Delta Air Lines
Delta Air Lines returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q3 | Sep 30, 2026 | 12.91% | 10.18% | -49.08% | 15.92% | 3.97% | 5.2 pp |
| FY 2026 Q2 | Jun 30, 2026 | 14.22% | 10.76% | -15.52% | 20.13% | 4.8% | 6.5 pp |
| FY 2026 Q1 | Mar 31, 2026 | 15.98% | 11.58% | 3.88% | 25% | 5.53% | 8.3 pp |
| FY 2025 Q4 | Dec 31, 2025 | 15.95% | 11.37% | 11.71% | 27.69% | 6.39% | 8.3 pp |
| FY 2025 Q3 | Sep 30, 2025 | 16.71% | 12.31% | 9.55% | 28.52% | 5.97% | 9 pp |
| FY 2025 Q2 | Jun 30, 2025 | 16.55% | 12.02% | -10.03% | 30.07% | 5.84% | 8.9 pp |
| FY 2025 Q1 | Mar 31, 2025 | 16.55% | 12.64% | -72.22% | 27.52% | 4.81% | 8.8 pp |
| FY 2024 Q4 | Dec 31, 2024 | 15.66% | 12.5% | — | 26.19% | 4.64% | 8 pp |
| FY 2024 Q3 | Sep 30, 2024 | 17.06% | 12.05% | 14.61% | 40.67% | 6.26% | 9.4 pp |
| FY 2024 Q2 | Jun 30, 2024 | 18.8% | 13.53% | 149.99% | 43.81% | 6.04% | 11.1 pp |
| FY 2024 Q1 | Mar 31, 2024 | 19.95% | 14.06% | 129.83% | 57.54% | 6.76% | 12.2 pp |
| FY 2023 Q4 | Dec 31, 2023 | 16.57% | 11.8% | 97.32% | 52.12% | 6.32% | 8.9 pp |
| FY 2023 Q3 | Sep 30, 2023 | 18.54% | 12.27% | 74.97% | 49.23% | 4.66% | 10.8 pp |
| FY 2023 Q2 | Jun 30, 2023 | 17.51% | 11% | 31.68% | 50.17% | 4.03% | 9.8 pp |
| FY 2023 Q1 | Mar 31, 2023 | 13.21% | 8.83% | 29.3% | 40.99% | 2.58% | 5.5 pp |
| FY 2022 Q4 | Dec 31, 2022 | 10.24% | 7.48% | 34.39% | 25.18% | 1.82% | 2.5 pp |
| FY 2022 Q3 | Sep 30, 2022 | 2.37% | 4.98% | — | 2.28% | 0.11% | -5.3 pp |
| FY 2022 Q2 | Jun 30, 2022 | 10.13% | 6.39% | — | 23.53% | 0.8% | 2.4 pp |
| FY 2022 Q1 | Mar 31, 2022 | 8.7% | 4.9% | — | 29.71% | 0.7% | 1 pp |
| FY 2021 Q4 | Dec 31, 2021 | 5.86% | 3.51% | — | 10.33% | 0.39% | -1.8 pp |
| FY 2021 Q3 | Sep 30, 2021 | — | 1.38% | — | -2.28% | -0.09% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | -15.07% | — | -133.57% | -9.02% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | -26.45% | — | -176.16% | -18.37% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | -24.84% | — | -146.64% | -18.14% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | -19.95% | — | -114.31% | -14.8% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | -3.76% | — | -32.29% | -5.43% | — |
| FY 2020 Q1 | Mar 31, 2020 | 17.03% | 11.55% | -10.23% | 25.74% | 5.37% | 9.3 pp |
| FY 2019 Q4 | Dec 31, 2019 | 22.36% | 15.39% | 61.31% | 32.82% | 7.64% | 14.7 pp |
| FY 2019 Q3 | Sep 30, 2019 | 21.43% | 15.8% | 59.73% | 32.58% | 7.93% | 13.7 pp |
| FY 2019 Q2 | Jun 30, 2019 | 21.07% | 15.1% | 75.99% | 33.59% | 7.61% | 13.4 pp |
| FY 2019 Q1 | Mar 31, 2019 | 20.03% | 14.57% | 19.15% | 32.09% | 7.05% | 12.3 pp |
| FY 2018 Q4 | Dec 31, 2018 | 18.78% | 13.78% | 19.23% | 28.52% | 6.93% | 11.1 pp |
| FY 2018 Q3 | Sep 30, 2018 | 17.76% | 14.82% | -21.16% | 24.95% | 6.46% | 10.1 pp |
| FY 2018 Q2 | Jun 30, 2018 | 17.99% | 15.48% | -44.72% | 25.23% | 6.17% | 10.3 pp |
| FY 2018 Q1 | Mar 31, 2018 | 18.86% | 16.96% | — | 27.61% | 6.67% | 11.2 pp |
| FY 2017 Q4 | Dec 31, 2017 | 20.3% | 17.29% | -18.29% | 27.31% | 6.84% | 12.6 pp |
| FY 2017 Q3 | Sep 30, 2017 | 19.48% | 16.68% | -39.44% | 27.36% | 7.05% | 11.8 pp |
| FY 2017 Q2 | Jun 30, 2017 | 20.83% | 17.2% | -49.37% | 29.33% | 7.17% | 13.1 pp |
| FY 2017 Q1 | Mar 31, 2017 | 22.26% | 18.28% | -35.71% | 33.31% | 7.69% | 14.6 pp |
| FY 2016 Q4 | Dec 31, 2016 | 26.9% | 19.41% | — | 37.8% | 8.38% | 19.2 pp |
| FY 2016 Q3 | Sep 30, 2016 | 28.48% | 21.29% | 101.91% | 41.4% | 9.05% | 20.8 pp |
| FY 2016 Q2 | Jun 30, 2016 | 29.66% | 22.21% | 188.11% | 44.79% | 9.17% | 22 pp |
| FY 2016 Q1 | Mar 31, 2016 | 29.4% | 22.17% | 213.97% | 46.57% | 8.83% | 21.7 pp |
| FY 2015 Q4 | Dec 31, 2015 | 29.27% | 21.42% | 507.49% | 46.04% | 8.44% | 21.6 pp |
| FY 2015 Q3 | Sep 30, 2015 | 18.11% | 14.37% | — | 25.03% | 5.37% | 10.4 pp |
| FY 2015 Q2 | Jun 30, 2015 | 13.63% | 10.67% | — | 17.24% | 3.57% | 5.9 pp |
| FY 2015 Q1 | Mar 31, 2015 | 10.14% | 8.11% | — | 11.52% | 2.25% | 2.4 pp |
| FY 2014 Q4 | Dec 31, 2014 | 7.4% | 5.86% | — | 6.44% | 1.24% | -0.3 pp |
| FY 2014 Q3 | Sep 30, 2014 | — | 10.83% | — | 158.45% | 20.11% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 13.13% | — | 197.15% | 22.18% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 11.14% | — | 221.61% | 22.1% | — |
| FY 2013 Q4 | Dec 31, 2013 | — | 9.8% | — | 221.61% | 21.78% | — |
| FY 2013 Q3 | Sep 30, 2013 | — | 9.69% | — | 4,647.19% | 4.58% | — |
| FY 2013 Q2 | Jun 30, 2013 | 32.01% | 9.16% | — | — | 3.86% | 24.3 pp |
| FY 2013 Q1 | Mar 31, 2013 | 23.2% | 6.55% | — | — | 2% | 15.5 pp |
| FY 2012 Q4 | Dec 31, 2012 | 23.92% | 7.01% | — | — | 2.29% | 16.2 pp |
| FY 2012 Q3 | Sep 30, 2012 | 21.42% | 8.21% | — | 243.27% | 3.27% | 13.7 pp |
| FY 2012 Q2 | Jun 30, 2012 | — | 6.88% | — | — | 2.1% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | 7.88% | — | — | 2.94% | — |
| FY 2011 Q4 | Dec 31, 2011 | — | 6.31% | — | — | 1.97% | — |
| FY 2011 Q3 | Sep 30, 2011 | — | 4.95% | — | 46.26% | 1.04% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 5.35% | — | 53.25% | 0.6% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | — | — | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | — | — | — |
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.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · DAL, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.