Delta Air Lines Past Earnings Performance
Past criteria checks 5/6
Delta Air Lines has been growing earnings at an average annual rate of 60.2%, while the Airlines industry saw earnings growing at 45.9% annually. Revenues have been growing at an average rate of 19.1% per year. Delta Air Lines's return on equity is 22%, and it has net margins of 6.9%.
Key information
60.23%
Earnings growth rate
60.16%
EPS growth rate
| Airlines Industry Growth | 0.092% |
| Revenue growth rate | 19.06% |
| Return on equity | 21.97% |
| Net Margin | 6.87% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 15
DAL: Fuel Resilience And Premium Demand Will Support Future Upside Potential
Analysts have raised the implied fair value for Delta Air Lines stock from about $80.04 to $95.00. This reflects updated assumptions for higher revenue growth, a lower discount rate and a higher future P/E multiple, partly informed by recent shifts in Street price targets amid fuel cost concerns and demand trends.Seeking Alpha • May 12
It's Just Plane Obvious: Delta Is Set To Benefit From The Jet Fuel Crisis
Summary The airline industry is facing several challenges, with its costs (mainly oil) increasing dramatically in recent years. Delta stands out from the group in terms of its relative valuation, performance, and growth initiatives. In the process of a massive fleet revitalization, Delta is experiencing significant fuel efficiency gains. Delta is also reaping the rewards from other business decisions and investments. Using a sum-of-parts analysis, Delta's shares have significant upside. Read the full article on Seeking Alpha
Narrative Update • Apr 29
DAL: Fair Outlook Weighs Fuel Cost Pressures Against Premium Demand Trends
Analysts have nudged Delta Air Lines' fair value estimate slightly higher to $64.40, citing updated assumptions that reflect stronger revenue expectations, a higher future P/E multiple, and fuel cost pressures that temper profit margin forecasts. Analyst Commentary Recent Street research on Delta Air Lines shows a mixed backdrop, with some firms lifting price targets while others trim expectations in response to higher fuel assumptions and evolving demand views.Narrative Update • Apr 14
DAL: Fair Outlook Balances Fuel Cost Uncertainty With 2026 Earnings Guidance
Analysts have adjusted the average price target for Delta Air Lines by about $1, reflecting updated views on fuel cost headwinds, resilient demand, and revised expectations for margins and future P/E multiples. Analyst Commentary Recent research has offered a mixed but generally cautious read on Delta Air Lines, with several firms adjusting price targets to reflect higher fuel assumptions, evolving demand expectations, and uncertainty around margins and future P/E multiples.
Narrative Update • Mar 31
DAL: Premium Demand And Limited Fuel Sensitivity Will Support 2026 Earnings Profile
Analysts nudged the average price target for Delta Air Lines slightly lower to around $80. They cited the impact of higher fuel cost assumptions, while also highlighting resilient demand, modestly firmer revenue growth and margin expectations, and a P/E multiple that remains broadly in line with prior views.Narrative Update • Mar 16
DAL: Premium Demand And Low Fuel Sensitivity Will Support Further Upside
Narrative Update: Delta Air Lines The analyst price target for Delta Air Lines has edged lower by a few dollars to reflect higher assumed fuel costs and slightly softer profit margin expectations, even as analysts still highlight resilient demand and relatively lower fuel sensitivity compared with peers. Analyst Commentary Recent research on Delta Air Lines clusters around a common theme, with higher assumed fuel costs pulling price targets lower, while demand and premium positioning are still seen as important supports for the equity story.Narrative Update • Mar 02
DAL: Fair Outlook Weighs 2026 Guidance Against Widebody Order Commitments
Analysts have modestly adjusted their price targets on Delta Air Lines, with the blended target moving slightly. Updated models reflect a lower discount rate, a small uptick in expected revenue growth, and a marginally reduced assumed profit margin and future P/E multiple.
New Narrative • Mar 01
Delta Air Lines Inc. (DAL): The Premium Powerhouse – Scaling Loyalty and International Dominance in 2026
Delta Air Lines (DAL) is currently the most profitable major carrier in the United States, trading at $65.72 as of the February 27, 2026 close. While the stock faced a sharp 6.8% dip on the final Friday of February due to a massive winter storm in the Northeast and lingering concerns over trade policy, its fundamental narrative remains one of "premiumization." Following a record-breaking fiscal year 2025, where the airline achieved $58.3 billion in revenue and an industry-leading 10% operating margin , Delta is successfully decoupling itself from the traditional "low-cost" airline cycle.Narrative Update • Feb 16
DAL: Premium Demand And 2026 Outlook Will Support Further Upside
The analyst price target for Delta Air Lines has been reduced by approximately $1 to $81.29. Analysts cite minor changes to fair value, discount rate, revenue growth, and profit margin assumptions, reflecting a combination of recent target increases and modest reductions across the Street.
Narrative Update • Feb 09
Delta Air Lines posts stellar unit economics but faces headwinds ahead
Atlanta's flag carrier, so to speak, remains the lode star in the US network carrier heaven, with its profitability the current envy of the industry: Total revenue per available seat mile (TRASM) in Q4/25 stood at 21.94 cents, with total cost per available seat mile (CASM) at 19.93 cents, thus yielding a net profit of some 2 cents per available seat mile. This is simply oustanding, particularly for a legacy carrier.Narrative Update • Feb 02
DAL: Premium Demand And 2026 Guidance Will Support Measured Upside Ahead
Analysts have lifted their average fair value estimate for Delta Air Lines by about US$7 to roughly US$82. This reflects updated assumptions for slightly stronger revenue growth, modestly higher profit margins and a steady forward P/E multiple, informed by recent Street research that includes several higher price targets alongside a few trims.Narrative Update • Jan 19
DAL: Fair Outlook Balances 2026 Guidance With Widebody Order And JV Ruling
Our fair value estimate for Delta Air Lines has increased from about US$59 to roughly US$66 per share as analysts incorporate updated price targets, including a mix of modest target reductions and larger increases across the Street, along with their expectations for demand, margins, and earnings multiples reflected in recent research. Analyst Commentary Recent research on Delta Air Lines reflects a mix of higher and lower price targets, with several firms updating their views as part of broader Q4 previews and outlooks for 2026.Narrative Update • Jan 05
DAL: Premium Demand And Industry Shifts Will Support Measured Upside Ahead
Analysts have nudged their blended price target for Delta Air Lines higher to about US$74.61 from US$73.64, reflecting recent Q3 beat and raise commentary, constructive Q4 guidance, and views that the airline could benefit from structural changes across the industry. Analyst Commentary Recent research updates point to a more constructive tone around Delta Air Lines, with several bullish analysts raising their price targets into the low to mid US$70s after Q3 results and Q4 guidance commentary.Analysis Article • Dec 18
Delta Air Lines, Inc. (NYSE:DAL) Shares Fly 25% But Investors Aren't Buying For Growth
Delta Air Lines, Inc. ( NYSE:DAL ) shares have had a really impressive month, gaining 25% after a shaky period...Narrative Update • Dec 14
DAL: Industry Shifts And Premium Demand Will Support Measured Upside Through 2026
Analysts have nudged their blended fair value estimate for Delta Air Lines higher to about $74 from roughly $72, citing Q3 beat-and-raise dynamics, improved revenue growth and Q4 guidance, and Delta's perceived structural advantages as a key beneficiary of ongoing industry changes. Analyst Commentary Street research remains broadly constructive on Delta, with a series of price target increases clustered in the low to mid $70s and upgrades that reflect confidence in both near term execution and longer term structural advantages.Narrative Update • Nov 30
DAL: Industry Consolidation And Margin Gains Will Spur Outperformance Through 2026
The analyst price target for Delta Air Lines edged slightly lower to $71.60 from $71.75. Analysts cite improved revenue and margin outlooks, but anticipate only minor adjustments following the most recent earnings and guidance updates.Narrative Update • Nov 16
DAL: Ongoing Industry Changes Will Drive Sustained Margin Expansion Into 2026
Delta Air Lines' average analyst price target has been raised, with several firms increasing their targets by $2 to $13 per share. Analysts point to strong Q3 results, positive guidance, and structural industry advantages that support further upside.Narrative Update • Nov 01
DAL: Momentum In Premium Travel And New Technology Will Drive Outperformance
Delta Air Lines' analyst price target has seen a notable increase, with consensus rising by several dollars to a new range around $74 to $85. Analysts cite strong Q3 results, improved Q4 guidance, and confidence in the airline's premium strategies and industry positioning as key drivers for the upward revision.Analysis Article • Oct 18
Delta Air Lines' (NYSE:DAL) Profits May Not Reveal Underlying Issues
Delta Air Lines, Inc.'s ( NYSE:DAL ) robust recent earnings didn't do much to move the stock. We think this is due to...Narrative Update • Oct 18
Long-Term MRO Partnership And Cost Management Will Secure Future Success
Delta Air Lines’ analyst price target has been revised upward from $70.46 to $71.75, as analysts point to recent earnings outperformance, raised guidance, and Delta’s structural advantages that support improved profitability. Analyst Commentary Recent commentary from Wall Street highlights a growing optimism among analysts regarding Delta Air Lines’ performance and prospects.Narrative Update • Oct 04
Long-Term MRO Partnership And Cost Management Will Secure Future Success
Delta Air Lines' analyst price target has edged up from $69.66 to $70.46, as analysts cite momentum in premium product offerings, positive revenue trends, and industry-wide transformation as key factors supporting a slightly more optimistic outlook. Analyst Commentary Recent analyst actions reflect heightened optimism around Delta Air Lines, with several firms raising their price targets and voicing confidence in key drivers of performance and future execution.Narrative Update • Sep 16
Long-Term MRO Partnership And Cost Management Will Secure Future Success
Delta Air Lines’ analyst price target was raised as Q2 earnings, forward guidance, and reinstated 2025 EPS targets outperformed expectations, supported by robust demand, premium segment growth, and competitive positioning, resulting in the target increasing from $67.81 to $69.66. Analyst Commentary Bullish analysts noted Delta’s Q2 earnings beat, with EPS and forward guidance ahead of consensus, and reinstated 2025 EPS guidance indicating upside potential.Narrative Update • Sep 01
Long-Term MRO Partnership And Cost Management Will Secure Future Success
Delta Air Lines’ Analyst Price Target has been raised to $67.66, primarily reflecting strong Q2 earnings, reinstated and above-consensus guidance, robust demand—especially for international and premium products—and continued pricing power supported by industry capacity discipline. Analyst Commentary Stronger-than-expected Q2 earnings, with Q3 and FY25 EPS guidance reinstated and surpassing consensus estimates.Analysis Article • Jul 03
Is It Time To Consider Buying Delta Air Lines, Inc. (NYSE:DAL)?
Today we're going to take a look at the well-established Delta Air Lines, Inc. ( NYSE:DAL ). The company's stock saw a...Analysis Article • Jun 12
Shareholders Will Probably Hold Off On Increasing Delta Air Lines, Inc.'s (NYSE:DAL) CEO Compensation For The Time Being
Key Insights Delta Air Lines to hold its Annual General Meeting on 19th of June Total pay for CEO Ed Bastian includes...Seeking Alpha • Apr 08
Delta Air Lines Q1 Preview: Cheaper Oil Presents A Strong Tailwind
Summary Despite a ~38.68% YTD drop, Delta shares are undervalued; robust fundamentals and resilient travel demand present a compelling buy opportunity. Short-term sentiment on reduced high-end travel is driving the price down, but Delta's earnings growth potential remains strong. Falling fuel prices will improve margins, and TSA data shows continued strong travel demand, supporting Delta's revenue growth. Delta's valuation is deeply discounted; potential for significant upside if shares re-rate to a more realistic forward EPS multiple. Read the full article on Seeking AlphaNew Narrative • Mar 20
Delta loses shine after warning of falling travel demand, but still industry leader
As written here in February, Delta is the leading carrier among the major US airlines.In terms of profitability, fleet management/modernisation and thus cost effectiveness, and yield management, the gSeeking Alpha • Mar 11
Delta Air Lines: Quality Won't Matter, Downgrading To Neutral
Summary Lower revenue, margins and EPS guidance for Q1 led to a 17% drop in Delta Air Lines' stock and a $5B market cap loss on Monday. I believe that Delta still has strong fundamentals relative to its peers, but consumer weakness and economic risks warrant caution. Expect more volatility ahead as the bottom of the well for an airline stock during a recession could surpass a 65% drop from prior highs. Read the full article on Seeking AlphaSeeking Alpha • Feb 14
Delta Air Lines Gains As Competitors Struggle
Summary Delta Air Lines leads the industry in total revenues and market cap, driven by strategic network restructuring and fleet optimization over the past 20 years. Delta's growth focuses on restoring regional jet capacity, expanding coastal hubs, and leveraging international partnerships, while maintaining a balanced domestic and international network. Strong financials, industry-leading service, and a robust loyalty program with American Express position Delta for continued success despite economic challenges. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Delta Air Lines makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 65,178 | 4,476 | 2,523 | 0 |
| 31 Dec 25 | 63,364 | 5,005 | 2,485 | 0 |
| 30 Sep 25 | 62,920 | 4,630 | 2,490 | 0 |
| 30 Jun 25 | 61,925 | 4,485 | 2,488 | 0 |
| 31 Mar 25 | 61,935 | 3,660 | 2,487 | 0 |
| 31 Dec 24 | 61,643 | 3,457 | 2,485 | 0 |
| 30 Sep 24 | 60,307 | 4,651 | 2,429 | 0 |
| 30 Jun 24 | 60,117 | 4,487 | 2,404 | 0 |
| 31 Mar 24 | 59,037 | 5,009 | 2,384 | 0 |
| 31 Dec 23 | 58,048 | 4,609 | 2,334 | 0 |
| 30 Sep 23 | 57,260 | 3,401 | 2,276 | 0 |
| 30 Jun 23 | 55,746 | 2,987 | 2,205 | 0 |
| 31 Mar 23 | 53,993 | 1,895 | 2,079 | 0 |
| 31 Dec 22 | 50,582 | 1,318 | 1,891 | 0 |
| 30 Sep 22 | 46,617 | 81 | 1,698 | 0 |
| 30 Jun 22 | 41,796 | 600 | 1,459 | 0 |
| 31 Mar 22 | 35,097 | 517 | 1,155 | 0 |
| 31 Dec 21 | 29,899 | 280 | 953 | 0 |
| 30 Sep 21 | 24,402 | -67 | 735 | 0 |
| 30 Jun 21 | 18,311 | -6,659 | 527 | 0 |
| 31 Mar 21 | 12,653 | -13,028 | 355 | 0 |
| 31 Dec 20 | 17,095 | -12,385 | 643 | 0 |
| 30 Sep 20 | 24,561 | -10,532 | 1,036 | 0 |
| 30 Jun 20 | 34,059 | -3,657 | 1,476 | 0 |
| 31 Mar 20 | 45,127 | 3,503 | 1,964 | 0 |
| 31 Dec 19 | 47,007 | 4,767 | 2,211 | 0 |
| 30 Sep 19 | 46,310 | 4,688 | 1,973 | 0 |
| 30 Jun 19 | 45,703 | 4,514 | 1,968 | 0 |
| 31 Mar 19 | 44,942 | 4,108 | 1,941 | 0 |
| 31 Dec 18 | 44,438 | 3,935 | 1,941 | 0 |
| 30 Sep 18 | 43,924 | 3,214 | 1,929 | 0 |
| 30 Jun 18 | 43,033 | 3,052 | 1,893 | 0 |
| 31 Mar 18 | 42,005 | 3,201 | 1,838 | 0 |
| 31 Dec 17 | 41,138 | 3,205 | 1,827 | 0 |
| 30 Sep 17 | 40,368 | 3,529 | 1,790 | 0 |
| 30 Jun 17 | 39,789 | 3,628 | 1,757 | 0 |
| 31 Mar 17 | 39,489 | 3,988 | 1,738 | 0 |
| 31 Dec 16 | 39,450 | 4,195 | 1,751 | 0 |
| 30 Sep 16 | 39,683 | 4,731 | 1,693 | 0 |
| 30 Jun 16 | 40,307 | 4,787 | 1,690 | 0 |
| 31 Mar 16 | 40,567 | 4,726 | 1,674 | 0 |
| 31 Dec 15 | 40,704 | 4,526 | 1,672 | 0 |
| 30 Sep 15 | 40,849 | 2,834 | 1,681 | 0 |
| 30 Jun 15 | 40,920 | 1,876 | 1,694 | 0 |
Quality Earnings: DAL has high quality earnings.
Growing Profit Margin: DAL's current net profit margins (6.9%) are higher than last year (5.9%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: DAL has become profitable over the past 5 years, growing earnings by 60.2% per year.
Accelerating Growth: DAL's earnings growth over the past year (22.3%) is below its 5-year average (60.2% per year).
Earnings vs Industry: DAL earnings growth over the past year (22.3%) exceeded the Airlines industry 17.2%.
Return on Equity
High ROE: DAL's Return on Equity (22%) is considered high.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/20 10:38 |
| End of Day Share Price | 2026/05/20 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Delta Air Lines, Inc. is covered by 42 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| John Staszak | Argus Research Company |
| Brandon Oglenski | Barclays |
| Garrett Chase | Barclays |