Delta Air Lines

At a glance

Buybacks

55.6%^crBuybacks as a share of free cash flowSEC EDGAR · CIK 00000279040000027904-14-000003 · FY2012 · period ended 2012-12-31 · filed 2014-02-24PaymentsForRepurchaseOfCommonStock0000027904-14-000003 · FY2012 · period ended 2012-12-31 · filed 2014-02-24PaymentsToAcquireProductiveAssets0001445305-13-000209 · FY2012 · period ended 2012-12-31 · filed 2013-02-13NetCashProvidedByUsedInOperatingActivities0000027904-14-000003 · FY2013 · period ended 2013-12-31 · filed 2014-02-24NetCashProvidedByUsedInOperatingActivities0000027904-14-000003 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsForRepurchaseOfCommonStock0000027904-14-000003 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsToAcquireProductiveAssets0000027904-15-000003 · FY2014 · period ended 2014-12-31 · filed 2015-02-11NetCashProvidedByUsedInOperatingActivities0000027904-15-000003 · FY2014 · period ended 2014-12-31 · filed 2015-02-11PaymentsForRepurchaseOfCommonStock0000027904-15-000003 · FY2014 · period ended 2014-12-31 · filed 2015-02-11PaymentsToAcquireProductiveAssets0000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05NetCashProvidedByUsedInOperatingActivities0000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05PaymentsForRepurchaseOfCommonStock0000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05PaymentsToAcquireProductiveAssets0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13NetCashProvidedByUsedInOperatingActivities0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13PaymentsForRepurchaseOfCommonStock0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13PaymentsToAcquireProductiveAssets0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23NetCashProvidedByUsedInOperatingActivities0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsForRepurchaseOfCommonStock0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsToAcquireProductiveAssets0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15NetCashProvidedByUsedInOperatingActivities0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15PaymentsForRepurchaseOfCommonStock0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15PaymentsToAcquireProductiveAssets0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13NetCashProvidedByUsedInOperatingActivities0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13PaymentsForRepurchaseOfCommonStock0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13PaymentsToAcquireProductiveAssets0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11NetCashProvidedByUsedInOperatingActivities0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11PaymentsForRepurchaseOfCommonStock0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11PaymentsToAcquireProductiveAssetsc: comparative figure from a later filing (PaymentsForRepurchaseOfCommonStock FY2012; PaymentsToAcquireProductiveAssets FY2012); SEC's structured data has no figure from the fiscal year's own 10-K.r: a later 10-K shows a different figure for NetCashProvidedByUsedInOperatingActivities FY2016; NetCashProvidedByUsedInOperatingActivities FY2017. As filed is shown.

Share of free cash flow, fiscal 2012–2019, 2021

Details and every year

Dividends

16.6%^crDividends as a share of free cash flowSEC EDGAR · CIK 00000279040000027904-14-000003 · FY2012 · period ended 2012-12-31 · filed 2014-02-24PaymentsOfDividends0000027904-14-000003 · FY2012 · period ended 2012-12-31 · filed 2014-02-24PaymentsToAcquireProductiveAssets0001445305-13-000209 · FY2012 · period ended 2012-12-31 · filed 2013-02-13NetCashProvidedByUsedInOperatingActivities0000027904-14-000003 · FY2013 · period ended 2013-12-31 · filed 2014-02-24NetCashProvidedByUsedInOperatingActivities0000027904-14-000003 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsOfDividends0000027904-14-000003 · FY2013 · period ended 2013-12-31 · filed 2014-02-24PaymentsToAcquireProductiveAssets0000027904-15-000003 · FY2014 · period ended 2014-12-31 · filed 2015-02-11NetCashProvidedByUsedInOperatingActivities0000027904-15-000003 · FY2014 · period ended 2014-12-31 · filed 2015-02-11PaymentsOfDividends0000027904-15-000003 · FY2014 · period ended 2014-12-31 · filed 2015-02-11PaymentsToAcquireProductiveAssets0000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05NetCashProvidedByUsedInOperatingActivities0000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05PaymentsOfDividends0000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05PaymentsToAcquireProductiveAssets0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13NetCashProvidedByUsedInOperatingActivities0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13PaymentsOfDividends0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13PaymentsToAcquireProductiveAssets0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23NetCashProvidedByUsedInOperatingActivities0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsOfDividends0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23PaymentsToAcquireProductiveAssets0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15NetCashProvidedByUsedInOperatingActivities0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15PaymentsOfDividends0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15PaymentsToAcquireProductiveAssets0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13NetCashProvidedByUsedInOperatingActivities0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13PaymentsOfDividends0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13PaymentsToAcquireProductiveAssets0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11NetCashProvidedByUsedInOperatingActivities0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11PaymentsOfDividends0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11PaymentsToAcquireProductiveAssets0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12NetCashProvidedByUsedInOperatingActivities0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12PaymentsOfDividends0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12PaymentsToAcquireProductiveAssets0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11NetCashProvidedByUsedInOperatingActivities0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11PaymentsOfDividends0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11PaymentsToAcquireProductiveAssets0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11NetCashProvidedByUsedInOperatingActivities0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11PaymentsOfDividends0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11PaymentsToAcquireProductiveAssetsc: comparative figure from a later filing (PaymentsOfDividends FY2012; PaymentsToAcquireProductiveAssets FY2012); SEC's structured data has no figure from the fiscal year's own 10-K.r: a later 10-K shows a different figure for NetCashProvidedByUsedInOperatingActivities FY2016; NetCashProvidedByUsedInOperatingActivities FY2017. As filed is shown.

Share of free cash flow, fiscal 2012–2019, 2021, 2023–2025

Details and every year

Acquisitions

MissingAcquisitions as a share of free cash flowacquisitions: no fiscal year has both positive free cash flow and a figure

Share of free cash flow

Details and every year

Median ROIC

17.6%^r!Median return on invested capitalSEC EDGAR · CIK 00000279040000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05CashAndCashEquivalentsAtCarryingValue0000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05LongTermDebtCurrent0000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05LongTermDebtNoncurrent0000027904-16-000018 · FY2015 · period ended 2015-12-31 · filed 2016-02-05StockholdersEquity0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13CashAndCashEquivalentsAtCarryingValue0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13IncomeTaxExpenseBenefit0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13LongTermDebtCurrent0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13LongTermDebtNoncurrent0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13OperatingIncomeLoss0000027904-17-000004 · FY2016 · period ended 2016-12-31 · filed 2017-02-13StockholdersEquity0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23CashAndCashEquivalentsAtCarryingValue0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23IncomeTaxExpenseBenefit0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23LongTermDebtCurrent0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23LongTermDebtNoncurrent0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23OperatingIncomeLoss0000027904-18-000006 · FY2017 · period ended 2017-12-31 · filed 2018-02-23StockholdersEquity0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15CashAndCashEquivalentsAtCarryingValue0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15IncomeTaxExpenseBenefit0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15LongTermDebtCurrent0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15LongTermDebtNoncurrent0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15OperatingIncomeLoss0000027904-19-000003 · FY2018 · period ended 2018-12-31 · filed 2019-02-15StockholdersEquity0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13CashAndCashEquivalentsAtCarryingValue0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13IncomeTaxExpenseBenefit0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13LongTermDebtCurrent0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13LongTermDebtNoncurrent0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13OperatingIncomeLoss0000027904-20-000004 · FY2019 · period ended 2019-12-31 · filed 2020-02-13StockholdersEquity0000027904-21-000003 · FY2020 · period ended 2020-12-31 · filed 2021-02-12CashAndCashEquivalentsAtCarryingValue0000027904-21-000003 · FY2020 · period ended 2020-12-31 · filed 2021-02-12LongTermDebtCurrent0000027904-21-000003 · FY2020 · period ended 2020-12-31 · filed 2021-02-12LongTermDebtNoncurrent0000027904-21-000003 · FY2020 · period ended 2020-12-31 · filed 2021-02-12StockholdersEquity0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11CashAndCashEquivalentsAtCarryingValue0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11IncomeTaxExpenseBenefit0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11LongTermDebtCurrent0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11LongTermDebtNoncurrent0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11OperatingIncomeLoss0000027904-22-000003 · FY2021 · period ended 2021-12-31 · filed 2022-02-11StockholdersEquity0000027904-23-000003 · FY2022 · period ended 2022-12-31 · filed 2023-02-10CashAndCashEquivalentsAtCarryingValue0000027904-23-000003 · FY2022 · period ended 2022-12-31 · filed 2023-02-10IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest0000027904-23-000003 · FY2022 · period ended 2022-12-31 · filed 2023-02-10IncomeTaxExpenseBenefit0000027904-23-000003 · FY2022 · period ended 2022-12-31 · filed 2023-02-10LongTermDebtCurrent0000027904-23-000003 · FY2022 · period ended 2022-12-31 · filed 2023-02-10LongTermDebtNoncurrent0000027904-23-000003 · FY2022 · period ended 2022-12-31 · filed 2023-02-10OperatingIncomeLoss0000027904-23-000003 · FY2022 · period ended 2022-12-31 · filed 2023-02-10StockholdersEquity0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12CashAndCashEquivalentsAtCarryingValue0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12IncomeTaxExpenseBenefit0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12LongTermDebtCurrent0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12LongTermDebtNoncurrent0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12OperatingIncomeLoss0000027904-24-000003 · FY2023 · period ended 2023-12-31 · filed 2024-02-12StockholdersEquity0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11CashAndCashEquivalentsAtCarryingValue0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11IncomeTaxExpenseBenefit0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11LongTermDebtCurrent0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11LongTermDebtNoncurrent0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11OperatingIncomeLoss0000027904-25-000004 · FY2024 · period ended 2024-12-31 · filed 2025-02-11StockholdersEquity0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11CashAndCashEquivalentsAtCarryingValue0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11IncomeTaxExpenseBenefit0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11LongTermDebtCurrent0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11LongTermDebtNoncurrent0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11OperatingIncomeLoss0000027904-26-000013 · FY2025 · period ended 2025-12-31 · filed 2026-02-11StockholdersEquityr: a later 10-K shows a different figure for IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest FY2016; IncomeTaxExpenseBenefit FY2016; OperatingIncomeLoss FY2016; StockholdersEquity FY2016; IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest FY2017; IncomeTaxExpenseBenefit FY2017; OperatingIncomeLoss FY2017; StockholdersEquity FY2017. As filed is shown.!: tags disagree and the disagreement is unresolved (LongTermDebtCurrent FY2015; LongTermDebtNoncurrent FY2015; LongTermDebtCurrent FY2016; LongTermDebtNoncurrent FY2016; LongTermDebtCurrent FY2017; LongTermDebtNoncurrent FY2017; LongTermDebtCurrent FY2018; LongTermDebtNoncurrent FY2018; LongTermDebtCurrent FY2019; LongTermDebtNoncurrent FY2019; LongTermDebtCurrent FY2020; LongTermDebtNoncurrent FY2020; LongTermDebtCurrent FY2021; LongTermDebtNoncurrent FY2021; LongTermDebtCurrent FY2022; LongTermDebtNoncurrent FY2022; LongTermDebtCurrent FY2023; LongTermDebtNoncurrent FY2023; LongTermDebtCurrent FY2024; LongTermDebtNoncurrent FY2024; LongTermDebtCurrent FY2025; LongTermDebtNoncurrent FY2025).ROIC median over 9 of 15 years (FY2016 to FY2025); no ROIC shown for FY2011: effective tax rate −11.1% is outside 0 to 100 percent, so it is not used; FY2012: closing capital: FY2012: the balance sheet line 'loans and notes payable' is not tagged under us-gaap; OtherShortTermBorrowings is only part of it; FY2013: effective tax rate −317.1% is outside 0 to 100 percent, so it is not used; FY2014: opening capital: FY2013: the balance sheet line 'loans and notes payable' is not tagged under us-gaap; OtherShortTermBorrowings is only part of it; FY2015: opening capital: FY2014: the balance sheet line 'loans and notes payable' is not tagged under us-gaap; OtherShortTermBorrowings is only part of it; FY2020: pre-tax income at or below zero (−15.6 billion), so there is no effective tax rate

Return on invested capital, fiscal 2016–2019, 2021–2025

Details and every year

Sections, fiscal 2010–2025

• Where the cash wentFree cash flow and what it was spent on — buybacks, dividends, acquisitions and debt — year by year.
• Return on capitalReturn on invested capital and on incremental capital, and up to three estimates of owner earnings.
• Management recordPrices paid for buybacks, debt against operating income, margins, share issuance and stock-based pay.