# Delta Air Lines Inc. (DAL) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DAL/thesis · /stocks/DAL/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DAL/fundamental

## Navigation

- Overview: /stocks/DAL
- Financials (this page): /stocks/DAL/financials
- Thesis: /stocks/DAL/thesis
- Investment Memo: /stocks/DAL/memo
- Coverage universe: /stocks