Common-Size Income Statement
Quarterly Data
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Delta Air Lines Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Revenue Composition
- Passenger revenue consistently represents the majority of operating revenue, generally fluctuating between about 73% and 91%. It peaked around mid-2018 and then experienced a sharp decline in early 2020 due to external shocks, falling to roughly 46%, before gradually recovering to nearly 79% by mid-2022.
- Cargo revenue maintains a relatively small share, mostly between 1.5% and 2%, but saw a significant temporary increase during 2020, reaching over 7%, likely due to shifts in transportation demand.
- The "Other" category of operating revenue showed a modest share in normal periods (around 7%-14%), but surged dramatically in 2020, peaking near 46%, reflecting likely compensatory or non-standard revenue streams during crisis periods, before declining and stabilizing at approximately 19% by mid-2022.
- Cost Structure and Expenses
- Aircraft fuel and related taxes constitute a large and volatile component of operating costs, typically ranging from approximately -13% to -22% of operating revenue. Notably, there was a pronounced increase in this cost during some quarters of 2020 and early 2021, reaching lows of about -25% and again worsening towards -23% by mid-2022.
- Contracted services, landing fees, and regional carriers expenses generally represent smaller but significant cost items, exhibiting sharp increases in some quarters of 2020 with contracted services and landing fees rising to around -23% and -24%, respectively, indicating operational disruptions.
- Salaries and related costs mostly ranged between -21% and -27% before 2020 but dramatically increased in early 2020, peaking at over -142%, reflecting substantial workforce cost impacts. These costs showed gradually decreasing absolute impact through 2021 and 2022.
- Depreciation and amortization steadily accounted for approximately -3.7% to -7.9% of operating revenue, with a marked spike in early 2020 to around -40%, consistent with asset impairments or accounting adjustments during the crisis.
- Passenger commissions and other selling expenses remained relatively stable over time, generally within -2% to -4.5%, showing minor declines during the crisis.
- Profitability Metrics
- Gross profit as a percentage of operating revenue was stable around 55% to 60% before 2020, but turned deeply negative in early 2020 (-21.9%), indicating significant operational losses. It recovered partially through 2021 and 2022, reaching around 56% by mid-2022.
- Operating income exhibited strong positive values prior to 2020, ranging mostly between about 8.5% and 19%. However, it sharply declined into large negative figures in early 2020 (down to -328%), reflecting the crisis impact. Some recovery occurred in late 2021 and mid-2022, but levels remained volatile.
- Net income followed a similar pattern: positive and stable pre-2020 (approximately 5.5% to 11.9%), plunging to large negative values during 2020 (-389%), then recovering toward small positive territory by mid-2022.
- Non-Operating Items and Other Effects
- Restructuring charges were negligible or zero before 2020 but became highly negative starting in 2020, reaching as low as -174%, indicating heavy restructuring costs during the crisis. These charges diminished substantially by late 2021.
- Government grant recognition appeared only during the crisis period in 2020 and 2021, representing a significant positive income effect (up to 87%), likely reflecting aid received to mitigate the impact.
- Interest expense generally varied between about -0.6% and -1%, but saw a severe rise in early 2020, surpassing -13%, before decreasing gradually to below -2% by 2022.
- Miscellaneous income and non-operating income/expense exhibited increased volatility during the crisis period, with some positive spikes in miscellaneous income and large negative non-operating expenses in 2020.
- Cost of Operating Revenue
- This key measure mostly stayed within the range of -39% to -46% in pre-crisis years, drastically deteriorated to approximately -122% in early 2020, signaling costs far exceeding revenue inflows during that period. Partial recovery occurred subsequently, but elevated cost pressures remained evident through 2022.
- Summary of Trends
- The data reflect a significant disruption beginning in early 2020 with sharp declines in passenger revenue, soaring costs especially salaries, fuel, and restructuring, as well as extraordinary government support and restructuring expenses. These factors led to substantial operating and net losses during 2020. Partial recovery trends are observable through 2021 and sustained into 2022, with gradual improvements in revenue composition, cost normalization, profitability, and reduced restructuring impacts.
- Overall, the financial ratios demonstrate the company's vulnerability to external shocks impacting passenger demand and operational costs but also underscore some resilience via cargo revenue and government aid. The gradual recovery in profitability metrics suggests ongoing adjustments and adaptation were underway by mid-2022.