Delta Air Lines, Inc. DAL

IndustrialsPassenger Transportation ServicesUnited States of America

Last close 83.42 USD on Nov 2, 2026, +21.5% year to date

Quant rating

Quant rating B Rank 136 of 486 in Industrials

Growth B 90 of 486
Valuation A 36 of 486
Quality B 130 of 486
Revisions D 411 of 486
Momentum B 123 of 486

Wall Street consensus Buy (1.85)Average target 99.22 USD +18.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 54.9B
Enterprise value: 63.9B
52-week range: 55.05 – 95.67
3-year range: 32.02 – 95.67
Dividend yield: 1.07%
Beta (5 years): 1.42
Shares outstanding: 658M
Next earnings: Jan 11, 2027

About the company

Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo throughout the United States and around the world. The Company has hubs and markets in Amsterdam, Atlanta, Bogota, Boston, Detroit, Lima, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Santiago (Chile), Sao Paulo, Seattle, Seoul-Incheon, and Tokyo. Its segments include Airline and Refinery. Its airline segment is managed as a single business unit that provides scheduled air transportation for passengers and cargo throughout the United States and around the world and includes its loyalty program, as well as other ancillary businesses. Its refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and through jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel as well as non-jet fuel products.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	63,364	61,643	58,048	50,582	29,899	–
Revenue growth	2.8%	6.2%	14.8%	69.2%	74.9%	30.0%
EPS (basic, normalized)	5.82	6.16	6.25	3.20	−4.08	–
EPS growth	−5.5%	−1.4%	95.3%	–	–	–
Gross margin	50.5%	50.3%	50.5%	43.1%	38.6%	46.6%
Net margin	7.9%	5.6%	7.9%	2.6%	0.9%	5.0%
ROE	27.7%	26.2%	52.1%	25.2%	10.3%	28.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,787
Current ratio	0.40x
Long-term debt (mil)	9,527
Net debt (mil)	9,064
Total equity (mil)	22,513
Net debt / equity	0.40x
Net debt / EBITDA	1.10x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	63,364	+2.8%	1.0x	8,247	−3.9%	7.8x	5.82	−5.5%	14.3x
2026	67,008	+5.8%	1.0x	7,877	−4.5%	8.1x	5.33	−8.4%	15.6x
2027	71,534	+6.8%	0.9x	9,640	+22.4%	6.6x	7.09	+32.9%	11.8x
2028	74,585	+4.3%	0.9x	11,630	+20.7%	5.5x	9.31	+31.3%	9.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	67,008	+0.7%	+0.9%	+3.2%	5.33	−10.3%	−19.7%	−2.1%
2027	71,534	+2.2%	+3.5%	+6.0%	7.09	−13.3%	−19.8%	−10.5%
2028	74,585	+1.9%	+2.6%	+4.9%	9.31	−6.2%	−8.2%	+2.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	15,407	14,594	14,437	12,978	15,507	15,197	14,606	14,200	17,666	17,585
Sales mean (mil)	15,452	14,674	14,180	12,979	15,477	15,072	14,692	14,012	17,532	17,665
Surprise	−0.3%	−0.5%	+1.8%	0.0%	+0.2%	+0.8%	−0.6%	+1.3%	+0.8%	−0.5%
EPS reported	2.36	1.50	1.85	0.46	2.10	1.71	1.55	0.64	1.56	1.72
EPS mean	2.36	1.52	1.75	0.38	2.05	1.53	1.53	0.57	1.48	1.75
Surprise	−0.2%	−1.5%	+5.5%	+20.4%	+2.3%	+11.6%	+1.5%	+11.8%	+5.5%	−2.0%

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DAL Delta Air Lines, Inc.	54.9B	1.10x	7.9%	2.44x	15.6x	11.8x	8.1x	6.6x
UAL United Airlines Holdings, Inc.	35.5B	1.44x	5.7%	2.00x	15.7x	9.4x	7.2x	5.4x
RYAAY Ryanair Holdings PLC	27.9B	−0.50x	14.0%	2.71x	14.4x	12.5x	6.3x	5.9x
LUV Southwest Airlines Co	21.5B	1.08x	1.6%	2.93x	15.9x	10.5x	7.0x	5.7x
QAN Qantas Airways Limited	9.4B	–	5.1%	8.78x	9.8x	7.1x	4.3x	3.5x
LHAG Deutsche Lufthansa AG	10.0B	1.53x	3.4%	0.74x	8.3x	6.1x	3.7x	3.3x
Mean		0.93x	6.3%	3.27x	13.3x	9.5x	6.1x	5.1x
Median		1.10x	5.4%	2.58x	15.0x	9.9x	6.7x	5.6x

Technical analysis

1M−0.5%
3M−4.3%
1Y+46.9%
3Y+169.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Delta Air Lines, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	63,364	61,643	58,048	50,582	29,899	17,095
Cost of revenue	31,369	30,640	28,759	28,758	18,352	12,480
Gross profit	31,995	31,003	29,289	21,824	11,547	4,615
Selling, general & administrative expenses	21,342	20,035	18,324	14,356	10,789	9,336
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,443	2,513	2,341	2,107	1,998	2,312
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	26.0	39.0	927	−24.0	−4,212	4,273
Other operating expenses	2,388	2,460	2,239	1,824	1,405	1,163
Operating income	5,796	5,956	5,458	3,561	1,567	−12,469
Net interest income (expense)	533	−1,066	429	−1,832	−1,560	−3,466
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−144	−232	−279	185	391	348
Net income before taxes	6,185	4,658	5,608	1,914	398	−15,587
Provision for taxes	1,180	1,201	999	596	118	−3,202
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5,005	3,457	4,609	1,318	280	−12,385
Extraordinary items	–	–	–	–	–	–
Net income	5,005	3,457	4,609	1,318	280	−12,385
EBIT, normalized	5,805	5,995	6,385	3,537	−2,645	−8,160
EBITDA, normalized	8,248	8,508	8,726	5,644	−647	−5,848
Basic EPS, normalized	5.82	6.16	6.25	3.20	−4.08	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Delta Air Lines, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,310	3,069	3,868	6,534	11,319	14,096
Receivables	2,850	3,224	3,130	3,176	2,404	1,396
Total inventory	1,601	1,428	1,314	1,424	1,098	732
Prepaid expenses	2,072	1,955	1,758	1,739	956	988
Other current assets	135	168	199	138	163	192
Total current assets	10,968	9,844	10,269	13,011	15,940	17,404
Property, plant & equipment	45,987	44,239	42,490	40,145	35,986	32,262
Goodwill	9,753	9,753	9,753	9,753	9,753	9,753
Intangibles	5,966	5,975	5,983	5,992	6,001	6,011
Long-term investments	4,222	2,846	3,457	2,128	1,712	1,665
Note receivable	–	–	–	–	–	–
Other long-term assets	4,421	2,715	1,692	1,259	3,067	4,901
Total assets	81,317	75,372	73,644	72,288	72,459	71,996
Liabilities
Accounts payable	5,226	4,650	4,446	5,106	4,240	2,840
Payable/accrued	–	–	–	–	–	–
Accrued expenses	7,660	7,337	6,937	5,781	4,906	4,434
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,605	2,175	2,983	2,359	1,782	1,732
Other current liabilities	13,133	12,508	12,052	12,694	10,038	6,921
Total current liabilities	27,624	26,670	26,418	25,940	20,966	15,927
Long-term debt	12,507	14,019	17,071	20,671	25,138	27,425
Minority interest	–	–	–	–	–	–
Other liabilities	20,333	19,390	19,050	19,095	22,468	27,110
Total liabilities	60,464	60,079	62,539	65,706	68,572	70,462
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.7	0.6	0.1
Additional paid-in capital	11,883	11,740	11,641	11,526	11,447	11,259
Retained earnings (accumulated deficit)	13,343	8,783	5,650	1,170	−148	−428
Treasury stock	−238	−251	−341	−313	−282	−259
Other equity	−4,135	−4,979	−5,845	−5,802	−7,131	−9,038
Total equity	20,853	15,293	11,105	6,582	3,887	1,534
Total liabilities & shareholders' equity	81,317	75,372	73,644	72,288	72,459	71,996

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Delta Air Lines, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	5,005	3,457	4,609	1,318	280	−12,385
Depreciation, depletion & amortization	2,443	2,513	2,341	2,107	1,998	2,312
Deferred taxes	1,109	1,155	980	591	115	−3,110
Non-cash items	−1,419	27.0	−1,404	395	−1,696	7,441
Changes in working capital	1,204	873	−62.0	1,952	2,567	1,949
Cash from operations	8,342	8,025	6,464	6,363	3,264	−3,793
Investing activities
Capital expenditures	−4,499	−5,140	−5,323	−6,366	−3,247	−1,899
Other investing cash flows	313	1,401	2,175	−558	2,349	−7,339
Cash from investing	−4,186	−3,739	−3,148	−6,924	−898	−9,238
Financing activities
Financing cash flow items	−24.0	14.0	−73.0	−60.0	80.0	162
Cash dividends paid	−440	−321	−128	–	0	−260
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,612	−3,953	−3,193	−4,475	−3,932	19,454
Cash from financing	−3,076	−4,260	−3,394	−4,535	−3,852	19,356
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	1,080	26.0	−78.0	−5,096	−1,486	6,325
Free cash flow	3,843	2,885	1,141	−3.0	17.0	−5,692

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.