Company file · DAL

Delta Air Lines

Delta Air Lines' revenue rose 2.8% in FY2025, to $63.4B, and net income rose 44.8% to $5.0B

Revenue rose 2.8% to $63.4B in FY2025, from $61.6B in FY2024. Net income rose 44.8% to $5.0B. Airline was the largest segment, at 89% of the segment total.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 11, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 9, 2026) · Data pulled Nov 11, 2026

Key facts

Delta Air Lines (NYSE: DAL) closed fiscal 2025 on Dec 31, 2025 with revenue of $63.4B, up 2.8% from a year before; net income came to $5.0B, up 44.8%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $20.2B, up 21.1% on the same stretch of the prior year, and net income of $756M. Broken down by segment, Airline led with 89% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 9, 2026).

Revenue$63.4BFY2025 · +2.8% vs FY2024

Net income$5.0BFY2025 · +44.8% vs FY2024

Operating cash flow$8.3BFY2025 · +4.0% vs FY2024

Cash & equivalents$3.8Bat Sep 30, 2026 · −12.1% vs FY2025 end

Total debt$12.1Bat Sep 30, 2026 · −9.0% vs FY2025 end

Diluted shares654MFY2025 avg · +0.9% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 11, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 8, 2026 · 10-Q filed Jul 10, 2026 · 10-Q filed Oct 9, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Airline$58.3B89%+2.3%
Refinery$7.0B11%−10.4%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Airline (89%) and Refinery (11%), as shares of the segment total. Total revenue was $63.4B.

By segment: three-year mixShare of the total each fiscal year

FY2023

88%12%

FY2024

88%12%

FY2025

89%11%

AirlineRefinery

Source: 10-K FY2025

By product or service, FY2025

Passenger$51.8B82%+1.7%

Product and Service, Other$10.7B17%+7.7%

Cargo and Freight$900M1%+9.5%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$20.2B Q3 2026

$16.7B Q3 2025

21.1% increase

Net income

$756M Q3 2026

$1.4B Q3 2025

46.6% decrease

Source: Delta Air Lines 10-Q for the quarter ended Sep 30, 2026, filed Oct 9, 2026

By segment

Airline

$17.6B Q3 2026

$15.2B Q3 2025

15.7% increase

Refinery

$3.0B Q3 2026

$1.8B Q3 2025

65.3% increase

Source: Delta Air Lines 10-Q for the quarter ended Sep 30, 2026, filed Oct 9, 2026

Cash & equivalents $3.8B at Sep 30, 2026, vs $4.3B at FY2025 end.
Total debt $12.1B at Sep 30, 2026, vs $13.3B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $5.7B vs $6.1B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 2.8% in FY2025 to $63.4B, from $61.6B a year earlier. 10-K, FY2025
Net income rose 44.8% in FY2025 to $5.0B, from $3.5B. 10-K, FY2025
Operating cash flow rose 4.0% in FY2025 to $8.3B. 10-K, FY2025
Total debt fell 13.3% in FY2025 to $13.3B. 10-K, FY2025

The bear case

Net income in the quarter ended Sep 30, 2026 was $756M, down 46.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Refinery revenue fell 10.4% in FY2025 to $7.0B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include economic cycles; costs and supply; trade and tariffs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Delta Air Lines is in the passenger airlines industry, part of the industrials sector. The SEC files it under Air Transportation, Scheduled.

Delta Air Lines reports 2 segments: Airline and Refinery.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the passenger airlines industry. They are not a summary of Delta Air Lines’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$58.0B	$61.6B	$63.4B
Net income	$4.6B	$3.5B	$5.0B
Operating cash flow	$6.5B	$8.0B	$8.3B
Cash & equivalents (year end)	$2.7B	$3.1B	$4.3B
Total debt (year end)	$18.6B	$15.3B	$13.3B
Diluted shares	643M	648M	654M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.

Recent filings

Form	Filed	Period
10-Q	Oct 9, 2026	Sep 30, 2026
10-Q	Jul 10, 2026	Jun 30, 2026
DEF 14A	Apr 24, 2026	Jun 18, 2026
10-Q	Apr 8, 2026	Mar 31, 2026
10-K	Feb 11, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Delta Air Lines

How does Delta Air Lines make money?

Fiscal 2025 revenue: $63.4B. By segment in FY2025: Airline (89%) and Refinery (11%), as shares of the segment total. Total revenue was $63.4B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What was Delta Air Lines's revenue in fiscal 2025?

$63.4B, up 2.8% from fiscal 2024 ($61.6B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $58.0B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

Is Delta Air Lines profitable?

Net income was $5.0B in fiscal 2025 (up 44.8%; fiscal 2024 was $3.5B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $756M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What did Delta Air Lines report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $20.2B (up 21.1% from $16.7B) and net income $756M (down 46.6% from $1.4B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 9, 2026.

How much cash and debt does Delta Air Lines have?

As of Sep 30, 2026: $3.8B of cash and cash equivalents, $12.1B of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 9, 2026.

What are the main risks Delta Air Lines faces?

Delta Air Lines's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 11, 2026. Risks that are common among companies in the passenger airlines industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these Delta Air Lines numbers come from?

The 10-K filed Feb 11, 2026 (fiscal 2025) and the 10-Q filed Oct 9, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Delta Air Lines

Berkshire Hathaway: 57,320,000 shares, reported value $5.37B at Jun 30, 2026 (+44.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Slate Path Capital: 3,015,048 shares, reported value $282.4M at Jun 30, 2026 (+1.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 326,727 shares, reported value $30.6M at Jun 30, 2026 (+71.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Point72 Asset Management: 32,600 shares, reported value $3.1M at Jun 30, 2026 (−88.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 22,355 shares, reported value $2.1M at Jun 30, 2026 (+1.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 22,246 shares, reported value $2.1M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Millennium Management: 6,564 shares, reported value $0.6M at Jun 30, 2026 (−98.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in DAL: The editor holds no position in Delta Air Lines (DAL). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell DAL from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 4, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold DAL, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Delta Air LinesDAL	FY2025	$63.4B	+2.8%	$5.0B
United Airlines HoldingsUAL	FY2025	$59.1B	+3.5%	$3.4B
Southwest AirlinesLUV	FY2025	$28.1B	+2.1%	$441M
CaterpillarCAT	FY2025	$67.6B	+4.3%	$8.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.