At a glance
Delta Air Lines Inc is worth $54.88B, about 11 times its fiscal 2025 earnings. Revenue grew 2.8% to $63.36B in fiscal 2025, with 7.9% kept as profit; over 5 years it has grown 30.0% a year. It pays a 0.98% dividend yield, raised every year for at least 3 years, and returned $889.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +46.9% over the past year with dividends reinvested and +16.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 63.5% in the 2020 crash (S&P 500: 33.7%) and 37.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 55 months and 9 months after the lows.
The business in plain English
Delta Air Lines is a US-based global airline. It served over 200 million customers in 2025 and ended that year with 1,314 aircraft flying up to 5,500 flights on peak days to more than 300 destinations on six continents. Its US network runs through core hubs in Atlanta, Detroit, Minneapolis-St. Paul and Salt Lake City, backed by coastal hubs in Boston, Los Angeles, New York and Seattle. Abroad, it shares revenue on joint routes with partners including Air France-KLM, Virgin Atlantic and Aeroméxico, and owns stakes in each.
Ticket sales drive the business, making up about 72% of $63.4 billion in revenue for fiscal 2025. The SkyMiles loyalty program adds about 12%, from award travel and selling miles to partners. The most valuable contract for selling miles is with American Express, which issues Delta-branded credit cards. Its payments totaled $8.2 billion in 2025, and Delta expects them to reach $10 billion over the next few years.
Delta reports two segments. The airline brought in $58.3 billion, or 92% of revenue. The refinery segment, centered on the Monroe refinery that supplies some of Delta's jet fuel, reported $7.0 billion, or 11%. The shares top 100% because sales between segments are removed from the company total. Cargo, a maintenance, repair and overhaul business, and Delta Vacations add smaller amounts.
Price history
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DAL +46.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Air traffic liability | $45.49B | 71.8% |
| Refinery | $5.08B | 8% |
| Loyalty travel awards | $4.24B | 6.7% |
| Loyalty program | $3.36B | 5.3% |
| Travel-related services | $2.04B | 3.2% |
| Miscellaneous | $1.32B | 2.1% |
| Ancillary businesses | $937.0M | 1.5% |
| Cargo | $900.0M | 1.4% |
By business segment
| Airline | $58.29B | 92% |
| Refinery | $6.96B | 11% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $20.19B, up 21.1% from a year earlier, and net income was $756.0M (-46.6%).
- For fiscal 2025, revenue was $63.36B (+2.8% year over year; +30.0% a year from FY2020 to FY2025) with a 7.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +30.0% good |
|---|---|
| Operating margin | 9.2% watch |
| Free cash flow margin | 6.1% watch |
| Return on equity (FY2025) | 24% good |
| Return on assets (FY2025) | 6.2% watch |
| Net cash (cash minus debt) | $-8.32B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $17.09B | $-12.38B | $-5.69B |
| FY2021 | $29.90B | $280.0M | $17.0M |
| FY2022 | $50.58B | $1.32B | $-3.0M |
| FY2023 | $58.05B | $4.61B | $1.14B |
| FY2024 | $61.64B | $3.46B | $2.88B |
| FY2025 | $63.36B | $5.00B | $3.84B |
Valuation snapshot
| Market value | $54.88B |
|---|---|
| P/E ratio | 10.9 |
| Dividend yield | 0.98% |
Rank among 1514 US companies
Market value at each year end
Delta Air Lines’s market value went from $36.22B at the end of 2016 to $54.88B on Nov 2, 2026, up 52%; since the end of 2025 it is up 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $54.88B | +21.1% |
| 2025 | $45.32B | +16.1% |
| 2024 | $39.04B | +50.8% |
| 2023 | $25.89B | +22.9% |
| 2022 | $21.07B | -15.8% |
| 2021 | $25.01B | -2.5% |
| 2020 | $25.64B | -32.2% |
| 2019 | $37.82B | +10.5% |
| 2018 | $34.21B | -14.3% |
| 2017 | $39.93B | +10.2% |
| 2016 | $36.22B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DAL price data to Nov 2, 2026 | +21.5% | +46.9% | +39.1% | +16.5% | +8.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.5% |
| 2025 | +16.1% |
| 2024 | +52.0% |
| 2023 | +23.0% |
| 2022 | -15.9% |
| 2021 | -2.8% |
| 2020 | -30.8% |
| 2019 | +20.4% |
| 2018 | -8.7% |
| 2017 | +16.2% |
| 2016 | -1.4% |
| 2015 | +4.1% |
| 2014 | +80.5% |
| 2013 | +132.6% |
| 2012 | +46.7% |
| 2011 | -35.8% |
| 2010 | +10.7% |
| 2009 | -0.7% |
| 2008 | -23.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 78.6% over that stretch · deepest drop along the way 81.1%, back to its old high 52.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 62% over that stretch · deepest drop along the way 63.5%, back to its old high 55.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.5% over that stretch · deepest drop along the way 37.4%, back to its old high 9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 14 sales ($43.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | Edward H Bastian Chief Executive Officer, Director | sell | $19.2M |
| Oct 29, 2026 | Edward H Bastian Chief Executive Officer, Director | sell | $4.1M |
| Aug 5, 2026 | Steven M Sear EVP - Global Sales & Distrib | sell | $3.8M |
| Aug 4, 2026 | Peter W Carter President | sell | $3.7M |
| Aug 4, 2026 | Alain Bellemare EVP & Pres. - International | sell | $3.2M |
Who owns it
Large shareholders (13G filings)
| Warren E. Buffett | 8.7% | Jun 30, 2026 |
| Vanguard Capital Management | 7.23% | Mar 31, 2026 |
| FMR LLC | 5.1% | Jun 30, 2026 |
ETFs with the most weight in DAL
| JETS U.S. Global Jets ETF | 10.45% |
| CAMX Cambiar Aggressive Value ETF | 5.11% |
| IYT iShares US Transportation ETF | 4.13% |
| PEJ Invesco Leisure and Entertainment ETF | 3.7% |
| BUL Pacer US Cash Cows Growth ETF | 3.43% |
| AIRL Themes Airlines ETF | 3.29% |
| FTXR First Trust Nasdaq Transportation ETF | 3.01% |
| XTN SPDR S&P Transportation ETF | 2.66% |
What could go wrong
- An oil refinery adds unusual risks. Delta's results include the Monroe refinery. An environmental or other incident there could bring liabilities beyond its insurance and harm Delta's reputation. New environmental rules, or a failure to comply, could also hurt results.
- Bets on foreign partner airlines. Delta relies on joint ventures with foreign airlines and owns stakes, including 49% of Virgin Atlantic's parent. These deals may underdeliver, and trouble at partners or contracted carriers could disrupt Delta's service.
- Jet fuel prices can squeeze profits. Delta's profits depend on aircraft fuel prices. Higher fuel or crude oil costs, or a long disruption in fuel supply, could significantly hurt results.
- A serious accident could hurt the brand. A crash involving Delta or a partner airline could bring losses beyond insurance. Even an accident involving an aircraft type Delta flies could make travelers reluctant to fly Delta.
- Technology outages and cyberattacks. Delta depends on technology systems, some run by outside vendors, to operate flights and store customer data. An outage, software failure or hack could disrupt operations, cost revenue and lead to fines or lawsuits.
- Pandemics, conflict and downturns hit demand. Disease outbreaks, terrorism, conflict and weak economies can cut travel demand quickly. Outbreaks have hurt Delta before: it lost $12.4 billion in fiscal 2020. Results also swing with the seasons.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
- Executive or board change
- Major agreement signed
- Major agreement signed; Quarterly results released
For income and retirement investors
Delta pays a modest dividend. It paid $0.40 a share in 2020, then nothing in 2021 and 2022. The dividend restarted at $0.20 in 2023 and rose to $0.50 in 2024 and $0.675 in 2025. The 2025 dividend used 8.8% of earnings and 11.4% of free cash flow (cash left after capital spending). That leaves a cushion, but the two-year gap shows the payout can stop in a crisis. The yield was 1.02% as of October 28, 2026. Delta reported no buybacks from 2021 through 2025, and its share count rose 2.8% between January 2022 and September 2026.
Downturns have hit the shares hard. They dropped 81% in the 2008 financial crisis and took about 53 months from the low to recover. In the 2020 COVID crash they fell 64% and took about 55 months. The 37% drop during the 2022 market slump took nine months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Delta Air Lines make money?
Mainly by selling airline tickets. Passenger ticket sales made up about 72% of Delta's $63.4 billion in revenue for fiscal 2025. The SkyMiles loyalty program added about 12%, from award travel and from selling miles to partners, led by American Express, whose payments totaled $8.2 billion in 2025. The rest came from refinery sales, travel-related services, cargo and other businesses. Net income was $5.0 billion, a net margin (profit as a share of revenue) of 7.9%.
Does Delta Air Lines pay a dividend?
Yes, though it is small. Delta paid $0.675 per share in fiscal 2025, and the yield (yearly dividends divided by the share price) was 1.02% as of October 28, 2026. The record is short: Delta paid nothing in 2021 and 2022, restarted at $0.20 in 2023 and raised the payout in 2024 and 2025. The 2025 dividend used only 8.8% of earnings. Delta's annual report names strengthening the balance sheet and reducing debt as financial priorities.
Does Delta Air Lines own an oil refinery?
Yes. Delta's results include a refinery segment centered on the Monroe refinery, which is one of its sources of jet fuel. The segment reported $7.0 billion of revenue for fiscal 2025 before sales between Delta's segments were removed. In company-wide figures, refinery revenue was about $5.1 billion, or 8% of the total. The annual report warns that an environmental incident at the refinery could bring liabilities beyond insurance, and that new environmental rules could hurt results.
How has Delta stock performed?
It has risen sharply over three years, with big swings along the way. As of October 28, 2026, the share price was up 40.4% over one year and had gained an average of 39.4% a year over three years, 16.4% over five years and 8.2% over ten years. Calendar years show the ride: down 30.8% in 2020 and 15.9% in 2022, then up 52.0% in 2024 and 16.1% in 2025. In the year to that date, the stock moved about 1.67 times as much as the broad market.
Does Warren Buffett own Delta stock?
Yes, according to a large-shareholder (Schedule 13G) filing. Warren E. Buffett was listed with 8.7% of Delta's shares as of June 30, 2026, the largest stake in these filings. Vanguard Capital Management reported 7.23% as of March 31, 2026, and FMR LLC 5.1% as of June 30, 2026. Company insiders were sellers: filings reviewed for October 27, 2025 to October 27, 2026 showed at least 14 sales worth about $44 million, including $19.2 million by CEO Edward H. Bastian, and no purchases.