Compare · Industrials
American Airlines vs. Delta: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
American Airlines
1 · What it sells
American Airlines Group sells airline seats on 1,580 aircraft, plus AAdvantage miles and cargo space, with FY2025 revenue of $54.6 billion.
Sources and detail on the American Airlines page2 · Who pays it
In FY2025, ticket sales were 83.5% of revenue, miles redeemed for travel 7.4%, loyalty marketing services 6.4%, cargo 1.5% and other revenue 1.2%, and no customer is named as a concentration.
Sources and detail on the American Airlines page3 · What it keeps from $100
Of every $100 that came in during FY2025, American kept $0.2 as net income after $3.1 of interest expense, while operating income was $2.7 per $100 of revenue.
Sources and detail on the American Airlines page4 · Where the operating profit comes from
American reports one operating segment and no profit for AAdvantage or any region, and its operating income per $100 of revenue fell from $5.7 in FY2023 to $2.7 in FY2025.
Sources and detail on the American Airlines page5 · The one thing to watch
American's fuel cost was $4,635 million in Q3 FY2026, up from $2,767 million a year earlier, and its operating income was $115 million, down from $151 million.
Sources and detail on the American Airlines page
Delta
1 · What it sells
Delta sells main cabin and premium airline seats, plus SkyMiles miles and refinery products, with FY2025 revenue of $63.4 billion.
Sources and detail on the Delta page2 · Who pays it
In FY2025, main cabin tickets were 36.9% of revenue, premium tickets 34.9%, loyalty lines 12.0%, refinery sales 8.0% and everything else 8.2%, and the split by type of customer is not disclosed.
Sources and detail on the Delta page3 · What it keeps from $100
Of every $100 that came in during FY2025, Delta kept $7.8 as net income, which includes a $1,212 million gain on investments before tax, while operating income was $9.2 per $100 of revenue.
Sources and detail on the Delta page4 · Where the operating profit comes from
The airline segment earned 97.3% of FY2025 operating income and the refinery 2.7%, and Delta does not report a separate profit figure for its SkyMiles loyalty program.
Sources and detail on the Delta page5 · The one thing to watch
Delta's fuel cost was $4,351 million in Q3 FY2026, up from $2,570 million a year earlier, and its operating income was $1,454 million, down from $1,684 million.
Sources and detail on the Delta page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
American Airlines
Where $100 went · FY2025
| Aircraft fuel and related taxes | $19.5 |
|---|---|
| Other operating costs | $12.4 |
| Salaries, wages and benefits | $31.9 |
| Regional airline expenses | $9.9 |
| Maintenance, materials and repairs | $7.0 |
| Other rent and landing fees | $6.3 |
| Selling expenses | $3.6 |
| Depreciation and amortization (mainline) | $3.4 |
| Interest expense | $3.1 |
| Aircraft rent | $2.2 |
| Special items | $0.3 |
| Income tax | $0.1 |
| Kept as net income | $0.2 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: each line = line ÷ $55,072 million × 100 (revenue $54,633 million + interest income $357 million + other income $82 million). Rounded lines add to $99.9. Per $100 of revenue alone, operating income was $2.7 and net income $0.2.
Delta
Where $100 went · FY2025
| Aircraft fuel and related taxes | $15.2 |
|---|---|
| Other operating costs | $3.7 |
| Salaries and related | $27.1 |
| Ancillary businesses and refinery | $9.3 |
| Depreciation, maintenance and aircraft rent | $8.4 |
| Contracted services | $7.1 |
| Landing fees and other rents | $5.5 |
| Regional carrier expense | $4.0 |
| Commissions and selling | $3.8 |
| Passenger service | $2.9 |
| Profit sharing | $2.1 |
| Interest and other non-operating costs | $1.3 |
| Income tax | $1.8 |
| Kept as net income | $7.8 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: each line = line ÷ $64,576 million × 100 (revenue $63,364 million + gain on investments $1,212 million). Net income includes that gain, before tax. Per $100 of revenue alone, net income was $7.9 and operating income $9.2.
Line items differ because each company groups its costs its own way in its filings. Only on American Airlines' receipt: Salaries, wages and benefits; Regional airline expenses; Maintenance, materials and repairs; Other rent and landing fees; Selling expenses; Depreciation and amortization (mainline); Interest expense; Aircraft rent; Special items. Only on Delta's receipt: Salaries and related; Ancillary businesses and refinery; Depreciation, maintenance and aircraft rent; Contracted services; Landing fees and other rents; Regional carrier expense; Commissions and selling; Passenger service; Profit sharing; Interest and other non-operating costs.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
American Airlines
Delta
See the numbers
Net income
American Airlines
Delta
See the numbers
Free cash flow
American Airlines
Delta
See the numbers
Who pays each company
American Airlines
- Travelers buying tickets · 83.5% of revenue83.5% of FY2025 revenue, or $45,607 million of passenger travel.
- AAdvantage members redeeming miles · 7.4% of revenue7.4% of FY2025 revenue, or $4,036 million. Members earn miles by flying and by spending with partners.
- Citi and other loyalty partners · 6.4% of revenue6.4% of FY2025 revenue, or $3,511 million of loyalty marketing services. Citi is the most significant mileage partner.
- Cargo shippers · 1.5% of revenue1.5% of FY2025 revenue, or $839 million.
- Other · 1.2% of revenue1.2% of FY2025 revenue, or $640 million.
Delta
- Travelers in the main cabin · 36.9% of revenue36.9% of FY2025 revenue, or $23,391 million.
- Travelers on premium products · 34.9% of revenue34.9% of FY2025 revenue, or $22,097 million. Delta says corporate customers drove part of the FY2025 demand, and gives no corporate share.
- SkyMiles and its partners · 12.0% of revenue12.0% of FY2025 revenue: loyalty travel awards of $4,237 million and the loyalty program line of $3,362 million. American Express is the largest partner.
- Buyers of refinery products · 8.0% of revenue8.0% of FY2025 revenue, or $5,077 million of sales to third parties.
- Everything else · 8.2% of revenue8.2% of FY2025 revenue: travel-related services $2,043 million, miscellaneous $1,320 million, MRO and vacations $937 million, and cargo $900 million.
Revenue by segment
American Airlines
FY2025
| Segment | Revenue | Share |
|---|---|---|
| American Airlines (one reported segment) | $54.6B | 100.0% |
Delta
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Airline | $58.3B | 89.3% |
| Refinery | $7.0B | 10.7% |
Debt and cash
American Airlines
- Debt
- $29.6B
- Cash and investments
- $8.3B
On Sep 30, 2026.
On Sep 30, 2026, American had $29.6 billion of debt and finance leases, $8.3 billion of cash and short-term investments, and a stockholders' deficit of $4.2 billion.
Delta
- Debt
- $12.9B
- Cash and investments
- $3.8B
On Sep 30, 2026.
On Sep 30, 2026, Delta had $12.9 billion of debt and finance leases and $3.8 billion of cash, against $14.1 billion and $4.3 billion on Dec 31, 2025.
Who owns each company
American Airlines
- One class of shares.
- Officers and directors as a group: 0.7% of shares (as of Apr 13, 2026).
- PRIMECAP Management Company: 10.5% (as of Jun 5, 2026).
- BlackRock, Inc.: 9.4% (as of Oct 27, 2026).
- Vanguard Capital Management: 5.1% (as of Apr 29, 2026).
Delta
- One class of shares.
- Officers and directors as a group: 0.8% of shares (as of Apr 17, 2026).
- Berkshire Hathaway, Warren Buffett and National Indemnity: 8.7% (as of Aug 14, 2026).
- Vanguard Capital Management: 7.2% (as of Apr 29, 2026).
- BlackRock, Inc.: 6.6% (as of Apr 24, 2026).
- 1 more holders on the Delta page.
Sources: American Airlines S20, S5, S21, S22, S23, S24 · Delta S22, S6, S23, S24, S26, S27
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: commodity costs, debt, execution, competition. Every risk is on each company's page.
American Airlines
- Events outside its control (other)The FY2025 10-K names government shutdowns as a risk. The Q4 FY2025 shutdown cut revenue by about $325 million, and winter storms cut Q1 FY2026 revenue by about $320 million.
- Card processing agreements (liquidity)American's FY2025 10-K says its credit card processing agreements could affect its liquidity if its finances worsen. Total available liquidity was $11.8 billion on Sep 30, 2026, by the company.
- Antitrust lawsuits (legal cases)Private plaintiffs filed putative class action complaints from December 2022 alleging that AAG and JetBlue violated US antitrust law through the former Northeast Alliance; a class certification motion filed in July 2026 was opposed by AAG and JetBlue in October 2026, and AAG says the suits are without merit (Q3 FY2026 10-Q).
Delta
- Net income swings on investments (other)Delta carried $4,222 million of equity investments at Dec 31, 2025, and value changes in those held at fair value hit net income. A $550 million loss in Q1 FY2026 produced a $289 million net loss, despite $501 million of operating income.
- Reliance on American Express (customer or supplier concentration)American Express paid $8.2 billion in FY2025, equal to 12.9% of revenue as a size comparison (Cityfort calculation from the FY2025 10-K). Delta's filings give no end date for the contract. Its 10-K ties loyalty program revenue mainly to spending on American Express cards.
- Technology failures (technology)The 2024 CrowdStrike outage caused about 7,000 flight cancellations, about $380 million of lost revenue and about $170 million of expense, by Delta's FY2025 10-K.
- Foreign partners and regulators (regulation)Delta's stakes include Grupo Aeromexico at 19%, and a Sep 15, 2025 US order to end that partnership's antitrust immunity is stayed pending court review. Virgin Atlantic (49%) is carried at zero, with about $620 million of unrecognized losses.
Sources: American Airlines S1, S14, S13, S5 · Delta S1, S15, S6
Key facts
- How does American Airlines make money compared with Delta?
- American Airlines' revenue by payer: Travelers buying tickets 83.5%, AAdvantage members redeeming miles 7.4%, Citi and other loyalty partners 6.4%, Cargo shippers 1.5%, Other 1.2%. Delta's revenue by segment in FY2025: Airline 89.3%, Refinery 10.7%.
- Which is bigger by revenue, American Airlines or Delta?
- American Airlines reported $54.6B of revenue in FY2025, and Delta reported $63.4B in FY2025.
- How much net income did American Airlines and Delta report?
- American Airlines reported net income of $111M in FY2025, and Delta reported $5.0B in FY2025.
- How much of every $100 did American Airlines and Delta keep as net income?
- American Airlines kept $0.2 of every $100 that came in during FY2025, and Delta kept $7.8 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do American Airlines and Delta have?
- American Airlines had $29.6B of debt and $8.3B of cash and investments on Sep 30, 2026. Delta had $12.9B of debt and $3.8B of cash and investments on Sep 30, 2026.
- When do American Airlines' and Delta's fiscal years end?
- American Airlines: Fiscal year ends Dec 31. Delta: Fiscal year ends Dec 31.
Sources: American Airlines S4, S3, S1, S11, S5 · Delta S4, S1, S3, S7, S6, S13
Built from each company's page. American Airlines updated Nov 6, 2026; Delta updated Nov 6, 2026.
Sources
American Airlines
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), American Airlines Group Inc. (SEC EDGAR), Feb 18, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), American Airlines Group Inc. (SEC EDGAR), Feb 21, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022), American Airlines Group Inc. (SEC EDGAR), Feb 22, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), American Airlines Group Inc. (SEC EDGAR), Oct 22, 2026
- S11Earnings release, Q3 FY2026 (Form 8-K Exhibit 99.1, Oct 22, 2026), American Airlines Group Inc. (SEC EDGAR), Oct 22, 2026
- S13Earnings release, Q1 FY2026 (Form 8-K Exhibit 99.1, Apr 23, 2026), American Airlines Group Inc. (SEC EDGAR), Apr 23, 2026
- S14Earnings release, Q4 and full year FY2025 (Form 8-K Exhibit 99.1, Jan 27, 2026), American Airlines Group Inc. (SEC EDGAR), Jan 27, 2026
- S202026 proxy statement (DEF 14A), American Airlines Group Inc. (SEC EDGAR), Apr 28, 2026
- S21Schedule 13G/A by PRIMECAP Management Company (event May 31, 2026), PRIMECAP Management Company (SEC EDGAR), Jun 5, 2026
- S22Schedule 13G/A by BlackRock, Inc. (event Sep 30, 2026), BlackRock, Inc. (SEC EDGAR), Oct 27, 2026
- S23Schedule 13G by Vanguard Capital Management LLC (event Mar 31, 2026), Vanguard Capital Management LLC (SEC EDGAR), Apr 29, 2026
- S24Schedule 13G/A by The Vanguard Group (event Mar 13, 2026; 0 shares after realignment), The Vanguard Group (SEC EDGAR), Mar 26, 2026
Delta
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Delta Air Lines, Inc. (SEC EDGAR), Feb 11, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Delta Air Lines, Inc. (SEC EDGAR), Feb 12, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022), Delta Air Lines, Inc. (SEC EDGAR), Feb 10, 2023
- S6Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), Delta Air Lines, Inc. (SEC EDGAR), Oct 9, 2026
- S7Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026), Delta Air Lines, Inc. (SEC EDGAR), Jul 10, 2026
- S13Earnings release, September quarter 2026 (8-K Ex. 99.1), Delta Air Lines, Inc. (SEC EDGAR), Oct 9, 2026
- S15Earnings release, March quarter 2026 (8-K Ex. 99.1), Delta Air Lines, Inc. (SEC EDGAR), Apr 8, 2026
- S22Proxy statement (DEF 14A), 2026 annual meeting, Delta Air Lines, Inc. (SEC EDGAR), Apr 24, 2026
- S23Schedule 13G/A, Berkshire Hathaway, Warren E. Buffett, National Indemnity (event Jun 30, 2026), Berkshire Hathaway Inc. (SEC EDGAR), Aug 14, 2026
- S24Schedule 13G, Berkshire Hathaway, Warren E. Buffett, National Indemnity (event Mar 31, 2026), Berkshire Hathaway Inc. (SEC EDGAR), May 15, 2026
- S26Schedule 13G, Vanguard Capital Management (event Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S27Schedule 13G/A, The Vanguard Group (event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
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