Delta Air Lines (DAL)
Market Price (4/5/2026): $66.84 | Market Cap: $43.3 BilSector: Industrials | Industry: Passenger Airlines
Delta Air Lines (DAL)
Market Price (4/5/2026): $66.84Market Cap: $43.3 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 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.8%, FCF Yield is 8.9% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 8.3 Bil, FCF LTM is 3.8 Bil Low stock price volatilityVol 12M is 50% 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 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.8%, FCF Yield is 8.9% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 8.3 Bil, FCF LTM is 3.8 Bil |
| Low stock price volatilityVol 12M is 50% |
| 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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Delta Air Lines (DAL) stock has lost about 5% since 12/31/2025 because of the following key factors:
1. Mixed Q4 2025 Financial Results: Delta Air Lines reported fourth-quarter 2025 adjusted earnings per share (EPS) of $1.55 on January 13, 2026, surpassing the consensus estimate of $1.53 by $0.02. However, revenue for the quarter was $14.61 billion, falling short of the consensus estimate of $15.80 billion. This mixed financial performance, combined with a $200 million reduction in pre-tax profit due to a government shutdown and a 4% year-over-year increase in non-fuel unit costs, contributed to a 3.56% decline in the stock price the day after the earnings announcement.
2. Soaring Fuel Prices Offset by Strategic Hedge: A significant macroeconomic headwind was the sharp increase in jet fuel prices, with crude prices soaring past $100 per barrel and reaching nearly $120 in March 2026 due to geopolitical tensions, representing an approximate 50% increase from late 2025. This typically pressures airline profitability. However, Delta's refinery hedge became more valuable, helping to mitigate some of the adverse impact of these elevated fuel costs.
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1. Mixed Q4 2025 Financial Results: Delta Air Lines reported fourth-quarter 2025 adjusted earnings per share (EPS) of $1.55 on January 13, 2026, surpassing the consensus estimate of $1.53 by $0.02. However, revenue for the quarter was $14.61 billion, falling short of the consensus estimate of $15.80 billion. This mixed financial performance, combined with a $200 million reduction in pre-tax profit due to a government shutdown and a 4% year-over-year increase in non-fuel unit costs, contributed to a 3.56% decline in the stock price the day after the earnings announcement.
2. Soaring Fuel Prices Offset by Strategic Hedge: A significant macroeconomic headwind was the sharp increase in jet fuel prices, with crude prices soaring past $100 per barrel and reaching nearly $120 in March 2026 due to geopolitical tensions, representing an approximate 50% increase from late 2025. This typically pressures airline profitability. However, Delta's refinery hedge became more valuable, helping to mitigate some of the adverse impact of these elevated fuel costs.
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Stock Movement Drivers
Fundamental Drivers
The -3.5% change in DAL stock from 12/31/2025 to 4/4/2026 was primarily driven by a -10.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.21 | 66.76 | -3.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 62,920 | 63,364 | 0.7% |
| Net Income Margin (%) | 7.4% | 7.9% | 7.4% |
| P/E Multiple | 9.7 | 8.6 | -10.9% |
| Shares Outstanding (Mil) | 649 | 648 | 0.2% |
| Cumulative Contribution | -3.5% |
Market Drivers
12/31/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| DAL | -3.5% | |
| Market (SPY) | -5.4% | 59.6% |
| Sector (XLI) | 5.6% | 58.2% |
Fundamental Drivers
The 18.3% change in DAL stock from 9/30/2025 to 4/4/2026 was primarily driven by a 9.1% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.42 | 66.76 | 18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61,924 | 63,364 | 2.3% |
| Net Income Margin (%) | 7.2% | 7.9% | 9.1% |
| P/E Multiple | 8.2 | 8.6 | 5.8% |
| Shares Outstanding (Mil) | 649 | 648 | 0.2% |
| Cumulative Contribution | 18.3% |
Market Drivers
9/30/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| DAL | 18.3% | |
| Market (SPY) | -2.9% | 55.0% |
| Sector (XLI) | 6.5% | 56.3% |
Fundamental Drivers
The 55.0% change in DAL stock from 3/31/2025 to 4/4/2026 was primarily driven by a 40.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312025 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.07 | 66.76 | 55.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61,642 | 63,364 | 2.8% |
| Net Income Margin (%) | 5.6% | 7.9% | 40.9% |
| P/E Multiple | 8.0 | 8.6 | 7.7% |
| Shares Outstanding (Mil) | 644 | 648 | -0.6% |
| Cumulative Contribution | 55.0% |
Market Drivers
3/31/2025 to 4/4/2026| Return | Correlation | |
|---|---|---|
| DAL | 55.0% | |
| Market (SPY) | 16.3% | 71.4% |
| Sector (XLI) | 26.3% | 69.4% |
Fundamental Drivers
The 97.0% change in DAL stock from 3/31/2023 to 4/4/2026 was primarily driven by a 203.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4042026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.88 | 66.76 | 97.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 50,582 | 63,364 | 25.3% |
| Net Income Margin (%) | 2.6% | 7.9% | 203.0% |
| P/E Multiple | 16.4 | 8.6 | -47.3% |
| Shares Outstanding (Mil) | 638 | 648 | -1.5% |
| Cumulative Contribution | 97.0% |
Market Drivers
3/31/2023 to 4/4/2026| Return | Correlation | |
|---|---|---|
| DAL | 97.0% | |
| Market (SPY) | 63.3% | 60.8% |
| Sector (XLI) | 68.8% | 62.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DAL Return | -3% | -16% | 23% | 52% | 16% | -2% | 73% |
| Peers Return | 1% | -27% | -4% | 58% | -7% | -15% | -12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| DAL Win Rate | 50% | 50% | 42% | 58% | 67% | 50% | |
| Peers Win Rate | 43% | 47% | 43% | 63% | 48% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DAL Max Drawdown | -17% | -28% | -6% | -8% | -41% | -16% | |
| Peers Max Drawdown | -11% | -35% | -25% | -18% | -43% | -23% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/2/2026 (YTD)
How Low Can It Go
| Event | DAL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.8% | -25.4% |
| % Gain to Breakeven | 84.3% | 34.1% |
| Time to Breakeven | 588 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -69.1% | -33.9% |
| % Gain to Breakeven | 223.2% | 51.3% |
| Time to Breakeven | 1,636 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.9% | -19.8% |
| % Gain to Breakeven | 33.1% | 24.7% |
| Time to Breakeven | 190 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -81.7% | -56.8% |
| % Gain to Breakeven | 447.3% | 131.3% |
| Time to Breakeven | 1,604 days | 1,480 days |
Compare to UAL, AAL, LUV, ALK, JBLU
In The Past
Delta Air Lines's stock fell -45.8% during the 2022 Inflation Shock from a high on 4/6/2021. A -45.8% loss requires a 84.3% gain to breakeven.
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About Delta Air Lines (DAL)
Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Minneapolis-St. Paul, Detroit, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Mexico City, London-Heathrow, Paris-Charles de Gaulle, and Seoul-Incheon. The company sells its tickets through various distribution channels, including delta.com and the Fly Delta app, reservations, online travel agencies, traditional brick and mortar, and other agencies. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages to third-party consumers, as well as aircraft charters, and management and programs. The company operates through a fleet of approximately 1,200 aircrafts. Delta Air Lines, Inc. was founded in 1924 and is based in Atlanta, Georgia.
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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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| 03312026 | NSP | Insperity | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | TNC | Tennant | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | ADP | Automatic Data Processing | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.0% | 1.0% | 0.0% |
| 03272026 | HURN | Huron Consulting | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.0% | 4.0% | 0.0% |
| 03272026 | TRU | TransUnion | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.2% | 5.2% | 0.0% |
| 04302025 | DAL | Delta Air Lines | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 42.5% | 61.7% | -0.3% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.47 |
| Mkt Cap | 15.0 |
| Rev LTM | 41,348 |
| Op Inc LTM | 1,090 |
| FCF LTM | -584 |
| FCF 3Y Avg | -73 |
| CFO LTM | 1,886 |
| CFO 3Y Avg | 2,419 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.5% |
| Rev Chg 3Y Avg | 6.8% |
| Rev Chg Q | 2.8% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Mgn LTM | 3.4% |
| Op Mgn 3Y Avg | 6.0% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 7.7% |
| CFO/Rev 3Y Avg | 8.6% |
| FCF/Rev LTM | -2.7% |
| FCF/Rev 3Y Avg | -0.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 15.0 |
| P/S | 0.4 |
| P/EBIT | 5.9 |
| P/E | 26.0 |
| P/CFO | 3.6 |
| Total Yield | 3.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -1.7% |
| D/E | 1.3 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.7% |
| 3M Rtn | -13.5% |
| 6M Rtn | -4.8% |
| 12M Rtn | 31.5% |
| 3Y Rtn | 8.1% |
| 1M Excs Rtn | -7.6% |
| 3M Excs Rtn | -9.2% |
| 6M Excs Rtn | -0.3% |
| 12M Excs Rtn | -3.5% |
| 3Y Excs Rtn | -53.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Airline | 57,001 | 54,669 | 45,605 | 26,670 | 15,945 |
| Refinery | 7,767 | 7,572 | 10,706 | 6,054 | 3,143 |
| Intersegment Sales/Other | -3,125 | -4,193 | -5,729 | -2,825 | -1,993 |
| Total | 61,643 | 58,048 | 50,582 | 29,899 | 17,095 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Airline | 5,957 | 5,136 | 2,884 | 1,888 | -12,253 |
| Refinery | 38 | 385 | 777 | -2 | -216 |
| Total | 5,995 | 5,521 | 3,661 | 1,886 | -12,469 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Airline | 72,979 | 71,529 | 69,355 | 70,417 | 70,548 |
| Refinery | 2,418 | 2,174 | 3,039 | 2,099 | 1,448 |
| Intersegment Sales/Other | -25 | -59 | -106 | -57 | |
| Total | 75,372 | 73,644 | 72,288 | 72,459 | 71,996 |
Price Behavior
Price Behavior
| Market Price | $66.76 | |
| Market Cap ($ Bil) | 43.3 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -11.2% | |
| 50 Days | 200 Days | |
| DMA Price | $66.44 | $61.40 |
| DMA Trend | up | down |
| Distance from DMA | 0.5% | 8.7% |
| 3M | 1YR | |
| Volatility | 45.3% | 48.8% |
| Downside Capture | 1.21 | 1.11 |
| Upside Capture | 265.95 | 199.37 |
| Correlation (SPY) | 56.8% | 69.2% |
DAL Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.80 | 2.17 | 2.05 | 1.78 | 1.88 | 1.61 |
| Up Beta | 1.77 | 3.29 | 3.59 | 2.03 | 2.17 | 2.00 |
| Down Beta | 1.64 | 0.62 | 0.98 | 1.35 | 1.50 | 1.41 |
| Up Capture | 316% | 375% | 294% | 283% | 336% | 334% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 20 | 27 | 61 | 125 | 377 |
| Down Capture | 111% | 176% | 180% | 149% | 138% | 108% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 22 | 35 | 64 | 126 | 369 |
[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 | 59.6% | 50.0% | 1.09 | - |
| Sector ETF (XLI) | 25.7% | 19.5% | 1.05 | 69.6% |
| Equity (SPY) | 16.1% | 19.0% | 0.67 | 71.6% |
| Gold (GLD) | 50.5% | 28.0% | 1.46 | 3.9% |
| Commodities (DBC) | 16.2% | 17.7% | 0.77 | 12.6% |
| Real Estate (VNQ) | 3.6% | 16.5% | 0.04 | 51.2% |
| Bitcoin (BTCUSD) | -21.5% | 44.0% | -0.42 | 38.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DAL | |
|---|---|---|---|---|
| DAL | 7.6% | 40.5% | 0.30 | - |
| Sector ETF (XLI) | 12.4% | 17.2% | 0.56 | 63.0% |
| Equity (SPY) | 11.6% | 17.0% | 0.53 | 60.0% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 1.4% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 7.0% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 42.7% |
| Bitcoin (BTCUSD) | 3.9% | 56.5% | 0.29 | 26.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DAL | |
|---|---|---|---|---|
| DAL | 4.7% | 41.9% | 0.25 | - |
| Sector ETF (XLI) | 13.4% | 19.9% | 0.60 | 65.9% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 58.0% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | -1.6% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 16.9% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 47.8% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 16.5% |
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 12 | 14 |
| # Negative | 16 | 12 | 10 |
| Median Positive | 5.3% | 7.9% | 8.5% |
| Median Negative | -2.7% | -3.9% | -4.5% |
| 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 |
|---|---|---|
| 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 |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 1/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total Revenue YoY | 0.05 | 0.06 | 0.07 | 100.0% | 3.0% | Raised | Guidance: 0.03 for Q4 2025 |
| Q1 2026 Operating Margin | 4.5% | 5.25% | 6.0% | -53.3% | -6.0% | Lowered | Guidance: 11.25% for Q4 2025 |
| Q1 2026 Earnings Per Share | 0.5 | 0.7 | 0.9 | -60.0% | Lowered | Guidance: 1.75 for Q4 2025 | |
| 2026 Earnings Per Share | 6.5 | 7 | 7.5 | 16.7% | Higher New | Actual: 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% | Lowered | Guidance: 3.75 Bil for 2025 | |
| 2026 Gross Leverage | 2 | -20.0% | Lowered | Guidance: 2.5 for 2025 | |||
Prior: 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% | 50.0% | 1.0% | Raised | Guidance: 2.0% for Q3 2025 |
| Q4 2025 Operating Margin | 10.5% | 11.25% | 12.0% | 12.5% | 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 | 4.4% | 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 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Laughter, John E | EVP & Chief of Operations | Direct | Sell | 10232025 | 62.33 | 23,323 | 1,453,653 | 5,055,281 | Form |
| 2 | Carroll, William C | SVP, Fin & Controller | Direct | Sell | 10172025 | 61.25 | 14,010 | 858,070 | 968,683 | Form |
| 3 | Hauenstein, Glen W | President | Direct | Sell | 8292025 | 61.31 | 10,000 | 613,070 | 13,324,893 | Form |
| 4 | Huerta, Michael P | Direct | Sell | 8202025 | 60.70 | 2,500 | 151,762 | 2,018,138 | Form | |
| 5 | Bastian, Edward H | Chief Executive Officer | Direct | Sell | 7242025 | 56.28 | 35,000 | 1,969,975 | 35,618,443 | Form |
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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