices · 1,753,419 shares · $133.8M
FiledFilerShares proposedEst. proceeds
2026-08-05Huerta Michael P3,100$291,757
2026-08-05Sear Steven M40,460$3.8M
2026-08-04Bastian Edward H206,510$19.2M
2026-08-04Bellemare Alain35,000$3.2M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 7 trades (3 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2025-10-31Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-11-24
2025-10-30Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-11-24
2025-07-30Dave McCormickSenateSale$250,001 - $500,0002025-08-02
2025-07-30Dave McCormickSenateSale$250,001 - $500,0002025-08-01
2025-07-30David Harold McCormickSenateSale$250,001 - $500,0002025-08-01
2020-11-16Pat RobertsSenatePurchase$1,001 - $15,0002020-12-03
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.45,106,139$4.2B6.86%
VANGUARD CAPITAL MANAGEMENT LLC41,307,000$3.9B6.28%
FMR LLC33,187,319$3.1B5.04%
Sanders Capital, LLC29,129,629$2.7B4.43%
VANGUARD PORTFOLIO MANAGEMENT LLC26,329,259$2.5B4.00%
STATE STREET CORP24,129,558$2.3B3.67%
Capital International Investors20,689,945$1.9B3.14%
GEODE CAPITAL MANAGEMENT, LLC18,511,900$1.8B2.81%
PRIMECAP MANAGEMENT CO/CA/17,521,167$1.6B2.66%
Bank of New York Mellon Corp11,803,138$1.1B1.79%
MORGAN STANLEY10,809,759$1.0B1.64%
DIMENSIONAL FUND ADVISORS LP9,604,863$899.6M1.46%
GOLDMAN SACHS GROUP INC6,344,026$594.2M0.96%
JPMORGAN CHASE & CO6,243,054$581.7M0.95%
Newport Trust Company, LLC6,216,343$582.2M0.94%

Institutional ownership by quarter

2023-092026-0689.2%
% of shares held by 13F filers
2023-092026-061,526
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,52689.2%310515493115
2026-03-311,34588.7%175572385140
2025-12-311,33484.9%23949539197
2025-09-301,22681.2%169464388116
2025-06-301,19281.8%191446391118
2025-03-311,13481.4%133450371200
2024-12-311,22380.8%24838540195
2024-09-301,08878.0%124389408124
2024-06-301,09775.8%131395382103
2024-03-311,08373.5%140364394109
2023-12-311,07068.2%162343415107
2023-09-301,03069.0%99366367134

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-14SCHEDULE 13G/ANational Indemnity Company8.7%57,320,000
2026-08-06SCHEDULE 13GAbigail P. Johnson5.1%33,187,320
2026-04-29SCHEDULE 13GVanguard Capital Management7.2%47,253,241
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.07%$1.6B
VSMPX0.07%$1.6B
VTSAX0.07%$1.6B
VTI0.07%$1.6B
VFINX0.08%$1.3B
VFIAX0.08%$1.3B

Share structure

Shares outstanding657,912,000
Float650,027,260
Free float98.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$29.9B$50.6B$58.0B$61.6B$63.4B
Cost of revenue$27.8B$39.4B$42.5B$45.1B$48.9B
Gross profit$2.1B$11.2B$15.5B$16.6B$14.5B
R&D$0$0$0$0$0
SG&A$502.0M$2.5B$3.7B$3.9B$2.5B
Operating income$1.9B$3.7B$5.5B$6.0B$5.8B
EBITDA$3.7B$5.0B$8.8B$7.9B$8.0B
Pretax income$398.0M$1.9B$5.6B$4.7B$6.2B
Income tax$118.0M$596.0M$999.0M$1.2B$1.2B
Net income$280.0M$1.3B$4.6B$3.5B$5.0B
EPS, diluted$0.44$2.06$7.17$5.33$7.66
Diluted shares641.0M641.0M643.0M648.0M654.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$11.3B$6.5B$3.9B$3.1B$4.3B
Receivables$2.4B$3.2B$3.1B$3.2B$2.9B
Inventory$1.1B$1.4B$1.3B$1.4B$1.6B
Total current assets$15.9B$13.0B$10.3B$9.8B$11.0B
PP&E, net$35.9B$40.1B$42.5B$44.2B$46.0B
Goodwill & intangibles$15.8B$15.7B$15.7B$15.7B$15.7B
Total assets$72.5B$72.3B$73.6B$75.4B$81.2B
Accounts payable$4.2B$5.1B$4.4B$4.7B$5.2B
Total current liabilities$21.0B$25.9B$26.4B$26.7B$27.7B
Long-term debt$25.1B$20.7B$17.1B$14.0B$12.5B
Total liabilities$68.6B$65.7B$62.5B$60.1B$60.4B
Shareholders' equity$3.9B$6.6B$11.1B$15.3B$20.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$280.0M$1.3B$4.6B$3.5B$5.0B
Depreciation & amortization$2.0B$2.1B$2.3B$2.5B$2.4B
Stock-based compensation$0$150.0M$0$0$0
Change in working capital$2.5B$1.8B−$29.0M$710.0M$0
Operating cash flow$3.3B$6.4B$6.5B$8.0B$8.3B
Capital expenditure−$3.2B−$6.4B−$5.3B−$5.1B−$4.5B
Free cash flow$16.0M−$2.0M$1.1B$2.9B$3.8B
Investing cash flow−$897.0M−$6.9B−$3.1B−$3.7B−$4.2B
Net debt issued / repaid−$5.8B−$4.5B−$4.1B−$4.0B−$1.7B
Buybacks$0$0$0$0$0
Dividends paid$0$0−$128.0M−$321.0M−$440.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin7.1%21.0%24.4%26.9%24.5%
Operating margin6.3%7.2%9.5%9.7%9.2%
Net margin0.9%2.6%7.9%5.6%7.9%
FCF margin0.1%-0.0%2.0%4.7%6.1%
ROE10.3%25.2%52.1%26.2%27.8%
ROIC4.9%8.2%13.1%12.7%12.6%
ROA0.4%1.8%6.3%4.6%6.4%
Debt / equity8.924.652.461.491.02
Interest coverage1.3x2.9x7.7x7.2x9.7x
Current ratio0.760.500.390.370.40
Revenue growth+74.9%+69.2%+14.8%+6.2%+2.8%
EPS growth+102.2%+369.8%+247.8%−25.9%+43.9%
P/E at year end86.8x15.5x5.5x11.3x9.1x
EV / EBITDA at year end13.0x8.8x5.6x7.4x6.5x
FCF yield at year end0.07%-0.01%4.51%7.40%8.44%
Dividend payout0.0%0.0%2.8%9.3%8.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Airline$26.7B$45.6B$54.7B$57.0B$58.3B
Refinery$6.1B$10.7B$7.6B$7.8B$7.0B
Intersegment Eliminations————−$1.9B
Exchanged Products−$2.3B−$3.5B−$4.2B−$3.1B—

Revenue by region · FY2024

United States$43.5B · 71%
Atlantic$10.5B · 17%
Latin America$4.6B · 7%
Pacific$3.0B · 5%

Street estimates by fiscal year

Next report 2027-01-12 · consensus EPS $1.46 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$67.0B$66.6B – $68.4B$5.43$5.20 – $5.611313.9x
2027$71.4B$70.2B – $72.2B$7.44$2.12 – $9.29910.1x
2028$74.4B$63.0B – $81.3B$9.84$4.93 – $11.7477.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-10-09$1.77$1.72−2.8%$17.6B$20.2B+14.5%
2026-07-10$1.49$1.56+4.7%$17.5B$17.7B+0.7%
2026-04-08$0.58$0.64+10.3%$14.0B$14.2B+1.1%
2026-01-13$1.53$1.55+1.3%$14.7B$14.6B−0.5%
2025-10-09$1.57$1.71+8.9%$15.1B$16.7B+10.5%
2025-07-10$2.06$2.10+1.9%$15.5B$16.6B+7.7%
2025-04-09$0.38$0.46+20.9%$13.0B$14.0B+8.2%
2025-01-10$1.74$1.85+6.3%$14.2B$15.6B+9.6%
2024-10-10$1.52$1.50−1.3%$14.6B$15.7B+7.0%
2024-07-11$2.36$2.360.0%$15.4B$16.7B+7.8%
2024-04-10$0.37$0.45+21.6%$12.5B$13.7B+9.9%
2024-01-12$1.17$1.28+9.4%$13.5B$14.2B+5.2%
2023-10-12$1.95$2.03+4.1%$14.5B$15.5B+6.5%
2023-07-13$2.40$2.68+11.7%$14.5B$15.6B+7.8%
2023-04-13$0.29$0.25−13.8%$14.1B$12.8B−9.7%
2023-01-13$1.33$1.48+11.3%$12.2B$13.4B+9.9%
2022-10-13$1.56$1.51−3.2%$12.9B$14.0B+8.7%
2022-07-13$1.73$1.44−16.8%$12.4B$13.8B+11.7%
2022-04-13$-1.28$-1.23+3.9%$8.8B$9.3B+6.5%
2022-01-13$0.15$0.22+46.7%$8.7B$9.5B+9.1%
2021-10-13$0.15$0.30+100.0%$8.7B$9.2B+5.7%
2021-07-14$-1.41$-1.07+24.1%$6.2B$7.1B+15.6%
2021-04-15$-3.08$-3.55−15.3%$4.1B$4.2B+2.2%
2021-01-14$-2.43$-2.53−4.1%$3.9B$4.0B+1.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.606-150.806-220.606-291.107-060.607-130.607-200.607-270.508-030.408-100.508-170.508-240.508-31
Week ofNotionalSharesTrades
2026-08-31$528.0M6,750,658124,000
2026-08-24$518.2M6,280,725111,374
2026-08-17$529.7M6,304,713120,963
2026-08-10$374.8M4,155,05997,281
2026-08-03$497.7M5,381,393107,742
2026-07-27$632.0M7,217,727130,162

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1546.5%
DateShort shareShort volumeTotal volume
2026-10-1546.5%1,296,2632,787,766
2026-10-1447.1%1,227,4522,604,966
2026-10-1354.3%1,450,9562,670,487
2026-10-1249.7%1,192,7272,399,404
2026-10-0958.4%2,480,1274,248,737
2026-10-0853.4%1,945,1273,645,812
2026-10-0754.9%1,163,7902,120,557
2026-10-0645.3%1,466,8023,234,644
2026-10-0556.7%1,564,3872,759,003
2026-10-0261.2%1,409,2232,303,997
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.8Jan-2.7Feb-2.9Mar+1.2Apr+0.4May-2.9Jun+1.6Jul-0.2Aug+2.2Sep+6.5Oct+5.6Nov+4.5Dec
MonthAvg returnUp yearsYears
Jan+1.8%42%19
Feb−2.7%42%19
Mar−2.9%53%19
Apr+1.2%61%18
May+0.4%63%19
Jun−2.9%37%19
Jul+1.6%53%19
Aug−0.2%42%19
Sep+2.2%63%19
Oct+6.5%68%19
Nov+5.6%68%19
Dec+4.5%63%19
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1433.5
MFI29.5
ADX18.0
Stochastic %K / %D9.9 / 11.8
Williams %R-100.0
CCI-177
TSI / signal-14.3 / -4.6
Chaikin money flow0.11
ATR$2.56
Bollinger width12.9%
Volume vs 20-day avg0.63x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$81.89 (−8.0%)
SMA 50$82.25 (−8.4%)
SMA 200$76.23 (−1.1%)
EMA 21$80.65 (−6.5%)
EMA 50$81.83 (−7.9%)
EMA 200$76.66 (−1.7%)
Bollinger upper$87.16 (−13.5%)
Bollinger lower$76.61 (−1.6%)
Parabolic SAR$82.53 (−8.7%)
Open the live chart, 110+ indicators

About Delta Air Lines, Inc.

Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Detroit, Minneapolis-St. Paul, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Santiago (Chile), Sao Paulo, Seoul-Incheon, and Tokyo. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages. The company operates through a fleet of approximately 1,314 aircraft. Delta Air Lines, Inc. was founded in 1924 and is headquartered in Atlanta, Georgia.

https://www.delta.com

Key executives

NameTitlePayBorn
Edward H. BastianChief Executive Officer & Director$7.3M1958
Glen William HauensteinStrategic Advisor$4.3M1961
Erik Storey SnellExecutive Vice President & Chief Financial Officer$3.9M1978
Alain BellemareEVP, President of Intl., Chairman of Delta TechOps & Chairman of Advisory Board of Delta MRO$3.4M1961
Daniel Charles JankiExecutive Vice President & Chief Operating Officer$3.3M1969
Peter W. CarterPresident$3.2M1964
Julia Ann McConnellPrincipal Accounting Officer—1969
Julie StewartVice President of Investor Relations & Corporate Development——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Edward H. Bastian Chief Executive Officer2025$1.1M$11.9M$5.8M$19.2M
Glen W. Hauenstein President2025$750,000$5.8M$3.3M$10.1M
Daniel C. Janki Executive Vice President & Chief Financial Officer2025$650,000$4.1M$2.5M$7.5M
Peter W. Carter Executive Vice President - Chief External Affairs Officer2025$650,000$3.9M$2.4M$7.1M
Alain M. Bellemare Executive Vice President & President - International2025$650,000$3.0M$2.5M$6.4M

Employees

89k201891k201974k202083k202195k2022100k2023100k2024100k2025

Dividends

Ex-dateAmountPaid
2026-10-15$0.2152026-11-05
2026-07-09$0.2152026-07-30
2026-05-14$0.18752026-06-04
2026-02-26$0.18752026-03-19
2025-10-16$0.18752025-11-06
2025-07-31$0.18752025-08-21
2025-05-13$0.152025-06-03
2025-02-27$0.152025-03-20

Moat model

None · Efficient Scale · 2026-09-30
Cost advantage30
Intangibles36
Switching costs12
Network effect50
Efficient scale85
Our component scores (0-100) and overall 38.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms