Delta Air Lines DAL financials
Transport & Logistics ยท Statements and segments from its SEC filings, 2008 to 2025.
Delta Air Lines revenue, gross and operating margin, net income, free cash flow, cash and debt by quarter and by fiscal year, and revenue by segment, read from the company's own filings with the US Securities and Exchange Commission. Free to everyone; the Risk & Quality report that scores the company is the paid step.
- revenue by segment: Airline, Refinery
- revenue by product: Air traffic liability, Refinery, Loyalty travel awards, Loyalty program, Travel-related services, Miscellaneous, Ancillary businesses, Cargo, Ancillary businesses and refinery
- operating income by segment: Airline, Refinery
The numbers
Annual figures
| Line | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.6B | $41.2B | $44.4B | $47B | $17.1B | $29.9B | $50.6B | $58B | $61.6B | $63.4B |
| Operating income | $7B | $6B | $5.3B | $6.6B | -$12.5B | $1.9B | $3.7B | $5.5B | $6B | $5.8B |
| Net income | $4.2B | $3.2B | $3.9B | $4.8B | -$12.4B | $280M | $1.3B | $4.6B | $3.5B | $5B |
| EPS (diluted) | $5.55 | $4.43 | $5.67 | $7.30 | -$19.49 | $0.44 | $2.06 | $7.17 | $5.33 | $7.66 |
| Operating cash flow | $7.2B | $5B | $7B | $8.4B | -$3.8B | $3.3B | $6.4B | $6.5B | $8B | $8.3B |
| Free cash flow | $3.8B* | $1.1B* | $1.8B* | $3.5B* | -$5.7B* | $17M* | -$3M* | $1.1B* | $2.9B* | $3.8B* |
| Cash & equivalents | $2.8B | $1.8B | $1.6B | $2.9B | $8.3B | $7.9B | $3.3B | $2.7B | $3.1B | $4.3B |
| Total debt | $7B | $8.4B | $9.4B | $10.1B | $28B | $25.1B | $21.4B | $18.6B | $15.3B | $13.3B |
| Operating margin | 17.6% | 14.5% | 11.8% | 14.1% | -72.9% | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% |
| Net margin | 10.6% | 7.8% | 8.9% | 10.1% | -72.4% | 0.9% | 2.6% | 7.9% | 5.6% | 7.9% |
Latest quarters
| Line | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.6B* | $14B | $16.6B | $16.7B | $16B* | $15.9B | $19.8B | $20.2B |
| Operating income | $1.7B* | $569M | $2.1B | $1.7B | $1.5B* | $501M | $1.9B | $1.5B |
| Net income | $843M* | $240M | $2.1B | $1.4B | $1.2B* | -$289M | $1.6B | $756M |
| EPS (diluted) | $1.29* | $0.37 | $3.27 | $2.17 | $1.86* | -$0.44 | $2.44 | $1.15 |
| Operating cash flow | $1.9B* | $2.4B | $1.9B* | $1.8B* | $2.3B* | $2.4B | $1.6B* | $1.7B* |
| Free cash flow | $584M* | $1.2B* | $648M* | $687M* | $1.4B* | $1.2B* | $137M* | $300M* |
| Cash & equivalents | $3.1B | $3.7B | $3.3B | $3.8B | $4.3B | $5.1B | $4.7B | $3.8B |
| Total debt | $15.3B | $15.1B | $14.4B | $14.2B | $13.3B | $13.2B | $12.9B | $12.1B |
| Operating margin | 11.0% | 4.1% | 12.6% | 10.1% | 9.2% | 3.2% | 9.4% | 7.2% |
| Net margin | 5.4% | 1.7% | 12.8% | 8.5% | 7.6% | -1.8% | 8.1% | 3.7% |
Revenue by segment
| Line | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Airline | $39.4B | $40.6B | $43.9B | $46.9B | $15.9B | $26.7B | $45.6B | $54.7B | $57B | $58.3B |
| Refinery | $3.8B | $5B | $5.5B | $5.6B | $3.1B | $6.1B | $10.7B | $7.6B | $7.8B | $7B |
Segment figures include sales between segments, so they add up to more than consolidated revenue.
Revenue by product
| Line | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Air traffic liability | $32.5B | $35B | $36.9B | $11B | $19.3B | $35.6B | $43.6B | $45.1B | $45.5B |
| Refinery | - | - | - | $1.2B | $3.2B | $5B | $3.4B | $4.6B | $5.1B |
| Loyalty travel awards | $2.4B | $2.7B | $2.9B | $935M | $1.8B | $2.9B | $3.5B | $3.8B | $4.2B |
| Loyalty program | $1.3B | $1.5B | $2B | $1.5B | $1.8B | $2.6B | $3.1B | $3.3B | $3.4B |
| Travel-related services | $2.1B | $2.2B | $2.5B | $978M | $1.4B | $1.7B | $1.9B | $2B | $2B |
| Miscellaneous | $587M | $558M | $718M | $348M | $556M | $894M | $1.1B | $1.2B | $1.3B |
| Ancillary businesses | - | - | - | $648M | $793M | $846M | $840M | $772M | $937M |
| Cargo | $744M | $865M | $753M | $608M | $1B | $1.1B | $723M | $822M | $900M |
| Ancillary businesses and refinery | $1.6B | $1.8B | $1.3B | - | - | - | - | - | - |
Operating income by segment
| Line | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Airline | $7.1B | $5.9B | $5.2B | $6.5B | -$12.3B | $1.9B | $2.9B | $5.1B | $6B | $5.7B |
| Refinery | -$125M | $110M | $58M | $76M | -$216M | -$2M | $777M | $385M | $38M | $157M |
* derived: a fourth quarter as the year less the three filed quarters, or a remainder as the total less the parts. All other figures are as filed.
About this page
Every figure on this page is read from Delta Air Lines's own SEC filings: the statement lines from the SEC's XBRL company-facts feed, the revenue splits from the segment and revenue notes of each 10-K and 10-Q. Nothing is typed in or estimated. The cache refreshes daily.
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