What is Delta Air Lines, Inc.'s earnings per share (EPS)?

Delta Air Lines, Inc. (DAL) reported diluted earnings per share of $7.66 for fiscal year 2025. This represents a 43.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Delta Air Lines, Inc. (DAL) Financials

DAL

FY2025 annual

Revenue $63.4B +2.8% YoY

Net Income $5.0B +44.8% YoY

EPS (Diluted) $7.66 +43.7% YoY

Free Cash Flow $3.8B +33.2% YoY

Market Cap $54.0B as of Oct 9, 2026

Price / Sales 0.8x on $68.3B revenue, trailing 12 months to June 30, 2026

Price / Earnings 13.7x on $4.0B net income, trailing 12 months to June 30, 2026

Price / Book 2.5x on $21.8B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DAL SEC filings page.

Delta Air Lines, Inc. (DAL) reported $63.4B in revenue for fiscal year 2025, up 2.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI DAL FY2025 2026-10-04

Delta converts rising sales into cash while heavy reinvestment and thin current liquidity remain central features of its operating model.

FY2025 operating cash flow of $8.3B exceeded net income of $5.0B, indicating earnings were converted into more cash than booked. Capital spending of $4.5B left $3.8B of free cash flow, so the business remains cash-generative only after substantial asset reinvestment.

The margin story is not simple scale: operating margin edged down from 9.5% in FY2023 to 9.2% in FY2025 even as revenue increased, suggesting recent earnings improvement came more from below-operating-line factors than expanding operating efficiency. Lower interest expense coincided with the net-margin recovery, so bottom-line improvement was not solely an operating-cost story.

The balance sheet is deleveraging over the long term: debt-to-equity fell from 1.4x in FY2023 to 0.6x in FY2025 as equity nearly doubled. Yet current liabilities of $27.6B exceeded current assets of $11.0B, leaving lower leverage alongside a persistent short-term funding gap.

Financial Health Signals

Financial Health Score 47/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Delta Air Lines, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Delta Air Lines, Inc. has an operating margin of 9.2%, meaning the company retains $9 of operating profit per $100 of revenue. This strong profitability earns a score of 70/100, reflecting efficient cost management and pricing power. This is down from 9.7% the prior year.

Growth

Delta Air Lines, Inc.'s revenue grew a modest 2.8% year-over-year to $63.4B. This slow but positive growth earns a score of 48/100.

Leverage

Delta Air Lines, Inc. has a moderate D/E ratio of 0.57. This balance of debt and equity financing earns a leverage score of 49/100.

Liquidity

Delta Air Lines, Inc.'s current ratio of 0.40 is below the typical benchmark, resulting in a score of 3/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Delta Air Lines, Inc. has a free cash flow margin of 6.1%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Delta Air Lines, Inc. earns a strong 24.0% return on equity (ROE), meaning it generates $24 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 70/100. This is up from 22.6% the prior year.

Altman Z-Score Distress

1.54

Delta Air Lines, Inc. scores 1.54, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

6/8

Delta Air Lines, Inc. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.67x

For every $1 of reported earnings, Delta Air Lines, Inc. generates $1.67 in operating cash flow ($8.3B OCF vs $5.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

8.57x

Delta Air Lines, Inc. earns $8.57 in operating income for every $1 of interest expense ($5.8B vs $679.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$19.8B

YoY+18.7%

QoQ+24.6%

5Y CAGR+22.6%

10Y CAGR+6.6%

Delta Air Lines, Inc. generated $19.8B in revenue in Q2 2026. This represents an increase of 18.7% from the same quarter a year earlier. Against the prior quarter it is up 24.6%.

EBITDA

$2.5B

YoY-6.8%

QoQ+121.8%

5Y CAGR+13.9%

10Y CAGR-1.4%

Delta Air Lines, Inc.'s EBITDA was $2.5B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.8% from the same quarter a year earlier. Against the prior quarter it is up 121.8%.

Net Income

$1.6B

YoY-24.7%

QoQ+655.0%

5Y CAGR+19.7%

10Y CAGR+0.4%

Delta Air Lines, Inc. reported $1.6B in net income in Q2 2026. This represents a decrease of 24.7% from the same quarter a year earlier. Against the prior quarter it is up 655.0%.

EPS (Diluted)

$2.44

YoY-25.4%

QoQ+654.5%

5Y CAGR+19.1%

10Y CAGR+1.9%

Delta Air Lines, Inc. earned $2.44 per diluted share (EPS) in Q2 2026. This represents a decrease of 25.4% from the same quarter a year earlier. Against the prior quarter it is up 654.5%.

Cash & Balance Sheet

Cash & Debt

$4.7B

YoY+40.0%

QoQ-7.7%

5Y CAGR-14.7%

10Y CAGR+10.9%

Delta Air Lines, Inc. held $4.7B in cash against $10.1B in long-term debt as of Q2 2026.

Shares Outstanding

658M

YoY+0.7%

QoQ+0.1%

5Y CAGR+0.5%

10Y CAGR-1.3%

Delta Air Lines, Inc. had 658M shares outstanding in Q2 2026. This represents an increase of 0.7% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Operating Margin

9.4%

YoY-3.2pp

QoQ+6.3pp

5Y change-2.0pp

10Y change-13.8pp

Delta Air Lines, Inc.'s operating margin was 9.4% in Q2 2026, reflecting core business profitability. This is down 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.3 percentage points.

Net Margin

8.1%

YoY-4.7pp

QoQ+9.9pp

5Y change-1.0pp

10Y change-6.7pp

Delta Air Lines, Inc.'s net profit margin was 8.1% in Q2 2026, showing the share of revenue converted to profit. This is down 4.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.9 percentage points.

Return on Equity

7.3%

YoY-4.9pp

QoQ+8.8pp

5Y change-43.5pp

10Y change-5.7pp

Delta Air Lines, Inc.'s ROE was 7.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 4.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.8 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

DAL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DAL quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$68.3B	$63.4B+2.8%	$61.6B+6.2%	$58.0B+14.8%	$50.6B+69.2%	$29.9B+74.9%	$17.1B-63.6%	$47.0B+5.8%	$44.4B+7.7%	$41.2B+4.0%	$39.6B-2.6%	$40.7B+0.8%	$40.4B+6.9%	$37.8B+3.0%	$36.7B+4.4%	$35.1B
SG&A Expenses	$18.3B	$17.5B+8.4%	$16.2B+10.6%	$14.6B+22.7%	$11.9B+22.3%	$9.7B+8.1%	$9.0B-22.4%	$11.6B+8.0%	$10.7B+6.8%	$10.1B+7.1%	$9.4B+7.0%	$8.8B+8.1%	$8.1B+5.2%	$7.7B+6.2%	$7.3B+5.4%	$6.9B
Operating Income	$5.5B	$5.8B-2.9%	$6.0B+8.6%	$5.5B+50.8%	$3.7B+94.1%	$1.9B+115.1%	-$12.5B-288.4%	$6.6B+25.7%	$5.3B-11.8%	$6.0B-14.7%	$7.0B-10.3%	$7.8B+253.7%	$2.2B-35.1%	$3.4B+56.3%	$2.2B+10.1%	$2.0B
EBITDA	N/A	$8.3B-2.9%	$8.5B+8.2%	$7.9B+36.3%	$5.8B+48.5%	$3.9B+138.2%	-$10.2B-210.4%	$9.2B+21.2%	$7.6B-7.3%	$8.2B-7.8%	$8.9B-7.8%	$9.6B+142.3%	$4.0B-21.4%	$5.1B+35.2%	$3.7B+6.9%	$3.5B
Interest Expense	$623.0M	$679.0M-9.1%	$747.0M-10.4%	$834.0M-19.0%	$1.0B+180.5%	-$1.3B-37.7%	-$929.0M-208.6%	-$301.0M+3.2%	-$311.0M-178.5%	$396.0M+2.1%	$388.0M-19.3%	$481.0M-26.0%	$650.0M-23.7%	$852.0M-15.2%	$1.0B+211.5%	-$901.0M
Income Tax	$1.1B	$1.2B-1.7%	$1.2B+20.2%	$999.0M+67.6%	$596.0M+405.1%	$118.0M+103.7%	-$3.2B-323.8%	$1.4B+17.7%	$1.2B-47.0%	$2.3B+6.3%	$2.2B-18.0%	$2.6B+537.0%	$413.0M+105.2%	-$8.0B-50181.3%	$16.0M+118.8%	-$85.0M
Net Income	$4.0B	$5.0B+44.8%	$3.5B-25.0%	$4.6B+249.7%	$1.3B+370.7%	$280.0M+102.3%	-$12.4B-359.8%	$4.8B+21.1%	$3.9B+22.8%	$3.2B-23.6%	$4.2B-7.3%	$4.5B+586.8%	$659.0M-93.7%	$10.5B+944.6%	$1.0B+18.1%	$854.0M
EPS (Basic)	N/A	$7.72+43.2%	$5.39-25.2%	$7.21+248.3%	$2.07+370.5%	$0.44+102.3%	-$19.49-366.3%	$7.32+28.6%	$5.69+27.9%	$4.45-20.4%	$5.59-1.6%	$5.68+619.0%	$0.79-93.6%	$12.41+934.2%	$1.20+17.6%	$1.02
EPS (Diluted)	$6.03	$7.66+43.7%	$5.33-25.7%	$7.17+248.1%	$2.06+368.2%	$0.44+102.3%	-$19.49-367.0%	$7.30+28.7%	$5.67+28.0%	$4.43-20.2%	$5.55-1.4%	$5.63+621.8%	$0.78-93.7%	$12.29+932.8%	$1.19+17.8%	$1.01
Diluted Shares (Avg)	N/A	654M+0.9%	648M+0.8%	643M+0.3%	641M0.0%	641M+0.8%	636M-2.6%	653M-5.9%	694M-4.0%	723M-4.2%	755M-6.1%	804M-4.9%	845M-1.5%	858M+0.9%	850M+0.7%	844M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$19.8B+18.7%	$15.9B+12.9%	$16.0B+2.8%	$16.7B+6.4%	$16.6B-0.1%	$14.0B+2.1%	$15.6B+9.4%	$15.7B+1.2%
SG&A Expenses	$4.8B+8.2%	$4.5B+11.2%	$4.6B+11.3%	$4.4B+5.0%	$4.4B+9.7%	$4.1B+7.7%	$4.1B+9.5%	$4.2B+12.5%
Operating Income	$1.9B-11.3%	$501.0M-12.0%	$1.5B-14.6%	$1.7B+20.5%	$2.1B-7.3%	$569.0M-7.3%	$1.7B+29.8%	$1.4B-29.6%
EBITDA	$2.5B-6.8%	$1.1B-3.4%	$2.1B-11.3%	$2.3B+12.6%	$2.7B-6.3%	$1.2B-4.3%	$2.4B+21.7%	$2.0B-20.9%
Interest Expense	$144.0M-16.3%	$151.0M-15.6%	$157.0M-13.3%	$171.0M-1.2%	$172.0M-8.5%	$179.0M-12.7%	$181.0M+187.0%	$173.0M-11.7%
Income Tax	$405.0M-8.8%	$75.0M-6.3%	$296.0M-17.5%	$360.0M+24.6%	$444.0M-5.1%	$80.0M-5.9%	$359.0M+50.2%	$289.0M-30.0%
Net Income	$1.6B-24.7%	-$289.0M-220.4%	$1.2B+44.5%	$1.4B+11.4%	$2.1B+63.2%	$240.0M+548.6%	$843.0M-58.6%	$1.3B+14.8%
EPS (Basic)	$2.45-25.3%	-$0.44-218.9%	$1.87+42.7%	$2.18+10.1%	$3.28+60.8%	$0.37+516.7%	$1.31-58.8%	$1.98+14.5%
EPS (Diluted)	$2.44-25.4%	-$0.44-218.9%	$1.86+44.2%	$2.17+10.2%	$3.27+62.7%	$0.37+516.7%	$1.29-59.3%	$1.97+14.5%
Diluted Shares (Avg)	658M+0.9%	652M0.0%	N/A	654M+1.1%	652M+0.6%	652M+1.1%	N/A	647M+0.5%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

DAL Balance Sheet

DAL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$81.3B+7.9%	$75.4B+2.3%	$73.6B+1.9%	$72.3B-0.2%	$72.5B+0.6%	$72.0B+11.6%	$64.5B+7.1%	$60.3B+12.3%	$53.7B+3.5%	$51.9B-2.4%	$53.1B-1.6%	$54.0B+3.6%	$52.1B+17.0%	$44.5B+2.4%	$43.5B
Current Assets	$11.0B+11.4%	$9.8B-4.1%	$10.3B-21.1%	$13.0B-18.4%	$15.9B-8.4%	$17.4B+111.0%	$8.2B+30.1%	$6.3B-18.8%	$7.8B+4.7%	$7.5B-17.7%	$9.1B-1.1%	$9.2B-5.1%	$9.7B+16.7%	$8.3B+7.0%	$7.7B
Cash & Equivalents	$4.3B+40.4%	$3.1B+12.0%	$2.7B-16.1%	$3.3B-58.8%	$7.9B-4.5%	$8.3B+188.2%	$2.9B+84.2%	$1.6B-13.7%	$1.8B-34.3%	$2.8B+40.1%	$2.0B-5.6%	$2.1B-26.6%	$2.8B+17.7%	$2.4B-9.1%	$2.7B
Short-Term Investments	$0	$0-100.0%	$1.1B-65.5%	$3.3B-3.5%	$3.4B-41.5%	$5.8B	$0-100.0%	$203.0M-75.4%	$825.0M+69.4%	$487.0M-66.8%	$1.5B+20.4%	$1.2B+26.9%	$959.0M+0.1%	$958.0M0.0%	$958.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$730.0M+23.3%	$592.0M-35.4%	$916.0M+76.5%	$519.0M+36.9%	$379.0M-29.0%	$534.0M-24.4%	$706.0M+14.1%	$619.0M+268.5%	$168.0M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B-0.3%	$9.8B0.0%	$9.8B-0.1%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B
Total Liabilities	$60.5B+0.6%	$60.1B-3.9%	$62.5B-4.8%	$65.7B-4.2%	$68.6B-2.7%	$70.5B+43.3%	$49.2B+5.6%	$46.6B+13.2%	$41.1B+1.4%	$40.6B-4.1%	$42.3B-6.4%	$45.2B+11.7%	$40.5B-13.3%	$46.7B+4.0%	$44.9B
Current Liabilities	$27.6B+3.6%	$26.7B+1.0%	$26.4B+1.8%	$25.9B+23.7%	$21.0B+31.6%	$15.9B-21.2%	$20.2B+8.8%	$18.6B-2.0%	$19.0B+24.4%	$15.2B-13.0%	$17.5B+4.0%	$16.8B+19.0%	$14.2B+6.6%	$13.3B+4.5%	$12.7B
Non-Current Liabilities	$32.8B-1.7%	$33.4B-7.5%	$36.1B-9.2%	$39.8B-16.5%	$47.6B-12.7%	$54.5B+88.2%	$29.0B+3.5%	$28.0B+26.2%	$22.2B-6.5%	$23.7B-4.1%	$24.8B-12.7%	$28.3B+7.1%	$26.5B-20.8%	$33.4B+3.8%	$32.2B
Long-Term Debt	$11.9B-11.9%	$13.5B-15.3%	$16.0B-17.3%	$19.3B-18.0%	$23.6B-11.1%	$26.5B+229.5%	$8.1B+1.2%	$8.0B+26.4%	$6.3B+4.9%	$6.0B-8.1%	$6.5B-20.2%	$8.2B-12.9%	$9.4B-11.4%	$10.6B-5.6%	$11.2B
Total Equity	$20.9B+36.4%	$15.3B+37.7%	$11.1B+68.7%	$6.6B+69.3%	$3.9B+153.4%	$1.5B-90.0%	$15.4B+12.2%	$13.7B+9.2%	$12.5B+11.1%	$11.3B+4.0%	$10.8B+23.1%	$8.8B-24.3%	$11.6B+646.4%	-$2.1B-52.7%	-$1.4B
Retained Earnings	$13.3B+51.9%	$8.8B+55.5%	$5.7B+382.9%	$1.2B+890.5%	-$148.0M+65.4%	-$428.0M-103.4%	$12.5B+24.1%	$10.0B+21.6%	$8.3B+4.5%	$7.9B+42.1%	$5.6B+60.9%	$3.5B+13.3%	$3.0B+141.3%	-$7.4B+12.0%	-$8.4B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$86.3B+10.1%	$84.4B+9.2%	$81.3B+7.9%	$79.6B+5.6%	$78.4B+4.3%	$77.3B+3.2%	$75.4B+2.3%	$75.4B+2.9%
Current Assets	$14.2B+29.6%	$13.7B+21.6%	$11.0B+11.4%	$11.2B+1.5%	$11.0B-5.2%	$11.2B-3.0%	$9.8B-4.1%	$11.1B-9.7%
Cash & Equivalents	$4.7B+40.0%	$5.1B+36.2%	$4.3B+40.4%	$3.8B-4.5%	$3.3B-19.0%	$3.7B-4.3%	$3.1B+12.0%	$4.0B+40.0%
Short-Term Investments	$0	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$8.0M-99.6%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%	$9.8B0.0%
Total Liabilities	$64.5B+5.8%	$64.1B+3.5%	$60.5B+0.6%	$60.8B-1.5%	$61.0B-3.0%	$61.9B-3.0%	$60.1B-3.9%	$61.7B-3.6%
Current Liabilities	$33.6B+17.7%	$32.7B+10.1%	$27.6B+3.6%	$28.2B+0.5%	$28.6B-0.7%	$29.7B+4.3%	$26.7B+1.0%	$28.1B+2.0%
Non-Current Liabilities	$30.9B-4.6%	$31.4B-2.6%	$32.8B-1.7%	$32.6B-3.1%	$32.4B-4.8%	$32.2B-8.9%	$33.4B-7.5%	$33.6B-7.8%
Long-Term Debt	$10.1B-18.5%	$10.6B-14.7%	$11.9B-11.9%	$12.3B-11.4%	$12.4B-12.0%	$12.4B-20.2%	$13.5B-15.3%	$13.9B-15.1%
Total Equity	$21.8B+25.1%	$20.4B+31.9%	$20.9B+36.4%	$18.8B+37.9%	$17.4B+40.8%	$15.4B+38.5%	$15.3B+37.7%	$13.6B+47.9%
Retained Earnings	$14.3B+31.7%	$12.9B+44.9%	$13.3B+51.9%	$12.1B+52.7%	$10.8B+60.1%	$8.9B+58.8%	$8.8B+55.5%	$7.9B+119.8%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable.

DAL Cash Flow Statement

DAL quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$8.1B	$8.3B+4.0%	$8.0B+24.1%	$6.5B+1.6%	$6.4B+94.9%	$3.3B+186.1%	-$3.8B-145.0%	$8.4B+20.1%	$7.0B+39.6%	$5.0B-30.4%	$7.2B-9.0%	$7.9B+60.2%	$4.9B+9.8%	$4.5B+81.9%	$2.5B-12.6%	$2.8B
Depreciation & Amortization	N/A	$2.4B-2.8%	$2.5B+7.3%	$2.3B+11.1%	$2.1B+5.5%	$2.0B-13.6%	$2.3B-10.4%	$2.6B+10.8%	$2.3B+4.8%	$2.2B+17.8%	$1.9B+2.8%	$1.8B+3.6%	$1.8B+6.8%	$1.7B+5.9%	$1.6B+2.8%	$1.5B
Stock-Based Compensation	N/A	$313.0M+32.6%	$236.0M+31.1%	$180.0M+20.0%	$150.0M+0.7%	$149.0M+25.2%	$119.0M-26.1%	$161.0M+1.3%	$159.0M-5.9%	$169.0M+9.7%	$154.0M+102.6%	$76.0M-6.2%	$81.0M-10.0%	$90.0M+66.7%	$54.0M-25.0%	$72.0M
Capital Expenditures	N/A	$4.5B-12.5%	$5.1B-3.4%	$5.3B-16.4%	$6.4B+96.1%	$3.2B+71.0%	$1.9B-61.5%	$4.9B-4.5%	$5.2B+32.8%	$3.9B+14.7%	$3.4B+15.1%	$2.9B+30.9%	$2.2B-12.4%	$2.6B+30.5%	$2.0B	N/A
Free Cash Flow	N/A	$3.8B+33.2%	$2.9B+152.8%	$1.1B+38133.3%	-$3.0M-117.6%	$17.0M+100.3%	-$5.7B-263.1%	$3.5B+89.0%	$1.8B+63.1%	$1.1B-70.4%	$3.8B-23.2%	$5.0B+84.7%	$2.7B+39.4%	$1.9B+281.1%	$508.0M	N/A
Investing Cash Flow	-$4.5B	-$4.2B-12.0%	-$3.7B-18.8%	-$3.1B+54.5%	-$6.9B-671.0%	-$898.0M+90.3%	-$9.2B-102.5%	-$4.6B-3.9%	-$4.4B+16.6%	-$5.3B-144.4%	-$2.2B+45.5%	-$4.0B-60.6%	-$2.5B+10.6%	-$2.8B-40.5%	-$2.0B-31.0%	-$1.5B
Financing Cash Flow	-$2.4B	-$3.1B+27.8%	-$4.3B-25.5%	-$3.4B+25.2%	-$4.5B-17.7%	-$3.9B-119.9%	$19.4B+772.1%	-$2.9B-66.9%	-$1.7B-136.4%	-$730.0M+82.9%	-$4.3B-4.2%	-$4.1B-26.2%	-$3.2B-145.5%	-$1.3B-74.8%	-$755.0M+51.9%	-$1.6B
Dividends Paid	$641.0M	$440.0M+37.1%	$321.0M+150.8%	$128.0M	$0	$0-100.0%	$260.0M-73.5%	$980.0M+7.8%	$909.0M+24.4%	$731.0M+43.6%	$509.0M+41.8%	$359.0M+43.0%	$251.0M+146.1%	$102.0M	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0-100.0%	$344.0M-83.0%	$2.0B+28.7%	$1.6B-6.1%	$1.7B-35.5%	$2.6B+18.2%	$2.2B+100.0%	$1.1B+340.0%	$250.0M	$0	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$1.6B-14.1%	$2.4B+2.3%	$2.3B+19.3%	$1.8B+45.0%	$1.9B-24.2%	$2.4B-1.2%	$1.9B+247.5%	$1.3B+18.4%
Depreciation & Amortization	$656.0M+9.0%	$635.0M+4.6%	$620.0M-2.4%	$614.0M-4.5%	$602.0M-2.9%	$607.0M-1.3%	$635.0M+4.1%	$643.0M+8.2%
Capital Expenditures	N/A	$1.2B-2.0%	$907.0M-30.8%	$1.2B-12.7%	$1.2B-7.6%	$1.2B+2.6%	$1.3B-18.2%	$1.3B+4.6%
Free Cash Flow	N/A	$1.2B+6.8%	$1.4B+131.7%	$687.0M+1372.2%	$648.0M-43.2%	$1.2B-5.0%	$584.0M+155.3%	-$54.0M+72.0%
Investing Cash Flow	-$1.5B-26.1%	-$1.3B-3.2%	-$728.0M+37.7%	-$1.0B+7.9%	-$1.2B-48.2%	-$1.2B-92.2%	-$1.2B-118.5%	-$1.1B-758.0%
Financing Cash Flow	-$545.0M+49.1%	-$435.0M+31.4%	-$1.0B+37.0%	-$370.0M+0.3%	-$1.1B+29.2%	-$634.0M+19.4%	-$1.6B-482.2%	-$371.0M+53.6%
Dividends Paid	$266.0M+19.8%	$129.0M+30.3%	$122.0M+27.1%	$124.0M+27.8%	$222.0M+37.0%	$99.0M+54.7%	$96.0M+50.0%	$97.0M+51.6%

Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.

DAL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DAL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	9.2%-0.5pp	9.7%+0.2pp	9.5%+2.3pp	7.2%+0.9pp	6.3%+79.3pp	-72.9%-87.0pp	14.1%+2.2pp	11.8%-2.6pp	14.5%-3.2pp	17.6%-1.5pp	19.2%+13.7pp	5.5%-3.5pp	9.0%+3.1pp	5.9%+0.3pp	5.6%
Net Margin	7.9%+2.3pp	5.6%-2.3pp	7.9%+5.3pp	2.6%+1.7pp	0.9%+73.4pp	-72.5%-82.6pp	10.1%+1.3pp	8.9%+1.1pp	7.8%-2.8pp	10.6%-0.5pp	11.1%+9.5pp	1.6%-26.3pp	27.9%+25.1pp	2.8%+0.3pp	2.4%
Return on Equity	24.0%+1.4pp	22.6%-18.9pp	41.5%+21.5pp	20.0%+12.8pp	7.2%+814.6pp	-807.4%-838.4pp	31.0%+2.3pp	28.7%+3.2pp	25.6%-11.6pp	37.2%-4.5pp	41.7%+34.2pp	7.5%-83.0pp	90.5%	N/A	N/A
Return on Assets	6.2%+1.6pp	4.6%-1.7pp	6.3%+4.4pp	1.8%+1.4pp	0.4%+17.6pp	-17.2%-24.6pp	7.4%+0.9pp	6.5%+0.6pp	6.0%-2.1pp	8.1%-0.4pp	8.5%+7.3pp	1.2%-19.0pp	20.2%+18.0pp	2.3%+0.3pp	2.0%
Current Ratio	0.400.0x	0.370.0x	0.39-0.1x	0.50-0.3x	0.76-0.3x	1.09+0.7x	0.41+0.1x	0.34-0.1x	0.41-0.1x	0.490.0x	0.520.0x	0.54-0.1x	0.68+0.1x	0.620.0x	0.61
Debt-to-Equity	0.57-0.3x	0.89-0.6x	1.44-1.5x	2.94-3.1x	6.07-11.2x	17.30+16.8x	0.52-0.1x	0.58+0.1x	0.500.0x	0.53-0.1x	0.60-0.3x	0.93+0.1x	0.81	N/A	N/A
Asset Turnover	0.780.0x	0.820.0x	0.79+0.1x	0.70+0.3x	0.41+0.2x	0.24-0.5x	0.730.0x	0.740.0x	0.770.0x	0.760.0x	0.770.0x	0.750.0x	0.72-0.1x	0.820.0x	0.81
FCF Margin	6.1%+1.4pp	4.7%+2.7pp	2.0%+2.0pp	0.0%-0.1pp	0.1%+33.4pp	-33.3%-40.7pp	7.4%+3.3pp	4.2%+1.4pp	2.7%-6.9pp	9.7%-2.6pp	12.2%+5.6pp	6.7%+1.6pp	5.1%+3.7pp	1.4%	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	9.4%-3.2pp	3.2%-0.9pp	9.2%-1.9pp	10.1%+1.2pp	12.6%-1.0pp	4.0%-0.4pp	11.0%+1.7pp	8.9%-3.9pp
Net Margin	8.1%-4.7pp	-1.8%-3.5pp	7.6%+2.2pp	8.5%+0.4pp	12.8%+5.0pp	1.7%+1.4pp	5.4%-8.9pp	8.1%+1.0pp
Return on Equity	7.3%-4.9pp	-1.4%-3.0pp	5.8%+0.3pp	7.5%-1.8pp	12.2%+1.7pp	1.6%+1.2pp	5.5%-12.8pp	9.3%-2.7pp
Return on Assets	1.9%-0.9pp	-0.3%-0.7pp	1.5%+0.4pp	1.8%+0.1pp	2.7%+1.0pp	0.3%+0.3pp	1.1%-1.7pp	1.7%+0.2pp
Current Ratio	0.420.0x	0.420.0x	0.400.0x	0.400.0x	0.380.0x	0.380.0x	0.370.0x	0.39-0.1x
Debt-to-Equity	0.46-0.2x	0.52-0.3x	0.57-0.3x	0.65-0.4x	0.71-0.4x	0.80-0.6x	0.89-0.6x	1.02-0.8x
Asset Turnover	0.230.0x	0.190.0x	0.200.0x	0.210.0x	0.210.0x	0.180.0x	0.210.0x	0.210.0x
FCF Margin	N/A	7.8%-0.4pp	8.5%+4.7pp	4.1%+4.5pp	3.9%-3.0pp	8.2%-0.6pp	3.8%+11.2pp	-0.3%+0.9pp

Not reported in any period shown, so not listed: Gross Margin.

Note: The current ratio is below 1.0 (0.40), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Delta Air Lines, Inc. DAL	FY2025	$63.4B	$5.0B	7.9%	$54.0B	47/100
United Airlines Holdings, Inc. UAL	FY2025	$59.1B	$3.4B	5.7%	$35.8B	41/100
Southwest Airlines Co. LUV	FY2025	$28.1B	$441.0M	1.6%	$20.4B	33/100
American Airlines Group Inc. AAL	FY2025	$54.6B	$111.0M	0.2%	$8.5B	27/100
Alaska Air Group, Inc. ALK	FY2025	$14.2B	$100.0M	0.7%	$4.4B	34/100
Skywest Inc SKYW	FY2025	$4.1B	$428.3M	10.5%	$3.8B	56/100

Where Delta Air Lines, Inc. Ranks

Frequently Asked Questions

What is Delta Air Lines, Inc.'s annual revenue?

Delta Air Lines, Inc. (DAL) reported $63.4B in total revenue for fiscal year 2025. This represents a 2.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Delta Air Lines, Inc.'s revenue growing?

Delta Air Lines, Inc. (DAL) revenue grew by 2.8% year-over-year, from $61.6B to $63.4B in fiscal year 2025.

Is Delta Air Lines, Inc. profitable?

Yes, Delta Air Lines, Inc. (DAL) reported a net income of $5.0B in fiscal year 2025, with a net profit margin of 7.9%.

What is Delta Air Lines, Inc.'s EBITDA?

Delta Air Lines, Inc. (DAL) had EBITDA of $8.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Delta Air Lines, Inc. have?

As of fiscal year 2025, Delta Air Lines, Inc. (DAL) had $4.3B in cash and equivalents against $11.9B in long-term debt.

What is Delta Air Lines, Inc.'s operating margin?

Delta Air Lines, Inc. (DAL) had an operating margin of 9.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Delta Air Lines, Inc.'s net profit margin?

Delta Air Lines, Inc. (DAL) had a net profit margin of 7.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Delta Air Lines, Inc. pay dividends?

Yes, Delta Air Lines, Inc. (DAL) paid $0.68 per share in dividends during fiscal year 2025.

What is Delta Air Lines, Inc.'s return on equity (ROE)?

Delta Air Lines, Inc. (DAL) has a return on equity of 24.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Delta Air Lines, Inc.'s free cash flow?

Delta Air Lines, Inc. (DAL) generated $3.8B in free cash flow during fiscal year 2025. This represents a 33.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Delta Air Lines, Inc.'s operating cash flow?

Delta Air Lines, Inc. (DAL) generated $8.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Delta Air Lines, Inc.'s total assets?

Delta Air Lines, Inc. (DAL) had $81.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Delta Air Lines, Inc.'s capital expenditures?

Delta Air Lines, Inc. (DAL) invested $4.5B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Delta Air Lines, Inc. have outstanding?

Delta Air Lines, Inc. (DAL) had 653M shares outstanding as of fiscal year 2025.

What is Delta Air Lines, Inc.'s current ratio?

Delta Air Lines, Inc. (DAL) had a current ratio of 0.40 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Delta Air Lines, Inc.'s debt-to-equity ratio?

Delta Air Lines, Inc. (DAL) had a debt-to-equity ratio of 0.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Delta Air Lines, Inc.'s return on assets (ROA)?

Delta Air Lines, Inc. (DAL) had a return on assets of 6.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Delta Air Lines, Inc.'s P/E ratio?

Delta Air Lines, Inc. (DAL) trades at 13.7x earnings, its market capitalization divided by net income of $4.0B net income, trailing 12 months to June 30, 2026. The market capitalization is $54.0B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Delta Air Lines, Inc.'s price-to-sales ratio?

Delta Air Lines, Inc. (DAL) trades at 0.8x sales, its market capitalization divided by revenue of $68.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $54.0B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Delta Air Lines, Inc.'s Altman Z-Score?

Delta Air Lines, Inc. (DAL) has an Altman Z-Score of 1.54, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Delta Air Lines, Inc.'s Piotroski F-Score?

Delta Air Lines, Inc. (DAL) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Delta Air Lines, Inc.'s earnings high quality?

Delta Air Lines, Inc. (DAL) has an earnings quality ratio of 1.67x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Delta Air Lines, Inc. cover its interest payments?

Delta Air Lines, Inc. (DAL) has an interest coverage ratio of 8.57x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Delta Air Lines, Inc.?

Delta Air Lines, Inc. (DAL) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.