DAL
equitynet buyingDelta Air Lines Inc · NEW YORK STOCK EXCHANGE, INC.
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Working it out…
Financials
As each period's own 10-K or 10-Q reported it
At the $82.17 close on Oct 9, 2026, against 659M shares and the balance sheet at Sep 30, 2026; earnings, sales and cash flow over the four quarters to Sep 30, 2026. A ratio is left out where its denominator is not positive. Fair value is the company's own median P/E, price to sales and price to free cash flow at its last ten fiscal year ends, applied to its trailing figures, the middle of the three: its valuation against its own past, not against its growth or its rivals.
| Line item | FY 2016 Dec 31, 2016 | FY 2017 Dec 31, 2017 | FY 2018 Dec 31, 2018 | FY 2019 Dec 31, 2019 | FY 2020 Dec 31, 2020 | FY 2021 Dec 31, 2021 | FY 2022 Dec 31, 2022 | FY 2023 Dec 31, 2023 | FY 2024 Dec 31, 2024 | FY 2025 Dec 31, 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.6B | $41.2B | $44.4B | $47B | $17.1B | $29.9B | $50.6B | $58B | $61.6B | $63.4B |
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating income | $7B | $6.1B | $5.3B | $6.6B | -$12.5B | $1.9B | $3.7B | $5.5B | $6B | $5.8B |
| Operating margin | 17.5% | 14.8% | 11.8% | 14.1% | -72.9% | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% |
| Net income | $4.4B | $3.6B | $3.9B | $4.8B | -$12.4B | $280M | $1.3B | $4.6B | $3.5B | $5B |
| Net margin | 11.0% | 8.7% | 8.9% | 10.1% | -72.5% | 0.9% | 2.6% | 7.9% | 5.6% | 7.9% |
| EPS (diluted) | $5.79 | $4.95 | $5.67 | $7.30 | -$19.49 | $0.44 | $2.06 | $7.17 | $5.33 | $7.66 |
| Operating cash flow | $7.2B | $5.1B | $7B | $8.4B | -$3.8B | $3.3B | $6.4B | $6.5B | $8B | $8.3B |
| Capital spending | $3.4B | $3.9B | $5.2B | $4.9B | $1.9B | $3.2B | $6.4B | $5.3B | $5.1B | $4.5B |
| Free cash flow | $3.8B | $1.3B | $1.8B | $3.5B | -$5.7B | $17M | -$3M | $1.1B | $2.9B | $3.8B |
| Buybacks | $2.6B | $1.7B | $1.6B | $2B | $344M | $0 | $0 | — | — | — |
| Dividends paid | $509M | $731M | $909M | $980M | $260M | $0 | $0 | $128M | $321M | $440M |
| Cash | $2.8B | $1.8B | $1.6B | $2.9B | $8.3B | $7.9B | $3.3B | $2.7B | $3.1B | $4.3B |
| Debt | $7B | $8.4B | $9.4B | $10.1B | $28B | $25.1B | $21.4B | $18.6B | $15.3B | $13.3B |
| Shareholders' equity | $12.3B | $13.9B | $13.7B | $15.4B | $1.5B | $3.9B | $6.6B | $11.1B | $15.3B | $20.9B |
| Shares outstanding | 730.77M | 706.91M | 678.95M | 640.09M | 638.15M | 639.93M | 641.24M | 643.32M | 645.96M | 653.13M |
Figures come from the company's XBRL filings as the SEC publishes them. Quarters are worked out from year-to-date figures, and a fourth quarter is the year less its first nine months, which is why it has no EPS: per-share figures do not subtract. Earlier years are on today's share basis where a split has happened since. A later restatement is not mixed into a year it was never applied to, so where a 10-K restated the year before — a business sold, say — that year's fourth quarter is left blank rather than worked out across two bases. A dash means the company did not report that line under a standard tag for that period. Every filing on EDGAR.
Short interest
Shares sold short, as brokers report them to FINRA twice a month
| Settlement date | Shares short | Change | Days to cover |
|---|---|---|---|
| Sep 30, 2026 | 25.57M | -2.5% | 2.9 |
| Sep 15, 2026 | 26.22M | +3.8% | 4.9 |
| Aug 31, 2026 | 25.26M | +12.0% | 5.0 |
| Aug 14, 2026 | 22.55M | -12.1% | 5.3 |
| Jul 31, 2026 | 25.65M | +1.7% | 4.3 |
| Jul 15, 2026 | 25.22M | -13.3% | 3.2 |
| Jun 30, 2026 | 29.08M | +25.7% | 3.0 |
| Jun 15, 2026 | 23.14M | -5.0% | 3.6 |
Largest fails to deliver, the last year
51 settlement days with at least $10,000 of shares sold and not delivered
| Settlement date | Shares | Value |
|---|---|---|
| Feb 24, 2026 | 458.89K | $30.7M |
| Mar 19, 2026 | 384.06K | $24.5M |
| Jan 20, 2026 | 299.1K | $21.1M |
| Jan 21, 2026 | 194.1K | $13.1M |
| Jun 22, 2026 | 96.22K | $8.1M |
Short interest is every broker's short position at the settlement date, reported to FINRA and published about a week and a half later; it does not say who is short. Days to cover is the short position over the average day's trading, and the share of the company is against the shares outstanding on its latest filing. A fail to deliver is the balance of shares sold and not delivered by settlement, from the SEC: it can be a short seller who never borrowed the stock, but is as often a late delivery that clears within days.
What they lobby on
Disclosed to the Senate, largest spend first
- DELTA AIR LINES, INC.$1.7M
Aviation/Airlines/Airports, Taxation/Internal Revenue Code, Budget/Appropriations, Homeland Security, Trade (domestic/foreign), Financial Institutions/Investments/Securities, Immigration, Fuel/Gas/Oil, Consumer Issues/Safety/Products, Law Enforcement/Crime/Criminal Justice, Energy/Nuclear, Labor Issues/Antitrust/Workplace
1st Quarter (Jan 1 - Mar 31) 2026
- DELTA AIR LINES, INC.$1.5M
Trade (domestic/foreign), Aviation/Airlines/Airports, Taxation/Internal Revenue Code, Budget/Appropriations, Homeland Security, Financial Institutions/Investments/Securities, Immigration, Fuel/Gas/Oil, Consumer Issues/Safety/Products, Law Enforcement/Crime/Criminal Justice, Energy/Nuclear, Labor Issues/Antitrust/Workplace
2nd Quarter (Apr 1 - June 30) 2026
- MILLER STRATEGIES, LLC$110K
Taxation/Internal Revenue Code, Trade (domestic/foreign)
1st Quarter (Jan 1 - Mar 31) 2026
- BGR GOVERNMENT AFFAIRS$80K
Aviation/Airlines/Airports, Transportation
1st Quarter (Jan 1 - Mar 31) 2026
- AVOQ, LLC$80K
Aviation/Airlines/Airports
1st Quarter (Jan 1 - Mar 31) 2026
- FIERCE GOVERNMENT RELATIONS$80K
Aviation/Airlines/Airports
1st Quarter (Jan 1 - Mar 31) 2026
- RESOLUTION PUBLIC AFFAIRS, LLC$80K
Aviation/Airlines/Airports, Energy/Nuclear, Budget/Appropriations, Consumer Issues/Safety/Products
1st Quarter (Jan 1 - Mar 31) 2026
- FIERCE GOVERNMENT RELATIONS$80K
Aviation/Airlines/Airports
2nd Quarter (Apr 1 - June 30) 2026
Federal contracts
Largest awards of the last two years
- Department of Defense$2.4M
DELTA AIR LINES, INC. · from Nov 1, 2025
- Department of Defense$1.5M
DELTA AIR LINES, INC. · from Aug 23, 2021
- Department of Defense$1.3M
DELTA AIR LINES, INC. · from Oct 1, 2024
- Department of Defense$1M
DELTA AIR LINES, INC. · from Feb 25, 2025
- Department of Defense$950K
DELTA AIR LINES, INC. · from Mar 6, 2026
- Department of Defense$908.8K
DELTA AIR LINES, INC. · from Nov 1, 2024
More on DAL
Who traded it
Most active first
Every disclosure
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