olivLaw · US equity research
Delta Air Lines, Inc. DAL
Air Transportation, Scheduled · SIC 4512 · Vertical: Air Transportation, Scheduled (SIC 4512)
Delta Air Lines is a global airline based in the United States that builds its advantage on people, operational reliability, a global network and the SkyMiles loyalty program. With operating revenue of 63.4 billion USD in 2025 and strong demand for premium products, the company remains in focus in a high fuel cost environment.
At the close of 03 Nov 2026, Delta Air Lines, Inc. (DAL) stock was 83.28 USD (−0.17% on the day), with market capitalisation 54.8 bn USD, P/E 16.6 on diluted EPS of 5.01 USD over the last 12 months, dividend yield 0.86%, beta 1.77, 52-week range 55.65–93.66 USD. Latest reported quarter (Q3 2026): revenue of 20.2 bn USD (+21.1% YoY), net income of 756.0 m USD (−46.6% YoY), diluted EPS 1.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 74.37 – 84.78
- in the upper half of the band · %B 0.86 · band width 13.1%
- SMA 50 / 200
- 80.51 / 76.82
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.17 / -0.52
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.0% | −2.0% | +1.0 pp | — |
| 3 months | −10.2% | −2.2% | −8.1 pp | — |
| 6 months | +17.5% | +4.3% | +13.3 pp | — |
| Year to date | +20.0% | +10.6% | +9.4 pp | — |
| 1 year | +42.4% | +10.5% | +31.9 pp | +0.7% |
| 3 years | +149.7% | +73.7% | +76.0 pp | +57.5% |
| 5 years | +103.2% | +61.7% | +41.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.6 bn | 14.0 bn | 16.6 bn | 16.7 bn | 16.0 bn | 15.9 bn | 19.8 bn | 20.2 bn |
| Operating income | 1.7 bn | 569.0 m | 2.1 bn | 1.7 bn | 1.5 bn | 501.0 m | 1.9 bn | 1.5 bn |
| Depreciation & amortisation | 635.0 m | 607.0 m | 602.0 m | 614.0 m | 620.0 m | 635.0 m | 656.0 m | 673.0 m |
| Pre-tax income | 1.2 bn | 320.0 m | 2.6 bn | 1.8 bn | 1.5 bn | -214.0 m | 2.0 bn | 1.1 bn |
| Income tax | 359.0 m | 80.0 m | 444.0 m | 360.0 m | 294.0 m | 75.0 m | 405.0 m | 318.0 m |
| Net income | 843.0 m | 240.0 m | 2.1 bn | 1.4 bn | 1.2 bn | -289.0 m | 1.6 bn | 756.0 m |
| Diluted EPS | 1.29 ≈ | 0.37 | 3.27 | 2.17 | 1.86 ≈ | -0.44 | 2.44 | 1.15 |
| Operating cash flow | 1.9 bn | 2.4 bn | 1.9 bn ≈ | 1.8 bn ≈ | 2.3 bn | 2.4 bn | 1.6 bn ≈ | 1.7 bn ≈ |
| Capex | 1.3 bn | 1.2 bn | 1.2 bn | 1.2 bn | 907.0 m | 1.2 bn | — | — |
| Dividends paid | 96.0 m | 99.0 m | 97.0 m ≈ | 122.0 m ≈ | 122.0 m | 129.0 m | 123.0 m ≈ | 141.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 87 percentile of its own 38-quarter history (min 5.3, median 8.9, max 247.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 44.4 bn | 47.0 bn | 17.1 bn | 29.9 bn | 50.6 bn | 58.0 bn | 61.6 bn | 63.4 bn |
| Revenue YoY | +7.7% | +5.8% | −63.6% | +74.9% | +69.2% | +14.8% | +6.2% | +2.8% |
| Net income | 3.9 bn | 4.8 bn | -12.4 bn | 280.0 m | 1.3 bn | 4.6 bn | 3.5 bn | 5.0 bn |
| Net income YoY | +22.8% | +21.1% | −359.8% | unavailable | +370.7% | +249.7% | −25.0% | +44.8% |
| Diluted EPS | 5.67 | 7.30 | -19.49 | 0.44 | 2.06 | 7.17 | 5.33 | 7.66 |
| Diluted EPS YoY | +28.0% | +28.7% | −367.0% | unavailable | +368.2% | +248.1% | −25.7% | +43.7% |
| net % | 8.9% | 10.1% | -72.4% | 0.9% | 2.6% | 7.9% | 5.6% | 7.9% |
| Free cash flow | 1.8 bn | 3.5 bn | -5.7 bn | 17.0 m | -3.0 m | 1.1 bn | 2.9 bn | 3.8 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.3 bn USD
- Financial debt
- 13.3 bn USD
- Net debt
- 9.0 bn USD
- Equity
- 20.9 bn USD
- Total assets
- 81.3 bn USD
- Debt / equity
- 0.64x
- Current ratio
- 0.40x
- ROE
- 27.7%
- ROA
- 6.4%
- FCF margin
- 6.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 17.1 bn | 29.9 bn | 50.6 bn | 58.0 bn | 61.6 bn | 63.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | -12.5 bn | 1.9 bn | 3.7 bn | 5.5 bn | 6.0 bn | 5.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 2.3 bn | 2.0 bn | 2.1 bn | 2.3 bn | 2.5 bn | 2.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | -10.2 bn ≈ | 3.9 bn ≈ | 5.8 bn ≈ | 7.9 bn ≈ | 8.5 bn ≈ | 8.3 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Pre-tax income | -15.6 bn | 398.0 m | 1.9 bn | 5.6 bn | 4.7 bn | 6.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | -3.2 bn | 118.0 m | 596.0 m | 999.0 m | 1.2 bn | 1.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Net income | -12.4 bn | 280.0 m | 1.3 bn | 4.6 bn | 3.5 bn | 5.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | -19.49 | 0.44 | 2.06 | 7.17 | 5.33 | 7.66 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 636.0 m | 641.0 m | 641.0 m | 643.0 m | 648.0 m | 654.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Dividend per share | 0.40 | 0.00 | 0.00 | 0.20 | 0.50 | 0.68 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.3 bn | 7.9 bn | 3.3 bn | 2.7 bn | 3.1 bn | 4.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 17.4 bn | 15.9 bn | 13.0 bn | 10.3 bn | 9.8 bn | 11.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 9.8 bn | 9.8 bn | 9.8 bn | 9.8 bn | 9.8 bn | 9.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 6.0 bn | 6.0 bn | 6.0 bn | 6.0 bn | 6.0 bn | 6.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 72.0 bn | 72.5 bn | 72.3 bn | 73.6 bn | 75.4 bn | 81.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 2.8 bn | 4.2 bn | 5.1 bn | 4.4 bn | 4.7 bn | 5.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 1.4 bn | 1.5 bn | 2.1 bn | 2.6 bn | 1.8 bn | 1.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | 26.5 bn | 23.6 bn | 19.3 bn | 16.0 bn | 13.5 bn | 11.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 15.9 bn | 21.0 bn | 25.9 bn | 26.4 bn | 26.7 bn | 27.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 1.5 bn † | 3.9 bn † | 6.6 bn † | 11.1 bn † | 15.3 bn † | 20.9 bn † | SEC (XBRL)· 11 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.8 bn | 3.3 bn | 6.4 bn | 6.5 bn | 8.0 bn | 8.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 1.9 bn | 3.2 bn | 6.4 bn | 5.3 bn | 5.1 bn | 4.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | -5.7 bn ≈ | 17.0 m ≈ | -3.0 m ≈ | 1.1 bn ≈ | 2.9 bn ≈ | 3.8 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -9.2 bn | -898.0 m | -6.9 bn | -3.1 bn | -3.7 bn | -4.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | 19.4 bn | -3.9 bn | -4.5 bn | -3.4 bn | -4.3 bn | -3.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 260.0 m | 0 | 0 | 128.0 m | 321.0 m | 440.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 344.0 m | 0 | 0 | — | — | — | SEC (XBRL)· 10 Feb 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 63 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 54.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation57
- Returns48
- Quality73
- Balance sheet50
- Growth82
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 46.54 – 155.20 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA50.37 – 125.14 (Mid 65.84)8 companies used · median multiple 6.6x · quartiles 5.3x – 11.5xAAL, ALGT, ALK, CPA, LUV, RJET, SKYW, UAL
- Peers: P/E46.54 – 155.20 (Mid 49.09)7 companies used · median multiple 9.8x · quartiles 9.3x – 31.0xALGT, CPA, LUV, RJET, RYAAY, SKYW, UAL
- Dividend discount (DDM)outside the aggregate8.87 – 11.93 (Mid 10.17)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 63/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.2% | 67 (vs peers) | 11% |
| Net margin · Quality | 4.6% | 58 (vs peers) | 7% |
| FCF conversion · Quality | 107.1% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 7.8% | 65 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 54.9% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.1x | 70 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 16.6x | 50 (vs peers) | 11% |
| EV/EBITDA · Valuation | 8.0x | 44 (vs peers) | 11% |
| FCF yield · Valuation | 6.4% | 80 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 14.6% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 2/3 factors with a value
- Growth82/100 · 2/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns48/100 · 2/2 factors with a value
- Valuation57/100 · 3/3 factors with a value
Memo
DELTA AIR LINES, INC. (DAL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 63.4 bn USD in 2025; YoY growth 2.8%; net margin 4.6%; ROE 15.9%; net debt/EBITDA 1.1x.
The estimated value range is 48.46–140.17 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 57.46 USD, the price of 83.28 USD leaves a potential of -31.0% (value / price − 1) and a margin of safety of -44.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 63/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 107.1%
- EPS CAGR 3Y: 54.9%
- Net debt / EBITDA: 1.1x
- FCF yield: 6.4%
- Payout ratio (FCF): 14.6%
What contradicts it
- Current ratio: 0.4x
- Shareholder yield (distributions): 0.9%
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Air Transportation, Scheduled (SIC 4512) · same industry (4-digit SIC) · compared with 14 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LTMLATAM Airlines Group S.A. | 27,436.0 bn | 19,289.5 | 141.1% | 10.2% | +11.2% | −1% / unavailable |
| RYAAYRyanair Holdings plc | 61.6 bn | 40.6 | — | — | +3.8% | −13% / +25% |
| DALDelta Air Lines, Inc. | 54.8 bn | 16.6 | 15.9% | 4.6% | +2.8% | +42% / +150% |
| UALUnited Airlines Holdings, Inc. | 34.8 bn | 9.8 | 22.3% | 5.5% | +3.5% | +5% / +172% |
| LUVSouthwest Airlines Co | 21.3 bn | 21.4 | 13.9% | 3.3% | +2.1% | +25% / +70% |
| AALAmerican Airlines Group Inc. | 9.0 bn | — | — | -0.8% | +0.8% | −3% / +10% |
| CPACopa Holdings, S.A. | 6.0 bn | 9.0 | 26.1% | 18.6% | +5.0% | +20% / +57% |
| ALKAlaska Air Group, Inc. | 4.5 bn | — | -4.6% | -1.2% | +21.3% | −7% / +6% |
| SKYWSkywest Inc | 3.1 bn | 8.0 | 15.1% | 9.7% | +15.0% | −19% / +74% |
| ALGTAllegiant Travel Co | 2.2 bn | 56.7 | 1.8% | 0.9% | +3.7% | +7% / +19% |
| ULCCFrontier Group Holdings, Inc. | 1.6 bn | — | -175.4% | -8.9% | −1.4% | +55% / +81% |
| JBLUJetblue Airways Corp | 1.3 bn | — | -55.4% | -10.0% | −2.3% | −22% / −19% |
| RJETRepublic Airways Holdings Inc. | 958.4 m | 9.6 | 7.5% | 4.6% | +13.7% | +2% / +90% |
| FJETStarfighters Space, Inc. | 46.8 m | — | -94.2% | — | unavailable | unavailable / unavailable |
| AZULAzul SA | — | — | — | 0.6% | +10.8% | unavailable / unavailable |
1- and 3-year price returns: for DAL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 50.81 Total return -38% · Per year -38% | 89.69 Total return 9% · Per year 9% | 134.91 Total return 63% · Per year 63% |
| 3 years | 52.64 Total return -35% · Per year -13% | 104.22 Total return 28% · Per year 9% | 171.65 Total return 110% · Per year 28% |
| 5 years | 54.53 Total return -31% · Per year -7% | 121.12 Total return 51% · Per year 9% | 218.40 Total return 169% · Per year 22% |
- Exit P/E± 26.06
- Net margin± 18.24
- Annual revenue growth± 14.51
- Annual dilution± 1.53
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Delta Air Lines is a global airline based in the United States that builds its advantage on people, operational reliability, a global network and the SkyMiles loyalty program. With operating revenue of 63.4 billion USD in 2025 1 and strong demand for premium products, the company remains in focus in a high fuel cost environment 3.
SWOT
Strengths
- Delta has a strong reputation for reliability and service, and its global network with well-positioned hubs gives it cost and local market share advantages 1.
- The loyalty program and co-brand cards create high-margin revenue less tied to the flight cycle 13.
- The company holds an investment grade rating and a solid ability to generate free cash flow 13.
Weaknesses
- Dependence on fuel makes results highly sensitive to volatile oil prices and fuel availability 1.
- The main cabin segment showed weakness in 2025 due to excess supply and an uncertain economy 1.
- The company relies on regional and international partners it does not control directly, creating operational risks 1.
Opportunities
Threats
- A fuel price shock or supply disruption could seriously affect results 13.
- A serious accident, a cyberattack or a technology outage like the 2024 one could cause losses and damage reputation 1.
- Regulatory changes or the loss of antitrust immunity for partnerships could reduce the value of the network 1.
Risks
- Fuel priceshigh
Fuel is a major part of operating costs, and rapid increases cannot always be passed on through fares 1.
- Cybersecurityhigh
The company's systems face constantly evolving threats, including those enabled by AI, and a breach could bring costs and reputational damage 1.
- Aviation safetymedium
An accident involving Delta or partner aircraft could bring financial losses and reduce public trust 1.
- International partnershipsmedium
Returns on investments and partnerships outside the US are not assured and could be affected by regulatory decisions 1.
- Reliance on third partieslow
Airport operations, technology providers and regional partners could cause disruptions that affect revenue 1.
Investment thesis
What would need to be true (bull case)
- If premium and corporate demand stay strong, Delta could keep growing unit revenue, as the September 2026 quarter results suggest 23.
- The loyalty program and co-brand cards could support cash flow that is more predictable than flight revenue 13.
- If debt reduction targets are met, the balance sheet could become stronger and give strategic flexibility 3.
What would break the thesis
What to watch
- Evolution of fuel prices and their impact on costsQ4 2026
- Revenue and operating margin guidance for the next quarterQ4 2026
- Outcome of the antitrust immunity case for Aeroméxico2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Delta operates a global network with core hubs in Atlanta, Detroit, Minneapolis-St. Paul and Salt Lake City, complemented by coastal hubs in Boston, Los Angeles, New York and Seattle 1. It also works through joint ventures with Air France-KLM, Virgin Atlantic, Aeroméxico, LATAM and Korean Air 1. Beyond passenger transport, Delta has complementary businesses in cargo, MRO through Delta TechOps, vacations through Delta Vacations and a refinery 1.
Delta refines its model through investments in technology, including AI tools for bags, gates and maintenance, and by expanding its premium cabin 1. The long-term strategy includes a net-zero greenhouse gas goal for airline operations by 2050 1.
Segments
Market context
Demand for air travel, especially for premium products and from corporate customers, remained robust in 2026 according to the company 3. The market is however sensitive to fuel prices, which rose sharply in the second half of 2026 2.
The industry is marked by high capacity and strong competition in main cabin, which pressured revenue in 2025 1. International partnerships and alliances play an important role in market access 1.
Trends
- Demand for premium productstailwind
Demand for premium cabins and corporate travel stayed strong, which could support unit revenue 13.
- Fuel pricesheadwind
Fuel costs rose significantly in 2026, and the company expects a substantial increase in fuel costs that could compress margins if prices stay high 3.
- Loyalty programtailwind
Expansion of SkyMiles partnerships and co-brand card revenue continues to grow, providing a steadier revenue stream 23.
- International partner relationshipsmixed
The antitrust immunity for the Aeroméxico agreement was challenged by US authorities, and the outcome could influence the network in the region 1.
Competitive position
Delta competes with other US network carriers and low-cost airlines on domestic and international routes. The sources do not detail the exact position of competitors in these markets but mention alliances such as SkyTeam 1.
Delta's competitive edge rests on operational reliability, premium offerings and loyalty, and the company says it leads on-time performance rankings 13.
- United AirlinesUAL
US network carrier competing with Delta on domestic and international routes.
- American AirlinesAAL
US network carrier with direct competition in major US markets.
- Southwest AirlinesLUV
Low-cost carrier active in the domestic market, competing with Delta in the main cabin segment.
- SkyTeam and its partners
The alliance Delta belongs to, including carriers in Europe and Asia, which competes with other global alliances.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Clear expands e-gates to 53 airports, plans nearly full rollout by end of yearThe Points Guy · 04 Nov 2026 · EN
- What the FTC Wants to Know About How Airlines Set FaresSkift · 04 Nov 2026 · EN
- Last-minute strategies for earning Delta Medallion elite statusThe Points Guy · 04 Nov 2026 · EN
- Delta Air Lines' Boeing 757 Fleet Fell From 127 To 83 & Some Retired Jets Became Spare PartsSimple Flying · 04 Nov 2026 · EN
- JetBlue just raised bag fees for the 2nd time this year. Will other airlines follow ... again?The Points Guy · 03 Nov 2026 · EN
- I’ve earned top-tier status with Delta, United and American. But another airline may do it betterThe Points Guy · 03 Nov 2026 · EN
- NVIDIA Shows 3 Ways to Speed Up MoE Inference on DGX Spark, Lifting Ling-3.0-flash Throughput 42.5%MarkTechPost (Asia AI) · 03 Nov 2026 · EN
- Un olandez a venit cu un Volvo XC70 până în România pentru a-l dona unui doctor: „Ce țară minunată!”Libertatea.ro · 03 Nov 2026 · RO
- JUST IN - Magnitude 4.7 earthquake strikes near Delta, Baja California, Mexico -…Telegram — Insider Paper (EN, defense leaks) · 03 Nov 2026 · EN
- Global accounting reveals economic toll of ecosystem losses from rising seasPhys.org · 03 Nov 2026 · EN
- Delta Air Lines Launches 4 New Nonstop Airbus A350 Routes: See Full List NowSimple Flying · 03 Nov 2026 · EN
- Delta CEO Ed Bastian Slams ‘Short-Sighted’ Heathrow Shake-UpSkift · 03 Nov 2026 · EN
- Ministerele Justiției și de Interne refuză de un an să aprobe cererile Parchetului European, care vrea mai mult personal, ca să ancheteze sutele de dosare anticorupție din RomâniaLibertatea.ro · 03 Nov 2026 · RO
- Catalogul eMAG de Black Friday 2026. eMAG a anunțat primele reduceri: bilete la Nibiru și Beach, Please! de la 1 leuLibertatea.ro · 03 Nov 2026 · RO
- Inele și adaptoare pentru camere cu termoviziune și lunete: ce sunt și cum le alegi (P)Mediafax · 03 Nov 2026 · RO
- Forgotten flint tools reveal how Egypt's farmers organized work before the pharaohsPhys.org · 03 Nov 2026 · EN
- Aeroportul Modlin din Varșovia, închis după alertă cu bombă la un zbor Wizz Air - www.goldring.roSurge — Google News · 03 Nov 2026 · RO
- Delta Air Lines' 18-Hour Meal Pre-Order Window Is The Closest To Departure Of Any US CarrierSimple Flying · 03 Nov 2026 · EN
- Banii camarilei maghiare din jurul lui Viktor Orbán ajung la București. Cum își securizează ginerele fostului premier averea prin achiziții strategice în RomâniaLibertatea.ro · 03 Nov 2026 · RO
- "Short-Sighted": Delta CEO Vows To Fight Heathrow’s Move To Split It From Virgin AtlanticSimple Flying · 03 Nov 2026 · EN
SEC filings
- Quarterly report09 Oct 2026
- Current report09 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report10 Jul 2026
- Current report10 Jul 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Shareholder vote
- Current report12 Jun 2026Material agreement · Creation of a direct financial obligation
- Proxy statement24 Apr 2026
- Quarterly report08 Apr 2026
- Current report08 Apr 2026Results of operations · Financial statements and exhibits
- Current report17 Mar 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Delta Air Lines, Inc. · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Delta Air Lines, Inc. · 09 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Delta Air Lines, Inc. · 09 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.