DAL (Delta Air Lines, Inc.) Stock Financials & Earnings | Market Cap Arena

DAL (Delta Air Lines, Inc.) Stock Financials & Earnings | Market Cap Arena

DALDelta Air Lines, Inc.

Mkt Cap$39B

Industrials·Airlines, Airports & Air Services·🇺🇸 United States·NYSE

Revenue (TTM)$63.4B

Net Income (TTM)$5.0B

EPS (TTM)$7.66

Free Cash Flow (TTM)$3.8B

Gross Margin24.5%

Op. Margin9.2%

Net Margin7.9%

FCF Margin6.1%

P/S Ratio (TTM)0.6x

P/E Ratio (TTM)7.8x

YoY Rev Growth+2.8%

Employees—

Earnings Reports

Next: Q1 2026 · Apr 8

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$12.8B	$1.8B	-$277M
Q2 23	$15.6B	$4.7B	$2.5B
Q3 23	$15.5B	$4.2B	$2.0B
Q4 23	$14.2B	$3.5B	$1.3B
Q1 24	$13.7B	$2.8B	$614M
Q2 24	$16.7B	$5.1B	$2.3B
Q3 24	$15.7B	$4.1B	$1.4B
Q4 24	$15.6B	$4.4B	$1.7B
Q1 25	$14.0B	$3.0B	$569M
Q2 25	$16.6B	$5.0B	$2.1B
Q3 25	$16.7B	$3.9B	$1.7B
Q4 25	$16.0B	$3.6B	$1.5B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	0.7x	20.7x
Q2 23	0.7x	13.2x
Q3 23	0.7x	11.6x
Q4 23	0.7x	8.5x
Q1 24	0.7x	7.8x
Q2 24	0.7x	8.8x
Q3 24	0.7x	8.4x
Q4 24	0.6x	11.4x
Q1 25	0.6x	10.7x
Q2 25	0.6x	8.8x
Q3 25	0.6x	8.5x
Q4 25	0.6x	7.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$2.2B	$1.2B
Q2 23	$2.6B	$1.2B
Q3 23	$1.1B	-$193M
Q4 23	$545M	-$1.1B
Q1 24	$2.4B	$1.2B
Q2 24	$2.4B	$1.1B
Q3 24	$1.3B	-$54M
Q4 24	$1.9B	$584M
Q1 25	$2.4B	$1.2B
Q2 25	$1.9B	$648M
Q3 25	$1.8B	$687M
Q4 25	$2.3B	$1.4B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$1.0B
Q2 23	$1.5B
Q3 23	$1.3B
Q4 23	$1.6B
Q1 24	$1.2B
Q2 24	$1.3B
Q3 24	$1.3B
Q4 24	$1.3B
Q1 25	$1.2B
Q2 25	$1.2B
Q3 25	$1.2B
Q4 25	$908M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+36.5%	+28.7%
Q2 23	+12.7%	+6.4%
Q3 23	+10.8%	+7.9%
Q4 23	+5.9%	+7.8%
Q1 24	+7.8%	+0.8%
Q2 24	+6.9%	+10.0%
Q3 24	+1.2%	+5.7%
Q4 24	+9.4%	+7.3%
Q1 25	+2.1%	+2.6%
Q2 25	-0.1%	+1.1%
Q3 25	+6.4%	+5.0%
Q4 25	+2.9%	+5.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$180M	1.3%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	—	$500M
Q2 23	—	$651M
Q3 23	—	$618M
Q4 23	$61M	$564M
Q1 24	$125M	$550M
Q2 24	$519M	$672M
Q3 24	$320M	$643M
Q4 24	$425M	$620M
Q1 25	$124M	$552M
Q2 25	$470M	$673M
Q3 25	$392M	$645M
Q4 25	—	$616M

Revenue Segments

Quarter	Airline	Refinery
Q2 24	$15.4B	$2.1B
Q4 24	$14.4B	$1.8B
Q1 25	$13.0B	$1.7B
Q2 25	$15.5B	$1.7B
Q3 25	$15.2B	$1.8B
Q4 25	$14.6B	$1.7B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$3.2B	$3.4B	$6.6B
Q2 23	$2.7B	$3.4B	$6.0B
Q3 23	$2.8B	$2.2B	$5.0B
Q4 23	$2.7B	$1.1B	$3.9B
Q1 24	$3.9B	$589M	$4.5B
Q2 24	$4.1B	$124M	$4.2B
Q3 24	$4.0B	$8M	$4.0B
Q4 24	$3.1B	$0	$3.1B
Q1 25	$3.7B	$0	$3.7B
Q2 25	$3.3B	$0	$3.3B
Q3 25	$3.8B	$0	$3.8B
Q4 25	$4.3B	$0	$4.3B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	639M	-0.3%
Q2 23	642M	+0.5%
Q3 23	644M	+0.3%
Q4 23	644M	+0.0%
Q1 24	645M	+0.2%
Q2 24	648M	+0.5%
Q3 24	647M	-0.2%
Q4 24	652M	+0.8%
Q1 25	652M	+0.0%
Q2 25	652M	+0.0%
Q3 25	653M	+0.2%
Q4 25	656M	+0.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$505K	80K
FY 15	$490K	83K
FY 16	$470K	84K
FY 17	$473K	87K
FY 18	$499K	89K
FY 19	$517K	91K
FY 20	$231K	74K
FY 21	$360K	83K
FY 22	$532K	95K
FY 23	$564K	103K
FY 24	$598K	103K
FY 25	$615K	103K