DELTA AIR LINES, INC.

DAL 10-K · Q4 2025
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DAL Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 16,003 15,559 +2.9%
Show Product Lines breakouts
Air traffic liability 11,315 11,269 +0.4%
Ancillary businesses 227 218 +4.1%
Cargo And Freight 246 248 -0.8%
Exchanged products · Intersegment Elimination -31 1,145.5 -102.7%
Loyalty program 853 846 +0.8%
Loyalty travel awards 1,097 1,043 +5.2%
Miscellaneous 364 310 +17.4%
Passenger 12,916 12,815 +0.8%
Passenger · Atlantic Destination 2,049 1,974 +3.8%
Passenger · Domestic Destination 9,210 9,193 +0.2%
Passenger · Latin America Destination 933 987 -5.5%
Passenger · Pacific Destination 724 661 +9.5%
Product And Service Other 2,841 2,496 +13.8%
Refinery 1,397 1,122 +24.5%
Sales of refined products · Intersegment Elimination -22 -34 +35.3%
Sales to airline segment · Intersegment Elimination -298 -274 -8.8%
Travel-related services 504 503 +0.2%
Show Business Segments breakouts
Airline · Operating Segments 14,606 14,437 +1.2%
Refinery · Operating Segments 1,748 1,756 -0.5%
Show Consolidation Items breakouts
Intersegment Elimination -351 -634 +44.6%
Show Airline Destinations breakouts
Atlantic Destination 2,413 2,326 +3.7%
Domestic Destination 11,623 11,292 +2.9%
Latin America Destination 1,082 1,132 -4.4%
Pacific Destination 885 809 +9.4%
Labor And Related Expense 4,592 4,126 +11.3%
Show Business Segments breakouts
Airline · Operating Segments 4,592 4,126 +11.3%
Fuel Costs 2,380 2,409 -1.2%
Show Business Segments breakouts
Airline · Operating Segments 2,380 2,409 -1.2%
Ancillary Businesses And Refinery Expenses 1,604 1,333 +20.3%
Professional And Contract Services Expense 1,175 1,094 +7.4%
Landing Fees And Other Rentals 914 803 +13.8%
Airline Capacity Purchase Arrangements 640 597 +7.2%
Sales & Marketing 616 620 -0.6%
Depreciation & Amortization 620 635 -2.4%
Show Business Segments breakouts
Airline · Operating Segments 620 635 -2.4%
Refinery · Operating Segments 29 27 +7.4%
Aircraft Maintenance Materials And Repairs 528 626 -15.7%
Cost Of Services Catering 458 449 +2.0%
Other Labor Related Expenses 351 425 -17.4%
Aircraft Rental 134 137 -2.2%
Other Cost And Expense Operating 524 588 -10.9%
Total Costs & Expenses 14,536 13,842 +5.0%
Operating Income 1,467 1,717 -14.6%
Show Business Segments breakouts
Airline · Operating Segments 1,352 1,755 -23.0%
Refinery · Operating Segments 115 -38 +402.6%
Interest Income Expense Nonoperating Net -158 -180 +12.2%
Show Business Segments breakouts
Airline · Operating Segments -158 -180 +12.2%
Refinery · Operating Segments 2 0 —
Show Consolidation Items breakouts
Intersegment Elimination -2 6 -133.3%
Equity Securities Fv Ni Gain Loss 205 -246 +183.3%
Gains Losses On Extinguishment Of Debt 0 -3 +100.0%
Other Non-Operating Income (Expense) -1 -86 +98.8%
Non-Operating Income (Expense) 46 -515 +108.9%
Income Before Taxes 1,513 1,202 +25.9%
Show Business Segments breakouts
Airline · Operating Segments 1,398 1,240 +12.7%
Refinery · Operating Segments 117 -38 +407.9%
Show Consolidation Items breakouts
Intersegment Elimination -2 0 —
Income Tax Expense (Benefit) -294 -359 +18.1%
Net Income 1,219 843 +44.6%
EPS (Basic) 1.87 1.31 +42.7%
EPS (Diluted) 1.86 1.29 +44.2%
Cost of Revenue (Q) — — —
Show Business Segments breakouts
Refinery · Operating Segments 1,487 1,671 -11.0%
Comprehensive Income 1,942 1,555 +24.9%
Wtd Avg Shares (Basic) 0 1 -100.0%
Wtd Avg Shares (Diluted) 1 1 0.0%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 4,310 3,069 +40.4%
Receivables Net Current 2,850 3,224 -11.6%
Airline Related Inventory Net 1,601 1,428 +12.1%
Prepaid Expenses & Other Current Assets 2,207 2,123 +4.0%
Total Current Assets 10,968 9,844 +11.4%
Non-Current Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 39,743 37,595 +5.7%
Operating Lease Right-of-Use Assets 6,244 6,644 -6.0%
Show Operating Lease Asset By Type [Axis] breakouts
Fleet Lease 2,575 2,910 -11.5%
Ground and Other Lease 3,669 3,734 -1.7%
Goodwill 9,753 9,753 0.0%
Intangible Assets Net Excluding Goodwill 5,966 5,975 -0.2%
Equity Securities And Equity Method Investments 4,222 2,846 +48.3%
Other Non-Current Assets 4,421 2,715 +62.8%
Assets Noncurrent 70,349 65,528 +7.4%
Total Assets 81,317 75,372 +7.9%
Show Business Segments breakouts
Airline · Operating Segments 78,826 72,979 +8.0%
Refinery · Operating Segments 2,552 2,418 +5.5%
Show Consolidation Items breakouts
Intersegment Elimination -61 -25 -144.0%
Deferred Tax Assets 1 95 -98.9%
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 1,605 2,175 -26.2%
Operating Lease Liability Current 809 763 +6.0%
Show Operating Lease Asset By Type [Axis] breakouts
Fleet Lease 591 551 +7.3%
Ground and Other Lease 218 212 +2.8%
Deferred Revenue (Current) (Q) — — —
Show Product Lines breakouts
Air traffic liability 7,157 7,094 +0.9%
Loyalty program 4,876 4,314 +13.0%
Accounts Payable 5,226 4,650 +12.4%
Employee Related Liabilities Current 4,906 4,762 +3.0%
Short Term Non Bank Loans And Notes Payable 1,100 1,100 0.0%
Show Debt Instrument breakouts
Fuel Card Obligation 1.1 1.1 0.0%
Other Accrued Liabilities Current 1,945 1,812 +7.3%
Total Current Liabilities 27,624 26,670 +3.6%
Current Portion of Long-Term Debt -1,372 -1,801 +23.8%
Non-Current Liabilities
Long Term Debt And Capital Lease Obligations 12,507 14,019 -10.8%
Operating Lease Liabilities 5,353 5,814 -7.9%
Show Operating Lease Asset By Type [Axis] breakouts
Fleet Lease 2,190 2,627 -16.6%
Ground and Other Lease 3,163 3,187 -0.8%
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 3,156 3,144 +0.4%
Show Retirement Plan Type breakouts
Other Postretirement Benefit Plans Defined Benefit 2,792 2,808 -0.6%
Pension Plans Defined Benefit 54 58 -6.9%
Contract With Customer Liability Noncurrent (Q) — — —
Show Product Lines breakouts
Loyalty program 4,386 4,512 -2.8%
Deferred Tax Liabilities 3,444 2,176 +58.3%
Other Non-Current Liabilities 3,994 3,744 +6.7%
Liabilities Noncurrent 32,840 33,409 -1.7%
Long-Term Debt 13,308 15,347 -13.3%
Long-Term Debt 11,936 13,546 -11.9%
Stockholders' Equity
Additional Paid In Capital Common Stock 11,883 11,740 +1.2%
Retained Earnings 13,343 8,783 +51.9%
Accumulated Other Comprehensive Income -4,135 -4,979 +17.0%
Treasury Stock Common Value -238 -251 +5.2%
Total Stockholders' Equity 20,853 15,293 +36.4%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -4,135 -4,979 +17.0%
Additional Paid In Capital 11,883 11,740 +1.2%
Retained Earnings 13,343 8,783 +51.9%
Treasury Stock Common -238 -251 +5.2%
Total Liabilities & Equity 81,317 75,372 +7.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Net Cash from Operations 2,260 1,894 +19.3%
Investing Activities
Payments For Flight Equipment -609 -970 +37.2%
Payments To Acquire Other Productive Assets -298 -340 +12.4%
Other Investing Activities 455 134 +239.6%
Net Cash from Investing -728 -1,169 +37.7%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability Modified 240 110 +118.2%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability Reversal 125 0 —
Financing Activities
Repayments Of Long Term Debt And Capital Securities -896 -1,542 +41.9%
Payments Of Dividends -122 -96 -27.1%
Proceeds From Payments For Other Financing Activities 16 48 -66.7%
Net Cash from Financing -1,002 -1,590 +37.0%
Other Cash Flow
Net Change in Cash 530 -865 +161.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,501 3,421 +31.6%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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