Delta Air Lines, Inc. (DAL) Balance Sheet
DAL balance sheet, 2025
December 31, 2025 · U.S. dollars$81.19B assets = $60.43B liabilities + $20.75B equity
Both columns are drawn to the same scale: what DAL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DAL financial health
Descriptive bands, not a rating. Fiscal 2025.
DAL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $51.26B2016 | $81.19B2025 | +5.2%/yr | |
| Total liabilities | $38.97B2016 | $60.43B2025 | +5.0%/yr | |
| Shareholders’ equity | $12.29B2016 | $20.75B2025 | +6.0%/yr | |
| Cash & short-term investments | $3.25B2016 | $4.31B2025 | +3.2%/yr | |
| Total debt | $7.33B2016 | $21.08B2025 | +12.5%/yr | |
| Net cash (debt) | −$4.08B2016 | −$16.77B2025 | −$12.7B | |
| Working capital | −$7.79B2016 | −$16.70B2025 | −$8.9B | |
| Book value per share | $16.272016 | $31.732025 | +7.7%/yr | |
| Current ratio | 0.492016 | 0.402025 | −0.09 | |
| Debt / equity | 0.602016 | 1.022025 | +0.42 | |
| Shares outstanding | 755.0M2016 | 654.0M2025 | −1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DAL assets
DAL liabilities and equity
DAL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DAL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.31B | $3.07B | $3.87B | $6.53B | $11.32B | $14.10B | $2.88B | $1.56B | $2.64B | $3.25B |
| Cash & equivalents | $4.31B | $3.07B | $2.74B | $3.27B | $7.93B | $8.31B | $2.88B | $1.56B | $1.81B | $2.76B |
| Short-term investments | — | $0 | $1.13B | $3.27B | $3.39B | $5.79B | $12.0M | $203.0M | $825.0M | $487.0M |
| Receivables | $2.85B | $3.22B | $3.13B | $3.18B | $2.40B | $1.40B | $2.85B | $2.31B | $2.38B | $2.06B |
| Inventory | $1.60B | $1.43B | $1.31B | $1.42B | $1.10B | $732.0M | $1.25B | $1.05B | $1.33B | $891.0M |
| Other current assets | $2.21B | $2.12B | $1.96B | $1.88B | $1.12B | $1.18B | $1.26B | $1.41B | $1.46B | $1.25B |
| Total current assets | $10.97B | $9.84B | $10.27B | $13.01B | $15.94B | $17.40B | $8.25B | $6.34B | $7.80B | $7.45B |
| Property, plant & equipment (net) | $45.99B | $44.24B | $42.49B | $40.15B | $35.92B | $32.26B | $36.94B | $34.33B | $26.56B | $24.38B |
| Goodwill & intangible assets | $15.72B | $15.73B | $15.74B | $15.74B | $15.75B | $15.76B | $14.95B | $14.61B | $14.64B | $14.64B |
| Long-term investments | $4.22B | $2.85B | $3.46B | $2.13B | $1.71B | $1.67B | $1.15B | $1.10B | $513.0M | $139.0M |
| Other non-current assets | $4.29B | $2.71B | $1.69B | $1.25B | $3.14B | $4.90B | $3.24B | $3.89B | $3.77B | $4.65B |
| Total assets | $81.19B | $75.37B | $73.64B | $72.28B | $72.47B | $72.00B | $64.53B | $60.27B | $53.29B | $51.26B |
| Liabilities | ||||||||||
| Accounts payable | $5.23B | $4.65B | $4.45B | $5.11B | $4.24B | $2.84B | $3.27B | $2.98B | $3.63B | $2.57B |
| Short-term debt | $3.22B | $2.94B | $3.74B | $3.07B | $2.48B | $2.41B | $3.09B | $2.47B | $2.24B | $1.13B |
| Deferred revenue | $4.88B | $4.31B | $3.91B | $3.43B | $2.71B | $1.78B | $3.22B | $2.99B | $2.76B | $1.65B |
| Total current liabilities | $27.67B | $26.67B | $26.42B | $25.94B | $20.97B | $15.93B | $20.20B | $18.58B | $18.96B | $15.24B |
| Long-term debt | $12.51B | $14.02B | $17.07B | $20.67B | $25.14B | $27.43B | $8.87B | $8.25B | $6.59B | $6.20B |
| Lease obligations | $6.16B | $6.58B | $7.23B | $7.58B | $7.70B | $6.39B | $6.09B | $6.76B | — | — |
| Other long-term liabilities | $20.26B | $19.39B | $19.05B | $19.09B | $22.47B | $27.11B | $20.10B | $19.75B | $15.59B | $17.53B |
| Total liabilities | $60.43B | $60.08B | $62.54B | $65.71B | $68.57B | $70.46B | $49.17B | $46.58B | $41.14B | $38.97B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $65,960 | $65,400 | $65,400 | $652,000 | $3.63B | $1.35B | $15.44B | $13.68B | $0 | $0 |
| Retained earnings (deficit) | $13.34B | $8.78B | $5.65B | $1.17B | −$148.0M | −$428.0M | $12.45B | $10.04B | $9.64B | $7.90B |
| Treasury stock | — | — | — | −$313.0M | −$282.0M | −$259.0M | −$236.0M | −$198.0M | −$158.0M | −$274.0M |
| Accumulated other comprehensive income | −$4.13B | −$4.98B | −$5.84B | −$5.80B | −$7.13B | −$9.04B | −$7.99B | −$7.83B | −$7.62B | −$7.64B |
| Total shareholders' equity | $20.75B | $15.29B | $11.11B | $6.58B | $3.89B | $1.53B | $15.36B | $13.69B | $12.53B | $12.29B |
| Key figures | ||||||||||
| Total debt | $21.08B | $22.77B | $27.28B | $30.61B | $34.68B | $35.55B | $17.25B | $16.53B | $8.83B | $7.33B |
| Net cash (debt) | −$16.77B | −$19.70B | −$23.41B | −$24.08B | −$23.36B | −$21.45B | −$14.37B | −$14.96B | −$6.20B | −$4.08B |
| Working capital | −$16.70B | −$16.83B | −$16.15B | −$12.93B | −$5.03B | $1.48B | −$11.96B | −$12.24B | −$11.15B | −$7.79B |
| Tangible book value | $5.03B | −$435.0M | −$4.63B | −$9.16B | −$11.87B | −$14.23B | $410.0M | −$923.0M | −$2.11B | −$2.35B |
| Book value per share | $31.73 | $23.60 | $17.27 | $10.27 | $6.06 | $2.41 | $23.52 | $19.72 | $17.32 | $16.27 |
| Shares outstanding | 654.0M | 648.0M | 643.0M | 641.0M | 641.0M | 636.0M | 653.0M | 694.0M | 723.5M | 755.0M |
| Current ratio | 0.40 | 0.37 | 0.39 | 0.50 | 0.76 | 1.09 | 0.41 | 0.34 | 0.41 | 0.49 |
| Quick ratio | 0.26 | 0.24 | 0.26 | 0.37 | 0.65 | 0.97 | 0.28 | 0.21 | 0.26 | 0.35 |
| Debt / equity | 1.02 | 1.49 | 2.46 | 4.65 | 8.92 | 23.17 | 1.12 | 1.21 | 0.71 | 0.60 |
| Equity / assets | 25.6% | 20.3% | 15.1% | 9.1% | 5.4% | 2.1% | 23.8% | 22.7% | 23.5% | 24.0% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.79B | $4.67B | $5.05B | $4.31B | $3.79B | $3.33B | $3.71B | $3.07B | $3.98B | $4.23B | $4.47B | $3.87B |
| Cash & equivalents | $3.79B | $4.67B | $5.05B | $4.31B | $3.79B | $3.33B | $3.71B | $3.07B | $3.97B | $4.11B | $3.88B | $2.74B |
| Short-term investments | — | — | — | — | — | — | — | $0 | $8.0M | $124.0M | $589.0M | $1.13B |
| Receivables | $4.33B | $4.31B | $4.09B | $2.85B | $3.61B | $3.75B | $3.65B | $3.22B | $3.55B | $3.81B | $3.75B | $3.13B |
| Inventory | $2.64B | $2.56B | $1.77B | $1.60B | $1.54B | $1.52B | $1.49B | $1.43B | $1.47B | $1.49B | $1.45B | $1.31B |
| Other current assets | $2.74B | $2.71B | $2.75B | $2.21B | $2.28B | $2.37B | $2.39B | $2.12B | $2.07B | $2.06B | $1.91B | $1.96B |
| Total current assets | $13.49B | $14.24B | $13.66B | $10.97B | $11.23B | $10.98B | $11.24B | $9.84B | $11.06B | $11.59B | $11.58B | $10.27B |
| Property, plant & equipment (net) | $48.33B | $47.71B | $46.88B | $45.99B | $45.57B | $45.26B | $44.71B | $44.24B | $43.55B | $43.15B | $42.70B | $42.49B |
| Goodwill & intangible assets | $15.71B | $15.71B | $15.72B | $15.72B | $15.72B | $15.72B | $15.72B | $15.73B | $15.73B | $15.73B | $15.73B | $15.74B |
| Long-term investments | $0 | $4.04B | $3.70B | $4.22B | $3.88B | $3.56B | $2.82B | $2.85B | $3.27B | $3.02B | $3.25B | $3.46B |
| Other non-current assets | $8.52B | $4.62B | $4.47B | $4.29B | $3.22B | $2.87B | $2.85B | $2.71B | $1.76B | $1.71B | $1.71B | $1.69B |
| Total assets | $86.05B | $86.32B | $84.43B | $81.19B | $79.62B | $78.39B | $77.34B | $75.37B | $75.37B | $75.20B | $74.97B | $73.64B |
| Liabilities | ||||||||||||
| Accounts payable | $6.59B | $6.74B | $5.97B | $5.23B | $5.02B | $5.06B | $4.81B | $4.65B | $4.54B | $4.88B | $4.54B | $4.45B |
| Short-term debt | $4.24B | $4.31B | $3.09B | $3.22B | $3.59B | $2.96B | $3.69B | $2.94B | $4.10B | $3.73B | $3.55B | $3.74B |
| Deferred revenue | $5.45B | $15.26B | $5.01B | $4.88B | $4.65B | $4.50B | $4.42B | $4.31B | $4.12B | $4.04B | $4.02B | $3.91B |
| Total current liabilities | $33.58B | $33.60B | $32.70B | $27.67B | $28.25B | $28.55B | $29.70B | $26.67B | $28.12B | $28.76B | $28.48B | $26.42B |
| Long-term debt | $0 | $10.51B | $11.08B | $12.51B | $12.77B | $12.84B | $12.89B | $14.02B | $14.37B | $15.03B | $16.55B | $17.07B |
| Lease obligations | — | $6.03B | $6.13B | $6.16B | $6.80B | $6.22B | $6.46B | $6.58B | $6.69B | $6.83B | $6.95B | $7.23B |
| Other long-term liabilities | $29.96B | $20.39B | $20.28B | $20.26B | $19.78B | $19.57B | $19.31B | $19.39B | $19.23B | $19.02B | $18.79B | $19.05B |
| Total liabilities | $63.53B | $64.51B | $64.06B | $60.43B | $60.80B | $60.95B | $61.90B | $60.08B | $61.72B | $62.81B | $63.82B | $62.54B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $66,570 | $65,960 | $65,300 | $65,940 | $65,900 | $65,400 | — | — | — | — |
| Retained earnings (deficit) | $14.88B | $14.27B | $12.93B | $13.34B | $12.13B | $10.83B | $8.93B | $8.78B | $7.94B | $6.76B | $5.62B | $5.65B |
| Accumulated other comprehensive income | −$4.04B | −$4.07B | −$4.11B | −$4.13B | −$4.86B | −$4.90B | −$4.94B | −$4.98B | −$5.69B | −$5.74B | −$5.79B | −$5.84B |
| Total shareholders' equity | $22.51B | $21.82B | $20.38B | $20.75B | $18.82B | $17.44B | $15.45B | $15.29B | $13.65B | $12.39B | $11.15B | $11.11B |
| Key figures | ||||||||||||
| Total debt | $18.84B | $19.98B | $14.16B | $21.08B | $21.72B | $21.28B | $22.28B | $22.77B | $24.39B | $24.81B | $26.31B | $27.28B |
| Net cash (debt) | −$15.05B | −$15.32B | −$9.11B | −$16.77B | −$17.93B | −$17.95B | −$18.57B | −$19.70B | −$20.41B | −$20.58B | −$21.84B | −$23.41B |
| Working capital | −$20.09B | −$19.37B | −$19.04B | −$16.70B | −$17.02B | −$17.57B | −$18.46B | −$16.83B | −$17.06B | −$17.17B | −$16.90B | −$16.15B |
| Tangible book value | $6.80B | $6.10B | $4.66B | $5.03B | $3.10B | $1.72B | −$278.0M | −$435.0M | −$2.08B | −$3.35B | −$4.58B | −$4.63B |
| Book value per share | $34.16 | $33.20 | $31.25 | $31.64 | $28.82 | $26.75 | $23.69 | $23.46 | $21.09 | $19.11 | $17.29 | $17.24 |
| Shares outstanding | 659.0M | 657.0M | 652.0M | 656.0M | 653.0M | 652.0M | 652.0M | 652.0M | 647.0M | 648.0M | 645.0M | 644.0M |
| Current ratio | 0.40 | 0.42 | 0.42 | 0.40 | 0.40 | 0.38 | 0.38 | 0.37 | 0.39 | 0.40 | 0.41 | 0.39 |
| Quick ratio | 0.24 | 0.27 | 0.28 | 0.26 | 0.26 | 0.25 | 0.25 | 0.24 | 0.27 | 0.28 | 0.29 | 0.26 |
| Debt / equity | 0.84 | 0.92 | 0.70 | 1.02 | 1.15 | 1.22 | 1.44 | 1.49 | 1.79 | 2.00 | 2.36 | 2.46 |
| Equity / assets | 26.2% | 25.3% | 24.1% | 25.6% | 23.6% | 22.2% | 20.0% | 20.3% | 18.1% | 16.5% | 14.9% | 15.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 11, 2026); data from EODHD.
DAL financial position
At the end of fiscal 2025 (December 31, 2025), Delta Air Lines had total assets of $81.2 billion (up 7.7% from a year earlier), total liabilities of $60.4 billion and shareholders' equity of $20.8 billion. It held $4.3 billion in cash and short-term investments against $21.1 billion of debt, net debt of $16.8 billion. Its current ratio was 0.40. In the latest quarter (ended September 30, 2026) total assets were $86.0 billion and equity $22.5 billion.
Related: DAL income statement, DAL cash flow statement, DAL key metrics. See the DAL stock overview for the latest quote and news.
DAL balance sheet FAQ
What are Delta Air Lines's total assets?
Delta Air Lines reported total assets of $81.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $75.4 billion a year earlier.
How much debt does Delta Air Lines have?
Delta Air Lines had $21.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.02.
How much cash does Delta Air Lines have?
Delta Air Lines held $4.3 billion in cash and short-term investments at the end of fiscal 2025; with $21.1 billion of debt that is net debt of $16.8 billion.
What is Delta Air Lines's book value?
Delta Air Lines's shareholders' equity (book value) was $20.8 billion at the end of fiscal 2025, or $31.73 per share.
What is Delta Air Lines's current ratio?
Delta Air Lines had current assets of $11.0 billion and current liabilities of $27.7 billion, a current ratio of 0.40 (current liabilities exceed current assets).
How much goodwill does Delta Air Lines have?
Delta Air Lines carried $15.7 billion of goodwill and intangible assets, 19.4% of total assets, at the end of fiscal 2025.