Delta Air Lines debt and dilution52

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$12,851M

Cash & equivalents

USD millions

$3,787M

Net debt

USD millions

$9,064M

Debt / equity

0.57×

Debt / assets

14.93%

Net debt / EBITDA

× · TTM

1.15×

Debt / FCF

× · TTM

—

Interest coverage

× · TTM

—

Current ratio

0.4×

Diluted shares

Million shares

659M shares

Basic shares

Million shares

655M shares

Share count growth

0.92%

Share repurchases

USD millions

—

Quarterly data

Delta Air Lines capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q3	Sep 30, 2026	12,851	3,787	9,064	0.57×	14.93%	1.15×	—	—	0.4×	659	655	0.92%	—
FY 2026 Q2	Jun 30, 2026	13,952	4,665	9,287	0.64×	16.16%	1.15×	—	—	0.42×	658	654	0.77%	—
FY 2026 Q1	Mar 31, 2026	14,164	5,053	9,111	0.7×	16.78%	1.11×	3.61×	—	0.42×	652	652	1.24%	—
FY 2025 Q4	Dec 31, 2025	14,112	4,310	9,802	0.68×	17.35%	1.19×	3.67×	—	0.4×	656.97	648	0.62%	—
FY 2025 Q3	Sep 30, 2025	14,879	3,791	11,088	0.79×	18.69%	1.3×	4.84×	—	0.4×	654	649	1.25%	—
FY 2025 Q2	Jun 30, 2025	15,056	3,331	11,725	0.86×	19.21%	1.42×	6.46×	—	0.38×	652	649	1.25%	—
FY 2025 Q1	Mar 31, 2025	15,824	3,711	12,113	1.02×	20.46%	1.43×	5.6×	—	0.38×	652	644	0.63%	—
FY 2024 Q4	Dec 31, 2024	16,194	3,069	13,125	1.06×	21.49%	1.54×	5.61×	—	0.37×	650.98	643.98	0.78%	—
FY 2024 Q3	Sep 30, 2024	17,697	3,969	13,728	1.3×	23.48%	1.7×	14.21×	—	0.39×	647	641	0.31%	—
FY 2024 Q2	Jun 30, 2024	17,983	4,110	13,873	1.45×	23.91%	1.61×	16.26×	—	0.4×	648	641	0.31%	—
FY 2024 Q1	Mar 31, 2024	19,364	3,877	15,487	1.74×	25.83%	1.76×	17.27×	—	0.41×	645	640	0.16%	—
FY 2023 Q4	Dec 31, 2023	20,054	2,741	17,313	1.81×	27.23%	2.2×	17.58×	—	0.39×	643	639	0.16%	—
FY 2023 Q3	Sep 30, 2023	19,513	2,835	16,678	2.12×	26.64%	2.1×	16.45×	—	0.44×	644	639	0.16%	—
FY 2023 Q2	Jun 30, 2023	20,205	2,668	17,537	2.49×	27.49%	2.38×	25.07×	—	0.46×	642	639	0.16%	—
FY 2023 Q1	Mar 31, 2023	21,959	3,215	18,744	3.51×	30.03%	2.96×	17.9×	—	0.47×	639	639	0.31%	—
FY 2022 Q4	Dec 31, 2022	23,030	3,266	19,764	3.5×	31.86%	3.43×	—	—	0.5×	641	638	0.31%	—
FY 2022 Q3	Sep 30, 2022	23,233	7,023	16,210	5.06×	32%	3.59×	66.95×	—	0.57×	641	638	0.16%	—
FY 2022 Q2	Jun 30, 2022	24,839	9,221	15,618	6.52×	33.2%	2.99×	103.07×	—	0.66×	641	638	0.16%	—
FY 2022 Q1	Mar 31, 2022	25,557	7,705	17,852	8.54×	34.65%	3.96×	—	—	0.65×	637	637	0.16%	—
FY 2021 Q4	Dec 31, 2021	26,920	7,933	18,987	6.93×	37.15%	4.89×	1,583.53×	—	0.76×	641	636	0%	0
FY 2021 Q3	Sep 30, 2021	27,819	8,785	19,034	10.67×	38.22%	6.9×	—	—	0.83×	641	637	0.31%	0
FY 2021 Q2	Jun 30, 2021	28,698	10,357	18,341	22.4×	38.11%	—	—	—	0.83×	642	637	0.31%	0
FY 2021 Q1	Mar 31, 2021	28,732	8,460	20,272	59.61×	39.31%	—	—	—	0.86×	636	636	-0.16%	0
FY 2020 Q4	Dec 31, 2020	29,157	8,307	20,850	19.01×	40.5%	—	—	—	1.09×	636	636	-0.95%	0
FY 2020 Q3	Sep 30, 2020	33,648	16,477	17,171	10.02×	42.55%	—	—	—	1.27×	635	635	-1.7%	0
FY 2020 Q2	Jun 30, 2020	23,493	11,366	12,127	2.7×	32.51%	15.83×	711.91×	—	0.94×	635	635	-2.31%	0
FY 2020 Q1	Mar 31, 2020	15,840	5,967	9,873	1.11×	23.04%	1.26×	6.84×	—	0.53×	637	637	-4.21%	344
FY 2019 Q4	Dec 31, 2019	11,160	2,882	8,278	0.73×	17.29%	0.9×	3.2×	—	0.41×	644.1	642.1	-5.45%	225
FY 2019 Q3	Sep 30, 2019	10,119	1,899	8,220	0.67×	16.01%	0.93×	2.8×	—	0.34×	648	646	-5.83%	209
FY 2019 Q2	Jun 30, 2019	9,991	2,009	7,982	0.72×	15.98%	0.96×	3.51×	—	0.34×	652	650	-6.47%	268
FY 2019 Q1	Mar 31, 2019	10,765	1,910	8,855	0.83×	17.41%	1.14×	4.56×	—	0.34×	667	665	-5.54%	1,325
FY 2018 Q4	Dec 31, 2018	9,771	1,565	8,206	0.71×	16.21%	1.08×	5.29×	—	0.34×	685.1	679.13	-4.1%	325
FY 2018 Q3	Sep 30, 2018	9,291	1,380	7,911	0.68×	16.89%	1.02×	3.58×	—	0.37×	688	686	-4.19%	325
FY 2018 Q2	Jun 30, 2018	9,904	1,886	8,018	0.77×	17.75%	1.01×	3.58×	—	0.4×	697	695	-4.53%	600
FY 2018 Q1	Mar 31, 2018	8,649	1,447	7,202	0.69×	15.99%	0.88×	2.94×	14.6×	0.39×	706	704	-3.3%	325
FY 2017 Q4	Dec 31, 2017	8,834	1,814	7,020	0.64×	16.58%	0.84×	7.03×	15.44×	0.42×	711.13	708.13	-3.02%	327
FY 2017 Q3	Sep 30, 2017	8,808	1,478	7,330	0.63×	16.96%	0.91×	10.61×	15.23×	0.43×	719	716	-3.24%	550
FY 2017 Q2	Jun 30, 2017	9,014	2,241	6,773	0.67×	17.4%	0.84×	6.93×	15.77×	0.43×	731	728	-3.96%	600
FY 2017 Q1	Mar 31, 2017	9,227	1,907	7,320	0.71×	17.93%	0.87×	4.46×	17.24×	0.43×	731	728	-5.94%	200
FY 2016 Q4	Dec 31, 2016	7,332	2,762	4,570	0.6×	14.3%	0.52×	1.92×	17.92×	0.49×	734.15	730.15	-6.29%	300
FY 2016 Q3	Sep 30, 2016	7,565	1,638	5,927	0.6×	14.85%	0.62×	1.85×	19.27×	0.48×	744	740	-6.09%	500
FY 2016 Q2	Jun 30, 2016	7,804	1,662	6,142	0.66×	15.11%	0.63×	1.77×	18.66×	0.47×	763	758	-5.6%	1,026
FY 2016 Q1	Mar 31, 2016	8,451	1,708	6,743	0.75×	15.84%	0.69×	2.08×	17.38×	0.51×	780	774	-5.38%	775
FY 2015 Q4	Dec 31, 2015	8,329	1,972	6,357	0.77×	15.68%	0.66×	1.67×	16.22×	0.52×	783.23	779.2	-5.45%	425
FY 2015 Q3	Sep 30, 2015	8,801	2,369	6,432	0.85×	16.41%	0.91×	2.05×	9.24×	0.68×	795	788	-5.52%	425
FY 2015 Q2	Jun 30, 2015	9,257	2,293	6,964	0.97×	17.54%	1.23×	2.5×	6.6×	0.67×	811	803	-4.52%	925
FY 2015 Q1	Mar 31, 2015	9,566	2,122	7,444	1.06×	17.8%	1.56×	2.8×	4.84×	0.71×	826	818	-3.08%	425
FY 2014 Q4	Dec 31, 2014	9,777	2,088	7,689	1.11×	18.07%	1.93×	3.62×	3.39×	0.74×	833.13	824.13	-2.59%	500
FY 2014 Q3	Sep 30, 2014	10,139	2,510	7,629	0.82×	19.52%	1.39×	3.43×	5.91×	0.74×	843	834	-2%	250
FY 2014 Q2	Jun 30, 2014	10,322	3,362	6,960	0.85×	19.78%	1.12×	3.99×	6.68×	0.69×	850	841	-1.06%	225
FY 2014 Q1	Mar 31, 2014	11,044	2,699	8,345	0.95×	21.17%	1.52×	5.76×	5.54×	0.65×	853	844	-0.47%	125
FY 2013 Q4	Dec 31, 2013	11,342	2,844	8,498	0.97×	21.71%	1.68×	5.86×	4.87×	0.68×	858	846.03	0.12%	157
FY 2013 Q3	Sep 30, 2013	11,900	3,018	8,882	86.86×	25.87%	1.89×	—	—	0.63×	861	851	0.59%	93
FY 2013 Q2	Jun 30, 2013	12,221	2,965	9,256	—	26.7%	2.1×	—	—	0.6×	859	850	0.59%	0
FY 2013 Q1	Mar 31, 2013	12,314	2,636	9,678	—	27.32%	2.69×	—	—	0.61×	855	848	0.59%	0
FY 2012 Q4	Dec 31, 2012	12,709	2,416	10,293	—	28.53%	2.75×	25.02×	2.68×	0.62×	852.98	845	0.84%	0
FY 2012 Q3	Sep 30, 2012	12,657	2,274	10,383	—	28.54%	2.53×	—	—	0.62×	850	846	0.95%	—
FY 2012 Q2	Jun 30, 2012	13,000	2,539	10,461	—	29.07%	2.87×	—	—	0.58×	845	845	0.84%	—
FY 2012 Q1	Mar 31, 2012	13,376	2,911	10,465	—	30.27%	2.63×	—	—	0.61×	847	843	0.72%	—
FY 2011 Q4	Dec 31, 2011	13,791	2,657	11,134	—	31.7%	3.18×	—	—	0.61×	844	838	—	—
FY 2011 Q3	Sep 30, 2011	14,494	2,307	12,187	11.86×	33.68%	3.99×	—	—	0.61×	844	838	0.36%	—
FY 2011 Q2	Jun 30, 2011	14,661	2,855	11,806	18.68×	33.41%	3.7×	—	1.81×	0.63×	844	838	0.48%	—
FY 2011 Q1	Mar 31, 2011	15,169	2,881	12,288	20.01×	34.57%	3.45×	—	2.02×	0.65×	837	837	—	—
FY 2010 Q4	Dec 31, 2010	15,252	2,892	12,360	17×	35.32%	3.32×	—	2.21×	0.64×	—	—	—	—
FY 2010 Q3	Sep 30, 2010	15,365	3,436	11,929	21.49×	35.61%	—	—	—	0.62×	842	835	—	—
FY 2010 Q2	Jun 30, 2010	15,783	4,434	11,349	79.31×	36.03%	—	—	—	0.66×	842	834	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · DAL, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.