Income StatementBalance SheetCash FlowSegments
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Delta Air Lines Business Segments

Business, geographic, and product segment breakdowns

Delta Air Lines generates $65.2B in annual revenue across 1 key segments: Airline ($59.5B). The company-wide operating margin is 8.83%. Based on the Q1 2026 filing.

Airline (TTM)$59.5B
Latest FilingQ1 2026
Report Date2026-04-08
Market Cap$46.5B
P/E Ratio10.38
ROE24.99%

Products & Services

Deferred revenue liability, current

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loyalty and related$4.3B$4.4B$4.5B$4.7B$4.9B$5.0B

Liabilities and deferred revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loyalty program$101.8M$108.8M$108.8M$108.8M$108.8M—

Operating revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refinery$1.1B$1.1B$1.1B$1.5B$1.4B$1.7B
Loyalty and related$846.0M$807.0M$855.0M$847.0M$853.0M$1.2B
MRO$218.0M$189.0M$264.0M$256.0M$228.0M$380.0M
Miscellaneous$309.0M$294.0M$309.0M$355.0M$362.0M$71.0M

Contract with Customer, Liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loyalty and related$8.8B$9.0B$9.1B$9.1B$9.3B$9.5B

Loyalty program deferred revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loyalty and related$4.5B$4.6B$4.6B$4.5B$4.4B$4.4B

Loyalty Program Liability, Non-Travel Mileage Credits Redeemed

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loyalty and related$43.0M$60.0M$49.0M$60.0M$50.0M$57.0M

Loyalty Program Liability, Travel Mileage Credits Redeemed

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loyalty and related$1.0B$940.0M$1.1B$1.1B$1.1B$1.0B

Miles earned

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loyalty and related$1.2B$1.2B$1.2B$1.2B$1.3B$1.3B

Business Segments

Aircraft fuel and related taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$2.4B$2.4B$2.5B$2.6B$2.4B$2.7B

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$1.3B$1.2B$1.2B$1.2B$893.0M$1.2B
Refinery$18.0M$37.0M$9.0M$9.0M$13.0M$17.0M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$635.0M$607.0M$602.0M$614.0M$620.0M$635.0M
Refinery$27.0M$28.0M$28.0M$28.0M$29.0M$28.0M

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$1.2B$321.0M$2.6B$1.7B$1.4B-$175.0M
Refinery—-$2.0M-$11.0M$52.0M$117.0M-$38.0M

Net Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline-$181.0M-$179.0M-$172.0M-$171.0M-$157.0M-$151.0M
Refinery$0.0-$1.0M-$1.0M-$1.0M—$1.0M

Miscellaneous, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline-$147.5M$260.5M$260.5M$260.5M$260.5M—

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$1.8B$570.0M$2.1B$1.6B$1.4B$540.0M
Refinery—-$1.0M-$10.0M$53.0M$115.0M-$39.0M

Operating revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$14.4B$13.0B$15.5B$15.2B$14.6B$14.2B

Other Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline—-$70.0M$644.0M$264.0M—-$564.0M

Other segment items

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$5.5B$5.3B$5.9B$5.9B$5.7B$5.7B
Refinery$96.0M$109.0M$104.0M$103.0M$116.0M$126.0M

Salaries and related costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$4.1B$4.1B$4.4B$4.4B$4.6B$4.5B

Total assets, end of period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$73.0B$75.0B$76.0B$77.0B$78.8B$81.6B
Refinery$2.4B$2.4B$2.4B$2.7B$2.6B$2.9B

Refinery cost of goods sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refinery$1.7B$1.6B$1.6B$1.6B$1.5B$1.9B

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refinery$1.8B$1.7B$1.7B$1.8B$1.7B$2.0B