Delta Air Lines, Inc. (DAL) Cash Flow Statement
Where DAL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $8.34B +4.0% vs 2024
- Capital expenditures
- $4.50B 7.1% of revenue
- Free cash flow
- $3.84B 6.1% margin
- Returned to shareholders
- $440.0M 11% of free cash flow
- Change in cash
- $1.16B cash at year-end $4.40B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DAL operating cash flow, capex and free cash flow
DAL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $7.21B2016 | $8.34B2025 | +1.6%/yr | |
| Capital expenditures | $3.39B2016 | $4.50B2025 | +3.2%/yr | |
| Free cash flow | $3.81B2016 | $3.84B2025 | +0.1%/yr | |
| Free cash flow margin | 9.7%2016 | 6.1%2025 | −3.6 pts | |
| Operating cash flow / net income | 1.652016 | 1.672025 | +0.02 | |
| Stock-based compensation | $154.0M2016 | $180.0M2023 | +2.3%/yr | |
| Dividends paid | $509.0M2016 | $440.0M2025 | −1.6%/yr | |
| Share buybacks (net) | $2.60B2016 | $02022 | −100.0% | |
| Capex / revenue | 8.6%2016 | 7.1%2025 | −1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DAL cash flow by activity
DAL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DAL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.01B | $3.46B | $4.61B | $1.32B | $280.0M | −$12.38B | $4.77B | $3.94B | $3.58B | $4.37B |
| Depreciation & amortization | $2.44B | $2.51B | $2.34B | $2.11B | $2.00B | $2.31B | $2.58B | $2.33B | $2.23B | $1.90B |
| Stock-based compensation | — | — | $180.0M | $150.0M | $149.0M | $3.33B | $161.0M | $159.0M | $169.0M | $154.0M |
| Change in working capital | $2.15B | $710.0M | −$29.0M | $1.81B | $2.51B | $1.39B | $526.0M | $176.0M | $608.0M | −$173.0M |
| Other non-cash items | −$1.25B | $1.34B | −$637.0M | $983.0M | −$1.67B | $1.56B | $402.0M | $415.0M | −$1.44B | $949.0M |
| Cash from operating activities | $8.34B | $8.03B | $6.46B | $6.36B | $3.26B | −$3.79B | $8.44B | $7.01B | $5.15B | $7.21B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.50B | −$5.14B | −$5.32B | −$6.37B | −$3.25B | −$1.90B | −$4.94B | −$5.17B | −$3.89B | −$3.39B |
| Investments (net) | $0 | −$3.74B | −$7.35B | −$6.92B | −$897.0M | −$5.79B | $206.0M | $621.0M | −$1.59B | $979.0M |
| Acquisitions & other investing | $313.0M | $5.14B | $9.52B | $6.37B | $3.25B | −$1.55B | $155.0M | $154.0M | $111.0M | $257.0M |
| Cash from investing activities | −$4.19B | −$3.74B | −$3.15B | −$6.92B | −$897.0M | −$9.24B | −$4.58B | −$4.39B | −$5.37B | −$2.15B |
| Financing activities | ||||||||||
| Dividends paid | −$440.0M | −$321.0M | −$128.0M | $0 | $0 | −$260.0M | −$980.0M | −$909.0M | −$731.0M | −$509.0M |
| Share repurchases & issuance (net) | — | — | — | $0 | $0 | −$344.0M | −$2.03B | −$1.57B | −$1.68B | −$2.60B |
| Net borrowing (repayment) | −$4.83B | −$3.95B | −$4.07B | −$4.47B | −$3.93B | $17.49B | $487.0M | $700.0M | $1.59B | −$1.50B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.19B | $14.0M | $805.0M | −$60.0M | $80.0M | $2.47B | −$360.0M | $58.0M | $90.0M | $349.0M |
| Cash from financing activities | −$3.08B | −$4.26B | −$3.39B | −$4.54B | −$3.85B | $19.36B | −$2.88B | −$1.73B | −$730.0M | −$4.26B |
| Summary | ||||||||||
| Net change in cash | $1.16B | $297.0M | −$464.0M | −$4.69B | −$403.0M | $6.33B | $1.48B | −$202.0M | −$948.0M | $790.0M |
| Cash at end of period | $4.40B | $3.24B | $2.94B | $3.40B | $8.10B | $10.05B | $3.09B | $1.61B | $1.81B | $2.76B |
| Free cash flow | $3.84B | $2.88B | $1.14B | −$2.0M | $16.0M | −$5.69B | $3.50B | $1.85B | $1.26B | $3.81B |
| Free cash flow margin | 6.1% | 4.7% | 2.0% | −0.0% | 0.1% | −33.3% | 7.4% | 4.2% | 3.1% | 9.7% |
| Capex / revenue | 7.1% | 8.3% | 9.2% | 12.6% | 10.9% | 11.1% | 10.5% | 11.6% | 9.5% | 8.6% |
| Operating cash flow / net income | 1.67 | 2.32 | 1.40 | 4.83 | 11.65 | — | 1.77 | 1.78 | 1.44 | 1.65 |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $756.0M | $289.0M | −$289.0M | $1.22B | $1.42B | $2.13B | $240.0M | $843.0M | $1.27B | $1.30B | $37.0M | $2.04B |
| Depreciation & amortization | $673.0M | −$635.0M | $635.0M | $620.0M | $614.0M | $602.0M | $607.0M | $635.0M | $643.0M | $620.0M | $615.0M | $610.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | $2.24B |
| Change in working capital | — | −$1.17B | $1.17B | $2.15B | $6.08B | $4.24B | $2.38B | $873.0M | $6.13B | $4.86B | — | −$2.24B |
| Other non-cash items | $284.0M | $3.11B | $921.0M | −$1.73B | −$6.27B | −$5.11B | −$847.0M | −$457.0M | −$6.77B | −$4.33B | $1.76B | −$2.10B |
| Cash from operating activities | $1.71B | $1.59B | $2.43B | $2.26B | $1.85B | $1.86B | $2.38B | $1.89B | $1.27B | $2.45B | $2.41B | $545.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.41B | −$1.20B | −$1.20B | −$907.0M | −$1.16B | −$1.21B | −$1.22B | −$1.31B | −$1.33B | −$1.31B | −$1.19B | −$1.60B |
| Investments (net) | — | −$51.0M | −$54.0M | $0 | −$1.03B | −$1.20B | −$1.22B | −$1.17B | −$1.12B | −$809.0M | −$637.0M | −$535.0M |
| Acquisitions & other investing | $110.0M | −$261.0M | −$9.0M | $179.0M | $1.16B | $1.21B | $1.22B | $1.31B | $1.33B | $1.31B | $1.19B | $1.60B |
| Cash from investing activities | −$1.30B | −$1.51B | −$1.26B | −$728.0M | −$1.03B | −$1.20B | −$1.22B | −$1.17B | −$1.12B | −$809.0M | −$637.0M | −$535.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$141.0M | −$129.0M | −$129.0M | −$122.0M | −$122.0M | −$97.0M | −$99.0M | −$96.0M | −$97.0M | −$64.0M | −$64.0M | −$64.0M |
| Net borrowing (repayment) | — | −$536.0M | −$1.56B | −$896.0M | −$459.0M | −$2.94B | −$531.0M | −$1.54B | −$262.0M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.16B | $1.10B | $1.26B | $17.0M | $211.0M | $1.97B | −$4.0M | $48.0M | −$12.0M | −$1.45B | −$723.0M | $480.0M |
| Cash from financing activities | −$1.30B | $435.0M | −$435.0M | −$1.00B | −$370.0M | −$1.07B | −$634.0M | −$1.59B | −$371.0M | −$1.51B | −$787.0M | $416.0M |
| Summary | ||||||||||||
| Net change in cash | −$891.0M | $500.0M | $752.0M | $531.0M | $461.0M | −$373.0M | $563.0M | −$829.0M | −$158.0M | $221.0M | $1.06B | $426.0M |
| Cash at end of period | $3.88B | $5.70B | $5.20B | $4.50B | $3.89B | $3.43B | $3.80B | $3.24B | $4.07B | $4.22B | $4.00B | $3.40B |
| Free cash flow | $300.0M | $2.79B | $1.23B | $1.35B | $687.0M | $648.0M | $1.15B | $584.0M | −$54.0M | $1.14B | $1.22B | −$1.06B |
| Free cash flow margin | 1.5% | 14.1% | 7.8% | 8.5% | 4.1% | 3.9% | 8.2% | 3.8% | −0.3% | 6.8% | 8.8% | −7.4% |
| Capex / revenue | 7.0% | 6.1% | 7.6% | 5.7% | 7.0% | 7.3% | 8.7% | 8.4% | 8.5% | 7.9% | 8.7% | 11.3% |
| Operating cash flow / net income | 2.27 | 5.52 | — | 1.85 | 1.30 | 0.87 | 9.91 | 2.25 | 1.00 | 1.88 | 65.08 | 0.27 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DAL cash generation
In fiscal 2025 (ended December 31, 2025), Delta Air Lines generated $8.3 billion of cash from operations (up 4.0%) and spent $4.5 billion on capital expenditures, leaving free cash flow of $3.8 billion, 6.1% of revenue. It returned $440.0 million to shareholders through dividends ($440.0 million) and net share buybacks ($0). Cash and equivalents rose by $1.2 billion over the year.
Related: DAL income statement, DAL balance sheet, DAL dividend history. See the DAL stock overview for the latest quote and news.
DAL cash flow FAQ
What is Delta Air Lines's free cash flow?
Delta Air Lines's free cash flow was $3.8 billion in fiscal 2025: $8.3 billion of operating cash flow minus $4.5 billion of capital expenditures It was $2.9 billion a year earlier..
How much cash does Delta Air Lines generate from operations?
Delta Air Lines generated $8.3 billion of cash from operating activities in fiscal 2025, 1.67 times its net income of $5.0 billion.
How much does Delta Air Lines spend on capital expenditures?
Delta Air Lines spent $4.5 billion on capital expenditures in fiscal 2025, 7.1% of revenue, compared with $5.1 billion the year before.
How much does Delta Air Lines pay in dividends?
Delta Air Lines paid $440.0 million in dividends in fiscal 2025, 11.4% of free cash flow.