Recent News
Jan. 6, 2026 — Delta announced restored Caribbean capacity after FAA airspace restrictions lifted. Feb. 13, 2026 — Delta will distribute roughly $1.3 billion in profit sharing to employees on Profit Sharing Day. Feb. 26, 2026 — Company unveiled plans to add 31 Airbus widebodies to its long‑term fleet plan, with deliveries focused from 2029. Mar. 9, 2026 — Delta opened an expanded 13,000‑ft. lounge at Denver International Airport. Mar. 24, 2026 — Delta suspended a VIP perk for members of Congress amid a federal shutdown dispute.
Technical Analysis
Directional indicators show an emerging trend: ADX sits at 23.91, indicating an emerging trend environment while DI+ increases and DI- decreases, which favors directional strength to the upside relative to recent price action.
MACD reads -0.59 and trends higher with the MACD above its signal line (-1.37), which signals a bullish momentum crossover that supports further near‑term upside pressure.
MRO registers +9.19 and is rising; that positive value indicates price currently trades above the WMDST target and therefore introduces mean‑reversion pressure that increases the probability of a pullback from current levels.
RSI stands at 50.22 and is increasing, implying neutral momentum that has room to run but lacks overbought conviction—this aligns with a consolidation-biased immediate outlook.
Price sits above short‑ and long‑term averages: close $67.99 exceeds the 12‑ and 26‑day EMAs ($64.38 / $64.77), the 20‑day average $62.32 and the 200‑day average $61.05, signaling price leadership versus longer averages while the 50‑day average $66.93 lies just below the close.
Volatility and structure: price trades near the upper Bollinger band (upper 1× at $66.03, upper 2× at $69.74), above the Ichimoku Tenkan/Kijun levels but beneath Senkou A ($70.43), a configuration that permits continuation but raises the chance of short retracements; 42‑day beta 2.16 underscores above‑average short‑term volatility.
Fundamental Analysis
Profitability: EBIT = $1.671B and EBIT margin 10.44%, roughly in line with the industry peer median (≈10.37%) but below the industry peer mean (≈13.22%). EBIT margin contracted QoQ by 10.63% but expanded YoY by 17.56%, reflecting seasonality and margin recovery versus the prior year.
Top line and earnings: Total revenue $16.003B, revenue growth YoY +4.34% but revenue fell QoQ by 27.79%, consistent with quarter seasonality. Reported EPS $1.55 matched the estimate (EPS surprise ~0.27%), signaling an essentially neutral beat versus consensus.
Cash flow and capital deployment: Operating cash flow $2.260B and free cash flow $1.353B yield 3.16%. Free cash flow growth shows recent strength QoQ, and cash on hand totals $4.31B. Delta also plans meaningful capex (~$5.5B guidance reported elsewhere) and will distribute sizable profit sharing to employees.
Leverage and liquidity: Total debt $20.27B with net debt ~$9.80B and debt/EBITDA ~12.13x, a material leverage gauge that contrasts with an interest coverage ratio near 10.58x. Current ratio ~0.40 and quick ratio ~0.34 reflect compressed near‑term liquidity; net working capital remains negative (≈-$16.66B), emphasizing working capital intensity in the business.
Efficiency and returns: Asset turnover ~0.1989 sits essentially at the industry peer median (~0.1982). Return on equity ~5.85% and ROA ~1.52% show modest returns on capital given asset scale; return metrics contracted QoQ but improved YoY in several measures.
Valuation: PE ~42.25 with forward PE ~30.59 and enterprise multiple ~35.15. Mean price target reported in the data is $78.55 versus the recent close $67.99. WMDST values the stock as under‑valued based on the current blend of cash generation, fleet investment plans, and the present multiple.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-01-13 |
| NEXT REPORT DATE: | 2026-04-14 |
| CASH FLOW | Begin Period Cash Flow | $ 4.0 B |
| Operating Cash Flow | $ 2.3 B | |
| Capital Expenditures | $ -907.00 M | |
| Change In Working Capital | $ 1.0 B | |
| Dividends Paid | $ -122.00 M | |
| Cash Flow Delta | $ 530.0 M | |
| End Period Cash Flow | $ 4.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 16.0 B | |
| Forward Revenue | $ 4.4 B | |
| COSTS | ||
| Cost Of Revenue | $ 12.2 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 14.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 3.8 B | |
| EBITDA | $ 1.7 B | |
| EBIT | $ 1.7 B | |
| Operating Income | $ 1.5 B | |
| Interest Income | — | |
| Interest Expense | $ 158.0 M | |
| Net Interest Income | $ -158.00 M | |
| Income Before Tax | $ 1.5 B | |
| Tax Provision | $ 294.0 M | |
| Tax Rate | 19.432 % | |
| Net Income | $ 1.2 B | |
| Net Income From Continuing Operations | $ 1.2 B | |
| EARNINGS | ||
| EPS Estimate | $ 1.55 | |
| EPS Actual | $ 1.55 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | 0.27 % | |
| Forward EPS | $ 2.05 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 81.3 B | |
| Intangible Assets | $ 15.7 B | |
| Net Tangible Assets | $ 5.1 B | |
| Total Current Assets | $ 11.0 B | |
| Cash and Short-Term Investments | $ 4.3 B | |
| Cash | $ 4.3 B | |
| Net Receivables | $ 2.9 B | |
| Inventory | $ 1.6 B | |
| Long-Term Investments | $ 4.4 B | |
| LIABILITIES | ||
| Accounts Payable | $ 5.2 B | |
| Short-Term Debt | $ 1.6 B | |
| Total Current Liabilities | $ 27.6 B | |
| Net Debt | $ 9.8 B | |
| Total Debt | $ 20.3 B | |
| Total Liabilities | $ 60.5 B | |
| EQUITY | ||
| Total Equity | $ 20.9 B | |
| Retained Earnings | $ 13.3 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 31.93 | |
| Shares Outstanding | 653.171 M | |
| Revenue Per-Share | $ 24.50 | |
| VALUATION | Market Capitalization | $ 42.8 B |
| Enterprise Value | $ 58.7 B | |
| Enterprise Multiple | 35.151 | |
| Enterprise Multiple QoQ | 25.971 % | |
| Enterprise Multiple YoY | 90.83 % | |
| Enterprise Multiple IPRWA | high: 163.385 median: 106.628 mean: 97.0 DAL: 35.151 low: -7.826 |
|
| EV/R | 3.67 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.9 | |
| Asset To Liability | 1.345 | |
| Debt To Capital | 0.493 | |
| Debt To Assets | 0.249 | |
| Debt To Assets QoQ | -5.371 % | |
| Debt To Assets YoY | 763.895 % | |
| Debt To Assets IPRWA | high: 0.789 median: 0.406 mean: 0.386 DAL: 0.249 low: 0.091 |
|
| Debt To Equity | 0.972 | |
| Debt To Equity QoQ | -12.769 % | |
| Debt To Equity YoY | 583.61 % | |
| Debt To Equity IPRWA | high: 10.323 median: 2.031 mean: 1.932 DAL: 0.972 low: -9.896 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.051 | |
| Price To Book QoQ | 3.867 % | |
| Price To Book YoY | 19.044 % | |
| Price To Book IPRWA | high: 8.27 mean: 4.316 median: 2.262 DAL: 2.051 low: -3.044 |
|
| Price To Earnings (P/E) | 42.248 | |
| Price To Earnings QoQ | 26.913 % | |
| Price To Earnings YoY | 91.754 % | |
| Price To Earnings IPRWA | high: 260.531 median: 222.603 mean: 148.998 DAL: 42.248 low: -9.844 |
|
| PE/G Ratio | -4.515 | |
| Price To Sales (P/S) | 2.673 | |
| Price To Sales QoQ | 19.893 % | |
| Price To Sales YoY | 57.82 % | |
| Price To Sales IPRWA | high: 10.116 mean: 4.897 DAL: 2.673 median: 2.295 low: 0.685 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 30.589 | |
| Forward PE/G | -3.269 | |
| Forward P/S | 9.578 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.539 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.199 | |
| Asset Turnover Ratio QoQ | -5.762 % | |
| Asset Turnover Ratio YoY | -3.662 % | |
| Asset Turnover Ratio IPRWA | high: 0.226 DAL: 0.199 median: 0.198 mean: 0.162 low: 0.025 |
|
| Receivables Turnover | 4.953 | |
| Receivables Turnover Ratio QoQ | 9.424 % | |
| Receivables Turnover Ratio YoY | 7.82 % | |
| Receivables Turnover Ratio IPRWA | high: 11.484 median: 6.383 mean: 5.141 DAL: 4.953 low: 1.674 |
|
| Inventory Turnover | 7.774 | |
| Inventory Turnover Ratio QoQ | -2.313 % | |
| Inventory Turnover Ratio YoY | 1.243 % | |
| Inventory Turnover Ratio IPRWA | high: 16.502 DAL: 7.774 median: 6.927 mean: 6.193 low: 0.26 |
|
| Days Sales Outstanding (DSO) | 18.423 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -7.3 | |
| Cash Conversion Cycle Days QoQ | -1.557 % | |
| Cash Conversion Cycle Days YoY | 44.12 % | |
| Cash Conversion Cycle Days IPRWA | high: 410.541 mean: 20.641 DAL: -7.3 median: -11.772 low: -56.989 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.961 | |
| CapEx To Revenue | -0.057 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 33.4 B | |
| Net Invested Capital | $ 35.0 B | |
| Invested Capital | $ 35.0 B | |
| Net Tangible Assets | $ 5.1 B | |
| Net Working Capital | $ -16.66 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.156 | |
| Current Ratio | 0.397 | |
| Current Ratio QoQ | -0.123 % | |
| Current Ratio YoY | 7.572 % | |
| Current Ratio IPRWA | high: 5.669 mean: 1.711 median: 0.666 DAL: 0.397 low: 0.231 |
|
| Quick Ratio | 0.339 | |
| Quick Ratio QoQ | -1.114 % | |
| Quick Ratio YoY | 7.457 % | |
| Quick Ratio IPRWA | high: 3.382 mean: 1.246 median: 0.665 DAL: 0.339 low: 0.262 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.133 | |
| Cost Of Debt | 0.645 % | |
| Interest Coverage Ratio | 10.576 | |
| Interest Coverage Ratio QoQ | -7.162 % | |
| Interest Coverage Ratio YoY | 37.747 % | |
| Interest Coverage Ratio IPRWA | high: 13.403 DAL: 10.576 mean: 7.48 median: 5.889 low: -0.459 |
|
| Operating Cash Flow Ratio | 0.077 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 37.108 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 9.992 | |
| Dividend Payout Ratio | 0.1 | |
| Dividend Rate | $ 0.19 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.128 % | |
| Revenue Growth | -4.018 % | |
| Revenue Growth QoQ | -2778.667 % | |
| Revenue Growth YoY | 433.599 % | |
| Revenue Growth IPRWA | high: 27.737 % median: 1.123 % mean: 1.104 % DAL: -4.018 % low: -9.338 % |
|
| Earnings Growth | -9.357 % | |
| Earnings Growth QoQ | -49.615 % | |
| Earnings Growth YoY | -140.102 % | |
| Earnings Growth IPRWA | high: 74.0 % DAL: -9.357 % median: -20.523 % mean: -47.074 % low: -236.364 % |
|
| MARGINS | ||
| Gross Margin | 23.633 % | |
| Gross Margin QoQ | -11.751 % | |
| Gross Margin YoY | -17.257 % | |
| Gross Margin IPRWA | high: 67.725 % median: 29.274 % DAL: 23.633 % mean: 22.811 % low: -5.724 % |
|
| EBIT Margin | 10.442 % | |
| EBIT Margin QoQ | -10.63 % | |
| EBIT Margin YoY | 17.564 % | |
| EBIT Margin IPRWA | high: 29.467 % mean: 13.218 % DAL: 10.442 % median: 10.366 % low: -2.986 % |
|
| Return On Sales (ROS) | 9.167 % | |
| Return On Sales QoQ | -9.238 % | |
| Return On Sales YoY | 3.209 % | |
| Return On Sales IPRWA | high: 29.155 % mean: 12.66 % DAL: 9.167 % median: 8.937 % low: -22.951 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.4 B | |
| Free Cash Flow Yield | 3.163 % | |
| Free Cash Flow Yield QoQ | 70.881 % | |
| Free Cash Flow Yield YoY | 42.735 % | |
| Free Cash Flow Yield IPRWA | high: 6.004 % DAL: 3.163 % median: -1.453 % mean: -3.393 % low: -31.405 % |
|
| Free Cash Growth | 96.657 % | |
| Free Cash Growth QoQ | 1465.803 % | |
| Free Cash Growth YoY | -108.181 % | |
| Free Cash Growth IPRWA | high: 350.956 % median: 133.903 % mean: 100.93 % DAL: 96.657 % low: -277.714 % |
|
| Free Cash To Net Income | 1.11 | |
| Cash Flow Margin | 13.291 % | |
| Cash Flow To Earnings | 1.745 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.515 % | |
| Return On Assets QoQ | -15.505 % | |
| Return On Assets YoY | 35.51 % | |
| Return On Assets IPRWA | high: 2.684 % DAL: 1.515 % mean: 0.934 % median: 0.804 % low: -2.974 % |
|
| Return On Capital Employed (ROCE) | 3.112 % | |
| Return On Equity (ROE) | 0.058 | |
| Return On Equity QoQ | -22.343 % | |
| Return On Equity YoY | 6.06 % | |
| Return On Equity IPRWA | high: 0.346 mean: 0.07 DAL: 0.058 median: 0.033 low: -0.083 |
|
| DuPont ROE | 6.145 % | |
| Return On Invested Capital (ROIC) | 3.85 % | |
| Return On Invested Capital QoQ | -18.224 % | |
| Return On Invested Capital YoY | -103.551 % | |
| Return On Invested Capital IPRWA | high: 4.443 % DAL: 3.85 % mean: 1.96 % median: 0.892 % low: -0.524 % |
|