Delta Air Lines (DAL)
Market Price (7/13/2026): $87.19 | Market Cap: $57.0 BilInvestor Relations Sector: Industrials | Industry: Passenger Airlines
Delta Air Lines (DAL)
Market Price (7/13/2026): $87.19Market Cap: $57.0 BilSector: IndustrialsIndustry: Passenger Airlines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, FCF Yield is 6.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 8.1 Bil, FCF LTM is 3.4 Bil Low stock price volatilityVol 12M is 42% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Energy Transition & Decarbonization. Themes include Travel & Leisure Tech, and Renewable Fuel Production. | Key risksDAL key risks include [1] significant operational disruption and financial liability from cyber incidents and failures within its critical technology infrastructure. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, FCF Yield is 6.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 8.1 Bil, FCF LTM is 3.4 Bil |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Energy Transition & Decarbonization. Themes include Travel & Leisure Tech, and Renewable Fuel Production. |
| Key risksDAL key risks include [1] significant operational disruption and financial liability from cyber incidents and failures within its critical technology infrastructure. |
Qualitative Assessment
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Updated on 7/10/2026
Delta Air Lines (DAL) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Delta Air Lines exceeded financial expectations for fiscal Q2 2026 and provided an optimistic outlook.
The company reported adjusted earnings per share (EPS) of $1.56, surpassing analyst estimates ranging from $1.48 to $1.51. Record adjusted revenue reached $17.7 billion, a 14% increase year-over-year, also beating the anticipated $17.5 billion. Additionally, Delta affirmed its full-year 2026 adjusted EPS guidance of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion. The positive momentum is expected to continue into fiscal Q3 2026, with forecast EPS of $2.00 to $2.50, exceeding the consensus estimate of $1.86.
2. Robust demand for premium services and loyalty programs drove revenue growth.
Broad demand strength and growing brand preference were key contributors to record revenue in fiscal Q2 2026. Premium and corporate sales significantly increased by approximately 25%, while loyalty revenue saw a 19% rise. The strong performance of the Delta American Express partnership continued, with card spending growing double-digits for seven consecutive quarters, and an expected $9 billion in remuneration for the year, up 10% over 2025. Domestic unit revenue grew 12% year-over-year, and international unit revenue increased by 8%.
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Delta Air Lines (DAL) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Delta Air Lines exceeded financial expectations for fiscal Q2 2026 and provided an optimistic outlook.
The company reported adjusted earnings per share (EPS) of $1.56, surpassing analyst estimates ranging from $1.48 to $1.51. Record adjusted revenue reached $17.7 billion, a 14% increase year-over-year, also beating the anticipated $17.5 billion. Additionally, Delta affirmed its full-year 2026 adjusted EPS guidance of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion. The positive momentum is expected to continue into fiscal Q3 2026, with forecast EPS of $2.00 to $2.50, exceeding the consensus estimate of $1.86.
2. Robust demand for premium services and loyalty programs drove revenue growth.
Broad demand strength and growing brand preference were key contributors to record revenue in fiscal Q2 2026. Premium and corporate sales significantly increased by approximately 25%, while loyalty revenue saw a 19% rise. The strong performance of the Delta American Express partnership continued, with card spending growing double-digits for seven consecutive quarters, and an expected $9 billion in remuneration for the year, up 10% over 2025. Domestic unit revenue grew 12% year-over-year, and international unit revenue increased by 8%.
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Updated on 7/10/2026
Delta Air Lines (DAL) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Delta Air Lines exceeded financial expectations for fiscal Q2 2026 and provided an optimistic outlook.
The company reported adjusted earnings per share (EPS) of $1.56, surpassing analyst estimates ranging from $1.48 to $1.51. Record adjusted revenue reached $17.7 billion, a 14% increase year-over-year, also beating the anticipated $17.5 billion. Additionally, Delta affirmed its full-year 2026 adjusted EPS guidance of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion. The positive momentum is expected to continue into fiscal Q3 2026, with forecast EPS of $2.00 to $2.50, exceeding the consensus estimate of $1.86.
2. Robust demand for premium services and loyalty programs drove revenue growth.
Broad demand strength and growing brand preference were key contributors to record revenue in fiscal Q2 2026. Premium and corporate sales significantly increased by approximately 25%, while loyalty revenue saw a 19% rise. The strong performance of the Delta American Express partnership continued, with card spending growing double-digits for seven consecutive quarters, and an expected $9 billion in remuneration for the year, up 10% over 2025. Domestic unit revenue grew 12% year-over-year, and international unit revenue increased by 8%.
3. Delta demonstrated strong pricing power in a more favorable industry landscape.
Despite facing its highest quarterly fuel expense in history at $4.4 billion (an average of $3.93 per gallon, up 75% year-over-year), Delta successfully implemented airfare increases. These fare increases, up 15-20% for fiscal Q2 and projected for fiscal Q3, covered about 60% of the fuel cost surge. CEO Ed Bastian noted a changed industry landscape where discount carriers have less influence on pricing, partly due to the contraction of the ultra-low-cost carrier sector, such as Spirit Airlines ceasing operations in May. This allowed Delta to maintain higher fares, supporting profitability.
4. Enhanced shareholder returns and a strengthened balance sheet increased investor confidence.
Reflecting strong financial health and management confidence, Delta announced a 15% increase to its dividend payment, commencing in fiscal Q3 2026. The company also continued to fortify its investment-grade balance sheet by reducing adjusted net debt to $13.6 billion by the end of fiscal Q2 2026, a decrease of $709 million from the end of 2025. Analyst optimism remained high, with numerous firms raising their price targets, and the stock maintaining a consensus "Strong Buy" or "Moderate Buy" rating.
Show less
Delta Air Lines (DAL) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Delta Air Lines exceeded financial expectations for fiscal Q2 2026 and provided an optimistic outlook.
The company reported adjusted earnings per share (EPS) of $1.56, surpassing analyst estimates ranging from $1.48 to $1.51. Record adjusted revenue reached $17.7 billion, a 14% increase year-over-year, also beating the anticipated $17.5 billion. Additionally, Delta affirmed its full-year 2026 adjusted EPS guidance of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion. The positive momentum is expected to continue into fiscal Q3 2026, with forecast EPS of $2.00 to $2.50, exceeding the consensus estimate of $1.86.
2. Robust demand for premium services and loyalty programs drove revenue growth.
Broad demand strength and growing brand preference were key contributors to record revenue in fiscal Q2 2026. Premium and corporate sales significantly increased by approximately 25%, while loyalty revenue saw a 19% rise. The strong performance of the Delta American Express partnership continued, with card spending growing double-digits for seven consecutive quarters, and an expected $9 billion in remuneration for the year, up 10% over 2025. Domestic unit revenue grew 12% year-over-year, and international unit revenue increased by 8%.
3. Delta demonstrated strong pricing power in a more favorable industry landscape.
Despite facing its highest quarterly fuel expense in history at $4.4 billion (an average of $3.93 per gallon, up 75% year-over-year), Delta successfully implemented airfare increases. These fare increases, up 15-20% for fiscal Q2 and projected for fiscal Q3, covered about 60% of the fuel cost surge. CEO Ed Bastian noted a changed industry landscape where discount carriers have less influence on pricing, partly due to the contraction of the ultra-low-cost carrier sector, such as Spirit Airlines ceasing operations in May. This allowed Delta to maintain higher fares, supporting profitability.
4. Enhanced shareholder returns and a strengthened balance sheet increased investor confidence.
Reflecting strong financial health and management confidence, Delta announced a 15% increase to its dividend payment, commencing in fiscal Q3 2026. The company also continued to fortify its investment-grade balance sheet by reducing adjusted net debt to $13.6 billion by the end of fiscal Q2 2026, a decrease of $709 million from the end of 2025. Analyst optimism remained high, with numerous firms raising their price targets, and the stock maintaining a consensus "Strong Buy" or "Moderate Buy" rating.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 32.1% change in DAL stock from 3/31/2026 to 7/12/2026 was primarily driven by a 69.0% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7122026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.14 | 87.39 | 32.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 63,364 | 68,287 | 7.8% |
| Net Income Margin (%) | 7.9% | 5.8% | -26.8% |
| P/E Multiple | 8.6 | 14.5 | 69.0% |
| Shares Outstanding (Mil) | 648 | 654 | -0.9% |
| Cumulative Contribution | 32.1% |
Market Drivers
3/31/2026 to 7/12/2026| Return | Correlation | |
|---|---|---|
| DAL | 32.1% | |
| Market (SPY) | 16.1% | 49.6% |
| Sector (XLI) | 12.5% | 59.0% |
Fundamental Drivers
The 26.9% change in DAL stock from 12/31/2025 to 7/12/2026 was primarily driven by a 49.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7122026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.86 | 87.39 | 26.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 62,920 | 68,287 | 8.5% |
| Net Income Margin (%) | 7.4% | 5.8% | -21.4% |
| P/E Multiple | 9.7 | 14.5 | 49.9% |
| Shares Outstanding (Mil) | 649 | 654 | -0.8% |
| Cumulative Contribution | 26.9% |
Market Drivers
12/31/2025 to 7/12/2026| Return | Correlation | |
|---|---|---|
| DAL | 26.9% | |
| Market (SPY) | 11.0% | 57.2% |
| Sector (XLI) | 17.6% | 58.3% |
Fundamental Drivers
The 80.3% change in DAL stock from 6/30/2025 to 7/12/2026 was primarily driven by a 69.6% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7122026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.48 | 87.39 | 80.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61,934 | 68,287 | 10.3% |
| Net Income Margin (%) | 5.9% | 5.8% | -2.1% |
| P/E Multiple | 8.5 | 14.5 | 69.6% |
| Shares Outstanding (Mil) | 644 | 654 | -1.5% |
| Cumulative Contribution | 80.3% |
Market Drivers
6/30/2025 to 7/12/2026| Return | Correlation | |
|---|---|---|
| DAL | 80.3% | |
| Market (SPY) | 23.2% | 53.4% |
| Sector (XLI) | 24.6% | 54.7% |
Fundamental Drivers
The 90.4% change in DAL stock from 6/30/2023 to 7/12/2026 was primarily driven by a 64.8% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7122026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.89 | 87.39 | 90.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53,993 | 68,287 | 26.5% |
| Net Income Margin (%) | 3.5% | 5.8% | 64.8% |
| P/E Multiple | 15.5 | 14.5 | -6.5% |
| Shares Outstanding (Mil) | 639 | 654 | -2.3% |
| Cumulative Contribution | 90.4% |
Market Drivers
6/30/2023 to 7/12/2026| Return | Correlation | |
|---|---|---|
| DAL | 90.4% | |
| Market (SPY) | 76.3% | 60.5% |
| Sector (XLI) | 76.6% | 62.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DAL Return | -3% | -16% | 23% | 52% | 16% | 29% | 129% |
| Peers Return | 1% | -27% | -4% | 58% | -7% | 15% | 20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| DAL Win Rate | 50% | 50% | 42% | 58% | 67% | 57% | |
| Peers Win Rate | 43% | 47% | 43% | 63% | 48% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| DAL Max Drawdown | -35% | -37% | -37% | -30% | -48% | -23% | |
| Peers Max Drawdown | -38% | -43% | -46% | -34% | -48% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UAL, AAL, LUV, ALK, JBLU. See DAL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/10/2026 (YTD)
How Low Can It Go
| Event | DAL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.7% | -18.8% |
| % Gain to Breakeven | 80.8% | 23.1% |
| Time to Breakeven | 232 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.1% | -7.8% |
| % Gain to Breakeven | 25.1% | 8.5% |
| Time to Breakeven | 42 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.8% | -9.5% |
| % Gain to Breakeven | 51.1% | 10.5% |
| Time to Breakeven | 152 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.2% | -6.7% |
| % Gain to Breakeven | 22.2% | 7.1% |
| Time to Breakeven | 76 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.5% | -24.5% |
| % Gain to Breakeven | 43.8% | 32.4% |
| Time to Breakeven | 260 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.5% | -33.7% |
| % Gain to Breakeven | 174.1% | 50.9% |
| Time to Breakeven | 1685 days | 140 days |
In The Past
Delta Air Lines's stock fell -44.7% during the 2025 US Tariff Shock. Such a loss loss requires a 80.8% gain to breakeven.
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Asset Allocation
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| Event | DAL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.7% | -18.8% |
| % Gain to Breakeven | 80.8% | 23.1% |
| Time to Breakeven | 232 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.1% | -7.8% |
| % Gain to Breakeven | 25.1% | 8.5% |
| Time to Breakeven | 42 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.8% | -9.5% |
| % Gain to Breakeven | 51.1% | 10.5% |
| Time to Breakeven | 152 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.5% | -24.5% |
| % Gain to Breakeven | 43.8% | 32.4% |
| Time to Breakeven | 260 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.5% | -33.7% |
| % Gain to Breakeven | 174.1% | 50.9% |
| Time to Breakeven | 1685 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.9% | -6.8% |
| % Gain to Breakeven | 28.1% | 7.3% |
| Time to Breakeven | 14 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.4% | -53.4% |
| % Gain to Breakeven | 276.1% | 114.4% |
| Time to Breakeven | 399 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.9% | -8.6% |
| % Gain to Breakeven | 29.7% | 9.5% |
| Time to Breakeven | 69 days | 47 days |
In The Past
Delta Air Lines's stock fell -44.7% during the 2025 US Tariff Shock. Such a loss loss requires a 80.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Delta Air Lines (DAL)
Delta Air Lines (DAL) is a major global air carrier providing scheduled transportation services for both passengers and cargo. The company operates an extensive domestic network centered around core hubs in Atlanta, Minneapolis-St. Paul, Detroit, and Salt Lake City, along with strategic coastal hubs in cities like Boston, Los Angeles, and New York. Internationally, Delta maintains a significant presence and hubs in key global cities such as Amsterdam, London-Heathrow, Paris-Charles de Gaulle, and Seoul-Incheon, connecting customers worldwide. Its primary customers include individuals and businesses seeking domestic and international travel, as well as cargo shipping solutions.
Beyond its core air travel operations, Delta Air Lines diversifies its offerings through two main segments: Airline and Refinery. The Airline segment encompasses the passenger and cargo services, sold via its website, app, reservation systems, and various travel agencies. Additionally, Delta provides comprehensive aircraft maintenance, engineering support, repair, and overhaul services. The company also offers vacation packages to third-party consumers and manages aircraft charters and programs. Operating with a large fleet of approximately 1,200 aircraft, Delta serves as a multifaceted provider within the aviation and travel sectors.
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Here are 1-3 brief analogies for Delta Air Lines:
- A flying version of FedEx or UPS, but for people.
- The Amazon of air travel, connecting passengers to destinations worldwide.
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- Scheduled Passenger Air Transportation: Provides regular flights for individuals to various domestic and international destinations.
- Scheduled Cargo Air Transportation: Offers regular services for shipping goods and freight globally.
- Aircraft Maintenance, Repair, and Overhaul (MRO) Services: Delivers engineering support, repair, and maintenance services for aircraft.
- Vacation Packages: Sells bundled travel arrangements, including flights and accommodations, to consumers.
- Aircraft Charter Services: Provides on-demand private aircraft for specific client needs.
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Delta Air Lines (DAL) primarily sells its services to individuals and businesses for transportation purposes.
The company serves the following major customer categories:
- Leisure Travelers: Individuals and families traveling for personal reasons, such as vacations, holidays, or visiting friends and relatives.
- Business Travelers: Individuals traveling for professional purposes, often on behalf of their employers, for meetings, conferences, training, or project assignments.
- Cargo Shippers: Businesses and freight forwarders that utilize Delta's network and fleet to transport goods and packages domestically and internationally.
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Ed Bastian, Chief Executive Officer
Ed Bastian has served as the Chief Executive Officer of Delta Air Lines since May 2, 2016. He joined Delta in 1998 as Vice President – Finance and Controller, progressing through various financial leadership roles, including Chief Financial Officer in 2005 and President in 2007. Before his tenure at Delta, Bastian was a partner at Price Waterhouse (now PricewaterhouseCoopers) in its New York audit practice. He also held senior finance positions at Frito-Lay International and PepsiCo International. Bastian briefly departed Delta in early 2004 to become Senior Vice President and Chief Financial Officer of Acuity Brands, but returned to Delta six months later.
Erik Snell, Chief Financial Officer
Erik Snell is appointed as the Chief Financial Officer of Delta Air Lines, effective April 1, 2026. Prior to this role, he served as Delta's Chief Customer Experience Officer. Snell is a veteran of Delta, having worked with the airline for two decades.
Peter Carter, President
Peter Carter will assume the role of President of Delta Air Lines, effective April 1, 2026. In his expanded responsibilities as President, he will oversee the airline's enterprise strategy, international portfolio, and sustainability efforts. Before this promotion, Carter served as Delta's Chief External Affairs Officer, leading the company's sustainability and innovation efforts, international teams, and legal and government affairs functions.
Dan Janki, Chief Operating Officer
Dan Janki is transitioning to the role of Chief Operating Officer for Delta Air Lines, effective April 1, 2026. Previously, Janki served as Delta's Executive Vice President and Chief Financial Officer, a position he held since July 2021. Before joining Delta, Janki had an extensive career at General Electric (GE), where he held various senior leadership positions for over 25 years. His roles at GE included President & CEO of GE Power Portfolio and Senior Vice President of GE. He also served as Senior Vice President, Treasurer and Global Business Operations of GE. Janki is also a member of the Board of Directors at Cornerstone Building Brands and has served on the board of directors of Wheels Up since August 2023.
Allison Ausband, Executive Vice President and Chief People Officer
Allison Ausband is the Executive Vice President and Chief People Officer for Delta Air Lines, leading global talent management, total rewards, and human resources service delivery. She began her career at Delta in May 1985 as a flight attendant. Ausband has held various leadership roles at Delta, including Executive Vice President and Chief Customer Experience Officer, where she oversaw the end-to-end customer experience, and Senior Vice President of In-Flight Service. She was also Vice President – Reservation Sales and Customer Care.
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Here are the key risks to Delta Air Lines (DAL):
- Global Economic Downturns and Geopolitical Instability: Delta Air Lines' business is highly sensitive to the overall health of the global economy and geopolitical events. Economic slowdowns or recessions can significantly reduce both leisure and business travel demand, directly impacting revenue. Geopolitical conflicts, acts of terrorism, or widespread health crises (like pandemics) can lead to flight restrictions, reduced passenger confidence, and severe disruptions to international and domestic air travel, negatively affecting the airline's operations and financial performance.
- Volatile Fuel Prices: As a major operating expense for airlines, fluctuations in crude oil and jet fuel prices directly and substantially impact Delta's profitability. Despite hedging strategies, sudden or sustained increases in fuel costs can erode margins and challenge financial stability.
- Intense Competition, High Operating Costs, and Regulatory Risks: The airline industry is characterized by intense competition from other legacy carriers, as well as low-cost and ultra-low-cost operators, which can put downward pressure on fares and yields. Delta also faces a relatively high operating cost structure, including significant labor costs and potential for union disputes. Furthermore, the company is subject to various regulatory risks, including potential changes to environmental regulations or policies that could impact key revenue streams, such as its high-margin American Express partnership.
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Delta Air Lines (DAL) operates in several addressable markets for its main products and services, including passenger air transportation, air cargo, aircraft maintenance, repair, and overhaul (MRO), and vacation packages.
Passenger Air Transportation
- The global passenger air transport market size is projected to reach approximately $870.78 billion in 2025 and is expected to grow to $925.84 billion in 2026.
- Global air travel is forecasted to reach 9.8 billion passengers in 2025.
- In the United States, the aviation market size is projected to reach USD 84.98 billion in 2024 and grow to USD 122.82 billion by 2035. Commercial aviation contributes significantly to the U.S. GDP, equivalent to $1.54 trillion in 2025.
Air Cargo Services
- The global air cargo market size was valued at approximately USD 172.74 billion in 2024 and is projected to increase to USD 273.50 billion by 2032. Another estimate places the global air cargo market size at USD 186.24 billion in 2025, projected to reach USD 275.16 billion by 2033.
- For the United States, the air freight market size was valued at USD 64.06 billion in 2025 and is estimated to reach USD 91.81 billion by 2034. North America held a significant share of the global air cargo market, valued at USD 55.45 billion in 2024.
Aircraft Maintenance, Repair, and Overhaul (MRO) Services
- The global aircraft MRO market size was estimated at USD 90.85 billion in 2024 and is projected to reach USD 120.96 billion by 2030. Another source indicates the global aircraft MRO market size is estimated at USD 120.3 billion in 2025 and is anticipated to reach approximately USD 172.73 billion by 2035.
- In North America, the aircraft MRO market size is expected to grow from USD 26.76 billion in 2025 to USD 33.94 billion by 2031.
Vacation Packages and Travel Services
- The broader global online travel market was valued at USD 622.6 billion in 2025 and is estimated to reach USD 1,438.4 billion by 2034. The global online travel booking service market was valued at USD 519.1 billion in 2021 and is projected to reach USD 1.13 trillion by 2030.
- The global Travel and Tourism Market is estimated to be valued at USD 7,550 billion in 2025 and is expected to reach USD 12,280 billion by 2032.
- In the U.S., the packaged travel segment grew to $14.5 billion in 2022. The U.S. tourism market as a whole is projected to reach USD 2.7 trillion in 2024 and is expected to grow to USD 5.6 trillion by 2033.
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Delta Air Lines (DAL) anticipates several key drivers to fuel its revenue growth over the next two to three years:
- Enhanced Monetization of Premium Products and Services: Delta is strategically focusing on its premium offerings, such as Delta Premium Select and other premium cabins, to drive higher-margin revenue. This involves optimizing pricing strategies, potentially introducing new subcategories of premium products, and actively reducing complimentary upgrades to ensure customers pay for premium experiences. The airline has nearly completed the rollout of Delta Premium Select on long-haul international flights and aims to grow high-margin revenue streams.
- Expansion and Monetization of the SkyMiles Loyalty Program and American Express Partnership: The SkyMiles loyalty program and its co-branded American Express card partnership are significant revenue contributors. Delta expects continued growth in SkyMiles acquisitions, increased customer engagement, and record remuneration from the American Express partnership, which is projected to achieve high single-digit growth in 2026, working towards a $10 billion goal within the next few years.
- Strategic Network Optimization and International Growth: The company plans to optimize its network, particularly through robust international expansion. This includes implementing its largest-ever transatlantic schedule with new routes and increased frequencies to European cities for the summer 2025 season, and rebuilding its Latin and Pacific franchises. This expansion is aimed at capturing increased market share in high-demand international travel.
- Sustained Demand from High-End Consumers and Corporate Travel Recovery: Delta is capitalizing on the continued strong demand from higher-income leisure travelers and the ongoing recovery in corporate travel. This focus on premium and corporate segments is a key engine of profitability, with executives noting that the strength in the consumer sector is at the higher end of the curve. Corporate sales saw an 8% increase in Q3 2025.
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Share Repurchases
- On April 29, 2025, Delta Air Lines' Board of Directors authorized a $1 billion share repurchase program, slated for completion by June 30, 2028.
- This program, combined with the quarterly dividend, is part of a plan to return over $2 billion to shareholders over the next three years.
- For fiscal year 2025, Delta prioritized debt reduction, and management did not repurchase shares, in line with a capital allocation framework introduced in November 2024 that focuses on reinvestment, debt reduction, and then shareholder returns.
Outbound Investments
- In December 2021, Delta invested approximately $1.2 billion in Latam, Aeromexico, and Virgin Atlantic as these partners emerged from bankruptcy or restructuring, resulting in equity stakes of 20% in Aeromexico, 10% in Latam, and 49% in Virgin Atlantic.
- Delta invested US$60 million in Joby Aviation in February 2024, with potential for expansion to US$200 million, to establish urban air transport services.
- In September 2023, Delta contributed to a $500 million credit facility for Wheels Up, a private aviation company, which included a $350 million term loan and a $100 million revolving credit facility.
Capital Expenditures
- Delta's capital expenditures were $3.247 billion in 2021, $6.366 billion in 2022, $5.323 billion in 2023, $5.14 billion in 2024, and $4.501 billion in 2025.
- Expected capital expenditures for 2026 are $5.5 billion, which includes approximately 50 aircraft deliveries.
- The primary focus of these expenditures is fleet expansion and modernization, including orders for aircraft such as the Airbus A321neo, A330-900neo, A350-900, Boeing 787-10, and 737 MAX 10, aimed at improving fuel efficiency, supporting sustainability goals, and enhancing the premium customer experience.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.92 |
| Mkt Cap | 17.7 |
| Rev LTM | 42,439 |
| Op Inc LTM | 1,390 |
| FCF LTM | -204 |
| FCF 3Y Avg | 22 |
| CFO LTM | 3,049 |
| CFO 3Y Avg | 2,686 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.7% |
| Rev Chg 3Y Avg | 6.1% |
| Rev Chg Q | 10.7% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | -24.1% |
| Op Inc Chg 3Y Avg | -1.1% |
| Op Mgn LTM | 3.3% |
| Op Mgn 3Y Avg | 5.6% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 8.4% |
| CFO/Rev 3Y Avg | 9.1% |
| FCF/Rev LTM | -0.7% |
| FCF/Rev 3Y Avg | -0.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 17.7 |
| P/S | 0.5 |
| P/Op Inc | 9.2 |
| P/EBIT | 8.5 |
| P/E | 22.0 |
| P/CFO | 4.5 |
| Total Yield | 3.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.5% |
| D/E | 1.0 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.8% |
| 3M Rtn | 27.3% |
| 6M Rtn | 8.6% |
| 12M Rtn | 35.8% |
| 3Y Rtn | 15.7% |
| 1M Excs Rtn | 11.2% |
| 3M Excs Rtn | 15.4% |
| 6M Excs Rtn | 1.8% |
| 12M Excs Rtn | 24.3% |
| 3Y Excs Rtn | -54.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Airline | 58,287 | 57,001 | 54,669 | 45,605 | 26,670 |
| Refinery | 6,961 | 7,767 | 7,572 | 10,706 | 6,054 |
| Intersegment Sales/Other | -1,884 | -3,125 | -4,193 | -5,729 | -2,825 |
| Total | 63,364 | 61,643 | 58,048 | 50,582 | 29,899 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Airline | 5,665 | 5,957 | 5,136 | 2,884 | 1,888 |
| Refinery | 157 | 38 | 385 | 777 | -2 |
| Total | 5,822 | 5,995 | 5,521 | 3,661 | 1,886 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Airline | 78,826 | 72,979 | 71,529 | 69,355 | 70,417 |
| Refinery | 2,552 | 2,418 | 2,174 | 3,039 | 2,099 |
| Intersegment Sales/Other | -61 | -25 | -59 | -106 | -57 |
| Total | 81,317 | 75,372 | 73,644 | 72,288 | 72,459 |
Price Behavior
Price Behavior
| Market Price | $87.39 | |
| Market Cap ($ Bil) | 57.0 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -6.5% | |
| 50 Days | 200 Days | |
| DMA Price | $79.88 | $68.39 |
| DMA Trend | up | up |
| Distance from DMA | 9.4% | 27.8% |
| 3M | 1YR | |
| Volatility | 41.7% | 40.0% |
| Downside Capture | 87.47 | 160.04 |
| Upside Capture | 152.43 | 175.81 |
| Correlation (SPY) | 49.3% | 55.4% |
DAL Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.10 | 1.53 | 1.51 | 1.76 | 1.77 | 1.61 |
| Up Beta | 2.23 | 2.72 | 2.37 | 2.50 | 2.21 | 2.08 |
| Down Beta | 2.06 | 1.64 | 1.31 | 1.18 | 1.42 | 1.40 |
| Up Capture | 133% | 235% | 166% | 235% | 309% | 307% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 26 | 35 | 61 | 126 | 373 |
| Down Capture | -20% | 20% | 54% | 137% | 132% | 108% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 15 | 28 | 63 | 125 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DAL | |
|---|---|---|---|---|
| DAL | 75.3% | 41.5% | 1.45 | - |
| Sector ETF (XLI) | 22.7% | 16.7% | 1.05 | 54.8% |
| Equity (SPY) | 22.1% | 12.5% | 1.31 | 53.2% |
| Gold (GLD) | 23.5% | 27.8% | 0.75 | 13.4% |
| Commodities (DBC) | 23.6% | 18.7% | 0.99 | -32.8% |
| Real Estate (VNQ) | 13.4% | 13.9% | 0.67 | 31.8% |
| Bitcoin (BTCUSD) | -42.5% | 42.8% | -1.17 | 29.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DAL | |
|---|---|---|---|---|
| DAL | 15.4% | 41.0% | 0.46 | - |
| Sector ETF (XLI) | 13.7% | 17.6% | 0.61 | 63.1% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 60.2% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 3.3% |
| Commodities (DBC) | 7.3% | 19.5% | 0.27 | 1.5% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 42.5% |
| Bitcoin (BTCUSD) | 13.8% | 53.4% | 0.44 | 28.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DAL | |
|---|---|---|---|---|
| DAL | 10.6% | 42.1% | 0.38 | - |
| Sector ETF (XLI) | 14.6% | 20.0% | 0.64 | 65.7% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 57.9% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 0.9% |
| Commodities (DBC) | 6.0% | 18.0% | 0.26 | 13.2% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 47.8% |
| Bitcoin (BTCUSD) | 58.6% | 66.2% | 0.99 | 17.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 7/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/10/2026 | 0.0% | ||
| 4/8/2026 | 3.7% | 9.3% | 11.8% |
| 1/13/2026 | -2.4% | -5.0% | 0.5% |
| 10/9/2025 | 4.3% | 8.0% | 1.5% |
| 7/10/2025 | 12.0% | 9.6% | 6.2% |
| 4/9/2025 | 23.4% | 13.8% | 35.3% |
| 1/10/2025 | 9.0% | 7.7% | 7.8% |
| 10/10/2024 | -1.1% | 10.8% | 18.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 15 |
| # Negative | 15 | 12 | 9 |
| Median Positive | 4.1% | 8.6% | 9.1% |
| Median Negative | -2.6% | -3.9% | -5.0% |
| Max Positive | 23.4% | 13.8% | 35.3% |
| Max Negative | -9.0% | -11.8% | -15.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/10/2026 | 0.0% | ||
| 4/8/2026 | 3.7% | 9.3% | 11.8% |
| 1/13/2026 | -2.4% | -5.0% | 0.5% |
| 10/9/2025 | 4.3% | 8.0% | 1.5% |
| 7/10/2025 | 12.0% | 9.6% | 6.2% |
| 4/9/2025 | 23.4% | 13.8% | 35.3% |
| 1/10/2025 | 9.0% | 7.7% | 7.8% |
| 10/10/2024 | -1.1% | 10.8% | 18.9% |
| 7/11/2024 | -4.0% | -2.3% | -15.2% |
| 4/10/2024 | -2.3% | -1.6% | 10.5% |
| 1/12/2024 | -9.0% | -11.8% | -4.0% |
| 10/12/2023 | -2.3% | -7.9% | -6.9% |
| 7/13/2023 | -0.5% | 1.5% | -6.2% |
| 4/13/2023 | -1.1% | 6.5% | -1.5% |
| 1/13/2023 | -3.5% | -1.4% | -2.5% |
| 10/13/2022 | 4.0% | 11.3% | 21.5% |
| 7/13/2022 | -4.5% | 4.9% | 9.1% |
| 4/13/2022 | 6.2% | 12.7% | -5.0% |
| 1/13/2022 | 2.1% | -4.4% | 4.2% |
| 10/13/2021 | -5.8% | -7.1% | 0.4% |
| 7/14/2021 | -1.6% | -1.6% | -0.1% |
| 4/15/2021 | -2.8% | -5.1% | -8.7% |
| 1/14/2021 | 2.5% | 0.5% | 7.0% |
| 10/13/2020 | -2.7% | -3.5% | 13.5% |
| 7/14/2020 | -2.6% | -2.2% | 10.5% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 15 |
| # Negative | 15 | 12 | 9 |
| Median Positive | 4.1% | 8.6% | 9.1% |
| Median Negative | -2.6% | -3.9% | -5.0% |
| Max Positive | 23.4% | 13.8% | 35.3% |
| Max Negative | -9.0% | -11.8% | -15.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/10/2026 | 10-Q |
| 03/31/2026 | 04/08/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/09/2025 | 10-Q |
| 06/30/2025 | 07/10/2025 | 10-Q |
| 03/31/2025 | 04/09/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/10/2024 | 10-Q |
| 06/30/2024 | 07/11/2024 | 10-Q |
| 03/31/2024 | 04/10/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/12/2023 | 10-Q |
| 06/30/2023 | 07/13/2023 | 10-Q |
| 03/31/2023 | 04/13/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/13/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/10/2026 | 10-Q |
| 03/31/2026 | 04/08/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/09/2025 | 10-Q |
| 06/30/2025 | 07/10/2025 | 10-Q |
| 03/31/2025 | 04/09/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/10/2024 | 10-Q |
| 06/30/2024 | 07/11/2024 | 10-Q |
| 03/31/2024 | 04/10/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/12/2023 | 10-Q |
| 06/30/2023 | 07/13/2023 | 10-Q |
| 03/31/2023 | 04/13/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/13/2022 | 10-Q |
| 06/30/2022 | 07/13/2022 | 10-Q |
| 03/31/2022 | 04/13/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-K |
| 09/30/2021 | 10/13/2021 | 10-Q |
| 06/30/2021 | 07/14/2021 | 10-Q |
| 03/31/2021 | 04/15/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/14/2020 | 10-Q |
| 06/30/2020 | 07/15/2020 | 10-Q |
| 03/31/2020 | 04/22/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
| 09/30/2019 | 10/10/2019 | 10-Q |
Recent Forward Guidance
Updated 7/11/2026Latest: Q2 2026 Earnings Reported 7/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Operating Margin | 11.0% | 12.0% | 13.0% | 5.0% | Higher New | Guidance: 7.0% for Q2 2026 | |
| Q3 2026 Earnings Per Share | 2 | 2.25 | 2.5 | 80.0% | Higher New | Guidance: 1.25 for Q2 2026 | |
| 2026 Earnings Per Share | 6.5 | 7 | 7.5 | ||||
| 2026 Free Cash Flow | 3.00 Bil | 3.50 Bil | 4.00 Bil | ||||
Prior: Q1 2026 Earnings Reported 4/8/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue Growth | 11.0% | 12.5% | 6.5% | Higher New | Actual: 6.0% for Q1 2026 | ||
| Q2 2026 Operating Margin | 6.0% | 7.0% | 1.8% | Higher New | Actual: 5.25% for Q1 2026 | ||
| Q2 2026 EPS | 1 | 1.25 | 78.6% | Higher New | Actual: 0.7 for Q1 2026 | ||
| Q2 2026 Pre-tax Profit | 1.00 Bil | ||||||
Q4 2025 Earnings Reported 1/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Earnings Per Share | 0.5 | 0.7 | 0.9 | -60.0% | Lower New | Guidance: 1.75 for Q4 2025 | |
| Q1 2026 Total Revenue YoY | 0.05 | 0.06 | 0.07 | 3.0% | Higher New | Guidance: 0.03 for Q4 2025 | |
| Q1 2026 Operating Margin | 4.5% | 5.25% | 6.0% | -6.0% | Lower New | Guidance: 11.25% for Q4 2025 | |
| 2026 Earnings Per Share | 6.5 | 7 | 7.5 | 16.7% | Higher New | Guidance: 6 for 2025 | |
| 2026 Earnings Per Share YoY | 0.2 | ||||||
| 2026 Free Cash Flow | 3.00 Bil | 3.50 Bil | 4.00 Bil | -6.7% | Lower New | Guidance: 3.75 Bil for 2025 | |
| 2026 Gross Leverage | 2 | -20.0% | Lower New | Guidance: 2.5 for 2025 | |||
Q3 2025 Earnings Reported 10/9/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue Growth | 2.0% | 3.0% | 4.0% | 1.0% | Raised | Guidance: 2.0% for Q3 2025 | |
| Q4 2025 Operating Margin | 10.5% | 11.25% | 12.0% | 1.2% | Raised | Guidance: 10.0% for Q3 2025 | |
| Q4 2025 EPS | 1.6 | 1.75 | 1.9 | 16.7% | Raised | Guidance: 1.5 for Q3 2025 | |
| 2025 EPS | 6 | 4.3% | Raised | Guidance: 5.75 for 2025 | |||
| 2025 Free Cash Flow | 3.50 Bil | 3.75 Bil | 4.00 Bil | 7.1% | Raised | Guidance: 3.50 Bil for 2025 | |
| 2025 Gross Leverage | 2.5 | ||||||
Insider Activity
Updated 6/23/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ausband, Allison C | EVP & Chief People Officer | Direct | Sell | 5282026 | 80.90 | 5,000 | 404,500 | 10,424,289 | Form |
| 2 | Bellemare, Alain | EVP & Pres. - International | Direct | Sell | 5282026 | 81.44 | 25,000 | 2,036,000 | 7,738,836 | Form |
| 3 | Ausband, Allison C | EVP & Chief People Officer | Direct | Sell | 5282026 | 79.00 | 5,000 | 395,000 | 10,574,466 | Form |
| 4 | Ausband, Allison C | EVP & Chief People Officer | Direct | Sell | 5262026 | 76.00 | 9,710 | 737,960 | 10,552,904 | Form |
| 5 | Ausband, Allison C | EVP & Chief People Officer | Direct | Sell | 5262026 | 73.50 | 5,000 | 367,500 | 10,205,769 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ausband, Allison C | EVP & Chief People Officer | Direct | Sell | 5282026 | 80.90 | 5,000 | 404,500 | 10,424,289 | Form |
| 2 | Bellemare, Alain | EVP & Pres. - International | Direct | Sell | 5282026 | 81.44 | 25,000 | 2,036,000 | 7,738,836 | Form |
| 3 | Ausband, Allison C | EVP & Chief People Officer | Direct | Sell | 5282026 | 79.00 | 5,000 | 395,000 | 10,574,466 | Form |
| 4 | Ausband, Allison C | EVP & Chief People Officer | Direct | Sell | 5262026 | 76.00 | 9,710 | 737,960 | 10,552,904 | Form |
| 5 | Ausband, Allison C | EVP & Chief People Officer | Direct | Sell | 5262026 | 73.50 | 5,000 | 367,500 | 10,205,769 | Form |
| 6 | Bellemare, Alain | EVP & Pres. - International | Direct | Sell | 5082026 | 72.75 | 20,621 | 1,500,198 | 8,731,939 | Form |
| 7 | Laughter, John E | EVP & Chief of Operations | Direct | Sell | 4152026 | 71.61 | 15,000 | 1,074,090 | 3,893,147 | Form |
| 8 | Laughter, John E | EVP & Chief of Operations | Direct | Sell | 4132026 | 68.15 | 69,304 | 4,722,929 | 4,727,359 | Form |
| 9 | Bastian, Edward H | Chief Executive Officer | Direct | Sell | 2272026 | 70.26 | 100,000 | 7,025,700 | 95,791,766 | Form |
| 10 | Sear, Steven M | EVP - Global Sales & Distrib | Direct | Sell | 2102026 | 75.05 | 38,600 | 2,896,969 | 7,835,625 | Form |
| 11 | Hauenstein, Glen W | President | Direct | Sell | 2102026 | 75.27 | 137,159 | 10,324,369 | 21,099,323 | Form |
| 12 | Bellemare, Alain | EVP & Pres. - International | Direct | Sell | 2102026 | 75.20 | 35,212 | 2,647,942 | 10,390,835 | Form |
| 13 | Hauenstein, Glen W | President | Direct | Sell | 2102026 | 72.61 | 289,774 | 21,040,847 | 30,312,502 | Form |
| 14 | Carter, Peter W | Chief External Affairs Officer | Direct | Sell | 2102026 | 74.82 | 27,000 | 2,020,232 | 31,556,320 | Form |
| 15 | Samant, Rahul D | EVP & Chief Info Officer | Direct | Sell | 2062026 | 70.18 | 62,528 | 4,388,403 | 1,469,562 | Form |
| 16 | Hauenstein, Glen W | President | Direct | Sell | 2062026 | 71.00 | 13,576 | 963,896 | 41,416,217 | Form |
| 17 | Carroll, William C | SVP, Fin & Controller | Direct | Sell | 2032026 | 68.10 | 5,967 | 406,329 | 489,065 | Form |
| 18 | Snell, Erik Storey | EVP & Chief Cust Exper Officer | Direct | Sell | 1212026 | 71.02 | 39,420 | 2,799,411 | 2,529,909 | Form |
| 19 | Carter, Peter W | Chief External Affairs Officer | Direct | Sell | 1162026 | 70.30 | 14,300 | 1,005,290 | 12,453,083 | Form |
| 20 | Bellemare, Alain | EVP & Pres. - International | Direct | Sell | 1162026 | 69.21 | 36,000 | 2,491,560 | 6,625,543 | Form |
| 21 | Bastian, Edward H | Chief Executive Officer | Direct | Sell | 1162026 | 71.00 | 173,230 | 12,299,330 | 44,930,433 | Form |
| 22 | Hauenstein, Glen W | President | Direct | Sell | 1162026 | 70.00 | 20,000 | 1,400,000 | 13,814,290 | Form |
| 23 | Sear, Steven M | EVP - Global Sales & Distrib | Direct | Sell | 1162026 | 69.69 | 31,290 | 2,180,444 | 6,794,636 | Form |
| 24 | Samant, Rahul D | EVP & Chief Info Officer | Direct | Sell | 1162026 | 69.57 | 57,003 | 3,965,699 | 2,521,634 | Form |
| 25 | Laughter, John E | EVP & Chief of Operations | Direct | Sell | 10232025 | 62.33 | 23,323 | 1,453,653 | 5,055,281 | Form |
| 26 | Carroll, William C | SVP, Fin & Controller | Direct | Sell | 10172025 | 61.25 | 14,010 | 858,070 | 968,683 | Form |
| 27 | Hauenstein, Glen W | President | Direct | Sell | 8292025 | 61.31 | 10,000 | 613,070 | 13,324,893 | Form |
| 28 | Huerta, Michael P | Direct | Sell | 8202025 | 60.70 | 2,500 | 151,762 | 2,018,138 | Form | |
| 29 | Bastian, Edward H | Chief Executive Officer | Direct | Sell | 7242025 | 56.28 | 35,000 | 1,969,975 | 35,618,443 | Form |
| 30 | Carter, Peter W | EVP - External Affairs | Direct | Sell | 7162025 | 57.19 | 17,550 | 1,003,684 | 10,948,568 | Form |
| 31 | Sear, Steven M | EVP - Global Sales & Distrib | Direct | Sell | 7152025 | 55.96 | 18,000 | 1,007,352 | 5,456,770 | Form |
| 32 | Bellemare, Alain | EVP & Pres. - International | Direct | Sell | 7142025 | 55.56 | 45,423 | 2,523,684 | 7,318,921 | Form |
Investor Activity (13F)
Updated Jul 13, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| GMT Capital Corp | $294.0 Mil | 13.4% | 77 | Hold | 13F |
| Masters Capital Management LLC | $66.5 Mil | 9.8% | 44 | Hold | 13F |
| Par Capital Management Inc | $233.6 Mil | 6.8% | 45 | Hold | 13F |
| Woodson Capital Management, LP | $19.1 Mil | 3.1% | 28 | New | 13F |
| Slate Path Capital LP | $197.2 Mil | 2.9% | 44 | Hold | 13F |
| Alta Fundamental Advisers LLC | $6.6 Mil | 2.6% | 21 | New | 13F |
| Sanders Capital, LLC | $2.0 Bil | 2.3% | 44 | Hold | 13F |
| Patient Capital Management, LLC | $36.7 Mil | 1.4% | 38 | TRIM -18.8% | 13F |
| Southpoint Capital Advisors LP | $66.5 Mil | 1.4% | 41 | TRIM -33.3% | 13F |
| SRS Investment Management, LLC | $51.9 Mil | 0.5% | 29 | ADD +6.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Appaloosa LP | $33.0 Mil | 0.5% | 38 | Exited | Dec 31, 2025 | 13F |
| Albar Capital Partners LLP | $5.3 Mil | 1.3% | 31 | Exited | Dec 31, 2025 | 13F |
| Southpoint Capital Advisors LP | $66.5 Mil | 1.4% | 41 | TRIM -33.3% | Mar 31, 2026 | 13F |
| Patient Capital Management, LLC | $36.7 Mil | 1.4% | 38 | TRIM -18.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sanders Capital, LLC | $2.0 Bil | 2.3% | 44 | Hold | 13F |
| GMT Capital Corp | $294.0 Mil | 13.4% | 77 | Hold | 13F |
| Par Capital Management Inc | $233.6 Mil | 6.8% | 45 | Hold | 13F |
| Slate Path Capital LP | $197.2 Mil | 2.9% | 44 | Hold | 13F |
| Masters Capital Management LLC | $66.5 Mil | 9.8% | 44 | Hold | 13F |
| Southpoint Capital Advisors LP | $66.5 Mil | 1.4% | 41 | TRIM -33.3% | 13F |
| SRS Investment Management, LLC | $51.9 Mil | 0.5% | 29 | ADD +6.0% | 13F |
| Patient Capital Management, LLC | $36.7 Mil | 1.4% | 38 | TRIM -18.8% | 13F |
| Woodson Capital Management, LP | $19.1 Mil | 3.1% | 28 | New | 13F |
| Alta Fundamental Advisers LLC | $6.6 Mil | 2.6% | 21 | New | 13F |
Delta Air Lines — Investor Video Playlist
Leadership
Delta Air Lines CEO Ed Bastian on state of travel, rising jet fuel costs and TSA staffing shortage
Investor / Analyst
$DAL Delta Air Lines Q4 2025 Earnings Conference Call
Products & Services
Delta Sustainable Skies Lab | Nonstop Stream
Products & Services
Delta Sustainable Skies Lab | Joby Aviation
Products & Services
International Arrivals & Connection at CDG
Products & Services
International Arrivals & Connections at ATL
Investor / Analyst
Delta Airlines - Earnings 4rd quarter 2024
Leadership
Delta Air Lines CEO Ed Bastian on Q4 earnings beat, 2024 outlook
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Passenger Airlines Resources |
| FlightGlobal |
| Airline Weekly |
| Skift Airlines |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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