Compare · Industrials
Delta vs. United: 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
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
United
1 · What it sells
United sells airline seats, plus MileagePlus miles to partners such as Chase and space for cargo, with FY2025 revenue of $59.1 billion.
Sources and detail on the United page2 · Who pays it
In FY2025, passenger tickets were 90.5% of United's revenue, other revenue, mostly MileagePlus partners, 6.5% and cargo 3.0%, and the split by customer is not disclosed.
Sources and detail on the United page3 · What it keeps from $100
Of every $100 that came in during FY2025, United kept $5.6 as net income, which includes $611 million of interest income, while operating income was $8.0 per $100 of revenue.
Sources and detail on the United page4 · Where the operating profit comes from
United reports one airline segment and no profit by route, hub or loyalty program, so its FY2025 operating income of $4,713 million has no breakdown.
Sources and detail on the United page5 · The one thing to watch
United's fuel cost was $4,843 million in Q3 FY2026, up from $2,997 million a year earlier, while its revenue rose to $17.9 billion from $15.2 billion.
Sources and detail on the United 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.
Delta
Where $100 went · FY2025
| Salaries and related | $27.1 |
|---|---|
| Aircraft fuel and related taxes | $15.2 |
| 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 |
| Other operating costs | $3.7 |
| 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.
United
Where $100 went · FY2025
| Salaries and related | $29.5 |
|---|---|
| Aircraft fuel | $19.1 |
| Other operating costs (ground handling, food, navigation fees, IT) | $16.6 |
| Landing fees and other rent | $6.4 |
| Aircraft maintenance | $5.5 |
| Depreciation and amortization | $4.9 |
| Regional partners (United Express) | $4.5 |
| Distribution (card fees, commissions, booking fees) | $3.5 |
| Interest, after capitalized interest | $2.0 |
| Aircraft rent | $0.4 |
| Special charges | $0.4 |
| Income tax | $1.6 |
| Kept as net income | $5.6 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: each line = line ÷ $59,829 million × 100 (revenue $59,070 million + interest income and other gains $759 million). Lines are rounded so they total $100.0; fuel is $19.05 before rounding. Per $100 of revenue alone, net income was $5.7 and operating income $8.0.
Line items differ because each company groups its costs its own way in its filings. Only on Delta's receipt: Aircraft fuel and related taxes; Ancillary businesses and refinery; Depreciation, maintenance and aircraft rent; Contracted services; Landing fees and other rents; Regional carrier expense; Commissions and selling; Other operating costs; Passenger service; Profit sharing; Interest and other non-operating costs. Only on United's receipt: Aircraft fuel; Other operating costs (ground handling, food, navigation fees, IT); Landing fees and other rent; Aircraft maintenance; Depreciation and amortization; Regional partners (United Express); Distribution (card fees, commissions, booking fees); Interest, after capitalized interest; Aircraft rent; Special charges.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Delta
United
See the numbers
Net income
Delta
United
See the numbers
Free cash flow
Delta
United
See the numbers
Who pays each company
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.
United
- Travelers · 90.5% of revenue90.5% of FY2025 revenue, or $53,438 million, including $4.8 billion of extra fees. 181.1 million passengers flew in 2025.
- MileagePlus partners and other services · 6.5% of revenue6.5% of FY2025 revenue, or $3,853 million. It includes $3.2 billion paid under partner agreements, such as the Chase card deal.
- Cargo shippers · 3.0% of revenue3.0% of FY2025 revenue, or $1,779 million.
Revenue by segment
Delta
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Airline | $58.3B | 89.3% |
| Refinery | $7.0B | 10.7% |
United
Not on the United page.
Debt and cash
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.
United
- Debt
- $26.4B
- Cash and investments
- $14.7B
On Sep 30, 2026.
On Sep 30, 2026, United had $26.4 billion of debt, finance leases and other financial liabilities and $14.7 billion of cash and short-term investments, against $25.0 billion and $12.2 billion on Dec 31, 2025.
Who owns each company
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.
United
- 3 classes of shares (votes per share: Common stock 1, Class Pilot MEC Junior Preferred Stock 1, Class IAM Junior Preferred Stock 1).
- Officers and directors as a group: 0.9% of shares (as of Mar 24, 2026).
- Vanguard Capital Management: 7.3% (as of Apr 30, 2026).
- BlackRock, Inc.: 6.6% (as of Apr 7, 2026).
- FMR LLC: 5.1% (as of Apr 7, 2026).
Sources: Delta S22, S6, S23, S24, S26, S27 · United S19, S4, S21, S20, S23, S22
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, customer or supplier concentration, execution, debt. Every risk is on each company's page.
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.
- 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.
- Competition on fares (competition)Delta's FY2025 10-K names rivals in every group and says some focus on low costs to offer lower fares. It attributes FY2025's main cabin revenue fall, from $24,497 million to $23,391 million, to industry-wide supply exceeding demand.
United
- Conflict and travel demand (demand)United's Q1 FY2026 10-Q says Middle East tensions disrupted flying in the region. In Q3 FY2026, Middle East, India and Africa passenger revenue fell 17.3%, on 36.5% less capacity.
- Gains inside reported profit (other)Special credits in the first nine months of FY2026 included about $1.1 billion of gains on aircraft sale-leasebacks. Q3 FY2026 GAAP diluted EPS was $3.14; adjusted EPS, without them, was $2.54.
- Capacity antitrust lawsuits (legal cases)Class actions allege that United and other airlines colluded to restrict capacity, after a 2015 Justice Department civil investigative demand. United says it is vigorously defending them; no amounts are stated.
Key facts
- How does Delta make money compared with United?
- Delta's revenue by segment in FY2025: Airline 89.3%, Refinery 10.7%. United's revenue by payer: Travelers 90.5%, MileagePlus partners and other services 6.5%, Cargo shippers 3.0%.
- Which is bigger by revenue, Delta or United?
- Delta reported $63.4B of revenue in FY2025, and United reported $59.1B in FY2025.
- How much net income did Delta and United report?
- Delta reported net income of $5.0B in FY2025, and United reported $3.4B in FY2025.
- How much of every $100 did Delta and United keep as net income?
- Delta kept $7.8 of every $100 that came in during FY2025, and United kept $5.6 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Delta and United have?
- Delta had $12.9B of debt and $3.8B of cash and investments on Sep 30, 2026. United had $26.4B of debt and $14.7B of cash and investments on Sep 30, 2026.
- When do Delta's and United's fiscal years end?
- Delta: Fiscal year ends Dec 31. United: Fiscal year ends Dec 31.
Sources: Delta S4, S1, S3, S7, S6, S13 · United S2, S1, S7, S4
Built from each company's page. Delta updated Nov 6, 2026; United updated Nov 6, 2026.
Sources
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
United
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), United Airlines Holdings, Inc. (SEC EDGAR), Feb 12, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023), United Airlines Holdings, Inc. (SEC EDGAR), Feb 29, 2024
- S4Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), United Airlines Holdings, Inc. (SEC EDGAR), Oct 21, 2026
- S5Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026), United Airlines Holdings, Inc. (SEC EDGAR), Apr 22, 2026
- S7Earnings release, third quarter 2026 (8-K Ex. 99.1), United Airlines Holdings, Inc. (SEC EDGAR), Oct 20, 2026
- S19Proxy statement (DEF 14A), 2026 annual meeting, United Airlines Holdings, Inc. (SEC EDGAR), Apr 7, 2026
- S20Schedule 13G, Vanguard Capital Management (event Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S21Schedule 13G/A, Capital International Investors (event Mar 31, 2026), Capital International Investors (SEC EDGAR), May 14, 2026
- S22Schedule 13G, FMR LLC and Abigail P. Johnson (event Dec 31, 2025), FMR LLC (SEC EDGAR), Feb 5, 2026
- S23Schedule 13G/A, The Vanguard Group (event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 27, 2026
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.
Read the positions policyRead the full disclaimerHide the full disclaimer
Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.