Skip to the lesson
TryOwning · Big companies · Delta Air Lines
Ticket 1 of 8, 0 done

Delta Air Lines · 2025 report · 9 min

How airlines make money

Airlines sell seats on planes. But as we'll see at one airline, Delta, some of the best money comes from people who aren't flying at all.

FUELFLIGHTS
Ticket 01 · The guessTable 1

Make a guess first

Delta Air Lines flies 1,314 planessec.gov ·2025 and is the one airline this lesson follows. In 2025 it made $5.8Bsec.gov ·2025 in operating profit: what was left after paying for the planes, fuel, crews and everything else.

American Express, the credit card company, also paid Delta that year, mostly to buy Delta's SkyMiles for people who carry a Delta card. How much do you think it paid?

$3B
$0$15B
Words to know

Spot something wrong?

Tell us what looks off. No name or email needed.

What kind of problem?

0 / 1000

We'll also send this page, the lesson, ticket 1, so we can find it. Nothing else. Privacy

Sources and every number (4 sources)

Sources

  • Delta Air Lines, Inc. Form 10-K for the fiscal year ended December 31, 2025 · Delta Air Lines, Inc. (filed with the U.S. SEC), 2025
  • United Airlines Holdings, Inc. Form 10-K for the fiscal year ended December 31, 2025 · United Airlines Holdings, Inc. (filed with the U.S. SEC), 2025
  • American Airlines Group Inc. Form 10-K for the fiscal year ended December 31, 2025 · American Airlines Group Inc. (filed with the U.S. SEC), 2025
  • Southwest Airlines Co. Form 10-K for the fiscal year ended December 31, 2025 · Southwest Airlines Co. (filed with the U.S. SEC), 2025

Every number

  • $51.8Bsec.gov ·2025 · Passenger revenue, 2025 (income statement).
  • $900Msec.gov ·2025 · Cargo revenue, 2025 (income statement).
  • $10.7Bsec.gov ·2025 · Other revenue, 2025 (income statement).
  • $63.4Bsec.gov ·2025 · Total operating revenue, 2025 (income statement).
  • $17.5Bsec.gov ·2025 · Salaries and related costs, 2025 (income statement).
  • $9.8Bsec.gov ·2025 · Aircraft fuel and related taxes, 2025 (income statement).
  • $6Bsec.gov ·2025 · Ancillary businesses and refinery costs, 2025 (income statement).
  • $1.3Bsec.gov ·2025 · Profit sharing, 2025 (income statement).
  • $22.9Bsec.gov ·2025 · Worked out: total operating expense minus salaries, fuel, ancillary businesses and refinery, and profit sharing, 2025 (income statement).
  • $5.8Bsec.gov ·2025 · Operating income, 2025 (income statement).
  • $363Msec.gov ·2025 · Total non-operating income, net, 2025 (income statement).
  • $1.2Bsec.gov ·2025 · Income tax provision, 2025 (income statement).
  • $5Bsec.gov ·2025 · Net income, 2025 (income statement).
  • $23.4Bsec.gov ·2025 · Ticket revenue, main cabin, 2025 (MD&A).
  • $22.1Bsec.gov ·2025 · Ticket revenue, premium products, 2025 (MD&A).
  • $7.6Bsec.gov ·2025 · Worked out: loyalty travel awards plus loyalty program revenue, 2025 (MD&A).
  • $5.1Bsec.gov ·2025 · Refinery sales to other companies, 2025 (MD&A, other revenue).
  • $5.2Bsec.gov ·2025 · Worked out: travel-related services, cargo, ancillary businesses and miscellaneous revenue, added together, 2025 (MD&A).
  • $45.5Bsec.gov ·2025 · All ticket revenue, 2025 (notes to the financial statements, passenger revenue by category).
  • 48.6%sec.gov ·2025 · Worked out: premium products ticket revenue divided by all ticket revenue, 2025 (MD&A).
  • 9.2%sec.gov ·2025 · Worked out for Delta: operating income divided by total operating revenue, 2025. From the income statement.
  • 8%sec.gov ·2025 · Worked out for United: operating income divided by total operating revenue, 2025. From its selected financial data.
  • 2.7%sec.gov ·2025 · Worked out for American Airlines Group: operating income divided by total operating revenue, 2025. From its selected financial data.
  • 1.5%sec.gov ·2025 · Worked out for Southwest: operating income divided by total operating revenue, 2025. Operating revenues minus operating expenses, divided by operating revenues.
  • $8.2Bsec.gov ·2025 · Remuneration from American Express, 2025 (Item 1, SkyMiles Program).
  • $10Bsec.gov ·2025 · What Delta expects American Express's yearly payments to grow to over the next few years (Item 1, SkyMiles Program).
  • $4.2Bsec.gov ·2025 · Loyalty travel awards: flights paid for with miles, 2025 (MD&A).
  • $3.4Bsec.gov ·2025 · Loyalty program revenue, 2025 (MD&A, other revenue).
  • 12%sec.gov ·2025 · Share of revenue miles flown on Delta that were award travel, 2025 (Item 1).
  • 35 millionsec.gov ·2025 · Award tickets members redeemed miles for in 2025, approximately (Item 1).
  • 7%sec.gov ·2025 · Growth in premium products ticket revenue, 2025 vs. 2024 (MD&A).
  • 5%sec.gov ·2025 · Decline in main cabin ticket revenue, 2025 vs. 2024 (MD&A).
  • $822Msec.gov ·2025 · Revenue from repairing and maintaining other airlines' planes and engines (the MRO business), 2025 (MD&A).
  • 21.26 centssec.gov ·2025 · Total revenue per available seat mile, 2025 (MD&A, operating statistics).
  • 19.31 centssec.gov ·2025 · Operating cost per available seat mile, 2025 (MD&A, operating statistics).
  • 84%sec.gov ·2025 · Passenger load factor, 2025 (MD&A, operating statistics).
  • 17%sec.gov ·2025 · Fuel's share of total operating expense, 2025 (Item 1A).
  • $2.30sec.gov ·2025 · Average fuel price per gallon, 2025 (MD&A).
  • $3.22sec.gov ·2025 · Highest monthly average fuel price per gallon between 2023 and 2025, in October 2023 (Item 1A).
  • $2.20sec.gov ·2025 · Lowest monthly average fuel price per gallon between 2023 and 2025, in August 2025 (Item 1A).
  • 200,000 barrels a daysec.gov ·2025 · Crude oil the Trainer refinery can process, approximately (Item 1, Refinery Operations).
  • 1,314 planessec.gov ·2025 · Aircraft in Delta's fleet at the end of 2025 (Item 1).
  • 103,000 peoplesec.gov ·2025 · Full-time equivalent employees at the end of 2025, approximately (Item 1).
Sign in