DAL Delta Air Lines, Inc. Common Stock

NYSE · Airlines · View on SEC EDGAR ↗
$86.60
Price · Aug 18, 2026
Fundamentals as of Jul 10, 2026

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.

Read more

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 the SkyTeam 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 DL89, 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, compensation will be distributed to an estimated 38,000 property owners and 160,000 residents.

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.

Flight cancellations and pilot understaffing

Delta has long ranked among the most reliable U.S. carriers, but in 2026, Delta's domestic flight cancellation rate exceeded the industry average. Cancellations tied to pilot availability rose to more than 10 times historical levels, accounting for 35% of mainline cancellations, up from 7% in 2024. The airline's pilots' union attributed the problem to chronic understaffing, noting Delta hired only 500 pilots in 2025 (less than half the prior year's total) and estimated the airline entered 2026 roughly 800 pilots short of operational needs. Delta disputed the characterization, stating it was adequately staffed with 20% more pilots than in 2019.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

DAL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$86.60
Market Cap
$57.68B
P/E (TTM)
11.4
EPS (TTM)
$7.66
Revenue (TTM)
$63.36B
Div Yield
0.76%
ROE
26.1%
Debt/Equity
0.6
52W Range
$55 – $96

DAL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $63.36B
3-point trend, +9.2%
2023-12-31 2025-12-31
EPS $7.66
3-point trend, +6.8%
2023-12-31 2025-12-31
Free Cash Flow $3.84B
3-point trend, +236.8%
2023-12-31 2025-12-31
Margins 7.9%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
DAL
Peer Median
P/E (TTM)
3-point trend, +61.5%
11.4
20.2
P/S (TTM)
3-point trend, +59.3%
0.9
0.7
P/B
3-point trend, -7.4%
2.8
2.2
EV / EBITDA
3-point trend, +26.9%
8.1
Price / FCF
3-point trend, -48.4%
15.0

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
DAL
Peer Median
Operating Margin
3-point trend, -3.4%
9.2%
Net Profit Margin
3-point trend, -0.5%
7.9%
0.43%
ROA
3-point trend, +0.5%
6.3%
0.34%
ROE
3-point trend, -42.3%
26.1%
6.3%
ROIC
3-point trend, -9.7%
13.8%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
DAL
Peer Median
Debt / Equity
3-point trend, -61.9%
0.6
Current Ratio
3-point trend, +2.1%
0.4
0.5
Quick Ratio
3-point trend, -2.2%
0.3

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
DAL
Peer Median
Revenue YoY
3-point trend, +9.2%
2.8%
Revenue CAGR 3Y
3-point trend, +9.2%
7.8%
Revenue CAGR 5Y
3-point trend, +9.2%
30.0%
EPS YoY
3-point trend, +6.8%
43.7%
Net Income YoY
3-point trend, +8.6%
44.8%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
DAL
Peer Median
EPS (Diluted)
3-point trend, +6.8%
$7.66

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
DAL
Peer Median
Payout Ratio
3-point trend, +216.2%
8.8%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
0.76%
Payout Ratio
8.8%
5Y Div CAGR
Ex-dateAmount
July 9, 2026$0.2150
May 14, 2026$0.1880
Feb. 26, 2026$0.1880
Oct. 16, 2025$0.1880
July 31, 2025$0.1880
May 13, 2025$0.1500
Feb. 27, 2025$0.1500
Oct. 10, 2024$0.1500
July 30, 2024$0.1500
May 13, 2024$0.1000
Feb. 23, 2024$0.1000
Oct. 11, 2023$0.1000
July 14, 2023$0.1000
Feb. 19, 2020$0.4030
Oct. 23, 2019$0.4030
July 24, 2019$0.4030
May 1, 2019$0.3500
Feb. 28, 2019$0.3500
Nov. 6, 2018$0.3500
July 25, 2018$0.3500

DAL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 32 analysts
  • Strong Buy 8 25.0%
  • Buy 21 65.6%
  • Hold 3 9.4%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

24 analysts · 2026-08-15
Median target $105.00 +21.2%
Mean target $105.52 +21.8%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.06%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.56 $1.49 0.07%
March 31, 2026 $0.64 $0.58 0.06%
Dec. 31, 2025 $1.55 $1.54 0.01%
Sept. 30, 2025 $1.71 $1.55 0.16%
June 30, 2025 $2.10 $2.07 0.03%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

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%
RJET $840M 9.8 251.9% 4.5% 11.8%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 13
Annual Income Statement data for DAL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +57.0% $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 12-point trend, +50.8% $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 12-point trend, +163.9% $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 4-point trend, -39.1% · · · · · · · · $396M $388M $481M $650M
Other Non-op 12-point trend, +70.2% $-144M $-232M $-279M $165M $-397M $137M $-111M $220M $-70M $-255M $-164M $-484M
Pretax Income 12-point trend, +477.0% $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 12-point trend, +185.7% $1.18B $1.20B $999M $596M $118M $-3.20B $1.43B $1.22B $2.29B $2.16B $2.63B $413M
Net Income 12-point trend, +659.5% $5.00B $3.46B $4.61B $1.32B $280M $-12.38B $4.77B $3.94B $3.21B $4.20B $4.53B $659M
EPS (Basic) 12-point trend, +877.2% $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) 12-point trend, +882.1% $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) 12-point trend, -22.5% 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) 12-point trend, -22.6% 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 11-point trend, +274.7% $8.27B $8.51B $7.86B $5.77B $3.88B $-10.16B $9.20B $7.59B $8.35B · $9.64B $2.21B
Balance Sheet 25
Annual Balance Sheet data for DAL
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +106.4% $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 11-point trend, -100.0% · $0 $1.13B $3.27B $3.39B $5.79B $0 $203M $825M $487M $1.47B $1.22B
Receivables 12-point trend, +24.1% $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 12-point trend, +214.8% $2.21B $2.12B $1.96B $1.88B $1.12B $1.18B $1.26B $1.41B $1.46B $1.25B $915M $701M
Current Assets 12-point trend, +19.8% $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) 5-point trend, +29.2% · · · · · · · $28.34B $26.56B $24.38B $23.04B $21.93B
Accum. Depreciation 5-point trend, +69.4% · · · · · · · $15.82B $14.10B $12.46B $10.87B $9.34B
Goodwill 12-point trend, -0.4% $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 12-point trend, +29.6% $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 12-point trend, +377.4% $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 12-point trend, +50.6% $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 12-point trend, +99.3% $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 12-point trend, +64.0% $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 12-point trend, +1739.5% $5.35B $5.81B $6.47B $6.87B $7.06B $5.71B $5.29B $5.80B $0 $202M $235M $291M
Deferred Tax 7-point trend, +2012.9% $3.44B $2.18B $908M $24M · $0 $1.46B $163M · · · ·
Other Non-current Liabilities 12-point trend, +87.7% $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 12-point trend, +43.7% $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 11-point trend, +41.9% $13.31B $15.35B $18.61B $21.38B $25.08B $27.97B $10.11B $9.37B $8.44B · $7.95B $9.38B
Common Stock Flat — no change across 12 periods $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Retained Earnings 12-point trend, +286.1% $13.34B $8.78B $5.65B $1.17B $-148M $-428M $12.45B $10.04B $8.26B $7.90B $5.56B $3.46B
Treasury Stock 12-point trend, -24.0% $238M $251M $341M $313M $282M $259M $236M $198M $158M $274M $373M $313M
AOCI 12-point trend, +43.4% $-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 12-point trend, +136.6% $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 12-point trend, +50.6% $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 7-point trend, +1.2% 660,000,000 655,000,000 655,000,000 652,000,000 650,000,000 647,000,000 652,000,000 · · · · ·
Cash Flow 18
Annual Cash Flow data for DAL
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +37.9% $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 6-point trend, +98.8% · · · · · · $161M $159M $169M $154M $76M $81M
Deferred Tax 12-point trend, +167.9% $1.11B $1.16B $980M $591M $115M $-3.11B $1.47B $1.36B $2.24B $2.12B $2.58B $414M
Amort. of Intangibles 12-point trend, -85.5% $8M $9M $9M $9M $10M $10M $11M $17M $17M $17M $18M $55M
Restructuring 7-point trend, -1340.0% · · · $-124M $-19M $8.22B $0 $0 $7M $10M · ·
Other Non-cash 10-point trend, +80.3% $-215M $900M $-1.47B $2.35B $871M $9.39B $-557M $-773M $-2.84B · $-1.09B ·
Operating Cash Flow 12-point trend, +68.6% $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 12-point trend, +100.0% $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 12-point trend, -70.0% $-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 12-point trend, +117.2% $2.21B $0 $878M $0 $1.90B $22.79B $2.06B $3.75B $2.45B $450M $1.04B $1.02B
Net Debt Issued 11-point trend, +117.2% $2.21B $0 $878M $0 $1.90B $22.79B $2.06B $3.75B $2.45B · $1.04B $1.02B
Stock Repurchased 9-point trend, -100.0% · · · $0 $0 $344M $2.03B $1.57B $1.68B $2.60B $2.20B $1.10B
Net Stock Activity 8-point trend, +100.0% · · · $0 $0 $-344M $-2.03B $-1.57B $-1.68B · $-2.20B $-1.10B
Dividends Paid 12-point trend, +75.3% $440M $321M $128M $0 $0 $260M $980M $909M $731M $509M $359M $251M
Financing Cash Flow 12-point trend, +5.1% $-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 12-point trend, +242.9% $1.08B $26M $-78M $-5.10B $-1.49B $6.33B $982M $895M $-973M $800M $-116M $-756M
Free Cash Flow 11-point trend, +42.4% $3.84B $2.88B $1.14B $-3M $17M $-5.69B $3.49B $1.85B $1.26B · $4.98B $2.70B
Levered FCF 3-point trend, -56.1% · · · · · · · · $1.01B · $4.68B $2.30B
Profitability 7
Annual Profitability data for DAL
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 11-point trend, +68.0% 9.2% 9.7% 9.5% 7.2% 6.3% -72.9% 14.1% -1692.6% 14.8% · 19.2% 5.5%
Net Margin 11-point trend, +384.7% 7.9% 5.6% 7.9% 2.6% 0.94% -72.5% 10.1% -1265.3% 8.7% · 11.1% 1.6%
Pretax Margin 11-point trend, +266.9% 9.8% 7.6% 9.7% 3.8% 1.3% -91.2% 13.2% -1656.3% 13.8% · 17.6% 2.7%
EBITDA Margin 11-point trend, +138.4% 13.0% 13.8% 13.5% 11.4% 13.0% -59.4% 19.6% -2441.5% 20.2% · 23.7% 5.5%
ROA 11-point trend, +408.9% 6.3% 4.6% 6.3% 1.8% 0.39% -16.4% 7.5% 6.6% 6.8% · 8.5% 1.2%
ROE 11-point trend, +305.9% 26.1% 23.9% 45.3% 23.6% 8.6% -506.4% 31.3% 29.0% 28.4% · 46.0% 6.4%
ROIC 11-point trend, +85.1% 13.8% 14.5% 15.3% 9.0% 4.6% -33.6% 20.0% 17.4% 17.2% · 26.2% 7.4%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for DAL
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 11-point trend, -46.2% 0.4 0.4 0.4 0.5 0.8 1.1 0.4 0.3 0.4 · 0.5 0.7
Quick Ratio 11-point trend, -21.9% 0.3 0.2 0.3 0.4 0.7 1.0 0.3 0.2 0.3 · 0.3 0.3
Debt / Equity 11-point trend, -40.0% 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 11-point trend, -39.0% 0.6 0.9 1.4 2.9 6.1 17.3 0.5 0.6 0.5 · 0.6 0.9
Interest Coverage 3-point trend, +354.9% · · · · · · · · 15.4 · 16.2 3.4
Efficiency 2
Annual Efficiency data for DAL
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 11-point trend, +4.9% 0.8 0.8 0.8 0.7 0.4 0.2 0.7 -0.0 0.8 · 0.8 0.8
Receivables Turnover 11-point trend, +1.0% 20.9 19.4 18.4 18.1 15.7 8.0 18.2 -0.1 18.6 · 18.9 20.7
Per Share 6
Annual Per Share data for DAL
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 4-point trend, +213.0% $31.60 $23.35 $16.95 $10.10 · · · · · · · ·
Revenue / Share 11-point trend, +102.8% $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 11-point trend, +117.9% $12.76 $12.38 $10.05 $9.93 $5.09 $-5.96 $12.90 $10.11 $7.12 · $9.86 $5.85
Cash / Share 4-point trend, +30.4% $6.53 $4.69 $4.18 $5.01 · · · · · · · ·
Dividend / Share 12-point trend, +125.0% $1 $0 $0 $0 $0 $0 $2 $1 $1 $1 $0 $0
EPS (TTM) 12-point trend, +882.1% $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 8
Annual Growth Rates data for DAL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -96.3% 2.8% 6.2% 14.8% 69.2% 74.9% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -84.5% 7.8% 27.3% 50.3% · · · · · · · · ·
Revenue CAGR 5Y 30.0% · · · · · · · · · · ·
EPS YoY 4-point trend, -88.1% 43.7% -25.7% 248.1% 368.2% · · · · · · · ·
EPS CAGR 3Y 2-point trend, -57.6% 54.9% 129.7% · · · · · · · · · ·
Net Income YoY 4-point trend, -87.9% 44.8% -25.0% 249.7% 370.7% · · · · · · · ·
Net Income CAGR 3Y 2-point trend, -57.3% 56.0% 131.1% · · · · · · · · · ·
Dividend CAGR 5Y 11.1% · · · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for DAL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +57.0% $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 12-point trend, +659.5% $5.00B $3.46B $4.61B $1.32B $280M $-12.38B $4.77B $3.94B $3.21B $4.20B $4.53B $659M
Market Cap 4-point trend, +113.8% $45.80B $39.63B $26.35B $21.42B · · · · · · · ·
Enterprise Value 4-point trend, +51.1% $54.80B $51.91B $41.09B $36.27B · · · · · · · ·
P/E 12-point trend, -85.6% 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 4-point trend, +70.7% 0.7 0.6 0.5 0.4 · · · · · · · ·
P/B 4-point trend, -32.5% 2.2 2.6 2.4 3.3 · · · · · · · ·
P / Tangible Book 8.9 · · · · · · · · · · ·
P / Cash Flow 4-point trend, +63.1% 5.5 4.9 4.1 3.4 · · · · · · · ·
P / FCF 4-point trend, +100.2% 11.9 13.7 23.1 -7141.6 · · · · · · · ·
EV / EBITDA 4-point trend, +5.4% 6.6 6.1 5.2 6.3 · · · · · · · ·
EV / FCF 4-point trend, +100.1% 14.3 18.0 36.0 -12090.6 · · · · · · · ·
EV / Revenue 4-point trend, +20.6% 0.9 0.8 0.7 0.7 · · · · · · · ·
Dividend Yield 4-point trend, +0.01 0.96% 0.81% 0.49% 0.00% · · · · · · · ·
Earnings Yield 12-point trend, +594.3% 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 11-point trend, -76.9% 8.8% 9.3% 2.8% 0.00% 0.00% -2.1% 20.6% 23.1% 20.4% · 7.9% 38.1%
Annual Payout 12-point trend, +75.3% $440M $321M $128M $0 $0 $260M $980M $909M $731M $509M $359M $251M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312025-06-302025-03-312024-12-312024-09-30
Revenue $63.36B$61.64B
Operating Margin % 9.2%9.7%
Net Income $5.00B$3.46B
Diluted EPS $7.66$5.33
Balance Sheet
2025-12-312025-06-302025-03-312024-12-312024-09-30
Debt / Equity 0.61.0
Current Ratio 0.40.4
Quick Ratio 0.30.2
Cash Flow
2025-12-312025-06-302025-03-312024-12-312024-09-30
Free Cash Flow $3.84B$2.88B

Latest News Recent headlines mentioning this company

My Metrics Your personal watchlist — selected rows from Full Fundamentals

📊

Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.

Your selection is saved and follows you across all tickers.

Institutional owners (13F) 1,683 filers · $39.2B total · As of June 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.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
302 (+86 vs prior Q) 105 (-30 vs prior Q) 530 (-27 vs prior Q) 482 (+65 vs prior Q) +71.6M

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 13.68% Shares
VANGUARD CAPITAL MANAGEMENT LLC $3,868,813,620 41,307,000 9.86% Shares
Sanders Capital, LLC $2,728,281,052 29,129,629 6.95% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $2,465,998,398 26,329,259 6.28% Shares
STATE STREET CORP $2,259,974,402 24,129,558 5.76% Shares
FMR LLC $2,061,829,120 22,013,977 5.25% Shares
Capital International Investors $1,937,794,094 20,689,945 4.94% Shares
PRIMECAP MANAGEMENT CO/CA/ $1,641,032,503 17,521,167 4.18% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,551,124,565 16,373,390 3.95% Shares
DIMENSIONAL FUND ADVISORS LP $780,278,828 8,330,974 1.99% Shares
Newport Trust Company, LLC $582,222,685 6,216,343 1.48% Shares
Life Cycle Investment Partners Ltd $449,345,183 4,797,621 1.14% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $375,602,637 4,010,278 0.96% Shares
Ninety One UK Ltd $363,548,767 3,881,580 0.93% Shares
VANGUARD FIDUCIARY TRUST CO $341,967,833 3,651,162 0.87% Shares
PAR CAPITAL MANAGEMENT INC $326,193,897 3,482,745 0.83% Shares
GMT Capital Corp $305,762,436 3,264,600 0.78% Shares
GOLDMAN SACHS GROUP INC $296,926,171 3,170,256 0.76% Shares
Candlestick Capital Management LP $289,470,400 5,100,800 0.74% Call option
JANE STREET GROUP, LLC $285,915,882 3,052,700 0.73% Call option
WELLINGTON MANAGEMENT GROUP LLP $284,596,494 3,038,613 0.73% Shares
Slate Path Capital LP $282,389,396 3,015,048 0.72% Shares
PeakShares LLC $269,273,000 2,875 0.69% Shares
AMERICAN CENTURY COMPANIES INC $242,265,241 2,586,645 0.62% Shares
Capital World Investors $237,435,828 2,535,084 0.60% Shares
NEUBERGER BERMAN GROUP LLC $233,339,586 2,491,347 0.59% Shares
JANE STREET GROUP, LLC $217,197,540 2,319,000 0.55% Put option
1832 Asset Management L.P. $171,470,199 1,830,773 0.44% Shares
SILVERCREST ASSET MANAGEMENT GROUP LLC $151,882,418 1,621,636 0.39% Shares
BRISTOL JOHN W & CO INC /NY/ $145,244,837 1,550,767 0.37% Shares
VICTORY CAPITAL MANAGEMENT INC $144,225,723 1,539,886 0.37% Shares
Douglas Lane & Associates, LLC $143,929,066 1,536,719 0.37% Shares
Quantinno Capital Management LP $130,319,434 1,391,409 0.33% Shares
Vanguard Global Advisers, LLC $129,572,054 1,383,430 0.33% Shares
Candlestick Capital Management LP $128,538,239 2,264,991 0.33% Shares
Brandywine Global Investment Management, LLC $127,560,739 1,838,051 0.33% Shares
California Public Employees Retirement System $123,278,945 1,316,239 0.31% Shares
Castle Hook Partners LP $117,327,976 1,252,701 0.30% Shares
Walleye Trading LLC $115,051,944 1,228,400 0.29% Call option
BNP PARIBAS FINANCIAL MARKETS $110,104,729 1,175,579 0.28% Shares
NORDEA INVESTMENT MANAGEMENT AB $109,707,107 1,159,572 0.28% Shares
Polar Capital Holdings Plc $106,836,557 1,140,685 0.27% Shares
RHUMBLINE ADVISERS $101,944,553 1,088,455 0.26% Shares
ENVESTNET ASSET MANAGEMENT INC $101,727,525 1,086,141 0.26% Shares
ZACKS INVESTMENT MANAGEMENT $100,922,043 1,077,535 0.26% Shares
U S GLOBAL INVESTORS INC $100,685,718 1,075,013 0.26% Shares
FIRST TRUST ADVISORS LP $97,181,660 1,037,600 0.25% Shares
BlackRock, Inc. $96,553,719 1,030,896 0.25% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $94,328,358 1,007,136 0.24% Shares
MASTERS CAPITAL MANAGEMENT LLC $93,660,000 1,000,000 0.24% Shares
BARCLAYS PLC $88,480,602 944,700 0.23% Put option
Walleye Trading LLC $85,820,658 916,300 0.22% Put option
ALLIANCEBERNSTEIN L.P. $83,844,642 1,261,201 0.21% Shares
BANK OF AMERICA CORP /DE/ $82,628,444 882,217 0.21% Shares
FRANKLIN RESOURCES INC $78,194,299 834,874 0.20% Shares
AMERIPRISE FINANCIAL INC $76,867,324 820,706 0.20% Shares
Gotham Asset Management, LLC $76,462,713 816,386 0.19% Shares
UBS Group AG $73,467,279 784,404 0.19% Shares
ATALANTA SOSNOFF CAPITAL, LLC $70,525,113 752,991 0.18% Shares
PRINCIPAL FINANCIAL GROUP INC $68,374,983 730,034 0.17% Shares
NORGES BANK $66,971,677 715,051 0.17% Shares
CAMBIAR INVESTORS LLC $66,373,283 708,662 0.17% Shares
PANAGORA ASSET MANAGEMENT INC $65,913,319 703,751 0.17% Shares
RAYMOND JAMES FINANCIAL INC $61,123,757 652,613 0.16% Shares
LPL Financial LLC $59,901,963 639,568 0.15% Shares
JANUS HENDERSON GROUP PLC $58,664,620 882,440 0.15% Shares
Legal & General Group Plc $55,381,345 591,302 0.14% Shares
AustralianSuper Pty Ltd $54,499,443 581,886 0.14% Shares
Retirement Systems of Alabama $54,166,107 578,327 0.14% Shares
HARRIS ASSOCIATES L P $53,171,719 567,710 0.14% Shares
Capital International, Inc./CA/ $52,570,515 561,291 0.13% Shares
Parallax Volatility Advisers, L.P. $52,224,816 557,600 0.13% Put option
CITIGROUP INC $51,803,346 553,100 0.13% Put option
WOLVERINE TRADING, LLC $50,982,972 884,200 0.13% Call option
Nuveen Asset Management, LLC $50,528,995 835,190 0.13% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $50,119,433 535,121 0.13% Shares
Hosking Partners LLP $48,906,349 522,169 0.12% Shares
MASTERS CAPITAL MANAGEMENT LLC $46,830,000 500,000 0.12% Put option
TD Asset Management Inc $44,103,838 470,893 0.11% Shares
D. E. Shaw & Co., Inc. $44,085,762 470,700 0.11% Put option
Swiss National Bank $43,383,312 463,200 0.11% Shares
JANE STREET GROUP, LLC $43,340,509 462,743 0.11% Shares
Grantham, Mayo, Van Otterloo & Co. LLC $41,895,242 447,312 0.11% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $41,671,000 444,920 0.11% Shares
Mariner, LLC $41,574,900 443,897 0.11% Shares
BARCLAYS PLC $40,787,806 435,488 0.10% Shares
Patient Capital Management, LLC $40,387,702 431,215 0.10% Shares
Sumitomo Mitsui Trust Group, Inc. $40,362,309 430,945 0.10% Shares
Parallax Volatility Advisers, L.P. $39,871,062 425,700 0.10% Call option
WAYCROSS PARTNERS, LLC $39,697,322 423,845 0.10% Shares
Bank of New York Mellon Corp $39,296,739 419,568 0.10% Shares
Centiva Capital, LP $38,194,548 407,800 0.10% Put option
OSAIC HOLDINGS, INC. $37,760,151 403,117 0.10% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $37,334,628 399,450 0.10% Shares
WOLVERINE TRADING, LLC $36,735,186 637,100 0.09% Put option
Quadrature Capital Ltd $36,179,359 386,284 0.09% Shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $36,171,867 386,204 0.09% Shares
Mediolanum International Funds Ltd $35,802,529 384,271 0.09% Shares
Cubist Systematic Strategies, LLC $35,410,979 623,982 0.09% Shares
Calamos Advisors LLC $35,112,572 374,894 0.09% Shares

Company insiders 73 insiders · 14 officers · 30 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Delta Air Lines, Inc. Chief Executive Officer April 3, 2009 F 1,555,930 0 0 $0
Paul A Jacobson EVP & CFO July 25, 2016 P 328,631 0 0 $0
Hank Halter Senior Vice President & CFO Feb. 2, 2012 F 159,467 0 0 $0
Gilbert W West Sr. EVP & COO May 18, 2016 S 106,990 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
Allison C Ausband EVP & Chief People Officer May 27, 2026 S 128,854 0 2 $-799,500
Richard H Anderson Exec. Chairman of the Board July 15, 2016 M 59,119 0 0 $0
Joanne D Smith EVP & Chief HR Officer May 10, 2016 S 74,009 0 0 $0
Craig M Meynard VP and Chief Acctg Officer Feb. 2, 2016 A 14,577 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
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 Aug. 3, 2016 P 5,000 0 0 $0
Mickey P Foret Director June 27, 2016 G 39,734 0 0 $0
Shirley C. Franklin Director June 10, 2016 A 43,760 0 0 $0
William H Easter III Director June 10, 2016 A 11,640 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
Francis S Blake Director June 10, 2016 A 21,875 0 0 $0
Daniel A Carp Director June 10, 2016 A 63,343 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
Steven M Sear Aug. 5, 2026 M 104,404 0 1 $-3,785,033
HUERTA MICHAEL P Aug. 5, 2026 S 32,525 0 1 $-291,772
Peter W Carter Aug. 4, 2026 M 424,704 0 1 $-3,709,902
Alain Bellemare Aug. 4, 2026 M 95,025 0 2 $-5,281,200
Edward H Bastian Aug. 4, 2026 M 1,363,448 0 1 $-19,164,128
David G Dewalt Aug. 3, 2026 S 22,358 0 1 $-2,885,033
Glen W Hauenstein Feb. 23, 2016 S 165,725 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

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 SEC
Delta Air Lines, Inc. ( June 4, 2004 Initial filing 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.

ETF ownership Held by 209 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
IYT · iShares Trust 5.22% 1,271,167 SH Aug. 8, 2026 Daily
PEZ · Invesco Exchange-Traded Fund Trust 3.95% 9,942 SH Aug. 8, 2026 Daily
CAMX · ADVISORS' INNER CIRCLE FUND 3.95% 38,400 NS April 30, 2026 N-PORT
TPOR · Direxion Shares ETF Trust 3.41% 9,049 NS April 30, 2026 N-PORT
ESN · Northern Lights Fund Trust II 2.67% 90,039 NS May 31, 2026 N-PORT
FLOW · Global X Funds 2.33% 8,075 NS May 31, 2026 N-PORT
EQRR · ProShares Trust 1.66% 12,440 NS May 31, 2026 N-PORT
AKAF · ETF Series Solutions 1.63% 580 NS May 31, 2026 N-PORT
AVMV · AMERICAN CENTURY ETF TRUST 1.58% 119,648 NS May 31, 2026 N-PORT
PWV · Invesco Exchange-Traded Fund Trust 1.52% 298,386 SH Aug. 8, 2026 Daily
COWZ · Pacer Funds Trust 1.47% 3,937,457 NS April 30, 2026 N-PORT
QQWZ · Pacer Funds Trust 1.47% 10,100 NS April 30, 2026 N-PORT
FXD · First Trust Exchange-Traded AlphaDE… 1.41% 54,775 NS April 30, 2026 N-PORT
SPVM · Invesco Exchange-Traded Fund Trust 1.38% 19,833 SH Aug. 8, 2026 Daily
RSPN · Invesco Exchange-Traded Fund Trust 1.33% 157,768 SH Aug. 8, 2026 Daily
BKDV · BNY Mellon ETF Trust II 1.30% 264,212 NS April 30, 2026 N-PORT
SWP · Manager Directed Portfolios 1.29% 24,200 NS May 31, 2026 N-PORT
SPHB · Invesco Exchange-Traded Fund Trust … 1.26% 130,349 SH Aug. 8, 2026 Daily
SPGP · Invesco Exchange-Traded Fund Trust 1.19% 303,177 SH Aug. 8, 2026 Daily
ABCS · EA Series Trust 1.16% 1,600 NS May 29, 2026 N-PORT
VOE · VANGUARD INDEX FUNDS 1.01% 4,009,317 SH Aug. 8, 2026 Daily
IYC · iShares Trust 0.99% 130,613 SH Aug. 8, 2026 Daily
RPV · Invesco Exchange-Traded Fund Trust 0.95% 176,801 SH Aug. 8, 2026 Daily
FTA · First Trust Exchange-Traded AlphaDE… 0.89% 170,259 NS April 30, 2026 N-PORT
AVLV · AMERICAN CENTURY ETF TRUST 0.88% 1,371,200 NS May 31, 2026 N-PORT
IMCV · iShares Trust 0.83% 104,142 SH Aug. 8, 2026 Daily
VIS · VANGUARD WORLD FUND 0.82% 797,897 SH Aug. 8, 2026 Daily
JOET · Virtus ETF Trust II 0.79% 27,424 NS April 30, 2026 N-PORT
GMOV · GMO ETF Trust 0.71% 7,784 NS May 31, 2026 N-PORT
ITAN · EA Series Trust 0.68% 7,376 NS May 29, 2026 N-PORT
LSEQ · Harbor ETF Trust 0.68% 1,530 NS April 30, 2026 N-PORT
AVMC · AMERICAN CENTURY ETF TRUST 0.67% 32,970 NS May 31, 2026 N-PORT
HIBL · Direxion Shares ETF Trust 0.66% 7,684 NS April 30, 2026 N-PORT
UXI · ProShares Trust 0.62% 2,143 NS May 31, 2026 N-PORT
AUSF · Global X Funds 0.60% 61,602 NS May 31, 2026 N-PORT
KRMA · Global X Funds 0.59% 8,642 NS May 31, 2026 N-PORT
EXI · iShares Trust 0.58% 91,630 SH Aug. 8, 2026 Daily
DUSL · Direxion Shares ETF Trust 0.57% 4,560 NS April 30, 2026 N-PORT
VO · VANGUARD INDEX FUNDS 0.56% 13,526,055 SH Aug. 8, 2026 Daily
IWS · iShares Trust 0.54% 927,547 SH Aug. 8, 2026 Daily
IIGD · Invesco Exchange-Traded Self-Indexe… 0.53% 142,500.00 Aug. 8, 2026 Daily
REVS · Columbia ETF Trust I 0.52% 21,902 NS April 30, 2026 N-PORT
DFLV · Dimensional ETF Trust 0.51% 440,595 NS April 30, 2026 N-PORT
SFYF · Tidal Trust I 0.50% 2,662 NS May 31, 2026 N-PORT
EQIN · Columbia ETF Trust I 0.48% 19,632 NS April 30, 2026 N-PORT
SPVU · Invesco Exchange-Traded Fund Trust … 0.47% 7,646 NS May 31, 2026 N-PORT
FFLG · FIDELITY COVINGTON TRUST 0.47% 40,466 NS April 30, 2026 N-PORT
EBI · RBB Fund Trust 0.44% 35,346 NS May 31, 2026 N-PORT
FAB · First Trust Exchange-Traded AlphaDE… 0.44% 8,980 NS April 30, 2026 N-PORT
FVAL · FIDELITY COVINGTON TRUST 0.44% 77,972 NS April 30, 2026 N-PORT