Loading company financials…
NEW YORK STOCK EXCHANGE, INC. · Airlines · CIK 0000027904
$76.66
+2.72% · delayed ~15 min
Last price from Oct 20, 2026
$49.52B market value
From DELTA AIR LINES, INC.'s FY2025 10-K, filed Feb 11, 2026 · read the filing
DELTA AIR LINES runs airlines. It took in $63.36B last year, which makes it a very large company. Of every dollar it sells, about 8 cents is left as profit.
The financial picture is mixed, with profitability and growth needing attention and debt weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 0.03
Recent open-market selling by 6 insiders, not under a pre-arranged plan.
$33.1M sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From DELTA AIR LINES, INC.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
$3.46B → $5.00B
Earnings per share
$5.37 → $7.75
Cash
$3.07B → $4.31B
Free cash flow
$2.88B → $3.84B
Measured against FY2024, from the 10-K filed Feb 11, 2026
Improved: +44.8%
$3.46B to $5.00BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
DAL rose 2.72% on the latest quote. The average Industrials company tracked here moved +0.34%, and the S&P 500 −1.04%. That is 2.4 points above its sector and 3.8 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 2% a year for the next 10 years. Over the last 10 years it shrank by about 3% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 8 cents of every dollar of sales as profit, earning $5.00B last year.
Barely. Sales were roughly flat, up 2.8%.
No. At its current cash flow it could clear its debt in about 1.1 years. For every $1 it owes, it owns $1.34 in assets. A bankruptcy-risk model also places it in its distress range.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 9 cents of every dollar of profit and keeps the rest, which leaves the payment comfortably covered. It paid out 5% of the cash its operations generated. It has paid in each of the last 3 years.
GoodFigures from the FY2025 annual filing
Last year it earned $5.00B and generated $8.34B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 11, 2026Filing for FY2025 | FY202410-K · Feb 11, 2025Filing for FY2024 | FY202310-K · Feb 12, 2024Filing for FY2023 | FY202210-K · Feb 10, 2023Filing for FY2022 | FY202110-K · Feb 11, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $63.36B | $61.64B | $58.05B | $50.58B | $29.90B | +2.8% |
| Operating income | $5.82B | $6.00B | $5.52B | $3.66B | $1.89B | −2.9% |
| Operating marginOperating income ÷ revenueWhat is this? | 9.2% | 9.7% | 9.5% | 7.2% | 6.3% | −0.5 pts |
| Income before tax | $6.18B | $4.66B | $5.61B | $1.91B | $398.0M | +32.8% |
| Net income | $5.00B | $3.46B | $4.61B | $1.32B | $280.0M | +44.8% |
| Net marginNet income ÷ revenueWhat is this? | 7.9% | 5.6% | 7.9% | 2.6% | 0.9% | +2.3 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $7.75 | $5.37 | $7.19 | $2.06 | $0.4388 | +44.2% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| DALDELTA AIR LINES, INC. · this page | 4.7/10 | 7/8 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 40,460 shares at $51.23 ($2.1M)
Holds 144,864 shares after this filing.
Sold on the open market — 40,460 shares at $93.55 ($3.8M)
Holds 104,404 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q3 FY2026
Revenue +21.1% · Operating margin −2.9 pts · Profit -46.6% — against Q3 FY2025
Read the filingPublished results
Read the filingWrite down why you are following DELTA AIR LINES, INC., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 15 subsidiaries named in its 10-K, incorporated across 7 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from DAL's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 11, 2026), reported under the US GAAP taxonomy. View the source filing. Total liabilities were not tagged directly and were calculated as assets minus equity.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 4.7 | 7/8 | 10-K, filed Feb 11, 2026 |
| FY2024 | 4.7 | 6/8 | 10-K, filed Feb 11, 2025 |
| FY2023 | 4.7 | 7/8 | 10-K, filed Feb 12, 2024 |
| FY2022 | 6.0 | 7/8 | 10-K, filed Feb 10, 2023 |
| FY2021 | 6.0 | 7/8 | 10-K, filed Feb 11, 2022 |
| FY2020 | 2.0 | 3/8 | 10-K, filed Feb 12, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
7 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
0.03
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +44.2%
$5.37 to $7.75Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +40.4%
$3.07B to $4.31BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +33.2%
$2.88B to $3.84BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Changed: +37.1%
$321.0M to $440.0MSignificant
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Improved: +2.3 pts
5.6% to 7.9%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: -11.9%
$13.55B to $11.94BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: -12.5%
$5.14B to $4.50BNotable
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Q3 FY2026 against Q3 FY2025, from the 10-Q filed Oct 9, 2026 — read it.
Deteriorated: -46.6%
$1.42B to $756.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -47.0%
$2.17 to $1.15Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +21.1%
$16.67B to $20.19BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: −4.8 pts
8.5% to 3.7%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: -25.8%
$12.30B to $9.12BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: -13.7%
$1.68B to $1.45BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −2.9 pts
10.1% to 7.2%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Q3 FY2026 against Q2 FY2026, from the 10-Q filed Oct 9, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: -52.9%
$1.60B to $756.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -52.9%
$2.44 to $1.15Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -22.0%
$1.86B to $1.45BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −4.4 pts
8.1% to 3.7%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -18.8%
$4.67B to $3.79BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: −2.2 pts
9.4% to 7.2%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: -9.7%
$10.10B to $9.12BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
4 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
Loading price history…
Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between -0% and 4%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 30 analysts covering this company, as of . Their views, not this site's.
Of 30 analysts publishing on this company, 7 say strong buy, 20 say buy and 3 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 4.0% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 14.2x — investors pay $14.2 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 2.8% |
| 7.9% |
| 9.89x |
| 2.90x |
| UALUnited Airlines Holdings, Inc. | 4.7/10 | 7/8 | 3.5% | 5.7% | 9.84x | 4.00x |
|---|
| LUVSOUTHWEST AIRLINES CO | 7.3/10 | 6/8 | 2.1% | 1.6% | 56.48x | 2.64x |
|---|
| AALAmerican Airlines Group Inc. | 4.7/10 | 5/8 | 0.8% | 0.2% | 74.95x | -17.57x |
|---|
| ALKALASKA AIR GROUP, INC. | 6.0/10 | 5/8 | 21.3% | 0.7% | 40.87x | 3.94x |
|---|
| Median of peers | 5.3/10 | — | 2.8% | 1.1% | 48.68x | 3.29x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Sold on the open market — 3,100 shares at $94.11 ($291.8K)
Holds 32,525 shares after this filing.
Sold on the open market — 31,756 shares at $90.85 ($2.9M)
Holds 22,358 shares after this filing.
Exercised stock options — 206,510 shares at $49.33 ($10.2M)
Holds 1,569,958 shares after this filing.
Sold on the open market — 206,510 shares at $92.80 ($19.2M)
Holds 1,363,448 shares after this filing.
Exercised stock options — 35,000 shares at $39.78 ($1.4M)
Holds 130,025 shares after this filing.
Sold on the open market — 35,000 shares at $92.72 ($3.2M)
Holds 95,025 shares after this filing.
Exercised stock options — 39,900 shares at $49.33 ($2.0M)
Holds 464,604 shares after this filing.
Sold on the open market — 39,900 shares at $92.98 ($3.7M)
Holds 424,704 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 3,100 shares ($291.8K) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 40,460 shares ($3.8M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 35,000 shares ($3.2M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 206,510 shares ($19.2M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 39,900 shares ($3.7M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 31,756 shares ($2.9M) on or after .
Shares originally obtained via Restricted Stock Vesting.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q2 FY2026
Revenue +18.7% · Operating margin −3.2 pts · Cash +40.0% — against Q2 FY2025
Published results
Read the filingHeld a shareholder vote
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingProxy statement for a shareholder meeting
Read the filingQuarterly report for Q1 FY2026
Revenue +12.9% · Profit margin −3.5 pts · Profit turned negative — against Q1 FY2025
Read the filingPublished results
Read the filingMade a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Profit margin +2.3 pts · Profit +44.8% · Earnings per share +44.2% — against FY2024
Read the filingSigned a material agreement
Read the filingSigned a material agreement · Published results
Read the filingHad a director or senior officer leave or join
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q3 FY2025
Revenue +6.4% · Operating margin +1.2 pts · Operating income +20.5% — against Q3 FY2024
Read the filingPublished results
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingSource: Exhibit 21 of the 10-K filed 2026-02-11. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
Coverage from the last 30 days
What Southwest Airlines (LUV) Said on Its Q3 Earnings Call
Yahoo ·
AAL Q3 Earnings Meet Estimates, Revenues Beat on Premium Demand
Yahoo ·
LUV Q3 Earnings Beat on Record Revenues and Higher Fares
Yahoo ·
CSX Q3 Earnings Beat Estimates on Higher Volumes and Pricing
Yahoo ·
American Airlines Sinks 4% as Fuel Costs Push Outlook to Full-Year Loss; Delta and United Airlines Drop 3%
Yahoo ·
Delta Air Lines Shares Rose Even As Profit Fell
Yahoo ·
United Airlines CEO Says Starlink Is a Key Factor in Customers’ Flight Choices—Elon Musk Responds
Benzinga ·
Stock Market Today, Oct. 21: Airline Shares Rise After United Issues Stronger Revenue Guidance
Yahoo ·
Southwest Airlines Beats Expectations But Slashes Profit Outlook on Rising Fuel Costs
Yahoo ·
How Low Can American Airlines Stock Go?
Yahoo ·
United Airlines Jumps 6% as Record Revenue Forecast Outweighs Fuel-Cost Squeeze; American Airlines Climbs 4%, Delta Rises 3%
Yahoo ·
United Leads Airline Rebound Despite Tough Q3, Soaring Fuel Costs
Yahoo ·
Primary sources and further research