Companies: 10,795·Total market cap: $144.5T
Delta Air Lines, Inc.

Delta Air Lines, Inc.

DALNYSEIndustrials● Active
$78.21
$-1.21(-1.52%)
Market Cap$51.4B
P/E Ratio—
52W High$83.83
52W Low$45.28
Overview

Delta Air Lines, Inc. (DAL) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

DAL · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was $3.84B for FY2025 (fiscal year ending 2025-12-31), up 33.1% year-over-year The FCF margin was 6.1%.

FY2025 Free Cash Flow$3.84B▲ +33.1% YoY
Trailing 12M (TTM)$3.92Btrailing 4 quarters sum
FCF Margin6.1%$3.84B ÷ revenue
3-Year CAGRN/AN/A — contains negative FCF
5-Year CAGRN/AN/A — contains negative FCF
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
dal free cash flow history · dal free cash flow chart · dal free cash flow growth rate · dal free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest$3.84B▲ +33.1%6.1%
FY2024$2.88B▲ +152.8%4.7%
FY2023$1.14B▲ +57150.0%2.0%
FY2022−$2.0M▼ 112.5%0.0%
FY2021$16.0M▲ +100.3%0.1%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
dal free cash flow 2025 · dal free cash flow 2024 · dal free cash flow 2023 · dal operating cash flow

FCF valuation metrics

Delta Air Lines, Inc. (DAL) trades at a FCF yield of 7.63% and a price-to-free-cash-flow ratio of 12.9x. FCF per share stands at $6.05, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)
7.63%
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
$6.05
TTM FCF ÷ Shares Outstanding
Price / FCF
x12.9
Share Price ÷ FCF per Share
EV / FCF (TTM)
x15.4
Enterprise Value basis
Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31
dal price to free cash flow · dal free cash flow yield · dal free cash flow per share · dal price to cash flow ratio

Cash flow statement summary

For FY2025, Delta Air Lines, Inc. generated $8.34B in operating cash flow and spent 4.50B in capital expenditures, yielding $3.84B in free cash flow.

Operating Activities
+$8.34B
Cash from core business operations
2025-12-31
Investing Activities
−$4.19B
CapEx, acquisitions & investments
2025-12-31
Financing Activities
−$3.08B
Buybacks, dividends & debt
2025-12-31
FCF FormulaOperating CF ($8.34B) − |CapEx| (4.50B) = FCF ($3.84B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
dal cash flow statement · dal cash flow statement 2025 · dal operating cash flow · dal cash flow from operations

Free cash flow vs peers (Industrials)

#CompanyFree Cash FlowYoY
#1
Delta Air Lines, Inc.
Delta Air Lines, Inc.YOU
DAL
$3.84B+33.1%
#2
Caterpillar Inc.
Caterpillar Inc.
CAT
$10.27B+16.5%#3
RTX Corporation
RTX Corporation
RTX
$7.94B+75.1%#4
GE Aerospace
GE Aerospace
GE
$7.26B+97.5%#5
The Boeing Company
The Boeing Company
BA
−$1.88B+87.0%#6
Space Exploration Technologies Corp.
Space Exploration Technologies Corp.
SPCX
−$13.95B-159.0%
Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Delta Air Lines, Inc. (DAL) reported free cash flow of $3.84B for FY2025 (fiscal year ending 2025-12-31), up 33.1% year-over-year. The FCF margin was 6.1%.

Based on available data, Delta Air Lines, Inc. has maintained positive free cash flow for at least 13 fiscal year(s). FCF peaked at $4.98B in FY2015.

Delta Air Lines, Inc.'s FCF yield is 7.63% and price-to-FCF ratio is 12.9x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

DAL free cash flow · 8 questions

Delta Air Lines, Inc. free cash flow was $3.84B for FY2025, up 33.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.92B.

DAL free cash flowDAL FCFDAL FCF 2025DAL free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Delta Air Lines, Inc. · Delta Air Lines, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026