Delta Air Lines, Inc. (DAL) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 2.43B | 2.26B | 1.85B | 1.86B | 2.38B | 1.89B | 1.27B | 2.45B | 2.41B | 545M | 1.08B | 2.61B | 2.23B | 1.19B | 869M | 2.54B | 1.77B | 555M | 151M | 1.87B |
| Operating CF Margin % | 15.34% | 14.12% | 11.08% | 11.15% | 16.94% | 12.17% | 8.13% | 14.7% | 17.52% | 3.83% | 6.95% | 16.75% | 17.52% | 8.85% | 6.22% | 18.34% | 18.95% | 5.86% | 1.65% | 26.19% |
| Operating CF Growth % | 2.27% | 19.32% | 44.98% | -24.17% | -1.25% | 247.52% | 18.4% | -6.13% | 7.74% | -54.16% | 23.82% | 2.92% | 26.2% | 114.23% | 475.5% | 35.85% | 156.3% | 143.16% | 105.86% | 743.45% |
| Net Income | -289M | 1.22B | 1.42B | 2.13B | 240M | 843M | 1.27B | 1.3B | 37M | 2.04B | 1.11B | 1.83B | -363M | 828M | 695M | 735M | -940M | -408M | 1.21B | 652M |
| Depreciation & Amortization | 635M | 620M | 614M | 602M | 607M | 635M | 643M | 620M | 615M | 610M | 594M | 573M | 564M | 554M | 538M | 510M | 506M | 504M | 501M | 501M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180M | 0 | 0 | 0 | 150M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 591M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 921M | 421M | -184M | -875M | 1.53B | 416M | -641M | 524M | 1.76B | -39M | -626M | 0 | 0 | -741M | -364M | 1.29B | 0 | 0 | -1.56B | 713M |
| Working Capital Changes | 1.17B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.24B | 0 | 209M | 2.03B | -193M | 0 | 0 | 2.21B | 459M | 0 | 0 |
| Change in Receivables | -1.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7M | 0 | 0 | 0 | -728M | 0 | 0 | 0 | -981M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 121M | 0 | 0 | 0 | -158M | 0 | 0 | 0 | -318M | 0 | 0 |
| Change in Payables | 3.58B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -114M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.28B | 0 | 0 |
| Cash from Investing | -1.26B | -728M | -1.03B | -1.2B | -1.22B | -1.17B | -1.12B | -809M | -637M | -535M | -131M | -1.38B | -1.1B | -4.74B | -1.29B | -152M | -749M | -479M | -384M | 26M |
| Capital Expenditures | -1.2B | -907M | -1.16B | -1.21B | -1.22B | -1.31B | -1.33B | -1.31B | -1.19B | -1.6B | -1.27B | -1.45B | -1B | -2.2B | -1.44B | -958M | -1.77B | -1.22B | -830M | -761M |
| CapEx % of Revenue | 7.57% | 5.67% | 6.96% | 7.26% | 8.72% | 8.42% | 8.47% | 7.86% | 8.68% | 11.26% | 8.19% | 9.32% | 7.84% | 16.38% | 10.32% | 6.93% | 18.89% | 12.86% | 9.07% | 10.68% |
| Acquisitions | -54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 152M | -152M | 0 | 0 | -717M | -53M | 0 | -100M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -9M | 455M | 125M | 10M | 0 | 134M | 87M | 33M | 10M | 7M | 64M | 19M | 2M | 89M | 13M | 111M | -3M | -283M | -6M | 91M |
| Cash from Financing | -435M | -1B | -370M | -1.07B | -634M | -1.59B | -371M | -1.51B | -787M | 416M | -800M | -1.83B | -1.18B | -305M | -1.81B | -966M | -1.46B | -1.17B | -1.56B | -330M |
| Debt Issued (Net) | -314M | -895M | -242M | -943M | -531M | -1.54B | -262M | -1.44B | -712M | 517M | -724M | -1.82B | -1.17B | -285M | -1.79B | -952M | -1.44B | -1.15B | -1.55B | -380M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -129M | -122M | -122M | -97M | -99M | -96M | -97M | -64M | -64M | -64M | -64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 8M | 16M | -6M | -30M | -4M | 48M | -12M | -11M | -11M | -37M | -12M | -11M | -13M | -20M | -13M | -14M | -13M | -18M | -13M | 50M |
| Net Change in Cash | 752M | 531M | 461M | -373M | 563M | -829M | -158M | 221M | 1.06B | -29M | 145M | -391M | -189M | -3.77B | -2.2B | 1.5B | -221M | -851M | -1.58B | 1.86B |
| Free Cash Flow | 1.23B | 1.35B | 687M | 648M | 1.15B | 584M | -54M | 1.14B | 1.22B | -1.06B | -193M | 1.16B | 1.24B | -1.01B | -573M | 1.58B | 5M | -663M | -679M | 1.1B |
| FCF Margin % | 7.77% | 8.45% | 4.12% | 3.89% | 8.22% | 3.75% | -0.34% | 6.84% | 8.84% | -7.43% | -1.25% | 7.43% | 9.68% | -7.53% | -4.1% | 11.41% | 0.05% | -7% | -7.42% | 15.51% |
| FCF Growth % | 6.76% | 131.68% | 1372.22% | -43.16% | -5.02% | 155.25% | 72.02% | -1.47% | -1.62% | -4.55% | 66.32% | -26.63% | 24600% | -52.49% | 15.61% | 42.71% | -98.02% | 63.85% | 75.51% | 293.18% |
| FCF per Share | 1.89 | 2.06 | 1.05 | 0.99 | 1.77 | 0.90 | -0.08 | 1.76 | 1.88 | -1.64 | -0.30 | 1.80 | 1.93 | -1.58 | -0.89 | 2.46 | 0.01 | -1.04 | -1.06 | 1.72 |
| FCF Conversion (FCF/Net Income) | -8.42x | 1.85x | 1.30x | 0.87x | 9.91x | 2.25x | 1.00x | 1.88x | 65.08x | 0.27x | 0.97x | 1.43x | -6.16x | 1.43x | 1.25x | 3.45x | -1.88x | -1.36x | 0.12x | 2.86x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |