Delta Air Lines (DAL) stock
Industrials · Passenger Airlines
Delta Air Lines (DAL) is a Passenger Airlines company in the Industrials sector, headquartered in Atlanta, Georgia. As of October 23, 2026, DAL closed at $76.78, a market capitalization of $50.51 billion, the 233rd largest company in the S&P 500. The stock trades at 15.3x trailing earnings and 10.5x forward earnings.
- 1-year total return: +32.0% (dividends reinvested)
- 5-year return: +15.0% a year
- 52-week range: $55.03 – $95.68
- Dividend yield: 1.12%, 2 straight years of increases
- FI Handbook report card: B- across 4 metrics
- 40th largest of 83 Industrials stocks in the S&P 500
DAL price chart
1Y price change: +30.6% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| DAL | -5.8% | +11.8% | +32.0% | +35.3% | +15.0% | +7.7% | +7.8% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2007.
DAL key statistics
- Market cap
- $50.5B
- #233 in S&P 500
- P/E (TTM)
- 15.3x
- Forward P/E
- 10.5x
- EPS (TTM)
- —
- Revenue (TTM)
- —
- Free cash flow
- $3.0B
- Gross margin
- —
- Operating margin
- —
- Return on equity
- —
- Dividend yield
- 1.12%
- 52-week range
- $55.03 – $95.68
- Beta
- —
- Price / sales
- —
- EV / EBITDA
- —
- Debt / equity
- —
- Employees
- —
DAL report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth——
- Gross margin——
- Operating margin——
- FCF margin——
- Return on equity——
- Net debt / EBITDA0.0xA
- Forward P/E10.5xA
- PEG ratio——
- Shareholder yield1.1%D
- Share count change / yr0.6%D
Delta Air Lines financials
Revenue went from $39.5B in fiscal 2016 to $63.4B in fiscal 2025, growing 5.4% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.5B | $41.1B | $44.4B | $47.0B | $17.1B | $29.9B | $50.6B | $58.0B | $61.6B | $63.4B |
| Operating income | $7.0B | $6.0B | $5.3B | $6.6B | -$12.5B | $1.9B | $3.7B | $5.5B | $6.0B | $5.8B |
| Net income | $4.2B | $3.2B | $3.9B | $4.8B | -$12.4B | $280.0M | $1.3B | $4.6B | $3.5B | $5.0B |
| EPS (diluted) | $5.55 | $4.43 | $5.67 | $7.30 | $-19.49 | $0.44 | $2.06 | $7.17 | $5.33 | $7.66 |
| Free cash flow | $3.8B | $1.1B | $1.8B | $3.5B | -$5.7B | $17.0M | -$3.0M | $1.1B | $2.9B | $3.8B |
| Buybacks | $2.6B | $1.7B | $1.6B | $2.0B | $344.0M | $0 | $0 | — | — | — |
| Dividends paid | $509.0M | $731.0M | $909.0M | $980.0M | $260.0M | $0 | $0 | $128.0M | $321.0M | $440.0M |
| Diluted shares | 755.0M | 723.0M | 694.0M | 653.0M | 636.0M | 641.0M | 641.0M | 643.0M | 648.0M | 654.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into DAL?
A reverse DCF asks what growth the current price requires. With an enterprise value of $50.5B and $3.0B of trailing free cash flow, Delta Air Lines needs to grow free cash flow about 6.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 10.0x vs. median 10.3x (10th–90th percentile 4.2x–57.0x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
DAL dividend
- Dividend yield
- 1.12%
- Annual dividend
- $0.86
- Years of increases
- 2
- 5-yr dividend growth
- -12.4%
- per year
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
DAL earnings
Next report: January 13, 2027. Last quarter's revenue was $20.2B (+21% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 9, 2026 | $1.76 | $1.72 | -2.1% |
| Jul 10, 2026 | $1.49 | $1.56 | +4.5% |
| Apr 8, 2026 | $0.57 | $0.64 | +11.3% |
| Jan 13, 2026 | $1.55 | $1.55 | +0.3% |
| Oct 9, 2025 | $1.53 | $1.71 | +11.9% |
| Jul 10, 2025 | $2.06 | $2.10 | +1.9% |
| Apr 9, 2025 | $0.39 | $0.46 | +19.1% |
| Jan 10, 2025 | $1.74 | $1.85 | +6.2% |
Stocks like DAL
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|---|---|---|---|---|---|
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 GE GE Aerospace | -2.69% | -6% | $296.4B | 32.6x | Compare |
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 DE Deere & | +0.39% | +39% | $174.2B | 35.9x | Compare |
 UNP Union Pacific | -1.75% | +36% | $174.0B | 22.8x | Compare |
DAL news
- Delta warns of Italy flight cancelations, refunds available · Oct 23, 2026
- American Airlines Sinks 4% as Oil-Price Climb Reverses Post-Earnings Rebound; Delta and United Airlines Slide 3% · Oct 23, 2026
- American Airlines Sinks 4% as Fuel Costs Push Outlook to Full-Year Loss; Delta and United Airlines Drop 3% · Oct 22, 2026
- Delta Air Lines Shares Rose Even As Profit Fell · Oct 22, 2026
- United Airlines Jumps 6% as Record Revenue Forecast Outweighs Fuel-Cost Squeeze; American Airlines Climbs 4%, Delta Rises 3% · Oct 21, 2026
DAL stock FAQ
What is DAL's market cap?
Delta Air Lines's market capitalization is $50.51 billion as of October 23, 2026, ranking 233rd in the S&P 500.
What is DAL's P/E ratio?
DAL trades at a trailing price-to-earnings ratio of 15.3x and a forward P/E of 10.5x. Its median P/E over the period we track is 10.3x.
Does DAL pay a dividend?
Yes. Delta Air Lines pays $0.86 per share a year, a 1.12% yield. It has raised its dividend 2 years in a row. Dividends fell 12.4% a year over the last five years.
How much has DAL stock returned?
Including reinvested dividends, DAL returned +32.0% over one year, +15.0% a year over five years, +7.7% a year over ten years through October 23, 2026.
Is DAL stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Delta Air Lines must grow free cash flow about 6% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does DAL report earnings?
Delta Air Lines is expected to report earnings on January 13, 2027.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology