# Delta Air Lines, Inc. (DAL)

> Source: Nexqual · https://nexqual.com/DAL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Delta Air Lines, Inc. (DAL), nexqual.com/DAL" · informational, not investment advice.

**Price:** USD 79.26 (+2.05% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 77.67 · day 75.38–79.57 · 52w 55.03–95.68 · market cap $52.1B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $71.8B, net income $3.29B (4.6% margin) (SEC filings).
- Valuation: P/E 15.8x (avg 8.7x at the last 3 fiscal year-ends).
- 5 of 80 tracked superinvestors hold DAL (13F, Q2 2026): 0 new, 2 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $44.3M; 12 not under a Rule 10b5-1 plan ($44.3M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.92 on a 1–5 scale) (25 analysts), mean target USD 100.78 (range 53–125).
- Total return with dividends: 1Y +36.3% vs S&P 500 +14.9%; 5Y +107.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-09, EPS estimate USD 1.42, revenue estimate $19.5B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $29.9B | $50.6B | $58.0B | $61.6B | $63.4B | $71.8B |
| Operating income | $1.89B | $3.66B | $5.52B | $6.00B | $5.82B | $5.29B |
| Net income | $280M | $1.32B | $4.61B | $3.46B | $5.00B | $3.29B |
| EPS (diluted) | $0.44 | $2.06 | $7.17 | $5.33 | $7.66 | — |
| Free cash flow | $17.0M | -$3.0M | $1.14B | $2.88B | $3.84B | — |
| Operating margin | 6.3% | 7.2% | 9.5% | 9.7% | 9.2% | 7.4% |
| Net margin | 0.9% | 2.6% | 7.9% | 5.6% | 7.9% | 4.6% |
| Revenue growth | +74.9% | +69.2% | +14.8% | +6.2% | +2.8% | — |
| Cash + short-term investments | $11.3B | $6.53B | $3.87B | $3.07B | — | — |
| Total debt | $25.1B | $21.4B | $18.6B | $15.3B | $13.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 15.8x · P/S 0.7x · P/B 2.3x · Earnings yield 6.31% · Dividend yield (paid, TTM) 0.99%
P/E at fiscal year-ends: Dec 2025 9.1x, Dec 2024 11.3x, Dec 2023 5.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold DAL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 2.16% | $1.62B | Reduced -3.7% |
| Warren Buffett | Berkshire Hathaway | 1.79% | $5.37B | Added +44.0% |
| Samantha McLemore | Patient Capital Management | 1.34% | $40.4M | Reduced -21.9% |
| Richard Pzena | Pzena Investment Management | 0.72% | $245M | Reduced -6.7% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.4M | Added +26.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Huerta Michael P | Director | 3,100 | $292K | 8.7% | No | Too little history (no open-market trades in 2024) |
| 2026-08-05 | Sear Steven M | EVP - Global Sales & Distrib | 40,460 | $3.8M | 27.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Carter Peter W | President | 39,900 | $3.7M | 8.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Bellemare Alain | EVP & Pres. - International | 35,000 | $3.2M | 26.9% | No | Too little history (no open-market trades in 2023) |
| 2026-08-04 | Bastian Edward H | Chief Executive Officer | 206,510 | $19.2M | 13.2% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Dewalt David G | Director | 31,756 | $2.9M | 58.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26…2026-05-27 | Ausband Allison C | EVP & Chief People Officer | 10,000 | $800K | 7.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-27 | Bellemare Alain | EVP & Pres. - International | 25,000 | $2.0M | 20.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-21…2026-05-22 | Ausband Allison C | EVP & Chief People Officer | 14,710 | $1.1M | 9.6% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-07 | Bellemare Alain | EVP & Pres. - International | 20,621 | $1.5M | 14.7% | No | Too little history (no open-market trades in 2023) |
| 2026-04-14 | Laughter John E | EVP & Chief of Operations | 15,000 | $1.1M | 21.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-10 | Laughter John E | EVP & Chief of Operations | 69,304 | $4.7M | 50% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.92 on a 1–5 scale), 25 analysts; mean target USD 100.78 (low 53, high 125).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | UBS | Target lowered | Buy | $105 → $102 |
| 2026-10-12 | BMO Capital | Target raised | Outperform | $100 → $105 |
| 2026-10-12 | Susquehanna | Target lowered | Positive | $100 → $95 |
| 2026-10-07 | Bernstein | Target lowered | Outperform | $106 → $100 |
| 2026-10-07 | Susquehanna | Target lowered | Positive | $105 → $100 |
| 2026-10-06 | Wells Fargo | Target lowered | Overweight | $105 → $100 |
| 2026-10-02 | TD Cowen | Target lowered | Buy | $105 → $101 |
| 2026-09-28 | BMO Capital | Target lowered | Outperform | $105 → $100 |
| 2026-09-24 | UBS | Target raised | Buy | $99 → $105 |
| 2026-09-18 | Rothschild & Co | Target raised | Buy | $104 → $105 |
| 2026-09-11 | Barclays | Target lowered | Overweight | $105 → $95 |
| 2026-09-10 | UBS | Target lowered | Buy | $112 → $99 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +36.3% | +107.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +36.5% | +15.7% |
| Volatility (annualized) | 38.5% | 39.1% |
| Max drawdown | -22.9% (Feb 2026→Mar 2026) | -45.2% (Feb 2025→Mar 2025) |

## Peers (Airlines)
UAL (United Airlines Holdings, Inc.) USD 102 +0.32% · RYAAY (Ryanair Holdings plc) USD 53.67 -0.79% · LUV (Southwest Airlines Company) USD 42.03 +5.39% · AAL (American Airlines Group, Inc.) USD 12.6 +2.94% · CPA (Copa Holdings, S.A.) USD 134.86 -0.94% · ALK (Alaska Air Group, Inc.) USD 35.38 +5.49%

## More
Full page: https://nexqual.com/DAL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DAL's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Monroe Energy | "In addition, we have historically purchased a significant amount of aircraft fuel in addition to what we obtain from Monroe." |
| Partner | LATAM AIRLINES GROUP S.A. (LTM) | "Internationally, we seek to bring more choice to customers through innovative alliances with Aeroméxico, Air France-KLM, China Eastern, LATAM Airlines Group S.A. ("LATAM"), Korean Air, Virgin Atlantic and WestJet." |
| Partner | Airbus | "Other revolutionary fleet partners include Joby, with their home-to-airport air taxi offering, as well as Airbus and Boeing, both of which are exploring next generation technology." |
| Partner | Boeing (BA) | "Other revolutionary fleet partners include Joby, with their home-to-airport air taxi offering, as well as Airbus and Boeing, both of which are exploring next generation technology." |
| Partner | Virgin Atlantic | "Internationally, we seek to bring more choice to customers through innovative alliances with Aeroméxico, Air France-KLM, China Eastern, LATAM Airlines Group S.A. ("LATAM"), Korean Air, Virgin Atlantic and WestJet." |
| Partner | JFK International Air Terminal | "We have a long-term agreement with IAT to sublease space in Terminal 4 through 2043 ("Sublease") which requires us to pay certain fixed management fees." |

Other companies that name DAL in their own reports (relationship from DAL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Grupo Aeromexico, S.A.B. de C.V. (AERO) | 20-F 2026-04-30 | "Peter serves as a member of the Boards of Virgin Atlantic Airways, Grupo Aeromexico, the SkyTeam Global Airline Alliance, The Delta Air Lines Foundation, the United Way of Greater Atlanta, the Minneso…" |
| partner | REPUBLIC AIRWAYS HOLDINGS INC. (RJET) | 10-K 2026-03-19 | "Republic Airways subsequently expanded its partnership reach to Delta Air Lines in 2002 and United Airlines in 2004 and have operated under the same mission of unparalleled service each year." |
| partner | Wheels Up Experience Inc. (UP) | 10-K 2026-03-10 | "In addition, our first-of-its-kind partnership with Delta Air Lines, Inc. ("Delta") provides our members and customers with a seamless offering across both private and premium commercial travel." |
| partner | LATAM AIRLINES GROUP S.A. (LTM) | 20-F 2026-03-05 | "LATAM group's global reach is further strengthened by key strategic partnerships, code-sharing agreements, commercial alliances and its joint venture agreement with Delta Air Lines, Inc. ("Delta")." |
| partner | Joby Aviation, Inc. (JOBY) | 10-K 2026-02-27 | "Our preparations for commercial passenger service also includes forming sector-leading relationships with partners such as Toyota, Uber, and Delta Air Lines, each of whom have invested in Joby." |
| partner | SKYWEST INC (SKYW) | 10-K 2026-02-17 | "Our capacity purchase agreements with United, Delta, American and Alaska require the respective major airline partner to pay for fuel costs, either directly to the fuel vendor or to reimburse us for t…" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Airline | $17.59B | 87.1% | +15.7% | $1.49B | 8.5% |
| Refinery | $2.97B | 14.7% | +65.3% | -$33.0M | -1.1% |
| Total revenue | $20.19B | 100% | — | $1.45B | 7.2% |
The lines above cover 101.8% of total revenue.

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Passenger | $15.53B | 77.0% | +15.0% |
| — Air traffic liability (part of Passenger) | $13.62B | 67.5% | +14.8% |
| — Loyalty travel awards (part of Passenger) | $1.30B | 6.5% | +17.5% |
| — Travel-related services (part of Passenger) | $612.0M | 3.0% | +13.5% |
| Other | $4.35B | 21.6% | +48.3% |
| — Refinery (part of Other) | $2.60B | 12.9% | +76.2% |
| — Loyalty and related (part of Other) | $1.35B | 6.7% | +19.2% |
| — Cargo (part of Other) | $301.0M | 1.5% | +29.2% |
| — Miscellaneous (part of Other) | $108.0M | 0.5% | +10.2% |
| MRO | $296.0M | 1.5% | +28.1% |
| Total revenue | $20.19B | 100% | — |

## Company outlook (8-K filed 2026-10-09)

- "The foundation of that resilience is our people, whose commitment to delivering for our customers continues to set Delta apart," said Ed Bastian, Delta's chief executive officer. "For the full year, we expect to generate a pre-tax profit of roughly $4.5 billion, absorbing a $6 billion increase in fuel costs."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.42 | $2.23 | -36.1% | $19.50B | 19 |
| Next quarter (ends 2027-03-31) | $0.50 | $0.99 | -49.6% | $17.21B | 13 |
| Current fiscal year (ends 2026-12-31) | $5.41 | $6.67 | -18.8% | $75.07B | 24 |
| Next fiscal year (ends 2027-12-31) | $7.24 | $8.79 | -17.7% | $77.30B | 9 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 43.6% | ±5.2% |
| 2026-11-06 | 14 | 45.2% | ±7.3% |
| 2026-11-13 | 21 | 41.2% | ±8.1% |
| 2026-11-20 | 28 | 41.1% | ±9.3% |
| 2026-11-27 | 35 | 40.6% | ±10.2% |
| 2026-12-04 | 42 | 40.6% | ±11.1% |
| 2026-12-18 | 56 | 39.3% | ±12.5% |
| 2027-01-15 | 84 | 37.6% | ±14.6% |