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Industrials · NYSE: DAL

Delta: how the business works

Delta Air Lines sells airline seats to travelers and SkyMiles miles to card partners, with FY2025 revenue of $63.4 billion.

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Delta Air Lines, Inc. · Atlanta, Georgia

Last updated

Revenue, FY2025
$63.4B
Net income, FY2025
$5.0B
Customers in 2025
Over 200M
Aircraft, Dec 31, 2025
1,314
Full-time equivalent employees, Dec 31, 2025
103,000

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 Prices shown are dated and may be out of date.

The short version

Delta in 5 points

  1. 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.

    More: what it sells

  2. 2 · 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.

    More: who pays it

  3. 3 · 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.

    More: what it keeps from $100

  4. 4 · 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.

    More: where the operating profit comes from

  5. 5 · 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.

    More: the one thing to watch

Sources: From Delta's FY2025 10-K and its Q3 FY2026 and Q3 FY2025 earnings releases · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Delta's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Delta · FY2025

Receipt for every $100

Where $100 of Delta's money went in 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

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

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.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Delta do?

Travelers pay Delta for seats and American Express pays it for miles; most of the money goes on staff, fuel and running the fleet, and $7.8 of every $100 that came in during FY2025 was left as net income.

  • Main cabin tickets were 36.9% of FY2025 revenue, premium tickets 34.9%, loyalty lines 12.0% and refinery sales 8.0% (Cityfort calculation from the FY2025 10-K).
  • Net income moves with the value of Delta's stakes in other companies: a $1,212 million gain in FY2025 and a $319 million loss in FY2024.
Next: Who pays it

03Who pays it

Who pays Delta?

  • Travelers in the main cabin

    37%

    of revenue

    36.9% of FY2025 revenue, or $23,391 million.

  • Travelers on premium products

    35%

    of revenue

    34.9% 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%

    of revenue

    12.0% 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%

    of revenue

    8.0% of FY2025 revenue, or $5,077 million of sales to third parties.

  • Everything else

    8%

    of revenue

    8.2% of FY2025 revenue: travel-related services $2,043 million, miscellaneous $1,320 million, MRO and vacations $937 million, and cargo $900 million.

  • Travelers in the main cabin37%
  • Travelers on premium products35%
  • SkyMiles and its partners12%
  • Buyers of refinery products8%
  • Everything else8%

How spread out the customers are

These shares are by product because Delta gives no revenue split by customer. American Express paid Delta $8.2 billion in FY2025. That equals 12.9% of revenue as a size comparison (Cityfort calculation from the FY2025 10-K); it is not American Express's share of revenue, because the cash is not a revenue line. Other shares are a Cityfort calculation from the FY2025 10-K.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Delta make money?

Delta's profit is the gap between what each seat mile earns and what it costs.

A seat mile is one seat flown one mile. In FY2025, Delta earned 21.26 cents per seat mile and spent 19.31 cents. A one-cent rise per gallon of jet fuel adds about $40 million a year, by Delta's FY2025 10-K.

Operating income per $100 of revenue

$7.2$9.2

FY2022 to FY2025

  1. Fly seats through hubs to more than 300 destinations
  2. Sell main cabin and premium tickets
  3. Sell miles to American Express and other partners
  4. Pay staff, fuel, airports and aircraft costs
  5. Share profit with employees: 10% of the first $2.5 billion, 20% above
  6. Spend what remains on aircraft and debt repayment

↺ Step 6 feeds back into step 1.

Sources (3)
Next: Business segments

05Business segments · FY2025

Which businesses make up Delta?

  • Airline

    89%

    Flying, loyalty, cargo and related services. Operating income was $5,665 million, or 97.3% of the FY2025 total of $5,822 million (Cityfort calculation from the FY2025 10-K). Revenue shares are of the two segments' $65,248 million, before $1,884 million of intersegment and other items.

    Revenue $58.3B · Operating profit $5.7B

  • Refinery

    11%

    Monroe Energy, run for the airline's benefit. Operating income was $157 million, or 2.7% of the FY2025 total, and swung from $351 million in Q2 FY2026 to a $33 million loss in Q3. Its results sit inside fuel expense.

    Revenue $7.0B · Operating profit $157M

How the mix changed

  • Airline
  • Refinery

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearAirlineRefinery
FY2021$26.7B$6.1B
FY2022$45.6B$10.7B
FY2023$54.7B$7.6B
FY2024$57.0B$7.8B
FY2025$58.3B$7.0B
Sources (4)
Next: How has it done

06The numbers · Consolidated · US$

How has Delta done?

Revenue

$63.4BFY2025

Revenue rose from $29.9 billion in FY2021 to $63.4 billion in FY2025, including $5.1 billion of refinery sales to third parties in FY2025.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$29.9B
FY2022$50.6B
FY2023$58.0B
FY2024$61.6B
FY2025$63.4B
Q3 FY2024$15.7B
Q4 FY2024$15.6B
Q1 FY2025$14.0B
Q2 FY2025$16.6B
Q3 FY2025$16.7B
Q4 FY2025$16.0B
Q1 FY2026$15.9B
Q2 FY2026$19.8B
Q3 FY2026$20.2B

Net profit

$5.0BFY2025

Net income rose from $280 million in FY2021, which included $4,512 million of government grants, to $5,005 million in FY2025, which included a $1,212 million gain on investments.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$280M$0.44
FY2022$1.3B$2.06
FY2023$4.6B$7.17
FY2024$3.5B$5.33
FY2025$5.0B$7.66
Q3 FY2024$1.3B$1.97
Q4 FY2024$843M$1.29
Q1 FY2025$240M$0.37
Q2 FY2025$2.1B$3.27
Q3 FY2025$1.4B$2.17
Q4 FY2025$1.2B$1.86
Q1 FY2026−$289M−$0.44
Q2 FY2026$1.6B$2.44
Q3 FY2026$756M$1.15

Profit kept per $100 of revenue

$7.9FY2025

Net income per $100 of revenue was $7.9 in FY2025 and $5.6 in FY2024, while operating income per $100 was $9.2 and $9.7.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY20210.9%13.0%
FY20222.6%11.4%
FY20237.9%13.5%
FY20245.6%13.8%
FY20257.9%13.0%

Free cash flow

$3.8BFY2025

Free cash flow was $3,843 million in FY2025, from $8,342 million of operating cash flow minus $4,499 million of capital spending (Cityfort calculation from the FY2025 10-K).

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$3.3B$3.2B$17M
FY2022$6.4B$6.4B−$3M
FY2023$6.5B$5.3B$1.1B
FY2024$8.0B$5.1B$2.9B
FY2025$8.3B$4.5B$3.8B
See all yearly numbers
Delta annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$29.9B$3.9B$280M$0.44$3.3B$3.2B$17M
FY2022$50.6B$5.8B$1.3B$2.06$6.4B$6.4B−$3M
FY2023$58.0B$7.9B$4.6B$7.17$6.5B$5.3B$1.1B
FY2024$61.6B$8.5B$3.5B$5.33$8.0B$5.1B$2.9B
FY2025$63.4B$8.3B$5.0B$7.66$8.3B$4.5B$3.8B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31). Net profit is the share belonging to the company's owners.

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained

Sources (8)
Next: What they said, and what happened

07Who runs it

Who runs Delta, and did they deliver?

  • Ed Bastian

    Chief Executive Officer · since 2016

    CEO since May 2016; also CEO of Northwest Airlines from October 2008 to December 2009. His 2025 total pay was $19,222,401, against a median employee's $100,976: a ratio of 190 to 1, as the proxy states.

  • Peter Carter

    President · since 2026

    From Apr 1, 2026. Glen Hauenstein, the previous President, retired on Feb 28, 2026.

  • Dan Janki

    Chief Operating Officer · since 2026

    From Apr 1, 2026. He was CFO from July 2021.

  • Erik Snell

    Chief Financial Officer · since 2026

    From Apr 1, 2026. He was Chief Customer Experience Officer from January 2025.

  • Joe Esposito

    Chief Commercial Officer

    Quoted on revenue in the Oct 9, 2026 earnings release.

What they said, and what happened

2 too early to tell · 1 partly delivered · 2 delivered · 2 withdrawn · 1 missed

  1. Said on Oct 9, 2026

    Delta's Oct 9, 2026 release said it plans to pay down more than $2 billion of debt in 2026.

    What happened

    Debt and finance leases fell from $14,112 million at Dec 31, 2025 to $12,851 million at Sep 30, 2026.

    Too early to tell

  2. Said on Jul 10, 2026

    Delta's Jul 10, 2026 release guided Q3 FY2026 to revenue up mid-teens, an adjusted margin of 11% to 13% and adjusted EPS of $2.00 to $2.50, assuming fuel of about $3.15 a gallon.

    What happened

    Adjusted revenue rose 16%, but the adjusted margin was 9.4% and adjusted EPS $1.72, with adjusted fuel at $3.61 a gallon. GAAP: revenue up 21%, margin 7.2%, EPS $1.15, fuel $3.80.

    Partly delivered

  3. Said on Apr 8, 2026

    Delta's Apr 8, 2026 release guided Q2 FY2026 to revenue up low teens, an adjusted margin of 6% to 8% and adjusted EPS of $1.00 to $1.50.

    What happened

    Adjusted revenue rose 13.9%, the adjusted margin was 8.8% and adjusted EPS $1.56. GAAP: 9.4% and $2.44.

    Delivered

  4. Said on Jan 13, 2026

    Delta's Jan 13, 2026 release guided FY2026 to adjusted EPS of $6.50 to $7.50 and free cash flowCash from operations minus spending on buildings and equipment. Learn more of $3 billion to $4 billion.

    What happened

    Affirmed on Jul 10, 2026, then replaced on Oct 9, 2026 with $5.10 to $5.60 and about $2.5 billion.

    Withdrawn

  5. Said on Oct 9, 2025

    Delta's Oct 9, 2025 release guided Q4 FY2025 to an adjusted margin of 10.5% to 12% and adjusted EPS of $1.60 to $1.90.

    What happened

    The adjusted margin was 10.1% and adjusted EPS $1.55. GAAP: 9.2% and $1.86.

    Missed

  6. Said on Jul 10, 2025

    Delta's Jul 10, 2025 release guided FY2025 to adjusted EPS of $5.25 to $6.25 and free cash flow of $3 billion to $4 billion.

    What happened

    Adjusted EPS was $5.82 and Delta's free cash flow $4.6 billion, above its range. GAAP diluted EPS was $7.66 and operating cash flow $8,342 million.

    Delivered

  7. Said on Jan 10, 2025

    Delta's Jan 10, 2025 release guided FY2025 to adjusted EPS above $7.35 and free cash flow above $4 billion.

    What happened

    Delta did not reaffirm it on Apr 9, 2025.

    Withdrawn

  8. Said on Feb 11, 2026

    Delta's FY2025 10-K said it expects American Express payments of $8.2 billion to grow to $10 billion "over the next few years".

    What happened

    Payments were $6.9 billion in the first nine months of FY2026, and Delta said the full year should exceed $9 billion.

    Too early to tell
Sources (13)
Next: What could go wrong

08What could go wrong

What could go wrong for Delta?

  • Raw-material prices

    Fuel price

    Fuel cost $4,351 million in Q3 FY2026, up from $2,570 million a year earlier, as the GAAP price per gallon rose from $2.26 to $3.80. CEO Ed Bastian said on Apr 8, 2026: "The war in the Middle East has driven an unprecedented spike in jet fuel".

    Watch Price per gallon in each release. Delta's Oct 9, 2026 Q4 FY2026 guidance assumes about $4.25 (all-in price), against an adjusted $3.61 in Q3 ($3.80 GAAP).

  • Other

    Net income swings on investments

    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.

    Watch The gain/(loss) on investments line, next to operating income, each quarter.

  • Concentration

    Reliance on American Express

    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.

    Watch American Express payments each quarter: $2.3 billion in Q3 FY2026.

  • Execution

    Pilot contract and labor costs

    Salaries took $27.1 of every $100 in FY2025. The contract for Delta's 17,260 pilots becomes amendable on Dec 31, 2026. Under the Railway Labor Act, an amendable contract does not expire.

    Watch Pilot talks after Dec 31, 2026, and salary costs: $4,822 million in Q3 FY2026.

  • Technology

    Technology failures

    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.

    Watch Any operational disruption reported in quarterly filings.

  • Debt

    Debt and aircraft commitments

    Debt and finance leases were $12,851 million on Sep 30, 2026, with aircraft commitments of $26.7 billion. Current maturities rose to $2,981 million from $1,372 million at Dec 31, 2025.

    Watch Debt paydown against the more than $2 billion Delta plans for 2026.

  • Regulation

    Foreign partners and regulators

    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.

    Watch The Eleventh Circuit's decision on the Aeromexico order.

  • Competition

    Competition on fares

    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.

    Watch Main cabin revenue: $6,802 million in Q3 FY2026.

Sources (6)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Premium product revenue rose from $7,946 million in FY2021 to $22,097 million in FY2025, and was above main cabin revenue in Q3 FY2026.
  • American Express paid Delta $8.2 billion in FY2025, up from $7.4 billion in FY2024, and $2.3 billion in Q3 FY2026, up 15%.
  • Debt and finance leases fell from $26,920 million at Dec 31, 2021 to $12,851 million at Sep 30, 2026.
  • Delta's Q3 FY2026 revenue was $20,186 million, up from $16,673 million a year earlier; adjusted revenue was $17,585 million, up from $15,197 million.
  • Operating cash flow was $8,342 million in FY2025, up from $3,264 million in FY2021.

What critics point to

  • Q3 FY2026 operating income fell to $1,454 million from $1,684 million, and operating margin fell to 7.2% from 10.1%.
  • On Oct 9, 2026, Delta cut FY2026 adjusted EPS guidance to $5.10 to $5.60, from $6.50 to $7.50 in January.
  • FY2025 net income rose 45% while operating income fell 3%, and net income included a $1,212 million gain on investments.
  • Refinery sales of $2,601 million are in Q3 FY2026 revenue, matched by the same refinery expense; GAAP revenue rose 21% and adjusted revenue about 16%.
  • Delta had commitments for 319 aircraft worth $26.7 billion on Sep 30, 2026, and its 17,260 pilots' contract becomes amendable on Dec 31, 2026.
Next: What to watch next

10What to watch next

What should you watch next at Delta?

Next event

Q4 FY2026 results

Date not announced yet.

  • Fuel against operating income

    Q3 FY2026 fuel was $4,351 million and operating income $1,454 million. Delta's Oct 9, 2026 guidance assumes an all-in fuel price of about $4.25 a gallon in Q4, after an adjusted $3.61 in Q3 ($3.80 GAAP).

  • Refinery result

    Refinery operating income was $351 million in Q2 FY2026 and a $33 million loss in Q3. CFO Erik Snell said on Oct 9, 2026 that he expects a benefit of about $0.40 a gallon in Q4.

  • American Express payments

    $6.9 billion in the first nine months of FY2026. Delta said on Oct 9, 2026 that the full year should exceed $9 billion.

  • Pilot contract

    The contract for 17,260 pilots becomes amendable on Dec 31, 2026. It does not expire under the Railway Labor Act.

  • Debt paydown

    Debt and finance leases were $12,851 million on Sep 30, 2026, against $14,112 million on Dec 31, 2025. Delta's Oct 9, 2026 release plans more than $2 billion of paydown in 2026.

Next: Key facts

11Key facts

Key facts about Delta

What does Delta Air Lines do?
Delta Air Lines flies passengers and cargo, with up to 5,500 peak-day flights to more than 300 destinations in 2025. Delta also sells SkyMiles miles to partners and owns an oil refinery. Delta's FY2025 revenue was $63,364 million.
How does Delta make money, and what is its business model?
Delta's business model is selling airline seats, then earning more from loyalty partners and other services. In FY2025, Delta's passenger revenue was $51,768 million of its $63,364 million total. Other revenue of $10,696 million included $5,077 million of refinery sales, and cargo added $900 million.
Is Delta profitable?
Delta's FY2025 net income was $5,005 million, up from $3,457 million in FY2024, and included a $1,212 million gain on investments. Delta's FY2025 operating income was $5,822 million, down from $5,995 million. Delta's Q3 FY2026 net income was $756 million, down from $1,417 million a year earlier.
What is Delta's revenue by segment?
Delta reports two segments. In FY2025, Delta's airline segment had operating revenue of $58,287 million and its refinery segment $6,961 million. Intersegment and other items took off $1,884 million, for a total of $63,364 million.
Who are Delta's customers?
Delta said it served over 200 million customers in 2025 and gives no revenue split by customer type. In FY2025, main cabin tickets were 36.9% of Delta's revenue, premium tickets 34.9%, loyalty lines 12.0%, refinery sales 8.0% and everything else 8.2% (Cityfort calculation from the FY2025 10-K).
Who owns Delta?
Delta's reported 5% holders include Berkshire Hathaway with 8.7% (Jun 30, 2026), Vanguard Capital Management with 7.23% (Mar 31, 2026) and FMR with 5.1% (Jun 30, 2026). Delta's officers and directors as a group held 0.80% on Apr 17, 2026 (Cityfort calculation from the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more). Delta has one class of common stock.
How much does Delta earn from main cabin and premium tickets?
In FY2025, Delta earned $23,391 million from main cabin tickets and $22,097 million from premium products such as Delta One, First Class, Delta Premium Select and Delta Comfort+. In Q3 FY2026, Delta's premium revenue was $6,818 million and main cabin revenue $6,802 million.
How does Delta's SkyMiles loyalty program make money?
Delta sells SkyMiles miles to partners, mainly American Express, which gives them to cardholders. In FY2025, Delta reported loyalty travel awards revenue of $4,237 million and loyalty program revenue of $3,362 million. American Express paid Delta $8.2 billion in cash in FY2025; that figure is not a revenue line.
Why does Delta own an oil refinery?
Delta owns Monroe Energy, which runs the Trainer refinery near Philadelphia, to reduce the refining cost in jet fuel and secure supply for its New York operations, according to its FY2025 10-K. Delta's refinery segment earned $157 million of operating income in FY2025 and sold $5,077 million to third parties.
How big is Delta?
Delta had FY2025 revenue of $63,364 million and net income of $5,005 million. At Dec 31, 2025, Delta had 1,314 aircraft and 103,000 full-time equivalent employees.
Sources (6)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Delta sell?

Delta flies people and cargo on its own jets and through regional partners. It also sells SkyMiles miles to partners and runs an oil refinery through its subsidiary Monroe Energy.

  • Main cabin tickets

    Delta's standard seats. Revenue was $23,391 million in FY2025, down from $24,497 million in FY2024.

  • Premium products

    Delta One, First Class, Delta Premium Select and Delta Comfort+. Revenue was $22,097 million in FY2025, up from $20,599 million in FY2024.

  • SkyMiles loyalty

    Members earn miles by flying and by spending with partners, then redeem them. Loyalty travel awards were $4,237 million and loyalty program revenue was $3,362 million in FY2025.

  • Travel-related services

    Baggage fees, administrative fees and on-board sales: $2,043 million in FY2025.

  • Refinery sales

    Monroe Energy can refine about 200,000 barrels of crude a day. It sold $5,077 million to third parties in FY2025.

  • Cargo and other services

    Cargo was $900 million in FY2025. Aircraft maintenance for others (called MRO) and vacations were $937 million. Lounge access, travel products and partner payments were $1,320 million.

What it does

  • Does: Flies up to 5,500 flights on peak days to more than 300 destinations on six continents.
  • Does: Sets schedules and prices on regional flights flown by Endeavor, Republic and SkyWest, and keeps that revenue.
  • Does: Sells miles to American Express, which gives them to cardholders and Membership Rewards members.
  • Does: Runs a refinery that provides about 75% of the fuel it consumes, through production plus exchanges or sales.

What it does not do

  • Does not: Report SkyMiles as a segment, or give a profit figure for loyalty.
  • Does not: Count American Express's $8.2 billion as one revenue line: it feeds several lines, and some is deferred.
  • Does not: Get price protection from its fuel purchase contracts: its FY2025 10-K says they follow market indices.
  • Does not: Report revenue by type of customer.
Sources (1)
13How the money flows

13How the money flows · FY2025

How does money flow through Delta?

Money in

  • Passenger revenue$51.8B
  • Refinery sales to third parties$5.1B
  • Loyalty program, ancillary and miscellaneous$5.6B
  • Cargo$900M
  • Gain on investments$1.2B

The company

Delta

$64.6B came in

Money out

  • Staff: salaries and profit sharing$18.9B
  • Airports, regional partners, contractors and passenger service$12.6B
  • Depreciation, maintenance, aircraft rent, selling and other$10.3B
  • Aircraft fuel and related taxes$9.8B
  • Ancillary businesses and refinery$6.0B
  • Income tax $1,180M; interest and other non-operating $849M$2.0B
  • Net income$5.0B
  1. Passengers, partners, refinery buyers and cargo customers paid Delta $63,364 million in FY2025.
  2. Staff cost $18,857 million, including $1,337 million of profit sharing. Fuel cost $9,819 million.
  3. Airports, regional partners and other operating costs took the rest, leaving operating income of $5,822 million.
  4. A $1,212 million gain on investments came in. Net interest and other non-operating costs of $849 million and tax of $1,180 million went out.
  5. That left $5,005 million of net income.
Sources (1)
14What it needs to run

14What it needs to run

What does Delta need to run?

  • Aircraft

    1,005 mainline and 325 regional aircraft on Sep 30, 2026, with mainline jets averaging 14.9 years old. Delta had commitments for 319 more, worth $26.7 billion.

  • Jet fuel

    Delta used 4,269 million gallons in FY2025. Fuel was about 22% of operating expense in the first nine months of FY2026, up from 17% a year before.

  • People

    103,000 full-time equivalent employees at the end of 2025. About 20% are unionized, mainly the 17,260 pilots. Salaries and related costs were $17,520 million in FY2025.

  • Hubs

    Core hubs in Atlanta, Detroit, Minneapolis-St. Paul and Salt Lake City. Coastal hubs in Boston, Los Angeles, New York-LaGuardia, New York-JFK and Seattle.

  • A refinery

    The Trainer refinery near Philadelphia provides about 200,000 barrels a day, or about 75% of Delta's consumption, by Delta's FY2025 10-K.

  • Regional partners

    Endeavor, which Delta owns, plus Republic and SkyWest fly smaller routes under capacity purchase agreements. Regional carrier expense was $2,553 million in FY2025.

Sources (2)
15Where it sells

15Where it sells · FY2025

Where does Delta sell?

  • Domestic, including third-party refinery revenue71%
  • Atlantic17%
  • Latin America7%
  • Pacific5%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Delta compete with?

Delta's FY2025 10-K names rivals in three groups: network carriers, point-to-point carriers and discount carriers. It says airlines compete on routes, fares, schedules, reliability, services, products, customer service and loyalty programs.

  • American Airlines

    Named by Delta as a network carrier. It is in the oneworld alliance with British Airways and Qantas.

  • United Airlines

    Named by Delta as a network carrier. It is in Star Alliance with Lufthansa and Air Canada.

  • Southwest Airlines

    Named by Delta as a national point-to-point carrier, alongside JetBlue Airways.

  • Alaska Airlines

    Named by Delta as a national point-to-point carrier.

  • Frontier Airlines

    Named by Delta as a discount or ultra-low-cost carrier, alongside Allegiant Air and Spirit Airlines.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Loyalty and card partner4 of 5

    American Express paid Delta $8.2 billion in FY2025, up from $7.4 billion in FY2024. Award travel was 12% of revenue miles flown in 2025.

  • Hub network4 of 5

    Four core and five coastal hubs feed up to 5,500 peak-day flights. Delta's 10-K says it still faces significant competition at its hubs.

  • Premium cabins3 of 5

    Premium products were 34.9% of FY2025 revenue. That revenue rose from $7,946 million in FY2021 to $22,097 million in FY2025.

  • Owning a refinery2 of 5

    Monroe provides about 75% of consumption, but segment operating income moved from $351 million in Q2 FY2026 to a $33 million loss in Q3.

Weak spot

Fuel price

Delta's FY2025 10-K says its fuel purchase contracts give no material protection against price rises. Fuel cost $4,351 million in Q3 FY2026, up from $2,570 million a year earlier.

Sources (7)
17Where growth could come from

17Where growth could come from

Where could Delta's growth come from?

Delta said in its Oct 9, 2026 earnings release that it expects FY2026 adjusted EPS of $5.10 to $5.60 and free cash flow of about $2.5 billion, on its own definitions. On Jan 13, 2026 it had said $6.50 to $7.50 and $3 billion to $4 billion. Nine-month GAAP diluted EPS was $3.15.
Management statement, Oct 9, 2026. Reported as a statement, not our forecast.

  • Premium cabins

    Working

    $6,818M revenue, Q3 FY2026

    Up from $5,796 million a year earlier, and above main cabin's $6,802 million. Full-year FY2025 premium revenue was still below main cabin.

    Status: Working, on track against what the company said.

  • American Express payments

    Working

    $8.2B, FY2025

    Delta's Oct 9, 2026 release says FY2026 will exceed $9 billion. Its FY2025 10-K expects $10 billion "over the next few years". These are company statements.

    Status: Working, on track against what the company said.

  • Passing fuel costs into fares

    Mixed

    Passenger revenue $15,534M, Q3 FY2026

    Up from $13,506 million a year earlier, while fuel rose from $2,570 million to $4,351 million. Operating income fell from $1,684 million to $1,454 million.

    Status: Mixed, partly on track.

  • Refinery benefit

    Mixed

    $0.13 a gallon, Q3 FY2026

    After a temporary outage. CFO Erik Snell said on Oct 9, 2026 that he expects about $0.40 in Q4 and more than $700 million for the year.

    Status: Mixed, partly on track.

  • Paying down debt

    Working

    $12,851M debt and finance leases, Sep 30, 2026

    Down from $14,112 million at Dec 31, 2025. Delta's Oct 9, 2026 release plans to pay down more than $2 billion in 2026.

    Status: Working, on track against what the company said.

  • New aircraft orders

    New

    319 aircraft, $26.7B committed, Sep 30, 2026

    Up from 256 at Dec 31, 2025, after orders including 30 Boeing 787-10s, 16 Airbus A330-900s and 15 A350-900s in January 2026.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (9)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and FY2026 quarters, as each row says

What do Delta's own measures show?

Adjusted (non-GAAP) figures and KPIs are the company's own measures, shown next to the official (GAAP) number. Delta redefined some in 2026, so older figures may differ.

  • Official (GAAP): Operating revenue, FY2025

    $63.4B

    Company's own measure: Adjusted revenue, FY2025

    $58.3B

    Leaves out refinery sales to third parties ($5,077 million).

  • Official (GAAP): Operating revenue, Q3 FY2026

    $20.2B

    Company's own measure: Adjusted revenue, Q3 FY2026

    $17.6B

    Leaves out $2,601 million of refinery sales, matched by the same refinery expense. On this basis revenue rose about 16%; GAAP revenue rose 21%.

  • Official (GAAP): Operating income, Q3 FY2026

    $1.5B

    Company's own measure: Adjusted operating income, Q3 FY2026

    $1.7B

    Adds back $208 million of hedge effects. Adjusted is not always higher: Q2 FY2026 was $1,563 million against $1,864 million GAAP.

  • Official (GAAP): Operating margin, Q3 FY2026

    7.2%

    Company's own measure: Adjusted operating margin, Q3 FY2026

    9.4%

    Uses adjusted operating income over adjusted revenue.

  • Official (GAAP): Diluted EPS, FY2025

    $7.66

    Company's own measure: Adjusted EPS, FY2025

    $5.82

    Primarily removes gains on investments ($1,212 million before tax in FY2025) and hedge effects.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    $1.15

    Company's own measure: Adjusted EPS, Q3 FY2026

    $1.72

    Adds back a $218 million investment loss and $208 million of hedge effects, before tax. Q2 FY2026 went the other way: $1.56 against $2.44.

  • Official (GAAP): Average fuel price per gallon, Q3 FY2026

    $3.80

    Company's own measure: Adjusted fuel price per gallon, Q3 FY2026

    $3.61

    Removes $208 million of hedge effects; includes a 13-cent refinery benefit.

  • Official (GAAP): Operating cash flow, FY2025

    $8.3B

    Company's own measure: Delta's free cash flow, FY2025

    $4.6B

    Starts from all investing cash, so it counts sale-leaseback and asset-sale proceeds, then adds back items including the $276 million WestJet purchase. Operating cash flow minus capital spending, as this page calculates it, was $3,843 million.

  • Official (GAAP): Debt and finance leases, Sep 30, 2026

    $12.9B

    Company's own measure: Adjusted net debt, Sep 30, 2026

    $13.4B

    Adds $1,733 million of sale-leaseback financing and $2,580 million of fleet operating leases, less a small discount, then subtracts cash and restricted cash.

  • Official (GAAP): Operating revenue, Q3 FY2026

    $20.2B

    Company's own measure: Diverse revenue, Q3 FY2026

    $10.8B

    Delta's term for adjusted revenue minus main cabin, which it states as 61% of adjusted revenue.

  • Official (GAAP): Cash sales from marketing agreements, FY2025 (about)

    $8.0B

    Company's own measure: American Express payments, FY2025

    $8.2B

    Cash, not a revenue line, as Delta states it. The filings do not reconcile it with the lower total for marketing agreements, which is "substantially all" American Express.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (4)
19Financial strength and debt

19Financial strength · Sep 30, 2026

How much debt does Delta have?

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.
  • Total debt$12.9B
  • Cash and investments$3.8B
  • Net debt (debt minus cash)$9.1B
  • Net worth (shareholders' money)$22.5B
Debt to equity
0.57×
$ of debt for every $1 of shareholders' money
Interest cover
8.6×
how many times operating profit covers interest
  • Net debt of $9,064 million is debt and finance leases minus cash (Cityfort calculation from the Q3 FY2026 earnings release). It leaves out operating leases and the $1,100 million fuel card obligation.
  • Debt to equity of 0.57 uses stockholders' equity of $22,513 million (Cityfort calculation from the Q3 FY2026 earnings release). Interest cover of 8.6 is FY2025 operating income of $5,822 million ÷ net interest of $679 million (Cityfort calculation from the FY2025 10-K).
  • Delta's debt note shows total debt of $12,105 million, without finance leases. Of this, $3,150 million is secured by SkyMiles assets, and SkyMiles financings carry a $2.0 billion minimum liquidity covenant.
  • Current maturities of debt rose from $1,372 million at Dec 31, 2025 to $2,981 million, as a refinanced $1,250 million term loan now matures in September 2027.
  • Delta also held money for services not yet delivered on Sep 30, 2026: $9,560 million of tickets not yet flown and $9,632 million of loyalty deferred revenue.
  • Liquidity was $6.9 billion on Sep 30, 2026, including $3.1 billion undrawn, by Delta's release. Operating leases were $6,162 million at Dec 31, 2025.
Sources (3)
20Who owns it

20Who owns it · ownership as of Apr 17, 2026

Who owns Delta?

Delta has one class of common stock, with one vote per share. Directors and executive officers as a group (22 people) held 5,253,482 shares on Apr 17, 2026. That is 0.80% of 656,994,340 shares (Cityfort calculation from the 2026 proxy statement). CEO Ed Bastian held 2,878,108, including 1,514,660 options.
Officers and directors (as a group), shares
0.8%
Share classes
Delta share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (657,912,380 shares on Sep 30, 2026 (10-Q cover). About 2,000 holders of record at Jan 31, 2026.)657.91Public and institutions––Yes
Holders of 5% or more
Delta holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Berkshire Hathaway, Warren Buffett and National Indemnity8.7%–Aug 14, 2026S23, S2457,320,000 shares at Jun 30, 2026, up from 39,809,456 shares (6.1%) at Mar 31, 2026. The three filers report one holding.
Vanguard Capital Management7.2%–Apr 29, 2026S26, S27, S2247,253,241 shares at Mar 31, 2026. The Vanguard Group now reports 0 after an internal realignment; the figures are never added.
BlackRock, Inc.6.6%–Apr 24, 2026S2243,050,757 shares, from a filing of Jan 26, 2024 on holdings at Dec 31, 2023. The proxy states the percentage on April 2026 shares. No newer filing appears on EDGAR's Delta list.
FMR LLC and Abigail Johnson5.1%–Aug 6, 2026S2533,187,320 shares at Jun 30, 2026.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (8)
21What it does with profit

21What it does with profit

What does Delta do with its profit?

Delta declared $0.675 per share for FY2025 and paid $440 million of dividends. The quarterly dividend has been $0.2150 since June 2026. Delta authorized a $1.0 billion buyback in the June 2025 quarter, open through Jun 30, 2028, and bought no shares through Sep 30, 2026.

Dividend per share

$0.68FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2021$0.00–
FY2022$0.00–
FY2023$0.20–
FY2024$0.50–
FY2025$0.68–

No buybacks or fund raises in the period covered.

Sources (2)
22Governance signals

22Governance signals

What do Delta's governance filings show?

Auditor
Ernst & Young LLP, since 2006
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy says the Audit Committee reviews, and if appropriate approves or ratifies, related party transactions. Delta also does business with companies it partly owns, such as Republic (14%), a regional carrier.
Credit rating
Moody's and Fitch Baa2 and BBB (Not stated for these two; S&P's outlook went to Positive in January 2026), Oct 9, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • regulatory · Sep 15, 2025

    US order on the Aeromexico partnership

    On Sep 15, 2025, the US Department of Transportation issued a final order ending antitrust immunity for Delta's Aeromexico agreement and directing a wind-down by Jan 1, 2026. The Eleventh Circuit stayed the order on Nov 12, 2025, pending review.

  • other · Feb 11, 2026

    Capacity antitrust lawsuits

    Purported class action lawsuits filed in July 2015 allege that Delta, American, United and Southwest conspired to restrain capacity. A court denied summary judgment in August 2023, and the case proceeds to class discovery. Delta says the claims are without merit. Its Oct 9, 2026 10-Q reports no material change.

  • disclosure

    What the filings do not break out

    The filings used here give no revenue or margin by customer type, no loyalty profit, no route or hub profit and no airline-only cash flow. They give no end date for the American Express contract.

  • disclosure

    Measures redefined in 2026

    Delta changed its adjusted results and its unit cost measure in 2026, and restated comparisons. Q3 FY2025 adjusted EPS is $1.70 in the Oct 9, 2026 release and $1.71 in the Oct 9, 2025 release.

  • other

    Policy on hedging company stock

    Delta's 2026 proxy says its policy bars all employees and the Board from hedging company stock or using it as collateral.

Sources (6)
23What the market paid

23What the market paid · price as of Nov 4, 2026

What did the market pay for Delta on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Price as of Nov 4, 2026: an $89.24 close, from Nasdaq's historical price table for DAL; Delta's shares are listed on the NYSE. Market value = $89.24 × 657,912,380 shares (10-Q cover, Sep 30, 2026) = $58,712 million (Cityfort calculation from the Nov 4, 2026 closing price and the Q3 FY2026 10-Q). P/E is price ÷ earnings per share: 17.8 on the last four quarters' diluted EPS of $5.01 (Cityfort calculation from the Nov 4, 2026 closing price and the Q4 FY2025 and Q3 FY2026 earnings releases), or 11.7 on FY2025 diluted EPS of $7.66, which includes the investment gain. Dividend yield was 0.96% on $0.86, the $0.2150 quarterly dividend × 4 (Cityfort calculation from the Nov 4, 2026 closing price and the Q3 FY2026 10-Q).

Share price
$89.24
Market value (market cap)
$58.7B
P/E
17.8×

Source: DAL historical prices, Oct 5 to Nov 4, 2026 (Nasdaq.com historical table; DAL is listed on the NYSE); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025) and 2 more

Sources (5)
24How it got here

24How it got here

How did Delta get here?

  1. 2020

    Crisis

    Pandemic-year loss

    Delta reported an operating loss of $12,469 million in 2020, including $8,219 million of restructuring charges.

  2. 2021

    Crisis

    Government grants

    Delta recorded $4,512 million of government grants in FY2021. Without them, its $1,886 million of operating income would have been a loss.

  3. 2023

    Milestone

    Dividend restarts; pilot agreement

    Delta reinstated its dividend in the September 2023 quarter. It recorded $864 million of pilot agreement expense that year.

  4. 2024

    Crisis

    CrowdStrike outage

    An outage caused about 7,000 flight cancellations over five days, costing about $380 million of revenue.

  5. 2025

    Milestone

    Centennial year

    Delta marked its centennial. Moody's upgraded it to Baa2 in February, and it paid $276 million for a WestJet stake.

  6. 2026

    Business-model change

    New orders and leaders

    Delta ordered 61 aircraft in January. Peter Carter, Dan Janki and Erik Snell took new roles on Apr 1, 2026.

  7. 2026

    Crisis

    Fuel spike and lower guidance

    Fuel rose to $3.80 a gallon in Q3 FY2026 from $2.26 a year earlier. On Oct 9, 2026, Delta lowered its FY2026 adjusted EPS guidance to $5.10 to $5.60.

Sources (7)

25Sources and changes

Where every number on this page comes from

Sources (28 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2024
  4. S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2023
  5. S6Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 9, 2026
  6. S7Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 10, 2026
  7. S13Earnings release, September quarter 2026 (8-K Ex. 99.1) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 9, 2026
  8. S14Earnings release, June quarter 2026 (8-K Ex. 99.1) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 10, 2026
  9. S15Earnings release, March quarter 2026 (8-K Ex. 99.1) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 8, 2026
  10. S16Earnings release, December quarter and full year 2025 (8-K Ex. 99.1) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 13, 2026
  11. S17Earnings release, September quarter 2025 (8-K Ex. 99.1) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 9, 2025
  12. S18Earnings release, June quarter 2025 (8-K Ex. 99.1) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 10, 2025
  13. S19Earnings release, March quarter 2025 (8-K Ex. 99.1) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 9, 2025
  14. S20Earnings release, December quarter and full year 2024 (8-K Ex. 99.1) · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 10, 2025
  15. S22Proxy statement (DEF 14A), 2026 annual meeting · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
  16. S23Schedule 13G/A, Berkshire Hathaway, Warren E. Buffett, National Indemnity (event Jun 30, 2026) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
  17. S24Schedule 13G, Berkshire Hathaway, Warren E. Buffett, National Indemnity (event Mar 31, 2026) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2026
  18. S25Schedule 13G, FMR LLC and Abigail P. Johnson (event Jun 30, 2026) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
  19. S26Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  20. S27Schedule 13G/A, The Vanguard Group (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  21. S29Form 8-K filed Mar 5, 2026, Item 5.02, leadership changes · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 5, 2026
  22. S30Form 8-K filed Dec 17, 2025, Item 5.02, President to retire · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 17, 2025
  23. S31Form 8-K filed Jan 13, 2026, Items 1.01 and 2.02, Boeing 787-10 order · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 13, 2026
  24. S32Form 8-K filed Jan 27, 2026, Item 1.01, Airbus order · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
  25. S35Earnings call transcript, Q3 2026 (Oct 9, 2026) · Delta Air Lines, Inc. (investor relations) · Tier 1: company or exchange filing · Oct 9, 2026
  26. S36Earnings call transcript, Q2 2026 (Jul 10, 2026) · Delta Air Lines, Inc. (investor relations) · Tier 1: company or exchange filing · Jul 10, 2026
  27. S37Earnings call transcript, Q1 2026 (Apr 8, 2026) · Delta Air Lines, Inc. (investor relations) · Tier 1: company or exchange filing · Apr 8, 2026
  28. S39DAL historical prices, Oct 5 to Nov 4, 2026 (Nasdaq.com historical table; DAL is listed on the NYSE) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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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.