Delta Air Lines, Inc. (DAL) financials

NYSE · Industrials · Airlines, Airports & Air Services · 100,000 employees · CEO Edward H. Bastian

Price: $80.15 -1.83%
Market cap: $52.7B
Enterprise value: $67.8B
Last report: Q3 '26 filed 2026-10-09
Next report: 2027-01-13 EPS est. $1.42

Revenue (TTM)$71.8B+14.1% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)7.4%-2.3 pp vs a year agoOperating income $5.29B

Net income (TTM)$3.29B-28.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$5.68B+84.8% vs a year agoCapex $2.32B

Diluted EPS (TTM)$5.01-29.3% vs a year agoSum of the last 4 quarters

Net cash-$15B+16.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $52.7B
Revenue: $71.8B
Revenue growth: +6%
Profit margin: 4.6%
P/E: 15.9×
P/S: 0.7×
EV / EBITDA: 9.2×
Free cash flow: $5.68B
Net income: $3.29B
Revenue estimate: $67B
Earnings: 2027-01-13
Dividend: $0.81

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-09): revenue beat by 14.5%, EPS missed by 2.8%Revenue $20.2B vs $17.6B expected (+14.5%); EPS $1.72 vs $1.77 (-2.8%).
Revenue growth accelerating: 21.1% year on yearQ3 '26 revenue $20.2B, against an average of 10.2% over the four quarters before.
Operating margin 7.4% (TTM), -2.3 pp on a year agoOperating income grew -12.9% while revenue grew 14.1%.
20.6% of pre-tax profit is eaten by non-operating lossesPre-tax income $4.38B vs operating income $5.29B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 3.2% of revenue (a year ago 7.8%)$2.32B invested in the last 4 quarters (-52.7% on a year earlier). Free cash flow $5.68B = 172.6% of net income.
Returned $521M to shareholders = 9.2% of free cash flowBuybacks $0 (a year earlier $0), dividends $521M, stock-based pay $0 (TTM).
Diluted share count up 0.9% in a year659M diluted shares in Q3 '26, 653M a year earlier.
Net debt $15BCash + short-term investments $3.79B, debt incl. leases $18.8B; a year ago net debt $17.9B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$20.2B	$16.7B	+21.1%
Gross margin	33.3%	23.5%	+9.8 pp
Operating income	$1.45B	$1.68B	-13.7%
Operating margin	7.2%	10.1%	-2.9 pp
Net income	$756M	$1.42B	-46.6%
Diluted EPS	$1.15	$2.17	-47.0%
Operating cash flow	$1.71B	$1.85B	-7.3%
Capex	$1.41B	$1.16B	+21.8%
Free cash flow	$300M	$687M	-56.3%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-10-09

	Actual	Consensus	vs consensus
Revenue	$20.2B	$17.6B	+14.5%
EPS (as estimated)	$1.72	$1.77	-2.8%

From the report of 2026-10-09 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Airline	$17.6B	+15.7%	87.1%	$64.1B	+10.2%
Refinery	$2.97B	+65.3%	14.7%	$9.36B	+34.4%
Intersegment Eliminations	–	–	–	–	–
Sales to Airline Segment	-$366M	–	-1.8%	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Domestic	$6.3B	–	71.9%	–	–
Atlantic	$1.06B	–	12.1%	–	–
Latin America	$827M	–	9.4%	–	–
Pacific	$578M	–	6.6%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Airline	–	–	$1.49B	-8.8%	–	–	$4.89B
Refinery	–	–	-$33M	-162.3%	–	–	$394M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $8B
Capex: -$2.32B
Buybacks: $0
Dividends: -$521M
Acquisitions: $0
Net debt issued: -$2.8B
Stock-based compensation: $0
Free cash flow: $5.68B
Returned to shareholders / FCF: 9.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	15.9×	26.1×	5.6× – 88.8×
EV / EBITDA	9.2×	8.9×	5.7× – 14.0×
EV / Sales	0.9×	1.1×	0.9× – 1.7×
Price / FCF	9.3×	400.3× 4 of 5 years	11.7× – 1,553.4×
Price / Book	2.3×	3.3×	2.2× – 6.4×
FCF yield	10.8%	4.1%	-0.0% – 8.5%
Return on invested capital	7.0%	6.7%	2.5% – 8.9%
Return on equity	15.4%	23.1%	7.2% – 41.5%

Analysts

Consensus target $103.50 (+29.1%)
range $95.00 – $125.00 · rating Buy

Strong buy1

Buy36

Hold8

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$67B	+5.7%	$5.43	-29.1%	14.8×	13
FY2027	$71.5B	+6.7%	$7.41	+36.4%	10.8×	9
FY2028	$74.5B	+4.2%	$9.79	+32.2%	8.2×	7
FY2029	$78.8B	+5.8%	$11.52	+17.7%	7.0×	2
FY2030	$85.2B	+8.1%	$11.86	+2.9%	6.8×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 224 figures Delta Air Lines, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$1.41B	$1.16B	+21.8%	–	–	–
Accounts Payable, Current	$6.6B	$5.02B	+31.3%	$5.23B	$4.65B	+12.4%
Accounts Receivable, Allowance for Credit Loss, Current	$13M	$16M	-18.8%	$13M	$18M	-27.8%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$4.04B	-$4.86B	+16.8%	-$4.14B	-$4.98B	+17.0%
Additional Paid in Capital, Common Stock	$12.1B	$11.8B	+2.4%	$11.9B	$11.7B	+1.2%
Advertising Expense	–	–	–	$405M	$438M	-7.5%
Aircraft Maintenance, Materials, and Repairs	$662M	$667M	-0.7%	$2.43B	$2.62B	-7.0%
Aircraft Rental	$159M	$135M	+17.8%	$542M	$548M	-1.1%
Airline Related Inventory, Net	$2.64B	$1.54B	+70.9%	$1.6B	$1.43B	+12.1%
Airline Related Inventory, Valuation Reserves	$140M	$118M	+18.6%	$124M	$120M	+3.3%
Airline, Capacity Purchase Arrangements	$680M	$649M	+4.8%	$2.55B	$2.33B	+9.7%
Amortization of Intangible Assets	–	–	–	$8M	$9M	-11.1%
AOCI Tax, Attributable to Parent	$253M	$499M	-49.3%	$282M	$536M	-47.4%
Assets	$86B	$79.6B	+8.1%	$81.3B	$75.4B	+7.9%
Assets, Current	$13.5B	$11.2B	+20.1%	$11B	$9.84B	+11.4%
Assets, Noncurrent	$72.6B	$68.4B	+6.1%	$70.3B	$65.5B	+7.4%
Capitalized Computer Software, Amortization	–	–	–	$314M	$324M	-3.1%
Capitalized Computer Software, Net	$1.1B2025-12-31	$933M	+17.9%	$1.1B	$933M	+17.9%
Cash and Cash Equivalents, at Carrying Value	$3.79B	$3.79B	-0.1%	$4.31B	$3.07B	+40.4%
Cash and Cash Equivalents, Fair Value Disclosure	$2.14B	–	–	$2.87B	$1.62B	+77.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$3.88B	$3.97B	-2.2%	$4.5B	$3.42B	+31.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$891M	$442M	-301.6%	$1.08B	$26M	+4,053.8%
Common Stock, Dividends, Per Share, Declared	$0.22	$0.19	+14.7%	$0.68	$0.50	+35.0%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	1.5B	1.5B	0.0%	1.5B	1.5B	0.0%
Common Stock, Shares, Issued	667M	659M	+1.1%	660M	655M	+0.8%
Common Stock, Value, Issued	$0	$0	–	$0	$0	–
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$787M	$1.46B	-46.0%	$5.85B	$4.32B	+35.3%
Contract with Customer, Liability, Revenue Recognized	$500M	$500M	0.0%	$6.4B	$6.5B	-1.5%
Cost of Services, Catering	$494M	$485M	+1.9%	$1.86B	$1.79B	+3.7%
Costs and Expenses	$18.7B	$15B	+25.0%	$57.5B	$55.6B	+3.4%
Current Federal Tax Expense (Benefit)	–	–	–	$10M	$0	–
Current Foreign Tax Expense (Benefit)	–	–	–	$44M	$11M	+300.0%
Current State and Local Tax Expense (Benefit)	–	–	–	$17M	$35M	-51.4%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	-$9M	-$1M	-800.0%	-$6M	$26M	-123.1%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$970M	$1.04B	-6.6%
Deferred Income Tax Assets, Net	$1M2025-12-31	$95M	-98.9%	$1M	$95M	-98.9%
Deferred Income Tax Expense (Benefit)	–	–	–	$1.11B	$1.16B	-4.0%
Deferred Income Tax Liabilities, Net	$4.23B	$2.96B	+42.9%	$3.44B	$2.18B	+58.3%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$139M	$117M	+18.8%
Deferred Tax Assets, Deferred Income	$2.25B2025-12-31	$2.16B	+4.4%	$2.25B	$2.16B	+4.4%
Deferred Tax Assets, Investments	$593M2025-12-31	$936M	-36.6%	$593M	$936M	-36.6%
Deferred Tax Assets, Net of Valuation Allowance	$6.96B2025-12-31	$7.57B	-8.0%	$6.96B	$7.57B	-8.0%
Deferred Tax Assets, Operating Loss Carryforwards	$694M2025-12-31	$799M	-13.1%	$694M	$799M	-13.1%
Deferred Tax Assets, Other	$488M2025-12-31	$608M	-19.7%	$488M	$608M	-19.7%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	$916M2025-12-31	$1.21B	-24.0%	$916M	$1.21B	-24.0%
Deferred Tax Assets, Valuation Allowance	$643M2025-12-31	$951M	-32.4%	$643M	$951M	-32.4%
Deferred Tax Liabilities, Gross	$10.4B2025-12-31	$9.65B	+7.8%	$10.4B	$9.65B	+7.8%
Deferred Tax Liabilities, Intangible Assets	$1.19B2025-12-31	$1.17B	+2.0%	$1.19B	$1.17B	+2.0%
Deferred Tax Liabilities, Net	$3.44B2025-12-31	$2.08B	+65.4%	$3.44B	$2.08B	+65.4%
Deferred Tax Liabilities, Other	$114M2025-12-31	$78M	+46.2%	$114M	$78M	+46.2%
Deferred Tax Liabilities, Property, Plant and Equipment	$7.84B2025-12-31	$7.04B	+11.3%	$7.84B	$7.04B	+11.3%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	5.5%2025-12-31	5.7%	-3.7%	5.5%	5.7%	-3.7%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	–	–	–	5.5%	5.3%	+3.8%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	–	–	–	7.0%	7.0%	-0.1%
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$5M2025-12-31	$80M	-93.8%	$5M	$80M	-93.8%
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	7.3%2025-12-31	6.5%	+11.5%	7.3%	6.5%	+11.5%
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	$62M2025-12-31	$67M	-7.5%	$62M	$67M	-7.5%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	5.0%2025-12-31	5.0%	0.0%	5.0%	5.0%	0.0%
Defined Contribution Plan, Cost	–	–	–	$1.4B	$1.3B	+7.7%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-02