DAL Delta Air Lines, Inc. Common Stock
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About Delta Air Lines, Inc. Common Stock Company overview from Wikipedia
Delta Air Lines, Inc. is a major airline in the United States headquartered in Atlanta, Georgia, operating nine hubs, with Hartsfield–Jackson Atlanta International Airport being its largest in terms of total passengers and number of departures. With its regional subsidiaries and contractors operating under the brand name Delta Connection, Delta has over 5,400 flights daily and serves 325 destinations in 52 countries on six continents.
Delta is one of the oldest still-operating commercial airlines in the U.S, having commenced passenger operations in 1929. At the turn of the 21st century it was a founding member of SkyTeam, an airline alliance. The airline ranks first in revenue and brand value among the world's largest airlines, and second by number of passengers carried and passenger miles flown.
History
Early history
The history of the predecessor companies of Delta Air Lines begins with the world's first aerial crop dusting operation called Huff Daland Dusters, Inc. The company was founded on March 2, 1925, in Macon, Georgia, before moving to Monroe, Louisiana, in the summer of 1925. It flew a Huff-Daland Duster, the first true crop duster, designed to combat the boll weevil infestation of cotton crops. The first flight operated by Huff Daland Dusters departed from the airfield at Camp Wheeler, now Macon Downtown Airport, on March 23, 1925 to dust a peach orchard in Montezuma, Georgia. C.E. Woolman, general manager and later Delta's first CEO, led a group of local investors to acquire the company's assets. Delta Air Service was incorporated on December 3, 1928, and was named after the Mississippi Delta region.
Passenger operations began on June 17, 1929, from Dallas, Texas, to Jackson, Mississippi, with stops at Shreveport and Monroe, Louisiana. By June 1930, service had extended east to Atlanta and west to Fort Worth, Texas. Passenger service ceased in October 1930 when the airmail contract for the route Delta had pioneered was awarded to another airline, which purchased the assets of Delta Air Service. Local banker Travis Oliver, acting as a trustee, C.E. Woolman, and other local investors purchased back the crop-dusting assets of Delta Air Service and incorporated as Delta Air Corporation on December 31, 1930.
Delta Air Corporation secured an airmail contract in 1934, and began doing business as Delta Air Lines over Mail Route 24, stretching from Fort Worth, Texas, to Charleston, South Carolina. Delta moved its headquarters from Monroe, Louisiana, to its current location in Atlanta in 1941. The company name officially became Delta Air Lines in 1945. In 1946, the company commenced regularly scheduled freight transport. In 1949, the company launched the first discounted fares between Chicago and Miami. In 1953, the company launched its first international routes after the acquisition of Chicago and Southern Air Lines. In 1959, it was the first airline to fly the Douglas DC-8. In 1960, it was the first airline to fly Convair 880 jets. In 1964, it launched the Deltamatic reservation systems using computers in the IBM 7070 series. In 1965, Delta was the first airline to fly the McDonnell Douglas DC-9.
Growth and acquisitions
By 1970, Delta had an all-jet fleet, and in 1972 it acquired Northeast Airlines. Trans-Atlantic service began in 1978 with the first nonstop flights from Atlanta to London. In 1981, Delta launched a frequent-flyer program. In 1987, it acquired Western Airlines, and that same year Delta began trans-Pacific service (Atlanta to Portland, Oregon, to Tokyo). In 1990, Delta was the first airline in the United States to fly McDonnell Douglas MD-11 jets. In 1991, it acquired substantially all of Pan Am's trans-Atlantic routes and the Pan Am Shuttle, rebranded as the Delta Shuttle. Delta was now the leading airline across the Atlantic.
In 1997, Delta was the first airline to board more than 100 million passengers in a calendar year. Also that year, Delta began an expansion of its international routes into Latin America. In 2003, the company launched Song, a low-cost carrier.
Bankruptcy and restructuring (2005–2007)
On September 14, 2005, the company filed for bankruptcy, citing rising fuel costs. It emerged from bankruptcy in April 2007 after fending off a hostile takeover from US Airways and its shares were re-listed on the New York Stock Exchange.
Acquisition of Northwest Airlines (2008–2010)
The acquisition of Northwest Airlines was announced on April 14, 2008. It was approved and consummated on October 29, 2008. Northwest continued to operate as a wholly owned subsidiary of Delta until December 31, 2009, when the Northwest Airlines operating certificate was merged into that of Delta. Delta completed integration with Northwest on January 31, 2010, when their computer reservations system and websites were combined, and the Northwest Airlines brand was officially retired.
Network
As of April 2026 Delta flies to 64 countries on over 1,000 routes serving the Americas, Europe, Africa, West Asia, East Asia and Oceania. Delta operated 893 daily flights out of its Atlanta main hub in the summer of 2024.
Hubs
Delta has nine hubs as of January 2018:
Atlanta: The airline's largest hub serving the Southern and Eastern United States and as its main gateway to Latin America and the Caribbean.
Boston: Delta's secondary transatlantic hub. It offers service to destinations in Europe and North America.
Detroit: One of Delta's two Midwest hubs. It is the primary Asian gateway for the Eastern United States and it also provides service to many destinations in the Americas and Europe.
Los Angeles: Delta's secondary hub for the West Coast. It offers service to cities in Latin America, Asia, Australia, Europe, and major domestic cities and West Coast regional destinations.
Minneapolis/St. Paul: One of Delta's two Midwest hubs. It is the primary Canadian gateway for the airline and also serves many American metropolitan destinations, many regional destinations in the upper Midwest, and some select destinations in Europe and Asia.
New York–JFK: Delta's primary transatlantic hub. The hub also offers service on transcontinental "prestige routes" to Los Angeles and San Francisco.
New York–LaGuardia: Delta's second New York hub. Delta's service at LaGuardia covers numerous East Coast U.S. cities and several regional destinations in the U.S. and Canada.
Salt Lake City: Delta's hub for the Rocky Mountain region of the United States. Delta's service covers most major U.S. destinations and several regional destinations in the U.S., emphasizing the Rocky Mountains and select destinations in Canada and Mexico, and select cities in Europe, Hawaii and Asia.
Seattle/Tacoma: Delta's primary West Coast hub. The hub serves as an international gateway to Asia for the Western United States. Delta service also includes many major U.S. destinations as well as regional destinations in the Pacific Northwest.
Delta Connection
Alliance and codeshare agreements
Delta is a member of the SkyTeam alliance and has codeshare agreements with the following airlines:
Fleet
Cabin
Delta underwent a cabin branding upgrade in 2015. Availability and exact details vary by route and aircraft type.
Delta One
Delta One is the airline's premier business class product, available on long-haul international flights, as well as transcontinental service from New York–Kennedy to Los Angeles and San Francisco.
Delta One features lie-flat seating on all aircraft types and direct aisle access from every seat on all types except the Boeing 757-200 (in which only a special sub-fleet of approximately 20 aircraft feature lie-flats) and in their 'type 35L' ex-LATAM A350s (which use a 2-2-2 layout). The Boeing 767-300ER seats, designed by James Thompson, feature a space-saving design whereby the seats are staggered such that when in the fully flat position, the foot of each bed extends under the armrests of the seat in front of it. On the Airbus A330 cabins, Delta One features the Cirrus flat-bed sleeper suite by Zodiac Seats U.S., configured in a reverse herringbone pattern.
All seats are also equipped with a personal, on-demand in-flight-entertainment (IFE) system, universal power-ports, a movable reading light, and a folding work table. Passengers also receive meals, alcoholic beverages, an amenity kit, bedding, and pre-flight Delta Sky Club access.
In August 2016, Delta announced the introduction of Delta One Suites on select widebody fleets. The suites will feature a door to the aisle for enhanced privacy, as well as improved storage space, a larger IFE screen, and an updated design. The suites rolled out on the Airbus A350 fleet, first delivered in July 2017, followed by installation within the Boeing 777 fleet. Delta's Airbus A330-900, which began revenue service for the airline in July 2019, also features Delta One Suites. Also in July 2019, Delta began retrofitting a new seat on the 767-400ER, which featured increased privacy and design similar to Delta One Suites, though without a privacy door. These seats lack a door due to the 767's smaller cabin width.
First Class
First Class is offered on mainline domestic flights (except those featuring Delta One service), select short- and medium-haul international flights, and Delta Connection aircraft. Seats range from 18.5 to 20.75 inches (47.0 to 52.7 cm) wide and have between 37 and 40 inches (94 and 102 cm) of pitch. Passengers in this class receive a wider variety of free snacks compared to Main Cabin, as well as free drinks and alcohol, and full meal service on flights 900 miles (1,400 km) and longer. Certain aircraft also feature power ports at each seat and free entertainment products from Delta Studio. First Class passengers are also eligible for priority boarding.
Premium Select
In April 2016, Delta CEO Ed Bastian announced that a new Premium Economy cabin would be added. Since renamed to Premium Select, this cabin will feature extra legroom; adjustable leg rests; extra seat pitch, width, and recline; and a new premium service. Delta introduced it on its new Airbus A350, first delivered in fall 2017, to be followed by the now-retired Boeing 777. In October 2018, Delta announced that it would be selling first class seats on domestically configured Boeing 757 aircraft flying transatlantic routes as Premium Select. Delta's A330-900, delivered in 2019, also offers Premium Select. In 2021, Delta began retrofitting many of its 767-300ER and older A330 aircraft with Premium Select.
Delta Comfort+
Delta Comfort+ seats are installed on all aircraft and feature 34–36 inches (860–910 mm) of pitch; on all Delta One configured aircraft, 35–36 inches (890–910 mm) of pitch and 50 percent more recline over standard Main Cabin seats. Additional amenities include: priority boarding, dedicated overhead space, complimentary beer, wine, and spirits on flights 250 miles (400 km) or more, and complimentary premium snacks on flights 900 miles (1,400 km) or more. Complimentary premium entertainment is available via Delta Studio, with free headsets available on most flights. On transcontinental flights between JFK-LAX/SFO, Delta Comfort+ passengers also get Luvo snack wraps. Certain Medallion members can upgrade from Main Cabin to Comfort+ for free right after booking, while other customers can upgrade for a fee or with SkyMiles.
Main Cabin
Main Cabin (Economy Class) is available on all aircraft with seats ranging from 17 to 18.6 inches (43 to 47 cm) wide and 30 to 33 inches (76 to 84 cm) of pitch. The main cabin on some aircraft has an articulating seat bottom where the seat bottom moves forward in addition to the seat back tilting backwards when reclining.
Main Cabin passengers receive complimentary snacks and non-alcoholic drinks on all flights 250 miles (400 km) or longer. Alcoholic beverages are also available for purchase. Complimentary meals and alcoholic drinks are provided on long-haul international flights as well as selected transcontinental domestic flights, such as between New York–JFK and Seattle, San Francisco, Los Angeles, and San Diego. As part of Delta's Flight Fuel buy on board program, meals are available for purchase on other North American flights 900 miles (1,400 km) or longer.
Delta operated a different buy-on-board program between 2003 and 2005. The previous program had items from differing providers, depending on the origin and destination of the flight. Prices ranged up to $10 ($17.05 when adjusted for inflation). The airline started the service on a few selected flights in July 2003, and the meal service was initially offered on 400 flights. Delta ended this buy-on-board program in 2005; instead, Delta began offering snacks at no extra charge on flights over 90 minutes to most U.S. domestic flights and some flights to the Caribbean and Latin America. Beginning in mid-March 2005 the airline planned to stop providing pillows on flights within the 48 contiguous U.S. states, Bermuda, Canada, the Caribbean, and Central America. In addition, the airline increased the price of alcoholic beverages on Delta mainline flights from $4 ($6.59 when adjusted for inflation) to $5 ($8.24 when adjusted for inflation); the increase in alcohol prices did not occur on Song flights.
Basic Economy
Basic Economy is a basic version of Main Cabin, offering the same services with fewer flexibility options for a lower price. Examples of fewer flexibility options include no ticket changes, no paid or complimentary upgrades regardless of frequent-flier status, and only having a seat assigned at check-in. As of December 2021, Basic Economy travelers no longer earn award miles (used for redeeming free travel, for example) or medallion qualifying miles (which count towards elite status).
Reward programs
SkyMiles
SkyMiles is the frequent flyer program for Delta Air Lines. Miles do not expire but accounts may be deactivated by Delta in certain cases, such as the death of a program member or fraudulent activity.
As part of its efforts to improve customer experience, Delta introduced several service upgrades in 2025. These included free Wi-Fi access for SkyMiles members on most domestic flights, expanded Delta Sky Club lounge facilities, and new premium dining options featuring branded offerings such as Shake Shack.
Delta Sky Club
Delta Sky Club is the branding name of Delta's airport lounges. Membership is available through an annual membership that can be purchased with either money or miles. International passengers travelling in Delta One class get free access. Membership can also be granted through top-level Delta status or by being an American Express cardholder with certain exceptions. As of January 2019, Delta no longer offered single-day passes.
Originally, Delta's membership-based airport clubs were called Crown Room lounges, with Northwest's called WorldClubs.
Exclusive Delta One Clubs for customers travelling in business class are slated to open at New York–Kennedy, Los Angeles, and Boston in 2024.
In February 2024, Delta announced a new, more exclusive or premium level of Sky Club lounge aimed at high-spending travellers. The first would be at New York's John F. Kennedy International Airport, followed by those in Boston's Logan International Airport and Los Angeles International Airport later in the year. In addition to wellness areas, the lounge would offer a full-service brasserie and a marketplace influenced or assisted by a chef that would feature an open kitchen. The move represented a shift away from a standard offering to something closer to a unique experience for each airport and the city in which the lounge was located.
SkyBonus
On November 27, 2001, Delta Air Lines launched SkyBonus, a program aimed toward small-to-medium businesses spending between $5,000 and $500,000 annually on air travel. Businesses can earn points toward free travel and upgrades, as well as Sky Club memberships and SkyMiles Silver Medallion status. Points are earned on paid travel based on various fare amounts paid, booking codes, and place origin or destination. While enrolled businesses are able to earn points toward free travel, the travelling passenger is still eligible to earn SkyMiles during their travel.
In early 2010, Delta Air Lines merged its SkyBonus program with Northwest's similar Biz Perks program.
Corporate affairs
Business trends
The key trends for Delta Air Lines are (as of the financial year ending December 31):
Personnel
Between its mainline operation and subsidiaries, and as of December 2024, Delta employs nearly 103,000 people.
Delta's 17,500 mainline pilots are represented by the Air Line Pilots Association, International and are the union's second largest pilot group. The company's approximately 180 flight dispatchers are represented by the Professional Airline Flight Control Association (PAFCA). Not counting the pilots and flight dispatchers, Delta is the only one of the five largest airlines in the United States, and one of only two in the top 9 (the other being JetBlue), whose non-pilot USA domestic staff is entirely non-union.
Delta Global Staffing
Delta Global Staffing (DGS) was a temporary employment firm located in Atlanta, Georgia. Delta Global Staffing was a wholly owned subsidiary of Delta Air Lines, Inc., and a division of the internal company DAL Global Services.
Delta Air Lines sold majority ownership of DAL Global Services to Argenbright Holdings on December 21, 2018. As part of the sale, Delta dissolved the staffing division of DGS.
It was founded in 1995 as a provider of temporary staffing for Delta primarily in Atlanta. DGS has since expanded to include customers and businesses outside the airline and aviation industries. DGS now supports customers in major US metropolitan areas.
Delta Global Staffing provided contract workers for short and long term assignments, VMS partnering, VOP on-site management, temp-to-hire, direct placements, and payroll services. DGS services markets such as call centers, customer services and administrative placements, IT & professional recruiting, logistics, finance & accounting, hospitality, and aviation/airline industry.
Headquarters and offices
Delta's corporate headquarters is located on a corporate campus on the northern boundary of Hartsfield–Jackson Atlanta International Airport, within the city limits of Atlanta. This location has served as Delta's headquarters since 1941, when the company relocated its corporate offices from Monroe, Louisiana, to Greater Atlanta. The crop dusting division of Delta remained headquartered in Monroe until Delta ceased crop dusting in 1966. Before 1981, the Delta corporate campus, an 80-acre (32 ha) plot of land in proximity to the old Hartsfield Airport terminal, was outside the City of Atlanta limits in unincorporated Fulton County. On August 3, 1981, the Atlanta City Council approved the annexation of 141 acres (57 ha) of land, an area containing the Delta headquarters. As of 1981 Delta would have had to begin paying $200,000 annually to the City of Atlanta in taxes. In September 1981, the airline sued the city, challenging the annexation on the basis of the constitutionality of the 1960 City of Atlanta annexation of the Hartsfield old terminal. The City of Atlanta was only permitted to annex areas that are adjacent to areas already in the Atlanta city limits.
In addition to hosting Delta's corporate headquarters, Hartsfield–Jackson is also the home of Delta TechOps, the airline's primary maintenance, repair, and overhaul arm and the largest full-service airline MRO in North America, specializing in engines, components, airframe, and line maintenance.
Delta maintains a large presence in the Twin Cities, with over 12,000 employees in the region as well as significant corporate support functions housed in the Minneapolis area, including the company's information technology divisional offices.
Corporate identity
Delta's logo, often called the "widget", was originally unveiled in 1959. Its triangle shape is taken from the Greek letter delta, and recalls the airline's early history operating in the Mississippi Delta. It is also said to be reminiscent of the swept-wing design of the DC-8, Delta's first jet aircraft.
Delta's current livery is called "Upward & Onward". It features a white fuselage with the company's name in blue lettering and a widget on the vertical stabilizer. Delta introduced its current livery in 2007 as part of a re-branding after it emerged from bankruptcy. The new livery consists of four colors, while the old one (called "colors in motion") uses eight. This meant the switch saved the airline money by removing one day from each aircraft's painting cycle. The airline took four years to repaint all of its aircraft into the current scheme, including aircraft inherited from Northwest Airlines.
Environmental initiatives
In 2008, Delta Air Lines was given an award from the United States Environmental Protection Agency's Design for the Environment (DfE) program for its use of PreKote, a more environmentally friendly, non-hexavalent chromium surface pretreatment on its aircraft, replacing hazardous chemicals formerly used to improve paint adhesion and prevent corrosion. In addition, PreKote reduces water usage by two-thirds and reduces wastewater treatment.
PreKote is also saving money by reducing the time needed to paint each airplane. With time savings of eight to ten percent, it will save an estimated more than $1 million annually.
Despite having purchased 9.7 millionmetric tonnes of carbon offsets in 2022, Delta was in the process of moving away from such investments to reduce the company's carbon footprint by the end of March of that year and was instead focusing on reducing emissions from company operations. In May 2023, Delta Air Lines received a consumer class action lawsuit filed in Central California U.S. District Court over marketing claims that the company is the world's first carbon neutral airline.
In popular culture
Deltalina
As part of the re-branding project, a safety video featuring a flight attendant was posted on YouTube in early 2008, getting over 1 million views and the attention of news outlets, specifically for the video's tone mixed with the serious safety message. The flight attendant, Katherine Lee, was dubbed "Deltalina" by a member of FlyerTalk for her resemblance to Angelina Jolie. Delta had considered several styles for its current safety video, including animation, before opting for a video presenting a flight attendant speaking to the audience. The video was filmed on a former Song Airlines Boeing 757-200.
On-time performance
In 2023, Delta flights arrived at their destination on time 84.72% of the time, compared to the North American industry average of 74.45% per Cirium. Delta completed 98.82% of its scheduled flights.
Award and recognition
On June 24, 2024, Delta Air Lines was voted 2024 Best Airline in North America and Best Airline Staff Service in North America by Skytrax.
Accidents and incidents
The following are major accidents and incidents that occurred on Delta mainline aircraft. For Northwest Airlines incidents, see Northwest Airlines accidents and incidents. For Delta Connection incidents, see Delta Connection incidents and accidents.
All told, in 14 fatal accidents involving at least one death, 299 passengers and crew died, 11 on two other aircraft died (in two collision accidents), and 16 people on the ground died (in four accidents).
Controversies and passenger incidents
In July 2024, Delta canceled over 7,000 flights during a disruption following the 2024 CrowdStrike incident. The incident closely resembled the 2022 Southwest Airlines scheduling crisis, in which the airline canceled thousands of flights. On Tuesday July 23, 2024, United States secretary of transportation, Pete Buttigieg, announced the Department of Transportation would be launching an investigation into the events that prevented Delta Air Lines from swiftly recovering, as other airlines had. Over the course of the event over 500,000 passengers were inconvenienced, according to Delta CEO Ed Bastian, and over 3,000 complaints had been lodged with the government according to the Department of Transportation.
Delta has claimed to have lost $500 million due to the outages and associated costs. The airline has hired David Boies in preparation for litigation against Microsoft and CrowdStrike. The conflict led to an ongoing legal dispute in Delta Air Lines v. Crowdstrike.
Litigation
Delta Air Lines v. CrowdStrike is a legal dispute stemming from a massive global outage on July 19, 2024, caused by a faulty software update from CrowdStrike, which crashed Microsoft Windows systems worldwide and disrupted critical industries, including air travel. Delta was the hardest-hit airline, with over 7,000 canceled flights, losses estimated at $550 million, and significant operational setbacks due to failures in crew-tracking and outdated IT systems. Delta sued CrowdStrike for gross negligence, fraud, and computer trespass, claiming the update was deployed without proper testing and without authorization despite Delta opting out of automatic updates. CrowdStrike denied wrongdoing, citing contract terms that limit its liability and blaming Delta's legacy systems for the extended recovery time. A Georgia court allowed Delta to proceed with several claims, though potential damages may be capped under the service agreement's liability limits.
Safety and aircraft maintenance
In April 2025, two Delta Air Lines flights experienced incidents in which ceiling panels detached mid-flight, injuring at least one passenger. The events occurred on a Boeing 757 and a Boeing 717, prompting scrutiny of Delta's maintenance practices and the condition of its older aircraft. Emergency personnel assessed the injured upon landing.
That same month, three Delta flights made emergency landings within five days due to cabin pressurization issues. The aircraft either diverted or returned to their departure airports, with crews following established emergency protocols. Although no serious injuries were reported, the incidents raised concerns about the airline's operational oversight. Delta stated that it provided accommodations for affected passengers and reaffirmed its focus on safety.
Jet fuel dumping over Los Angeles
On January 14, 2020, Delta Air Lines Flight 89, a Boeing 777-200 to Shanghai, returned to Los Angeles International Airport shortly after takeoff due to engine trouble. To reach a safe landing weight, the crew released about 15,000 gallons of jet fuel over southeastern Los Angeles County, including schoolyards.
About 60 children and teachers at Park Avenue Elementary School in Cudahy were treated for minor skin and lung irritation after being exposed to the fuel. Teachers and residents later filed a class-action lawsuit, alleging the pilots acted negligently by dumping fuel at a low altitude over populated areas instead of over the ocean or at higher altitude.
In August 2025, Delta agreed to a $79 million settlement, pending court approval. The airline did not admit liability, stating that the pilots had followed Federal Aviation Administration guidance and that the settlement was intended to avoid the costs of a trial. After legal fees, $51 million compensation will be distributed to an estimated 13,000 residents and property owners.
Toxic fume events
After a surge in toxic fume events that have caused health problems for passengers and crew, Delta started replacing auxiliary power units on its aircraft. The Wall Street Journal reported that these incidents, which have led to emergency diversions and illnesses including brain injuries, were particularly concentrated on Delta's fleet.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | DAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 14.0 | · | 15.6 | Fair value | |
| P/S (TTM) | 0.8 | · | 0.7 | Overvalued | |
| P/B (MRQ) | 2.6 | · | 2.8 | Fair value | |
| EV / EBITDA | 7.9 | · | 8.1 | Undervalued | |
| Price / FCF | 14.6 | · | · | · | |
| Price / Cash Flow | 6.7 | · | 4.5 | Overvalued | |
| EV / Revenue | 1.0 | · | · | · | |
| EV / FCF | 16.9 | · | · | · | |
| Price / Tangible Book (MRQ) | 3.5 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | DAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 8.1% | · | 2.5% | Top tier | |
| EBITDA Margin (TTM) | 11.8% | · | 2.5% | Top tier | |
| Pretax Margin (TTM) | 7.4% | · | 0.05% | Top tier | |
| Net Profit Margin (TTM) | 5.8% | · | -0.05% | Top tier | |
| ROA (TTM) | 4.8% | · | 0.34% | Top tier | |
| ROE (TTM) | 20.1% | · | -0.22% | Top tier | |
| ROIC | 13.8% | · | 1.6% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | DAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.6 | · | 1.1 | Low debt | |
| Current Ratio (MRQ) | 0.4 | · | 0.6 | Low liquidity | |
| Quick Ratio | 0.3 | · | 0.4 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | 0.5 | · | 1.1 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | DAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 2.8% | · | · | · | |
| Revenue CAGR 3Y | 7.8% | · | · | · | |
| Revenue CAGR 5Y | 30.0% | · | · | · | |
| EPS YoY | 43.7% | · | · | · | |
| Net Income YoY | 44.8% | · | · | · | |
| EPS CAGR 3Y | 54.9% | · | · | · | |
| Net Income CAGR 3Y | 56.0% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | DAL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.8 | · | 0.7 | Top tier | |
| Receivables Turnover | 20.9 | · | 26.8 | Weak | |
| Revenue / Employee | ≈$615.2K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Jul 9, 2026 | $0.22 | USD | ≈1.1% |
| May 14, 2026 | $0.19 | USD | ≈1.1% |
| Feb 26, 2026 | $0.19 | USD | ≈1.2% |
| Oct 16, 2025 | $0.19 | USD | ≈1.1% |
| Jul 31, 2025 | $0.19 | USD | ≈1.2% |
| May 13, 2025 | $0.15 | USD | ≈1.1% |
| Feb 27, 2025 | $0.15 | USD | ≈0.92% |
| Oct 10, 2024 | $0.15 | USD | ≈0.99% |
| Jul 30, 2024 | $0.15 | USD | ≈1.0% |
| May 13, 2024 | $0.10 | USD | ≈0.75% |
| Feb 23, 2024 | $0.10 | USD | ≈0.72% |
| Oct 11, 2023 | $0.10 | USD | ≈0.56% |
| Jul 14, 2023 | $0.10 | USD | ≈0.22% |
| Feb 19, 2020 | $0.40 | USD | ≈2.7% |
| Oct 23, 2019 | $0.40 | USD | ≈2.8% |
| Jul 24, 2019 | $0.40 | USD | ≈2.3% |
| May 1, 2019 | $0.35 | USD | ≈2.4% |
| Feb 28, 2019 | $0.35 | USD | ≈2.7% |
| Nov 6, 2018 | $0.35 | USD | ≈2.4% |
| Jul 25, 2018 | $0.35 | USD | ≈2.4% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 9, 2026 | $1.56 | $1.49 | 4.4% |
| March 31, 2026 | $0.64 | $0.58 | 10.7% | |
| Dec. 31, 2025 | $1.55 | $1.54 | 0.51% | |
| Sept. 30, 2025 | $1.71 | $1.55 | 10.5% | |
| June 30, 2025 | $2.10 | $2.07 | 1.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63.36B | $61.64B | $58.05B | $50.58B | $29.90B | $17.09B | $47.01B | $44.44B | $41.14B | $39.64B | $40.70B | $40.36B | |
| Operating Expenses | $57.54B | $55.65B | $52.53B | $46.92B | $28.01B | $29.56B | $40.39B | $39.17B | $35.17B | $32.45B | $32.90B | $38.16B | |
| Operating Income | $5.82B | $6.00B | $5.52B | $3.66B | $1.89B | $-12.47B | $6.62B | $5.26B | $5.97B | $7.00B | $7.80B | $2.21B | |
| Interest Expense | · | · | · | · | · | · | · | · | $396M | $388M | $481M | $650M | |
| Other Non-op | $-144M | $-232M | $-279M | $165M | $-397M | $137M | $-111M | $220M | $-70M | $-255M | $-164M | $-484M | |
| Pretax Income | $6.18B | $4.66B | $5.61B | $1.91B | $398M | $-15.59B | $6.20B | $5.15B | $5.50B | $6.35B | $7.16B | $1.07B | |
| Income Tax | $1.18B | $1.20B | $999M | $596M | $118M | $-3.20B | $1.43B | $1.22B | $2.29B | $2.16B | $2.63B | $413M | |
| Net Income | $5.00B | $3.46B | $4.61B | $1.32B | $280M | $-12.38B | $4.77B | $3.94B | $3.21B | $4.20B | $4.53B | $659M | |
| EPS (Basic) | $7.72 | $5.39 | $7.21 | $2.07 | $0.44 | $-19.49 | $7.32 | $5.69 | $4.45 | $5.59 | $5.68 | $0.79 | |
| EPS (Diluted) | $7.66 | $5.33 | $7.17 | $2.06 | $0.44 | $-19.49 | $7.30 | $5.67 | $4.43 | $5.55 | $5.63 | $0.78 | |
| Shares (Basic) | 648,000,000 | 641,000,000 | 639,000,000 | 638,000,000 | 636,000,000 | 636,000,000 | 651,000,000 | 691,000,000 | 720,000,000 | 751,000,000 | 797,000,000 | 836,000,000 | |
| Shares (Diluted) | 654,000,000 | 648,000,000 | 643,000,000 | 641,000,000 | 641,000,000 | 636,000,000 | 653,000,000 | 694,000,000 | 723,000,000 | 755,000,000 | 804,000,000 | 845,000,000 | |
| EBITDA | $8.27B | $8.51B | $7.86B | $5.77B | $3.88B | $-10.16B | $9.20B | $7.59B | $8.35B | · | $9.64B | $2.21B |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.31B | $3.07B | $2.74B | $3.27B | $7.93B | $8.31B | $2.88B | $1.56B | $1.81B | $2.76B | $1.97B | $2.09B | |
| Short-term Investments | · | $0 | $1.13B | $3.27B | $3.39B | $5.79B | $0 | $203M | $825M | $487M | $1.47B | $1.22B | |
| Receivables | $2.85B | $3.22B | $3.13B | $3.18B | $2.40B | $1.40B | $2.85B | $2.31B | $2.38B | $2.06B | $2.02B | $2.30B | |
| Prepaid Expense | $2.21B | $2.12B | $1.96B | $1.88B | $1.12B | $1.18B | $1.26B | $1.41B | $1.46B | $1.25B | $915M | $701M | |
| Current Assets | $10.97B | $9.84B | $10.27B | $13.01B | $15.94B | $17.40B | $8.25B | $6.34B | $7.80B | $7.45B | $9.06B | $9.16B | |
| PP&E (Net) | · | · | · | · | · | · | · | $28.34B | $26.56B | $24.38B | $23.04B | $21.93B | |
| Accum. Depreciation | · | · | · | · | · | · | · | $15.82B | $14.10B | $12.46B | $10.87B | $9.34B | |
| Goodwill | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | $9.78B | $9.78B | $9.79B | $9.79B | $9.79B | $9.79B | |
| Intangibles | $5.97B | $5.97B | $5.98B | $5.99B | $6.00B | $6.01B | $5.16B | $4.83B | $4.85B | $4.84B | $4.86B | $4.60B | |
| Other Non-current Assets | $4.42B | $2.71B | $1.69B | $1.26B | $1.77B | $1.36B | $1.08B | $3.85B | $3.31B | $1.73B | $1.43B | $926M | |
| Total Assets | $81.32B | $75.37B | $73.64B | $72.29B | $72.46B | $72.00B | $64.53B | $60.27B | $53.67B | $51.85B | $53.13B | $54.01B | |
| Accounts Payable | $5.23B | $4.65B | $4.45B | $5.11B | $4.24B | $2.84B | $3.27B | $2.98B | $3.63B | $2.57B | $2.74B | $2.62B | |
| Current Liabilities | $27.62B | $26.67B | $26.42B | $25.94B | $20.97B | $15.93B | $20.20B | $18.58B | $18.96B | $15.24B | $17.53B | $16.85B | |
| Capital Leases | $5.35B | $5.81B | $6.47B | $6.87B | $7.06B | $5.71B | $5.29B | $5.80B | $0 | $202M | $235M | $291M | |
| Deferred Tax | $3.44B | $2.18B | $908M | $24M | · | $0 | $1.46B | $163M | · | · | · | · | |
| Other Non-current Liabilities | $3.99B | $3.74B | $3.56B | $4.05B | $4.40B | $4.86B | $1.39B | $969M | $2.22B | $1.88B | $1.89B | $2.13B | |
| Long-term Debt | $13.31B | $15.35B | $18.61B | $21.38B | $25.08B | $27.97B | $10.11B | $9.37B | $8.44B | $7.01B | $7.95B | $9.26B | |
| Total Debt | $13.31B | $15.35B | $18.61B | $21.38B | $25.08B | $27.97B | $10.11B | $9.37B | $8.44B | · | $7.95B | $9.38B | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $13.34B | $8.78B | $5.65B | $1.17B | $-148M | $-428M | $12.45B | $10.04B | $8.26B | $7.90B | $5.56B | $3.46B | |
| Treasury Stock | $238M | $251M | $341M | $313M | $282M | $259M | $236M | $198M | $158M | $274M | $373M | $313M | |
| AOCI | $-4.13B | $-4.98B | $-5.84B | $-5.80B | $-7.13B | $-9.04B | $-7.99B | $-7.83B | $-7.62B | $-7.64B | $-7.28B | $-7.31B | |
| Stockholders' Equity | $20.85B | $15.29B | $11.11B | $6.58B | $3.89B | $1.53B | $15.36B | $13.69B | $12.53B | $11.28B | $10.85B | $8.81B | |
| Liabilities + Equity | $81.32B | $75.37B | $73.64B | $72.29B | $72.46B | $72.00B | $64.53B | $60.27B | $53.67B | $51.26B | $53.13B | $54.01B | |
| Shares Outstanding | 660,000,000 | 655,000,000 | 655,000,000 | 652,000,000 | 650,000,000 | 647,000,000 | 652,000,000 | · | · | · | · | · |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2.44B | $2.51B | $2.34B | $2.11B | $2.00B | $2.31B | $2.58B | $2.33B | $2.22B | $1.89B | $1.83B | $1.77B | |
| Stock-based Comp | · | · | · | · | · | · | $161M | $159M | $169M | $154M | $76M | $81M | |
| Deferred Tax | $1.11B | $1.16B | $980M | $591M | $115M | $-3.11B | $1.47B | $1.36B | $2.24B | $2.12B | $2.58B | $414M | |
| Amort. of Intangibles | $8M | $9M | $9M | $9M | $10M | $10M | $11M | $17M | $17M | $17M | $18M | $55M | |
| Restructuring | · | · | · | $-124M | $-19M | $8.22B | $0 | $0 | $7M | $10M | · | · | |
| Other Non-cash | $-215M | $900M | $-1.47B | $2.35B | $871M | $9.39B | $-557M | $-773M | $-2.84B | · | $-1.09B | · | |
| Operating Cash Flow | $8.34B | $8.03B | $6.46B | $6.36B | $3.26B | $-3.79B | $8.43B | $7.01B | $5.02B | $7.21B | $7.93B | $4.95B | |
| CapEx | $4.50B | $5.14B | $5.32B | $6.37B | $3.25B | $1.90B | $4.94B | $5.17B | $3.89B | $3.39B | $2.94B | $2.25B | |
| Investing Cash Flow | $-4.19B | $-3.74B | $-3.15B | $-6.92B | $-898M | $-9.24B | $-4.56B | $-4.39B | $-5.27B | $-2.15B | $-3.96B | $-2.46B | |
| Debt Issued | $2.21B | $0 | $878M | $0 | $1.90B | $22.79B | $2.06B | $3.75B | $2.45B | $450M | $1.04B | $1.02B | |
| Net Debt Issued | $2.21B | $0 | $878M | $0 | $1.90B | $22.79B | $2.06B | $3.75B | $2.45B | · | $1.04B | $1.02B | |
| Stock Repurchased | · | · | · | $0 | $0 | $344M | $2.03B | $1.57B | $1.68B | $2.60B | $2.20B | $1.10B | |
| Net Stock Activity | · | · | · | $0 | $0 | $-344M | $-2.03B | $-1.57B | $-1.68B | · | $-2.20B | $-1.10B | |
| Dividends Paid | $440M | $321M | $128M | $0 | $0 | $260M | $980M | $909M | $731M | $509M | $359M | $251M | |
| Financing Cash Flow | $-3.08B | $-4.26B | $-3.39B | $-4.54B | $-3.85B | $19.36B | $-2.88B | $-1.73B | $-730M | $-4.26B | $-4.09B | $-3.24B | |
| Net Change in Cash | $1.08B | $26M | $-78M | $-5.10B | $-1.49B | $6.33B | $982M | $895M | $-973M | $800M | $-116M | $-756M | |
| Free Cash Flow | $3.84B | $2.88B | $1.14B | $-3M | $17M | $-5.69B | $3.49B | $1.85B | $1.26B | · | $4.98B | $2.70B | |
| Levered FCF | · | · | · | · | · | · | · | · | $1.01B | · | $4.68B | $2.30B |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 9.2% | 9.7% | 9.5% | 7.2% | 6.3% | -72.9% | 14.1% | -1692.6% | 14.8% | · | 19.2% | 5.5% | |
| Net Margin | 7.9% | 5.6% | 7.9% | 2.6% | 0.94% | -72.5% | 10.1% | -1265.3% | 8.7% | · | 11.1% | 1.6% | |
| Pretax Margin | 9.8% | 7.6% | 9.7% | 3.8% | 1.3% | -91.2% | 13.2% | -1656.3% | 13.8% | · | 17.6% | 2.7% | |
| EBITDA Margin | 13.0% | 13.8% | 13.5% | 11.4% | 13.0% | -59.4% | 19.6% | -2441.5% | 20.2% | · | 23.7% | 5.5% | |
| ROA | 6.3% | 4.6% | 6.3% | 1.8% | 0.39% | -16.4% | 7.5% | 6.6% | 6.8% | · | 8.5% | 1.2% | |
| ROE | 26.1% | 23.9% | 45.3% | 23.6% | 8.6% | -506.4% | 31.3% | 29.0% | 28.4% | · | 46.0% | 6.4% | |
| ROIC | 13.8% | 14.5% | 15.3% | 9.0% | 4.6% | -33.6% | 20.0% | 17.4% | 17.2% | · | 26.2% | 7.4% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.4 | 0.4 | 0.4 | 0.5 | 0.8 | 1.1 | 0.4 | 0.3 | 0.4 | · | 0.5 | 0.7 | |
| Quick Ratio | 0.3 | 0.2 | 0.3 | 0.4 | 0.7 | 1.0 | 0.3 | 0.2 | 0.3 | · | 0.3 | 0.3 | |
| Debt / Equity | 0.6 | 1.0 | 1.7 | 3.2 | 6.5 | 18.2 | 0.7 | 0.7 | 0.6 | · | 0.7 | 1.1 | |
| LT Debt / Equity | 0.6 | 0.9 | 1.4 | 2.9 | 6.1 | 17.3 | 0.5 | 0.6 | 0.5 | · | 0.6 | 0.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 15.4 | · | 16.2 | 3.4 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.8 | 0.7 | 0.4 | 0.2 | 0.7 | -0.0 | 0.8 | · | 0.8 | 0.8 | |
| Receivables Turnover | 20.9 | 19.4 | 18.4 | 18.1 | 15.7 | 8.0 | 18.2 | -0.1 | 18.6 | · | 18.9 | 20.7 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $31.60 | $23.35 | $16.95 | $10.10 | · | · | · | · | · | · | · | · | |
| Revenue / Share | $96.89 | $95.13 | $90.28 | $78.91 | $46.64 | $26.88 | $71.99 | $-0.45 | $57.05 | · | $50.63 | $47.77 | |
| Cash Flow / Share | $12.76 | $12.38 | $10.05 | $9.93 | $5.09 | $-5.96 | $12.90 | $10.11 | $7.12 | · | $9.86 | $5.85 | |
| Cash / Share | $6.53 | $4.69 | $4.18 | $5.01 | · | · | · | · | · | · | · | · | |
| Dividend / Share | $0.68 | $0.50 | $0.20 | $0.00 | $0.00 | $0.40 | $1.51 | $1.31 | $1.02 | $0.68 | $0.45 | $0.30 | |
| EPS (TTM) | $7.66 | $5.33 | $7.17 | $2.06 | $0.44 | $-19.49 | $7.30 | $5.67 | $4.43 | $5.55 | $5.63 | $0.78 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 2.8% | 6.2% | 14.8% | 69.2% | 74.9% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 7.8% | 27.3% | 50.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 30.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 43.7% | -25.7% | 248.1% | 368.2% | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 54.9% | 129.7% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 44.8% | -25.0% | 249.7% | 370.7% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 56.0% | 131.1% | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 11.1% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $63.36B | $61.64B | $58.05B | $50.58B | $29.90B | $17.09B | $47.01B | $44.44B | $41.14B | $39.64B | $40.70B | $40.36B | |
| Net Income TTM | $5.00B | $3.46B | $4.61B | $1.32B | $280M | $-12.38B | $4.77B | $3.94B | $3.21B | $4.20B | $4.53B | $659M | |
| Market Cap | $45.80B | $39.63B | $26.35B | $21.42B | · | · | · | · | · | · | · | · | |
| Enterprise Value | $54.80B | $51.91B | $41.09B | $36.27B | · | · | · | · | · | · | · | · | |
| P/E | 9.1 | 11.4 | 5.6 | 16.0 | 88.8 | -2.1 | 8.0 | 8.8 | 12.6 | 8.9 | 9.0 | 63.1 | |
| P/S | 0.7 | 0.6 | 0.5 | 0.4 | · | · | · | · | · | · | · | · | |
| P/B | 2.2 | 2.6 | 2.4 | 3.3 | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 8.9 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 5.5 | 4.9 | 4.1 | 3.4 | · | · | · | · | · | · | · | · | |
| P / FCF | 11.9 | 13.7 | 23.1 | -7141.6 | · | · | · | · | · | · | · | · | |
| EV / EBITDA | 6.6 | 6.1 | 5.2 | 6.3 | · | · | · | · | · | · | · | · | |
| EV / FCF | 14.3 | 18.0 | 36.0 | -12090.6 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 0.9 | 0.8 | 0.7 | 0.7 | · | · | · | · | · | · | · | · | |
| Dividend Yield | 0.96% | 0.81% | 0.49% | 0.00% | · | · | · | · | · | · | · | · | |
| Earnings Yield | 11.0% | 8.8% | 17.8% | 6.3% | 1.1% | -48.5% | 12.5% | 11.4% | 7.9% | 11.3% | 11.1% | 1.6% | |
| Payout Ratio | 8.8% | 9.3% | 2.8% | 0.00% | 0.00% | -2.1% | 20.6% | 23.1% | 20.4% | · | 7.9% | 38.1% | |
| Annual Payout | $440M | $321M | $128M | $0 | $0 | $260M | $980M | $909M | $731M | $509M | $359M | $251M |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.76B | $15.85B | $16.00B | $16.67B | $16.65B | $14.04B | $15.56B | $15.68B | $16.66B | $13.75B | $14.22B | $15.49B | $15.58B | $12.76B | $13.44B | $13.97B | |
| Operating Expenses | $17.89B | $15.35B | $14.54B | $14.99B | $14.55B | $13.47B | $13.84B | $14.28B | $14.39B | $13.13B | $12.90B | $13.50B | $13.09B | $13.04B | $11.97B | $12.52B | |
| Operating Income | $1.86B | $501M | $1.47B | $1.68B | $2.10B | $569M | $1.72B | $1.40B | $2.27B | $614M | $1.32B | $1.98B | $2.49B | $-277M | $1.47B | $1.46B | |
| Other Non-op | $-59M | $-10M | $-2M | $-41M | $-71M | $-30M | $-85M | $-13M | $-78M | $-56M | $-59M | $-48M | $-70M | $-102M | $277M | $-40M | |
| Pretax Income | $2.01B | $-214M | $1.51B | $1.78B | $2.57B | $320M | $1.20B | $1.56B | $1.77B | $122M | $2.28B | $1.52B | $2.32B | $-506M | $1.12B | $962M | |
| Income Tax | $405M | $75M | $296M | $360M | $444M | $80M | $359M | $289M | $468M | $85M | $239M | $413M | $490M | $-143M | $291M | $267M | |
| Net Income | $1.60B | $-289M | $1.22B | $1.42B | $2.13B | $240M | $843M | $1.27B | $1.30B | $37M | $2.04B | $1.11B | $1.83B | $-363M | $828M | $695M | |
| EPS (Basic) | $2.45 | $-0.44 | $1.89 | $2.18 | $3.28 | $0.37 | $1.31 | $1.98 | $2.04 | $0.06 | $3.19 | $1.73 | $2.86 | $-0.57 | $1.31 | $1.09 | |
| EPS (Diluted) | $2.44 | $-0.44 | $1.85 | $2.17 | $3.27 | $0.37 | $1.29 | $1.97 | $2.01 | $0.06 | $3.18 | $1.72 | $2.84 | $-0.57 | $1.31 | $1.08 | |
| Shares (Basic) | 654,000,000 | 652,000,000 | · | 649,000,000 | 649,000,000 | 644,000,000 | · | 641,000,000 | 641,000,000 | 640,000,000 | · | 639,000,000 | 639,000,000 | 639,000,000 | · | 638,000,000 | |
| Shares (Diluted) | 658,000,000 | 652,000,000 | · | 654,000,000 | 652,000,000 | 652,000,000 | · | 647,000,000 | 648,000,000 | 645,000,000 | · | 644,000,000 | 642,000,000 | 639,000,000 | · | 641,000,000 | |
| EBITDA | $2.52B | $1.14B | · | $2.30B | $2.70B | $1.18B | · | $2.04B | $2.89B | $1.23B | · | $2.58B | $3.06B | $287M | · | $1.99B |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.67B | $5.05B | $4.31B | $3.79B | $3.33B | $3.71B | $3.07B | $3.97B | $4.11B | $3.88B | $2.74B | $2.83B | $2.67B | $3.21B | $3.27B | $7.02B | |
| Short-term Investments | · | · | · | · | · | · | · | $8M | $124M | $589M | · | $2.17B | $3.37B | $3.40B | · | $1.34B | |
| Receivables | $4.31B | $4.09B | $2.85B | $3.61B | $3.75B | $3.65B | $3.22B | $3.55B | $3.81B | $3.75B | · | $3.21B | $3.12B | $3.22B | · | $3.10B | |
| Prepaid Expense | $2.71B | $2.75B | $2.21B | $2.28B | $2.37B | $2.39B | $2.12B | $2.07B | $2.06B | $1.91B | · | $2.53B | $2.48B | $2.19B | · | $1.86B | |
| Current Assets | $14.24B | $13.66B | $10.97B | $11.23B | $10.98B | $11.24B | $9.84B | $11.06B | $11.59B | $11.58B | · | $12.26B | $13.08B | $13.40B | · | $14.80B | |
| Goodwill | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | $9.75B | · | $9.75B | $9.75B | $9.75B | · | $9.75B | |
| Intangibles | $5.96B | $5.96B | $5.97B | $5.97B | $5.97B | $5.97B | $5.97B | $5.98B | $5.98B | $5.98B | · | $5.99B | $5.99B | $5.99B | · | $5.99B | |
| Other Non-current Assets | $4.62B | $4.47B | $4.42B | $3.22B | $2.87B | $2.85B | $2.71B | $1.76B | $1.71B | $1.71B | · | $1.41B | $1.36B | $993M | · | $1.06B | |
| Total Assets | $86.32B | $84.43B | $81.32B | $79.62B | $78.39B | $77.34B | $75.37B | $75.37B | $75.20B | $74.97B | $73.64B | $73.25B | $73.50B | $73.13B | $72.29B | $72.60B | |
| Accounts Payable | $6.74B | $5.97B | $5.23B | $5.02B | $5.06B | $4.81B | $4.65B | $4.54B | $4.88B | $4.54B | · | $5.32B | $5.11B | $4.75B | · | $4.96B | |
| Current Liabilities | $33.60B | $32.70B | $27.62B | $28.25B | $28.55B | $29.70B | $26.67B | $28.12B | $28.76B | $28.48B | · | $27.56B | $28.48B | $28.42B | · | $25.87B | |
| Capital Leases | $5.16B | $5.30B | $5.35B | $5.36B | $5.48B | $5.70B | $5.81B | $5.92B | $6.05B | $6.20B | · | $6.56B | $6.65B | $6.88B | · | $6.87B | |
| Deferred Tax | $3.92B | $3.50B | $3.44B | $2.96B | $2.63B | $2.23B | $2.18B | $1.68B | $1.41B | $994M | · | · | · | · | · | · | |
| Other Non-current Liabilities | $3.92B | $3.92B | $3.99B | $3.94B | $3.80B | $3.71B | $3.74B | $3.60B | $3.51B | $3.54B | · | $4.30B | $4.02B | $3.61B | · | $4.07B | |
| Long-term Debt | $12.90B | $13.23B | $13.31B | $14.17B | $14.38B | $15.08B | $15.35B | $16.58B | $16.78B | $18.13B | · | $18.03B | $18.64B | $20.32B | · | $21.52B | |
| Total Debt | $12.90B | $13.23B | · | $14.17B | $14.38B | $15.08B | · | $16.58B | $16.78B | $18.13B | · | $18.03B | $18.64B | $20.32B | · | $21.52B | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Retained Earnings | $14.27B | $12.93B | $13.34B | $12.13B | $10.83B | $8.93B | $8.78B | $7.94B | $6.76B | $5.62B | · | $3.61B | $2.57B | $807M | · | $342M | |
| Treasury Stock | $396M | $393M | $238M | $237M | $238M | $238M | $251M | $289M | $286M | $366M | · | $340M | $338M | $337M | · | $313M | |
| AOCI | $-4.07B | $-4.11B | $-4.13B | $-4.86B | $-4.90B | $-4.94B | $-4.98B | $-5.69B | $-5.74B | $-5.79B | · | $-5.66B | $-5.71B | $-5.75B | · | $-6.95B | |
| Stockholders' Equity | $21.82B | $20.38B | $20.85B | $18.82B | $17.44B | $15.45B | $15.29B | $13.65B | $12.39B | $11.15B | $11.11B | $9.23B | $8.10B | $6.26B | $6.58B | $4.59B | |
| Liabilities + Equity | $86.32B | $84.43B | $81.32B | $79.62B | $78.39B | $77.34B | $75.37B | $75.37B | $75.20B | $74.97B | · | $73.25B | $73.50B | $73.13B | · | $72.60B | |
| Shares Outstanding | 666,000,000 | 666,000,000 | 660,000,000 | 659,000,000 | 660,000,000 | 660,000,000 | 655,000,000 | 655,000,000 | 655,000,000 | 657,000,000 | 655,000,000 | 655,000,000 | 655,000,000 | 654,000,000 | 652,000,000 | 652,000,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $656M | $635M | $620M | $614M | $602M | $607M | $635M | $643M | $620M | $615M | $610M | $594M | $573M | $564M | $553M | $538M | |
| Other Non-cash | · | $2.09B | · | · | · | $1.53B | · | · | · | $1.76B | · | · | · | $2.03B | · | · | |
| Operating Cash Flow | $1.59B | $2.43B | $2.26B | $1.85B | $1.86B | $2.38B | $1.89B | $1.27B | $2.45B | $2.41B | $545M | $1.08B | $2.61B | $2.23B | $1.19B | $869M | |
| CapEx | · | $1.20B | $906M | $1.16B | $1.21B | $1.22B | $1.31B | $1.33B | $1.31B | $1.19B | $1.60B | $1.27B | $1.45B | $1.00B | $2.20B | $1.44B | |
| Investing Cash Flow | $-1.51B | $-1.26B | $-728M | $-1.03B | $-1.20B | $-1.22B | $-1.17B | $-1.12B | $-809M | $-637M | $-535M | $-131M | $-1.38B | $-1.10B | $-4.74B | $-1.29B | |
| Debt Issued | · | · | $0 | $217M | · | · | $0 | $0 | · | · | · | · | · | · | $0 | $0 | |
| Dividends Paid | $123M | $129M | $122M | $122M | $97M | $99M | $96M | $97M | $64M | $64M | $64M | $64M | $0 | $0 | $0 | · | |
| Financing Cash Flow | $-545M | $-435M | $-1.00B | $-370M | $-1.07B | $-634M | $-1.59B | $-371M | $-1.51B | $-787M | $416M | $-800M | $-1.83B | $-1.18B | $-305M | $-1.81B | |
| Net Change in Cash | $-462M | $734M | $530M | $442M | $-412M | $520M | $-865M | $-221M | $128M | $984M | $426M | $145M | $-605M | $-44M | $-3.85B | $-2.23B | |
| Free Cash Flow | · | $1.23B | · | · | · | $1.15B | · | · | · | $1.22B | · | · | · | $1.24B | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 9.4% | 3.2% | · | 10.1% | 12.6% | 4.0% | · | 8.9% | 13.6% | 4.5% | · | 12.8% | 16.0% | -2.2% | · | 10.4% | |
| Net Margin | 8.1% | -1.8% | · | 8.5% | 12.8% | 1.7% | · | 8.1% | 7.8% | 0.27% | · | 7.1% | 11.7% | -2.9% | · | 5.0% | |
| Pretax Margin | 10.2% | -1.4% | · | 10.7% | 15.5% | 2.3% | · | 10.0% | 10.6% | 0.89% | · | 9.8% | 14.9% | -4.0% | · | 6.9% | |
| EBITDA Margin | 12.8% | 7.2% | · | 13.8% | 16.2% | 8.4% | · | 13.0% | 17.3% | 8.9% | · | 16.7% | 19.7% | 2.2% | · | 14.3% | |
| ROA | 1.9% | -0.36% | · | 1.8% | 2.8% | 0.32% | · | 1.7% | 1.8% | 0.05% | · | 1.5% | 2.5% | -0.49% | · | 0.96% | |
| ROE | 8.2% | -1.6% | · | 8.7% | 14.3% | 1.8% | · | 11.1% | 12.7% | 0.43% | · | 16.0% | 30.7% | -7.8% | · | 19.3% | |
| ROIC | 4.3% | 2.0% | · | 4.1% | 5.5% | 1.4% | · | 3.8% | 5.7% | 0.64% | · | 5.3% | 7.3% | -0.75% | · | 4.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.5 | 0.5 | · | 0.6 | |
| Quick Ratio | 0.3 | 0.3 | · | 0.3 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | |
| Debt / Equity | 0.6 | 0.6 | · | 0.8 | 0.8 | 1.0 | · | 1.2 | 1.4 | 1.6 | · | 2.0 | 2.3 | 3.2 | · | 4.7 | |
| LT Debt / Equity | 0.5 | 0.5 | · | 0.7 | 0.7 | 0.8 | · | 1.0 | 1.1 | 1.4 | · | 1.8 | 2.1 | 3.0 | · | 4.3 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 4.9 | 4.1 | · | 4.7 | 4.4 | 3.8 | · | 4.6 | 4.8 | 3.9 | · | 4.9 | 5.0 | 4.1 | · | 5.3 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $32.76 | $30.59 | · | $28.56 | $26.42 | $23.40 | · | $20.83 | $18.91 | $16.97 | · | $14.09 | $12.37 | $9.57 | · | $7.04 | |
| Revenue / Share | $30.03 | $24.32 | · | $25.49 | $25.53 | $21.53 | · | $24.23 | $25.71 | $21.31 | · | $24.05 | $24.26 | $19.97 | · | $21.80 | |
| Cash Flow / Share | · | $3.73 | · | · | · | $3.65 | · | · | · | $3.73 | · | · | · | $3.50 | · | · | |
| Cash / Share | $7.00 | $7.59 | · | $5.75 | $5.05 | $5.62 | · | $6.06 | $6.27 | $5.90 | · | $4.33 | $4.07 | $4.92 | · | $10.77 | |
| Dividend / Share | · | $0.19 | · | $0.19 | · | $0.15 | · | $0.15 | · | $0.10 | · | $0.10 | $0.10 | · | · | · | |
| EPS (TTM) | $6.02 | $6.85 | · | $7.10 | $6.90 | $5.64 | · | $7.22 | $6.97 | $7.80 | · | $5.30 | $4.66 | $2.97 | · | $0.13 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $68.29B | $65.18B | · | $62.92B | $61.92B | $61.94B | · | $60.31B | $60.12B | $59.04B | · | $57.26B | $55.75B | $53.99B | · | $46.62B | |
| Net Income TTM | $3.95B | $4.48B | · | $4.63B | $4.49B | $3.66B | · | $4.65B | $4.49B | $5.01B | · | $3.40B | $2.99B | $1.90B | · | $83M | |
| Market Cap | $62.38B | $44.28B | · | $37.40B | $32.46B | $28.78B | · | $33.27B | $31.07B | $31.45B | · | $24.23B | $31.14B | $22.84B | · | $18.30B | |
| Enterprise Value | $70.62B | $52.46B | · | $47.78B | $43.51B | $40.14B | · | $45.87B | $43.62B | $45.11B | · | $37.26B | $43.74B | $36.55B | · | $31.45B | |
| P/E | 15.6 | 9.7 | · | 8.0 | 7.1 | 7.7 | · | 7.0 | 6.8 | 6.1 | · | 7.0 | 10.2 | 11.8 | · | 215.8 | |
| P/S | 0.9 | 0.7 | · | 0.6 | 0.5 | 0.5 | · | 0.6 | 0.5 | 0.5 | · | 0.4 | 0.6 | 0.4 | · | 0.4 | |
| P/B | 2.9 | 2.2 | · | 2.0 | 1.9 | 1.9 | · | 2.4 | 2.5 | 2.8 | · | 2.6 | 3.8 | 3.6 | · | 4.0 | |
| P / Tangible Book | 10.2 | 9.5 | · | 12.1 | 18.9 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | 18.2 | · | · | · | 12.1 | · | · | · | 13.1 | · | · | · | 10.2 | · | · | |
| EV / Revenue | 1.0 | 0.8 | · | 0.8 | 0.7 | 0.6 | · | 0.8 | 0.7 | 0.8 | · | 0.7 | 0.8 | 0.7 | · | 0.7 | |
| Dividend Yield | 0.80% | 1.1% | · | 1.1% | 1.2% | 1.2% | · | 0.87% | 0.82% | 0.61% | · | 0.26% | · | · | · | 0.00% | |
| Earnings Yield | 6.4% | 10.3% | · | 12.5% | 14.0% | 12.9% | · | 14.2% | 14.7% | 16.3% | · | 14.3% | 9.8% | 8.5% | · | 0.46% | |
| Payout Ratio | · | -44.6% | · | · | · | 41.2% | · | · | · | 173.0% | · | · | · | · | · | · | |
| Annual Payout | $496M | $470M | · | $414M | $389M | $356M | · | $289M | $256M | $192M | · | $64M | · | · | · | $0 |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Revenue | $63.36B | · | · | $61.64B | · |
| Operating Margin % | 9.2% | · | · | 9.7% | · |
| Net Income | $5.00B | · | · | $3.46B | · |
| Diluted EPS | $7.66 | · | · | $5.33 | · |
| Metric | 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Debt / Equity | 0.6 | · | · | 1.0 | · |
| Current Ratio | 0.4 | · | · | 0.4 | · |
| Quick Ratio | 0.3 | · | · | 0.2 | · |
| Metric | 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Free Cash Flow | $3.84B | · | · | $2.88B | · |
Institutional owners (13F) 1,665 filers · $62.0B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 297 (+75 vs prior Q) | 107 (-29 vs prior Q) | 530 (-42 vs prior Q) | 522 (+107 vs prior Q) | -12.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Berkshire Hathaway Inc | $5,368,591,200 | 57,320,000 | 8.66% | Shares |
| VANGUARD GROUP INC | $5,173,927,152 | 74,552,264 | 8.35% | Shares |
| BlackRock, Inc. | $4,224,641,007 | 45,106,139 | 6.82% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,868,813,620 | 41,307,000 | 6.24% | Shares |
| FMR LLC | $3,108,324,364 | 33,187,319 | 5.02% | Shares |
| Sanders Capital, LLC | $2,728,281,052 | 29,129,629 | 4.40% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,465,998,398 | 26,329,259 | 3.98% | Shares |
| STATE STREET CORP | $2,259,974,402 | 24,129,558 | 3.65% | Shares |
| Capital International Investors | $1,937,794,094 | 20,689,945 | 3.13% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,751,417,411 | 18,511,900 | 2.83% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $1,641,032,503 | 17,521,167 | 2.65% | Shares |
| HARRIS ASSOCIATES L P | $1,623,120,856 | 17,329,926 | 2.62% | Shares |
| Bank of New York Mellon Corp | $1,182,645,693 | 12,627,009 | 1.91% | Shares |
| MORGAN STANLEY | $1,097,897,266 | 11,722,155 | 1.77% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $899,588,606 | 9,604,863 | 1.45% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $731,682,537 | 7,859,947 | 1.18% | Shares |
| JPMORGAN CHASE & CO | $626,944,367 | 6,729,036 | 1.01% | Shares |
| GOLDMAN SACHS GROUP INC | $594,181,497 | 6,344,026 | 0.96% | Shares |
| Newport Trust Company, LLC | $582,222,685 | 6,216,343 | 0.94% | Shares |
| NORTHERN TRUST CORP | $470,386,932 | 5,022,282 | 0.76% | Shares |
| Invesco Ltd. | $468,645,933 | 5,003,694 | 0.76% | Shares |
| Life Cycle Investment Partners Ltd | $449,345,183 | 4,797,621 | 0.73% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $399,918,834 | 4,269,900 | 0.65% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $375,628,206 | 4,010,551 | 0.61% | Shares |
| Ninety One UK Ltd | $363,548,767 | 3,881,580 | 0.59% | Shares |
| CITADEL ADVISORS LLC | $358,764,630 | 3,830,500 | 0.58% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $341,967,833 | 3,651,162 | 0.55% | Shares |
| Gallagher Fiduciary Advisors, LLC | $340,683,710 | 3,637,451 | 0.55% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $326,911,052 | 3,490,402 | 0.53% | Shares |
| PAR CAPITAL MANAGEMENT INC | $326,193,897 | 3,482,745 | 0.53% | Shares |
| GMT Capital Corp | $305,762,436 | 3,264,600 | 0.49% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $295,825,110 | 3,158,500 | 0.48% | Call option |
| Allianz Asset Management GmbH | $295,280,196 | 3,152,682 | 0.48% | Shares |
| Candlestick Capital Management LP | $289,470,400 | 5,100,800 | 0.47% | Call option |
| UBS Group AG | $287,010,112 | 3,064,383 | 0.46% | Shares |
| JANE STREET GROUP, LLC | $285,915,882 | 3,052,700 | 0.46% | Call option |
| Slate Path Capital LP | $282,389,396 | 3,015,048 | 0.46% | Shares |
| PeakShares LLC | $269,273,000 | 2,875 | 0.43% | Shares |
| BANK OF AMERICA CORP /DE/ | $256,755,436 | 2,741,356 | 0.41% | Shares |
| Russell Investments Group, Ltd. | $247,418,903 | 2,642,524 | 0.40% | Shares |
| PZENA INVESTMENT MANAGEMENT LLC | $245,268,098 | 2,618,707 | 0.40% | Shares |
| AMERICAN CENTURY COMPANIES INC | $242,265,241 | 2,586,645 | 0.39% | Shares |
| Capital World Investors | $237,435,828 | 2,535,084 | 0.38% | Shares |
| NEUBERGER BERMAN GROUP LLC | $237,057,607 | 2,531,044 | 0.38% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $232,894,487 | 2,486,595 | 0.38% | Shares |
| LANSDOWNE PARTNERS (UK) LLP | $231,458,306 | 2,471,261 | 0.37% | Shares |
| CITADEL ADVISORS LLC | $218,049,846 | 2,328,100 | 0.35% | Put option |
| JANE STREET GROUP, LLC | $217,197,540 | 2,319,000 | 0.35% | Put option |
| Nuveen, LLC | $188,441,875 | 2,011,979 | 0.30% | Shares |
| RAYMOND JAMES FINANCIAL INC | $172,308,169 | 1,839,720 | 0.28% | Shares |
Activists & 5%+ owners 8 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Delta Air Lines, Inc. ×14 filings | June 2, 2026 | 36.30% | Amendment | · | SEC |
| Athena Advisory Group, LLC, Stephen Presser ×3 filings | Aug. 28, 2009 | · | Initial filing | · | SEC |
| Air Line Pilots Association, International ×3 filings | March 6, 2009 | · | Initial filing | · | SEC |
| Undisclosed reporting person | Feb. 29, 2008 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person | May 14, 2007 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person | Jan. 21, 2005 | · | Initial filing | Passive investment | SEC |
| Delta Air Lines, Inc. ( | June 4, 2004 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Oct. 15, 2001 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 87 insiders · 30 officers · 36 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Edward H Bastian | Chief Executive Officer | Aug. 4, 2026 M | 1,363,448 | 0 | 3 | $-38,489,458 |
| Delta Air Lines, Inc. | Chief Executive Officer | April 3, 2009 F | 1,555,930 | 0 | 0 | $0 |
| Erik Storey Snell | EVP & Chief Financial Officer | April 1, 2026 A | 48,898 | 0 | 1 | $-2,799,608 |
| Garrett L. Chase | Int Co-CFO SVP Bus Dev & FPA | Feb. 3, 2021 A | 22,531 | 0 | 0 | $0 |
| Paul A Jacobson | EVP & CFO | Nov. 9, 2020 S | 303,478 | 0 | 0 | $0 |
| Hank Halter | Senior Vice President & CFO | Feb. 2, 2012 F | 159,467 | 0 | 0 | $0 |
| Peter W Carter | President | Aug. 4, 2026 M | 424,704 | 0 | 3 | $-6,735,332 |
| Glen W Hauenstein | President | Feb. 6, 2026 M | 280,304 | 0 | 5 | $-33,728,949 |
| Daniel C. Janki | EVP & Chief Operating Officer | April 1, 2026 A | 381,937 | 0 | 0 | $0 |
| Mike Spanos | EVP & Chief Operating Officer | June 12, 2024 F | 108,856 | 0 | 0 | $0 |
| Gilbert W West | Sr. EVP & COO | Feb. 5, 2020 A | 122,583 | 0 | 0 | $0 |
| Stephen E Gorman | EVP & Chief Operating Officer | Feb. 21, 2014 S | 148,788 | 0 | 0 | $0 |
| Michael J Becker | EVP & COO NWA | Feb. 9, 2010 S | 509,518 | 0 | 0 | $0 |
| Steven M Sear | EVP - Global Sales & Distrib | Aug. 5, 2026 M | 104,404 | 0 | 3 | $-8,862,250 |
| Alain Bellemare | EVP & Pres. - International | Aug. 4, 2026 M | 95,025 | 0 | 5 | $-11,920,880 |
| Allison C Ausband | EVP & Chief People Officer | May 27, 2026 S | 128,854 | 0 | 4 | $-1,904,960 |
| Julia Ann Mcconnell | SVP, Controller & CAO | April 22, 2026 A | 18,728 | 0 | 0 | $0 |
| John E Laughter | EVP & Chief of Operations | April 14, 2026 S | 54,369 | 0 | 3 | $-7,250,941 |
| Rahul D Samant | EVP & Chief Info Officer | Feb. 5, 2026 S | 20,939 | 0 | 3 | $-8,353,914 |
| Joseph James Esposito | EVP & Chief Commercial Officer | Feb. 4, 2026 A | 32,272 | 0 | 0 | $0 |
| William C Carroll | SVP, Fin & Controller | Feb. 2, 2026 S | 7,182 | 0 | 2 | $-1,264,465 |
| Amala Duggirala | Chief Digital & Tech Officer | Jan. 12, 2026 A | 30,550 | 0 | 0 | $0 |
| Joanne D Smith | EVP & Chief People Officer | Nov. 21, 2024 S | 85,123 | 0 | 0 | $0 |
| William P Lentsch | EVP & Chf Cust Experience Ofcr | Feb. 3, 2021 A | 97,335 | 0 | 0 | $0 |
| Craig M Meynard | VP and Chief Acctg Officer | Feb. 6, 2019 A | 8,728 | 0 | 0 | $0 |
| Richard H Anderson | Exec. Chairman of the Board | July 15, 2016 M | 59,119 | 0 | 0 | $0 |
| Richard B Hirst | EVP and Chief Legal Officer | Feb. 5, 2015 A | 300,358 | 0 | 0 | $0 |
| Michael H Campbell | EVP - HR & Labor Relations | June 3, 2014 M | 198,386 | 0 | 0 | $0 |
| Vicki B Escarra | EVP & CMO | Feb. 24, 2004 A | 26,195 | 0 | 0 | $0 |
| Robert L Colman | EVP - Human Resources | Feb. 24, 2004 A | 1,740 | 0 | 0 | $0 |
| HUERTA MICHAEL P | Director | Aug. 5, 2026 S | 32,525 | 0 | 1 | $-291,772 |
| David G Dewalt | Director | Aug. 3, 2026 S | 22,358 | 0 | 1 | $-2,885,033 |
| Judith J Mckenna | Director | June 18, 2026 A | 6,630 | 0 | 0 | $0 |
| Maria Black | Director | June 18, 2026 A | 10,675 | 0 | 0 | $0 |
| Leslie D. Hale | Director | June 18, 2026 A | 21,530 | 0 | 0 | $0 |
| David S Taylor | Director | June 18, 2026 A | 126,530 | 0 | 0 | $0 |
| Sergio Rial | Director | June 18, 2026 A | 37,177 | 0 | 0 | $0 |
| Christophe Beck | Director | June 18, 2026 A | 6,620 | 0 | 0 | $0 |
| Kathy N Waller | Director | June 18, 2026 A | 48,500 | 0 | 0 | $0 |
| Willie Cw Chiang | Director | June 18, 2026 A | 10,660 | 0 | 0 | $0 |
| Greg Creed | Director | June 18, 2026 A | 6,620 | 0 | 0 | $0 |
| Vasant M Prabhu | Director | June 18, 2026 A | 15,100 | 0 | 0 | $0 |
| George N Mattson | Director | June 15, 2023 A | 98,650 | 0 | 0 | $0 |
| William H Easter III | Director | June 15, 2023 A | 10,870 | 0 | 0 | $0 |
| Jeanne P Jackson | Director | June 15, 2023 A | 33,590 | 0 | 0 | $0 |
| Francis S Blake | Director | Jan. 18, 2023 P | 93,795 | 0 | 0 | $0 |
| Ashton B Carter | Director | June 16, 2022 A | 26,050 | 0 | 0 | $0 |
| Daniel A Carp | Director | June 20, 2019 A | 48,253 | 0 | 0 | $0 |
| Mickey P Foret | Director | June 30, 2017 A | 42,994 | 0 | 0 | $0 |
| Douglas R Ralph | Director | Jan. 23, 2017 P | 1,000 | 0 | 0 | $0 |
| Shirley C. Franklin | Director | Dec. 19, 2016 S | 36,760 | 0 | 0 | $0 |
| Kenneth Woodrow | Director | June 10, 2016 A | 76,983 | 0 | 0 | $0 |
| Thomas E Donilon | Director | June 10, 2016 A | 10,950 | 0 | 0 | $0 |
| Roy J Bostock | Director | April 20, 2016 G | 40,120 | 0 | 0 | $0 |
| John S Brinzo | Director | April 7, 2016 S | 50,773 | 0 | 0 | $0 |
| David R Goode | Director | June 24, 2015 A | 73,173 | 0 | 0 | $0 |
| Paula Rosput Reynolds | Director | Feb. 20, 2015 G | 73,313 | 0 | 0 | $0 |
| John M Engler | Director | June 30, 2011 A | 43,178 | 0 | 0 | $0 |
| Douglas M Steenland | Director | July 30, 2010 A | 468,479 | 0 | 0 | $0 |
| Rodney E Slater | Director | July 30, 2010 A | 30,628 | 0 | 0 | $0 |
| Edward H Budd | Director | Nov. 10, 2006 S | 0 | 0 | 0 | $0 |
| Andrew J Young | Director | April 1, 2004 A | 12,481 | 0 | 0 | $0 |
| James M Kilts | Director | Jan. 5, 2004 A | 2,823 | 0 | 0 | $0 |
| PENSION BENEFIT GUARANTY CORP/132-129/ | 10% owner | Feb. 21, 2008 S | 43,567,017 | 0 | 0 | $0 |
| Kenneth C Rogers | · | Aug. 20, 2009 A | 25 | 0 | 0 | $0 |
| Kenneth F Khoury | · | Oct. 29, 2008 F | 133,795 | 0 | 0 | $0 |
| Lee A Macenczak | · | Oct. 29, 2008 F | 133,795 | 0 | 0 | $0 |
| Richard Karl Goeltz | · | June 3, 2008 A | 11,013 | 0 | 0 | $0 |
| Victor L Lund | · | June 3, 2008 A | 8,513 | 0 | 0 | $0 |
| Walter E Massey | · | June 3, 2008 A | 8,513 | 0 | 0 | $0 |
| Eugene I Davis | · | June 3, 2008 A | 8,513 | 0 | 0 | $0 |
| Joseph C Kolshak | · | Oct. 31, 2007 S | 90,933 | 0 | 0 | $0 |
| James M Whitehurst | · | June 4, 2007 A | 188,246 | 0 | 0 | $0 |
| Gerald Grinstein | · | May 3, 2007 P | 1,000 | 0 | 0 | $0 |
| Karl J Krapek | · | April 30, 2007 J | 0 | 0 | 0 | $0 |
| Arthur E Johnson | · | April 30, 2007 J | 0 | 0 | 0 | $0 |
| Patricia Higgins | · | April 30, 2007 J | 0 | 0 | 0 | $0 |
| John F Smith JR | · | Sept. 11, 2006 S | 0 | 0 | 0 | $0 |
| Joan E Spero | · | July 1, 2005 A | 19,149 | 0 | 0 | $0 |
| Larry D. Thompson | · | Jan. 3, 2005 A | 2,904 | 0 | 0 | $0 |
| Paul G Matsen | · | Nov. 17, 2004 A | · | 0 | 0 | $0 |
| Michael J Palumbo | · | Nov. 17, 2004 A | · | 0 | 0 | $0 |
| Gregory L Riggs | · | Nov. 11, 2004 A | · | 0 | 0 | $0 |
| Leo F Mullin | · | April 16, 2004 A | 86,976 | 0 | 0 | $0 |
| Frederick W Reid | · | Feb. 24, 2004 A | 17,069 | 0 | 0 | $0 |
| Michele M Burns | · | Feb. 24, 2004 A | 26,295 | 0 | 0 | $0 |
| George M C Fisher | · | Jan. 5, 2004 A | 7,474 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 154 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PEJ · Invesco Exchange-Traded Fund Trust | 5.49% | 233,248 SH | Oct. 1, 2026 | Daily |
| OMAH · Tidal Trust III | 5.25% | 594,076 NS | July 31, 2026 | N-PORT |
| IYT · iShares Trust | 4.67% | 1,205,404 SH | Sept. 11, 2026 | Daily |
| PEZ · Invesco Exchange-Traded Fund Trust | 4.03% | 10,395 SH | Oct. 1, 2026 | Daily |
| CAMX · ADVISORS' INNER CIRCLE FUND | 3.89% | 30,242 NS | July 31, 2026 | N-PORT |
| TPOR · Direxion Shares ETF Trust | 2.23% | 4,484 NS | July 31, 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 2.03% | 480 NS | July 31, 2026 | N-PORT |
| BKDV · BNY Mellon ETF Trust II | 1.96% | 413,247 NS | July 31, 2026 | N-PORT |
| PWV · Invesco Exchange-Traded Fund Trust | 1.53% | 331,624 SH | Oct. 1, 2026 | Daily |
| FXD · First Trust Exchange-Traded AlphaDE… | 1.40% | 42,962 NS | July 31, 2026 | N-PORT |
| SPVM · Invesco Exchange-Traded Fund Trust | 1.35% | 21,089 SH | Oct. 1, 2026 | Daily |
| RSPN · Invesco Exchange-Traded Fund Trust | 1.31% | 115,106 SH | Oct. 1, 2026 | Daily |
| COWZ · Pacer Funds Trust | 1.29% | 2,759,535 NS | July 31, 2026 | N-PORT |
| ALTL · Pacer Funds Trust | 1.28% | 13,457 NS | July 31, 2026 | N-PORT |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.19% | 291,100 SH | Oct. 1, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 1.01% | 4,009,317 SH | Aug. 19, 2026 | Daily |
| RPV · Invesco Exchange-Traded Fund Trust | 0.91% | 179,434 SH | Oct. 1, 2026 | Daily |
| IYC · iShares Trust | 0.89% | 131,166 SH | Sept. 11, 2026 | Daily |
| LSEQ · Harbor ETF Trust | 0.88% | 1,535 NS | July 31, 2026 | N-PORT |
| HIBL · Direxion Shares ETF Trust | 0.86% | 7,396 NS | July 31, 2026 | N-PORT |
| SPHB · Invesco Exchange-Traded Fund Trust … | 0.84% | 95,276 SH | Oct. 1, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.82% | 797,897 SH | Aug. 19, 2026 | Daily |
| JOET · Virtus ETF Trust II | 0.77% | 21,486 NS | July 31, 2026 | N-PORT |
| DUSL · Direxion Shares ETF Trust | 0.75% | 4,828 NS | July 31, 2026 | N-PORT |
| IMCV · iShares Trust | 0.72% | 106,051 SH | Sept. 11, 2026 | Daily |
| IIGD · Invesco Exchange-Traded Self-Indexe… | 0.67% | 176,250.00 | Oct. 1, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.65% | 503,135 NS | July 31, 2026 | N-PORT |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.64% | 102,686 NS | July 31, 2026 | N-PORT |
| JMID · Janus Detroit Street Trust | 0.64% | 1,720 NS | July 31, 2026 | N-PORT |
| EQIN · Columbia ETF Trust I | 0.60% | 21,000 NS | July 31, 2026 | N-PORT |
| FFLG · FIDELITY COVINGTON TRUST | 0.60% | 40,662 NS | July 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.57% | 21,603 NS | July 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.56% | 13,526,055 SH | Aug. 19, 2026 | Daily |
| FVAL · FIDELITY COVINGTON TRUST | 0.56% | 85,189 NS | July 31, 2026 | N-PORT |
| EXI · iShares Trust | 0.52% | 93,538 SH | Sept. 11, 2026 | Daily |
| PALC · Pacer Funds Trust | 0.51% | 12,260 NS | July 31, 2026 | N-PORT |
| IWS · iShares Trust | 0.47% | 918,397 SH | Sept. 11, 2026 | Daily |
| FBCG · FIDELITY COVINGTON TRUST | 0.44% | 349,467 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.41% | 273,763 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.38% | 2,683,855 SH | Sept. 11, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.37% | 432,309 SH | Oct. 1, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.37% | 105,952 NS | July 31, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.36% | 34,611 NS | July 31, 2026 | N-PORT |
| IMCB · iShares Trust | 0.36% | 76,231 SH | Sept. 11, 2026 | Daily |
| VLUE · iShares Trust | 0.35% | 434,973 SH | Sept. 11, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.34% | 60,177 NS | July 31, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.33% | 20,150 NS | July 31, 2026 | N-PORT |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.33% | 11,413,000 | Oct. 1, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.32% | 569,293 NS | July 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.32% | 6,203 NS | July 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.30% | 22,474 SH | Aug. 19, 2026 | Daily |
| XOEF · iShares Trust | 0.29% | 824 SH | Sept. 11, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.27% | 7,435,000 | Oct. 1, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.23% | 20,854 SH | Aug. 19, 2026 | Daily |
| LGDX · Tidal Trust III | 0.23% | 3,718 NS | July 31, 2026 | N-PORT |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.23% | 285,000 | Oct. 1, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | 0.22% | 5,930,549 SH | Aug. 19, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.22% | 2,486,509 SH | Oct. 1, 2026 | Daily |
| SIZE · iShares Trust | 0.22% | 11,800 SH | Sept. 11, 2026 | Daily |
| SPMO · Invesco Exchange-Traded Fund Trust … | 0.22% | 597,060 SH | Oct. 1, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.22% | 13,539 NS | July 31, 2026 | N-PORT |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.21% | 150,545 SH | Aug. 19, 2026 | Daily |
| SUSA · iShares Trust | 0.21% | 106,832 SH | Sept. 11, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.21% | 566 NS | July 31, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.20% | 53,911 NS | July 31, 2026 | N-PORT |
| ACIO · ETF Series Solutions | 0.19% | 51,822 NS | July 31, 2026 | N-PORT |
| ADME · ETF Series Solutions | 0.19% | 6,434 NS | July 31, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.19% | 46,846 SH | Sept. 11, 2026 | Daily |
| HAPI · Harbor ETF Trust | 0.19% | 10,556 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.18% | 990,330 NS | July 31, 2026 | N-PORT |
| BSMT · Invesco Exchange-Traded Self-Indexe… | 0.18% | 500,000 | Oct. 1, 2026 | Daily |
| IVE · iShares Trust | 0.17% | 1,085,282 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.17% | 64,302 NS | July 31, 2026 | N-PORT |
| IQSU · New York Life Investments ETF Trust | 0.16% | 6,172 NS | July 31, 2026 | N-PORT |
| IUSV · iShares Trust | 0.16% | 570,858 SH | Sept. 11, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.16% | 371,053 SH | Aug. 19, 2026 | Daily |
| BSMU · Invesco Exchange-Traded Self-Indexe… | 0.15% | 405,000 | Oct. 1, 2026 | Daily |
| ILCV · iShares Trust | 0.15% | 25,435 SH | Sept. 11, 2026 | Daily |
| ESGU · iShares Trust | 0.14% | 324,115 SH | Sept. 10, 2026 | Daily |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 70,226 NS | July 31, 2026 | N-PORT |
| EVUS · iShares Trust | 0.13% | 6,417 SH | Sept. 11, 2026 | Daily |
| EGLE · Global X Funds | 0.13% | 33 NS | July 31, 2026 | N-PORT |
| IWD · iShares Trust | 0.13% | 1,367,088 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.12% | 176,442 NS | July 31, 2026 | N-PORT |
| QUVU · Hartford Funds Exchange-Traded Trust | 0.12% | 2,522 NS | July 31, 2026 | N-PORT |
| CATH · Global X Funds | 0.11% | 16,745 NS | July 31, 2026 | N-PORT |
| BSMR · Invesco Exchange-Traded Self-Indexe… | 0.10% | 370,000 | Oct. 1, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.10% | 3,142,000 | Oct. 1, 2026 | Daily |
| BSMS · Invesco Exchange-Traded Self-Indexe… | 0.10% | 325,000 | Oct. 1, 2026 | Daily |
| CHRI · Global X Funds | 0.10% | 91 NS | July 31, 2026 | N-PORT |
| GTOS · Invesco Actively Managed Exchange-T… | 0.10% | 113,000 | Oct. 1, 2026 | Daily |
| TOPC · iShares Trust | 0.10% | 398 SH | Sept. 11, 2026 | Daily |
| GSY · Invesco Actively Managed Exchange-T… | 0.09% | 3,614,000 | Oct. 1, 2026 | Daily |
| XRMI · Global X Funds | 0.09% | 531 NS | July 31, 2026 | N-PORT |
| IWP · iShares Trust | 0.09% | 225,945 SH | Sept. 11, 2026 | Daily |
| XYLG · Global X Funds | 0.09% | 676 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.09% | 50 NS | July 31, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0.09% | 16,974,100 SH | Aug. 19, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.09% | 728,934 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.09% | 107,911 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.09% | 2,570 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.09% | 55,741 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.09% | 32,787 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 89,807 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.09% | 32,862 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.09% | 11,015 NS | July 31, 2026 | N-PORT |
| XVV · iShares Trust | 0.09% | 7,503 SH | Sept. 11, 2026 | Daily |
| XCLR · Global X Funds | 0.09% | 35 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.08% | 202,597 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.08% | 2,466 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.08% | 54 NS | July 31, 2026 | N-PORT |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.08% | 16,077 SH | Oct. 1, 2026 | Daily |
| QDPL · Pacer Funds Trust | 0.08% | 15,729 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.08% | 19,813,338 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.08% | 55,152 SH | Aug. 19, 2026 | Daily |
| IVV · iShares Trust | 0.08% | 8,236,132 SH | Sept. 11, 2026 | Daily |
| ILCB · iShares Trust | 0.08% | 12,737 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.08% | 3,542 SH | Oct. 1, 2026 | Daily |
| GARP · iShares Trust | 0.08% | 29,685 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.07% | 454,950 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.07% | 18,302 NS | July 31, 2026 | N-PORT |
| HCMT · Direxion Shares ETF Trust | 0.07% | 4,547 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.07% | 181,080 SH | Sept. 10, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.07% | 15,577 SH | Aug. 19, 2026 | Daily |
| ITOT · iShares Trust | 0.07% | 844,169 SH | Sept. 11, 2026 | Daily |
| MTUM · iShares Trust | 0.07% | 213,394 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 6,365 SH | Oct. 1, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.07% | 51,086 NS | July 31, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.06% | 7,447 SH | Oct. 1, 2026 | Daily |
| PHDG · Invesco Actively Managed Exchange-T… | 0.06% | 469 SH | Oct. 1, 2026 | Daily |
| BAB · Invesco Exchange-Traded Fund Trust … | 0.06% | 635,000 | Sept. 30, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.05% | 29,450 SH | Oct. 1, 2026 | Daily |
| HDUS · Lattice Strategies Trust | 0.04% | 1,011 NS | July 31, 2026 | N-PORT |
| SUSL · iShares Trust | 0.04% | 5,787 SH | Sept. 11, 2026 | Daily |
| DSI · iShares Trust | 0.04% | 24,789 SH | Sept. 11, 2026 | Daily |
| PZA · Invesco Exchange-Traded Fund Trust … | 0.02% | 1,000,000 | Oct. 1, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.02% | 24,614 SH | Oct. 1, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.02% | 28,372 SH | Oct. 1, 2026 | Daily |
| IYY · iShares Trust | 0.02% | 6,922 SH | Sept. 9, 2026 | Daily |
| USCL · iShares Trust | 0.02% | 6,468 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.01% | 14,773 SH | Sept. 10, 2026 | Daily |
| TOK · iShares Trust | 0.01% | 393 SH | Sept. 10, 2026 | Daily |
| ACWI · iShares Trust | 0.01% | 49,204 SH | Sept. 9, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 144,651 SH | Aug. 19, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 63,353 SH | Aug. 19, 2026 | Daily |
| IWF · iShares Trust | 0.01% | 150,977 SH | Sept. 11, 2026 | Daily |
| DUHP · Dimensional ETF Trust | 0.00% | 6,939 NS | July 31, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.00% | 93,696.51 | Sept. 30, 2026 | Daily |
| INFO · Harbor ETF Trust | 0.00% | 285 NS | July 31, 2026 | N-PORT |
| BSV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
DAL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
24 analysts · 2026-10-03Mean target $102.06 +21.4%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| DAL | $45.80B | 9.1 | 2.8% | 7.9% | 26.1% | · |
| UAL | $36.17B | 11.0 | 3.5% | 5.7% | 23.4% | · |
| LUV | · | 52.3 | 2.1% | · | · | · |
| AAL | $10.12B | 90.2 | 0.78% | 0.20% | -2.9% | · |
| JOBY | $12.08B | -11.7 | 39183.1% | -1740.5% | -80.6% | · |
| ALK | $5.81B | 60.6 | 21.3% | 0.70% | 2.5% | · |
| SKYW | $8.46B | 9.7 | 15.0% | 10.5% | 16.1% | · |
| ALGT | · | -34.4 | 3.7% | · | · | · |
| JBLU | $1.68B | -2.7 | -2.3% | -6.6% | -26.6% | · |
| ULCC | $1.08B | -7.8 | -1.4% | -3.7% | -27.5% | · |
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