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Delta Air Lines DAL Debt-to-equity

Debt-to-equity at other companies

Southwest Airlines logo
Southwest AirlinesLUV
0.9×+0.1×
United Airlines Holdings logo
United Airlines HoldingsUAL
-0.7×
General Dynamics logo
General DynamicsGD
0.4×-0.1×
FTAI Aviation Ltd. logo
FTAI Aviation Ltd.FTAI
-121×
American Express logo
American ExpressAXP
1.8×+0.1×
Valero Energy logo
Valero EnergyVLO
0.5×0.0×

Other financials

Income statement

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Revenue$15.9B+12.9%
Operating income$501.0M-12.0%
Net income-$289.0M-220%
EPS (diluted)-$0.44-219%

Balance sheet

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Cash & equivalents$5.2B+32.8%
Total debt$19.4B-10.0%
Total equity$20.4B+31.9%
Total assets$84.4B+9.2%

Cash flow

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Operating cash flow$2.4B+2.3%

Valuation

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Market cap$54.04B+54.2%
Enterprise value$68.17B+25.8%
P/E12.1×+2.5×
P/S0.8×+0.3×

Profitability

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Operating margin8.8%-0.8pp
Net margin6.9%+1.0pp

Returns & leverage

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Return on equity25%-2.5pp
Current ratio0.4×0.0×

Where this comes from

Calculated from Delta Air Lines’s reported figures.

Based on the most recent quarter.

The official record: Delta Air Lines’s 10-Q, filed April 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Delta Air Lines's debt-to-equity?
Delta Air Lines (DAL) reported debt-to-equity of 1× in Q1 2026.
How has Delta Air Lines's debt-to-equity changed year-over-year?
Delta Air Lines's debt-to-equity decreased by 31.8% year-over-year, from 1.4× to 1×.
What is the long-term trend for Delta Air Lines's debt-to-equity?
Over 4 years (2021 to 2025), Delta Air Lines's debt-to-equity has grown at a -56.2% compound annual growth rate (CAGR), from 125.4× to 4.6×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.