Recent News
Apr 14, 2026 — Delta scaled back certain climate commitments and removed a 2030 sustainable aviation fuel target, citing economic and supply pressures. Apr 7, 2026 — Delta raised its first checked-bag fee to $45 amid rising jet fuel costs. Apr 2, 2026 — The New York Times struck a multiyear distribution partnership to bring NYT content into Delta’s in‑flight experience. Mar 31, 2026 — Delta announced a long-term deal to install Amazon’s Leo satellite antennas across its fleet beginning in 2028. Mar 24, 2026 — Delta suspended a VIP perk for members of Congress during a partial government shutdown.
Technical Analysis
ADX and Directional Indicators: ADX at 16.99 indicates no established trend; directional indicators, however, present a bearish bias: DI+ at 33.11 shows a peak-and-reversal (bearish), while DI− at 25.28 shows a dip-and-reversal (bearish). Together they imply selling pressure that lacks strong trend conviction given the low ADX, increasing the chance of short-term chop rather than a sustained trend.
MACD: MACD sits at 1.21 with a peak-and-reversal pattern; that peak-and-reversal signals bearish momentum despite the MACD level remaining above the 0.94 signal line. The combination suggests momentum has begun to fade and upside follow-through looks limited until momentum stabilizes.
MRO (Momentum/Regression Oscillator): MRO at 30.14 (peak-and-reversal) indicates the market price sits above the implied target and therefore carries near-term downside pressure relative to that target, giving the price a tendency to mean-revert toward valuation benchmarks.
RSI and Price Positioning: RSI at 52.01 with a peak-and-reversal shows fading upward internals from a neutral midpoint rather than overbought strength. Price trades at $68.41, inside the 20‑day Bollinger band range (lower band $66.53, upper band $71.34), marginally below the 20‑day average ($68.93) and above the 50‑day average ($66.51). The 12‑day EMA shows a peak-and-reversal while price remains above the 200‑day average ($62.88), producing mixed timeframe context: longer-term bias stays constructive but short-term momentum favors downside risk.
Volatility, Beta, Volume: 42‑day beta at 1.69 and 52‑week beta at 1.85 signal above-market sensitivity. Current session volume (7.74M) sits below the 10‑day average (10.34M), suggesting lower conviction in the latest move. SuperTrend lower support near $66.04 offers a technical reference for near-term support.
Fundamental Analysis
Earnings and Cash Flow: EPS came in at $0.64 versus an estimate of $0.57, a beat of $0.07 or +12.28%. Net income for the period recorded a loss of $289,000,000 while operating income reached $501,000,000 and EBIT amounted to −$63,000,000 (EBIT margin −0.40%). Free cash flow totaled $1,232,000,000, producing a free cash flow yield of 2.85%.
Margins and Revenue Trends: Gross margin stands at 18.59% while operating margin equals 3.16%. Reported revenue for the period reached $15,854,000,000 with revenue growth at −0.93%; sequential and year‑over‑year growth metrics show larger reported declines in the supplied QoQ and YoY figures, indicating pressure on top-line expansion as reported.
Liquidity and Leverage: Cash and short‑term investments total $5,053,000,000; operating cash flow reached $2,432,000,000. Total debt sits at $20,299,000,000 with net debt of $9,111,000,000. Debt to equity converts to roughly 99.6% and debt to assets equals about 24.04%, while the current ratio equals 0.42 and quick ratio 0.36, reflecting constrained near-term liquidity relative to current liabilities and a large negative net working capital (−$19,036,000,000).
Valuation Signals: Reported trailing PE displays a negative value due to interim losses (PE −149.56), while forward PE stands at 32.70 on forward EPS of $1.993. Price/Book equals 2.12 and Price/Sales equals 2.73. Price target mean among analysts sits at $82.23. Enterprise multiple appears negative reflecting the negative EBITDA base; that divergence highlights headline valuation ratios’ sensitivity to temporary earnings and EBITDA swings.
WMDST Valuation Summary: The current valuation as determined by WMDST aligns with a forward P/E near 32.7x and a mean analyst price target of $82.23; free cash flow generation and operating cash flow support valuation, but negative net income and constrained current liquidity temper near-term fundamental upside.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-08 |
| NEXT REPORT DATE: | 2026-07-08 |
| CASH FLOW | Begin Period Cash Flow | $ 4.5 B |
| Operating Cash Flow | $ 2.4 B | |
| Capital Expenditures | $ -1.20 B | |
| Change In Working Capital | $ 2.7 B | |
| Dividends Paid | $ -129.00 M | |
| Cash Flow Delta | $ 734.0 M | |
| End Period Cash Flow | $ 5.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 15.9 B | |
| Forward Revenue | $ -17.96 B | |
| COSTS | ||
| Cost Of Revenue | $ 12.9 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 15.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.9 B | |
| EBITDA | $ -63.00 M | |
| EBIT | $ -63.00 M | |
| Operating Income | $ 501.0 M | |
| Interest Income | — | |
| Interest Expense | $ 151.0 M | |
| Net Interest Income | $ -151.00 M | |
| Income Before Tax | $ -214.00 M | |
| Tax Provision | $ 75.0 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ -289.00 M | |
| Net Income From Continuing Operations | $ -289.00 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.57 | |
| EPS Actual | $ 0.64 | |
| EPS Difference | $ 0.07 | |
| EPS Surprise | 12.281 % | |
| Forward EPS | $ 1.99 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 84.4 B | |
| Intangible Assets | $ 15.7 B | |
| Net Tangible Assets | $ 4.7 B | |
| Total Current Assets | $ 13.7 B | |
| Cash and Short-Term Investments | $ 5.1 B | |
| Cash | $ 5.1 B | |
| Net Receivables | $ 4.1 B | |
| Inventory | $ 1.8 B | |
| Long-Term Investments | $ 4.5 B | |
| LIABILITIES | ||
| Accounts Payable | $ 6.0 B | |
| Short-Term Debt | $ 3.1 B | |
| Total Current Liabilities | $ 32.7 B | |
| Net Debt | $ 9.1 B | |
| Total Debt | $ 20.3 B | |
| Total Liabilities | $ 64.1 B | |
| EQUITY | ||
| Total Equity | $ 20.4 B | |
| Retained Earnings | $ 12.9 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 31.01 | |
| Shares Outstanding | 656.994 M | |
| Revenue Per-Share | $ 24.13 | |
| VALUATION | Market Capitalization | $ 43.2 B |
| Enterprise Value | $ 58.5 B | |
| Enterprise Multiple | -928.252 | |
| Enterprise Multiple QoQ | -2740.788 % | |
| Enterprise Multiple YoY | -1989.877 % | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 3.689 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.144 | |
| Asset To Liability | 1.318 | |
| Debt To Capital | 0.499 | |
| Debt To Assets | 0.24 | |
| Debt To Assets QoQ | -3.57 % | |
| Debt To Assets YoY | 532.851 % | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | 0.996 | |
| Debt To Equity QoQ | 2.468 % | |
| Debt To Equity YoY | 423.775 % | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.122 | |
| Price To Book QoQ | 3.444 % | |
| Price To Book YoY | 29.637 % | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | -149.558 | |
| Price To Earnings QoQ | -454.0 % | |
| Price To Earnings YoY | -277.678 % | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | 1.165 | |
| Price To Sales (P/S) | 2.727 | |
| Price To Sales QoQ | 2.028 % | |
| Price To Sales YoY | 51.438 % | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 32.699 | |
| Forward PE/G | -0.255 | |
| Forward P/S | -2.389 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 111.452 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.191 | |
| Asset Turnover Ratio QoQ | -3.807 % | |
| Asset Turnover Ratio YoY | 4.041 % | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | 4.569 | |
| Receivables Turnover Ratio QoQ | -7.755 % | |
| Receivables Turnover Ratio YoY | 11.879 % | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | 7.664 | |
| Inventory Turnover Ratio QoQ | -1.411 % | |
| Inventory Turnover Ratio YoY | 1.271 % | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 19.972 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -9.249 | |
| Cash Conversion Cycle Days QoQ | 26.686 % | |
| Cash Conversion Cycle Days YoY | 104.551 % | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.833 | |
| CapEx To Revenue | -0.076 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 31.5 B | |
| Net Invested Capital | $ 34.5 B | |
| Invested Capital | $ 34.5 B | |
| Net Tangible Assets | $ 4.7 B | |
| Net Working Capital | $ -19.04 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.155 | |
| Current Ratio | 0.418 | |
| Current Ratio QoQ | 5.236 % | |
| Current Ratio YoY | 10.443 % | |
| Current Ratio IPRWA | — | |
| Quick Ratio | 0.364 | |
| Quick Ratio QoQ | 7.287 % | |
| Quick Ratio YoY | 10.817 % | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -322.206 | |
| Cost Of Debt | 0.447 % | |
| Interest Coverage Ratio | -0.417 | |
| Interest Coverage Ratio QoQ | -103.945 % | |
| Interest Coverage Ratio YoY | -114.966 % | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | 0.074 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.795 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -2.24 | |
| Dividend Payout Ratio | -0.446 | |
| Dividend Rate | $ 0.20 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.829 % | |
| Revenue Growth | -0.931 % | |
| Revenue Growth QoQ | -76.829 % | |
| Revenue Growth YoY | -90.464 % | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | -128.387 % | |
| Earnings Growth QoQ | 1272.096 % | |
| Earnings Growth YoY | 70.875 % | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 18.588 % | |
| Gross Margin QoQ | -21.347 % | |
| Gross Margin YoY | -13.383 % | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -0.397 % | |
| EBIT Margin QoQ | -103.802 % | |
| EBIT Margin YoY | -111.171 % | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | 3.16 % | |
| Return On Sales QoQ | -65.529 % | |
| Return On Sales YoY | -11.086 % | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.2 B | |
| Free Cash Flow Yield | 2.85 % | |
| Free Cash Flow Yield QoQ | -9.896 % | |
| Free Cash Flow Yield YoY | -37.555 % | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | -8.943 % | |
| Free Cash Growth QoQ | -109.252 % | |
| Free Cash Growth YoY | -109.163 % | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | -4.263 | |
| Cash Flow Margin | -6.005 % | |
| Cash Flow To Earnings | -8.415 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.349 % | |
| Return On Assets QoQ | -123.036 % | |
| Return On Assets YoY | -211.146 % | |
| Return On Assets IPRWA | — | |
| Return On Capital Employed (ROCE) | -0.122 % | |
| Return On Equity (ROE) | -0.014 | |
| Return On Equity QoQ | -124.256 % | |
| Return On Equity YoY | -191.248 % | |
| Return On Equity IPRWA | — | |
| DuPont ROE | -1.402 % | |
| Return On Invested Capital (ROIC) | -0.109 % | |
| Return On Invested Capital QoQ | -102.831 % | |
| Return On Invested Capital YoY | -99.775 % | |
| Return On Invested Capital IPRWA | — | |