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Delta Air Lines
DALIndustrialsGenerated Aug 19, 2026, 09:41 PM UTC
DAL (Delta Air Lines) analytical snapshot. Revenue grew +2.8% YoY to $63.36B. 5-year revenue CAGR +16.2%; 10y CAGR +5.4%. Net margin at 7.90% (expanding ▲). Market cap $54.77B at $83.29 per share. Trailing P/E 10.87, P/S 0.86, P/B 2.51. EV/Operating income ≈ 10.82 (EV $63.01B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score 9 (data confidence 81%). Descriptive analytics from public filings — not investment advice.
Market cap
$54.77B
657.62M shares
Price
$83.29
NYQ
P/E (ttm)
10.87
Revenue (FY)
$63.36B
YoY +2.8%
Net margin
7.90%
▲ 5.29pp
Free cash flow
$3.84B
6.06% margin
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 30Improving
80% conf
Latest annual report (10-K) filed Feb 11, 2026. Latest quarterly report (10-Q) filed Jul 10, 2026. 8 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 11, 2026.
- Latest quarterly report (10-Q) filed Jul 10, 2026.
- 8 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Delta Air Lines; broad institutional reporting.
- Recent filers include LANSDOWNE PARTNERS (UK) LLP, LANSDOWNE PARTNERS (UK) LLP, LANSDOWNE PARTNERS (UK) LLP.
- 12 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 8 recent 13G passive institutional ownership notices.
Latest 10-K
Feb 11, 2026
Annual report
Latest 10-Q
Jul 10, 2026
8-K (recent)
8
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
12
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| LANSDOWNE PARTNERS (UK) LLP | 13F-HR | Feb 14, 2020 |
| LANSDOWNE PARTNERS (UK) LLP | 13F-HR | Nov 13, 2019 |
| LANSDOWNE PARTNERS (UK) LLP | 13F-HR | Nov 10, 2016 |
| LANSDOWNE PARTNERS (UK) LLP | 13F-HR | Aug 13, 2019 |
| MARATHON ASSET MANAGEMENT LP | 13F-HR | May 15, 2013 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Jul 10, 2026 | 8-K | 8-K |
| Jun 22, 2026 | 8-K | FORM 8-K |
| Jun 12, 2026 | 8-K | FORM 8-K |
| Apr 8, 2026 | 8-K | 8-K |
| Mar 17, 2026 | 8-K | FORM 8-K |
| Mar 5, 2026 | 8-K | FORM 8-K |
| Feb 13, 2026 | 8-K | FORM 8-K |
| Jan 27, 2026 | 8-K | FORM 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -46Deteriorating
60% conf
3 risk signal(s), 1 positive signal(s), 1 watch item(s) detected from XBRL filing diff analysis. 3 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- NEW: Going concern doubt in latest filing: The term "going concern" "substantial doubt" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
- NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
- Restatement of financial statements: The term "restatement of" "previously issued" appears in 1 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 1.67x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: 3 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 3 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Restatement of financial statements.
Revenue
$63.36B
+2.8% YoY
Operating income
$5.82B
-2.9% YoY
Net income
$5.00B
+44.8% YoY
Operating cash flow
$8.34B
+4.0% YoY
Capex
$4.50B
-12.5% YoY
Total assets
$81.32B
+7.9% YoY
Long-term debt
$13.31B
-13.3% YoY
Cash & equivalents
$4.31B
+40.4% YoY
Filing quality score
76/100
3 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $61.64B | $63.36B | $1.72B | +2.8% |
| Operating income | $6.00B | $5.82B | $-173.0M | -2.9% |
| Net income | $3.46B | $5.00B | $1.55B | +44.8% |
| Operating cash flow | $8.03B | $8.34B | $317.0M | +4.0% |
| Capex | $5.14B | $4.50B | $-641.0M | -12.5% |
| Total assets | $75.37B | $81.32B | $5.95B | +7.9% |
| Long-term debt | $15.35B | $13.31B | $-2.04B | -13.3% |
| Cash & equivalents | $3.07B | $4.31B | $1.24B | +40.4% |
| Stockholders equity | $15.29B | $20.85B | $5.56B | +36.4% |
| Interest expense | $388.0M | $396.0M | $8.0M | +2.1% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | EquitySecuritiesFvNi, ProceedsFromShortTermDebt, SegmentExpenditureAdditionToLongLivedAssets |
| Removed | AdvertisingExpense, AllocatedShareBasedCompensationExpense, AmortizationOfIntangibleAssets, CapitalizedComputerSoftwareAmortization1, CapitalizedComputerSoftwareNet, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentStateAndLocalTaxExpenseBenefit, DeferredFederalIncomeTaxExpenseBenefit, DeferredIncomeTaxAssetsNet |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Going concern doubt | high | 5 | 0 | NEW |
| Substantial doubt about ability to continue | high | 5 | 0 | NEW |
| Restatement of financial statements | high | 1 | 1 | Ongoing |
| Impairment charge | medium | 5 | 2 | Ongoing |
| Restructuring | medium | 5 | 7 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 5 | 2 | Ongoing |
Filing signal breakdown
Red flags: 3
Positive: 1
Watch: 1
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 25Improving
80% conf
Revenue grew +2.8% YoY to $63.36B. 5-year revenue CAGR +16.2%; 10y CAGR +5.4%. Net margin at 7.90% (expanding ▲).
- Revenue grew +2.8% YoY to $63.36B.
- 5-year revenue CAGR +16.2%; 10y CAGR +5.4%.
- Net margin at 7.90% (expanding ▲).
- Return on equity 24.00%, ROA 6.15%, ROIC 17.04%.
- Gross margin 0.00%, operating margin 9.19%.
- Free cash flow margin 6.06% ($3.84B).
- Net income up ▲ +44.8% YoY.
- Debt/equity 0.59, current ratio 0.42, net debt $8.24B.
- Asset turnover 0.73 — capital efficiency.
Revenue (FY)
$63.36B
YoY +2.8%
Net margin
7.90%
▲ 5.29pp
ROE
24.00%
ROA 6.15%
ROIC
17.04%
EPS (diluted)
$7.66
FY2025
Free cash flow
$3.84B
6.06% margin
Debt / equity
0.59
Cash $4.67B
Current ratio
0.42
Equity $21.82B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $61.64B | +6.2% | 0.00 | 9.73 | 5.61 | $2.88B | 22.61 |
| 2025 | $63.36B | +2.8% | 0.00 | 9.19 | 7.90 | $3.84B | 24.00 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Jun 30, 2016 | $10.45B | -2.4% | — | 14.80% |
| Sep 30, 2016 | $10.48B | -5.6% | +0.3% | 12.01% |
| Mar 31, 2017 | $9.10B | -1.6% | -13.2% | 6.16% |
| Jun 30, 2017 | $10.79B | +3.3% | +18.6% | 10.99% |
| Sep 30, 2017 | $11.06B | +5.5% | +2.5% | 10.48% |
| Mar 31, 2018 | $9.97B | +9.5% | -9.9% | 5.59% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score 35Improving
95% conf
Market cap $54.77B at $83.29 per share. Trailing P/E 10.87, P/S 0.86, P/B 2.51. EV/Operating income ≈ 10.82 (EV $63.01B).
- Market cap $54.77B at $83.29 per share.
Market cap
$54.77B
657.62M shares
P/E (ttm)
10.87
P/S
0.86
P/B
2.51
EV
$63.01B
Intrinsic (DCF)
$90.94
+9.2% vs price
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score 15Stable
85% conf
Price $83.29 — uptrend (above 200-DMA); 1-month momentum negative. RSI(14) 37.88.
- Price $83.29 — uptrend (above 200-DMA); 1-month momentum negative.
Price
$83.29
NYQ
RSI(14)
37.88
50-DMA
$87.50
200-DMA
$72.86
Volatility (ann.)
39.13%
52w range
$55.03–$95.68
-12.9% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.71%
10Y−2Y
0.46pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score -24Deteriorating
83% conf
Composite risk Elevated. Leverage debt/equity 0.59 (moderate). Liquidity current ratio 0.42 (stretched).
- Composite risk: Elevated.
Risk level
Elevated
Debt / equity
0.59
Current ratio
0.42
Margin stdev
14.82pp
Cash / assets
5.40%
Liab / assets
—
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Delta Air Lines is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
15.84
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewRevenue grew **+2.8%** YoY to $63.36B..
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow DAL stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| CF Industries CF | 33 | Supportive |
| MercadoLibre Inc. MELI | 32 | Supportive |
| Newmont Corp. NEM | 32 | Supportive |
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| Alphabet Inc. GOOGL | 29 | Supportive |
| Intuit Inc. INTU | 28 | Supportive |
| Pinterest Inc. PINS | 28 | Supportive |
| Salesforce Inc. CRM | 27 | Supportive |
| Workday Inc. WDAY | 20 | Supportive |
| Microsoft Corp. MSFT | 19 | Supportive |
| Adobe Inc. ADBE | 18 | Supportive |
| NVIDIA Corp. NVDA | 17 | Supportive |
| Netflix Inc. NFLX | 17 | Supportive |
| Marvell Technology MRVL | 16 | Supportive |
| Roku Inc. ROKU | 15 | Supportive |
| Okta Inc. OKTA | 15 | Supportive |
| Comcast Corp. CMCSA | 15 | Supportive |
| Cloudflare Inc. NET | 14 | Supportive |
| Meta Platforms Inc. META | 14 | Supportive |
| T-Mobile US Inc. TMUS | 14 | Supportive |
| Datadog Inc. DDOG | 14 | Supportive |
| Amazon.com Inc. AMZN | 11 | Supportive |
| Airbnb Inc. ABNB | 10 | Supportive |
| Delta Air Lines DAL● you | 9 | Supportive |
| Eaton Corp. ETN | 9 | Supportive |
| Energy Transfer ET | 8 | Supportive |
| ConocoPhillips COP | 8 | Supportive |
| Spotify Technology SPOT | 8 | Supportive |
| Exxon Mobil Corp. XOM | 8 | Supportive |
| GE Aerospace GE | 7 | Supportive |
| Zscaler Inc. ZS | 7 | Supportive |
| Valero Energy VLO | 7 | Supportive |
| Snowflake Inc. SNOW | 7 | Supportive |
| IBM Corp. IBM | 6 | Supportive |
| General Dynamics GD | 6 | Supportive |
| United Airlines Holdings UAL | 5 | Supportive |
| Oracle Corp. ORCL | 5 | Supportive |
| Lam Research Corp. LRCX | 5 | Supportive |
| Qualcomm Inc. QCOM | 5 | Supportive |
| ASML Holding NV ASML | 4 | Supportive |
| Dollar General Corp. DG | 4 | Supportive |
| Boeing Co. BA | 4 | Supportive |
| Honeywell International HON | 3 | Supportive |
| Advanced Micro Devices AMD | 1 | Supportive |
| Alibaba Group BABA | 1 | Supportive |
| Ulta Beauty Inc. ULTA | 1 | Supportive |
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| ServiceNow Inc. NOW | 0 | Supportive |
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| Royal Caribbean Group RCL | -1 | Supportive |
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| Marathon Petroleum MPC | -2 | Supportive |
| Apple Inc. AAPL | -3 | Supportive |
| Applied Materials Inc. AMAT | -4 | Supportive |
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