Global airline scale
Global US airline served over 200 million customers in 2025
98%
Source evidence
“In 2025, we served over 200 million customers safely, reliably and with industry-leading customer service innovation.”
Delta Air Lines, Inc.
DAL
$81.97
Updated: 24/09/2026, 18:16:44
Market Cap
$53.71B
Sector
Industrials
Industry
Airlines, Airports & Air Services
Country
US
Stock valuation chart
One-year closing share-price history for DAL
Company Profile
Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Detroit, Minneapolis-St. Paul, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Santiago (Chile), Sao Paulo, Seoul-Incheon, and Tokyo. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages. The company operates through a fleet of approximately 1,314 aircraft. Delta Air Lines, Inc. was founded in 1924 and is headquartered in Atlanta, Georgia.
USD
NYSE
CEO: Edward H. Bastian
Employees: 103,000
Asset Summaries
Latest generated summaries for DAL
No summaries found.
Detailed business
Evidence-backed facts extracted from the latest official annual filing.
DAL-10-k-fy2025.html2.4 MBtext/htmlENFiled 11/02/2026Period ended 31/12/2025
Business monitoring
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Evidence-backed · 45 KPI observations
Revenue
$63.4B
FY 2025 · Reported
Net income
$5.0B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Earnings and cash generation
USD billions, directly sourced from inline XBRL; free cash flow is operating cash flow less capex.
Profitability and reinvestment
Margins and R&D as a percentage of revenue.
Top products and services
Products and services mentioned in the filing; a quantitative sales breakdown was not disclosed.
Other offerings mentioned without separate sales
Premium cabin products
MRO business
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Geographic footprint
What the filing identifies, separated by location role so partner manufacturing is not presented as Apple-owned factories.
1 named headquarters
0 manufacturing countries
0 individually named factories
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Named headquarters Manufacturing partner country
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
How the business makes money
International alliances and equity stakes
Alliances with Aeroméxico, Air France-KLM, China Eastern, LATAM, Korean Air, Virgin Atlantic, WestJet; 5,500 peak-day flights to 300+ destinations
97%
Source evidence
“innovative alliances with Aeroméxico, Air France-KLM, China Eastern, LATAM Airlines Group S.A. ("LATAM"), Korean Air, Virgin Atlantic and WestJet”
Hub network structure
Core hubs: Atlanta, Detroit, Minneapolis-St. Paul, Salt Lake City; coastal hubs: Boston, LA, LaGuardia, JFK, Seattle
97%
Source evidence
“Our domestic network is centered around core hubs in Atlanta, Detroit, Minneapolis-St. Paul and Salt Lake City.”
Demand drivers: premium products, corporate customers, loyalty travel awards, TechOps MRO, refinery third-party sales
2025 revenue growth driven by premium product demand (especially corporate), loyalty travel awards, refinery third-party sales, and TechOps MRO growth
95%
Source evidence
“primarily due to a 3% increase in capacity driven by continued strength in demand for premium products, particularly from corporate customers, growth in loyalty travel awards, increased refinery sales to third parties and growth of our Delta TechOps third-party maintenance, repair and overhaul ("MRO") business”
Premium cabin products
Premium products include Delta One, First Class, Delta Premium Select, Delta Comfort+
97%
Source evidence
“Our continued focus on our premium products (including Delta One®, First Class, Delta Premium Select and Delta Comfort+®)”
MRO business
MRO operation growing through contracts with legacy and next-generation engine makers
95%
Source evidence
“well-positioned for growth through contractual agreements with jet engine manufacturers, including both legacy and next-generation engine platforms”
Operating revenue by geographic region
Operating revenue 2025/2024/2023: Domestic $44,655/$43,508/$40,845; Atlantic $10,766/$10,535/$10,458; Latin America $4,579/$4,564/$4,292; Pacific $3,364/$3,036/$2,453; Total $63,364/$61,643/$58,048
99%
Source evidence
“Domestic$35,731 $35,226 $33,968 $44,655 $43,508 $40,845 Atlantic9,270 9,133 9,057 10,766 10,535 10,458 Latin America3,980 3,995 3,798 4,579 4,564 4,292 Pacific2,787 2,540 2,086 3,364 3,036 2,453 Total$51,768 $50,894 $48,909 $63,364 $61,643 $58,048”
Operations and dependencies
Fuel hedge results (Monroe refinery)
Fuel hedge gains $36M (2025), losses $31M (2024), $6M (2023); substantially all related to Monroe inventory
95%
Source evidence
“We recognized gains of $36 million, and losses of $31 million and $6 million, on our fuel hedge contracts in aircraft fuel and related taxes”
Unionization level ~20% of workforce
As of Dec 31, 2025, approximately 20% of Delta's workforce (primarily pilots) was unionized; labor relations governed by the Railway Labor Act; strikes or work stoppages could materially affect operations.
97%
Source evidence
“As of December 31, 2025, approximately 20% of our workforce, primarily pilots, was unionized.”
Positioning and strategy
WestJet equity stake acquisition (2025)
Acquired 12.7% WestJet stake for $276 million in October 2025
97%
Source evidence
“In October 2025, we acquired a 12.7% equity stake in WestJet for $276 million.”
January 2026 aircraft orders: Boeing 787-10 and Airbus A330-900/A350-900
Jan 2026: agreement with Boeing for 30 787-10s (option +30, deliveries from 2031) and with Airbus for 16 A330-900s and 15 A350-900s (option +20, deliveries from 2029), Rolls-Royce engines
95%
Source evidence
“on January 12, 2026, we entered into a definitive agreement with The Boeing Company to acquire 30 Boeing 787-10 aircraft, with an option to purchase up to an additional 30 of the same aircraft”
Aircraft purchase commitments $15.4 billion
Aircraft purchase commitments $15.43B at Dec 31, 2025: $3,650M (2026), $5,860M (2027), $4,150M (2028), $1,290M (2029), $480M (2030); 256 aircraft (100 B-737-10, 68 A321neo, 64 A220-300, 20 A350-1000, 4 A350-900)
95%
Source evidence
“Our future aircraft purchase commitments totaled approximately $15.4 billion at December 31, 2025”
Immunized joint ventures and global alliances
International competition shaped by antitrust-immunized joint ventures and alliances (SkyTeam, Star Alliance, oneworld) allowing coordination of networks, schedules, pricing, sales and inventory.
93%
Source evidence
“several joint ventures among U.S. and foreign carriers... have received grants of antitrust immunity allowing the participating carriers to coordinate networks, schedules, pricing, sales and inventory.”
Domestic competition
Domestic operations face competition from American Airlines, United Airlines, Alaska Airlines, JetBlue, Southwest, Allegiant, Frontier and Spirit; competitiveness depends on maintaining a competitive cost structure.
96%
Source evidence
“Our domestic operations are subject to significant competition from traditional network carriers, including American Airlines and United Airlines, national point-to-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and other discount or ultra-low-cost carriers, including Allegiant Air, Frontier Airlines and Spirit Airlines.”
Unifi Aviation stake sale (2025)
Sold portion of Unifi investment to Argenbright Holdings for $80 million; ownership reduced from 49% to 20%
96%
Source evidence
“In December 2025, we sold a portion of our Unifi investment to Argenbright Holdings for $80 million, reducing our ownership from 49% to 20%.”
Risks, financing, and outlook
2025 debt repayment and financing activity
2025 financing outflows $4.8B (incl. $2.9B early repayments); issued $2.0B unsecured notes; liquidity $7.4B at Dec 31, 2025
95%
Source evidence
“we had financing cash outflows of $4.8 billion related to repayment of our debt and finance leases, including $2.9 billion for early repayments”
Crowdstrike outage impact (2024)
Crowdstrike-caused outage in 2024 caused ~7,000 flight cancellations over five days, ~$380M direct revenue impact, and ~$170M of additional 2024 expenses
95%
Source evidence
“the Crowdstrike-caused outage in 2024, which led to a direct revenue impact of approximately $380 million related to approximately 7,000 flight cancellations over five days”
Extensive regulatory compliance, slot regulation and taxation
Airlines face extensive, costly regulatory compliance (FAA directives, ATC system issues, slots, taxes, tariffs, FCPA/sanctions, privacy/AI laws, environmental rules); new tariffs on aircraft or parts could materially increase costs.
94%
Source evidence
“the imposition of significant new tariffs or increases in existing tariffs with respect to aircraft or related parts that we are not able to mitigate could substantially increase our costs”
Debt and SkyMiles financing covenants
Credit facilities and SkyMiles financing agreements contain affirmative, negative and financial covenants including minimum coverage ratios; breach could trigger early amortization, collateral posting, or cross-default and acceleration.
97%
Source evidence
“Certain of our debt agreements and our SkyMiles financing agreements contain minimum coverage ratios. A decline in these coverage ratios, including due to factors that are beyond our control, could trigger an early amortization event or, if applicable, require us to post additional collateral.”
Virgin Atlantic unrecognized losses
~$620 million unrecognized equity method losses on 49% Virgin Atlantic interest; carrying value zero
97%
Source evidence
“As of December 31, 2025, we have approximately $620 million of unrecognized equity method losses related to our 49% interest in Virgin Atlantic.”
Climate/emissions regulation (CORSIA, EU ETS, SAF mandates)
CORSIA compliance expected to increase operating costs; EU SAF mandate 2% in 2025 rising to 70% in 2050; EU ETS could extend to all flights departing EU/EEA after 2026 review
95%
Source evidence
“Beginning in 2025, the mandate required 2% of the jet fuel supplied in the EU to be SAF, and the percentage increases incrementally over time to 70% in 2050.”
Cybersecurity and data privacy threats
Delta faces evolving cybersecurity threats including AI-enhanced attacks, privacy/security regulatory obligations, and geopolitical risks tied to international data transfer; remediation costs could be material.
95%
Source evidence
“Threat actors are also increasingly leveraging advanced technologies, including the use of AI and automated tools, to enhance the scale, speed and effectiveness of cyberattacks.”
Labor-intensive business and strike risk
Business is labor intensive; failure to reach collective bargaining agreements or further unionization could cause work interruptions or stoppages with material adverse effect on operations, including at third-party regional carriers.
95%
Source evidence
“Strikes or labor disputes with our unionized employees may have a material adverse effect on our ability to conduct business.”
Dependence on major hubs, ATC system and aircraft/engine manufacturers
Operations heavily concentrated at major airports and dependent on a limited number of aircraft/engine manufacturers; ATC inefficiencies, hub disruptions, or aircraft defects/groundings could materially hurt results.
95%
Source evidence
“the airline industry is heavily dependent on a limited number of aircraft and engine manufacturers whose products are subject to extensive regulatory requirements.”
Terrorism, geopolitical conflict and security events
Terrorist attacks, geopolitical conflict or security events, or fear of them, could discourage flying, reduce ticket sales, and force costly airspace avoidance and cancellations.
94%
Source evidence
“the impact on our operations of avoiding areas of the world, including airspace, in which there are geopolitical conflicts and the targeting of commercial aircraft by parties to those conflicts can be significant.”
Pandemic/public health demand risk
Disease outbreaks and government measures to combat them have had and may again materially reduce worldwide air travel demand for an extended period.
94%
Source evidence
“The measures governments and private parties implement in order to stem the spread of a disease outbreak or other public threat, such as the COVID-19 pandemic... have had, and may in the future have, a material adverse effect on the demand for worldwide air travel.”
Accident liability and adverse publicity
A serious accident involving Delta or partner aircraft could expose the company to significant liability and negative public perception reducing demand; insurance coverage may be insufficient.
94%
Source evidence
“An aircraft crash or other serious accident involving our aircraft or those of our airline partners could expose us to significant liability.”
Climate/sustainability goals execution risk
Delta's GHG reduction goals cannot be achieved with existing fleet, technologies and fuel sources; execution depends on governments, third-party capital, and SAF/technology development, with reputational and litigation risk from failure.
93%
Source evidence
“We have established ambitious goals to reduce our greenhouse gas emissions, which we are unable to achieve using our existing fleet, current technologies and available fuel sources.”
SAF/lower-carbon technology transition risk
Lower-carbon technologies such as SAF not available at scale and may take decades to develop
90%
Source evidence
“lower-carbon technologies such as SAF and direct air capture technologies are currently not available at scale and may take decades to develop”
Trade relations/tariffs impact on international travel demand
New or increased tariffs or trade barriers could decrease international air travel demand
90%
Source evidence
“any deterioration in global trade relations, such as new or increased tariffs or other trade barriers, could result in a decrease in the demand for international air travel”
Key personnel and culture dependency
Business depends on experience and industry knowledge of officers and key employees; substantial turnover or loss of company culture could materially hurt performance.
90%
Source evidence
“We are dependent on the experience and industry knowledge of our officers and other key employees to design and execute our business plans.”
Material exposure graph
American Express
Customer Exposure
American Express SkyMiles remuneration of $8.2 billion in 2025 (+11%) is a major recurring revenue/cash source.
Relevance 95·Dependency 80·Confidence 95
Source evidence
“Remuneration from American Express related to the SkyMiles program were $8.2 billion during 2025, an increase of approximately 11% compared to 2024.”
Corporate customers / premium products
Customer Exposure
2025 revenue growth driven by premium product demand particularly from corporate customers and loyalty travel awards.
Relevance 90·Dependency 70·Confidence 90
Source evidence
“continued strength in demand for premium products, particularly from corporate customers, growth in loyalty travel awards”
American Express
Revenue Exposure
Co-brand partnership delivers high-margin revenue tied to broader consumer spending, a key diversified revenue stream.
Relevance 88·Dependency 65·Confidence 95
Source evidence
“Our partnership with American Express, which provides us a co-brand revenue stream tied to broader consumer spending.”
FAA regulations and air traffic control system
Regulatory Exposure
FAA directives and ATC inefficiencies/outdated technology necessitate significant expenditures and can constrain capacity, delay flights, and impose substantial funding requirements on carriers.
Relevance 85·Dependency 90·Confidence 95
Source evidence
“Inefficiencies in the U.S. air traffic control system, which is regulated by the FAA, including outdated technology and inadequate staffing levels have resulted, and may in the future result, in delays and disruptions of air traffic”
Boeing / Airbus (aircraft and engine OEMs, with GE and Rolls-Royce engines)
Supplier Dependency
Fleet renewal dependent on Boeing 787-10 (GEnx engines) and Airbus A330-900/A350-900 (Rolls-Royce engines); commitments remain uncertain due to supply chain, manufacturing and regulatory constraints.
Relevance 85·Dependency 75·Confidence 95
Source evidence
“The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints.”
Economic conditions / discretionary travel
Demand Driver
Cyclical, discretionary air travel demand sensitive to economic conditions and consumer perceptions globally.
Relevance 85·Dependency 70·Confidence 90
Source evidence
“the airline industry has been cyclical and particularly sensitive to changes in economic conditions, as well as related consumer perceptions”
Premium customers
Revenue Exposure
Premium products (Delta One, Premium Select, etc.) and fleet cabin modifications drive premium revenue; Delta positions itself as the airline of choice for premium customers.
Relevance 85·Dependency 70·Confidence 90
Source evidence
“This has made Delta the airline of choice for premium customers.”
CORSIA / EU ETS / SAF mandates
Regulatory Exposure
Emissions regulation and SAF mandates (EU 2% in 2025 rising to 70% by 2050) are expected to increase operating and fuel costs.
Relevance 85·Dependency 60·Confidence 95
Source evidence
“compliance with CORSIA is expected to increase operating costs for airlines subject to the program that operate internationally”
Aircraft fuel / oil prices
Commodity Exposure
Fuel price volatility is hedged via swap contracts, substantially all related to Monroe refinery inventory; P&L impacts recorded in aircraft fuel expense.
Relevance 80·Dependency 75·Confidence 85
Source evidence
“Substantially all of our derivative contracts to hedge the financial risk from changing fuel prices are related to Monroe’s inventory.”
Terrorism and geopolitical conflict
Demand Driver
Terrorist attacks, geopolitical conflict or security events can discourage passengers from flying, decrease ticket sales, increase refunds and force costly airspace avoidance.
Relevance 80·Dependency 60·Confidence 94
Source evidence
“Terrorist attacks, geopolitical conflict or security events, or the fear or threat of any of these events, even if not made directly on or involving the airline industry, could have a significant negative impact on us by discouraging or preventing passengers from flying, leading to decreased ticket sales and increased refunds.”
Vacation travel and consumer demand seasonality
Demand Driver
Air travel demand historically peaks in June and September quarters on vacation travel, particularly internationally, causing quarterly variation in financial results.
Relevance 75·Dependency 70·Confidence 93
Source evidence
“Demand for air travel has historically been higher in the June and September quarters, particularly in our international markets, because there is more vacation travel during these periods than during the remainder of the year.”
American Airlines
Competitive Exposure
Delta's domestic operations face significant competition from American Airlines (with United) and low-cost carriers, pressuring fares and requiring a competitive cost structure.
Relevance 75·Dependency 70·Confidence 95
Source evidence
“Our domestic operations are subject to significant competition from traditional network carriers, including American Airlines and United Airlines”
Consumer spending
Demand Driver
Loyalty/co-brand revenue stream is explicitly tied to broader consumer spending.
Relevance 75·Dependency 65·Confidence 90
Source evidence
“co-brand revenue stream tied to broader consumer spending”
Tariffs / global trade relations
Demand Driver
New or increased tariffs and trade barriers could reduce demand for international air travel.
Relevance 75·Dependency 55·Confidence 90
Source evidence
“any deterioration in global trade relations, such as new or increased tariffs or other trade barriers, could result in a decrease in the demand for international air travel”
Labor costs / profit sharing
Cost Driver
More than 100,000 employees with industry-leading profit sharing ($1.3 billion for 2025) and Shared Rewards ($67 million) are a significant cost element but also Delta's strongest competitive advantage.
Relevance 70·Dependency 60·Confidence 90
Source evidence
“Our more than 100,000 employees provide world-class travel experiences for our customers and best-in-class service.”
Tariffs and trade policy
Cost Driver
As an international carrier Delta is subject to trade/tariff policies; significant new or increased tariffs on aircraft or related parts could substantially increase costs.
Relevance 70·Dependency 50·Confidence 92
Source evidence
“the imposition of significant new tariffs or increases in existing tariffs with respect to aircraft or related parts that we are not able to mitigate could substantially increase our costs”
Climate change and environmental sustainability expectations
Demand Driver
Failure to progress toward environmental sustainability goals could damage reputation and brand and invite litigation; achieving goals requires significant capital investment, SAF policy incentives and third-party R&D.
Relevance 65·Dependency 55·Confidence 90
Source evidence
“Our reputation and brand could also be adversely impacted by, among other things, failure to make progress toward and achieve our environmental sustainability goals”
EPA CERCLA PFAS designation and related state PFAS laws
Legal Exposure
New PFAS hazardous-substance rules could create cleanup liability and require costly transition of firefighting and fire-suppression systems at airports, refineries and maintenance hangars.
Relevance 60·Dependency 40·Confidence 90
Source evidence
“could subject airports, airlines, and refineries, among others, to potential liability for cleanup of historical PFAS contamination associated with use of PFAS-containing firefighting foam.”
Technology initiatives (Delta Concierge / Delta Sync)
Demand Driver
Innovative technology initiatives such as Delta Concierge and Delta Sync deliver personalized support to build loyalty and sustain revenue premium.
Relevance 55·Dependency 40·Confidence 80
Source evidence
“developing innovative technology initiatives such as Delta Concierge and the evolution of Delta Sync to deliver personalized support and experiences at scale”
Full company information
Latest profile, trading, valuation, and identifier data stored for DAL.
- Share price
- $81.97
- Market cap
- $53.71B
- Exchange
- NYSE
- Currency
- USD
- CEO
- Edward H. Bastian
- Employees
- 103,000
- IPO date
- 03/05/2007
- Beta
- 1.291
- Last dividend
- $0.00
- Day range
- $80.71 – $82.35
- 52-week range
- $55.03 – $95.68
- 1-day performance
- 0.27%
- 1-year performance
- 48.96%
- Current drawdown (1Y)
- -14.33%
- CIK
- 0000027904
- CUSIP
- 247361702
- ISIN
- US2473617023
- Created
- 07/12/2025, 03:32:13
- Last update
- 24/09/2026, 18:16:44
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Latest Database News
News linked to DAL from your Railway `news_articles` table.
Delta Air Lines (DAL) Stock Sinks As Market Gains: What You Should Know
Zacks Investment Research • STOCK • 08/06/2026, 20:46:13
'Bring 'em on': Most profitable airline Delta wants United's crown over the Pacific, too.
CNBC • STOCK • 07/06/2026, 15:47:28
Delta President on Middle East Flights & Premium Travel
Bloomberg Markets and Finance • STOCK • 06/06/2026, 20:24:03
Delta Air Lines (DAL) Stock Falls Amid Market Uptick: What Investors Need to Know
Zacks Investment Research • STOCK • 01/06/2026, 20:46:15
Delta's Flight Cancellations Have Mounted, and It's Staffing Up to Improve
WSJ • STOCK • 26/05/2026, 07:30:00
Delta Air Lines (DAL) Laps the Stock Market: Here's Why
Zacks Investment Research • STOCK • 21/05/2026, 20:46:12
Today is the last day Delta will offer free snacks on short flights. I'll miss the Biscoff, but it's really not a big deal.
Business Insider • STOCK • 18/05/2026, 17:02:43
Delta Air Lines Stock Is Pulling Back Today: What's Happening?
Benzinga • STOCK • 18/05/2026, 16:29:08
Delta Expands Europe Flights to Capture Event-Driven Travel Demand
Zacks Investment Research • STOCK • 18/05/2026, 13:46:08
Delta Air Lines: Strong Demand Offsets Part Of Fuel Inflation
Seeking Alpha • STOCK • 17/05/2026, 06:26:29
Delta Air Lines (DAL) Dips More Than Broader Market: What You Should Know
Zacks Investment Research • STOCK • 15/05/2026, 20:45:35
It's Just Plane Obvious: Delta Is Set To Benefit From The Jet Fuel Crisis
Seeking Alpha • STOCK • 12/05/2026, 07:12:29