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NYSE · Industrials

DELTA AIR LINES, INC. (DAL)

As-reported financials and recent SEC filings for DELTA AIR LINES, INC., latest fiscal period FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About DELTA AIR LINES, INC.

Delta Air Lines, Inc. is a global airline based in the United States that provides passenger air transportation services across a network of over 300 destinations in more than 150 countries. The company operates a fleet of 1,314 aircraft and offers a range of premium and main cabin products, serving both domestic and international travelers. Delta also operates a loyalty program called SkyMiles and generates additional revenue through partnerships, cargo operations, maintenance services, and co-branded credit card agreements.

Snapshot

Revenue
$63.36B
Revenue growth (YoY)
2.8%
Net income
$5.00B
Diluted EPS
$7.66
Gross margin
Operating margin
9.2%
Net margin
7.9%
FCF margin
6.1%
ROE
24.0%
P/E (TTM)
14.4×
Market cap
Debt / equity
0.6×

Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (typically within the past week).

What changed at Delta Air Lines

  • Revenue grew 2.8% to $63.4B in FY2025, slower than the 6.2% the year before.
  • Operating margin is 9.2% in FY2025, +2.9 pp against 6.3% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $19.8B, up 18.7% from Q2 FY2025.
  • Free cash flow was $3.8B in FY2025, 6.1% of revenue.
  • Net income rose 44.8% to $5.0B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Delta Air Lines’s fundamentals sit among the 684 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin9.2%
64th percentile of 606
Net margin7.9%
70th percentile of 646
FCF margin6.1%
55th percentile of 561
Revenue growth (YoY)+2.8%
44th percentile of 669
ROE24.0%
87th percentile of 601
P/E (TTM)14.4×
23rd percentile of 435
Debt / equity0.57×
56th percentile of 406
Short interest3.23d
41st percentile of 676

Delta Air Lines’s return on equity of 24.0% ranks in the 87th percentile of the 601 Industrials companies reporting it.

No open-market insider buys in the last 90 days; 6 insider sales totaling $5.4M. For context, about 16% of companies in the universe saw any open-market insider buying in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F (latest Q1 2026).

Conviction investors
5
+5 quant / multi-strat
Initiated / added
2
1 new, 1 added
Reduced / exited
10
8 trimmed, 2 exited
Combined position
$4.53B
reported long value
InvestorAs ofPosition valueSharesChange
Berkshire HathawayQ1 2026$2.65B39.8MNew
Harris Associates (Oakmark)Q1 2026$1.20B18.0MReduced
AQR Capital ManagementquantQ1 2026$549.2M8.4MAdded
Gotham Asset ManagementQ1 2026$59.4M893.6KReduced
Millennium ManagementquantQ1 2026$30.3M456.0KReduced
Point72 Asset ManagementquantQ1 2026$19.6M294.2KReduced
Citadel AdvisorsquantQ1 2026$12.7M190.8KReduced
D. E. ShawquantQ1 2026$12.5M188.4KReduced
Bridgewater AssociatesQ1 2026$1.5M22.1KReduced
First Eagle Investment ManagementQ1 2026$800,81812.0KReduced

No longer held by: Appaloosa (as of Q1 2026), Duquesne Family Office (as of Q1 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
open-market
Bought (90d)
open-market value
Sells (90d)
6
$5.4M
Signal
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-05-27
filed 2026-05-28
BELLEMARE ALAINEVP & Pres. - InternationalSell25.0K$81.44$2.0M
2026-05-27
filed 2026-05-28
Ausband Allison CEVP & Chief People OfficerSell5.0K$80.90$405K
2026-05-26
filed 2026-05-28
Ausband Allison CEVP & Chief People OfficerSell5.0K$79.00$395K
2026-05-22
filed 2026-05-26
Ausband Allison CEVP & Chief People OfficerSell9.7K$76.00$738K
2026-05-21
filed 2026-05-26
Ausband Allison CEVP & Chief People OfficerSell5.0K$73.50$368K
2026-05-07
filed 2026-05-08
BELLEMARE ALAINEVP & Pres. - InternationalSell20.6K$72.75$1.5M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
25.2M
settled 2026-07-15
Change vs prior
-13.3%
vs previous settlement
Days to cover
3.23
at avg daily volume
Avg daily volume
7.8M
FINRA reported
SettlementShares shortChangeDays to cover
2026-07-1525.2M-13.3%3.23
2026-06-3029.1M+25.7%3.01
2026-06-1523.1M-5.0%3.57
2026-05-2924.3M-4.9%2.86
2026-05-1525.6M+9.0%3.57
2026-04-3023.5M+2.5%2.89
2026-04-1522.9M-4.5%1.82
2026-03-3124.0M+45.2%1.58

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$63.36B$61.64B$58.05B$50.58B$29.90B
Gross profit
Operating income$5.82B$6.00B$5.52B$3.66B$1.89B
Net income$5.00B$3.46B$4.61B$1.32B$280.0M
Diluted EPS$7.66$5.33$7.17$2.06$0.44

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$4.31B$3.07B$2.74B$3.27B$7.93B
Current assets$10.97B$9.84B$10.27B$13.01B$15.94B
Total assets$81.32B$75.37B$73.64B$72.29B$72.46B
Current liabilities$27.62B$26.67B$26.42B$25.94B$20.97B
Long-term debt$11.94B$13.55B$15.98B$19.33B$23.58B
Total liabilities$60.46B$60.08B$62.54B$65.71B$68.57B
Total equity$20.85B$15.29B$11.11B$6.58B$3.89B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$8.34B$8.03B$6.46B$6.36B$3.26B
Capital expenditure$4.50B$5.14B$5.32B$6.37B$3.25B
Free cash flow$3.84B$2.88B$1.14B$-3.0M$17.0M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$19.76B18.7%$1.60B$2.44
Q1 FY2026$15.85B12.9%$-289.0M$-0.44
Q4 FY2025$16.00B2.9%$1.22B$1.86
Q3 FY2025$16.67B6.4%$1.42B$2.17
Q2 FY2025$16.65B-0.1%$2.13B$3.27
Q1 FY2025$14.04B2.1%$240.0M$0.37
Q4 FY2024$15.56B9.4%$843.0M$1.29
Q3 FY2024$15.68B1.2%$1.27B$1.97

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorIndustrials
SIC industryAir Transportation, Scheduled
Fiscal year endDecember 31
Latest fiscal periodFY2025
SEC filings since2016
SEC CIK27904

Recent SEC filings

10-K2026-02-11
View on EDGAR →
10-K2025-02-11
View on EDGAR →
10-Q2026-07-10
View on EDGAR →
10-Q2026-04-08
View on EDGAR →
10-Q2025-10-09
View on EDGAR →
10-Q2025-07-10
View on EDGAR →
8-K2026-07-10
View on EDGAR →
8-K2026-06-22
View on EDGAR →

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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.