Delta Air Lines
Airlines
Financial Summary
| 2022 | 2023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | 2Q25 | 3Q25 | LTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING METRICS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| PRASM | 17.24 | 17.98 | 16.98 | 18.54 | 17.21 | 17.79 | 17.65 | 16.78 | 17.86 | 17.08 | 17.39 |
| Load Factor | 84.0% | 85.0% | 83.0% | 87.0% | 87.0% | 84.0% | 85.0% | 81.4% | 86.0% | 86.0% | 84.5% |
| Available Seat Miles | 233,226 | 272,033 | 65,542 | 74,656 | 76,162 | 72,035 | 288,394 | 68,401 | 77,645 | 79,054 | 297,135 |
| INCOME STATEMENT | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Revenue | $50,582 | $58,048 | $13,748 | $16,658 | $15,677 | $15,559 | $61,643 | $14,040 | $16,648 | $16,673 | $62,920 |
| COGS | 27,547 | 30,671 | 8,351 | 8,275 | 9,155 | 7,965 | 32,493 | 7,990 | 8,329 | 8,601 | 32,885 |
| Gross Profit | 23,035 | 27,377 | 5,397 | 8,383 | 6,522 | 7,594 | 29,150 | 6,050 | 8,319 | 8,072 | 30,035 |
| SG&A | 1,891 | 2,334 | 550 | 672 | 643 | 620 | 2,485 | 552 | 673 | 645 | 2,490 |
| Other Opex | 17,483 | 19,522 | 4,233 | 5,444 | 4,482 | 5,257 | 20,670 | 4,929 | 6,275 | 5,743 | 22,204 |
| Operating Income | 3,661 | 5,521 | 614 | 2,267 | 1,397 | 1,717 | 5,995 | 569 | 1,371 | 1,684 | 5,341 |
| D&A | 2,107 | 2,341 | 615 | 620 | 643 | 635 | 2,513 | 607 | 602 | 614 | 2,458 |
| EBITDA | $5,768 | $7,862 | $1,229 | $2,887 | $2,040 | $2,352 | $8,508 | $1,176 | $1,973 | $2,298 | $7,799 |
| Adjustments | 0 | ||||||||||
| Adj. EBITDA | $5,768 | $7,862 | $1,229 | $2,887 | $2,040 | $2,352 | $8,508 | $1,176 | $1,973 | $2,298 | $7,799 |
| Interest | 1,029 | 834 | 205 | 188 | 173 | 181 | 747 | 179 | 172 | 171 | 703 |
| FREE CASH FLOW | |||||||||||
| Change in NWC | 1,926 | -62 | na | na | na | na | 873 | na | na | na | na |
| All Other CFO | 4,437 | 6,526 | na | na | na | na | 7,152 | na | na | na | na |
| CF From Ops | 6,363 | 6,464 | 2,408 | 2,450 | 1,274 | 1,894 | 8,025 | 2,378 | 1,856 | 1,847 | 7,975 |
| Capex | -6,366 | -5,323 | -1,193 | -1,308 | -1,328 | -1,310 | -5,140 | -1,224 | -1,209 | -1,160 | -4,903 |
| Free Cash Flow | -3 | 1,141 | 1,215 | 1,142 | -54 | 584 | 2,885 | 1,154 | 647 | 687 | 3,072 |
| Dividends & Share Repurchases | 0 | -128 | -64 | -64 | -96 | -96 | -321 | -99 | -97 | -122 | -414 |
| Cash Flow | -3 | 1,013 | 1,151 | 1,078 | -150 | 488 | 2,564 | 1,055 | 550 | 565 | 2,658 |
| GROWTH | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Sales Growth | 69.2% | 14.8% | 9.3% | 6.9% | 1.2% | 9.4% | 296.2% | 2.1% | -0.1% | 6.4% | 4.7% |
| Adj. EBITDA Growth | 48.5% | 36.3% | 328.2% | -5.8% | -20.9% | 21.7% | 261.7% | -4.3% | -31.7% | 12.6% | -9.6% |
| MARGINS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Gross Margin % | 45.5% | 47.2% | 39.3% | 50.3% | 41.6% | 48.8% | 47.3% | 43.1% | 50.0% | 48.4% | 47.7% |
| Adj. EBITDA Margin % | 11.4% | 13.5% | 8.9% | 17.3% | 13.0% | 15.1% | 13.8% | 8.4% | 11.9% | 13.8% | 12.4% |
| COVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| LTM EBITDA / LTM Interest | 5.6x | 9.4x | 10.8x | 10.8x | 10.5x | 11.4x | 11.4x | 11.7x | 10.7x | 11.1x | 11.1x |
| BALANCE SHEET | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Cash | 3,266 | 2,741 | 3,877 | 4,110 | 3,969 | 3,069 | 3,069 | 3,711 | 3,331 | 3,791 | 3,791 |
| Total Debt | $23,030 | $20,054 | $19,364 | $17,983 | $17,697 | $16,194 | $16,194 | $15,824 | $15,056 | $14,879 | $14,879 |
| LEVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Total Leverage | 4.0x | 2.6x | 2.2x | 2.1x | 2.2x | 1.9x | 1.9x | 1.9x | 2.0x | 1.9x | 1.9x |
| Net Leverage | 3.4x | 2.2x | 1.8x | 1.6x | 1.7x | 1.5x | 1.5x | 1.4x | 1.6x | 1.4x | 1.4x |
Cap Table
As of: 09/30/2025
| Instrument | Balance | Total Leverage |
|---|---|---|
| SkyMiles Notes | $3,559 | — |
| SkyMiles Term Loan | $588 | — |
| NYTDC Special Facilities Revenue Bonds | $3,522 | — |
| Aircraft Certificates | $935 | — |
| Aircraft Notes | $80 | — |
| Other Financings | $66 | — |
| Total Secured Debt | $8,750 | 1.1x |
| Unsecured Notes | $3,575 | — |
| Unsecured Payroll Support Program Loans | $1,848 | — |
| Total Debt | $14,173 | 1.8x |
| Total Traded Bonds | 8,069 | — |
| Total Traded Loans | 588 | — |
| Total Traded Debt | 8,657 | — |
Vital Signs
- Leverage: 1.9x
- Free Cash Flow: 3,072
Company Info
Website: https://ir.delta.com/home/default.aspx
Industry
- Airlines
Key Drivers
- TBD
- TBD
- TBD
Customers
- TBD
- TBD
- TBD
Notes
TBD;TBD;TBD