DAL
Delta Air Lines, Inc.
DAL's fundamentals are mixed, but it looks expensive: trading at 17x earnings, about twice its usual 8.9x. Analysts expect strong earnings growth, though they disagree widely on how much.
DAL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Healthy | |
| Healthy |
DAL's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
DAL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.5x | $32.27 | -63% |
| Fair | 8.8x | $44.24 | -49% |
| Forward | 13x | $86.55 | — |
| Current | 17x | $86.55 | — |
| Expensive | 32x | $161 | +86% |
Historical ranges are pointers, not guarantees.
DAL's PE is in its expensive range at 17x. If earnings grow as analysts expect, today's price would be 13x next year's earnings.
DAL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for DAL, with profitability improving. However, they disagree widely on these estimates.
DAL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.50 | +30% |
| Q3 2026 | $5.00 | -30% |
| Q2 2026 | $6.02 | -13% |
| Q1 2026 | $6.85 | +21% |
| Q4 2025 | $7.66 | +44% |
| Q3 2025 | $7.10 | -1.7% |
| Q2 2025 | $6.90 | -1% |
| Q1 2025 | $5.64 | -28% |
| Q4 2024 | $5.33 | -26% |
DAL's earnings per share have fallen from their peak: $5.00 over the past year, against $7.80 in early 2024.
DAL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.2B | +21% |
| Q2 2026 | $19.8B | +19% |
| Q1 2026 | $15.9B | +13% |
| Q4 2025 | $16B | +2.9% |
| Q3 2025 | $16.7B | +6.4% |
| Q2 2025 | $16.6B | -0.1% |
| Q1 2025 | $14B | +2.1% |
| Q4 2024 | $15.6B | +9.4% |
DAL's revenue has grown year over year for five quarters in a row: $20.2B last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.2% | -2.9 points |
| Q2 2026 | 9.4% | -3.2 points |
| Q1 2026 | 3.2% | -0.9 points |
| Q4 2025 | 9.2% | -1.9 points |
| Q3 2025 | 10% | +1.2 points |
| Q2 2025 | 13% | -1 points |
| Q1 2025 | 4% | -0.4 points |
| Q4 2024 | 11% | +1.8 points |
DAL's operating margin was 7.2% last quarter, down 2.9 points from the same quarter a year ago.
DAL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +149% |
| Q2 2026 | $1.6B | +146% |
| Q1 2026 | $1.2B | +6.8% |
| Q4 2025 | $1.4B | +132% |
| Q3 2025 | $687M | +$741M |
| Q2 2025 | $648M | -43% |
| Q1 2025 | $1.2B | -5% |
| Q4 2024 | $584M | +$1.6B |
DAL generated $5.9B in free cash flow over the past year, up 92% from the year before.
DAL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +1M shares |
| 1 year | +0.8% | +5M shares |
| 3 years | +2.3% | +15M shares |
| 5 years | +2.8% | +18M shares |
| Available history | +0.9% | +6M shares |
DAL has 659M diluted shares, up 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | $344M |
DAL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.1x | Healthy |
| Q2 2026 | 1.0x | Healthy |
| Q1 2026 | 1.0x | Very low |
| Q4 2025 | 1.1x | Healthy |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.3x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.4x | Healthy |
DAL's net debt is about 1.1 years of its operating earnings (EBITDA), down from 1.2 years a year ago.
DAL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.5 | Neutral |
| Stochastic | 53.0 | Neutral |
DAL's weekly RSI is 58 (neutral) and its Stochastic is 53 (neutral).
DAL PE vs Industrials Sector
| Metric | DAL | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 24x | 28% below |
| PE % | 79 | 58 | 21 pts above |
DAL is trading at 17x earnings, a 28% discount to the Industrials sector's median of 24x.
DAL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $82.2 | 5.3% above |
| 20 week MA | $83.9 | 3.2% above |
| 50 week MA | $76.2 | 14% above |
| 100 week MA | $65.8 | 32% above |
| 200 week MA | $54.5 | 59% above |
DAL is in an uptrend: it's above all five of its weekly moving averages, and 59% above its 200-week average.
DAL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $59.1 | $39.7 | -33% |
| 2021 | $39.7 | $39.3 | -1.1% |
| 2022 | $39.3 | $33.2 | -16% |
| 2023 | $33.2 | $40.2 | +21% |
| 2024 | $40.2 | $61.3 | +52% |
| 2025 | $61.3 | $70.9 | +16% |
| 2026 YTD | $70.9 | $86.6 | +22% |
DAL has finished lower in three of the last six years. It's up 22% so far in 2026.