Delta Air Lines Inc.
DALFinancial Snapshot
ticker: DAL step: 04 generated: 2026-05-12 source: quick-research
Delta Air Lines Inc. (DAL) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$50.6B | ~$58.0B | $61.6B | +6% |
| Operating Margin | ~8% | ~13% | ~12% | |
| Net Income (GAAP) | ~$1.3B | ~$4.6B | ~$3.5B | -24%* |
| EPS (GAAP diluted) | ~$2.12 | ~$7.21 | ~$5.39 | -25%* |
| Adj. EPS | ~$3.10 | ~$6.25 | ~$7.35+ |
FY2024 GAAP net income decline vs. FY2023 reflects tax and special items; adj. EPS growth continued.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$8.0B |
| Free Cash Flow | ~$3.4B |
| Cash & Equivalents | ~$3.0B |
| Total Debt | ~$18–20B |
Delta used FY2024 FCF for debt reduction and shareholder returns. Pre-tax income ~$5B in 2024.
Key Ratios (approximate)
- P/E (forward FY2026): ~7–8x | EV/EBITDA: ~5–6x | FCF Yield: ~9–12%
- Revenue Growth (FY2024): +6.2% | Premium + Loyalty % of Revenue: ~57–60%
Growth Profile
Delta is executing a structural premium-ification strategy: premium cabin seats growing from 10% in 2010 to 30%+ today, targeting premium cabin revenue exceeding main cabin revenue by 2027. The American Express co-branded card partnership is the crown jewel — $8.2B/year in remuneration in 2025, growing toward $10B by 2028, representing high-margin, contractually recurring revenue that functions more like a royalty than airline revenue. Non-main-cabin streams now account for ~60% of total revenue. FY2025 revenue reached $63.4B (+2.8% YoY).
Forward Estimates
- FY2026: Revenue ~$66B consensus; adj. EPS guidance $6.50–$7.50 (management); FCF target $3–4B
- AmEx partnership: On track to reach $10B/year remuneration by 2028 — growing ~8–10% annually
- Monroe Refinery: Projected $300M fuel cost benefit in Q2 2026; Bernstein raised PT to $88 citing fuel insulation advantage
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $DAL.