Tearsheet

Delta Air Lines (DAL)

Market Price (9/16/2025): $58.42 | Market Cap: $37.9 Bil
Sector: Industrials | Industry: Passenger Airlines

Delta Air Lines (DAL)

Market Price (9/16/2025): $58.42
Market Cap: $37.9 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights

0	Attractive yield Total 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 6.2%	Weak multi-year price returns 2Y Excs Rtn is -1.1%	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -0.1%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 7.4 Bil, FCF LTM is 2.3 Bil

0	Attractive yield Total 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 6.2%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 7.4 Bil, FCF LTM is 2.3 Bil
2	Weak multi-year price returns 2Y Excs Rtn is -1.1%
3	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -0.1%

Market Valuation

	9/16/25	2024	2023	2022	2021
Share Price CYE	$58.42	$59.97	$39.45	$32.07	$38.14
Market Cap CYE ($ Bil)	37.9	38.6	25.2	20.5	24.3
Total Debt ($ Bil)	21.3	22.8	27.3	30.6	34.7
Total Cash ($ Bil)	3.3	3.1	3.9	6.5	11.3
Enterprise Value ($ Bil)	55.9	61.4	52.5	51.1	59.0
Valuation Ratios
P/S TTM	0.6	0.6	0.4	0.4	0.8
P/EBIT TTM	6.0	7.2	4.0	7.1	14.8
P/E TTM	8.4	11.2	5.6	15.9	88.8
Sector Ratios
P/S TTM (Sector)	1.6	1.4	1.4	1.1	1.6
P/EBIT TTM (Sector)	11.4	10.2	10.0	8.3	12.1
P/E TTM (Sector)	16.6	13.7	14.0	11.2	15.6

	9/16/25	2024	2023
Share Price CYE	$58.42	$59.97	$39.45
Market Cap CYE ($ Bil)	37.9	38.6	25.2
Total Debt ($ Bil)	21.3	22.8	27.3
Total Cash ($ Bil)	3.3	3.1	3.9
Enterprise Value ($ Bil)	55.9	61.4	52.5
Valuation Ratios
P/S TTM	0.6	0.6	0.4
P/EBIT TTM	6.0	7.2	4.0
P/E TTM	8.4	11.2	5.6
Sector Ratios
P/S TTM (Sector)	1.6	1.4	1.4
P/EBIT TTM (Sector)	11.4	10.2	10.0
P/E TTM (Sector)	16.6	13.7	14.0

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
DAL Return	-31%	-3%	-16%	23%	52%	-3%	6%
Peers Return	-28%	1%	-21%	-4%	53%	-11%	-24%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: UAL, ULCC, DAL, LUV, AAL. See DAL Returns vs. Peers.
[3] 2025 data is for the year up to 9/15/2025 (YTD)

Interactive Breakdown

Delta Air Lines Interactive Breakdown Analysis

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Delta Air Lines Earnings Notes
2	DAL's 15% Single Month Rise Brings Valuations Into Focus - Is CPA a Better Deal?	Counter-Intuitive Comparisons
3	Time To Buy Delta Air Lines Stock?	Buy or Fear
4	Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL	Actionable
5	How Does DAL Stack Up Against Its Peers?	Peer Comparison
6	Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL
7	Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL
8	DAL Dip Buy Analysis
9	Delta Air Lines (DAL) Valuation: Is DAL Stock Expensive Or Cheap?	Valuation
10	Delta Air Lines Total Shareholder Return (TSR): 52.8% in 2024 and 16.6% 3-yr compounded annual returns (above peer average)
11	ARTICLES
12	DAL’s 15% Single Month Rise Brings Valuations Into Focus – Is CPA a Better Deal?		September 9th, 2025
13	DAL Surges 16% In A Single Month, Time To Buy The Stock?		August 30th, 2025
14	Better Bet Than Delta Air Lines Stock: Pay Less To Get More From UAL		August 30th, 2025
15	As DAL Surges 16% in a Month, SNCY’s Story Stands Out		August 29th, 2025
16	S&P 500 Movers \| Winners: UAL, DAL, APTV \| Losers: CAH, AXON, CSGP		August 13th, 2025

	Title
0	DASHBOARDS
1	DAL’s 15% Single Month Rise Brings Valuations Into Focus – Is CPA a Better Deal?
2	DAL Surges 16% In A Single Month, Time To Buy The Stock?
3	Better Bet Than Delta Air Lines Stock: Pay Less To Get More From UAL
4	As DAL Surges 16% in a Month, SNCY’s Story Stands Out
5	S&P 500 Movers \| Winners: UAL, DAL, APTV \| Losers: CAH, AXON, CSGP
6	ARTICLES
7	Delta Air Lines Earnings Notes
8	DAL's 15% Single Month Rise Brings Valuations Into Focus - Is CPA a Better Deal?
9	Time To Buy Delta Air Lines Stock?
10	Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL
11	How Does DAL Stack Up Against Its Peers?
12	Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL
13	Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL
14	DAL Dip Buy Analysis
15	Delta Air Lines (DAL) Valuation: Is DAL Stock Expensive Or Cheap?
16	Delta Air Lines Total Shareholder Return (TSR): 52.8% in 2024 and 16.6% 3-yr compounded annual returns (above peer average)

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	18947.6%	1080.3%
2	VCIG	VCI Global	2528.6%	-66.8%
3	BDSX	Biodesix	1926.1%	-75.2%
4	CLSD	Clearside Biomedical	1136.3%	-72.3%
5	SDOT	Sadot	1033.9%	-78.2%
6	CHEK	Check-Cap	184.2%	114.2%
7	ATCH	AtlasClear	153.8%	-89.7%
8	HSDT	Helius Medical Technologies	141.7%	-96.4%
9	MTVA	MetaVia	115.5%	-26.1%
10	IHT	InnSuites Hospitality Trust	66.0%	54.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ATYR	aTyr Pharma	-83.2%	-72.0%
2	NAKA	Kindly MD	-55.4%
3	REX	REX American Resources	-49.8%	-26.7%
4	FAAS	DigiAsia	-39.2%	-83.2%
5	EVTV	Envirotech Vehicles	-32.8%	-77.4%
6	WLDS	Wearable Devices	-30.0%	-24.4%
7	ZONE	CleanCore Solutions	-29.5%	107.8%
8	CGTX	Cognition Therapeutics	-29.0%	119.6%
9	SIDU	Sidus Space	-28.7%	-80.8%
10	BNGO	Bionano Genomics	-28.6%	-84.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NXTT	Next Technology	18985.5%	1080.3%
2	BDSX	Biodesix	1658.4%	-75.2%
3	VCIG	VCI Global	1460.0%	-66.8%
4	CLSD	Clearside Biomedical	1075.2%	-72.3%
5	SDOT	Sadot	806.7%	-78.2%
6	WLDS	Wearable Devices	539.8%	-24.4%
7	QMMM	QMMM	536.6%	5505.5%
8	ATCH	AtlasClear	382.9%	-89.7%
9	OPI	Office Properties Income Trust	274.5%	-8.3%
10	CWD	CaliberCos	246.5%	-46.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-83.7%
2	ATYR	aTyr Pharma	-81.4%	-72.0%
3	LGCL	Lucas GC	-73.2%	-78.3%
4	NAKA	Kindly MD	-72.8%
5	OCTO	Eightco	-67.8%	562.1%
6	YYGH	YY	-67.0%	-78.2%
7	SNTG	Sentage	-58.1%	57.5%
8	REX	REX American Resources	-50.7%	-26.7%
9	BINI	Bollinger Innovations	-49.2%	-100.0%
10	SLXN	Silexion Therapeutics	-49.2%	-88.0%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11963.5%	11963.5%
2	GIBO	GIBO	7309.3%
3	CHSN	Chanson International	5551.3%	-99.3%
4	LNZA	LanzaTech Global	5145.9%	-85.7%
5	QMMM	QMMM	2490.3%	5505.5%
6	NXTT	Next Technology	2167.7%	1080.3%
7	VTAK	Catheter Precision	1543.9%	-70.5%
8	CURX	Curanex Pharmaceuticals	1282.0%	1282.0%
9	VCIG	VCI Global	1278.3%	-66.8%
10	OCTO	Eightco	800.6%	562.1%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	CJET	Chijet Motor	-93.3%	-95.1%
2	ELPW	Elong Power	-92.4%	-76.5%
3	STFS	Star Fashion Culture	-92.1%	-97.9%
4	ETS	Elite Express	-92.0%	-92.0%
5	NAKA	Kindly MD	-91.7%
6	BINI	Bollinger Innovations	-90.5%	-100.0%
7	FLYE	Fly-E	-89.8%	-81.2%
8	JEM	707 Cayman	-89.8%	-98.3%
9	NUTR	NusaTrip	-86.7%	-86.7%
10	CUPR	Cuprina	-84.9%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	18947.6%	1080.3%
2	VCIG	VCI Global	2528.6%	-66.8%
3	BDSX	Biodesix	1926.1%	-75.2%
4	CLSD	Clearside Biomedical	1136.3%	-72.3%
5	SDOT	Sadot	1033.9%	-78.2%
6	CHEK	Check-Cap	184.2%	114.2%
7	ATCH	AtlasClear	153.8%	-89.7%
8	HSDT	Helius Medical Technologies	141.7%	-96.4%
9	MTVA	MetaVia	115.5%	-26.1%
10	IHT	InnSuites Hospitality Trust	66.0%	54.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ATYR	aTyr Pharma	-83.2%	-72.0%
2	NAKA	Kindly MD	-55.4%
3	REX	REX American Resources	-49.8%	-26.7%
4	FAAS	DigiAsia	-39.2%	-83.2%
5	EVTV	Envirotech Vehicles	-32.8%	-77.4%
6	WLDS	Wearable Devices	-30.0%	-24.4%
7	ZONE	CleanCore Solutions	-29.5%	107.8%
8	CGTX	Cognition Therapeutics	-29.0%	119.6%
9	SIDU	Sidus Space	-28.7%	-80.8%
10	BNGO	Bionano Genomics	-28.6%	-84.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NXTT	Next Technology	18985.5%	1080.3%
2	BDSX	Biodesix	1658.4%	-75.2%
3	VCIG	VCI Global	1460.0%	-66.8%
4	CLSD	Clearside Biomedical	1075.2%	-72.3%
5	SDOT	Sadot	806.7%	-78.2%
6	WLDS	Wearable Devices	539.8%	-24.4%
7	QMMM	QMMM	536.6%	5505.5%
8	ATCH	AtlasClear	382.9%	-89.7%
9	OPI	Office Properties Income Trust	274.5%	-8.3%
10	CWD	CaliberCos	246.5%	-46.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-83.7%
2	ATYR	aTyr Pharma	-81.4%	-72.0%
3	LGCL	Lucas GC	-73.2%	-78.3%
4	NAKA	Kindly MD	-72.8%
5	OCTO	Eightco	-67.8%	562.1%
6	YYGH	YY	-67.0%	-78.2%
7	SNTG	Sentage	-58.1%	57.5%
8	REX	REX American Resources	-50.7%	-26.7%
9	BINI	Bollinger Innovations	-49.2%	-100.0%
10	SLXN	Silexion Therapeutics	-49.2%	-88.0%

Peer Comparisons for Delta Air Lines

Financials

	DAL	UAL	ULCC	LUV	AAL	Median
Name	Delta Ai.	United A.	Frontier	Southwes.	American.
Mkt Price	58.42	104.55	5.28	31.43	12.53	31.43
Mkt Cap	37.9	33.9	1.2	16.9	8.3	16.9
Rev LTM	61,924	57,986	3,778	27,472	54,250	54,250
Op Inc LTM	5,785	5,404	-57	318	2,744	2,744
FCF LTM	2,332	4,044	-429	-273	1,563	1,563
FCF 3Y Avg	1,414	1,670	-316	-1,171	904	904
CFO LTM	7,403	9,649	-288	1,850	4,094	4,094
CFO 3Y Avg	6,927	8,061	-191	1,900	3,485	3,485

Growth & Margins

	DAL	UAL	ULCC	LUV	AAL	Median
Name	Delta Ai.	United A.	Frontier	Southwes.	American.
Rev Chg LTM	3.0%	4.2%	4.6%	1.6%	1.5%	3.0%
Rev Chg 3Y Avg	14.7%	18.8%	12.0%	9.3%	10.8%	12.0%
Rev Chg Q	-0.1%	1.7%	-4.5%	-1.5%	0.4%	-0.1%
QoQ Delta Rev Chg LTM	-0.0%	0.4%	-1.2%	-0.4%	0.1%	-0.0%
Op Mgn LTM	9.3%	9.3%	-1.5%	1.2%	5.1%	5.1%
Op Mgn 3Y Avg	9.5%	9.5%	0.3%	0.7%	6.6%	6.6%
QoQ Delta Op Mgn LTM	-0.3%	-0.4%	-2.6%	-0.6%	-0.4%	-0.4%
CFO/Rev LTM	12.0%	16.6%	-7.6%	6.7%	7.5%	7.5%
CFO/Rev 3Y Avg	11.7%	14.7%	-5.2%	7.3%	6.5%	7.3%
FCF/Rev LTM	3.8%	7.0%	-11.4%	-1.0%	2.9%	2.9%
FCF/Rev 3Y Avg	2.3%	3.0%	-8.6%	-4.5%	1.7%	1.7%

Valuation

	DAL	UAL	ULCC	LUV	AAL	Median
Name	Delta Ai.	United A.	Frontier	Southwes.	American.
Mkt Cap	37.9	33.9	1.2	16.9	8.3	16.9
P/S	0.6	0.6	0.3	0.6	0.2	0.6
P/EBIT	6.0	6.1	-46.3	25.3	3.3	6.0
P/E	8.5	10.3	-36.5	43.1	14.6	10.3
P/CFO	5.1	3.5	-4.2	9.1	2.0	3.5
Total Yield	12.3%	9.8%	-2.7%	4.8%	6.9%	6.9%
Dividend Yield	0.5%	0.0%	0.0%	2.5%	0.0%	0.0%
FCF Yield 3Y Avg	4.5%	6.8%	-30.4%	-6.2%	9.0%	4.5%
D/E	0.6	1.0	4.0	0.3	4.5	1.0
Net D/E	0.5	0.5	3.6	0.1	3.5	0.5

Returns

	DAL	UAL	ULCC	LUV	AAL	Median
Name	Delta Ai.	United A.	Frontier	Southwes.	American.
1M Rtn	-3.0%	3.6%	16.8%	0.3%	-4.9%	0.3%
3M Rtn	18.5%	33.2%	47.1%	-1.3%	15.0%	18.5%
6M Rtn	25.4%	41.4%	-14.1%	-1.1%	10.7%	10.7%
12M Rtn	30.8%	108.2%	22.5%	12.1%	17.2%	22.5%
3Y Rtn	86.4%	178.9%	-55.6%	-3.2%	-8.9%	-3.2%
1M Excs Rtn	-3.2%	3.2%	16.9%	0.7%	-4.5%	0.7%
3M Excs Rtn	13.9%	30.6%	43.3%	-10.5%	10.1%	13.9%
6M Excs Rtn	8.5%	24.6%	-28.6%	-17.1%	-2.0%	-2.0%
12M Excs Rtn	14.4%	96.6%	10.9%	-7.5%	-2.8%	10.9%
3Y Excs Rtn	21.3%	103.8%	-123.8%	-75.8%	-75.4%	-75.4%

Comparison Analyses

	Title
0	How Does DAL Stack Up Against Its Peers?
1	Delta Air Lines vs. United Airlines: With Return Forecast Of 34%-35%, Both Seem Like Good Bets
2	ALK Could Deliver 47% Returns And Outperform DAL
3	With 21% Gains On The Table, AAL May Outshine DAL
4	With 20% Gains On The Table, DAL May Outshine LUV
5	Delta Air Lines vs. JetBlue Airways: With Return Forecast Of 18%, Delta Air Lines Is A Better Bet
6	Delta Air Lines vs. Fidelity National Information Services: With Return Forecast Of 61%, Delta Air Lines Is A Better Bet
7	Delta Air Lines vs. Chipotle Mexican Grill: With Return Forecast Of 61%, Delta Air Lines Is A Better Bet
8	Delta Air Lines vs. MSCI: With Return Forecast Of 61%, Delta Air Lines Is A Better Bet
9	Delta Air Lines vs. Nike: With Return Forecast Of 61%, Delta Air Lines Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End		12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date		2/11/2025	2/12/2024	2/10/2023	2/11/2022	2/12/2021	2/13/2020
Key Financials
Total Revenue	61,924	61,643	58,048	50,582	29,899	17,095	47,007
Ebitda	6,361	7,918	8,783	5,050	3,675	-12,346	9,080
Operating Income	5,785	5,995	5,521	3,661	2,337	-4,031	6,553
Net Income	4,485	3,457	4,609	1,318	280	-12,385	4,767
EPS	6.94	5.39	7.21	2.07	0.44	-19.49	7.32
Growth Rates
Total Revenue Growth	3.0%	6.2%	14.8%	69.2%	74.9%	-63.6%	5.8%
EBITDA Growth	-1.9%	-9.8%	73.9%	37.4%	129.8%	-236.0%	16.5%
Operating Income Growth	-6.5%	8.6%	50.8%	56.7%	158.0%	-161.5%	24.5%
Net Income Growth	-0.0%	-25.0%	249.7%	370.7%	102.3%	-359.8%	21.1%
Margins
EBITDA Margin	10.3%	12.8%	15.1%	10.0%	12.3%	-72.2%	19.3%
Operating Income Margin	9.3%	9.7%	9.5%	7.2%	7.8%	-23.6%	13.9%
Net Income Margin	7.2%	5.6%	7.9%	2.6%	0.9%	-72.4%	10.1%
Cash & Debt
Total Cash	3,331	3,069	3,868	6,534	11,319	14,096	2,882
Total Debt	21,280	22,771	27,281	30,610	34,679	35,548	17,255
Net Debt / (Cash)	17,949	19,702	23,413	24,076	23,360	21,452	14,373
Cash Flows
Net Cash from Operations	7,403	8,025	6,464	6,363	3,264	-3,793	8,425
Free Cash from Operations	2,332	2,885	1,141	-3	17	-5,692	3,489
Returns to Shareholders
Dividends	389	321	128	-0	-0	260	980
Share Repurchases	-0	-0	-0	-0	-0	344	2,027

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	7/10/2025	4/9/2025	2/11/2025	10/10/2024	7/11/2024	4/10/2024	2/12/2024	10/12/2023	7/13/2023	4/13/2023	2/10/2023	10/13/2022
Key Financials Quarterly
Total Revenue	16,648	14,040	15,559	15,677	16,658	13,748	14,223	15,488	15,578	12,759	13,435	13,975
Ebitda	2,746	499	1,382	1,734	1,961	327	2,482	1,717	2,520	-279	1,358	1,210
Operating Income	2,102	569	1,717	1,397	2,267	614	1,322	1,984	2,491	-277	1,252	1,529
Net Income	2,130	240	843	1,272	1,305	37	2,037	1,108	1,827	-363	829	695
EPS	3.28	0.37	1.31	1.98	2.04	0.06	3.19	1.73	2.86	-0.57	1.30	1.09
Key Financials TTM
Total Revenue TTM	61,924	61,934	61,642	60,306	60,117	59,037	58,048	57,260	55,747	53,993	50,582	46,617
Ebitda TTM	6,361	5,576	5,404	6,504	6,487	7,046	6,440	5,316	4,809	3,591	2,944	1,456
Operating Income TTM	5,785	5,950	5,995	5,600	6,187	6,411	5,520	5,450	4,995	4,096	3,663	2,788
Net Income TTM	4,485	3,660	3,457	4,651	4,487	5,009	4,609	3,401	2,988	1,896	1,319	82
Growth Rates Quarterly
Total Revenue Growth	-0.1%	2.1%	9.4%	1.2%	6.9%	7.8%	5.9%	10.8%	12.7%	36.5%	41.9%	52.7%
EBITDA Growth	40.0%	52.6%	-44.3%	1.0%	-22.2%	217.2%	82.8%	41.9%	93.5%	69.9%	1144.6%	-34.5%
Operating Income Growth	-7.3%	-7.3%	29.9%	-29.6%	-9.0%	321.7%	5.6%	29.8%	56.5%	61.0%	232.1%	-34.0%
Net Income Growth	63.2%	548.6%	-58.6%	14.8%	-28.6%	110.2%	145.7%	59.4%	148.6%	61.4%	303.2%	-42.7%
Margins Quarterly
EBITDA Margin	16.5%	3.6%	8.9%	11.1%	11.8%	2.4%	17.5%	11.1%	16.2%	-2.2%	10.1%	8.7%
Operating Income Margin	12.6%	4.1%	11.0%	8.9%	13.6%	4.5%	9.3%	12.8%	16.0%	-2.2%	9.3%	10.9%
Net Income Margin	12.8%	1.7%	5.4%	8.1%	7.8%	0.3%	14.3%	7.2%	11.7%	-2.8%	6.2%	5.0%
Cash & Debt
Total Cash	3,331	3,711	3,069	3,977	4,234	4,466	3,868	5,005	6,036	6,611	6,534	8,368
Total Debt	21,280	22,280	22,771	24,388	24,811	26,309	27,281	26,799	27,550	29,560	30,610	30,836
Net Debt / (Cash)	17,949	18,569	19,702	20,411	20,577	21,843	23,413	21,794	21,514	22,949	24,076	22,468
Cash Flows Quarterly
FCF from Operations	1,857	2,378	1,894	1,274	2,449	2,408	545	1,076	2,608	2,235	1,188	869
Cash Flows TTM
FCF from Operations TTM	7,403	7,995	8,025	6,676	6,478	6,637	6,464	7,107	6,900	6,827	6,363	5,731
Returns to Shareholders Quarterly
Dividends	97	99	96	97	64	64	64	64	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	28.6%	6.9%	18.6%	17.6%	25.8%	2.8%	16.6%	21.4%	29.4%	-2.8%	12.7%	16.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	18.9%	18.0%	17.1%	17.6%	18.8%	19.1%	15.9%	15.4%	14.4%	10.6%	8.6%	2.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Airline	54,669	45,605	26,670	15,945	46,910
Refinery	7,572	10,706	6,054	3,143	5,558
Intersegment Sales/Other	-4,193	-5,729	-2,825	-1,993	-5,461
Total	58,048	50,582	29,899	17,095	47,007

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Airline	5,136	2,884	1,888	-12,253	6,542
Refinery	385	777	-2	-216	76
Total	5,521	3,661	1,886	-12,469	6,618

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Airline	71,529	69,355	70,417	70,548	62,793
Refinery	2,174	3,039	2,099	1,448	1,739
Intersegment Sales/Other	-59	-106	-57
Total	73,644	72,288	72,459	71,996	64,532

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$58.42
Market Cap ($ Bil)	37.9
First Trading Date	02/23/2007
Distance from 52W High	-14.7%
	50 Days	200 Days
DMA Price	$57.21	$54.58
DMA Trend	indeterminate	up
Distance from DMA	2.1%	7.0%
	3M	1YR
Volatility	42.5%	50.7%
Downside Capture	0.77	1.20
Upside Capture	211.14	156.12
Correlation (SPY)	57.6%	68.6%

DAL Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	3.04	3.09	3.09	2.01	1.76	1.42
Up Beta	4.07	3.53	3.74	2.25	2.16	1.74
Down Beta	2.53	2.64	3.02	1.55	1.46	1.32
Up Capture	370%	391%	329%	264%	246%	231%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	12	22	34	60	120	387
Down Capture	174%	221%	266%	168%	126%	104%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	9	20	29	66	126	358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	18,650,948
Short Interest: % Change Since 8152025	-5.8%
Average Daily Volume	6,142,817
Days-to-Cover Short Interest	3.04
Basic Shares Quantity	649,000,000
Short % of Basic Shares	2.9%

Returns Analyses

	Title
0	DAL YTD Stock Return Of 2.1% Outperforms OSW by 6.7% and Underperforms ULCC by -3.4%
1	Delta Air Lines During 2008 Recession vs. 2022 Inflation Shock: DAL Stock Is Now 19% Higher Than Its Pre-Shock High
2	Delta Air Lines (DAL) Stock Has 69% Chance Of Rise In The Next One Month
3	Delta Air Lines Stock Return Comparison
4	[10/15/2021] Delta Air Lines (DAL) Stock Price Forecast: AI Forecasts DAL Stock Price To Be Around $42.50 In A Month (Up 3.8%)
5	Delta Air Lines Total Shareholder Return (TSR): 23.0% in 2023 and 0.2% 3-yr returns (above peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	8	12	13
# Negative	16	12	11
Median Positive	5.1%	7.1%	9.1%
Median Negative	-2.7%	-2.9%	-4.0%
Max Positive	23.4%	13.8%	35.3%
Max Negative	-9.0%	-11.8%	-15.2%

	Forward Returns
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%
4/22/2020	-2.7%	5.4%	-1.6%
1/14/2020	3.3%	1.4%	-0.0%
10/10/2019	-1.5%	-1.4%	7.7%
SUMMARY STATS
# Positive	8	12	13
# Negative	16	12	11
Median Positive	5.1%	7.1%	9.1%
Median Negative	-2.7%	-2.9%	-4.0%
Max Positive	23.4%	13.8%	35.3%
Max Negative	-9.0%	-11.8%	-15.2%

SEC Filings

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Report Date	Filing Date	Filing
6302025	7102025	10-Q 6/30/2025
3312025	4092025	10-Q 3/31/2025
12312024	2112025	10-K 12/31/2024
9302024	10102024	10-Q 9/30/2024
6302024	7112024	10-Q 6/30/2024
3312024	4102024	10-Q 3/31/2024
12312023	2122024	10-K 12/31/2023
9302023	10122023	10-Q 9/30/2023
6302023	7132023	10-Q 6/30/2023
3312023	4132023	10-Q 3/31/2023
12312022	2102023	10-K 12/31/2022
9302022	10132022	10-Q 9/30/2022
6302022	7132022	10-Q 6/30/2022
3312022	4132022	10-Q 3/31/2022
12312021	2112022	10-K 12/31/2021
9302021	10132021	10-Q 9/30/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	HAUENSTEIN GLEN W	President	8292025	Sell	61.31	10,000	613,070	13,324,893	Form
1	HUERTA MICHAEL P		8202025	Sell	60.70	2,500	151,762	2,018,138	Form
2	Bastian Edward H	Chief Executive Officer	7242025	Sell	56.28	35,000	1,969,975	35,618,443	Form
3	Carter Peter W	EVP - External Affairs	7162025	Sell	57.19	17,550	1,003,684	10,948,568	Form
4	Sear Steven M	EVP - Global Sales & Distrib	7152025	Sell	55.96	18,000	1,007,352	5,456,770	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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	2020	2021	2022	2023	2024	2025	Total [1]
Returns
DAL Return	-31%	-3%	-16%	23%	52%	-3%	6%
Peers Return	-28%	1%	-21%	-4%	53%	-11%	-24%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%
Monthly Win Rates [3]
DAL Win Rate	33%	50%	50%	42%	58%	62%
Peers Win Rate	30%	45%	45%	40%	60%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	62%
Max Drawdowns [4]
DAL Max Drawdown	-67%	-17%	-28%	-6%	-8%	-41%
Peers Max Drawdown	-54%	-9%	-32%	-26%	-23%	-43%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

Delta Air Lines (DAL)

Market Price (9/16/2025): $58.42 | Market Cap: $37.9 BilSector: Industrials | Industry: Passenger Airlines

Delta Air Lines (DAL)

Market Price (9/16/2025): $58.42Market Cap: $37.9 BilSector: IndustrialsIndustry: Passenger Airlines

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Market Price (9/16/2025): $58.42 | Market Cap: $37.9 Bil
Sector: Industrials | Industry: Passenger Airlines

Market Price (9/16/2025): $58.42
Market Cap: $37.9 Bil
Sector: Industrials
Industry: Passenger Airlines