Delta Air Lines
DAL · NYSEAir Transportation, Scheduled · Fiscal year ends Dec 31
Delta Air Lines reported revenue of $63.4B in the fiscal year ended Dec 2025, up 2.8% from the year before. Operating income was $5.8B, an operating margin of 9.2%, and net income was $5B. Operating cash flow of $8.3B less capital expenditure of $4.5B left free cash flow of $3.8B. Net debt was $9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $29.9B | $50.6B | $58B | $61.6B | $63.4B |
| Operating income | $1.9B | $3.7B | $5.5B | $6B | $5.8B |
| Net interest incomeBanks | −$1.3B | −$1B | −$834M | – | – |
| Pre-tax income | $398M | $1.9B | $5.6B | $4.7B | $6.2B |
| Income tax | $118M | $596M | $999M | $1.2B | $1.2B |
| Net income | $280M | $1.3B | $4.6B | $3.5B | $5B |
| Diluted EPS | 0.44 | 2.06 | 7.17 | 5.33 | 7.66 |
| Diluted shares | 641M | 641M | 643M | 648M | 654M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $7.9B | $3.3B | $2.7B | $3.1B | $4.3B |
| Receivables | $2.4B | $3.2B | $3.1B | $3.2B | $2.9B |
| Current assets | $15.9B | $13B | $10.3B | $9.8B | $11B |
| Goodwill | $9.8B | $9.8B | $9.8B | $9.8B | $9.8B |
| Total assets | $72.5B | $72.3B | $73.6B | $75.4B | $81.3B |
| Payables | $4.2B | $5.1B | $4.4B | $4.7B | $5.2B |
| Current liabilities | $21B | $25.9B | $26.4B | $26.7B | $27.6B |
| Short-term debt | $1.5B | $2.1B | $2.6B | $1.8B | $1.4B |
| Long-term debt | $23.6B | $19.3B | $16B | $13.5B | $11.9B |
| Shareholders' equity | $3.9B | $6.6B | $11.1B | $15.3B | $20.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $6.4B | $6.5B | $8B | $8.3B |
| Capital expenditure | $3.2B | $6.4B | $5.3B | $5.1B | $4.5B |
| Free cash flow | $17M | −$3M | $1.1B | $2.9B | $3.8B |
| Depreciation & amortisation | $2B | $2.1B | $2.3B | $2.5B | $2.4B |
| Stock-based compensation | $149M | $150M | $180M | $236M | $313M |
| Share buybacks | $0 | $0 | – | – | – |
| Dividends paid | $0 | $0 | $128M | $321M | $440M |
| Dividend per share | 0.00 | 0.00 | 0.20 | 0.50 | 0.68 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 69.2% | 14.8% | 6.2% | 2.8% |
| Operating income growth (YoY) | – | 94.1% | 50.8% | 8.6% | −2.9% |
| EPS growth (YoY) | – | 368.2% | 248.1% | −25.7% | 43.7% |
| Operating margin | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% |
| Net margin | 0.9% | 2.6% | 7.9% | 5.6% | 7.9% |
| Return on equityBlank when equity is negative | 7.2% | 20.0% | 41.5% | 22.6% | 24.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.7% | 7.9% | 11.7% | 12.3% | 10.8% |
| Free cash flow margin | 0.1% | −0.0% | 2.0% | 4.7% | 6.1% |
| Cash conversion (CFO ÷ net income) | 11.7x | 4.83x | 1.40x | 2.32x | 1.67x |
| Receivable days | 29 | 23 | 20 | 19 | 16 |
| Debt ÷ equity | 6.45x | 3.25x | 1.68x | 1.00x | 0.64x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $17.2B | $18.1B | $15.9B | $12.3B | $9B |
| Current ratio | 0.76x | 0.50x | 0.39x | 0.37x | 0.40x |
Recent filings
More in Air Transportation, Scheduled
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.