financial statements

The full income statement, balance sheet, and cash-flow statement for Delta Air Lines Inc. (DAL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	63.4B YoY+2.8%	61.6B YoY+6.2%	58.0B YoY+14.8%	50.6B YoY+69.2%	29.9B YoY+74.9%
Selling & marketing	2.48B YoY+0.0%	2.48B YoY+6.5%	2.33B YoY+23.4%	1.89B YoY+98.4%	953M YoY+48.2%
Restructuring	—	—	—	-124M YoY-552.6%	-19.0M YoY-100.2%
Amortization of intangibles	8.00M YoY-11.1%	9.00M YoY+0.0%	9.00M YoY+0.0%	9.00M YoY-10.0%	10.0M YoY+0.0%
Operating income	5.82B YoY-2.9%	6.00B YoY+8.6%	5.52B YoY+50.8%	3.66B YoY+94.1%	1.89B YoY+115.1%
Net interest income	—	—	-834M YoY+19.0%	-1.03B YoY+19.5%	-1.28B YoY-37.7%
Other non-operating income	-144M YoY+37.9%	-232M YoY+16.8%	-279M YoY-269.1%	165M YoY+141.6%	-397M YoY-389.8%
Pre-tax income	6.18B YoY+32.8%	4.66B YoY-16.9%	5.61B YoY+193.0%	1.91B YoY+380.9%	398M YoY+102.6%
Income tax	1.18B YoY-1.7%	1.20B YoY+20.2%	999M YoY+67.6%	596M YoY+405.1%	118M YoY+103.7%
Net income	5.00B YoY+44.8%	3.46B YoY-25.0%	4.61B YoY+249.7%	1.32B YoY+370.7%	280M YoY+102.3%
	$7.66 YoY+43.7%	$5.33 YoY-25.7%	$7.17 YoY+248.1%	$2.06 YoY+368.2%	$0.44 YoY+102.3%
EPS (basic)	$7.72 YoY+43.2%	$5.39 YoY-25.2%	$7.21 YoY+248.3%	$2.07 YoY+370.5%	$0.44 YoY+102.3%
Weighted-avg shares (basic)	648M YoY+1.1%	641M YoY+0.3%	639M YoY+0.2%	638M YoY+0.3%	636M YoY+0.0%
Weighted-avg shares (diluted)	654M YoY+0.9%	648M YoY+0.8%	643M YoY+0.3%	641M YoY+0.0%	641M YoY+0.8%
Dividends per share	$0.68 YoY+35.0%	$0.50 YoY+150.0%	$0.20	$0.00	$0.00 YoY-100.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	11.0B YoY+11.4%	9.84B YoY-4.1%	10.3B YoY-21.1%	13.0B YoY-18.4%	15.9B YoY-8.4%
Cash & equivalents	4.31B YoY+40.4%	3.07B YoY+12.0%	2.74B YoY-16.1%	3.27B YoY-58.8%	7.93B YoY-4.5%
Short-term investments	0.00	0.00 YoY-100.0%	1.13B YoY-65.5%	3.27B YoY-3.5%	3.39B YoY-41.5%
Accounts receivable	2.85B YoY-11.6%	3.22B YoY+3.0%	3.13B YoY-1.4%	3.18B YoY+32.1%	2.40B YoY+72.2%
Prepaid expenses	2.21B YoY+4.0%	2.12B YoY+8.5%	1.96B YoY+4.3%	1.88B YoY+67.7%	1.12B YoY-5.2%
	81.3B YoY+7.9%	75.4B YoY+2.3%	73.6B YoY+1.9%	72.3B YoY-0.2%	72.5B YoY+0.6%
Property, plant & equipment	26.6B YoY+0.0%	26.6B YoY+0.0%	26.6B YoY+0.0%	26.6B YoY+0.0%	26.6B YoY+0.0%
Operating lease right-of-use	6.24B YoY-6.0%	6.64B YoY-5.1%	7.00B YoY-0.5%	7.04B YoY-2.8%	7.24B YoY+26.2%
Goodwill	9.75B YoY+0.0%	9.75B YoY+0.0%	9.75B YoY+0.0%	9.75B YoY+0.0%	9.75B YoY+0.0%
Intangible assets	5.97B YoY-0.2%	5.97B YoY-0.1%	5.98B YoY-0.2%	5.99B YoY-0.1%	6.00B YoY-0.2%
Deferred tax assets	1.00M YoY-98.9%	95.0M YoY-60.9%	243M YoY-25.2%	325M YoY-74.9%	1.29B YoY-34.9%
Other non-current assets	4.42B YoY+62.8%	2.71B YoY+60.5%	1.69B YoY+34.4%	1.26B YoY-29.0%	1.77B YoY+30.7%
Total non-current assets	70.3B YoY+7.4%	65.5B YoY+3.4%	63.4B YoY+6.9%	59.3B YoY+4.9%	56.5B YoY+3.5%
	27.6B YoY+3.6%	26.7B YoY+1.0%	26.4B YoY+1.8%	25.9B YoY+23.7%	21.0B YoY+31.6%
Accounts payable	5.23B YoY+12.4%	4.65B YoY+4.6%	4.45B YoY-12.9%	5.11B YoY+20.4%	4.24B YoY+49.3%
Short-term & current debt	1.37B YoY-23.8%	1.80B YoY-31.4%	2.63B YoY+27.7%	2.06B YoY+36.8%	1.50B YoY+4.1%
Current lease liability	809M YoY+6.0%	763M YoY+0.5%	759M YoY+6.3%	714M YoY+1.6%	703M YoY+3.7%
Long-term debt	11.9B YoY-11.9%	13.5B YoY-15.3%	16.0B YoY-17.3%	19.3B YoY-18.0%	23.6B YoY-11.1%
Non-current lease liability	5.35B YoY-7.9%	5.81B YoY-10.1%	6.47B YoY-5.8%	6.87B YoY-2.7%	7.06B YoY+23.5%
Deferred tax liabilities	3.44B YoY+58.3%	2.18B YoY+139.6%	908M YoY+3683.3%	24.0M	0.00
Other non-current liabilities	3.99B YoY+6.7%	3.74B YoY+5.1%	3.56B YoY-12.1%	4.05B YoY-7.9%	4.40B YoY-9.5%
Total non-current liabilities	32.8B YoY-1.7%	33.4B YoY-7.5%	36.1B YoY-9.2%	39.8B YoY-16.5%	47.6B YoY-12.7%
	20.9B YoY+36.4%	15.3B YoY+37.7%	11.1B YoY+68.7%	6.58B YoY+69.3%	3.89B YoY+153.4%
Common stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	11.9B YoY+1.2%	11.7B YoY+0.9%	11.6B YoY+1.0%	11.5B YoY+0.7%	11.4B YoY+1.7%
Retained earnings	13.3B YoY+51.9%	8.78B YoY+55.5%	5.65B YoY+382.9%	1.17B YoY+890.5%	-148M YoY+65.4%
Treasury stock	238M YoY-5.2%	251M YoY-26.4%	341M YoY+8.9%	313M YoY+11.0%	282M YoY+8.9%
Accumulated other comprehensive income	-4.13B YoY+17.0%	-4.98B YoY+14.8%	-5.84B YoY-0.8%	-5.80B YoY+18.6%	-7.13B YoY+21.1%
Total liabilities & equity	81.3B YoY+7.9%	75.4B YoY+2.3%	73.6B YoY+1.9%	72.3B YoY-0.2%	72.5B YoY+0.6%
Common shares issued	660M YoY+0.8%	655M YoY-0.0%	655M YoY+0.4%	652M YoY+0.3%	650M YoY+0.4%
Shares outstanding (cover)	653M YoY+1.2%	645M YoY+0.3%	643M YoY+0.4%	641M YoY+0.2%	640M YoY+0.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	8.34B YoY+4.0%	8.03B YoY+24.1%	6.46B YoY+1.6%	6.36B YoY+94.9%	3.26B YoY+186.1%
Depreciation & amortization	2.44B YoY-2.8%	2.51B YoY+7.3%	2.34B YoY+11.1%	2.11B YoY+5.5%	2.00B YoY-13.6%
Deferred income taxes	1.11B YoY-4.0%	1.16B YoY+17.9%	980M YoY+65.8%	591M YoY+413.9%	115M YoY+103.7%
Change in inventory	—	—	-121M YoY-176.6%	158M YoY-50.3%	318M YoY+189.8%
Other operating activities	-332M YoY-303.7%	163M YoY+426.0%	-50.0M YoY+78.0%	-227M YoY-154.2%	419M YoY-38.5%
	-4.19B YoY-12.0%	-3.74B YoY-18.8%	-3.15B YoY+54.5%	-6.92B YoY-671.0%	-898M YoY+90.3%
Capital expenditure	4.50B YoY-12.5%	5.14B YoY-3.4%	5.32B YoY-16.4%	6.37B YoY+96.1%	3.25B YoY+71.0%
Other investing activities	-589M YoY-123.1%	-264M YoY-187.0%	-92.0M YoY+56.6%	-212M YoY-762.5%	32.0M YoY+136.8%
	-3.08B YoY+27.8%	-4.26B YoY-25.5%	-3.39B YoY+25.2%	-4.54B YoY-17.7%	-3.85B YoY-119.9%
Long-term debt issued	2.21B	0.00 YoY-100.0%	878M	0.00 YoY-100.0%	1.90B YoY-91.7%
Common stock repurchased	—	—	—	0.00	0.00 YoY-100.0%
Dividends paid	440M YoY+37.1%	321M YoY+150.8%	128M	0.00	0.00 YoY-100.0%
Other financing activities	-24.0M YoY-271.4%	14.0M YoY+119.2%	-73.0M YoY-21.7%	-60.0M YoY-175.0%	80.0M YoY+139.6%
Net change in cash	1.08B YoY+4053.8%	26.0M YoY+133.3%	-78.0M YoY+98.5%	-5.10B YoY-242.9%	-1.49B YoY-123.5%
Interest paid	850M YoY-15.1%	1.00B YoY-14.0%	1.16B YoY-7.7%	1.26B YoY-17.3%	1.52B YoY+100.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	45.3B YoY+16.1%	39.0B YoY+50.8%	25.9B YoY+22.9%	21.1B YoY-15.8%	25.0B YoY-2.5%
P/E	9.1× YoY-19.8%	11.3× YoY+48.3%	7.6× YoY-97.0%	253.8× YoY+184.2%	89.3×
P/S	0.7× YoY+12.9%	0.6× YoY+40.1%	0.5× YoY+0.0%	0.5× YoY-46.0%	0.8× YoY-44.2%
P/B	2.2× YoY-14.9%	2.6× YoY-9.0%	2.8× YoY-38.9%	4.6× YoY-28.7%	6.4× YoY-61.5%
P/FCF	11.8× YoY-12.8%	13.5× YoY-38.0%	21.8× YoY-64.1%	60.7× YoY-95.9%	1471.3×
Earnings yield	11.0% YoY+24.7%	8.9% YoY-32.6%	13.1% YoY+3234.1%	0.4% YoY-64.8%	1.1%
FCF yield	8.5% YoY+14.7%	7.4% YoY+61.4%	4.6% YoY+178.2%	1.6% YoY+2323.1%	0.1%
Dividend yield	1.0% YoY+17.7%	0.8% YoY+66.2%	0.5%	0.0%	0.0% YoY-100.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: DAL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all DAL filings on SEC EDGAR → Not investment advice.

DAL▼ financial statements

About this data

financial statements