A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
DELTA AIR LINES, INC.
DAL
$55.6B
Mkt Cap
$85.06
+3.77%
DELTA AIR LINES, INC. (DAL) has a current P/E ratio of 11.1, compared to its historical median P/E of 9.2. The stock is currently considered Fair based on its historical valuation range.
DELTA AIR LINES, INC. (DAL) has a 5-year average return on invested capital (ROIC) of 14.5%. This indicates solid capital allocation.
DELTA AIR LINES, INC. (DAL) has a market capitalization of $55.9B. It is classified as a large-cap stock.
Yes, DELTA AIR LINES, INC. (DAL) pays a dividend with a trailing twelve-month yield of 0.84%.
Based on historical P/E analysis, DELTA AIR LINES, INC. (DAL) appears fair. The current P/E of 11.1 is 20% above its historical median of 9.2. The estimated fair value CAGR (P/E method) is 3.8%.
DELTA AIR LINES, INC. (DAL) operates in the Air Transportation, Scheduled industry, within the Industrials sector.
DELTA AIR LINES, INC. (DAL) reported annual revenue of $63.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Delta Air Lines is a global airline based in the United States that connects customers across an expansive network spanning over 150 countries and territories with nearly 1,000 destinations on six continents, operating a fleet of 1,314 aircraft as of December 31, 2025. The company earns revenue through passenger transportation across multiple cabin segments (Delta One, First Class, Delta Premium Select, Delta Comfort+, and main cabin), complemented by high-margin ancillary revenue streams including its SkyMiles loyalty program (which generated $8.2 billion in co-brand credit card remuneration in 2025), cargo operations, maintenance and repair services (MRO), and Delta Vacations. Delta's business model is built on premium product segmentation and loyalty engagement, with the SkyMiles program enabling customers to earn miles through travel and partner spending, and to redeem miles for award travel and other benefits; in 2025, approximately 12% of revenue miles flown on Delta came from award travel redemptions. The company operates a hub-and-spoke network centered on core hubs in Atlanta, Detroit, Minneapolis-St. Paul, and Salt Lake City, complemented by coastal hubs in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle, and maintains strategic international alliances and joint ventures with carriers including Air France-KLM, Virgin Atlantic, Aeroméxico, LATAM, Korean Air, and China Eastern to expand global reach and enable seamless travel experiences. Delta's competitive advantages rest on its people and culture (over 100,000 employees), operational reliability (named North America's most on-time airline for the fifth consecutive year in 2025), premium brand positioning, and financial foundation, supported by investments in technology including AI-powered customer service tools, digital platforms, and fleet modernization with next-generation, fuel-efficient aircraft.
【Strong demand momentum ahead】 Management expects revenue growth of 5%-7% in the March 2026 quarter with positive unit revenue growth, supported by robust bookings and improving corporate travel demand, as corporate customers indicate expectations to grow or maintain travel spend. The company anticipates earnings per share growth of 20% year-over-year in 2026, ahead of its long-term target, driven by continued benefits from strategic initiatives including premium product expansion, loyalty engagement, and diverse high-margin revenue streams. Delta expects to generate free cash flow of $3 billion to $4 billion in 2026, enabling continued debt reduction and growth in shareholder returns, while maintaining disciplined non-fuel cost management within its long-term framework of low single-digit growth. The company plans capital expenditures of $5.5 billion in 2026, including approximately 50 aircraft deliveries and ongoing investments in customer experience and technology, positioning Delta to deliver margin expansion and sustained value creation.
| Metric | Target | Period |
|---|---|---|
| Earnings per share | $6.50-$7.50 | Full year 2026 |
| Free cash flow | $3 billion-$4 billion | Full year 2026 |
| Capital expenditures | $5.5 billion | Full year 2026 |
| Co-brand remuneration growth | High single-digit growth | Full year 2026 |
Earnings per share (Full year 2026): “For the full year, we expect EPS of $6.50-$7.50, representing 20% year-over-year growth at the midpoint”
Free cash flow (Full year 2026): “free cash flow of $3-$4 billion”
Capital expenditures (Full year 2026): “In 2026, we plan CapEx of $5.5 billion, including around 50 aircraft deliveries”
Co-brand remuneration growth (Full year 2026): “In 2026, we expect high single-digit growth in co-brand remuneration, keeping us on track to achieve our $10 billion goal within the next few years”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 65.2B | 63.4B | 61.6B | 58.0B | 50.6B | 29.9B |
| Net Income | 4.5B | 5.0B | 3.5B | 4.6B | 1.3B | 280M |
| EPS | $6.84 | $7.66 | $5.33 | $7.17 | $2.06 | $0.44 |
| Free Cash Flow | 3.9B | 3.8B | 2.9B | 1.1B | -3.0M | 17M |
| ROIC | 15.3% | 16.4% | 16.7% | 19.2% | 12.9% | 7.3% |
| Gross Margin | - | 17.0% | 17.9% | 19.0% | 17.2% | 20.5% |
| Debt/Equity | 0.71 | 0.64 | 1.00 | 1.68 | 3.25 | 6.45 |
| Dividends/Share | $0.72 | $0.68 | $0.50 | $0.20 | $0.00 | $0.00 |
| Operating Income | 5.8B | 5.8B | 6.0B | 5.5B | 3.7B | 1.9B |
| Operating Margin | 8.8% | 9.2% | 9.7% | 9.5% | 7.2% | 6.3% |
| ROE | 22.0% | 27.7% | 26.2% | 52.1% | 25.2% | 10.3% |
| Shares Outstanding | 657M | 653M | 649M | 643M | 640M | 636M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 40.4B | 40.7B | 39.6B | 41.2B | 44.4B | 47.0B | 17.1B | 29.9B | 50.6B | 58.0B | 61.6B | 63.4B | 65.2B |
| Gross Margin | 12.9% | 27.4% | 26.2% | 25.5% | 22.2% | 24.9% | 96.8% | 20.5% | 17.2% | 19.0% | 17.9% | 17.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.7B | 1.7B | 1.8B | 1.8B | 1.9B | 2.2B | 643M | 953M | 1.9B | 2.3B | 2.5B | 2.5B | 2.5B |
| EBIT | 2.2B | 7.8B | 7.0B | 6.0B | 5.3B | 6.6B | -12.5B | 1.9B | 3.7B | 5.5B | 6.0B | 5.8B | 5.8B |
| Op. Margin | 5.5% | 19.2% | 17.6% | 14.5% | 11.8% | 14.1% | -72.9% | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% | 8.8% |
| Net Income | 659M | 4.5B | 4.2B | 3.2B | 3.9B | 4.8B | -12.4B | 280M | 1.3B | 4.6B | 3.5B | 5.0B | 4.5B |
| Net Margin | 1.6% | 11.1% | 10.6% | 7.8% | 8.9% | 10.1% | -72.4% | 0.9% | 2.6% | 7.9% | 5.6% | 7.9% | 6.9% |
| Non-Recurring | 1.5B | 70M | 10M | 7.0M | 0 | 0 | 12.6B | 19M | 124M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.8% | 32.5% | 30.5% | 20.9% | 20.0% | 22.3% | -48.1% | 7.3% | 12.9% | 19.2% | 16.7% | 16.4% | 15.3% |
| ROE | 6.4% | 46.0% | 37.9% | 26.9% | 30.0% | 32.8% | -146.6% | 10.3% | 25.2% | 52.1% | 26.2% | 27.7% | 22.0% |
| ROA | 1.2% | 8.4% | 8.0% | 6.1% | 6.9% | 7.6% | -18.1% | 0.4% | 1.8% | 6.3% | 4.6% | 6.4% | 5.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.9B | 7.9B | 7.2B | 5.0B | 7.0B | 8.4B | -3.8B | 3.3B | 6.4B | 6.5B | 8.0B | 8.3B | 8.4B |
| Free Cash Flow | 2.7B | 5.0B | 3.8B | 1.1B | 1.8B | 3.5B | -5.7B | 17M | -3.0M | 1.1B | 2.9B | 3.8B | 3.9B |
| Owner Earnings | 3.1B | 6.0B | 5.2B | 2.6B | 4.5B | 5.7B | -6.2B | 1.2B | 4.1B | 4.0B | 5.4B | 5.8B | 5.7B |
| CapEx | 2.2B | 2.9B | 3.4B | 3.9B | 5.2B | 4.9B | 1.9B | 3.2B | 6.4B | 5.3B | 5.1B | 4.5B | 4.5B |
| Maint. CapEx | 1.8B | 1.8B | 1.9B | 2.2B | 2.3B | 2.6B | 2.3B | 2.0B | 2.1B | 2.3B | 2.5B | 2.4B | 2.5B |
| Growth CapEx | 478M | 1.1B | 1.5B | 1.7B | 2.8B | 2.4B | 0 | 1.2B | 4.3B | 3.0B | 2.6B | 2.1B | 2.0B |
| D&A | 1.8B | 1.8B | 1.9B | 2.2B | 2.3B | 2.6B | 2.3B | 2.0B | 2.1B | 2.3B | 2.5B | 2.4B | 2.5B |
| CapEx/OCF | 45.5% | 37.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 53.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 251M | 359M | 509M | 731M | 909M | 980M | 260M | 0 | 0 | 128M | 321M | 440M | 470M |
| Dividend Yield | 0.9% | 1.1% | 1.8% | 2.2% | 2.6% | 2.9% | 1.2% | N/A | N/A | 0.5% | 1.0% | 1.2% | 0.8% |
| Share Buybacks | 1.1B | 2.2B | 2.6B | 1.7B | 1.6B | 2.0B | 344M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 3.1% | 6.0% | 7.8% | 4.5% | 4.8% | 5.5% | 1.4% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 81M | 76M | 154M | 169M | 159M | 161M | 97M | 79M | 150M | 87M | 121M | 133M | 213M |
| Debt Repayment | 2.9B | 2.6B | 1.7B | 1.3B | 3.1B | 3.3B | 8.6B | 5.8B | 4.5B | 4.1B | 4.0B | 4.8B | 4.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 6.5B | 4.2B | 4.0B | 6.4B | 7.6B | 9.0B | 17.1B | 13.8B | 14.8B | 14.7B | 12.3B | 9.0B | 9.4B |
| Cash & Equiv. | 2.1B | 2.0B | 2.8B | 1.8B | 1.6B | 2.9B | 8.3B | 7.9B | 3.3B | 2.7B | 3.1B | 4.3B | 5.1B |
| Long-Term Debt | 8.2B | 6.5B | 6.0B | 6.3B | 8.0B | 8.1B | 26.5B | 23.6B | 19.3B | 16.0B | 13.5B | 11.9B | 10.6B |
| Debt/Equity | 1.11 | 0.70 | 0.64 | 0.72 | 0.68 | 0.77 | 20.36 | 6.45 | 3.25 | 1.68 | 1.00 | 0.64 | 0.71 |
| Interest Coverage | 3.4 | 16.2 | 18.0 | 15.1 | 16.9 | 22.0 | -13.4 | 1.5 | 3.6 | 6.6 | 111.0 | 157.4 | 157.4 |
| Equity | 8.8B | 10.8B | 11.3B | 12.5B | 13.7B | 15.4B | 1.5B | 3.9B | 6.6B | 11.1B | 15.3B | 20.9B | 20.4B |
| Total Assets | 54.0B | 53.1B | 51.9B | 53.7B | 60.3B | 64.5B | 72.0B | 72.5B | 72.3B | 73.6B | 75.4B | 81.3B | 84.4B |
| Total Liabilities | 45.2B | 42.3B | 40.6B | 41.1B | 46.6B | 49.2B | 70.5B | 68.6B | 65.7B | 62.5B | 60.1B | 60.5B | 3.5B |
| Intangibles | 4.6B | 4.9B | 4.8B | 4.8B | 4.8B | 5.2B | 6.0B | 6.0B | 6.0B | 6.0B | 6.0B | 6.0B | 6.0B |
| Retained Earnings | 3.5B | 5.6B | 7.9B | 8.3B | 10.0B | 12.5B | -428M | -148M | 1.2B | 5.7B | 8.8B | 13.3B | 12.9B |
| Working Capital | -7.7B | -8.5B | -7.8B | -11.2B | -12.2B | -12.0B | 1.5B | -5.0B | -12.9B | -16.1B | -16.8B | -16.7B | -19.0B |
| Current Assets | 9.2B | 9.1B | 7.5B | 7.8B | 6.3B | 8.2B | 17.4B | 15.9B | 13.0B | 10.3B | 9.8B | 11.0B | 13.7B |
| Current Liabilities | 16.8B | 17.5B | 15.2B | 19.0B | 18.6B | 20.2B | 15.9B | 21.0B | 25.9B | 26.4B | 26.7B | 27.6B | 32.7B |
| Per Share Data | |||||||||||||
| EPS | 0.78 | 5.63 | 5.55 | 4.43 | 5.67 | 7.30 | -19.49 | 0.44 | 2.06 | 7.17 | 5.33 | 7.66 | 6.84 |
| Owner EPS | 3.66 | 7.48 | 6.85 | 3.64 | 6.52 | 8.70 | -9.76 | 1.87 | 6.42 | 6.28 | 8.31 | 8.82 | 8.69 |
| Book Value | 10.43 | 13.50 | 14.92 | 17.32 | 19.72 | 23.52 | 2.41 | 6.11 | 10.29 | 17.28 | 23.58 | 31.91 | 31.01 |
| Cash Flow/Share | 5.86 | 9.86 | 9.55 | 6.94 | 10.11 | 12.90 | -5.97 | 5.13 | 9.95 | 10.06 | 12.37 | 12.77 | 10.57 |
| Dividends/Share | 0.30 | 0.45 | 0.68 | 1.02 | 1.31 | 1.51 | 0.40 | 0.00 | 0.00 | 0.20 | 0.50 | 0.68 | 0.72 |
| Shares Out. | 844.9M | 803.9M | 755.9M | 723.5M | 694.0M | 653.0M | 635.5M | 636.4M | 639.8M | 642.8M | 648.6M | 653.4M | 657.0M |
| Valuation | |||||||||||||
| P/E Ratio | 54.2 | 8.1 | 7.7 | 11.6 | 8.3 | 7.8 | N/A | 87.4 | 15.1 | 5.5 | 11.3 | 9.2 | 12.4 |
| P/FCF | 13.2 | 7.4 | 8.8 | 33.0 | 17.7 | 10.7 | N/A | N/A | N/A | 22.3 | 13.6 | 12.0 | 14.3 |
| EV/EBIT | 19.1 | 5.3 | 5.6 | 7.7 | 7.8 | 7.2 | N/A | 22.2 | 10.6 | 8.1 | 8.6 | 9.1 | 11.4 |
| Price/Book | 4.1 | 3.4 | 2.7 | 3.0 | 2.4 | 2.4 | 16.1 | 6.3 | 3.0 | 2.3 | 2.6 | 2.2 | 2.7 |
| Price/Sales | 0.7 | 0.8 | 0.7 | 0.8 | 0.8 | 0.7 | 1.3 | 0.9 | 0.4 | 0.4 | 0.5 | 0.6 | 0.9 |
| FCF Yield | 7.6% | 13.5% | 11.4% | 3.0% | 5.7% | 9.4% | -23.0% | 0.1% | -0.0% | 4.5% | 7.4% | 8.3% | 7.0% |
| Market Cap | 35.7B | 36.8B | 33.5B | 37.3B | 32.7B | 37.2B | 24.8B | 24.5B | 19.9B | 25.5B | 39.2B | 46.2B | 55.9B |
| Avg. Price | 32.53 | 40.44 | 38.35 | 45.18 | 50.53 | 52.57 | 34.00 | 41.54 | 34.47 | 37.27 | 47.44 | 55.62 | 85.06 |
| Year-End Price | 42.26 | 45.81 | 44.38 | 51.57 | 47.07 | 56.93 | 38.95 | 38.45 | 31.04 | 39.61 | 60.37 | 70.66 | 85.06 |
DELTA AIR LINES, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
DELTA AIR LINES, INC. trades at 11.1x trailing earnings, compared to its 15-year median P/E of 9.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 6.7x vs a median of 13.6x. The company's 5-year average ROIC is 14.5% with a gross margin of 18.3%. Total shareholder yield (dividends) is 0.8%. At current prices, the estimated annualized return to fair value is +7.3%.
DELTA AIR LINES, INC. (DAL) has a net profit margin of 7.9%. This is a modest margin.
DELTA AIR LINES, INC. (DAL) generated $3.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DELTA AIR LINES, INC. (DAL) has a debt-to-equity ratio of 0.64. This indicates moderate leverage.
DELTA AIR LINES, INC. (DAL) reported earnings per share (EPS) of $7.66 in its most recent fiscal year.
DELTA AIR LINES, INC. (DAL) has a return on equity (ROE) of 27.7%. This indicates the company generates strong returns for shareholders.
DELTA AIR LINES, INC. (DAL) has a 5-year average gross margin of 18.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for DELTA AIR LINES, INC. (DAL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DELTA AIR LINES, INC. (DAL) has a book value per share of $31.91, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects revenue growth of 5%-7% in the March 2026 quarter with positive unit revenue growth, supported by robust bookings and improving corporate travel demand, as corporate customers indicate expectations to grow or maintain travel spend. The company anticipates earnings per share growth of 20% year-over-year in 2026, ahead of its long-term target, driven by continued benefits from strategic initiatives including premium product expansion, loyalty engagement, and diverse high-margin revenue streams. Delta expects to generate free cash flow of $3 billion to $4 billion in 2026, enabling continued debt reduction and growth in shareholder returns, while maintaining disciplined non-fuel cost management within its long-term framework of low single-digit growth. The company plans capital expenditures of $5.5 billion in 2026, including approximately 50 aircraft deliveries and ongoing investments in customer experience and technology, positioning Delta to deliver margin expansion and sustained value creation.
Based on recent SEC filings and earnings calls, DELTA AIR LINES, INC. (DAL) has provided the following forward guidance: Earnings per share: $6.50-$7.50 (Full year 2026); Free cash flow: $3 billion-$4 billion (Full year 2026); Capital expenditures: $5.5 billion (Full year 2026); Co-brand remuneration growth: High single-digit growth (Full year 2026).