DALNYSEAir Transportation, ScheduledFiscal year ends December 31
DELTA AIR LINES, INC.
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 9, 2026
$74.63−0.74 (-0.98%)
Close on Oct 19, 2026
- Market cap
- $49.18B
- P/E (TTM)
- 14.9
- Dividend yield
- 0.90%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
9.2%+82.1 pts over 5 years
Net margin
7.9%+80.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.8% | +7.8% | +30.0% | +4.5% | |
| Operating income | -2.9% | +16.7% | – | -2.9% | |
| Net income | +44.8% | +56.0% | – | +1.0% | |
| EPS, diluted | +43.7% | +54.9% | – | +3.1% | |
| Free cash flow | +33.2% | – | – | -2.6% | |
| Dividend per share | +35.0% | – | +11.0% | +4.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 37.9% | -146.6% | 27.7% | |
| Return on assets | 8.0% | -18.1% | 6.4% | |
| Current ratio | 0.49 | 1.09 | 0.40 | |
| Debt to equity | 0.62 | 18.24 | 0.64 | |
| Net debt to EBITDA | 0.47× | -1.76× | 1.09× | |
| Interest coverage | 18.0× | – | – | |
| Capex to revenue | 8.6% | 11.1% | 7.1% | |
| Diluted shares | 755M | 636M | 654M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Delta Air Lines generated $32.46B from operations and spent $25.46B on capital expenditure, dividends and share buybacks. 97% of that went back into the business.
Generated
$32.46B
Used
$25.46B
Capital expenditure$24.58B97%Dividends$889.00M3%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.9%
×Asset turnover0.81×
×Equity multiplier4.33×
=Return on equity, FY202527.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.9% | 0.81× | 4.33× | 27.7% |
| FY2024 | 5.6% | 0.83× | 5.64× | 26.2% |
| FY2023 | 7.9% | 0.80× | 8.25× | 52.1% |
| FY2022 | 2.6% | 0.70× | 13.83× | 25.2% |
| FY2021 | 0.9% | 0.41× | 26.65× | 10.3% |
| FY2020 | -72.4% | 0.25× | 8.08× | -146.6% |
| FY2019 | 10.1% | 0.75× | 4.30× | 32.8% |
| FY2018 | 8.9% | 0.78× | 4.35× | 30.0% |
| FY2017 | 7.8% | 0.78× | 4.43× | 26.9% |
| FY2016 | 10.6% | 0.75× | 4.74× | 37.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$5.01B
- Cash generatingOperating cash flow above zero$8.34B
- Return on assets improvedROA up on the prior year4.7% → 6.6%
- Earnings backed by cashOperating cash flow above net income$8.34B vs $5.01B
- Less leverageLong-term debt to assets fell18.0% → 14.7%
- Better liquidityCurrent ratio rose0.37 → 0.40
- No dilutionShare count did not rise648M → 654M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.84 → 0.84