Name: Delta Air Lines Inc. (NYSE:DAL) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

Delta Air Lines Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Ticket	19,339)	10,970)	36,908)	34,950)	32,467)
Loyalty travel awards	1,786)	935)	2,900)	2,651)	2,403)
Travel-related services	1,394)	978)	2,469)	2,154)	2,077)
Passenger revenue	22,519)	12,883)	42,277)	39,755)	36,947)
Cargo revenue	1,032)	608)	753)	865)	744)
Refinery	3,229)	1,150)	97)	—)	—)
Loyalty program	1,770)	1,458)	1,962)	1,459)	1,269)
Ancillary businesses	793)	648)	1,200)	1,801)	1,591)
Miscellaneous	556)	348)	718)	558)	587)
Other revenue	6,348)	3,604)	3,977)	3,818)	3,447)
Operating revenue	29,899)	17,095)	47,007)	44,438)	41,138)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Passenger Revenue Trends: Passenger revenue, encompassing ticket sales, loyalty travel awards, and travel-related services, showed a steady increase from 2017 to 2019. Ticket revenue rose from $32,467 million in 2017 to $36,908 million in 2019, loyalty travel awards increased from $2,403 million to $2,900 million, and travel-related services increased from $2,077 million to $2,469 million during the same period. However, in 2020, all these components experienced a sharp decline due to external factors, with ticket revenue dropping to $10,970 million, loyalty travel awards to $935 million, and travel-related services to $978 million. Partial recovery is observed in 2021, though values remain below pre-2020 levels.
Cargo Revenue: Cargo revenue displayed a fluctuating but relatively stable trend, starting at $744 million in 2017, peaking at $865 million in 2018, and then slightly decreasing in 2019 and 2020. A noticeable increase to $1,032 million in 2021 is evident, suggesting a rebound or growth in cargo operations.
Refinery Revenue Development: Refinery revenue emerges only from 2019 onwards, with a modest $97 million in 2019, followed by a sharp jump to $1,150 million in 2020 and further increasing to $3,229 million in 2021. This indicates a significant new or expanded revenue stream contributing to overall revenue starting from 2019.
Loyalty Program Revenue: The loyalty program revenue shows steady growth from $1,269 million in 2017 to $1,962 million in 2019, then declines to $1,458 million in 2020 before recovering somewhat to $1,770 million in 2021. This trend suggests resilience, though impacted by the downturn in 2020.
Ancillary Businesses Revenue: Ancillary businesses revenue displays a peak in 2018 at $1,801 million but declines considerably to $1,200 million in 2019 and further to $648 million in 2020. A modest recovery to $793 million in 2021 is noted, but the overall level remains depressed compared to earlier years.
Miscellaneous Revenue: Miscellaneous revenue has minor fluctuations, decreasing from $587 million in 2017 to $348 million in 2020, followed by an increase to $556 million in 2021. This suggests some resilience despite volatility.
Other Revenue: Other revenue remained relatively stable from 2017 ($3,447 million) through 2019 ($3,977 million), declined slightly in 2020 ($3,604 million), and increased significantly to $6,348 million in 2021. This increase may reflect expansion or new revenue sources in this category post-2020.
Overall Operating Revenue: Operating revenue increased steadily from $41,138 million in 2017 to $47,007 million in 2019, before a significant decrease to $17,095 million in 2020, reflecting the sharp impact of adverse circumstances during that year. A substantial recovery to $29,899 million in 2021 is observed, though still below the peak in 2019. The emergence and growth of refinery revenue and increase in other revenue in 2021 contribute positively to this recovery.

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