DAL vs UAL: Delta Air Lines and United Airlines compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Delta Air Lines is the larger company, worth $53.5B, about 1.6 times United Airlines.
- Delta Air Lines grew revenue faster over the last year (+21.1% vs +16.0%).
- United Airlines keeps more of each dollar of revenue as operating profit (7.8% vs 7.4%).
- On earnings, United Airlines is the cheaper stock (9.0x vs 11.9x).
- Delta Air Lines's price assumes faster free cash flow growth: about 0% a year, against -1% for United Airlines (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DAL | UAL |
|---|---|---|
| Market cap | $53.5B | $32.5B |
| Share price | $82.17 | $107.46 |
| Revenue (last fiscal year) | $63.4B | $59.1B |
| Free cash flow (last fiscal year) | $3.8B | $2.6B |
| Revenue growth, last year | +21.1% | +16.0% |
| Revenue growth per year, last 5 fiscal years | +20.7% | +24.4% |
| Operating margin | 7.4% | 7.8% |
| Net margin | 4.6% | 5.6% |
| Return on equity | 14.6% | 20.9% |
| P/E (trailing) | 11.9x | 8.95x |
| Price / free cash flow | 13.9x | 12.7x |
| EV / EBITDA | 10.2x | 5.99x |
| FCF growth the price implies | 0.24% | -0.97% |
| Dividend yield | 0.91% | — |
| Debt / equity | 2.82x | 4.06x |
| Fundamental grade | C | C |
| Superinvestors holding it | 10 | 0 |
| Insider purchases, last 12 months | 2 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Delta Air Lines
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $29.9B | $17M | 6.3% |
| 2022 | $50.6B | -$3M | 7.2% |
| 2023 | $58.0B | $1.1B | 9.5% |
| 2024 | $61.6B | $2.9B | 9.7% |
| 2025 | $63.4B | $3.8B | 9.2% |
United Airlines
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $24.6B | -$40M | -4.1% |
| 2022 | $45.0B | $1.2B | 5.2% |
| 2023 | $53.7B | -$260M | 7.8% |
| 2024 | $57.1B | $3.8B | 8.9% |
| 2025 | $59.1B | $2.6B | 8.0% |
Where the revenue comes from
Delta Air Lines · by segments, 2025
Airline$58.3B89%
Refinery$7.0B11%
United Airlines · by products, 2025
Passenger revenue$53.4B90%
Other operating revenue$3.9B7%
Cargo revenue$1.8B3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DAL in InvestinglyQuestions
Which is bigger, Delta Air Lines or United Airlines?
Delta Air Lines (DAL), at $53.5B against $32.5B.
Is DAL or UAL cheaper?
By trailing P/E, United Airlines (8.95x) is cheaper than Delta Air Lines (11.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, DAL or UAL?
Delta Air Lines: revenue grew +21.1% over the last year, against +16.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.