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Investment Highlights Market Valuation Price Chart Return vs. Risk About DAL Interactive Breakdown Better Bets vs. DAL Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Delta Air Lines (DAL)

Market Price (10/22/2025): $62.25 | Market Cap: $40.4 Bil
Sector: Industrials | Industry: Passenger Airlines

Delta Air Lines (DAL)

Market Price (10/22/2025): $62.25
Market Cap: $40.4 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

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 7.7%, FCF Yield is 7.6%		  
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 8.0 Bil, FCF LTM is 3.1 Bil		  
2 Low stock price volatility
Vol 12M is 50%		  
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 7.7%, FCF Yield is 7.6%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 8.0 Bil, FCF LTM is 3.1 Bil
2 Low stock price volatility
Vol 12M is 50%

Market Valuation & Key Metrics

DALS&P 500
REVENUE GROWTHFAIR
Rev LTM ($ Bil)62.9
Rev Chg Q6.4%6.1%
Rev Chg LTM4.3%5.2%
Rev Chg 3Y Avg10.8%5.4%
PROFITABILITYPOOR
Op Inc LTM ($ Bil)6.1
Op Mgn LTM9.7%18.6%
CFO LTM ($ Bil)8.0
CFO/Rev LTM12.7%20.4%
Net Inc LTM ($ Bil)4.6
Net Inc Mgn7.4%12.7%
VALUATIONLOW
P/S0.63.2
P/CFO5.115.9
P/FCF13.121.0
P/E8.724.2
STABILITYPOOR
Debt/Equity0.520.21
Cash/Assets0.050.07

DAL Stock

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
DAL Return-31%-3%-16%23%52%4%6%
Peers Return-23%0%-11%3%52%-8%-0%
S&P 500 Return16%27%-19%24%23%15%106%

Monthly Win Rates [3]
DAL Win Rate33%50%50%42%58%56% 
Peers Win Rate19%38%31%37%44%39% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
DAL Max Drawdown-67%-17%-28%-6%-8%-41% 
Peers Max Drawdown-41%-7%-25%-20%-18%-31% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: UAL, OSW, ULCC, CAKR, RJET. 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] 2025 data is for the year up to 10/21/2025 (YTD)

How Low Can It Go

Unique KeyEventDALS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-45.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven84.3%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven588 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-69.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven223.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven1636 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-24.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven33.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven190 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-81.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven447.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1604 days1480 days

Compare to UAL, OSW, ULCC, CAKR, RJET


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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Delta Air Lines (DAL)

Interactive Breakdown

Delta Air Lines Interactive Breakdown Analysis

Better Bets than Delta Air Lines (DAL)

 DALBetter Performance than DAL
MetricValueIndustry (Passenger Airlines)
Rev Chg LTM4.3%AL (6.2%), ALK (27.8%), SKYW (20.5%), ULCC (4.6%), FLYX (17.1%)
Rev Chg 3Y Avg10.8%UAL (13.2%), ALK (18.6%), CPA (16.9%), ULCC (12.0%), SNCY (12.1%)
Op Mgn LTM9.7%AL (21.2%), CPA (22.1%), SKYW (15.2%), SNCY (10.3%)
CFO/Rev LTM12.7%UAL (16.1%), AL (61.0%), CPA (29.1%), SKYW (20.8%), ALGT (14.9%)
FCF/Rev LTM4.9%UAL (6.4%), CPA (29.1%), SKYW (6.6%), SNCY (12.0%)
Total Yield12.0%AL (15.1%), CPA (12.1%)
 DALBetter Performance than DAL
MetricValueAll Other Sectors
Rev Chg LTM4.3%NVDA (71.6%), AAPL (6.0%), MSFT (14.9%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg10.8%NVDA (92.0%), MSFT (12.5%), AMZN (11.3%), META (13.0%), AVGO (24.0%)
Op Mgn LTM9.7%NVDA (58.1%), AAPL (31.9%), MSFT (45.6%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM12.7%NVDA (46.6%), AAPL (26.6%), MSFT (48.3%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM4.9%NVDA (43.6%), AAPL (23.5%), MSFT (25.4%), GOOGL (18.0%), META (30.7%)
Total Yield12.0%BABA (37.8%), TM (2071.2%), VZ (17.4%), PFE (12.8%), TD (15.1%)
 Best Bets In Industrials Sector
 DALGATX VRSK ADT CPRT NDSN TDG PCTY CSL STRL CSW
What You Pay           
P/E8.718.336.211.628.529.540.040.411.838.929.5
P/EBIT6.28.825.05.526.120.019.430.513.025.722.7
What You Get           
Rev Chg Q6.4%11.3%7.8%6.8%5.2%12.1%9.3%12.2%-0.1%5.4%16.6%
Rev Chg LTM4.3%11.7%7.6%6.6%9.7%4.5%12.8%7.0%4.4%3.3%12.3%
Rev Chg 3Y Avg10.8%9.8%10.0%2.6%9.9%3.6%18.2%22.7%5.2%12.2%11.3%
FCF/Rev 3Y Avg3.0%38.6%32.4%24.1%23.7%21.5%20.8%20.5%18.3%18.2%18.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Delta Air Lines Earnings Notes  
2Delta Air Lines Stock Jumped 5.2% in a Week, What Now?Return 
3Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL Actionable 
4DAL's 15% Single Month Rise Brings Valuations Into Focus - Is CPA a Better Deal?Counter-Intuitive Comparisons 
5Time To Buy Delta Air Lines Stock?Buy or Fear 
6How Does Delta Air Lines Stock Stack Up Against Its Peers?Peer Comparison 
7Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL   
8Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL   
9DAL Dip Buy Analysis  
10Delta Air Lines (DAL) Valuation: Is DAL Stock Expensive Or Cheap?Valuation 
11ARTICLES  
12S&P 500 Movers | Winners: ALB, KVUE, DAL | Losers: DELL, PHM, DHI October 9th, 2025
13Buy or Sell Delta Air Lines Stock Ahead of Its Upcoming Earnings? October 6th, 2025
14Better Bet Than Delta Air Lines Stock: Pay Less To Get More From UAL October 2nd, 2025
15DAL’s 15% Single Month Rise Brings Valuations Into Focus – Is CPA a Better Deal? September 9th, 2025
16DAL Surges 16% In A Single Month, Time To Buy The Stock? August 30th, 2025
Title
0DASHBOARDS
1S&P 500 Movers | Winners: ALB, KVUE, DAL | Losers: DELL, PHM, DHI
2Buy or Sell Delta Air Lines Stock Ahead of Its Upcoming Earnings?
3Better Bet Than Delta Air Lines Stock: Pay Less To Get More From UAL
4DAL’s 15% Single Month Rise Brings Valuations Into Focus – Is CPA a Better Deal?
5DAL Surges 16% In A Single Month, Time To Buy The Stock?
6ARTICLES
7Delta Air Lines Earnings Notes
8Delta Air Lines Stock Jumped 5.2% in a Week, What Now?
9Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL 
10DAL's 15% Single Month Rise Brings Valuations Into Focus - Is CPA a Better Deal?
11Time To Buy Delta Air Lines Stock?
12How Does Delta Air Lines Stock Stack Up Against Its Peers?
13Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL 
14Better Bet Than DAL Stock: Pay Less Than Delta Air Lines To Get More From UAL 
15DAL Dip Buy Analysis
16Delta Air Lines (DAL) Valuation: Is DAL Stock Expensive Or Cheap?

Trade Ideas

Select past ideas related to DAL. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-5.6%-5.6%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-2.9%-2.9%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.2%-6.2%-8.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-3.3%-3.3%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		28.2%28.2%-1.2%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-5.6%-5.6%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-2.9%-2.9%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.2%-6.2%-8.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-3.3%-3.3%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		28.2%28.2%-1.2%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines261.8%146.9%
2KODKodiak Sciences52.2%91.0%
3BETRBetter Home & Finance50.0%739.6%
4SIONSionna Therapeutics42.0% 
5CELCCelcuity41.8%400.4%
6CCOClear Channel Outdoor37.0%35.0%
7RAPTRAPT Therapeutics34.1%165.3%
8LBRTLiberty Energy29.8%-18.4%
9PMIPicard Medical29.5%19947.6%
10SANASana Biotechnology28.3%250.3%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1ASPIASP Isotopes-31.5%112.4%
2LACLithium Americas-30.9%133.7%
3ONDSOndas-30.9%180.9%
4SOCSable Offshore-29.9%-45.9%
5UAMYUnited States Antimony-29.1%600.0%
6USARUSA Rare Earth-28.8%89598.0%
7RGTIRigetti Computing-28.7%162.1%
8AIVApartment Investment & Management-28.7%-7.1%
9RCATRed Cat-28.4%-14.9%
10TMCTMC The Metals-26.9%597.3%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1242.9%351.7%
2QUREuniQure356.0%257.1%
3PRAXPraxis Precision Medicines293.2%146.9%
4LACLithium Americas110.3%133.7%
5NVTSNavitas Semiconductor109.9%321.0%
6CLPTClearPoint Neuro107.6%62.4%
7UAMYUnited States Antimony92.1%600.0%
8GRALGRAIL88.2%369.0%
9TSHATaysha Gene Therapies79.4%197.7%
10SANASana Biotechnology75.7%250.3%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1SOCSable Offshore-47.4%-45.9%
2FLYFirefly Aerospace-43.1% 
3UPWheels Up Experience-40.8%-8.5%
4NFENew Fortress Energy-35.1%-87.5%
5ALABAstera Labs-33.6%18.9%
6VGVenture Global-32.4% 
7GOSSGossamer Bio-31.0%141.0%
8PSIXPower Solutions International-29.3%173.4%
9PGYPagaya Technologies-29.2%214.5%
10USNAUsana Health Sciences-29.2%-41.4%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines261.8%146.9%
2KODKodiak Sciences52.2%91.0%
3BETRBetter Home & Finance50.0%739.6%
4SIONSionna Therapeutics42.0% 
5CELCCelcuity41.8%400.4%
6CCOClear Channel Outdoor37.0%35.0%
7RAPTRAPT Therapeutics34.1%165.3%
8LBRTLiberty Energy29.8%-18.4%
9PMIPicard Medical29.5%19947.6%
10SANASana Biotechnology28.3%250.3%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1ASPIASP Isotopes-31.5%112.4%
2LACLithium Americas-30.9%133.7%
3ONDSOndas-30.9%180.9%
4SOCSable Offshore-29.9%-45.9%
5UAMYUnited States Antimony-29.1%600.0%
6USARUSA Rare Earth-28.8%89598.0%
7RGTIRigetti Computing-28.7%162.1%
8AIVApartment Investment & Management-28.7%-7.1%
9RCATRed Cat-28.4%-14.9%
10TMCTMC The Metals-26.9%597.3%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Delta Air Lines

Financials

DALUALOSWULCCCAKRRJETMedian
NameDelta Ai.United A.OneSpaWo.Frontier Cambodia.Republic. 
Mkt Price62.32100.1120.904.36--41.61
Mkt Cap40.432.42.21.0--17.3
Rev LTM62,92058,3689193,778--31,073
Op Inc LTM6,0725,16582-57--2,623
FCF LTM3,0743,71067-429--1,570
FCF 3Y Avg1,8351,78358-316--921
CFO LTM7,9769,36976-288--4,026
CFO 3Y Avg7,2538,22064-191--3,659

Growth & Margins

DALUALOSWULCCCAKRRJETMedian
NameDelta Ai.United A.OneSpaWo.Frontier Cambodia.Republic. 
Rev Chg LTM4.3%4.2%8.5%4.6%--4.5%
Rev Chg 3Y Avg10.8%13.2%44.8%12.0%--12.6%
Rev Chg Q6.4%2.6%7.0%-4.5%--4.5%
QoQ Delta Rev Chg LTM1.6%0.7%1.8%-1.2%--1.1%
Op Mgn LTM9.7%8.8%8.9%-1.5%--8.9%
Op Mgn 3Y Avg9.5%9.2%7.7%0.3%--8.5%
QoQ Delta Op Mgn LTM0.3%-0.5%0.2%-2.6%---0.1%
CFO/Rev LTM12.7%16.1%8.2%-7.6%--10.4%
CFO/Rev 3Y Avg12.1%14.8%7.7%-5.2%--9.9%
FCF/Rev LTM4.9%6.4%7.3%-11.4%--5.6%
FCF/Rev 3Y Avg3.0%3.1%6.9%-8.6%--3.1%

Valuation

DALUALOSWULCCCAKRRJETMedian
NameDelta Ai.United A.OneSpaWo.Frontier Cambodia.Republic. 
Mkt Cap40.432.42.21.0--17.3
P/S0.60.62.30.3--0.6
P/EBIT6.25.926.2-38.2--6.0
P/E8.79.830.3-30.1--9.3
P/CFO5.13.528.5-3.5--4.3
Total Yield12.0%10.2%4.1%-3.3%--7.1%
Dividend Yield0.5%0.0%0.8%0.0%--0.3%
FCF Yield 3Y Avg5.7%7.7%3.6%-30.4%--4.7%
D/E0.51.00.14.9--0.7
Net D/E0.40.60.04.3--0.5

Returns

DALUALOSWULCCCAKRRJETMedian
NameDelta Ai.United A.OneSpaWo.Frontier Cambodia.Republic. 
1M Rtn4.6%-5.8%-5.5%-16.0%---5.7%
3M Rtn12.7%10.3%-3.4%2.1%--6.2%
6M Rtn56.0%49.5%26.1%37.5%--43.5%
12M Rtn14.5%35.3%24.6%-36.9%--19.5%
3Y Rtn96.6%147.6%141.1%-54.4%--118.8%
1M Excs Rtn5.5%-4.5%-6.4%-19.6%---5.5%
3M Excs Rtn6.1%4.8%-11.4%-10.9%---3.1%
6M Excs Rtn28.6%22.1%-1.3%10.2%--16.1%
12M Excs Rtn-1.2%21.2%2.8%-46.6%--0.8%
3Y Excs Rtn18.1%94.3%71.8%-139.2%--45.0%

Comparison Analyses

Title
0How Does Delta Air Lines Stock Stack Up Against Its Peers?
1Delta Air Lines vs. United Airlines: With Return Forecast Of 34%-35%, Both Seem Like Good Bets
2DAL or ALK - With 57% Return Forecast, ALK Probably Deserves Your Money
3AAL Looks Stronger Than DAL With 23% Return Potential
4Why DAL With 18% Upside May Beat LUV?
5Delta Air Lines vs. JetBlue Airways: With Return Forecast Of 18%, Delta Air Lines Is A Better Bet
6Delta Air Lines vs. Fidelity National Information Services: With Return Forecast Of 61%, Delta Air Lines Is A Better Bet
7Delta Air Lines vs. Chipotle Mexican Grill: With Return Forecast Of 61%, Delta Air Lines Is A Better Bet
8Delta Air Lines vs. MSCI: With Return Forecast Of 61%, Delta Air Lines Is A Better Bet
9Delta Air Lines vs. Nike: With Return Forecast Of 61%, Delta Air Lines Is A Better Bet

Financials

$ Mil | FY: 12/312025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q4
Period End9/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/2022
Filing Date10/9/20257/10/20254/9/20252/11/202510/10/20247/11/20244/10/20242/12/202410/12/20237/13/20234/13/20232/10/2023
Key Financials Quarterly            
Total Revenue16,67316,64814,04015,55915,67716,65813,74814,22315,48815,57812,75913,435
Ebitda1,9482,7464991,3821,7341,9613272,4821,7172,520-2791,358
Operating Income1,6842,1025691,7171,3972,2676141,3221,9842,491-2771,252
Net Income1,4172,1302408431,2721,305372,0371,1081,827-363829
EPS2.183.280.371.311.982.040.063.191.732.86-0.571.30
Key Financials TTM            
Total Revenue TTM62,92061,92461,93461,64260,30660,11759,03758,04857,26055,74753,99350,582
Ebitda TTM6,5756,3615,5765,4046,5046,4877,0466,4405,3164,8093,5912,944
Operating Income TTM6,0725,7855,9505,9955,6006,1876,4115,5205,4504,9954,0963,663
Net Income TTM4,6304,4853,6603,4574,6514,4875,0094,6093,4012,9881,8961,319
Growth Rates Quarterly            
Total Revenue Growth6.4%-0.1%2.1%9.4%1.2%6.9%7.8%5.9%10.8%12.7%36.5%41.9%
EBITDA Growth12.3%40.0%52.6%-44.3%1.0%-22.2%217.2%82.8%41.9%93.5%69.9%1144.6%
Operating Income Growth20.5%-7.3%-7.3%29.9%-29.6%-9.0%321.7%5.6%29.8%56.5%61.0%232.1%
Net Income Growth11.4%63.2%548.6%-58.6%14.8%-28.6%110.2%145.7%59.4%148.6%61.4%303.2%
Margins Quarterly            
EBITDA Margin11.7%16.5%3.6%8.9%11.1%11.8%2.4%17.5%11.1%16.2%-2.2%10.1%
Operating Income Margin10.1%12.6%4.1%11.0%8.9%13.6%4.5%9.3%12.8%16.0%-2.2%9.3%
Net Income Margin8.5%12.8%1.7%5.4%8.1%7.8%0.3%14.3%7.2%11.7%-2.8%6.2%
Cash & Debt            
Total Cash3,7913,3313,7113,0693,9774,2344,4663,8685,0056,0366,6116,534
Total Debt20,97821,28022,28022,77124,38824,81126,30927,28126,79927,55029,56030,610
Net Debt / (Cash)17,18717,94918,56919,70220,41120,57721,84323,41321,79421,51422,94924,076
Cash Flows Quarterly            
FCF from Operations1,8471,8572,3781,8941,2742,4492,4085451,0762,6082,2351,188
Cash Flows TTM            
FCF from Operations TTM7,9767,4037,9958,0256,6766,4786,6376,4647,1076,9006,8276,363
Returns to Shareholders Quarterly            
Dividends1229799969764646464000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC22.7%28.6%6.9%18.6%17.6%25.8%2.8%16.6%21.4%29.4%-2.8%12.7%
Return on Invested Capital (ROIC) TTM            
ROIC TTM20.2%18.9%18.0%17.1%17.6%18.8%19.1%15.9%15.4%14.4%10.6%8.6%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Airline54,66945,60526,67015,94546,910
Refinery7,57210,7066,0543,1435,558
Intersegment Sales/Other-4,193-5,729-2,825-1,993-5,461
Total58,04850,58229,89917,09547,007


Operating Income by Segment
$ Mil20242023202220212020
Airline5,1362,8841,888-12,2536,542
Refinery385777-2-21676
Total5,5213,6611,886-12,4696,618


Assets by Segment
$ Mil20242023202220212020
Airline71,52969,35570,41770,54862,793
Refinery2,1743,0392,0991,4481,739
Intersegment Sales/Other-59-106-57  
Total73,64472,28872,45971,99664,532


Price Behavior

DAL Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta-0.012.202.341.921.781.42
Up Beta-2.373.802.842.202.211.74
Down Beta1.492.352.441.541.501.32
Up Capture-72%154%226%230%191%199%
Bmk +ve Days13233574144420
Stock +ve Days9213164118386
Down Capture150%164%201%161%130%105%
Bmk -ve Days8192952107330
Stock -ve Days12213362131359

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

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity16,825,668
Short Interest: % Change Since 9152025-22.6%
Average Daily Volume7,810,407
Days-to-Cover Short Interest2.15
Basic Shares Quantity649,000,000
Short % of Basic Shares2.6%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/9/20254.6%8.3% 
7/10/202512.0%9.6%6.2%
4/9/202523.4%13.8%35.3%
1/10/20259.0%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%
...
SUMMARY STATS   
# Positive91312
# Negative151112
Median Positive4.6%7.7%9.8%
Median Negative-2.7%-3.5%-4.0%
Max Positive23.4%13.8%35.3%
Max Negative-9.0%-11.8%-15.2%

SEC Filings

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Report DateFiling DateFiling
93020251009202510-Q 9/30/2025
6302025710202510-Q 6/30/2025
3312025409202510-Q 3/31/2025
12312024211202510-K 12/31/2024
93020241010202410-Q 9/30/2024
6302024711202410-Q 6/30/2024
3312024410202410-Q 3/31/2024
12312023212202410-K 12/31/2023
93020231012202310-Q 9/30/2023
6302023713202310-Q 6/30/2023
3312023413202310-Q 3/31/2023
12312022210202310-K 12/31/2022
93020221013202210-Q 9/30/2022
6302022713202210-Q 6/30/2022
3312022413202210-Q 3/31/2022
12312021211202210-K 12/31/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0HAUENSTEIN GLEN WPresident8292025Sell61.3110,000613,07013,324,893Form
1HUERTA MICHAEL P8202025Sell60.702,500151,7622,018,138Form
2Bastian Edward HChief Executive Officer7242025Sell56.2835,0001,969,97535,618,443Form
3Carter Peter WEVP - External Affairs7162025Sell57.1917,5501,003,68410,948,568Form
4Sear Steven MEVP - Global Sales & Distrib7152025Sell55.9618,0001,007,3525,456,770Form

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