Delta Air Lines vs United Airlines Holdings (DAL vs UAL)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Delta Air Lines is the larger company by revenue ($63.4B vs $59.1B) and market value ($49.6B vs $31.2B). United Airlines Holdings has grown revenue faster over the last 4 fiscal years (+139.8% cumulative vs +111.9%). Delta Air Lines runs the higher operating margin (9.2% vs 8.0%). United Airlines Holdings trades at the lower trailing P/E (9.0x vs 15.0x).
About Delta Air Lines
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.
About United Airlines Holdings
United Airlines Holdings, Inc. operates United Airlines, providing passenger and cargo air transportation across North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company serves a broad network through hubs in major U.S. cities and partners with regional carriers under the United Express brand to connect smaller markets. United is a member of the Star Alliance and offers a loyalty program called MileagePlus, which allows customers to earn and redeem miles for flights and other rewards.
Head to head (DAL FY2025 vs UAL FY2025)
| Metric | DALFY2025 | UALFY2025 |
|---|---|---|
| Revenue | $63.36B | $59.07B |
| Revenue growth (YoY) | 2.8% | 3.5% |
| Gross margin | — | — |
| Operating margin | 9.2% | 8.0% |
| Net margin | 7.9% | 5.7% |
| Net income | $5.00B | $3.35B |
| Diluted EPS | $7.66 | $10.20 |
| FCF margin | 6.1% | 4.3% |
| ROE | 24.0% | 21.9% |
| Long-term debt / equity | 0.57× | 1.12× |
| Market cap | $49.59B | $31.19B |
| P/E | 15.0× | 9.0× |
Fundamentals are from each company’s SEC filings (DAL FY2025, UAL FY2025). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| DAL | $29.90B | $50.58B | $58.05B | $61.64B | $63.36B |
| UAL | $24.63B | $44.95B | $53.72B | $57.06B | $59.07B |
Peer standing
Where each company ranks among the 668 Industrials companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | DAL | UAL |
|---|---|---|
| Operating margin | 9.2%64th percentile of 598 | 8.0%58th percentile of 598 |
| Net margin | 7.9%69th percentile of 630 | 5.7%60th percentile of 630 |
| FCF margin | 6.1%54th percentile of 546 | 4.3%47th percentile of 546 |
| Revenue growth (YoY) | +2.8%42nd percentile of 652 | +3.5%45th percentile of 652 |
| ROE | 24.0%87th percentile of 590 | 21.9%85th percentile of 590 |
| P/E | 15.0×24th percentile of 406 | 9.0×13th percentile of 406 |
| Long-term debt / equity | 0.57×55th percentile of 403 | 1.12×80th percentile of 403 |
| Short interest (days to cover) | 2.94d44th percentile of 661 | 4.24d65th percentile of 661 |
Short interest
| FINRA settlement data | DAL | UAL |
|---|---|---|
| Shares sold short | 25.6M | 16.8M |
| Change vs prior settlement | -2.5% | -7.9% |
| Days to cover | 2.94 | 4.24 |
| As of settlement | 2026-09-30 | 2026-09-30 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | DAL | UAL |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 6 ($33.1M) | 7 ($27.6M) |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
9 tracked 13F managers hold both Delta Air Lines and United Airlines Holdings as of their latest quarterly filings: AQR Capital Management, Bridgewater Associates, Citadel Advisors, D. E. Shaw, Duquesne Family Office, Gotham Asset Management, Millennium Management, Point72 Asset Management, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.