Delta Air Lines, Inc. (DAL)财务
NYSE · Industrials · Airlines, Airports & Air Services · 员工100,000人 · CEO Edward H. Bastian
- 股价
- $80.15 -1.83%
- 市值
- $527亿
- 企业价值
- $678亿
- 最近财报
- Q3 '26 2026-10-09提交
- 下次财报
- 2027-01-13 EPS预期 $1.42
营收(TTM)$718亿+14.1% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)7.4%-2.3 百分点 对比去年同期营业利润 $52.9亿
净利润(TTM)$32.9亿-28.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$56.8亿+84.8% 对比去年同期资本支出 $23.2亿
稀释EPS(TTM)$5.01-29.3% 对比去年同期最近4个季度之和
净现金-$150亿+16.1% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $527亿 EV $678亿
- 营收
- $718亿 过去12个月
- 营收增速
- +6% FY2026年一致预期
- 净利润率
- 4.6% 净利润 / 营收,TTM
- P/E
- 15.9× 预期 14.8×(FY2026)
- P/S
- 0.7× 股价 / 营收,TTM
- EV / EBITDA
- 9.2× TTM
- 自由现金流
- $56.8亿 过去12个月
- 净利润
- $32.9亿 过去12个月
- 营收预期
- $670亿 FY2026年一致预期
- 盈利
- 2027-01-13 营收预期 $195亿
- 股息
- $0.81 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-09):营收超预期14.5%,EPS 低于预期2.8%营收$202亿,预期$176亿(+14.5%);EPS $1.72,预期$1.77(-2.8%)。
- 营收增长加速:同比21.1%Q3 '26营收$202亿,此前四个季度的平均值为10.2%。
- 营业利润率7.4%(TTM),较去年同期-2.3 百分点营收增长14.1%,营业利润增长-12.9%。
- 税前利润的20.6%被营业外亏损吞噬税前利润$43.8亿,营业利润$52.9亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的3.2%(去年为7.8%)最近4个季度投入$23.2亿(同比-52.7%)。自由现金流$56.8亿,相当于净利润的172.6%。
- 股东回报$5.21亿 = 自由现金流的9.2%回购$0(去年为$0),股息$5.21亿,股权激励$0(TTM)。
- 稀释股数一年内增加0.9%Q3 '26稀释股数6.59亿,一年前为6.53亿。
- 净债务 $150亿现金 + 短期投资 $37.9亿,含租赁债务 $188亿;一年前净债务 $179亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $202亿 | $167亿 | +21.1% |
| 毛利率 | 33.3% | 23.5% | +9.8 百分点 |
| 营业利润 | $14.5亿 | $16.8亿 | -13.7% |
| 营业利润率 | 7.2% | 10.1% | -2.9 百分点 |
| 净利润 | $7.56亿 | $14.2亿 | -46.6% |
| 稀释EPS | $1.15 | $2.17 | -47.0% |
| 经营现金流 | $17.1亿 | $18.5亿 | -7.3% |
| 资本支出 | $14.1亿 | $11.6亿 | +21.8% |
| 自由现金流 | $3亿 | $6.87亿 | -56.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-10-09| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $202亿 | $176亿 | +14.5% |
| EPS(一致预期口径) | $1.72 | $1.77 | -2.8% |
来自2026-10-09发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Airline | $176亿 | +15.7% | 87.1% | $641亿 | +10.2% | |
| Refinery | $29.7亿 | +65.3% | 14.7% | $93.6亿 | +34.4% | |
| Intersegment Eliminations | – | – | – | – | – | |
| Sales to Airline Segment | -$3.66亿 | – | -1.8% | – | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Domestic | $63亿 | – | 71.9% | – | – | |
| Atlantic | $10.6亿 | – | 12.1% | – | – | |
| Latin America | $8.27亿 | – | 9.4% | – | – | |
| Pacific | $5.78亿 | – | 6.6% | – | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Airline | – | – | $14.9亿 | -8.8% | – | – | $48.9亿 |
| Refinery | – | – | -$3300万 | -162.3% | – | – | $3.94亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $80亿
- 资本支出
- -$23.2亿
- 股票回购
- $0
- 股息
- -$5.21亿
- 收购
- $0
- 债务净发行
- -$28亿
- 股权激励费用
- $0
- 自由现金流
- $56.8亿
- 股东回报 / FCF
- 9.2%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 15.9× | 26.1× | 5.6× – 88.8× |
| EV / EBITDA | 9.2× | 8.9× | 5.7× – 14.0× |
| EV / 营收 | 0.9× | 1.1× | 0.9× – 1.7× |
| 股价 / FCF | 9.3× | 400.3× 5年中的4年 | 11.7× – 1,553.4× |
| 股价 / 净资产 | 2.3× | 3.3× | 2.2× – 6.4× |
| FCF收益率 | 10.8% | 4.1% | -0.0% – 8.5% |
| 投入资本回报率 | 7.0% | 6.7% | 2.5% – 8.9% |
| 净资产收益率 | 15.4% | 23.1% | 7.2% – 41.5% |
分析师
一致目标价 $103.50 (+29.1%)
区间 $95.00 – $125.00 · 评级 Buy
强烈买入1
买入36
持有8
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $670亿 | +5.7% | $5.43 | -29.1% | 14.8× | 13 |
| FY2027 | $715亿 | +6.7% | $7.41 | +36.4% | 10.8× | 9 |
| FY2028 | $745亿 | +4.2% | $9.79 | +32.2% | 8.2× | 7 |
| FY2029 | $788亿 | +5.8% | $11.52 | +17.7% | 7.0× | 2 |
| FY2030 | $852亿 | +8.1% | $11.86 | +2.9% | 6.8× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Delta Air Lines, Inc.在近期10-Q / 10-K文件中标记的全部224项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $14.1亿 | $11.6亿 | +21.8% | – | – | – | |
| Accounts Payable, Current | $66亿 | $50.2亿 | +31.3% | $52.3亿 | $46.5亿 | +12.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1300万 | $1600万 | -18.8% | $1300万 | $1800万 | -27.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$40.4亿 | -$48.6亿 | +16.8% | -$41.4亿 | -$49.8亿 | +17.0% |
| Additional Paid in Capital, Common Stock | $121亿 | $118亿 | +2.4% | $119亿 | $117亿 | +1.2% |
| Advertising Expense | – | – | – | $4.05亿 | $4.38亿 | -7.5% |
| Aircraft Maintenance, Materials, and Repairs | $6.62亿 | $6.67亿 | -0.7% | $24.3亿 | $26.2亿 | -7.0% |
| Aircraft Rental | $1.59亿 | $1.35亿 | +17.8% | $5.42亿 | $5.48亿 | -1.1% |
| Airline Related Inventory, Net | $26.4亿 | $15.4亿 | +70.9% | $16亿 | $14.3亿 | +12.1% |
| Airline Related Inventory, Valuation Reserves | $1.4亿 | $1.18亿 | +18.6% | $1.24亿 | $1.2亿 | +3.3% |
| Airline, Capacity Purchase Arrangements | $6.8亿 | $6.49亿 | +4.8% | $25.5亿 | $23.3亿 | +9.7% |
| Amortization of Intangible Assets | – | – | – | $800万 | $900万 | -11.1% |
| AOCI Tax, Attributable to Parent | $2.53亿 | $4.99亿 | -49.3% | $2.82亿 | $5.36亿 | -47.4% |
| Assets | $860亿 | $796亿 | +8.1% | $813亿 | $754亿 | +7.9% |
| Assets, Current | $135亿 | $112亿 | +20.1% | $110亿 | $98.4亿 | +11.4% |
| Assets, Noncurrent | $726亿 | $684亿 | +6.1% | $703亿 | $655亿 | +7.4% |
| Capitalized Computer Software, Amortization | – | – | – | $3.14亿 | $3.24亿 | -3.1% |
| Capitalized Computer Software, Net | $11亿2025-12-31 | $9.33亿 | +17.9% | $11亿 | $9.33亿 | +17.9% |
| Cash and Cash Equivalents, at Carrying Value | $37.9亿 | $37.9亿 | -0.1% | $43.1亿 | $30.7亿 | +40.4% |
| Cash and Cash Equivalents, Fair Value Disclosure | $21.4亿 | – | – | $28.7亿 | $16.2亿 | +77.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $38.8亿 | $39.7亿 | -2.2% | $45亿 | $34.2亿 | +31.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$8.91亿 | $4.42亿 | -301.6% | $10.8亿 | $2600万 | +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 | 15亿 | 15亿 | 0.0% | 15亿 | 15亿 | 0.0% |
| Common Stock, Shares, Issued | 6.67亿 | 6.59亿 | +1.1% | 6.6亿 | 6.55亿 | +0.8% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $7.87亿 | $14.6亿 | -46.0% | $58.5亿 | $43.2亿 | +35.3% |
| Contract with Customer, Liability, Revenue Recognized | $5亿 | $5亿 | 0.0% | $64亿 | $65亿 | -1.5% |
| Cost of Services, Catering | $4.94亿 | $4.85亿 | +1.9% | $18.6亿 | $17.9亿 | +3.7% |
| Costs and Expenses | $187亿 | $150亿 | +25.0% | $575亿 | $556亿 | +3.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1000万 | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4400万 | $1100万 | +300.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1700万 | $3500万 | -51.4% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | -$900万 | -$100万 | -800.0% | -$600万 | $2600万 | -123.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $9.7亿 | $10.4亿 | -6.6% |
| Deferred Income Tax Assets, Net | $100万2025-12-31 | $9500万 | -98.9% | $100万 | $9500万 | -98.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $11.1亿 | $11.6亿 | -4.0% |
| Deferred Income Tax Liabilities, Net | $42.3亿 | $29.6亿 | +42.9% | $34.4亿 | $21.8亿 | +58.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1.39亿 | $1.17亿 | +18.8% |
| Deferred Tax Assets, Deferred Income | $22.5亿2025-12-31 | $21.6亿 | +4.4% | $22.5亿 | $21.6亿 | +4.4% |
| Deferred Tax Assets, Investments | $5.93亿2025-12-31 | $9.36亿 | -36.6% | $5.93亿 | $9.36亿 | -36.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $69.6亿2025-12-31 | $75.7亿 | -8.0% | $69.6亿 | $75.7亿 | -8.0% |
| Deferred Tax Assets, Operating Loss Carryforwards | $6.94亿2025-12-31 | $7.99亿 | -13.1% | $6.94亿 | $7.99亿 | -13.1% |
| Deferred Tax Assets, Other | $4.88亿2025-12-31 | $6.08亿 | -19.7% | $4.88亿 | $6.08亿 | -19.7% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $9.16亿2025-12-31 | $12.1亿 | -24.0% | $9.16亿 | $12.1亿 | -24.0% |
| Deferred Tax Assets, Valuation Allowance | $6.43亿2025-12-31 | $9.51亿 | -32.4% | $6.43亿 | $9.51亿 | -32.4% |
| Deferred Tax Liabilities, Gross | $104亿2025-12-31 | $96.5亿 | +7.8% | $104亿 | $96.5亿 | +7.8% |
| Deferred Tax Liabilities, Intangible Assets | $11.9亿2025-12-31 | $11.7亿 | +2.0% | $11.9亿 | $11.7亿 | +2.0% |
| Deferred Tax Liabilities, Net | $34.4亿2025-12-31 | $20.8亿 | +65.4% | $34.4亿 | $20.8亿 | +65.4% |
| Deferred Tax Liabilities, Other | $1.14亿2025-12-31 | $7800万 | +46.2% | $1.14亿 | $7800万 | +46.2% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $78.4亿2025-12-31 | $70.4亿 | +11.3% | $78.4亿 | $70.4亿 | +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 | $500万2025-12-31 | $8000万 | -93.8% | $500万 | $8000万 | -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 | $6200万2025-12-31 | $6700万 | -7.5% | $6200万 | $6700万 | -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 | – | – | – | $14亿 | $13亿 | +7.7% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-02