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Delta Air Lines (DAL) stock

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NYSE: DAL NYSE Passenger Airlines Next results ~January 12, 2027

B Fundamentals grade

Delta Air Lines is a US-based global airline that carried over 200 million passengers in 2025. It operates flights from domestic hubs in Atlanta, Detroit, Minneapolis-St Paul and Salt Lake City, plus coastal hubs including Boston, Los Angeles and New York, and partners with carriers such as Air France-KLM, Virgin Atlantic, Korean Air, LATAM and Aeroméxico through joint ventures and the SkyTeam alliance. Its fleet numbered 1,314 aircraft at the end of 2025.

Customers are leisure and business travellers who pay fares across premium cabins (Delta One, First Class, Delta Premium Select, Delta Comfort+) and main cabin. Additional income comes from selling SkyMiles loyalty points to partners, notably a co-brand credit card arrangement with American Express, from cargo space on passenger flights, from Delta TechOps maintenance, repair and overhaul services for other airlines, and from Delta Vacations package sales.

The business also includes regional feeder operations run through contracted carriers such as Endeavor, Republic Airways and SkyWest, operating under the Delta Connection brand, and Monroe Energy, a refinery subsidiary near Philadelphia supplying jet fuel to its north-eastern US operations. Delta employed around 103,000 full-time equivalent staff as at 31 December 2025, about 20% of whom were union-represented, and 2025 marked the company's centennial year.

Based on Delta Air Lines's 10-K filed February 11, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$86

Cash-flow model

Base case. Range ~$60–$120 across our lower- and higher-growth cases (6%–16% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 3% below our base value.

Price used: $83.42, November 2, 2026

Delta Air Lines valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 12 selling0 purchases and 33 sales by directors and officers, last 12 monthsInsider trades
  • Funds794 adding, 594 cuttingOf 92 active managers that changed their stake, 44 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Delta Air Lines files

Where Delta Air Lines stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $71.8bn, up 14.1% on a year earlier, faster than 10.3% a quarter earlier. Free-cash-flow margin rose to 11.1% from 4.9% a year earlier. Operating margin narrowed to 7.4% from 9.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $182 a share, against a share price of $76.60. At that price, our model says the market is pricing in cash flow shrinking about 3.1% a year for five years, slower than the 19.1% a year revenue growth it has delivered.

Source: 10-Q filed October 9, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 12, 2027 (estimated)

Delta Air Lines's trailing-twelve-month revenue grew 14.1% year on year, with a free-cash-flow margin of 7.5%. Where it stands out: free-cash-flow margin of 7.5% ranks 4 of 16 passenger airlines companies we cover.

Our discounted-cash-flow model values the business at ~$86 per share in the base case (~$60–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 76.2% while net income fell 28.9%: a 105pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.8 points higher than a quarter earlier.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 39% and a beta of 1.7 against the S&P 500.
  • Insiders selling. 12 insiders sold $126M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: change in share count. Change in share count of 0.7% ranks 8 of 10 passenger airlines companies we cover (median -1.3%).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 17.7% over 90 days.

Latest results: FY2026 Q3

Filed October 9, 2026
Earnings per share
$1.72 against an average estimate of $1.76: missed by 2.1%
Revenue
$20.19bn, up 21.1% on a year earlier
Share reaction
-2.5% in the first session after the results on October 9, 2026, against +0.5% for the S&P 500
Guidance given
total Revenue YoY (%) growth 20% (December quarter); earnings Per Share $1.15 to $1.65 (December quarter)
Next report
October 9, 2026; average EPS estimate $1.42

Delta Air Lines' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.1%
  • 1 week+5.4%
  • 1 month-0.5%
  • This year+21.5%
  • 1 year+46.9%
  • 5 years+110.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$71.8B
Operating margin
7.4%
Net margin
4.6%
EPS (TTM, diluted)
$5.01

Growth

Revenue growth
+14.1%
Change in growth rate
+3.8 pts
Share count change
+0.7%

Cash

Free cash flow (TTM)
$5.4B
FCF margin
7.5%

Earnings

Last results
October 9, 2026
Next results (est.)
January 12, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Results
  3. Guidance
  4. Dividend
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Delta Air Lines valuation models and calculator

What the price is pricing in

The share price implies about 9.2% a year of cash-flow growth for five years.That is slower than the 19.1% a year revenue growth Delta Air Lines has delivered.

  • Priced in9.2%
  • Last 12 months14.1%
  • 3 years a year7.8%
  • 5 years a year19.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($83.07, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$86
Price used
$83.07close November 3, 2026
Implied change
▲ +3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Delta Air Lines's free cash flow after stock-based pay with after-tax interest added back ($2.6B, FY2026 Q3 TTM), growing 8.2% and 8.4% in the next two years (forecasts, guidance and its record), then back to 11% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$60–~$120 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Delta Air Lines's free cash flow after stock-based pay ( $2.6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Delta Air Lines as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.22 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$86 ~$60–$120 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$74 ~$61–$90 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$180 ~$130–$260 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$99–$130 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$74–$180 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Delta Air Lines with Passenger Airlines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −14%
  • Last year's free-cash-flow margin change, if it persists ▲ +60%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $41$61$89$125$172$233
8.5% $27$42$62$88$121$164
10% $19$30$46$65$91$124

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$44.34$43.74$50.84$46.44$55.90$38.70$37.62$31.63$38.91$59.15$68.67$83.42
Market value$35.7bn$33.0bn$36.8bn$32.2bn$36.5bn$24.6bn$24.1bn$20.3bn$25.0bn$38.3bn$44.9bn$54.8bn
+ Net debt (− = net cash)$6.4bn$4.6bn$7.0bn$8.2bn$8.3bn$20.9bn$19.0bn$19.8bn$17.3bn$13.1bn$9.8bn$9.1bn
Enterprise value$42.0bn$37.6bn$43.8bn$40.4bn$44.8bn$45.5bn$43.1bn$40.0bn$42.3bn$51.5bn$54.7bn$63.9bn
Multiples
Price / sales 0.9x0.8x0.9x0.7x0.8x1.4x0.8x0.4x0.4x0.6x0.7x0.8x
Price / earnings 7.9x7.9x11.5x8.2x7.7x—86.1x15.4x5.4x11.1x9.0x16.7x
Price / free cash flow 7.2x8.6x32.5x17.5x10.5x—n/m—21.9x13.3x11.7x6.8x
EV / EBITDA 4.4x4.2x5.3x5.3x4.9x—11.1x6.9x5.4x6.0x6.6x8.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard Delta Air Lines's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.0% of total assets over 10 years.

  • Durability 2 / 20

    Operating margin has been a median 9.5%; its worst year was -41.6%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 8 of 10 years, at a median 2.1% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 2.8% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.41 −7% $75.1bn +19%
Next $7.24 +46% $77.3bn +3%

Next year's EPS estimate has moved −17.7% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −18.4% on 90 days ago. In the last 30 days, 0 analysts raised Delta Air Lines's forecast and 18 cut it.

Consensus EPS forecast Delta Air Lines, last 90 days
$5.00 $6.00 $7.00 $8.00 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.63 Current fiscal year, 60 days ago: $6.48 Current fiscal year, 30 days ago: $6.16 Current fiscal year, 7 days ago: $5.41 Current fiscal year, Now: $5.41 $5.41 Next fiscal year, 90 days ago: $8.79 Next fiscal year, 60 days ago: $8.64 Next fiscal year, 30 days ago: $8.47 Next fiscal year, 7 days ago: $7.33 Next fiscal year, Now: $7.24 $7.24

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.63$8.79
60 days ago $6.48$8.64
30 days ago $6.16$8.47
7 days ago $5.41$7.33
Now $5.41$7.24

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.76 $1.72 −2.1%
Jun 2026 $1.49 $1.56 +4.5%
Mar 2026 $0.57 $0.64 +11.4%
Dec 2025 $1.55 $1.55 +0.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 9, 2026
  • Total Revenue YoY (%) December quarter about 20% growth Non-GAAP
    “Expect continued momentum in December quarter with revenue expected to grow approximately 20 percent” source
  • Earnings Per Share full year $5.10 to $5.60 Non-GAAP
    “Outlook for full-year EPS of $5.10 to $5.60 and free cash flow of approximately $2.5 billion with a double-digit return on invested capital” source
  • Earnings Per Share December quarter $1.15 to $1.65 Non-GAAP
    “In the December quarter, we expect earnings of $1.15 to $1.65 per share, based on a fuel price of approximately $4.25 per gallon.” source
  • Operating Margin 4Q26 7% to 9% Non-GAAP
    “Operating Margin 7% - 9%” source
  • Free Cash Flow ($B) full year about $2.5bn Non-GAAP
    “For the full year, we expect to deliver free cash flow of approximately $2.5 billion and pay down more than $2 billion of debt, positioning us to end the year with gross leverage of approximately 2.2x," Snell said.” source
  • Gross Leverage full year about 2.2 Non-GAAP
    “For the full year, we expect to deliver free cash flow of approximately $2.5 billion and pay down more than $2 billion of debt, positioning us to end the year with gross leverage of approximately 2.2x," Snell said.” source
Show 5 more items
  • pre-tax profit full year about $4.5bn
    “For the full year, we expect to generate a pre-tax profit of roughly $4.5 billion, absorbing a $6 billion increase in fuel costs.” source
  • debt paydown 2026 —
    “Strengthening investment-grade balance sheet with plan to pay down more than $2 billion of debt in 2026” source
  • American Express remuneration · Loyalty / American Express partnership full year —
    “This momentum supported 15 percent growth in American Express remuneration in the quarter, positioning the full year to exceed $9 billion.” source
  • all-in fuel price per gallon December quarter about $4.25
    “This results in a projected all-in fuel price for the quarter of approximately $4.25 per gallon.” source
  • seat growth (capacity) December quarter —
    “With seats growing less than 2 percent, including a reduction in Main Cabin seats, our capacity positioning supports another quarter of sequential improvement in unit revenue with progression in both Domestic and International.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Delta Air Lines's revenue by +8.2% next year and +8.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.9%, weight 70%) and the company's own record (+11.0%, weight 30%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy2496%
Hold00%
Sell14%

Monthly trend

  1. Oct 202651925
  2. Sep 202651925
  3. Aug 202651925
  4. Jul 202651925

Counts of recommendations published by analysts covering Delta Air Lines, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.2%
of tradable shares
Days to cover
2.59
at average volume
Short interest, 1 month
−19%
to October 15, 2026
Held by institutions
81%
of shares
Held by insiders
9.2%
of shares
Employees
100,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +46.9%

$56.77 on October 31, 2025 to $83.42

ThenNowEffect
Revenue (last 12 months) $61.9bn $68.3bn +10.3%
Net margin 7.2% 5.8% −20.1%
P/E multiple 8.2x 13.8x +68.0%
Share count 651m 656m −0.7%

Biggest factor: p/e multiple.

Last 3 years +158.6%

$32.26 on November 3, 2023 to $83.42

ThenNowEffect
Revenue (last 12 months) $55.7bn $68.3bn +22.5%
Net margin 5.4% 5.8% +7.9%
P/E multiple 6.9x 13.8x +99.8%
Share count 642m 656m −2.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DAL−3%−16%+23%+52%+16%+22%
Industry peers (median)−2%−29%−13%+18%−17%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DAL50%50%42%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DAL−35%−37%−37%−30%−48%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 69% from July 24, 2019 to May 15, 2020. Getting back needed a 225% gain, reached on November 6, 2024, 1636 days after the low.

Price behaviour

52-week range
$55.06 – $93.17
From 52-week high
−10.5%
vs 50-day average
+3.9%
vs 200-day average
+9.3%
Volatility (1 year)
39%
Beta vs S&P 500
1.71

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.0%
After a week
7 up, 5 down
typical move ±7.5%
After a month
8 up, 3 down
typical move ±10.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 9, 2026 −2.5% +0.5% −8.0% —
July 10, 2026 −3.2% −0.3% −5.4% +0.2%
April 8, 2026 +3.4% +3.1% +9.7% +11.4%
January 13, 2026 −3.6% −0.7% −2.9% −2.2%
October 9, 2025 +0.6% −3.0% +6.1% +3.4%
July 10, 2025 +11.7% −0.1% +11.1% +6.2%
April 9, 2025 +9.7% +5.7% +13.1% +34.7%
January 10, 2025 +6.0% −1.4% +7.2% +5.4%
October 10, 2024 +1.0% +0.4% +8.7% +20.1%
July 11, 2024 −6.9% −0.2% −4.1% −15.8%
April 10, 2024 +0.7% −0.3% +1.2% +11.5%
January 12, 2024 −11.3% −0.3% −12.5% −5.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Delta Air Lines’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.47× the last 60 days’ realised volatility , richer than 90% of the 229 stocks we screen today.
  • Why: implied is 1.47x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DAL Delta Air Lines Grade B $83.03

Own 100 shares, sell the $90.00 call expiring November 27, 2026 (25 days) for $1.14 a share — $114 per contract.

Previous session · Bid $1.14, ask $1.50, quoted Mon 2 Nov, 17:20 New York time with DAL at $83.03. Option prices move with the shares: check the live chain at your broker before trading.

  • If DAL ends below $90.00: you keep your shares and the $114 — 1.4% extra on the position, 20.0% a year at that pace.
  • If it ends above $90.00: your shares are sold at $90.00, a total return of 9.8% including the premium — at or above our value of ~$86.
$811 $0 −$1.6k Break-even $81.89 Price $83.03 Our value $86.00
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$114
Annualised
20.0%
Break-even
$81.89
Max gain
$811
Chance of selling
~26%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Delta Air Lines in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Delta Air Lines
$55B $60B $65B $70B $75B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $58B Revenue (TTM), FY24 Q1: $59B Revenue (TTM), FY24 Q2: $60.1B Revenue (TTM), FY24 Q3: $60.3B Revenue (TTM), FY24 Q4: $61.6B Revenue (TTM), FY25 Q1: $61.9B Revenue (TTM), FY25 Q2: $61.9B Revenue (TTM), FY25 Q3: $62.9B Revenue (TTM), FY25 Q4: $63.4B Revenue (TTM), FY26 Q1: $65.2B Revenue (TTM), FY26 Q2: $68.3B Revenue (TTM), FY26 Q3: $71.8B $71.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $58B
FY24 Q1 $59B
FY24 Q2 $60.1B
FY24 Q3 $60.3B
FY24 Q4 $61.6B
FY25 Q1 $61.9B
FY25 Q2 $61.9B
FY25 Q3 $62.9B
FY25 Q4 $63.4B
FY26 Q1 $65.2B
FY26 Q2 $68.3B
FY26 Q3 $71.8B
Revenue growth, TTM YoY Delta Air Lines
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 14.8% Revenue growth, TTM YoY, FY24 Q1: 9.3% Revenue growth, TTM YoY, FY24 Q2: 7.8% Revenue growth, TTM YoY, FY24 Q3: 5.3% Revenue growth, TTM YoY, FY24 Q4: 6.2% Revenue growth, TTM YoY, FY25 Q1: 4.9% Revenue growth, TTM YoY, FY25 Q2: 3.0% Revenue growth, TTM YoY, FY25 Q3: 4.3% Revenue growth, TTM YoY, FY25 Q4: 2.8% Revenue growth, TTM YoY, FY26 Q1: 5.2% Revenue growth, TTM YoY, FY26 Q2: 10.3% Revenue growth, TTM YoY, FY26 Q3: 14.1% 14.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 14.8%
FY24 Q1 9.3%
FY24 Q2 7.8%
FY24 Q3 5.3%
FY24 Q4 6.2%
FY25 Q1 4.9%
FY25 Q2 3.0%
FY25 Q3 4.3%
FY25 Q4 2.8%
FY26 Q1 5.2%
FY26 Q2 10.3%
FY26 Q3 14.1%
Operating margin (TTM) Delta Air Lines
7% 8% 9% 10% 11% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.5% Operating margin (TTM), FY24 Q1: 10.9% Operating margin (TTM), FY24 Q2: 10.3% Operating margin (TTM), FY24 Q3: 9.3% Operating margin (TTM), FY24 Q4: 9.7% Operating margin (TTM), FY25 Q1: 9.6% Operating margin (TTM), FY25 Q2: 9.3% Operating margin (TTM), FY25 Q3: 9.7% Operating margin (TTM), FY25 Q4: 9.2% Operating margin (TTM), FY26 Q1: 8.8% Operating margin (TTM), FY26 Q2: 8.1% Operating margin (TTM), FY26 Q3: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.5%
FY24 Q1 10.9%
FY24 Q2 10.3%
FY24 Q3 9.3%
FY24 Q4 9.7%
FY25 Q1 9.6%
FY25 Q2 9.3%
FY25 Q3 9.7%
FY25 Q4 9.2%
FY26 Q1 8.8%
FY26 Q2 8.1%
FY26 Q3 7.4%
FCF margin (TTM) Delta Air Lines
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 2.0% FCF margin (TTM), FY24 Q1: 1.9% FCF margin (TTM), FY24 Q2: 1.8% FCF margin (TTM), FY24 Q3: 2.1% FCF margin (TTM), FY24 Q4: 4.7% FCF margin (TTM), FY25 Q1: 4.6% FCF margin (TTM), FY25 Q2: 3.8% FCF margin (TTM), FY25 Q3: 4.9% FCF margin (TTM), FY25 Q4: 6.1% FCF margin (TTM), FY26 Q1: 6.0% FCF margin (TTM), FY26 Q2: 8.2% FCF margin (TTM), FY26 Q3: 7.5% 7.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 2.0%
FY24 Q1 1.9%
FY24 Q2 1.8%
FY24 Q3 2.1%
FY24 Q4 4.7%
FY25 Q1 4.6%
FY25 Q2 3.8%
FY25 Q3 4.9%
FY25 Q4 6.1%
FY26 Q1 6.0%
FY26 Q2 8.2%
FY26 Q3 7.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Delta Air Lines took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $63.4B
  2. Other income $363M · 0.6%
  3. Selling, general and admin $2.5B · 3.9%
  4. Other operating costs $55.1B · 86.9%
  5. Operating income $5.8B · 9.2%
  6. Income tax $1.2B · 1.9%
  7. Net income $5B · 7.9%

Shares of revenue. Source: Delta Air Lines's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 28.1 31.8 35.1 36.7 37.8 40.4 40.7 39.6 41.2 44.4 47.0 17.1 29.9 50.6 58.0 61.6 63.4 71.8
EBITDA 1.2 3.7 3.5 3.7 5.1 4.0 9.6 8.9 8.2 7.6 9.2 −10.2 3.9 5.8 7.9 8.5 8.3 7.9
Operating income −0.3 2.2 2.0 2.2 3.4 2.2 7.8 7.0 6.0 5.3 6.6 −12.5 1.9 3.7 5.5 6.0 5.8 5.3
Net income −1.2 0.6 0.9 1.0 10.5 0.7 4.5 4.2 3.2 3.9 4.8 −12.4 0.3 1.3 4.6 3.5 5.0 3.3
Diluted EPS −$1.50 $0.70 $1.01 $1.19 $12.29 $0.78 $5.63 $5.55 $4.43 $5.67 $7.30 −$19.49 $0.44 $2.06 $7.17 $5.33 $7.66 $5.01
Growth (year on year)
Revenue — +13.2% +10.6% +4.4% +3.0% +6.9% +0.8% −2.6% +4.0% +7.7% +5.8% −63.6% +74.9% +69.2% +14.8% +6.2% +2.8% +14.1%
EBITDA — +207.6% −6.2% +6.9% +35.2% −21.4% +142.3% −7.8% −7.8% −7.3% +21.2% −210.4% — +48.5% +36.3% +8.2% −2.9% −7.7%
Operating income — — −10.9% +10.1% +56.3% −35.1% +253.7% −10.3% −14.7% −11.8% +25.7% −288.4% — +94.1% +50.8% +8.6% −2.9% −12.9%
Net income — — — +18.1% +944.6% −93.7% — −7.3% −23.6% +22.8% +21.1% −359.8% — — +249.7% −25.0% +44.8% −28.9%
Diluted EPS — — — +17.8% +932.8% −93.7% — −1.4% −20.2% +28.0% +28.7% −367.0% — — +248.1% −25.7% +43.7% −29.4%
Margins
EBITDA margin 4.3% 11.7% 10.0% 10.2% 13.4% 9.9% 23.7% 22.4% 19.9% 17.1% 19.6% −59.4% 13.0% 11.4% 13.5% 13.8% 13.0% 11.0%
Operating margin −1.2% 7.0% 5.6% 5.9% 9.0% 5.5% 19.2% 17.6% 14.5% 11.8% 14.1% −72.9% 6.3% 7.2% 9.5% 9.7% 9.2% 7.4%
Net margin −4.4% 1.9% 2.4% 2.8% 27.9% 1.6% 11.1% 10.6% 7.8% 8.9% 10.1% −72.4% 0.9% 2.6% 7.9% 5.6% 7.9% 4.6%
Free-cash-flow margin — — — 1.4% 5.1% 6.7% 12.2% 9.6% 2.7% 4.2% 7.4% −33.3% 0.1% −0.0% 2.0% 4.7% 6.1% 11.1%
Cash flow
Cash from operations 1.4 2.8 2.8 2.5 4.5 4.9 7.9 7.2 5.0 7.0 8.4 −3.8 3.3 6.4 6.5 8.0 8.3 8.0
Capital spending — — — 2.0 2.6 2.2 2.9 3.4 3.9 5.2 4.9 1.9 3.2 6.4 5.3 5.1 4.5 0.0
Free cash flow — — — 0.5 1.9 2.7 5.0 3.8 1.1 1.8 3.5 −5.7 0.0 −0.0 1.1 2.9 3.8 8.0
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.2 0.2 0.3 —
Free cash flow after stock pay — — — 0.5 1.8 2.6 4.9 3.7 1.0 1.7 3.3 −5.8 −0.1 −0.2 1.0 2.6 3.5 —
Balance sheet
Cash 4.6 2.9 2.7 2.4 2.8 2.1 2.0 2.8 1.8 1.6 2.9 8.3 7.9 3.3 2.7 3.1 4.3 3.8
Total debt 19.6 17.5 14.1 13.2 11.9 10.2 8.3 7.3 8.8 9.8 11.2 29.2 26.9 23.0 20.1 16.2 14.1 12.9
Net debt (negative = net cash) 15.0 14.6 11.5 10.7 9.1 8.1 6.4 4.6 7.0 8.2 8.3 20.9 19.0 19.8 17.3 13.1 9.8 9.1
Diluted shares 827m 843m 844m 850m 858m 845m 804m 755m 723m 694m 653m 636m 641m 641m 643m 648m 654m 657m
Returned to shareholders
Dividends — — 0.0 0.0 0.1 0.3 0.4 0.5 0.7 0.9 1.0 0.3 0.0 0.0 0.1 0.3 0.4 0.5
Buybacks — — 0.0 0.0 0.3 1.1 2.2 2.6 1.7 1.6 2.0 0.3 0.0 0.0 — — — —
Total returned — — 0.0 0.0 0.4 1.4 2.6 3.1 2.4 2.5 3.0 0.6 0.0 0.0 0.1 0.3 0.4 0.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $86.0bn
Short-term assets $13.5bnLonger-term assets $72.6bn
What it owes, and who funded it · $56.1bn
Short-term liabilities $33.6bnShareholders' equity $22.5bn
  • Short-term assets cover short-term liabilities $13.5bn of assets due within a year against $33.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $3.8bn of cash against $12.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 54% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 767% to 54% over five years.
  • A year's operating cash flow covers at least 20% of debt $8.0bn of operating cash flow against $12.1bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Delta Air Lines's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$515M
Diluted share count
+0.7%
year over year
Total shareholder yield
0.9%
dividends 0.9% + buybacks 0.0% of market value
Dividend payout ratio
16%
of net income paid out

Competitors: side by side with peers

Closest by revenue in passenger airlines
Last 12 months unless stated DAL UAL AAL LUV RYAAY ALK Median
Revenue, last 12 months $71.8bn $65.6bn $61.0bn $31.5bn $18.0bn $14.8bn $5.0bn
Revenue growth, last 12 months 14.1% 12.3% 12.3% 14.5% 20.3% 9.8% 11.1%
Revenue growth, 3-year average 7.8% 7.7% 4.8% 7.4% — 12.6% 7.6%
Revenue growth, latest quarter 21.1% 17.4% 19.3% 21.2% — 9.7% 20.2%
Operating margin 7.4% 7.5% 1.6% 4.4% 15.3% −1.5% 0.0%
Operating margin, 3-year average 8.8% 8.0% 3.2% 1.4% 10.5% 2.0% −1.6%
Net margin 4.6% 5.5% −0.8% 3.3% 14.0% −1.2% 0.1%
Cash from operations / revenue 11.1% 12.4% 7.0% 8.7% 23.8% 6.9% 7.0%
Free-cash-flow margin 7.5% 1.7% −0.1% −1.4% 11.6% 5.0% −0.1%
Free-cash-flow margin, 3-year average 4.8% 2.9% 0.1% −3.2% 12.7% 4.8% −3.2%
Stock pay / revenue — 0.3% — 0.1% 0.1% 0.5% 0.4%
Change in share count 0.7% −1.3% −6.4% −13.1% −3.9% −8.4% −1.3%

Median of all 16 companies we cover in passenger airlines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 passenger airlines companies
Measure Company Peer median Rank
Revenue growth Growth 14.1% 12.2% 5 of 16
Change in growth rate Growth +3.8pp +4.8pp 9 of 16
Operating margin Profitability 7.4% 1.6% 5 of 16
Net margin Profitability 4.6% 0.9% 6 of 16
Free-cash-flow margin Cash generation 7.5% 0.0% 4 of 16
Long-term debt as % of assets Balance sheet 10.6% 26.9% 4 of 14
Change in share count Balance sheet 0.7% -1.3% 8 of 10

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Passenger $51.8B 80.6% ▲ 1.7%
Passenger Air Traffic $45.5B 87.9% ▲ 0.9%
Passenger Loyalty Travel Awards $4.2B 8.2% ▲ 10.3%
Passenger Travel Related Services $2B 3.9% ▲ 4.4%
Other $10.7B 16.7% ▲ 7.7%
Product and Service Other Refinery $5.1B 47.5% ▲ 9.4%
Product and Service Other Loyalty Program $3.4B 31.4% ▲ 2.0%
Product and Service Other Miscellaneous $1.3B 12.3% ▲ 8.6%
Cargo and Freight $900M 8.4% ▲ 9.5%
Product and Service Other Ancillary Businesses $937M 1.5% ▲ 21.4%
Product and Service Other MRO Business $822M 1.3% ▲ 24.9%

From Delta Air Lines's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$54.3B
Institutions reporting
1,509
Shares held vs prior quarter
0.0%
Positions opened / closed
279 / 111

Top buyers and sellers, Q2 2026: 794 institutions bought and 594 sold ; the biggest buyer was Berkshire Hathaway Inc (+17.5M shares) and the biggest seller Ameriprise Financial Inc (−2.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Berkshire Hathaway Inc $5.4B 57.3M 9.9% ▲ 44.0%
Blackrock, Inc. $4.2B 45.1M 7.8% ▲ 2.2%
Vanguard Capital Management LLC $3.9B 41.3M 7.1% ▼ 1.5%
FMR LLC $3.1B 33.2M 5.7% ▲ 20.7%
Sanders Capital, LLC $2.7B 29.1M 5.0% ▼ 1.1%
Vanguard Portfolio Management LLC $2.5B 26.3M 4.5% ▼ 3.8%
State Street Corp $2.3B 24.1M 4.2% ▲ 2.9%
Capital International Investors $1.9B 20.7M 3.6% ▲ 0.6%
Geode Capital Management, LLC $1.8B 18.5M 3.2% ▲ 3.0%
Primecap Management Co $1.6B 17.5M 3.0% ▼ 0.2%
Harris Associates L P $1.6B 17.3M 3.0% ▼ 3.7%
Bank Of New York Mellon Corp $1.2B 12.6M 2.2% ▲ 2.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Delta Air Lines's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $126M 33 trades by 12 insiders · 0% under pre-set plans
Net ▼ $126M net selling
Insider Date Trade Shares Price Value
Bastian Edward H Chief Executive Officer October 29, 2026 Sell 50,000 $82.00 $4.1M
Sear Steven M EVP - Global Sales & Distrib August 5, 2026 Sell 40,460 $93.55 $3.8M
Huerta Michael P Director August 5, 2026 Sell 3,100 $94.11 $291,756
Bastian Edward H Chief Executive Officer August 4, 2026 Sell 206,510 $92.80 $19.2M
Bellemare Alain EVP & Pres. - International August 4, 2026 Sell 35,000 $92.72 $3.2M
Carter Peter W President August 4, 2026 Sell 39,900 $92.98 $3.7M
Dewalt David G Director August 3, 2026 Sell 31,756 $90.85 $2.9M
Bellemare Alain EVP & Pres. - International May 27, 2026 Sell 25,000 $81.44 $2M
Ausband Allison C EVP & Chief People Officer May 27, 2026 Sell 5,000 $80.90 $404,500
Ausband Allison C EVP & Chief People Officer May 26, 2026 Sell 5,000 $79.00 $395,000
Ausband Allison C EVP & Chief People Officer May 22, 2026 Sell 9,710 $76.00 $737,960
Ausband Allison C EVP & Chief People Officer May 21, 2026 Sell 5,000 $73.50 $367,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 35 trades and filings

No trades in Delta Air Lines disclosed in the last 12 months; 35 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 12, 2027 estimated from the company's past filing pattern, not announced

  • October 9, 2026
  • July 10, 2026
  • April 8, 2026
  • January 13, 2026
  • October 9, 2025
  • July 10, 2025

Recent SEC filings

Data status

When each part of this page on Delta Air Lines was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Delta Air Lines in brief

What does Delta Air Lines do?
Delta Air Lines is a US-listed company in the passenger airlines industry. Its financial year ends in December.
What is Delta Air Lines's stock ticker?
Delta Air Lines trades under the ticker DAL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Delta Air Lines's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Delta Air Lines reported revenue of $71.8B, 14.1% higher than a year earlier, according to its SEC filings.
What is Delta Air Lines's free cash flow?
Delta Air Lines's free-cash-flow margin is 7.5% of revenue over the trailing twelve months, ranking 4 of the 16 passenger airlines companies we cover.
What is Delta Air Lines's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Delta Air Lines's free cash flow after stock-based pay gives ~$86 per share in the base case, and ~$60–$120 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Delta Air Lines's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Berkshire Hathaway Inc, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Delta Air Lines's market cap?
On November 2, 2026, Delta Air Lines's market capitalisation was about $54.8B, with a price-to-earnings ratio of 16.7 and net debt of $9.1B. Market figures come from third-party market data and may be delayed.
Does Delta Air Lines pay a dividend?
Yes: Delta Air Lines paid $515M in dividends over the trailing twelve months, a dividend yield of 0.94% and a payout ratio of 15.7%.
How much debt does Delta Air Lines have?
Delta Air Lines's debt-to-equity ratio is 53.8%, from its latest balance sheet (766.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Delta Air Lines's competitors?
In our Passenger Airlines peer group, the companies closest to Delta Air Lines are United Airlines Holdings, American Airlines Group Inc., Southwest Airlines, Ryanair Holdings PLC and Alaska AIR Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Delta Air Lines's.
Are insiders buying or selling Delta Air Lines stock?
Over the last 12 months, Delta Air Lines's directors and officers reported 0 open-market purchases and 33 sales on Form 4. The insider trading page charts every trade.
When is Delta Air Lines's next earnings date?
Around January 12, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Delta Air Lines announces its own schedule.