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Delta Air Lines logo

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$54.6B
P/E Ratio12.19
ROE25.0%

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$5B

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$846M$1.1B$855M$847M$853M$1.2B
MRO$218M$151M$264M$256M$227M$380M
Miscellaneous$310M$57M$309M$355M$364M$71M

Contract with Customer, Liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loyalty and related$8.8B$9B$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$43M$60M$49M$60M$50M$57M

Loyalty Program Liability, Travel Mileage Credits Redeemed

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loyalty and related$1B$940M$1.1B$1.1B$1.1B$1B

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$894M$1.2B
Refinery$18M$37M$9M$9M$13M$17M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$635M$607M$602M$614M$620M$635M
Refinery$27M$28M$28M$28M$29M$28M

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

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$1.2B$321M$2.6B$1.7B$1.4B-$175M
Refinery—-$2M-$11M$52M$117M-$38M

Net Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline-$180M-$179M-$172M-$171M-$158M-$151M
Refinery$0-$1M-$1M-$1M—$1M

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$570M$2.1B$1.6B$1.4B$540M
Refinery—-$1M-$10M$53M$115M-$39M

Operating revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$14.4B$13B$15.5B$15.2B$14.6B$14.2B

Other Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline—-$70M$644M$264M—-$564M

Other segment items

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Airline$5.5B$5.3B$5.9B$5.9B$5.7B$5.7B
Refinery$96M$109M$104M$103M$117M$126M

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$73B$75B$76B$77B$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$2B