Delta Air Lines, Inc. — DAL

Close PriceMarket CapP/E RatioForward P/E RatioImplied Growth*Implied Forward Growth*DividendP/B Ratio
$58.88$38.45B8.38.42.3%2.3%$0.75
1.3%		2.0

Revenue & Net Income

Revenue & Net Income
  Date Revenue Net Income EPS Revenue Change Net Income Change EPS Change
0 2020-12-31 $17.1B $-12.4B $-19.49 N/A N/A N/A
1 2021-12-31 $29.9B $280.0M $0.44 74.9% -102.3% -102.3%
2 2022-12-31 $50.6B $1.3B $2.07 69.2% 370.7% 370.5%
3 2023-12-31 $58.0B $4.6B $7.21 14.8% 249.7% 248.3%
4 2024-12-31 $61.6B $3.5B $5.39 6.2% -25.0% -25.2%
5 TTM 2025-03-31 $61.9B $3.7B $5.64 0.5% 5.9% 4.6%
6 Average 33.1% 99.8% 99.2%

EPS

EPS

Forecasts

Revenue/Net Income Forecast EPS Forecast

Y/Y % Change

Revenue YoY Change EPS YoY Change
YoY Growth Rates

DAL Year-over-Year Growth

  2020 2021 2022 2023 2024 2025 2026 Average
Revenue Growth (%) 74.9% 69.2% 14.8% 6.2% 2.3% 3.3% 28.5%
Revenue Analysts (#) 0 0 0 0 0 5 5
EPS Growth (%) -102.3% 370.7% 249.7% -25.0% 13.7% 17.3% 87.3%
EPS Analysts (#) 0 0 0 0 0 8 8

Expenses

Revenue vs Expenses Expenses % of Revenue
Year Revenue ($) Cost of Revenue ($) Sales & Marketing ($) G&A ($) SG&A ($) Facilities / D&A ($) Personnel ($)
2021 $29.9B $25.7B $953.0M $-343.0M $610.0M $2.0B $-343.0M
2022 $50.6B $37.3B $1.9B $563.0M $2.5B $2.1B $563.0M
2023 $58.0B $40.2B $2.3B $1.4B $3.7B $2.3B $1.4B
2024 $61.6B $42.6B $2.5B $1.4B $3.9B $2.5B $1.4B
TTM $61.9B $41.4B $2.5B $1.3B $3.8B $3.9B $1.3B
Year Revenue Change (%) Cost of Revenue Change (%) Sales & Marketing Change (%) G&A Change (%) SG&A Change (%) Facilities / D&A Change (%) Personnel Change (%)
2022 69.18 45.42 98.43 -264.14 302.30 5.46 -264.14
2023 14.76 7.70 23.43 145.65 51.47 11.11 145.65
2024 6.19 5.93 6.47 0.43 4.22 7.35 0.43
TTM 0.46 -2.83 0.12 -3.60 -1.21 55.67 -3.60
No unmapped expenses.

Segment Performance

axis1_DAL_Cargo_And_Freight.png
axis1_DAL_Exchanged_Products.png
axis1_DAL_Passenger.png
axis1_DAL_Passenger_Air_Traffic.png
axis1_DAL_Passenger_Loyalty_Travel_Awards.png
axis1_DAL_Passenger_Travel_Related_Services.png
axis1_DAL_Product_And_Service_Other.png
axis1_DAL_Product_And_Service_Other_Ancillary_Businesses.png
axis1_DAL_Product_And_Service_Other_Loyalty_Program.png
axis1_DAL_Product_And_Service_Other_Miscellaneous.png
axis1_DAL_Product_And_Service_Other_Refinery.png
axis1_DAL_Sales_Of_Refined_Products_To_Third_Parties.png
axis1_DAL_Sales_To_Airline.png
SEGMENTS v2025-09-09 · 2025-11-10 08:21 UTC — Units: $B. Rows list fiscal years (last 3 + TTM) with revenue and operating income for each segment; the final row shows the TTM revenue mix (operating income columns display “—” where mix is not applicable).
Year Passenger Rev Passenger OI Passenger Air Traffic Rev Passenger Air Traffic OI Product And Service Other Rev Product And Service Other OI Product And Service Other Refinery Rev Product And Service Other Refinery OI Passenger Loyalty Travel Awards Rev Passenger Loyalty Travel Awards OI Product And Service Other Loyalty Program Rev Product And Service Other Loyalty Program OI Passenger Travel Related Services Rev Passenger Travel Related Services OI Product And Service Other Miscellaneous Rev Product And Service Other Miscellaneous OI Product And Service Other Ancillary Businesses Rev Product And Service Other Ancillary Businesses OI Cargo And Freight Rev Cargo And Freight OI Sales Of Refined Products To Third Parties Rev Sales Of Refined Products To Third Parties OI Sales To Airline Rev Sales To Airline OI Exchanged Products Rev Exchanged Products OI Total Rev Total OI
2022 160.9B 0.00B 35.6B 0.00B 18.6B 0.00B 4.98B 0.00B 2.90B 0.00B 2.60B 0.00B 1.69B 0.00B 0.89B 0.00B 0.85B 0.00B 1.05B 0.00B -0.28B 0.00B -1.98B 0.00B -6.97B 0.00B 220.9B 0.00B
2023 195.6B 0.00B 43.6B 0.00B 16.8B 0.00B 3.38B 0.00B 3.46B 0.00B 3.09B 0.00B 1.85B 0.00B 1.10B 0.00B 0.84B 0.00B 0.72B 0.00B -0.30B 0.00B -1.53B 0.00B -4.75B 0.00B 263.9B 0.00B
2024 203.6B 0.00B 45.1B 0.00B 19.9B 0.00B 4.64B 0.00B 3.84B 0.00B 3.30B 0.00B 1.96B 0.00B 1.22B 0.00B 0.77B 0.00B 0.82B 0.00B -0.23B 0.00B -1.42B 0.00B -2.97B 0.00B 280.4B 0.00B
TTM 208.3B 0.00B 45.7B 0.00B 21.8B 0.00B 5.20B 0.00B 4.31B 0.00B 3.38B 0.00B 2.10B 0.00B 1.31B 0.00B 1.02B 0.00B 0.94B 0.00B -0.09B 0.00B -1.02B 0.00B -2.05B 0.00B 290.8B 0.00B
% of Total (TTM) 71.6% — 15.7% — 7.5% — 1.8% — 1.5% — 1.2% — 0.7% — 0.5% — 0.4% — 0.3% — -0.0% — -0.3% — -0.7% — 100% —
axis2_DAL_Airline.png
axis2_DAL_Refinery.png
SEGMENTS v2025-09-09 · 2025-11-10 08:21 UTC — Units: $B. Rows list fiscal years (last 3 + TTM) with revenue and operating income for each segment; the final row shows the TTM revenue mix (operating income columns display “—” where mix is not applicable).
Year Airline Rev Airline OI Refinery Rev Refinery OI Total Rev Total OI
2022 45.6B 2.88B 10.7B 0.78B 56.3B 3.66B
2023 54.7B 5.14B 7.57B 0.39B 62.2B 5.52B
2024 57B 5.96B 7.77B 0.04B 64.8B 6.00B
TTM 58.7B 6.27B 6.85B 0.09B 65.6B 6.36B
% of Total (TTM) 89.6% — 10.4% — 100% —

Balance Sheet

Balance Sheet
  Metric Value
0 Total Assets $78,395M
1 Cash $3,331M
2 Total Liabilities $60,955M
3 Total Debt $21,280M
4 Total Equity $17,440M
5 Debt to Equity Ratio 1.22

EPS & Dividend

EPS & Dividend

Valuation

Valuation
Share Price Treasury Yield Estimates Fair Value (P/E) Fair Value (P/S) Current P/S Current P/E
$47.20 4.4% Nicks Growth: 3%
Nick's Expected Margin: 8%
FINVIZ Growth: 8%		 Nicks: 9
Finviz: 14		 Nick's: 0.697 0.5 8.4
Basis Year Nicks Valuation Nicks vs Share Price Finviz Valuation Finviz vs Share Price
$5.64 EPS TTM $49.11 4.0% $78.37 66.0%
$5.08 EPS 2025 $44.23 -6.3% $70.59 49.6%
$6.54 EPS 2026 $56.94 20.6% $90.88 92.5%

Implied Growth

Implied Growth
Average Median Std Dev Current Percentile
TTM Forward TTM Forward TTM Forward TTM Forward TTM Forward
Timeframe
1 Year 2.52% 2.13% 2.50% 2.25% 0.51% 0.60% 2.25% 2.35% 27.8% 60.2%
3 Years 2.52% 2.13% 2.50% 2.25% 0.51% 0.60% 2.25% 2.35% 27.8% 60.2%
5 Years 2.52% 2.13% 2.50% 2.25% 0.51% 0.60% 2.25% 2.35% 27.8% 60.2%
10 Years 2.52% 2.13% 2.50% 2.25% 0.51% 0.60% 2.25% 2.35% 27.8% 60.2%

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