Delta Air Lines (DAL) Research

Forward Estimates

EPS Estimates

Current Qtr

$1.47

$1.25$1.81

vs $2.10-29.9%

17 analysts

Next Qtr

$1.66

$1.13$2.33

vs $1.71-2.9%

17 analysts

Current Yr

$5.56

$4.08$7.00

vs $5.82-4.5%

22 analysts

Next Yr

$8.01

$7.30$9.17

vs $4.70+70.6%

8 analysts

Revenue Estimates

Current Qtr

$18.67B

$17.24B$19.20B

vs $16.65B+12.2%

7 analysts

Next Qtr

$18.49B

$17.85B$18.77B

vs $16.67B+10.9%

6 analysts

Current Yr

$70.37B

$65.21B$71.78B

vs $63.36B+11.1%

10 analysts

Next Yr

$72.28B

$65.99B$76.93B

vs $70.37B+2.7%

10 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for DAL on EDGAR.

DAL filing events and research context
Filed	Item	Context
Apr 8, 2026	mda_quarterly	Operating income for the March 2026 quarter was $501 million, a decrease from the prior year despite total revenue increasing to $15.85 billion. Revenue growth was driven by strong demand for premium products from corporate customers, $2.2 billion in remuneration from American Express, and expansion in the Delta TechOps MRO business. These gains were offset by a 14% increase in operating expenses, primarily due to a 10% rise in jet fuel purchase prices and base pay increases for pilots and employees. Non-operating expenses rose to $715 million, largely reflecting mark-to-market losses on equity investments. Regionally, growth in the Atlantic and Pacific markets—specifically South Korea and China—was partially offset by civil unrest in Mexico affecting Latin American leisure demand. Liquidity totaled $8.1 billion, with free cash flow of $1.2 billion. The company reduced debt by $1.6 billion, utilizing a new $1.25 billion term loan to repay Payroll Support Program obligations. Capital commitments remain significant at $28.5 billion, with recent agreements for 30 Boeing 787-10s and 31 Airbus widebody aircraft (A330-900s and A350-900s) to modernize the fleet.
Feb 11, 2026	business	Delta Air Lines operates as a global network carrier, serving over 200 million customers across 150+ countries and nearly 1,000 destinations with 5,500 peak-day flights. Its competitive advantages include industry-leading operational reliability and a robust global network anchored by core U.S. hubs and coastal gateways. International expansion relies on strategic joint ventures with Air France-KLM-Virgin Atlantic, LATAM, and Korean Air; the Aeroméxico antitrust immunity termination is under legal review. Customer loyalty is central, driven by the SkyMiles program and a significant American Express co-brand partnership, which generated $8.2 billion in 2025 and is projected to reach $10 billion. Delta emphasizes premium product offerings (Delta One, First Class) and fleet modernization with fuel-efficient aircraft. Financially, the company prioritizes debt reduction and margin expansion, diversifying revenue through MRO services, cargo, and Delta Vacations. Fuel costs, a major expense, are partially mitigated by its Trainer refinery, supplying jet fuel to New York hubs. Technological investments enhance customer experience and operational efficiency, utilizing AI for tasks like bag routing. Delta targets net-zero greenhouse gas emissions by 2050 through fleet innovation, operational improvements, and advocating for Sustainable Aviation Fuel. The airline faces intense competition from diverse carriers across domestic and international markets, compounded by evolving environmental regulations like CORSIA and EU ETS.
Feb 11, 2026	mda	Delta Air Lines reported 2025 operating income of $5.8 billion, a slight decline from 2024 as revenue gains were offset by rising operating expenses. Total operating revenue grew 3% to $63.4 billion, bolstered by strong demand for premium products, particularly from corporate customers, and double-digit growth in loyalty travel awards. The company’s SkyMiles program remains a critical financial pillar, generating $8.2 billion in remuneration from American Express, an 11% year-over-year increase. Additionally, the Delta TechOps MRO business saw 25% growth, contributing to revenue diversification. Operating expenses also rose 3%, driven by higher employee wages and increased capacity. However, non-fuel unit costs (CASM-Ex) grew by 2.4%, remaining within the company’s low-single-digit target. Fuel expense decreased 7% due to lower market prices, partially offset by higher consumption. Delta continues to prioritize balance sheet health, reducing debt by $4.8 billion in 2025 and achieving investment-grade status from Moody’s. The company generated $4.6 billion in free cash flow and maintains $7.4 billion in total liquidity. Looking forward, Delta has secured significant fleet expansion agreements with Boeing and Airbus, with deliveries scheduled to begin in 2029 and 2031, respectively, to support long-term capacity and modernization goals.

Filed

Item

Context

Apr 8, 2026

mda_quarterly

Operating income for the March 2026 quarter was $501 million, a decrease from the prior year despite total revenue increasing to $15.85 billion. Revenue growth was driven by strong demand for premium products from corporate customers, $2.2 billion in remuneration from American Express, and expansion in the Delta TechOps MRO business. These gains were offset by a 14% increase in operating expenses, primarily due to a 10% rise in jet fuel purchase prices and base pay increases for pilots and employees. Non-operating expenses rose to $715 million, largely reflecting mark-to-market losses on equity investments. Regionally, growth in the Atlantic and Pacific markets—specifically South Korea and China—was partially offset by civil unrest in Mexico affecting Latin American leisure demand. Liquidity totaled $8.1 billion, with free cash flow of $1.2 billion. The company reduced debt by $1.6 billion, utilizing a new $1.25 billion term loan to repay Payroll Support Program obligations. Capital commitments remain significant at $28.5 billion, with recent agreements for 30 Boeing 787-10s and 31 Airbus widebody aircraft (A330-900s and A350-900s) to modernize the fleet.

Feb 11, 2026

business

Delta Air Lines operates as a global network carrier, serving over 200 million customers across 150+ countries and nearly 1,000 destinations with 5,500 peak-day flights. Its competitive advantages include industry-leading operational reliability and a robust global network anchored by core U.S. hubs and coastal gateways. International expansion relies on strategic joint ventures with Air France-KLM-Virgin Atlantic, LATAM, and Korean Air; the Aeroméxico antitrust immunity termination is under legal review. Customer loyalty is central, driven by the SkyMiles program and a significant American Express co-brand partnership, which generated $8.2 billion in 2025 and is projected to reach $10 billion. Delta emphasizes premium product offerings (Delta One, First Class) and fleet modernization with fuel-efficient aircraft. Financially, the company prioritizes debt reduction and margin expansion, diversifying revenue through MRO services, cargo, and Delta Vacations. Fuel costs, a major expense, are partially mitigated by its Trainer refinery, supplying jet fuel to New York hubs. Technological investments enhance customer experience and operational efficiency, utilizing AI for tasks like bag routing. Delta targets net-zero greenhouse gas emissions by 2050 through fleet innovation, operational improvements, and advocating for Sustainable Aviation Fuel. The airline faces intense competition from diverse carriers across domestic and international markets, compounded by evolving environmental regulations like CORSIA and EU ETS.

Feb 11, 2026

mda

Delta Air Lines reported 2025 operating income of $5.8 billion, a slight decline from 2024 as revenue gains were offset by rising operating expenses. Total operating revenue grew 3% to $63.4 billion, bolstered by strong demand for premium products, particularly from corporate customers, and double-digit growth in loyalty travel awards. The company’s SkyMiles program remains a critical financial pillar, generating $8.2 billion in remuneration from American Express, an 11% year-over-year increase. Additionally, the Delta TechOps MRO business saw 25% growth, contributing to revenue diversification. Operating expenses also rose 3%, driven by higher employee wages and increased capacity. However, non-fuel unit costs (CASM-Ex) grew by 2.4%, remaining within the company’s low-single-digit target. Fuel expense decreased 7% due to lower market prices, partially offset by higher consumption. Delta continues to prioritize balance sheet health, reducing debt by $4.8 billion in 2025 and achieving investment-grade status from Moody’s. The company generated $4.6 billion in free cash flow and maintains $7.4 billion in total liquidity. Looking forward, Delta has secured significant fleet expansion agreements with Boeing and Airbus, with deliveries scheduled to begin in 2029 and 2031, respectively, to support long-term capacity and modernization goals.

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DAL filing events and research context

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