Delta Air Lines, Inc.

Delta reported 2025 total operating revenue of $63.4B (+2.8% YoY) and net income of $5.0B, with diluted EPS of $7.66 versus $5.33 in 2024.

Total operating revenue increased $1.7 billion, or 3%, compared to 2024, which management attributes primarily to a 3% increase in capacity driven by continued strength in demand for premium products, particularly from corporate customers, growth in loyalty travel awards, increased refinery sales to third parties and growth of the Delta TechOps third-party MRO business. Operating income decreased $173 million to $5.8 billion, which management states primarily results from nearly offsetting increases in both revenue and operating expenses. Net income rose to $5.0 billion from $3.5 billion, and management attributes the change in non-operating results primarily to mark-to-market gains on certain equity investments in 2025 compared to losses in 2024.

Operating income of $5,822 million includes a $1,212 million gain on investments, net within non-operating income, compared with a $319 million loss in 2024. The filing also reports operating income, adjusted (a non-GAAP financial measure) of $5.8 billion, a decrease of $212 million compared to 2024, and total revenue, adjusted of $1.3 billion higher, or 2.3%, with adjustments to exclude refinery sales to third parties. The filing states the decreases in operating income and operating income, adjusted primarily result from nearly offsetting increases in both revenue and operating expenses.

Capital expenditures $4.5B (prior $5.1B) (selected cash-flow amount, not necessarily total capital investment).

“On February 4, 2026, the Board of Directors approved and we will pay a quarterly dividend of $0.1875 per share on March 19, 2026 to shareholders of record as of February 26, 2026.”

— Filing statement

Return on equity was 24.0% (prior 22.6%) (period net income / period-end equity, not annualized); return on assets 6.2% (prior 4.6%) (period net income / period-end assets, not annualized).

The filing states expected 2026 capital spend of approximately $5.5 billion, which may vary depending on financing decisions, primarily for aircraft, including deliveries and advance deposit payments, as well as fleet modifications and technology enhancements. It also states it projects an annual effective tax rate between 23% and 25% for 2026, excluding mark-to-market results, and expects fuel consumption to increase in 2026 generally aligned with capacity.

Leverage: Identified debt as of 2025-12-31: reported debt balance of unestablished maturity scope of $11.9B. The concept behind this balance does not establish which maturities it covers. Total debt, net debt and debt-to-equity are therefore not stated.

Liquidity: Liquidity at December 31, 2025 was $7.4 billion, comprising cash, cash equivalents, short-term investments and aggregate principal amount committed and available to be drawn under revolving credit facilities, with approximately $3.1 billion undrawn and available under revolving credit facilities.

Cash flow: Cash flow — operating $8.3B, investing $-4.2B, financing $-3.1B.

Working capital: Current assets $11.0B vs. current liabilities $27.6B (current ratio 0.40x). Prior reported balance sheet as of 2024-12-31: $9.8B vs. $26.7B (0.37x).