Delta Air Lines, Inc.
- Open
- 79.24
- Day high
- 79.24
- Day low
- 77.75
- Prev close
- 80.07
- Volume
- 6.1M
- Mkt cap
- $51.3B
- P/E (TTM)
- 12.8
- EPS (TTM)
- $6.08
- P/B
- 2.4
- P/S
- 0.8
- Yield
- 1.00%
- Per share
- $0.78
- ▼Insiders net selling -$33.1M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
Delta Air Lines, Inc. (DAL) is a Industrials company listed on NYSE. The stock is up 28% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4). Drillr has 13 published research articles covering DAL.
Delta Air Lines, Inc. (DAL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 16 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DAL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 10, 2026 | $1.50 | $2.45 | +63.2% | $19.8B | +13.5% |
| Apr 8, 2026 | $0.58 | $0.64 | +10.9% | $14.2B | +0.9% |
| Jan 13, 2026 | $1.54 | $1.55 | +0.6% | $16.0B | +8.4% |
| Oct 9, 2025 | $1.57 | $1.71 | +9.1% | $16.7B | +10.1% |
| Jul 10, 2025 | $2.06 | $2.10 | +1.7% | $16.6B | +7.0% |
| Apr 9, 2025 | $0.38 | $0.46 | +20.4% | $14.0B | +7.5% |
| Jan 10, 2025 | $1.73 | $1.85 | +7.1% | $15.6B | +9.3% |
| Oct 10, 2024 | $1.53 | $1.50 | -2.1% | $15.7B | +6.3% |
| Jul 11, 2024 | $2.39 | $2.36 | -1.1% | $16.7B | +7.3% |
| Apr 10, 2024 | $0.37 | $0.45 | +21.6% | $13.7B | +8.9% |
| Jan 12, 2024 | $1.17 | $1.28 | +9.4% | $14.2B | +4.0% |
| Oct 12, 2023 | $1.95 | $2.03 | +4.1% | $15.5B | +5.1% |
DAL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 6, 2026 | Sear Steven Mofficer: EVP - Global Sales & Distrib | Sell | 40,460 | $93.55 |
| Aug 6, 2026 | Sear Steven Mofficer: EVP - Global Sales & Distrib | Option | 40,460 | $51.23 |
| Aug 6, 2026 | HUERTA MICHAEL Pdirector | Sell | 3,100 | $94.11 |
| Aug 6, 2026 | BELLEMARE ALAINofficer: EVP & Pres. - International | Option | 35,000 | $39.78 |
| Aug 5, 2026 | Carter Peter Wofficer: President | Option | 39,900 | $49.33 |
| Aug 5, 2026 | DEWALT DAVID Gdirector | Sell | 31,756 | $90.85 |
| Aug 5, 2026 | Bastian Edward Hdirector, officer: Chief Executive Officer | Option | 206,510 | $49.33 |
| Aug 5, 2026 | Bastian Edward Hdirector, officer: Chief Executive Officer | Sell | 206,510 | $92.80 |
| Aug 5, 2026 | BELLEMARE ALAINofficer: EVP & Pres. - International | Option | 35,000 | $39.78 |
| Aug 5, 2026 | Carter Peter Wofficer: President | Sell | 39,900 | $92.98 |
| Aug 5, 2026 | BELLEMARE ALAINofficer: EVP & Pres. - International | Sell | 35,000 | $92.72 |
| Jun 22, 2026 | Taylor David Sdirector | Grant | 3,810 | $320000.00 |
| Jun 22, 2026 | PRABHU VASANT Mdirector | Grant | 2,380 | $200000.00 |
| Jun 22, 2026 | Beck Christophedirector | Grant | 2,380 | $200000.00 |
| Jun 22, 2026 | Hale Leslie D.director | Grant | 2,380 | $200000.00 |
Source: DAL SEC Form 4 filings, latest Aug 6, 2026. For informational purposes only — not investment advice.
See the full DAL insider & 13F page →DAL research & analysis
DAL, UAL, AAL: Iran Jet Fuel Shock Slams Airline Margins
IATA warns global airlines face $100B jet fuel shock from Iran energy spike, with profits potentially halved. What it means for DAL, UAL, AAL.
UALAALJETSAAL: Can Airlines Pass Iran-Driven Fuel Spike to Summer Tickets
Airlines are raising fares and cutting forecasts as Iran conflict-driven jet fuel costs spike heading into summer 2026. United's "uncharted territory" comment and Alaska Air's confirmation that fares won't drop signal 10-20% fare increases are underway — but demand response remains uncertain. Short AAL into Q2 earnings as its leveraged balance sheet and weak pricing power leave it most exposed if summer bookings decline >8% YoY.
AALUALLUVSouthwest's Fuel Warning Dwarfs Delta's $100 Per Long-Haul Flight
Southwest's fuel cost warning has been mispriced as sector-wide pain. The $100 per long-haul flight cost surge hits Delta, American and United 3-14x harder than domestic-focused Southwest and Alaska due to international route exposure. Short long-haul carriers against domestic operators targets 5-10% relative return over 90 days as Q2 earnings reveal the gap.
AALUALLUVAirlines' Jet Fuel Costs Dwarf Refiners' Crack Spread Gains by 3:1 Margin
Persistent $150 crude jet fuel prices create a zero-sum margin transfer: airlines lose 8-10% operating income while refiners gain 12-15%. The market's focus on passenger surcharges misses the structural asymmetry. Long VLO/MPC paired with AAL/LUV targets +10-15% relative return over 3-6 months, breaking if jet fuel reverts to $90 by September or airlines outperform refiners by 5%+ over 120 days.
AALLUVVLOTransat Axes Hundreds of Flights as Iran War Spurs Jet Fuel Surge
Transat's flight cuts confirm Iran war risks post-ceasefire expiration, pointing to 8-12% TRZ downside and 7-11% gains for XOM/CVX as fuel surges. Airlines face deeper capacity pain; energy rerates higher. Breaks without military confirmations by April 29.
TRZXOMCVXAirlines and the Oil Spike: JBLU and AAL Most Exposed as Fuel Hedge Gap Widens
US airlines' lack of fuel hedges exposes them to the April 12 Hormuz blockade-driven oil spike; JBLU and AAL most vulnerable due to losses/debt, while Delta's refinery offers protection. Ranked analysis of six carriers with financials shows clear hierarchy of pain.
AALJBLUALKHormuz Blockade Could Spike Summer Airfares 25% — DAL Wins, AAL Most at Risk
Strait of Hormuz blockade spikes oil, threatening 2026 summer airfares and airline margins. Delta's refinery edge positions it best; high-debt AAL vulnerable. Expect 15-25% fare hikes but demand risks.
AALUALLUVTSM Poised for Re-Rating as China-Taiwan Ties Resume — AAL, DAL Face Revenue Hit
China's resumption of ties with Taiwan, including expanded direct flights, eases risks for TSM and BABA while pressuring AAL and DAL's Pacific routing revenues. TSM poised for re-rating on AI demand; airlines face yield erosion despite guidance. Bullish TSM, neutral BABA, bearish AAL.
TSMBABAAALStrait of Hormuz Closure: COP and XOM Win Big While DAL, UPS, and Ford Bleed
Strait of Hormuz closure from Iran conflict spikes crude into backwardation, boosting oil producers like COP, XOM, and CVX while slamming DAL, UPS, and F. COP tops conviction for pure upstream exposure; Ford ranks worst on ICE demand hit.
XOMCVXCOP$140 Oil Stalls Stock Rally: OXY, XOM Win as AAL, DAL Bleed
Sustained $140+ oil per Bloomberg's April 2 report stalls stocks, favoring XOM, CVX, OXY, SLB via higher realizations while crushing AAL and DAL on fuel costs. Energy winners show robust margins and FCF; airlines face EPS erosion. Ranked: OXY > XOM > CVX > SLB > DAL > AAL.
XOMCVXOXYOil Hits $150 on Hormuz Crisis: OXY, SLB Surge While AAL and DAL Face Margin Collapse
Hormuz crisis spikes oil to $150/bbl, boosting XOM, CVX, OXY, SLB via upstream cash flows while unhedged AAL and DAL face margin squeezes. OXY leads winners on Permian leverage; airlines trail on fuel exposure.
XOMCVXOXYOil Supply Shock: XOM, CVX Surge While UAL, DAL Face Fuel Cost Crisis
Seaborne oil cargo prices surged on April 3, 2026, amid supply disruption fears, favoring energy producers like XOM, CVX, COP, and VLO while pressuring airlines UAL and DAL. Integrated majors lead with robust FCF and growth, ranked by conviction. Watch fuel cracks and OPEC+ for thesis confirmation.
XOMCVXCOPAirline M&A: DAL and UAL Lead as DOT Greenlights More Consolidation — JBLU at Risk
DOT Secretary Duffy's endorsement of more airline M&A highlights consolidation opportunities as weaker carriers falter. Delta and United lead winners with strong balance sheets and premium strategies, while JetBlue and Allegiant face risks. Ranked picks favor low-leverage majors for market share gains.
AALUALLUV
Delta Air Lines, Inc. company profile
Overview
Delta Air Lines, Inc. (NYSE:DAL) is one of the world's largest and oldest airlines, founded in 1924 and headquartered in Atlanta, Georgia. The company went public in its current form in 2007 following its emergence from bankruptcy and subsequent merger with Northwest Airlines in 2008. Delta has evolved into a major global carrier operating approximately 1,200 aircraft and serving destinations across the United States and internationally. The airline is recognized as a premium carrier with a focus on operational excellence, customer service, and loyalty programs, consistently ranking among the top performers in on-time performance and customer satisfaction metrics.
Business
Delta Air Lines operates in the commercial aviation industry, providing scheduled passenger air transportation and cargo services globally. The company's core business revolves around operating flights that transport people and goods between cities using a fleet of commercial aircraft. The airline industry is a complex service sector that requires significant capital investment in aircraft, airports, and infrastructure while being heavily regulated by government agencies. Delta operates through two primary business segments. The Airline segment represents the vast majority of revenue (approximately 95-97%) and encompasses all passenger transportation services, cargo operations, and related aviation services. This includes domestic flights within the United States and international routes connecting the U.S. to destinations worldwide. The company's domestic network is built around major hub airports in Atlanta, Minneapolis-St. Paul, Detroit, Salt Lake City, Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle. Internationally, Delta maintains significant presence through hubs and partnerships in Amsterdam, Mexico City, London-Heathrow, Paris-Charles de Gaulle, and Seoul-Incheon. The Refinery segment accounts for the remaining 3-5% of revenue and operates the Monroe Energy refinery in Pennsylvania, which Delta acquired to help manage fuel costs by producing jet fuel and other petroleum products. This vertical integration strategy allows Delta to have more control over one of its largest operating expenses. Within the airline segment, Delta has strategically focused on premium services, which include first-class, business-class (Delta One), and premium economy (Delta Premium Select) seating options that command higher fares. The company also operates a significant loyalty program called SkyMiles and maintains a valuable partnership with American Express that generates substantial non-ticket revenue through credit card remuneration and loyalty program services.
Revenue model
Delta generates revenue primarily through ticket sales for passenger transportation, with additional income from cargo services, loyalty programs, and ancillary services. The company's business model is built on selling seats on scheduled flights, with pricing that varies based on demand, route, time of booking, and service class. Premium cabin seats (first class, business class, and premium economy) generate significantly higher margins than economy class seats, which is why Delta has strategically focused on expanding premium offerings. The airline's most profitable revenue stream comes from its partnership with American Express, which generated approximately $7.4 billion in 2024. This partnership involves American Express paying Delta for SkyMiles points that credit card holders earn, creating a highly profitable revenue source with minimal incremental costs. The loyalty program also drives customer retention and higher-value bookings. Delta's paying customers include leisure travelers, business travelers, cargo shippers, and corporate accounts. Business travelers typically pay higher fares and book closer to departure dates, making them particularly valuable customers. The company also serves corporate clients through negotiated contracts that provide volume discounts in exchange for travel commitments. Several factors significantly impact Delta's margins and profitability. Fuel costs represent the largest variable expense, typically accounting for 20-25% of operating costs, making the airline vulnerable to oil price volatility. Capacity discipline across the industry affects pricing power - when airlines add too much capacity relative to demand, fare wars can erode margins. Economic conditions directly influence travel demand, with business travel being more sensitive to economic downturns than leisure travel. Seasonal patterns create significant quarterly variations, with summer typically being the strongest season. Competition from low-cost carriers and other legacy airlines can pressure pricing, while regulatory changes and airport slot availability can affect operational costs and growth opportunities. Labor costs are also significant, as pilot and flight attendant wages represent major fixed expenses that can increase through union negotiations.
Competitive moat
Delta's competitive moat is moderately strong but faces ongoing challenges from industry dynamics. The company's primary competitive advantages center around its hub-and-spoke network, which creates natural barriers to entry at key airports where Delta controls significant gate space and takeoff/landing slots. Atlanta, in particular, serves as Delta's fortress hub where the airline dominates market share and benefits from connecting traffic that would be difficult for competitors to replicate. The airline's SkyMiles loyalty program and American Express partnership creates meaningful customer switching costs and generates high-margin revenue that competitors cannot easily replicate. This partnership has become increasingly valuable as a financial services business embedded within the airline operation. Delta's focus on operational reliability and premium service has built strong brand equity that allows for pricing premiums over low-cost competitors. However, Delta's moat faces significant limitations. The airline industry is inherently commoditized, with customers often prioritizing price and schedule convenience over brand loyalty for routine travel. Low-cost carriers like Southwest and ultra-low-cost carriers continue to pressure pricing on many routes. New entrants can emerge, particularly in specific markets, and existing competitors can add capacity that pressures yields. The industry's high fixed costs mean that competitors will often cut prices to fill seats rather than ground aircraft. Regulatory constraints limit Delta's ability to dominate markets through acquisition, while airport slot restrictions prevent unlimited expansion at key hubs. The company's premium positioning becomes vulnerable during economic downturns when business travel declines and consumers become more price-sensitive. Additionally, technological disruption through video conferencing and remote work trends could permanently reduce business travel demand, which represents Delta's highest-margin customer segment.
Risks & safety
Delta maintains a moderate margin of safety with some areas of concern regarding leverage and cyclical risks. • Liquidity position: $3.1 billion in cash and short-term investments provides reasonable liquidity buffer, though this represents only about 5% of annual revenue • Debt levels: Total debt-to-equity ratio of 1.49x is elevated but manageable; company has been actively deleveraging with $2.4 billion in debt repayment in 2024 • Free cash flow generation: Generated $2.9 billion in free cash flow for 2024, demonstrating ability to self-fund operations and debt reduction • Solvency risk: Low near-term bankruptcy risk given cash generation and liquidity, but airline industry's cyclical nature creates ongoing concern • Valuation metrics: Trading at 11.4x forward P/E and 7.4x EV/EBITDA based on 2024 results, appearing reasonably valued relative to historical norms • Current ratio: 0.37x indicates working capital deficit typical of airline industry but creates operational risk during downturns • Other considerations: High fixed cost structure makes earnings volatile; exposure to fuel price fluctuations; regulatory and economic sensitivity; aging aircraft fleet requiring ongoing capital investment
Recent development
Over the past few years, Delta has pursued several key strategic initiatives focused on premiumization, technology enhancement, and operational excellence. The company has significantly expanded its premium cabin offerings, with 85% of incremental capacity additions being premium seats, including the rollout of Delta One Lounges at major hubs like JFK and LAX, with additional locations planned for Boston and Seattle. Technology investments have been a major focus, including the launch of Delta Concierge, an AI-powered digital travel assistant, comprehensive upgrades to the Fly Delta mobile app, and the introduction of free Wi-Fi across the fleet. The company has also formed strategic partnerships, including Delta Sync with YouTube for enhanced in-flight entertainment and an exclusive partnership with Uber that allows SkyMiles members to earn points on rides. Network optimization has involved capacity discipline and route adjustments, with Delta reducing second-half 2024 capacity growth to flat year-over-year in response to market conditions. The company has focused on strengthening its core hub operations while managing regional network recovery, expecting to reach 100% of 2019 regional capacity levels by summer 2025. Financial discipline has been demonstrated through aggressive debt reduction, with over $2.4 billion repaid in 2024, helping the company achieve investment-grade credit ratings from both Moody's and Fitch. Delta has also restored shareholder returns, increasing its quarterly dividend by 50% and maintaining a target leverage ratio of 2.5x or lower. The company's operational focus has resulted in industry-leading performance metrics, including 78 brand-perfect days in 2024 and recognition as the most on-time airline in North America.
DAL company profile · for informational purposes only — not investment advice.
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