Delta Air Lines (DAL): financials, SEC filings and peers
Delta Air Lines (DAL) is a passenger airlines company in the Industrials sector of the S&P 500, headquartered in Atlanta, Georgia.
It was founded in 1929 and joined the S&P 500 on September 11, 2013.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Air Transportation, Scheduled”.
Delta Air Lines at a glance
- Revenue (12 months)
- $71.8B
- Revenue growth
- +14.1%
- Operating margin
- 7.4%
- Net income (12 months)
- $3.3B
- Free cash flow (12 months)
- —
- Cash
- $3.8B
- Debt
- $12.1B
- Diluted EPS (12 months)
- $5.01
Twelve months to September 30, 2026, from the 10-Q filed October 9, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Delta Air Lines reported revenue of $71.8 billion, up 14.1% from a year earlier.
Its operating margin was 7.4%, down 2.3 percentage points from a year earlier: for every $100 of sales, about $7 was left as operating profit.
Net income was $3.3 billion (4.6% of revenue), 28.9% lower than a year earlier.
Profit fell while sales grew, which usually points to higher costs, heavier investment or one-time items. The filings explain which.
At the end of the period it held $3.8 billion in cash and $12.1 billion in debt, a net debt position of $8.3 billion.
Five-year trend
- Revenue went from $17.1 billion in fiscal 2020 to $63.4 billion in fiscal 2025, about 30.0% a year.
- Revenue has grown for 5 fiscal years in a row.
- Operating margin widened from -72.9% to 9.2% over the same years.
- Free cash flow was negative in 2 of the last 6 fiscal years.
- Delta Air Lines reported a net loss in 1 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $29.9B | $50.6B | $58.0B | $61.6B | $63.4B |
| Revenue growth | 74.9% | 69.2% | 14.8% | 6.2% | 2.8% |
| Operating margin | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% |
| Net income | $280M | $1.3B | $4.6B | $3.5B | $5.0B |
| Free cash flow | $17M | −$3M | $1.1B | $2.9B | $3.8B |
| Diluted EPS | $0.44 | $2.06 | $7.17 | $5.33 | $7.66 |
Fiscal years as reported in Delta Air Lines’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 8-K filed November 6, 2026 — Material agreement; Other event
- 10-Q filed October 9, 2026 — quarterly report
- 8-K filed October 9, 2026 — Earnings results
- 10-Q filed July 10, 2026 — quarterly report
- 8-K filed July 10, 2026 — Earnings results
- 8-K filed June 22, 2026 — Shareholder vote results
- 8-K filed June 12, 2026 — Material agreement; New debt obligation
- 10-Q filed April 8, 2026 — quarterly report
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Questions about Delta Air Lines
Is Delta Air Lines's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $71.8 billion, up 14.1% from a year earlier, according to its SEC filings.
Is Delta Air Lines profitable?
Yes. It earned $3.3 billion in net income over the twelve months to September 30, 2026, a net margin of 4.6%.
Does Delta Air Lines have more cash or more debt?
At September 30, 2026 it had $3.8 billion in cash and $12.1 billion in debt, so more debt than cash.
When did Delta Air Lines last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on October 9, 2026.
Which companies are similar to Delta Air Lines?
In the S&P 500, Delta Air Lines is grouped in Passenger Airlines within the Industrials sector. Southwest Airlines (LUV), United Airlines Holdings (UAL) are in the same group.
Understand the numbers
Source: Delta Air Lines’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.