Delta Air Lines (DAL) financial statements
Delta Air Lines reported revenue of $63.4B in fiscal 2025, up 5.4% a year over 9 years.
Net income was $5.0B and the operating margin 9.2%, against 17.7% in 2016.
Free cash flow was $3.8B, and the company returned $440M in dividends.
The diluted share count fell 13% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Delta Air Lines's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.5B | $41.1B | $44.4B | $47.0B | $17.1B | $29.9B | $50.6B | $58.0B | $61.6B | $63.4B |
| Operating income | $7.0B | $6.0B | $5.3B | $6.6B | -$12.5B | $1.9B | $3.7B | $5.5B | $6.0B | $5.8B |
| Interest expense | $388M | $396M | — | — | — | — | — | — | — | — |
| Pre-tax income | $6.4B | $5.5B | $5.2B | $6.2B | -$15.6B | $398M | $1.9B | $5.6B | $4.7B | $6.2B |
| Income tax | $2.2B | $2.3B | $1.2B | $1.4B | -$3.2B | $118M | $596M | $999M | $1.2B | $1.2B |
| Net income | $4.2B | $3.2B | $3.9B | $4.8B | -$12.4B | $280M | $1.3B | $4.6B | $3.5B | $5.0B |
| EPS (diluted) | $5.55 | $4.43 | $5.67 | $7.30 | -$19.49 | $0.44 | $2.06 | $7.17 | $5.33 | $7.66 |
| Diluted shares | 755M | 723M | 694M | 653M | 636M | 641M | 641M | 643M | 648M | 654M |
| Operating margin | 17.7% | 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% |
Balance sheet
Fiscal years, from Delta Air Lines's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.2B | $2.6B | $1.8B | $2.9B | $14.1B | $11.3B | $6.5B | $3.9B | $3.1B | $4.3B |
| Receivables | $2.1B | $2.4B | $2.3B | $2.9B | $1.4B | $2.4B | $3.2B | $3.1B | $3.2B | $2.9B |
| Total current assets | $7.5B | $7.8B | $6.3B | $8.2B | $17.4B | $15.9B | $13.0B | $10.3B | $9.8B | $11.0B |
| Property, plant and equipment | $24.4B | $26.6B | $28.3B | $31.3B | $26.5B | $28.7B | $33.1B | $35.5B | $37.6B | $39.7B |
| Goodwill | $9.8B | $9.8B | $9.8B | $9.8B | $9.8B | $9.8B | $9.8B | $9.8B | $9.8B | $9.8B |
| Total assets | $51.9B | $53.7B | $60.3B | $64.5B | $72.0B | $72.5B | $72.3B | $73.6B | $75.4B | $81.3B |
| Total current liabilities | $15.2B | $19.0B | $18.6B | $20.2B | $15.9B | $21.0B | $25.9B | $26.4B | $26.7B | $27.6B |
| Long-term debt | $6.2B | $6.6B | $8.3B | $8.9B | $27.4B | $25.1B | $20.7B | $17.1B | $14.0B | $12.5B |
| Total liabilities | $40.0B | $41.1B | $46.6B | $49.2B | $70.5B | $68.6B | $65.7B | $62.5B | $60.1B | $60.5B |
| Shareholders' equity | $11.3B | $12.5B | $13.7B | $15.4B | $1.5B | $3.9B | $6.6B | $11.1B | $15.3B | $20.9B |
| Net debt | $4.4B | $6.9B | $8.1B | $8.0B | $20.6B | $18.7B | $19.5B | $17.0B | $12.8B | $9.6B |
Cash flow
Fiscal years, from Delta Air Lines's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.2B | $5.0B | $7.0B | $8.4B | -$3.8B | $3.3B | $6.4B | $6.5B | $8.0B | $8.3B |
| Capital spending | $3.4B | $3.9B | $5.2B | $4.9B | $1.9B | $3.2B | $6.4B | $5.3B | $5.1B | $4.5B |
| Free cash flow | $3.8B | $1.1B | $1.8B | $3.5B | -$5.7B | $17M | -$3M | $1.1B | $2.9B | $3.8B |
| Stock-based compensation | $154M | $169M | $159M | $161M | $119M | $149M | $150M | $180M | $236M | $313M |
| Dividends paid | $509M | $731M | $909M | $980M | $260M | $0 | $0 | $128M | $321M | $440M |
| Share buybacks (net) | -$2.6B | -$1.7B | -$1.6B | -$2.0B | -$344M | $0 | $0 | — | — | — |
| Net borrowing | $661M | $3.1B | $3.7B | $2.1B | $22.8B | $1.9B | $0 | $878M | $0 | $2.2B |
| Free cash flow margin | 9.7% | 2.8% | 4.2% | 7.4% | -33.3% | 0.1% | -0.0% | 2.0% | 4.7% | 6.1% |
| Dividends per share | $0.67 | $1.01 | $1.31 | $1.50 | $0.41 | — | — | $0.20 | $0.50 | $0.67 |
Questions
What was Delta Air Lines's revenue in 2025?
$63.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Delta Air Lines generate?
$3.8B in fiscal 2025 (operating cash flow minus capital spending).
From Delta Air Lines's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.