Delta Air LinesDALRevenue: is the business selling more than it used to?
$63.4B+3% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $63.4B in 2025, compounding +8% a year since 2022 and the pace is picking up. The trailing twelve months are already running at $68.3B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALNet income: how much of that revenue becomes profit?
$5.0B+45% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $5.0B in 2025, compounding +56% a year over three years. Trailing twelve-month profit stands at $4.0B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALHow fast is it growing, year by year?
+2.8%revenue growth, FY 2025
Off the axis: 2013 earnings +944.6% · 2015 earnings +586.8% · 2020 earnings -359.8% · 2022 earnings +370.7% · 2023 earnings +249.7% - rebounds off a collapsed prior year.
→Revenue grew +3% in 2025 against a five-year average of +34%. Earnings grew faster (+45%), so each new dollar of sales is arriving more profitably. 2013's +945% earnings rebound off a collapsed base and 2015's +587% earnings rebound off a collapsed base and 2020's swing into loss (-360%) and 2022's +371% earnings rebound off a collapsed base and 2023's +250% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALRevenue per share: is your slice growing as fast as the company?
$96.89revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $96.89 in 2025, compounding +7% a year - in line with DAL's own +8%, so the share count is not distorting your slice. Free cash flow per share stands at $5.88.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALFree cash flow: what is left in real cash after everything?
$3.8B+33% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $3.8B in 2025. The trailing twelve months stand at $3.7B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→6 cents of every sales dollar became free cash in 2025, up 6 points since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is capital spending, at 7% of revenue (stock compensation 0%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALWhen sales grow, do profits grow faster?
→Operating profit outgrew revenue in 3 of the last 5 years, most recently -3% against +3%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin has held near 9% since 2022. After everything, 8 cents of each sales dollar reaches net profit. DAL doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of 18% sits well above ROCE of 11%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALWhat has the market paid for DAL over time?
13.3xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 13.3x earnings, the market is paying +50% more than DAL's own 10-year median of 8.9x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALWhat cash return does the business throw off per dollar of market value?
6.9%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 6.9% of annual free cash flow, more than its 11-year median of 5.3% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALCould it handle its debt if things went wrong?
→Debt of $12.9B sits against $4.7B of cash, or 0.6x shareholders' equity. Earnings cover the interest bill 14 times over, so the debt is comfortably serviced.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALIs the company's own capital growing?
→The company's own capital grew from $11.1B in 2023 to $21.8B (+96%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALHow much goes back, and how much leaks out as stock comp?
→Shareholders received $440M in dividends in 2022. Stock compensation issued $313M of new shares in the same year, offsetting 71% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALHow fast is your ownership being diluted - or concentrated?
→The share count grew 0.9% in 2025, averaging 0.7% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALIs the dividend cheque growing?
→The dividend per share reached $0.67 in 2025, compounding +10% a year since 2020.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALCan it afford the dividend?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The dividend consumed 9% of profit and 11% of free cash flow in 2025. That leaves room to keep paying through a weak year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALDoes DAL earn more on its capital than that capital costs?
→DAL earns 10.8% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 7.9% in 2022, so the trend is up, and the pace is picking up.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALDAL has issued or retired shares - did shareholders end up better off?
→DAL has shrunk its share count -23% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +133% over the same years.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Delta Air LinesDALAre the people running it buying or selling?
→Insiders sold $95M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 35 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30