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

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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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).

Operating revenue exhibited a period of consistent growth between 2017 and 2019, followed by a severe contraction in 2020 and a subsequent partial recovery in 2021. Total operating revenue peaked at $47,007 million in 2019 before falling to $17,095 million in 2020, a decline of approximately 63.6%. By the end of 2021, revenue ascended to $29,899 million, representing a recovery to roughly 63% of the 2019 peak.

Passenger Revenue Analysis: Passenger revenue, which includes ticket sales, loyalty travel awards, and travel-related services, remains the dominant revenue stream. This segment grew from $36,947 million in 2017 to a peak of $42,277 million in 2019. The 2020 fiscal year recorded a precipitous drop to $12,883 million, a contraction of nearly 70% compared to the previous year. Although passenger revenue recovered to $22,519 million in 2021, it remained significantly below pre-2020 levels.
Refinery and Diversification Trends: The refinery segment emerged as a significant growth driver during the period. With no recorded revenue in 2017 or 2018, the segment grew from $97 million in 2019 to $1,150 million in 2020, reaching $3,229 million by 2021. This rapid expansion provided a critical revenue offset during the decline in passenger traffic.
Cargo and Loyalty Program Performance: Cargo revenue demonstrated a notable upward trend toward the end of the period, peaking at $1,032 million in 2021, the highest value recorded since 2017. The loyalty program showed greater resilience than ticket sales during the 2020 downturn; revenue decreased from $1,962 million in 2019 to $1,458 million in 2020, before recovering to $1,770 million in 2021.
Ancillary and Other Revenue Streams: Ancillary business revenue experienced a steady decline from a peak of $1,801 million in 2018 to $793 million in 2021. Conversely, other revenue remained remarkably stable during the 2020 contraction, moving from $3,977 million in 2019 to $3,604 million in 2020, and then surging to $6,348 million in 2021, largely driven by the increase in refinery operations.

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