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Delta Air Lines Balance Sheet 2025-2007 | DAL
Brief overview of Delta Air Lines's assets and capital
This overview follows the five latest available annual observations between 2015 and 2019.
Over the period, assets gained +21.5%, moving from $53.1 billion to $64.5 billion. CAGR near 5% shows consistent growth.
Asset and liability trends were close, at +21.5% and +16.3%. Expansion did not materially reshape funding sources.
Equity covers only 23.8% of assets versus 20.4% initially. The loss-absorbing cushion is limited.
Net debt equals roughly 0.54x of equity. This is a moderate load and leaves room for maneuver.
Cash accounts for 4.5% of assets versus 3.7% initially. The change indicates the degree of financial flexibility.
Accumulated earnings ended at $12.5 billion, a change of +63.4%. They remain an important part of the capital base.
Overall assessment
The balance sheet gives no single signal for Delta Air Lines: some indicators are sound, while leverage or capitalization needs attention.
Annual Balance Sheet Delta Air Lines
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
8.44 B | 11.2 B | 14 B | 16.8 B | 16.4 B | 19.8 B | 8.28 B | 8.21 B | 7.02 B | 4.57 B | 6.36 B | 7.69 B | 8.5 B | 10.3 B | 11.1 B | 11.6 B | 9.17 B | - | - |
Long Term Debt |
11.9 B | 13.5 B | 16 B | 19.3 B | 23.6 B | 27.4 B | 8.87 B | 8.25 B | 6.59 B | 6.2 B | 6.77 B | 8.56 B | 9.8 B | 11.1 B | 11.8 B | 12.6 B | 15.2 B | - | - |
Long Term Debt Current |
809 M | 763 M | 759 M | 714 M | 703 M | 678 M | 801 M | 955 M | 2.14 B | 1.01 B | 1.42 B | 1.11 B | 1.45 B | 1.51 B | 1.83 B | 1.95 B | -1.44 B | - | - |
Total Non Current Liabilities |
32.8 B | 33.4 B | 36.1 B | 39.8 B | 47.6 B | 54.5 B | 29 B | 28 B | 20.8 B | 23.7 B | 24.8 B | 28.4 B | 26.5 B | 33.4 B | 32.2 B | 30.9 B | 33.7 B | - | - |
Total Current Liabilities |
27.6 B | 26.7 B | 26.4 B | 25.9 B | 21 B | 15.9 B | 20.2 B | 18.6 B | 18.6 B | 15.2 B | 17.5 B | 16.9 B | 14.2 B | 13.3 B | 12.7 B | 11.4 B | 9.8 B | - | - |
Total Liabilities |
- | - | - | - | - | - | 49.2 B | 46.6 B | 39.4 B | 39 B | 42.3 B | 45.3 B | 40.6 B | 46.7 B | 44.9 B | - | - | - | - |
Deferred Revenue |
- | - | - | - | - | - | 8.34 B | 7.65 B | 6.71 B | 6.27 B | 6.14 B | 5.88 B | 5.98 B | 5.5 B | 5.33 B | - | - | - | - |
Retained Earnings |
13.3 B | 8.78 B | 5.65 B | 1.17 B | -148 M | -428 M | 12.5 B | 10 B | 9.64 B | 7.9 B | 7.62 B | 3.46 B | 3.05 B | -7.39 B | -8.4 B | -9.25 B | -9.84 B | - | - |
Total Assets |
81.3 B | 75.4 B | 73.6 B | 72.3 B | 72.5 B | 72 B | 64.5 B | 60.3 B | 53.3 B | 51.3 B | 53.1 B | 54.1 B | 52.3 B | 44.6 B | 43.5 B | 43.2 B | 43.8 B | - | - |
Cash and Cash Equivalents |
4.31 B | 3.07 B | 2.74 B | 3.27 B | 7.93 B | 8.31 B | 2.88 B | 1.56 B | 1.81 B | 2.76 B | 1.97 B | 2.09 B | 2.84 B | 2.42 B | 2.66 B | 2.89 B | 4.61 B | 4.26 B | 2.65 B |
Book Value |
81.3 B | 75.4 B | 73.6 B | 72.3 B | 72.5 B | 72 B | 15.4 B | 13.7 B | 13.9 B | 12.3 B | 10.8 B | 8.81 B | 11.6 B | -2.13 B | -1.4 B | 43.2 B | 43.8 B | - | - |
Total Shareholders Equity |
20.9 B | 15.3 B | 11.1 B | 6.58 B | 3.89 B | 1.53 B | 15.4 B | 13.7 B | 12.5 B | 11.3 B | 10.8 B | 8.81 B | 11.6 B | -2.13 B | -1.4 B | 897 M | 245 M | 874 M | 10.1 B |
All numbers in USD currency
Quarterly Balance Sheet Delta Air Lines
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
10.1 B | 10.6 B | 12.3 B | 12.4 B | 12.4 B | 13.9 B | 14.1 B | 15.6 B | 16.3 B | 16.9 B | 18.5 B | 19.3 B | 19.8 B | 21.4 B | 22.9 B | 23.6 B | 24.1 B | 25.2 B | 23.6 B | 26.5 B | 26.5 B | 26.5 B | 26.5 B | 8.05 B | 8.05 B | 8.05 B | 8.05 B | 7.96 B | 7.96 B | 7.96 B | 7.96 B | 6.3 B | 6.3 B | 6.3 B | 6.59 B | 6 B | 6.2 B | 6.2 B | 6.2 B | 6.53 B | 6.77 B | 6.77 B | 6.77 B | 8.19 B | 8.56 B | 8.56 B | 8.56 B | 9.4 B | 9.8 B | 9.8 B | 9.8 B | 10.6 B | 11.1 B | 12.3 B | 12.7 B | 11.2 B | 13.8 B | 13.1 B | 13.1 B | 13.1 B | 14.2 B |
Total Non Current Liabilities |
30.9 B | 31.4 B | 32.6 B | 32.4 B | 32.2 B | 33.6 B | 34.1 B | 35.3 B | 36.5 B | 36.9 B | 38.5 B | 39.8 B | 42.1 B | 44.7 B | 46.7 B | 47.6 B | 49.3 B | 50.5 B | 47.6 B | 54.5 B | 54.5 B | 54.5 B | 54.5 B | 29 B | 29 B | 29 B | 29 B | 28 B | 28 B | 28 B | 28 B | 22.2 B | 22.2 B | 22.2 B | 22.2 B | 23.7 B | 23.7 B | 23.7 B | 23.7 B | 24.8 B | 24.8 B | 24.8 B | 24.8 B | 28.3 B | 28.4 B | 28.4 B | 28.4 B | 26.5 B | 26.5 B | 26.5 B | 26.5 B | 33.4 B | 33.4 B | 33.4 B | 33.4 B | 32.2 B | 32.2 B | 32.2 B | 32.2 B | 30.6 B | 31.7 B |
Retained Earnings |
14.3 B | 12.9 B | 12.1 B | 10.8 B | 8.92 B | 7.94 B | 6.76 B | 5.62 B | 3.61 B | 2.57 B | 807 M | 1.17 B | 342 M | -353 M | -1.09 B | -148 M | 259 M | -953 M | -148 M | -428 M | -428 M | -428 M | -428 M | 12.5 B | 12.5 B | 12.5 B | 12.5 B | 10 B | 10 B | 10 B | 10 B | 8.26 B | 8.26 B | 8.26 B | 8.26 B | 7.9 B | 7.9 B | 7.9 B | 7.9 B | 5.56 B | 7.62 B | 7.62 B | 7.62 B | 3.46 B | 3.46 B | 3.46 B | 3.46 B | 3.05 B | 3.05 B | 3.05 B | 3.05 B | -7.39 B | -7.39 B | -7.39 B | -7.39 B | -8.4 B | -8.4 B | -8.4 B | -8.4 B | -9.27 B | -9.63 B |
Total Assets |
86.3 B | 84.4 B | 79.6 B | 78.4 B | 77.3 B | 75.4 B | 75.2 B | 75 B | 73.2 B | 73.5 B | 73.1 B | 72.3 B | 72.6 B | 74.8 B | 73.7 B | 72.5 B | 72.8 B | 75.3 B | 72.5 B | 72 B | 72 B | 72 B | 72 B | 64.5 B | 64.5 B | 64.5 B | 64.5 B | 60.3 B | 60.3 B | 60.3 B | 60.3 B | 53.7 B | 53.7 B | 53.7 B | 53.7 B | 51.8 B | 51.3 B | 51.3 B | 51.3 B | 53.1 B | 53.1 B | 53.1 B | 53.1 B | 54 B | 54.1 B | 54.1 B | 54.1 B | 52.1 B | 52.3 B | 52.3 B | 52.3 B | 44.6 B | 44.6 B | 44.6 B | 44.6 B | 43.5 B | 43.5 B | 43.5 B | 43.5 B | 43.2 B | 43.8 B |
Cash and Cash Equivalents |
4.66 B | 5.05 B | 3.79 B | 3.33 B | 3.71 B | 3.97 B | 4.11 B | 3.88 B | 2.84 B | 2.67 B | 3.22 B | 3.27 B | 7.02 B | 9.22 B | 7.7 B | 7.93 B | 8.78 B | 10.4 B | 7.93 B | 8.31 B | 8.31 B | 8.31 B | 8.31 B | 2.88 B | 2.88 B | 2.88 B | 2.88 B | 1.56 B | 1.56 B | 1.56 B | 1.56 B | 1.81 B | 1.81 B | 1.81 B | 1.81 B | 2.76 B | 2.76 B | 2.76 B | 2.76 B | 1.97 B | 1.97 B | 1.97 B | 1.97 B | 2.09 B | 2.09 B | 2.09 B | 2.09 B | 2.84 B | 2.84 B | 2.84 B | 2.84 B | 2.42 B | 2.42 B | 2.42 B | 2.42 B | 2.66 B | 2.66 B | 2.66 B | 2.66 B | 3.44 B | 4.43 B |
Book Value |
86.3 B | 84.4 B | 79.6 B | 78.4 B | 77.3 B | 75.4 B | 75.2 B | 75 B | 73.2 B | 73.5 B | 73.1 B | 72.3 B | 72.6 B | 74.8 B | 73.7 B | 72.5 B | 72.8 B | 75.3 B | 72.5 B | 72 B | 72 B | 72 B | 72 B | 64.5 B | 64.5 B | 64.5 B | 64.5 B | 60.3 B | 60.3 B | 60.3 B | 60.3 B | 53.7 B | 53.7 B | 53.7 B | 53.7 B | 51.8 B | 51.3 B | 51.3 B | 51.3 B | 53.1 B | 53.1 B | 53.1 B | 53.1 B | 54 B | 54.1 B | 54.1 B | 54.1 B | 52.1 B | 52.3 B | 52.3 B | 52.3 B | 44.6 B | 44.6 B | 44.6 B | 44.6 B | 43.5 B | 43.5 B | 43.5 B | 43.5 B | 43.2 B | 43.8 B |
Total Shareholders Equity |
21.8 B | 20.4 B | 18.8 B | 17.4 B | 15.4 B | 13.6 B | 12.4 B | 11.2 B | 9.23 B | 8.1 B | 6.26 B | 6.58 B | 4.59 B | 3.81 B | 2.99 B | 3.89 B | 2.61 B | 1.28 B | 482 M | 1.53 B | 1.53 B | 1.53 B | 1.53 B | 15.4 B | 15.4 B | 15.4 B | 15.4 B | 13.7 B | 13.7 B | 13.7 B | 13.7 B | 12.5 B | 12.5 B | 12.5 B | 12.5 B | 11.3 B | 12.3 B | 12.3 B | 12.3 B | 10.8 B | 10.8 B | 10.8 B | 10.8 B | 8.81 B | 8.81 B | 8.81 B | 8.81 B | 11.6 B | 11.6 B | 11.6 B | 11.6 B | -2.13 B | -2.13 B | -2.13 B | -2.13 B | -1.4 B | -1.4 B | -1.4 B | -1.4 B | 715 M | 199 M |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Delta Air Lines, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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