Delta Air Lines

Delta’s diversified revenue mix improves consistency, but the airline model is inherently cyclical and exposed to shocks. Management guides 2026 free cash flow of $3 to $4 billion versus 2025’s ~$4.6 billion, reflecting reinvestment and demand sensitivity. Engine maintenance bottlenecks and fuel price variance add noise.

While loyalty and MRO provide recurring, high‑margin components, we still expect variable cash generation through cycles.