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Delta Air Lines cash flow statement

In fiscal 2025, Delta Air Lines's operations generated $8.34bn of cash; it spent $4.50bn on capital projects, leaving free cash flow of $3.84bn. It returned $440m in dividends.

Cash flow statement

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations1,3792,8322,8342,4764,5044,9477,9277,2155,0237,0148,425−3,7933,2646,3636,4648,0258,3428,000
Depreciation and amortisation1,5361,5111,5231,5651,6581,7711,8351,8862,2222,3292,5812,3121,9982,1072,3412,5132,4432,584
Stock-based pay108897254908176154169159161119149150180236313—
Capital spending———1,9682,5682,2492,9453,3913,8915,1684,9361,8993,2476,3665,3235,1404,4990
Free cash flow———5081,9362,6984,9823,8241,1321,8463,489−5,69217−31,1412,8853,8438,000
Free cash flow after stock pay———4541,8462,6174,9063,6709631,6873,328−5,811−132−1539612,6493,530—
Dividends paid——0010225135950973190998026000128321440515
Share buybacks——002501,1002,2002,6011,6771,5752,02734400————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Delta Air Lines's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Delta Air Lines.