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NYSE · Industrials

Delta Air Lines, Inc. (DAL)

As-reported financials and SEC filings for Delta Air Lines, Inc. The latest annual period is FY2025. The latest reported quarter is Q3 FY2026. 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%
net income / fiscal-year-end equity
P/E
15.8×
trailing when available, otherwise FY EPS
Market cap
$50.51B
Long-term debt / equity
0.57×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and 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 Q3 FY2026: revenue $20.2B, up 21.1% from Q3 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 667 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin9.2%
64th percentile of 598
Net margin7.9%
69th percentile of 630
FCF margin6.1%
54th percentile of 545
Revenue growth (YoY)+2.8%
42nd percentile of 652
ROE24.0%
87th percentile of 589
P/E15.8×
29th percentile of 406
Long-term debt / equity0.57×
56th percentile of 405
Short interest2.94d
44th percentile of 660

Delta Air Lines’s return on equity of 24.0% ranks in the 87th percentile of the 589 Industrials companies reporting it.

No reported insider purchases (code P) in the last 90 days; 6 insider sales totaling $33.1M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) 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 6 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
6
+6 quant / multi-strat
Initiated / added
6
2 new, 4 added
Reduced / exited
6
6 trimmed, 0 exited
Combined position
$7.90B
reported long value
InvestorAs ofPosition valueSharesChange
Berkshire HathawayQ2 2026$5.37B57.3MAdded
Harris Associates (Oakmark)Q2 2026$1.62B17.3MReduced
AQR Capital ManagementquantQ2 2026$731.7M7.9MReduced
Gotham Asset ManagementQ2 2026$76.5M816.4KReduced
Duquesne Family OfficeQ2 2026$56.5M603.0KNew
Citadel AdvisorsquantQ2 2026$30.6M326.7KAdded
D. E. ShawquantQ2 2026$5.9M63.3KReduced
Point72 Asset ManagementquantQ2 2026$3.1M32.6KReduced
Bridgewater AssociatesQ2 2026$2.1M22.4KAdded
Two Sigma InvestmentsquantQ2 2026$2.1M22.2KNew
First Eagle Investment ManagementQ2 2026$1.4M15.2KAdded
Millennium ManagementquantQ2 2026$614,7846.6KReduced

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
code P
Bought (90d)
—
code P value
Sells (90d)
6
$33.1M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-05
filed 2026-08-06
Steven M. SearEVP - Global Sales & DistribSell40.5K$93.55$3.8M
2026-08-05
filed 2026-08-06
Michael P. HuertaDirectorSell3.1K$94.11$292K
2026-08-04
filed 2026-08-05
Edward H. BastianChief Executive OfficerSell206.5K$92.80$19.2M
2026-08-04
filed 2026-08-05
Peter W. CarterPresidentSell39.9K$92.98$3.7M
2026-08-04
filed 2026-08-05
Alain BellemareEVP & Pres. - InternationalSell35.0K$92.72$3.2M
2026-08-03
filed 2026-08-05
David G. DewaltDirectorSell31.8K$90.85$2.9M
2026-05-27
filed 2026-05-28
Alain BellemareEVP & Pres. - InternationalSell25.0K$81.44$2.0M
2026-05-27
filed 2026-05-28
Allison C. AusbandEVP & Chief People OfficerSell5.0K$80.90$405K
2026-05-26
filed 2026-05-28
Allison C. AusbandEVP & Chief People OfficerSell5.0K$79.00$395K
2026-05-22
filed 2026-05-26
Allison C. AusbandEVP & Chief People OfficerSell9.7K$76.00$738K
2026-05-21
filed 2026-05-26
Allison C. AusbandEVP & Chief People OfficerSell5.0K$73.50$368K
2026-05-07
filed 2026-05-08
Alain BellemareEVP & 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
25.6M
settled 2026-09-30
Change vs prior
-2.5%
vs previous settlement
Days to cover
2.94
at avg daily volume
Avg daily volume
8.7M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3025.6M-2.5%2.94
2026-09-1526.2M+3.8%4.94
2026-08-3125.3M+12.0%5.01
2026-08-1422.6M-12.1%5.35
2026-07-3125.7M+1.7%4.25
2026-07-1525.2M-13.3%3.23
2026-06-3029.1M+25.7%3.01
2026-06-1523.1M-5.0%3.57

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
Pre-tax income$6.18B$4.66B$5.61B$1.91B$398.0M
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 (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

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
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 (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

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

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q3 FY2026$20.19B21.1%$756.0M$1.15
Q2 FY2026$19.76B18.7%$1.60B$2.44
Q1 FY2026$15.85B12.9%$-289.0M$-0.44
Q4 FY20252.9%
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 FY20249.4%

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorIndustrials
SIC industryAir Transportation, Scheduled
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ3 FY2026 (ended September 30, 2026)
Oldest indexed filing2017
SEC CIK27904

Selected SEC filings

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

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