Delta Air Lines, Inc. (DAL) Income Statement
DAL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDAL revenue and net income
Where DAL's revenue goes
2025Each bar shows an amount and its share of revenue. DAL kept 7.9% of revenue as net income.
DAL profit margins
DAL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.8% | +7.8% | +30.0% | +4.5% |
| Gross profit | −12.6% | +9.1% | — | +0.8% |
| Operating income | −2.9% | +16.7% | — | −2.9% |
| Net income | +44.8% | +56.0% | — | +1.0% |
| EPS (diluted) | −5.5% | +22.1% | — | +2.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DAL quarterly EPS vs estimates
Delta Air Lines beat the analyst EPS estimate in 7 of the last 8 quarters.
DAL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63.36B | $61.64B | $58.05B | $50.58B | $29.90B | $17.09B | $47.01B | $44.44B | $41.14B | $39.45B |
| Cost of revenue | $48.89B | $45.09B | $42.53B | $39.42B | $27.77B | $21.46B | $33.41B | $33.34B | $29.63B | $27.16B |
| Gross profit | $14.47B | $16.56B | $15.52B | $11.16B | $2.13B | −$4.37B | $13.60B | $11.10B | $11.51B | $12.29B |
| Research & development | — | — | $340.0M | $307.0M | $301.0M | $304.0M | $239.0M | $205.0M | $187.0M | $158.0M |
| Sales, general & admin | $21.34B | $3.87B | $3.72B | $2.45B | $451.0M | $862.0M | $2.28B | $3.24B | $2.89B | $2.87B |
| Total operating expenses | $8.65B | $10.56B | $10.00B | $7.50B | $247.0M | $8.10B | $6.98B | $5.84B | $5.54B | $5.29B |
| Operating income | $5.82B | $6.00B | $5.52B | $3.66B | $1.89B | −$12.47B | $6.62B | $5.26B | $5.97B | $7.00B |
| Interest income | $533.0M | $1.07B | $429.0M | $1.83B | $1.56B | $3.47B | $182.0M | $297.0M | $396.0M | $388.0M |
| Interest expense | $679.0M | $747.0M | $834.0M | $1.03B | $1.28B | $929.0M | $301.0M | $311.0M | $396.0M | $388.0M |
| Income before taxes | $6.18B | $4.66B | $5.61B | $1.91B | $398.0M | −$15.59B | $6.20B | $5.15B | $5.50B | $6.35B |
| Income taxes | $1.18B | $1.20B | $999.0M | $596.0M | $118.0M | −$3.20B | $1.43B | $1.22B | $2.29B | $2.16B |
| Net income | $5.00B | $3.46B | $4.61B | $1.32B | $280.0M | −$12.38B | $4.77B | $3.94B | $3.21B | $4.20B |
| EBITDA | $8.03B | $7.92B | $8.78B | $5.05B | $3.67B | −$12.35B | $9.08B | $7.79B | $8.12B | $8.64B |
| EPS (diluted) | $5.82 | $6.16 | $6.24 | $3.20 | −$4.10 | −$10.77 | $7.33 | $5.61 | $4.94 | $5.31 |
| Gross margin | 22.8% | 26.9% | 26.7% | 22.1% | 7.1% | −25.6% | 28.9% | 25.0% | 28.0% | 31.1% |
| Operating margin | 9.2% | 9.7% | 9.5% | 7.2% | 6.3% | −72.9% | 14.1% | 11.8% | 14.5% | 17.7% |
| Net margin | 7.9% | 5.6% | 7.9% | 2.6% | 0.9% | −72.4% | 10.1% | 8.9% | 7.8% | 10.6% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.19B | $19.76B | $15.85B | $16.00B | $16.67B | $16.65B | $14.04B | $15.56B | $15.68B | $16.66B | $13.75B | $14.22B |
| Cost of revenue | $13.47B | $13.13B | $11.31B | $12.43B | $12.76B | $11.61B | $11.03B | $11.12B | $11.53B | $11.54B | $10.90B | $10.73B |
| Gross profit | $6.72B | $6.63B | $4.54B | $3.58B | $3.91B | $5.04B | $3.01B | $4.44B | $4.15B | $5.12B | $2.85B | $3.49B |
| Research & development | — | — | — | — | — | — | — | — | — | — | — | $340.0M |
| Sales, general & admin | $703.0M | $1.45B | $1.18B | $5.56B | $1.04B | $1.14B | $676.0M | $1.04B | $963.0M | $1.19B | $675.0M | $625.0M |
| Total operating expenses | $5.27B | $4.76B | $4.04B | $2.11B | $2.23B | $2.94B | $2.44B | $2.73B | $2.75B | $2.85B | $2.23B | $2.17B |
| Operating income | $1.45B | $1.86B | $501.0M | $1.47B | $1.68B | $2.10B | $569.0M | $1.72B | $1.40B | $2.27B | $614.0M | $1.32B |
| Interest income | — | — | $701.0M | $48.0M | $140.0M | $563.0M | $219.0M | $426.0M | — | — | — | — |
| Interest expense | $146.0M | $144.0M | $151.0M | $157.0M | $171.0M | $172.0M | $179.0M | $180.0M | $173.0M | $188.0M | $205.0M | $207.0M |
| Income before taxes | $1.07B | $2.01B | −$214.0M | $1.51B | $1.78B | $2.57B | $320.0M | $1.20B | $1.56B | $1.77B | $122.0M | $2.27B |
| Income taxes | $318.0M | $405.0M | $75.0M | $294.0M | $360.0M | $444.0M | $80.0M | $359.0M | $289.0M | $468.0M | $85.0M | $238.0M |
| Net income | $756.0M | $1.60B | −$289.0M | $1.22B | $1.42B | $2.13B | $240.0M | $843.0M | $1.27B | $1.30B | $37.0M | $2.04B |
| EBITDA | $2.13B | $2.67B | $572.0M | $2.01B | $3.17B | $3.35B | $1.11B | $2.02B | $2.38B | $2.58B | $942.0M | $3.09B |
| EPS (diluted) | $1.72 | $1.56 | $0.64 | $1.55 | $1.71 | $2.10 | $0.46 | $1.85 | $1.50 | $2.36 | $0.45 | $1.28 |
| Gross margin | 33.3% | 33.5% | 28.6% | 22.4% | 23.5% | 30.3% | 21.5% | 28.6% | 26.4% | 30.7% | 20.7% | 24.5% |
| Operating margin | 7.2% | 9.4% | 3.2% | 9.2% | 10.1% | 12.6% | 4.1% | 11.0% | 8.9% | 13.6% | 4.5% | 9.3% |
| Net margin | 3.7% | 8.1% | −1.8% | 7.6% | 8.5% | 12.8% | 1.7% | 5.4% | 8.1% | 7.8% | 0.3% | 14.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DAL's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DAL financial results
In fiscal year 2025 (ended December 31, 2025), Delta Air Lines reported revenue of $63.4 billion, up 2.8% from the year before. It had net income of $5.0 billion (up 44.8%), a net profit margin of 7.9%. Diluted earnings per share came to $5.82. Over five years revenue grew at an average rate of 30.0% a year.
See the DAL stock overview for the latest quote and news, or the DAL chart for price history and technical indicators.
DAL income statement FAQ
What is Delta Air Lines's annual revenue?
Delta Air Lines reported total revenue of $63.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.8% from $61.6 billion the previous year.
Is Delta Air Lines profitable?
Yes. Delta Air Lines reported net income of $5.0 billion in fiscal 2025, a net profit margin of 7.9%; its operating margin was 9.2%.
What is Delta Air Lines's gross margin?
Delta Air Lines's gross margin was 22.8% in fiscal 2025: for every $100 of revenue, Delta Air Lines kept $23 after the direct cost of its products and services.
How fast is Delta Air Lines growing?
Revenue grew 30.0% a year on average over the last five fiscal years, from $17.1 billion to $63.4 billion.
What are Delta Air Lines's earnings per share?
Delta Air Lines earned $5.82 per diluted share in fiscal 2025, compared with $6.16 a year earlier.
When does Delta Air Lines's fiscal year end?
Delta Air Lines's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.