D

Delta Air Lines, Inc.

DAL · CIK 0000027904

17 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$63.36B2.8%
FY2025
Net income (FY)
$5.00B44.8%
FY2025
Free cash flow (FY)
$3.84B33.2%
FY2025
Diluted EPS (FY)
$7.6643.7%
FY2025
The story, charted

The shape of the business

FY2009–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$50BFY2009 · Revenue $28.06B · Net income −$1.24B · 0001445305-12-000272 · filed 2012-02-10FY09Revenue $28.06BNet income −$1.24B0001445305-12-000272 · filed 2012-02-10FY2010 · Revenue $31.75B · Net income $593.0M · 0001445305-13-000209 · filed 2013-02-13FY10Revenue $31.75BNet income $593.0M0001445305-13-000209 · filed 2013-02-13FY2011 · Revenue $35.12B · Net income $854.0M · 0000027904-14-000003 · filed 2014-02-24FY11Revenue $35.12BNet income $854.0M0000027904-14-000003 · filed 2014-02-24FY2012 · Revenue $36.67B · Net income $1.01B · 0000027904-15-000003 · filed 2015-02-11FY12Revenue $36.67BNet income $1.01B0000027904-15-000003 · filed 2015-02-11FY2013 · Revenue $37.77B · Net income $10.54B · 0000027904-16-000018 · filed 2016-02-05FY13Revenue $37.77BNet income $10.54B0000027904-16-000018 · filed 2016-02-05FY2014 · Revenue $40.36B · Net income $659.0M · 0000027904-17-000004 · filed 2017-02-13FY14Revenue $40.36BNet income $659.0M0000027904-17-000004 · filed 2017-02-13FY2015 · Revenue $40.70B · Net income $4.53B · 0000027904-18-000006 · filed 2018-02-23FY15Revenue $40.70BNet income $4.53B0000027904-18-000006 · filed 2018-02-23FY2016 · Revenue $39.45B · Net income $4.20B · 0000027904-19-000003 · filed 2019-02-15FY16Revenue $39.45BNet income $4.20B0000027904-19-000003 · filed 2019-02-15FY2017 · Revenue $41.14B · Net income $3.21B · 0000027904-20-000004 · filed 2020-02-13FY17Revenue $41.14BNet income $3.21B0000027904-20-000004 · filed 2020-02-13FY2018 · Revenue $44.44B · Net income $3.94B · 0000027904-21-000003 · filed 2021-02-12FY18Revenue $44.44BNet income $3.94B0000027904-21-000003 · filed 2021-02-12FY2019 · Revenue $47.01B · Net income $4.77B · 0000027904-22-000003 · filed 2022-02-11FY19Revenue $47.01BNet income $4.77B0000027904-22-000003 · filed 2022-02-11FY2020 · Revenue $17.09B · Net income −$12.38B · 0000027904-23-000003 · filed 2023-02-10FY20Revenue $17.09BNet income −$12.38B0000027904-23-000003 · filed 2023-02-10FY2021 · Revenue $29.90B · Net income $280.0M · 0000027904-24-000003 · filed 2024-02-12FY21Revenue $29.90BNet income $280.0M0000027904-24-000003 · filed 2024-02-12FY2022 · Revenue $50.58B · Net income $1.32B · 0000027904-25-000004 · filed 2025-02-11FY22Revenue $50.58BNet income $1.32B0000027904-25-000004 · filed 2025-02-11FY2023 · Revenue $58.05B · Net income $4.61B · 0000027904-26-000013 · filed 2026-02-11FY23Revenue $58.05BNet income $4.61B0000027904-26-000013 · filed 2026-02-11FY2024 · Revenue $61.64B · Net income $3.46B · 0000027904-26-000013 · filed 2026-02-11FY24Revenue $61.64BNet income $3.46B0000027904-26-000013 · filed 2026-02-11FY2025 · Revenue $63.36B · Net income $5.00B · 0000027904-26-000013 · filed 2026-02-11FY25Revenue $63.36BNet income $5.00B0000027904-26-000013 · filed 2026-02-11FY25Revenue $63.36BNet income $5.00B0000027904-26-000013 · filed 2026-02-11FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 2.3× since FY2009 · net margin -4.4% → 7.9%

MarginsNet marginFCF margin
-50%0%FY2009 · Net margin -4.4%FY09Net margin -4.4%derived: net income ÷ revenueFY2010 · Net margin 1.9%FY10Net margin 1.9%derived: net income ÷ revenueFY2011 · Net margin 2.4%FY11Net margin 2.4%derived: net income ÷ revenueFY2012 · Net margin 2.8% · FCF margin 1.4%FY12Net margin 2.8%FCF margin 1.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 27.9% · FCF margin 5.1%FY13Net margin 27.9%FCF margin 5.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 1.6% · FCF margin 6.7%FY14Net margin 1.6%FCF margin 6.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 11.1% · FCF margin 12.2%FY15Net margin 11.1%FCF margin 12.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 10.6% · FCF margin 9.7%FY16Net margin 10.6%FCF margin 9.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 7.8% · FCF margin 2.8%FY17Net margin 7.8%FCF margin 2.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 8.9% · FCF margin 4.2%FY18Net margin 8.9%FCF margin 4.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 10.1% · FCF margin 7.4%FY19Net margin 10.1%FCF margin 7.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -72.4% · FCF margin -33.3%FY20Net margin -72.4%FCF margin -33.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 0.9% · FCF margin 0.1%FY21Net margin 0.9%FCF margin 0.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 2.6% · FCF margin -0.0%FY22Net margin 2.6%FCF margin -0.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 7.9% · FCF margin 2.0%FY23Net margin 7.9%FCF margin 2.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 5.6% · FCF margin 4.7%FY24Net margin 5.6%FCF margin 4.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 7.9% · FCF margin 6.1%FY25Net margin 7.9%FCF margin 6.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 7.9%FCF margin 6.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 7.9% · free cash flow 6.1% of revenue

Cash engineOperating cash flowFree cash flow
−$5B$0$5BFY2009 · OCF $1.38B · 0001445305-12-000272 · filed 2012-02-10FY09OCF $1.38B0001445305-12-000272 · filed 2012-02-10FY2010 · OCF $2.83B · 0001445305-13-000209 · filed 2013-02-13FY10OCF $2.83B0001445305-13-000209 · filed 2013-02-13FY2011 · OCF $2.83B · 0000027904-14-000003 · filed 2014-02-24FY11OCF $2.83B0000027904-14-000003 · filed 2014-02-24FY2012 · OCF $2.48B · FCF $508.0M · 0000027904-15-000003 · filed 2015-02-11FY12OCF $2.48BFCF $508.0M0000027904-15-000003 · filed 2015-02-11FY2013 · OCF $4.50B · FCF $1.94B · 0000027904-16-000018 · filed 2016-02-05FY13OCF $4.50BFCF $1.94B0000027904-16-000018 · filed 2016-02-05FY2014 · OCF $4.95B · FCF $2.70B · 0000027904-17-000004 · filed 2017-02-13FY14OCF $4.95BFCF $2.70B0000027904-17-000004 · filed 2017-02-13FY2015 · OCF $7.93B · FCF $4.98B · 0000027904-18-000006 · filed 2018-02-23FY15OCF $7.93BFCF $4.98B0000027904-18-000006 · filed 2018-02-23FY2016 · OCF $7.21B · FCF $3.82B · 0000027904-19-000003 · filed 2019-02-15FY16OCF $7.21BFCF $3.82B0000027904-19-000003 · filed 2019-02-15FY2017 · OCF $5.02B · FCF $1.13B · 0000027904-20-000004 · filed 2020-02-13FY17OCF $5.02BFCF $1.13B0000027904-20-000004 · filed 2020-02-13FY2018 · OCF $7.01B · FCF $1.85B · 0000027904-21-000003 · filed 2021-02-12FY18OCF $7.01BFCF $1.85B0000027904-21-000003 · filed 2021-02-12FY2019 · OCF $8.43B · FCF $3.49B · 0000027904-22-000003 · filed 2022-02-11FY19OCF $8.43BFCF $3.49B0000027904-22-000003 · filed 2022-02-11FY2020 · OCF −$3.79B · FCF −$5.69B · 0000027904-23-000003 · filed 2023-02-10FY20OCF −$3.79BFCF −$5.69B0000027904-23-000003 · filed 2023-02-10FY2021 · OCF $3.26B · FCF $17.0M · 0000027904-24-000003 · filed 2024-02-12FY21OCF $3.26BFCF $17.0M0000027904-24-000003 · filed 2024-02-12FY2022 · OCF $6.36B · FCF −$3.0M · 0000027904-25-000004 · filed 2025-02-11FY22OCF $6.36BFCF −$3.0M0000027904-25-000004 · filed 2025-02-11FY2023 · OCF $6.46B · FCF $1.14B · 0000027904-26-000013 · filed 2026-02-11FY23OCF $6.46BFCF $1.14B0000027904-26-000013 · filed 2026-02-11FY2024 · OCF $8.03B · FCF $2.88B · 0000027904-26-000013 · filed 2026-02-11FY24OCF $8.03BFCF $2.88B0000027904-26-000013 · filed 2026-02-11FY2025 · OCF $8.34B · FCF $3.84B · 0000027904-26-000013 · filed 2026-02-11FY25OCF $8.34BFCF $3.84B0000027904-26-000013 · filed 2026-02-11FY25OCF $8.34BFCF $3.84B0000027904-26-000013 · filed 2026-02-11’09’13’17’21’25

FY2025: $8.34B operating cash − $4.50B capex = $3.84B free cash flow

Returns on capitalReturn on equityReturn on assets
-500%0%FY2010 · ROE 66.1% · ROA 1.4%FY10ROE 66.1%ROA 1.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE -61.2% · ROA 2.0%FY11ROE -61.2%ROA 2.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE -47.3% · ROA 2.3%FY12ROE -47.3%ROA 2.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 90.5% · ROA 20.2%FY13ROE 90.5%ROA 20.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 7.5% · ROA 1.2%FY14ROE 7.5%ROA 1.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 41.7% · ROA 8.5%FY15ROE 41.7%ROA 8.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 34.1% · ROA 8.2%FY16ROE 34.1%ROA 8.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 25.6% · ROA 6.0%FY17ROE 25.6%ROA 6.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 28.7% · ROA 6.5%FY18ROE 28.7%ROA 6.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 31.0% · ROA 7.4%FY19ROE 31.0%ROA 7.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -807.4% · ROA -17.2%FY20ROE -807.4%ROA -17.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 7.2% · ROA 0.4%FY21ROE 7.2%ROA 0.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 20.0% · ROA 1.8%FY22ROE 20.0%ROA 1.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 41.5% · ROA 6.3%FY23ROE 41.5%ROA 6.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 22.6% · ROA 4.6%FY24ROE 22.6%ROA 4.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 24.0% · ROA 6.2%FY25ROE 24.0%ROA 6.2%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 24.0%ROA 6.2%derived: net income ÷ equity · derived: net income ÷ assets’13’17’21’25

return on equity 66% (FY2010) → 24% (FY2025) · on assets 6.2%

The receipts