DALDelta Air Lines

Industrials · Airlines · NYSE

As a global airline based in the United States, we connect customers across our expansive global network with a commitment to ensuring that the future of travel is connected, personalized and enjoyable. 10-K, Item 1

Employees: 103,000
Headquarters: Atlanta, GA
CEO: Edward H. Bastian
Next results: around Jan 12, 2027

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DAL and 9 peers, year by year

The 9 Industrials companies closest to DAL in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
DAL Delta Air Lines	FY2025	$63.4B	+2.8%	-	9.2%	7.9%	6.1%	24.0%	0.64
CAT Caterpillar Inc.	FY2025	$67.6B	+4.3%	-	16.5%	13.1%	13.2%	41.7%	1.70
UAL United Airlines Holdings	FY2025	$59.1B	+3.5%	-	8.0%	5.7%	4.3%	21.9%	1.61
LMT Lockheed Martin	FY2025	$75.0B	+5.6%	10.2%	10.3%	6.7%	9.2%	74.6%	3.23
UBER Uber	FY2025	$52.0B	+18.3%	-	10.7%	19.3%	18.8%	37.2%	0.39
GD General Dynamics	FY2025	$52.5B	+10.1%	-	10.2%	8.0%	7.5%	16.4%	0.35
GE GE Aerospace	FY2025	$45.9B	+18.5%	-	-	19.0%	15.8%	46.6%	1.10
UPS United Parcel Service	FY2025	$88.7B	−2.6%	-	8.9%	6.3%	5.4%	34.3%	1.49
BA Boeing	FY2025	$89.5B	+34.5%	4.8%	4.8%	2.5%	−2.1%	41.0%	11.42
DE Deere & Company	FY2025	$45.7B	−11.7%	-	-	11.0%	13.4%	19.4%	0.53

Revenuepeer median $59.1B

Sales growthpeer median +5.6%

Gross margin

LMT 10.2%
BA 4.8%
DAL -
CAT -
UAL -
UBER -
GD -
GE -
UPS -
DE -

Operating marginpeer median 10.2%

CAT 16.5%
UBER 10.7%
LMT 10.3%
GD 10.2%
DAL 9.2%
UPS 8.9%
UAL 8.0%
BA 4.8%
GE -
DE -

Net marginpeer median 8.0%

UBER 19.3%
GE 19.0%
CAT 13.1%
DE 11.0%
GD 8.0%
DAL 7.9%
LMT 6.7%
UPS 6.3%
UAL 5.7%
BA 2.5%

FCF marginpeer median 9.2%

Return on equitypeer median 37.2%

Debt / equitypeer median 1.49

BA 11.42
LMT 3.23
CAT 1.70
UAL 1.61
UPS 1.49
GE 1.10
DAL 0.64
DE 0.53
UBER 0.39
GD 0.35

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	$39.6B	$41.2B	$44.4B	$47.0B	$17.1B	$29.9B	$50.6B	$58.0B	$61.6B	$63.4B
CAT Dec	$38.5B	$45.5B	$54.7B	$53.8B	$41.7B	$51.0B	$59.4B	$67.1B	$64.8B	$67.6B
UAL Dec	$36.6B	$37.8B	$41.3B	$43.3B	$15.4B	$24.6B	$45.0B	$53.7B	$57.1B	$59.1B
LMT Dec	$47.3B	$51.0B	$53.8B	$59.8B	$65.4B	$67.0B	$66.0B	$67.6B	$71.0B	$75.0B
UBER Dec	-	$7.9B	$10.4B	$13.0B	$11.1B	$17.5B	$31.9B	$37.3B	$44.0B	$52.0B
GD Dec	$30.6B	$31.0B	$36.2B	$39.4B	$37.9B	$38.5B	$39.4B	$42.3B	$47.7B	$52.5B
GE Dec	$119.5B	$113.2B	$113.5B	$90.2B	$75.8B	$56.5B	$29.1B	$35.3B	$38.7B	$45.9B
UPS Dec	$61.6B	$66.6B	$71.9B	$74.1B	$84.6B	$97.3B	$100.3B	$91.0B	$91.1B	$88.7B
BA Dec	$93.5B	$94.0B	$101.1B	$76.6B	$58.2B	$62.3B	$66.6B	$77.8B	$66.5B	$89.5B
DE Nov	$26.6B	$29.7B	$37.4B	$39.3B	$35.5B	$44.0B	$52.6B	$61.3B	$51.7B	$45.7B
Peer median	$42.9B	$45.5B	$53.8B	$53.8B	$41.7B	$51.0B	$52.6B	$61.3B	$57.1B	$59.1B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	−2.6%	+4.3%	+8.0%	+5.8%	−63.6%	+74.9%	+69.2%	+14.8%	+6.2%	+2.8%
CAT Dec	−18.0%	+18.0%	+20.4%	−1.7%	−22.4%	+22.1%	+16.6%	+12.8%	−3.4%	+4.3%
UAL Dec	−3.5%	+3.4%	+9.3%	+4.7%	−64.5%	+60.4%	+82.5%	+19.5%	+6.2%	+3.5%
LMT Dec	+16.6%	+5.6%	+7.6%	+11.3%	+9.3%	+2.5%	−1.6%	+2.4%	+5.1%	+5.6%
UBER Dec	-	-	+42.1%	+24.6%	−14.3%	+56.7%	+82.6%	+17.0%	+18.0%	+18.3%
GD Dec	−3.8%	+1.3%	+16.9%	+8.7%	−3.6%	+1.4%	+2.4%	+7.3%	+12.9%	+10.1%
GE Dec	+5.4%	+0.7%	−2.3%	−1.9%	−15.9%	−2.2%	+2.9%	+21.3%	+9.5%	+18.5%
UPS Dec	+4.4%	+8.1%	+7.9%	+3.1%	+14.2%	+15.0%	+3.1%	−9.3%	+0.1%	−2.6%
BA Dec	−1.6%	+0.5%	+7.6%	−24.3%	−24.0%	+7.1%	+6.9%	+16.8%	−14.5%	+34.5%
DE Nov	-	+11.6%	+25.6%	+5.1%	−9.5%	+23.9%	+19.4%	+16.5%	−15.6%	−11.7%
Peer median	−1.6%	+4.5%	+9.3%	+4.7%	−14.3%	+15.0%	+6.9%	+16.5%	+5.1%	+5.6%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	-	-	-	-	-	-	-	-	-	-
CAT Dec	-	-	-	-	-	-	-	-	-	-
UAL Dec	-	-	-	-	-	-	-	-	-	-
LMT Dec	11.4%	12.5%	13.5%	14.0%	13.2%	13.5%	12.6%	12.5%	9.8%	10.2%
UBER Dec	-	-	-	-	-	-	-	-	-	-
GD Dec	-	-	-	-	-	-	-	-	-	-
GE Dec	-	-	-	-	-	-	-	-	-	-
UPS Dec	-	-	-	-	-	-	-	-	-	-
BA Dec	15.5%	18.5%	19.4%	5.8%	−9.8%	4.9%	5.3%	9.9%	−3.0%	4.8%
DE Nov	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	17.6%	14.5%	11.8%	14.1%	−72.9%	6.3%	7.2%	9.5%	9.7%	9.2%
CAT Dec	3.0%	9.8%	15.2%	15.4%	10.9%	13.5%	13.3%	19.3%	20.2%	16.5%
UAL Dec	11.9%	9.6%	7.8%	9.9%	−41.4%	−4.1%	5.2%	7.8%	8.9%	8.0%
LMT Dec	12.5%	13.2%	13.6%	14.3%	13.2%	13.6%	12.7%	12.6%	9.9%	10.3%
UBER Dec	-	−51.4%	−29.1%	−66.1%	−43.7%	−22.0%	−5.7%	3.0%	6.4%	10.7%
GD Dec	12.3%	13.7%	12.1%	11.6%	10.9%	10.8%	10.7%	10.0%	10.1%	10.2%
GE Dec	-	-	-	-	-	-	-	-	-	-
UPS Dec	12.5%	11.3%	9.8%	10.5%	9.1%	13.2%	13.0%	10.0%	9.3%	8.9%
BA Dec	7.0%	11.0%	11.9%	−2.6%	−22.0%	−4.6%	−5.3%	−1.0%	−16.1%	4.8%
DE Nov	9.7%	12.0%	12.0%	11.2%	12.1%	18.2%	18.1%	21.2%	17.5%	-
Peer median	11.9%	11.2%	11.9%	10.9%	10.0%	12.0%	11.7%	10.0%	9.6%	10.2%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	10.6%	7.8%	8.9%	10.1%	−72.4%	0.9%	2.6%	7.9%	5.6%	7.9%
CAT Dec	−0.2%	1.7%	11.2%	11.3%	7.2%	12.7%	11.3%	15.4%	16.7%	13.1%
UAL Dec	6.1%	5.7%	5.1%	7.0%	−46.0%	−8.0%	1.6%	4.9%	5.5%	5.7%
LMT Dec	10.9%	3.8%	9.4%	10.4%	10.4%	9.4%	8.7%	10.2%	7.5%	6.7%
UBER Dec	-	−50.8%	9.6%	−65.4%	−60.8%	−2.8%	−28.7%	5.1%	22.4%	19.3%
GD Dec	8.4%	9.4%	9.2%	8.9%	8.4%	8.5%	8.6%	7.8%	7.9%	8.0%
GE Dec	6.3%	−7.5%	−19.7%	−5.5%	7.5%	−11.2%	1.2%	26.8%	16.9%	19.0%
UPS Dec	5.6%	7.4%	6.7%	6.0%	1.6%	13.2%	11.5%	7.4%	6.3%	6.3%
BA Dec	5.4%	9.0%	10.3%	−0.8%	−20.4%	−6.7%	−7.4%	−2.9%	−17.8%	2.5%
DE Nov	5.7%	7.3%	6.3%	8.3%	7.7%	13.5%	13.6%	16.6%	13.7%	11.0%
Peer median	5.9%	5.7%	9.2%	7.0%	7.2%	8.5%	8.6%	7.8%	7.9%	8.0%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	$3.8B	$1.1B	$1.8B	$3.5B	−$5.7B	$17.0M	−$3.0M	$1.1B	$2.9B	$3.8B
CAT Dec	$4.5B	$4.8B	$5.3B	$5.9B	$5.3B	$6.1B	$6.5B	$11.3B	$10.0B	$8.9B
UAL Dec	$2.3B	−$396.0M	$2.1B	$2.4B	−$5.9B	−$40.0M	$1.2B	−$260.0M	$3.8B	$2.6B
LMT Dec	$4.1B	$5.3B	$1.9B	$5.8B	$6.4B	$7.7B	$6.1B	$6.2B	$5.3B	$6.9B
UBER Dec	-	−$2.2B	−$2.1B	−$4.9B	−$3.4B	−$743.0M	$390.0M	$3.4B	$6.9B	$9.8B
GD Dec	$1.8B	$3.4B	$2.5B	$2.0B	$2.9B	$3.4B	$3.5B	$3.8B	$3.2B	$4.0B
GE Dec	−$6.0B	−$88.0M	−$1.6B	$6.5B	$2.0B	$2.2B	$4.5B	$4.3B	$3.7B	$7.3B
UPS Dec	$3.5B	−$3.7B	$6.4B	$2.3B	$5.0B	$10.8B	$9.3B	$5.1B	$6.2B	$4.8B
BA Dec	$7.9B	$11.6B	$13.6B	−$4.3B	−$19.7B	−$4.4B	$2.3B	$4.4B	−$14.3B	−$1.9B
DE Nov	$3.1B	$1.6B	$926.0M	$2.3B	$6.7B	$6.9B	$3.6B	$7.1B	$7.6B	$6.1B
Peer median	$3.3B	$1.6B	$2.1B	$2.3B	$2.9B	$3.4B	$3.6B	$4.4B	$5.3B	$6.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	9.6%	2.7%	4.2%	7.4%	−33.3%	0.1%	0.0%	2.0%	4.7%	6.1%
CAT Dec	11.8%	10.6%	9.7%	10.9%	12.8%	12.0%	10.9%	16.8%	15.5%	13.2%
UAL Dec	6.3%	−1.0%	5.1%	5.5%	−38.2%	−0.2%	2.8%	−0.5%	6.7%	4.3%
LMT Dec	8.7%	10.4%	3.5%	9.7%	9.8%	11.5%	9.3%	9.2%	7.4%	9.2%
UBER Dec	-	−28.2%	−20.1%	−37.8%	−30.2%	−4.3%	1.2%	9.0%	15.7%	18.8%
GD Dec	5.8%	11.1%	6.8%	5.1%	7.6%	8.8%	8.8%	9.0%	6.7%	7.5%
GE Dec	−5.1%	−0.1%	−1.5%	7.2%	2.6%	4.0%	15.6%	12.2%	9.5%	15.8%
UPS Dec	5.7%	−5.6%	8.9%	3.0%	6.0%	11.1%	9.3%	5.6%	6.8%	5.4%
BA Dec	8.4%	12.3%	13.4%	−5.6%	−33.9%	−7.1%	3.4%	5.7%	−21.5%	−2.1%
DE Nov	11.7%	5.4%	2.5%	5.8%	18.7%	15.6%	6.8%	11.6%	14.7%	13.4%
Peer median	7.4%	5.4%	5.1%	5.5%	6.0%	8.8%	8.8%	9.0%	7.4%	9.2%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	37.2%	25.6%	28.7%	31.0%	n/m	7.2%	20.0%	41.5%	22.6%	24.0%
CAT Dec	−0.5%	5.5%	43.7%	41.7%	19.5%	39.3%	42.2%	53.0%	55.4%	41.7%
UAL Dec	26.1%	24.4%	21.1%	26.1%	−118.6%	−39.1%	10.7%	28.1%	24.8%	21.9%
LMT Dec	n/m	n/m	n/m	199.2%	113.6%	57.6%	61.9%	101.2%	84.3%	74.6%
UBER Dec	-	n/m	n/m	−59.9%	−55.2%	−3.4%	−124.5%	16.8%	45.7%	37.2%
GD Dec	25.0%	24.7%	27.6%	24.9%	20.2%	18.5%	18.3%	15.6%	17.1%	16.4%
GE Dec	10.7%	−15.1%	−72.2%	−17.6%	16.0%	−19.8%	1.0%	34.6%	33.9%	46.6%
UPS Dec	n/m	n/m	158.6%	135.9%	n/m	90.4%	58.4%	38.8%	34.6%	34.3%
BA Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	41.0%
DE Nov	23.4%	22.6%	21.0%	28.5%	21.3%	32.4%	35.2%	46.7%	31.1%	19.4%
Peer median	23.4%	22.6%	24.4%	27.3%	19.5%	25.4%	26.7%	36.7%	34.2%	37.2%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	0.62	0.67	0.68	0.66	18.24	6.45	3.25	1.68	1.00	0.64
CAT Dec	2.28	2.08	2.18	2.15	1.82	1.90	1.99	1.49	1.63	1.70
UAL Dec	1.26	1.51	1.34	1.26	4.49	6.63	4.52	3.37	2.22	1.61
LMT Dec	9.45	n/m	10.55	4.05	2.02	1.07	1.68	2.55	3.20	3.23
UBER Dec	-	-	n/m	0.41	0.65	0.65	1.28	0.85	0.44	0.39
GD Dec	0.38	0.34	1.11	1.07	1.03	0.71	0.64	0.46	0.47	0.35
GE Dec	1.94	2.37	3.28	3.21	2.11	1.10	0.71	0.80	1.00	1.10
UPS Dec	n/m	n/m	7.40	8.67	n/m	1.52	0.98	1.46	1.37	1.49
BA Dec	12.18	6.27	n/m	n/m	n/m	n/m	n/m	n/m	n/m	11.42
DE Nov	3.64	2.71	2.41	2.65	3.19	2.38	0.62	0.82	0.59	0.53
Peer median	2.28	2.23	2.41	2.40	2.02	1.31	1.13	1.16	1.18	1.49

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DAL Dec	$5.55	$4.43	$5.67	$7.30	−$19.49	$0.44	$2.06	$7.17	$5.33	$7.66
CAT Dec	−$0.11	$1.26	$10.26	$10.74	$5.46	$11.83	$12.64	$20.12	$22.05	$18.81
UAL Dec	$6.76	$7.06	$7.67	$11.58	−$25.30	−$6.10	$2.23	$7.89	$9.45	$10.20
LMT Dec	$17.07	$6.75	$17.59	$21.95	$24.30	$22.76	$21.66	$27.55	$22.31	$21.49
UBER Dec	-	−$9.46	$0.00	−$6.81	−$3.86	−$0.29	−$4.65	$0.87	$4.56	$4.73
GD Dec	$8.29	$9.56	$11.18	$11.98	$11.00	$11.55	$12.19	$12.02	$13.63	$15.45
GE Dec	$6.00	−$8.24	−$20.96	−$4.99	$4.63	−$6.00	$0.05	$8.36	$5.99	$8.14
UPS Dec	$3.86	$5.61	$5.51	$5.11	$1.54	$14.68	$13.20	$7.80	$6.75	$6.56
BA Dec	$7.83	$13.85	$17.85	−$1.12	−$20.88	−$7.15	−$8.30	−$3.67	−$18.36	$2.48
DE Nov	$4.81	$6.68	$7.24	$10.15	$8.69	$18.99	$23.28	$34.63	$25.62	$18.50
Peer median	$6.38	$6.68	$7.67	$10.15	$4.63	$11.55	$12.19	$8.36	$9.45	$10.20

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out DAL and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on DAL in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/DAL/export.csv") into a cell.