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

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Delta Air Lines Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Passenger	22,519)	12,883)	42,277)	39,755)	34,819)
Cargo	1,032)	608)	753)	865)	729)
Other	6,348)	3,604)	3,977)	3,818)	5,696)
Operating revenue	29,899)	17,095)	47,007)	44,438)	41,244)
Aircraft fuel and related taxes	(5,633)	(3,176)	(8,519)	(9,020)	(5,733)
Contracted services	(2,420)	(1,778)	(2,641)	(2,175)	(2,184)
Landing fees and other rents	(2,019)	(1,518)	(1,762)	(1,662)	(1,528)
Regional carriers expense	(1,736)	(2,479)	(3,584)	(3,438)	(4,503)
Aircraft maintenance materials and outside repairs	(1,401)	(822)	(1,751)	(1,575)	(1,992)
Passenger service	(756)	(523)	(1,251)	(1,178)	(1,067)
Aircraft rent	(430)	(399)	(423)	(394)	(351)
Cost of operating revenue	(14,395)	(10,695)	(19,931)	(19,442)	(17,358)
Gross profit	15,504)	6,400)	27,076)	24,996)	23,886)
Salaries and related costs	(9,728)	(8,754)	(11,225)	(10,743)	(10,436)
Ancillary businesses and refinery	(3,957)	(1,785)	(1,245)	(1,695)	—)
Depreciation and amortization	(1,998)	(2,312)	(2,581)	(2,329)	(2,235)
Passenger commissions and other selling expenses	(953)	(582)	(1,993)	(1,941)	(1,787)
Restructuring charges	19)	(8,219)	—)	—)	—)
Profit sharing	(108)	—)	(1,643)	(1,301)	(1,065)
Government grant recognition	4,512)	3,946)	—)	—)	—)
Other	(1,405)	(1,163)	(1,771)	(1,723)	(2,249)
Operating income (loss)	1,886)	(12,469)	6,618)	5,264)	6,114)
Interest expense, net	(1,279)	(929)	(301)	(311)	(396)
Impairments and equity method losses	(337)	(2,432)	(62)	(60)	—)
Gain (loss) on investments, net	56)	(105)	119)	38)	—)
Loss on extinguishment of debt	(319)	(8)	—)	—)	—)
Pension and related benefit (expense)	451)	219)	(65)	—)	—)
Miscellaneous, net	(60)	137)	(111)	220)	(17)
Non-operating expense, net	(1,488)	(3,118)	(420)	(113)	(413)
Income (loss) before income taxes	398)	(15,587)	6,198)	5,151)	5,701)
Income tax (provision) benefit	(118)	3,202)	(1,431)	(1,216)	(2,124)
Net income (loss)	280)	(12,385)	4,767)	3,935)	3,577)

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).

The financial trajectory between 2017 and 2021 is characterized by a period of steady growth through 2019, followed by a severe contraction in 2020 and a partial recovery in 2021. Net income grew consistently from 3,577 million USD in 2017 to a peak of 4,767 million USD in 2019, before plummeting to a loss of 12,385 million USD in 2020. A return to profitability was achieved in 2021, although net income remained significantly lower than pre-2020 levels at 280 million USD.

Revenue Stream Dynamics: Passenger revenue served as the primary growth driver until 2019, rising from 34,819 million USD to 42,277 million USD. This stream experienced the most volatility, dropping to 12,883 million USD in 2020 before recovering to 22,519 million USD in 2021. In contrast, cargo revenue demonstrated resilience, peaking in 2021 at 1,032 million USD, which provided a marginal offset to the decline in passenger traffic.
Operating Cost Structure: The cost of operating revenue closely mirrored revenue trends, decreasing from 19,931 million USD in 2019 to 10,695 million USD in 2020. Aircraft fuel and related taxes showed significant fluctuation, peaking at 9,020 million USD in 2018 before falling to 3,176 million USD in 2020. Regional carrier expenses showed a consistent downward trend over the five-year period, declining from 4,503 million USD in 2017 to 1,736 million USD in 2021.
Operational Profitability and Extraordinary Items: Operating income remained stable and positive between 2017 and 2019, ranging from 5,264 million USD to 6,618 million USD. The 2020 fiscal year saw a massive operating loss of 12,469 million USD, driven largely by a restructuring charge of 8,219 million USD. This loss was partially mitigated by government grant recognitions, which totaled 3,946 million USD in 2020 and 4,512 million USD in 2021.
Non-Operating Expenses and Leverage: A notable increase in interest expenses is observed toward the end of the period, rising from 301 million USD in 2019 to 1,279 million USD in 2021, suggesting increased borrowing to maintain liquidity. Furthermore, 2020 was marked by significant impairments and equity method losses totaling 2,432 million USD, contributing to the overall deficit in income before taxes.

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