DELTA AIR LINES, INC.

Listed Company

DALCIK 0000027904NYSELarge AcceleratedAir Transportation, ScheduledDelawareFY ends Dec 31

Period

FY 2025

Revenue

$63.36B

Net Income

$5.00B

Total Assets

$81.32B

Equity

$20.85B

Shares Out

656.99M

Op. Cash Flow

$8.34B

+ 13F Filer

Business

DELTA AIR LINES, INC. is a global airline that provides scheduled passenger air transportation across an extensive domestic and international route network. It offers passenger flight services, cargo carriage, maintenance, repair and overhaul (Delta TechOps), vacation packages (Delta Vacations) and a loyalty program (SkyMiles) supported by co‑brand partnerships and digital travel services. Its operations are organized across mainline and regional service (Delta Connection), cargo, MRO, refinery operations (Monroe) and commercial joint ventures. Delta distributes services through direct channels, travel agents, alliance partners and cross‑border joint ventures covering major global markets.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenue	63,364	61,643	58,048	50,582	29,899
Salaries and related costs	17,520	16,161	14,607	11,902	9,728
Aircraft fuel and related taxes	9,819	10,566	11,069	11,482	5,633
Ancillary businesses and refinery	5,987	5,416	4,172	5,756	3,957
Contracted services	4,617	4,228	4,041	3,345	2,420
Landing fees and other rents	3,564	3,150	2,563	2,181	2,019
Regional carrier expense	2,553	2,328	2,200	2,051	1,736
Passenger commissions and other selling expenses	2,485	2,485	2,334	1,891	953
Depreciation and amortization	2,400	2,500	2,300	2,100	2,000
Aircraft maintenance materials and outside repairs	2,432	2,616	2,432	1,982	1,401
Passenger service	1,855	1,788	1,750	1,453	756
Profit sharing	1,300	1,400	1,383	563	108
Aircraft rent	542	548	532	508	430
Pilot agreement and related expenses	0	0	864	0	0
Other	2,388	2,460	2,239	1,700	1,386
Total operating expense	57,542	55,648	52,527	46,921	28,013
Operating Income	5,822	5,995	5,521	3,661	1,886
Interest expense, net	−679	−747	−834	−1,029	—
Gain/(loss) on investments, net	1,212	−319	1,263	−783	56
Loss on extinguishment of debt	−26	−39	−63	−100	−319
Miscellaneous, net	−144	−232	−279	165	−397
Total non-operating income/(expense), net	363	−1,337	87	−1,747	−1,488
Income Before Income Taxes	6,185	4,658	5,608	1,914	398
Income Tax Provision	−1,180	−1,201	−999	−596	−118
Net Income	5,005	3,457	4,609	1,318	280
Basic Earnings Per Share (USD per share)	7.72	5.39	7.21	2.07	0.44
Diluted Earnings Per Share (USD per share)	7.66	5.33	7.17	2.06	0.44

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4,310	3,069	2,741	3,266	7,933
Accounts receivable, net of an allowance for uncollectible accounts of $13 and $18	2,850	3,224	3,130	3,176	2,404
Fuel, expendable parts and supplies inventories, net of an allowance for obsolescence of $124 and $120	1,601	1,428	1,314	1,424	1,098
Prepaid expenses and other	2,207	2,123	1,957	1,877	1,119
Total current assets	10,968	9,844	10,269	13,011	15,940
Property and equipment, net of accumulated depreciation and amortization of $24,719 and $23,228	39,743	37,595	35,486	33,109	28,749
Operating lease right-of-use assets	6,244	6,644	7,004	7,036	7,237
Goodwill	9,753	9,753	9,753	9,753	9,753
Identifiable intangibles, net of accumulated amortization of $928 and $919	5,966	5,975	5,983	5,992	6,001
Equity investments	4,222	2,846	3,457	2,128	1,712
Other noncurrent assets	4,421	2,715	1,692	1,259	1,773
Total noncurrent assets	70,349	65,528	63,375	59,277	56,519
Total assets	81,317	75,372	73,644	72,288	72,459
Current maturities of debt and finance leases	1,605	2,175	2,983	2,359	1,782
Current maturities of operating leases	809	763	759	714	703
Accounts payable	5,226	4,650	4,446	5,106	4,240
Accrued salaries and related benefits	4,906	4,762	4,561	3,288	2,457
Fuel card obligation	1,100	1,100	1,100	1,100	1,100
Other accrued liabilities	1,945	1,812	1,617	1,779	1,746
Total current liabilities	27,624	26,670	26,418	25,940	20,966
Debt and finance leases	12,507	14,019	17,071	20,671	25,138
Noncurrent operating leases	5,353	5,814	6,468	6,866	7,056
Pension, postretirement and related benefits	3,156	3,144	3,601	3,707	6,035
Deferred income taxes, net	3,444	2,176	908	24	—
Other noncurrent liabilities	3,994	3,744	3,561	4,050	4,398
Total noncurrent liabilities	32,840	33,409	36,121	39,766	47,606
Commitments and Contingencies	—	—	—	—	—
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 659,669,346 and 654,571,606 shares issued	0	0	0	0	0
Additional paid-in capital	11,883	11,740	11,641	11,526	11,447
Retained earnings	13,343	8,783	5,650	1,170	−148
Accumulated other comprehensive loss	−4,135	−4,979	−5,845	−5,801	−7,130
Treasury stock, at cost, 6,498,109 and 8,098,971 shares	−238	−251	−341	—	—
Total stockholders' equity	20,853	15,293	11,105	6,582	3,887
Total liabilities and stockholders' equity	81,317	75,372	73,644	72,288	72,459

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	1,109	1,155	980	591	115
(Gain)/loss on fair value investments	−1,209	323	−1,283	874	−38
Pension, postretirement and postemployment payments greater than expense	−210	−296	−121	−453	−2,038
Receivables	432	−126	−7	−728	−981
Prepaids and other current assets	−183	−241	137	−1,026	−58
Profit sharing	−53	6	821	455	108
Other payables, deferred revenue and accrued liabilities	842	614	−285	1,226	1,986
Other, net	−332	163	−50	−227	419
Net cash provided by operating activities	8,342	8,025	6,464	6,363	3,264
Flight equipment, including advance payments	−3,521	−3,914	−3,645	−4,495	−1,596
Ground property and equipment, including technology	−978	−1,226	−1,678	−1,871	−1,651
Purchase of equity investments	−276	0	−152	−870	0
Purchase of short-term investments	0	0	−2,312	−2,704	−12,655
Redemption of short-term investments	0	1,137	4,547	2,804	15,036
Other, net	589	264	92	212	−32
Net cash used in investing activities	−4,186	−3,739	−3,148	−6,924	−898
Proceeds from long-term obligations	2,215	0	878	0	1,902
Payments on debt and finance lease obligations	−4,827	−3,953	−4,071	−4,475	−5,834
Cash dividends	−440	−321	−128	0	0
Other, net	−24	14	−73	−60	80
Net cash used in financing activities	−3,076	−4,260	−3,394	−4,535	−3,852
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash	1,080	26	−78	−5,096	−1,486
Supplemental Disclosure of Cash Paid for Interest	850	1,001	1,164	1,261	1,524
Right-of-use assets acquired or modified under operating leases	375	327	661	531	—
Flight and ground equipment acquired or modified under finance leases	184	−17	31	91	—
Operating leases converted to finance leases	312	25	84	342	42
Debt agreements modified	371	0	0	—	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 4 positions

Reported AUM

$401.61M

Holdings

Top sector

$401.61M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$401.61M	100.0%

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