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Delta Air LinesDAL

Legal name
Delta Air Lines, Inc.
Sector
Other
Industry
Air Transportation, Scheduled
Exchange
NYSE

Stock Price $DAL

Latest filings

You are here#40 of 87 in Industrials by market cap

Filing record · 2016–202610-K1210-Q338-K210

DAL filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 210 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Oct ’17Oct ’17
  2. Material agreement8-K · Oct ’19Oct ’19
  3. Material agreement8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $63.36B
YoY changeLargest recent move+74.9%in FY21Latest +2.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All DAL Financial Metrics50 metrics

Income Statement13

Balance Sheet22

Cash Flow10

Per Share5

02—Overview

Delta Air Lines Financial Overview 2021–2025

Updated Nov 4, 2026

Delta's debt and finance leases fell from $27.1 billion at year-end FY2021 to $14.1 billiona at year-end FY2025, a 48% cut, while net income swung from $280 million to $5,005 million. That is the thesis: Delta used the recovery to rebuild its balance sheet, and it now earns real profit on a much lighter debt load.

The long-term arc is just as stark on the top line. Operating revenue grew from $29.90 billion in FY2021 to $63.4 billionb in FY2025. FY2021 operating income of $1.89 billion leaned on $4.5 billion of government grants. By FY2025, operating income was $5.8 billion with no such help. Growth has slowed, though. FY2025 revenue rose only 3%, operating income slipped $173 million, and main cabin ticket revenue fell 5% while premium ticket revenue rose 7%. Net income got a lift from a $1,212 million investment gain.

Cash backs up the story. FY2025 operating cash flow was $8.3 billionc, free cash flow was $4.6 billion, and Delta repaid $4.8 billion of debt. Stockholders' equity rose to $20.9 billion from $15.3 billion. The market priced this in modestly: at the close of FY2025, the stock traded at $69.40, or 9.1x earnings on $7.66 of EPS. Fuel is the pressure point in 2026. Through Q3 2026, nine-month net income was $2.07 billion, down from $3.79 billion, as jet fuel prices rose 63% in the quarter.

Recent Developments (Q2 and Q3 2026)

Revenue kept climbing while profit fell. Q3 2026 operating revenue rose 21% to $20.19 billiond, but operating income dropped $230 million to $1.45 billion and diluted EPS fell to $1.15 from $2.17. Q2 2026 followed the same pattern: revenue hit $19.76 billion, yet EPS slid to $2.44 from $3.27. Management cut full-year 2026 adjusted EPS guidance from $6.50–$7.50 to $5.10–$5.60. Free cash flow guidance fell from $3–$4 billion to about $2.5 billion. Delta also signed a $2.650 billion revolver in June 2026, and total debt fell to $12.1 billion.

The bull case: demand is broad, loyalty revenue grew 19%, and the Monroe refinery should return to profit in Q4 2026. The bear case: fuel costs keep outrunning pricing, and Q4 2026 guidance implies an operating margin of only 7% to 9%. At 10.7x earnings as of the October 8, 2026 report date, using $7.66e of EPS, the stock looks inexpensive only if earnings recover. That ratio is not today's.

What to watch: jet fuel prices versus fare increases; Monroe refinery return to profitability

03—Filings

Recent SEC Filings

  1. 8-KDelta Air Lines 8-K Report, Financial Results (Oct 9, 2026)Delta Air Lines, Inc. (DAL) reported results for the quarter ended September 30, 2026 in a press release furnished as Exhibit 99.1 to this Form 8-K. GAAP operating revenue was $20.19 billion, up 21% from $16.67 billion a year earlier, with operating income of $1.45 billion (7.2% margin, versus 10.1%) and diluted EPS of $1.15 versus $2.17. On an adjusted basis, operating revenue was $17.59 billion (up 16%), operating income was $1.66 billion, and diluted EPS was $1.72 versus $1.70. Management cited a sharp rise in fuel costs, with the adjusted average fuel price up 60% to $3.61 per gallon, and non-fuel unit cost (CASM-Ex) up 7.3%. Management guided to December quarter total revenue growth of approximately 20%, operating margin of 7% to 9%, and EPS of $1.15 to $1.65 based on an all-in fuel price of about $4.25 per gallon. For full-year 2026, the company outlined EPS of $5.10 to $5.60, free cash flow of approximately $2.5 billion, and gross leverage of approximately 2.2x. The CEO stated the company expects pre-tax profit of roughly $4.5 billion for the full year while absorbing a $6 billion increase in fuel costs. Balance sheet metrics improved: adjusted net debt was $13.35 billion, down $950 million from year-end 2025, and free cash flow for the September quarter was $463 million. Management plans to pay down more than $2 billion of debt in 2026. Liquidity stood at $6.9 billion, including $3.1 billion of undrawn revolver capacity.
  2. 8-KDelta Air Lines 8-K Report, Financial Results (Jul 10, 2026)Delta Air Lines, Inc. (DAL) reported June quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K. GAAP operating revenue rose 19% to $19.76 billion, with operating income of $1.86 billion (9.4% operating margin) and diluted EPS of $2.44, down from $3.27 a year earlier. On an adjusted basis, which excludes third-party refinery sales, mark-to-market hedge and investment adjustments and other items, operating revenue was $17.67 billion (up 13.9%), operating margin was 8.8% and EPS was $1.56, versus $2.12. Management said it absorbed the highest quarterly fuel expense in its history, with adjusted fuel price of $3.93 per gallon, up 75% year over year. For the September quarter, Delta guided to total revenue growth of up mid-teens year over year, an operating margin of 11% to 13%, and EPS of $2.00 to $2.50, assuming fuel at the forward curve as of July 2, 2026, with an all-in fuel price of approximately $3.15 per gallon. For full-year 2026, the company affirmed adjusted EPS guidance of $6.50 to $7.50 and free cash flow of $3 to $4 billion, and expects gross leverage of approximately 2x by year-end. The filing also states the company announced a 15% increase to its dividend beginning in the September quarter. Balance sheet metrics improved: adjusted net debt was $13.59 billion at June 30, 2026, down $709 million from year-end 2025, and liquidity was $7.7 billion. Second-quarter free cash flow was $209 million, down from $733 million a year earlier, reflecting higher capital expenditures and lower operating cash flow.
  3. 8-KDelta Air Lines 8-K Report, Shareholder Vote Results (Jun 22, 2026)Delta Air Lines, Inc. filed this Form 8-K on June 22, 2026 to report the results of its Annual Meeting of Shareholders, held June 18, 2026. Five proposals were voted on, as described in the company's definitive proxy statement filed April 24, 2026. Shareholders elected all fourteen director nominees, including Edward H. Bastian, Greg Creed, Judith J. McKenna and Sergio A. L. Rial, each serving until the next annual meeting. Each nominee received substantially more votes For than Against, though several drew notable opposition; David G. DeWalt received 21,625,693 Against votes and Sergio A. L. Rial received 18,548,337. Shareholders approved the advisory vote on executive compensation, with 503,418,157 votes For against 13,127,616 Against and 585,932 Abstain. They also ratified Ernst & Young LLP as independent auditors for 2026, with 567,469,129 For, 24,576,694 Against and 374,978 Abstain. Two shareholder proposals were not approved. A proposal to allow shareholders to act by written consent received 160,742,873 For and 349,243,354 Against, and a proposal to adopt cumulative voting for director elections received 20,465,549 For and 489,358,644 Against. Both failed to gain majority support.
  4. 8-KDelta Air Lines 8-K Report, Material Agreement (Jun 12, 2026)On June 11, 2026, Delta Air Lines, Inc. entered into a new credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. The Credit Facility refinances and fully replaces Delta's existing credit agreement dated November 6, 2023. Proceeds of borrowings will be used in part to refinance the Existing Credit Facility and for general corporate purposes. The facility was undrawn when Delta entered into it. The Credit Facility includes a $2.650 billion revolving facility, made up of a $1.325 billion three-year tranche and a $1.325 billion five-year tranche, plus a separate standby letter of credit facility that remains uncommitted. Up to $250 million of each of the three-year and five-year tranches may be used for letters of credit. An accordion feature allows aggregate commitments to be increased up to $3.65 billion at Delta's request, subject to certain conditions. Borrowings under the revolving tranches bear interest at adjusted term SOFR, or another index rate, plus a specified margin. The agreement contains affirmative, negative and financial covenants, including restrictions on liens on or disposition of a designated pool of assets, and requires Delta to maintain a Minimum Fixed Charge Coverage Ratio of 1.25:1 and a Minimum Asset Coverage Ratio of 1.25:1. Customary events of default apply, including cross-default to other material indebtedness, and obligations may be accelerated upon an event of default.
  5. 8-KDelta Air Lines 8-K Report, Financial Results (Apr 8, 2026)Delta Air Lines, Inc. reported March quarter 2026 results in an 8-K furnished under Item 2.02, attaching a press release. On a GAAP basis, operating revenue was $15.9 billion, operating income was $501 million (3.2% margin), and the company posted a pre-tax loss of $214 million and a loss of $0.44 per share. On a non-GAAP basis, operating revenue was $14.2 billion, operating income was $652 million (4.6% margin), pre-tax income was $532 million, and earnings were $0.64 per share. Operating cash flow was $2.4 billion. Management said March quarter total revenue rose 9.4% year over year to a record $14.2 billion, led by premium, corporate and loyalty revenue, and that adjusted non-fuel unit costs (CASM-Ex) rose 6%. For the June 2026 quarter, Delta guided to total revenue up low-teens year over year on flat capacity, an operating margin of 6% to 8%, and EPS of $1.00 to $1.50. The company expects pre-tax profit of around $1 billion, which it says reflects a more than $2 billion increase in fuel expense at the forward curve as of April 2, 2026. The guidance assumes an all-in fuel price of about $4.30 per gallon and a refinery benefit of approximately $300 million. Balance sheet metrics were stronger: adjusted net debt fell to $13.5 billion, a $760 million reduction from year-end 2025 and below 2019 levels, and liquidity was $8.1 billion including $3.1 billion of undrawn revolver capacity. Management highlighted investment-grade ratings at all three major agencies and a free cash flow figure of $1.2 billion for the quarter.
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04—See also

Related Companies

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