Net cash provided by operating activities (USD, millions)

Redemption of short-term investments (USD, millions)

Other, net - Investing Activities (USD, millions)

Net cash used in investing activities (USD, millions)

Payments on debt and finance lease obligations (USD, millions)

Cash dividends (USD, millions)

Other, net - Financing Activities (USD, millions)

Net cash used in financing activities (USD, millions)

Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash (USD, millions)

Right-of-use assets acquired or modified under operating leases (USD, millions)

Flight and ground equipment acquired or modified under finance leases (USD, millions)

Operating leases converted to finance leases (USD, millions)

Cash, cash equivalents and restricted cash at beginning of period (USD, millions)

Cash, cash equivalents and restricted cash at end of period (USD, millions)

1e391a2c547e2b850a9410cfb6abb1849e7f743cd4ae5f621623e0bb0c6c8832

Delta Air Lines’ surge in cash and cash equivalents in Q2 2024 was mainly driven by a **robust operating cash flow of $2,450 million** during the quarter. This strong inflow helped offset the **cash outflows from investing activities of $(809) million** and **financing activities of $(1,512) million**, which included significant payments toward debt and finance leases as well as cash dividends. Overall, these combined factors resulted in a net increase in cash, moving from **$2,741 million** at the end of December 31, 2023, to **$4,110 million** as of June 30, 2024.  **[20240711CL58993:8]** **[0000027904-24-000009_dal-20240630.htm:3]** **[20240711CL58993:12]** **[20240711CL58993:7]** 

What drove the surge in Cash and cash equivalents in Q2 2024?

The sharp decline in Debt and finance leases in Q4 2024 was primarily driven by **substantial repayments**—Delta made around **$4.0 billion in debt payments** during the year, including **$1.1 billion in early repayments** and significant reductions in principal, notably from its SkyMiles Term Loan and other notes. Additionally, the company’s **strategic focus on reducing debt** to strengthen its balance sheet played a crucial role, leading to the reduction from **$20,054 million as of December 31, 2023, to $16,194 million by December 31, 2024**.  **[20250110CL93315:20]** **[0001683168-25-000182_delta_ex9901.htm:20]** **[0000027904-25-000004_dal-20241231.htm:74]** **[0000027904-25-000004_dal-20241231.htm:5]** 

What factors contributed to the sharp decline in Debt and finance leases in Q4 2024?

Delta Air Lines experienced a steep drop in short-term investments in Q1 2024 primarily due to **net redemptions of $546 million** during the quarter, which significantly reduced the investment balance. This decline was part of the company’s liquidity management strategy, where the funds were reallocated to support **capital expenditures** and **debt repayments**.  **[0000027904-24-000006_dal-20240331.htm:19]** **[0000027904-24-000006_dal-20240331.htm:3]** 

Why did Short-term investments drop so steeply in Q1 2024?

ed11a5602e31a21a9cceaeac07b5862ee2204059ecdffafc6b85594b022bc418

In Q1 2024, Delta's operating income turned positive because several factors came together. **Revenue growth** played a major role, with total operating revenue increasing by **$989 million** driven by a **7% increase in capacity** and strong travel demand, notably for **premium products**.  **[20240410CL83936:4]** **[0000027904-24-000006_dal-20240331.htm:13]**  **Improved cost efficiency** was also significant, as operating expenses rose only marginally by **$98 million** while the **Cost per Available Seat Mile (CASM)** decreased by **6%** owing to higher capacity and the absence of one-time expenses.  **[20240410CL83936:4]** **[0000027904-24-000006_dal-20240331.htm:13]**  Additionally, **fuel cost savings** contributed with a **$78 million** decrease in fuel expenses following a **7% decline in the average fuel price per gallon**.  **[20240410CL83936:4]** **[0000027904-24-000006_dal-20240331.htm:13]**  Lastly, the **absence of a one-time $864 million pilot agreement-related expense** that occurred in Q1 2023 helped Delta move from a loss of **$(277) million** to a profit of **$614 million** in Q1 2024.  **[0000027904-24-000006_dal-20240331.htm:13]** **[20240410CL83936:10]** 

Why did Operating Income turn positive in Q1 2024?

Delta Air Lines’ **net income dropped to $843 million** in Q4 2024 due to several key factors. The decline was mainly driven by a shift in the non-operating income/expense mix, notably a **net loss on investments of $247 million** compared to a **gain of $1,218 million** in Q4 2023, accompanied by an increase in miscellaneous net expenses. Additionally, there was a **7% increase in operating expenses** (an increase of **$942 million**) due to higher costs in areas such as salaries and ancillary operations, which further compressed profitability. The lower performance was compounded by a decrease in **pre-tax income by 47%** (from **$2,275 million to $1,201 million**) and a **50% increase in the income tax provision** (rising from **$238 million to $358 million**), all of which together contributed to the significantly reduced net income in Q4 2024.  **[20250110CL93315:8]** 

Why was Net Income so low in Q4 2024?

Basic EPS dropped in Q4 2024 because **Delta Air Lines** experienced a significant decline in net income—from **$2,037 million** in Q4 2023 to **$843 million** in Q4 2024. This sharp decline was primarily driven by a large **investment loss of $1,465 million** in Q4 2024 compared to a gain of **$1,218 million** in the previous period, coupled with a **7% increase in operating expenses** (including higher salaries, ancillary business costs, and other operating costs). Additionally, there was a modest revenue increase that could not offset these challenges and a **50% rise in the income tax provision** from **$238 million** to **$358 million**, further reducing net income.  **[20250110CL93315:8]** 

Why did Basic EPS drop in Q4 2024?

The near break-even **net income** in Q1 2024 was driven by several key factors. Delta Air Lines improved its **operating income** from a loss of **$(277) million** in Q1 2023 to a profit of **$614 million** in Q1 2024 and increased its **operating revenue** by **8%** (from **$12,759 million** to **$13,748 million**), which significantly contributed to the turnaround.  **[20240410CL83936:4]** **[0001683168-24-002249_delta_ex9901.htm:4]**  Additionally, the company executed better **cost management** by reducing the **cost per available seat mile** by **6%** (from **21.25 cents** to **20.04 cents**) and lowering **fuel expenses** by **3%** due to a decrease in the average fuel price per gallon (from **$3.01** to **$2.79**), along with a reduction in **interest expense**.  **[20240410CL83936:4]** **[0001683168-24-002249_delta_ex9901.htm:4]** **[20240410CL83936:7]** 

What drove the near break-even Net Income in Q1 2024?

The investments shifted from a gain to a loss primarily due to **mark-to-market (MTM) adjustments on investments**. In Q1 2024, Delta recorded a **loss of $227 million** compared to a **gain of $122 million** in Q1 2023. The change was driven by fluctuations in the valuation of Delta's equity investments, which are influenced by factors such as **stock price fluctuations, foreign currency movements, and other valuation techniques** for investments in companies without publicly traded shares.  **[0000027904-24-000006_dal-20240331.htm:16]** 

Why did the investments shift from a gain to a loss in Q1 2024?

7fe439f6cead7a0985b54702371bad9c73b62d41d3e23d7d41777bbfc39a18ec

Cash and cash equivalents (USD, millions)

Accounts receivable, net (USD, millions)

Fuel, expendable parts and supplies inventories, net (USD, millions)

Prepaid expenses and other (USD, millions)

Total current assets (USD, millions)

Property and equipment, net (USD, millions)

Operating lease right-of-use assets (USD, millions)

Goodwill (USD, millions)

Identifiable intangibles, net (USD, millions)

Equity investments (USD, millions)

Other noncurrent assets (USD, millions)

Total noncurrent assets (USD, millions)

Total assets (USD, millions)

Current maturities of debt and finance leases (USD, millions)

Current maturities of operating leases (USD, millions)

Air traffic liability (USD, millions)

Accounts payable (USD, millions)

Accrued salaries and related benefits (USD, millions)

Loyalty program deferred revenue (USD, millions)

Fuel card obligation (USD, millions)

Other accrued liabilities (USD, millions)

Total current liabilities (USD, millions)

Debt and finance leases (USD, millions)

Pension, postretirement and related benefits (USD, millions)

Noncurrent operating leases (USD, millions)

Deferred income taxes, net (USD, millions)

Other noncurrent liabilities (USD, millions)

Total noncurrent liabilities (USD, millions)

Total stockholders' equity (USD, millions)

Total liabilities and stockholders' equity (USD, millions)

12c25781d7b79251e258fc9493da1622bbc46623a2dd41d521cfca48e385eaf3

Total operating revenue (USD, millions)

Passenger Revenue (USD, millions)

Cargo Revenue (USD, millions)

Other Revenue (USD, millions)

Total operating expense (USD, millions)

Salaries and related costs (USD, millions)

Aircraft fuel and related taxes (USD, millions)

Ancillary businesses and refinery (USD, millions)

Contracted services (USD, millions)

Landing fees and other rents (USD, millions)

Aircraft maintenance materials and outside repairs (USD, millions)

Depreciation and amortization (USD, millions)

Passenger commissions and other selling expenses (USD, millions)

Regional carrier expense (USD, millions)

Passenger service (USD, millions)

Profit sharing (USD, millions)

Aircraft rent (USD, millions)

Other operating expense (USD, millions)

Operating Income (USD, millions)

Interest expense, net (USD, millions)

Gain/(loss) on investments, net (USD, millions)

Loss on extinguishment of debt (USD, millions)

Miscellaneous, net (USD, millions)

Total non-operating (expense)/income, net (USD, millions)

Income Before Income Taxes (USD, millions)

Income Tax Provision (USD, millions)

Net Income (USD, millions)

Basic Earnings Per Share (USD)

Diluted Earnings Per Share (USD)

64328af7ce5199cea3188bdc687d070aeffd02ba8a3286940b3c3ccaf5a1157b

e810953ac9493775e3f62132d229e49699017ecb481e8ce98c43fa8c99b9b5e1

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

685ebf6664efa5217d3527faa3b0809c1ca829b3f903d58c8819a3733fb04b0c

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

b77ce8df6c81046915e97bc93b8e181cc80b4060d28d7555d23f58533e56c2d6

577c936bfee81fbe251f3df30e8caae6d03b3fc2476635a43e9d5442e8519e3d

Passenger Revenue

- Domestic

- Atlantic

- Latin America

- Pacific

Total Passenger Revenue

Operating Revenue

- Cargo Revenue

- Other Revenue

Total Operating Revenue

Total Revenue

b4807176277a50fd84612fae30239cc127297934a946e53f7a6074059297e5d3

38f33d3355b6fed9127fe0621cf446ee6c65518eeeaa77bc323c6ae7424c6410

DELTA AIR LINES (DAL)

Financials