Delta Air Lines, Inc. (DAL)

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.

Symbol: DAL
Exchange: NYSE
Sector: Industrials
Industry: Airlines
Market cap: $55.30B
52 week range: 55.03 - 95.68

Valuation

Share price: $84.09 (close of 2026-10-02)
P/E (TTM): 13.83x
Price to book: 2.53x
Price to free cash flow: 11.36x
Enterprise value: $70.62B
Book value per share: $33.17

Price performance

Period	Change
1 day	-0.05%
5 days	-1.00%
1 month	+7.61%
3 months	-9.34%
6 months	+25.96%
Year to date	+21.17%
1 year	+47.32%
3 years	+130.70%
5 years	+85.30%
10 years	+113.64%
All time	+305.84%

Members of Congress who disclosed DAL trades

Lisa McClain · Jefferson Shreve · Robert Bresnahan

Super investors holding DAL

Warren Buffett (Berkshire Hathaway) · Bill Nygren (Harris Associates LP) · Richard Pzena (Pzena Investment Management) · Stanley Druckenmiller (Duquesne Family Office) · Samantha McLemore (Patient Capital Management, LLC) · Ken Griffin (Citadel) · Robert Olstein (Olstein Capital Management) · Ray Dalio (Bridgewater Associates) · First Eagle Investment (First Eagle Investment Management, LLC)

Profitability and growth

Return on equity: 24.00%
Return on invested capital: 12.61%
Return on assets: 6.15%
Return on capital employed: 10.84%
Gross margin: 13.11%
Net margin: 7.90%
EBITDA margin: 13.04%
Revenue growth: 2.79%
Net income growth: 44.78%
Free cash flow growth: 33.21%

Cash flow and balance sheet

Free cash flow yield (TTM): 8.80%
Current ratio: 0.42x
Net debt to EBITDA: 2.68x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $63.36B
Cost of revenue: $55.06B
Gross profit: $8.31B
EBITDA: $8.27B
Net income: $5.00B
Earnings per share: $7.72
Shares outstanding: 648.00M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$63.36B	$8.31B	$5.00B	$7.72
2024-12-31	$61.64B	$8.48B	$3.46B	$5.39
2023-12-31	$58.05B	$7.86B	$4.61B	$7.21
2022-12-31	$50.58B	$5.55B	$1.32B	$2.07
2021-12-31	$29.90B	$2.84B	$280.00M	$0.44
2020-12-31	$17.09B	-	-$12.38B	$-19.49
2019-12-31	$47.01B	$8.83B	$4.77B	$7.32
2018-12-31	$44.44B	$7.21B	$3.94B	$5.69
2017-12-31	$41.14B	$7.79B	$3.21B	$4.45
2016-12-31	$39.45B	$8.75B	$4.20B	$5.59

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	13.11%	7.90%	24.00%	12.61%
2024-12-31	13.76%	5.61%	22.61%	13.70%
2023-12-31	13.53%	7.94%	41.50%	13.10%
2022-12-31	10.98%	2.61%	20.02%	10.00%
2021-12-31	9.50%	0.94%	7.20%	6.49%
2020-12-31	-	-72.45%	-807.37%	-40.32%
2019-12-31	18.78%	10.14%	31.04%	17.45%
2018-12-31	16.21%	8.86%	28.75%	14.23%
2017-12-31	18.94%	7.79%	25.58%	20.03%
2016-12-31	22.17%	10.63%	37.19%	32.17%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$4.31B	$11.94B
2024-12-31	$3.07B	$13.55B
2023-12-31	$3.87B	$15.98B
2022-12-31	$6.53B	$19.33B
2021-12-31	$11.32B	$23.58B
2020-12-31	$14.10B	$26.53B
2019-12-31	$2.88B	$8.05B
2018-12-31	$1.77B	$7.96B
2017-12-31	$2.64B	$6.29B
2016-12-31	$3.25B	$6.00B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$3.84B	$313.00M
2024-12-31	$2.88B	$236.00M
2023-12-31	$1.14B	$180.00M
2022-12-31	-$3.00M	$150.00M
2021-12-31	$17.00M	$149.00M
2020-12-31	-$5.69B	$119.00M
2019-12-31	$3.49B	$161.00M
2018-12-31	$1.85B	$159.00M
2017-12-31	$1.13B	$169.00M
2016-12-31	$3.82B	$154.00M

Dividend history

Most recent payment: 2026-07-09
Paid in the last twelve months: $0.78

Payment date	Dividend per share
2026-07-09	$0.21
2026-05-14	$0.19
2026-02-26	$0.19
2025-10-16	$0.19
2025-07-31	$0.19
2025-05-13	$0.15
2025-02-27	$0.15
2024-10-10	$0.15

Investor relations

Next earnings report

Next confirmed report: 2026-10-09
Consensus EPS estimate: $1.96

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-07-10	Jun/2026	$1.51
2026-04-08	Mar/2026	$0.61
2026-01-13	Dec/2025	$1.53
2025-10-09	Sep/2025	$1.52
2025-07-10	Jun/2025	$2.04
2025-07-09	-	-
2025-04-09	Mar/2025	$0.40
2025-04-08	-	-

Filings and sources

Company website: delta.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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