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

Income Statement
Quarterly Data

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.

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Delta Air Lines Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Passenger	10,958)	6,907)	7,241)	7,191)	5,339)	2,748)	2,698)	1,938)	678)	7,569)	10,245)	11,410)	11,368)	9,254)	9,648)	10,796)	10,546)	8,765)	8,501)	9,399)	9,231)	7,688)
Cargo	272)	289)	304)	262)	251)	215)	206)	142)	108)	152)	186)	189)	186)	192)	214)	226)	223)	202)	199)	187)	183)	160)
Other	2,594)	2,152)	1,924)	1,701)	1,536)	1,187)	1,069)	982)	682)	871)	1,008)	961)	982)	1,026)	880)	931)	1,006)	1,001)	1,545)	1,474)	1,377)	1,300)
Operating revenue	13,824)	9,348)	9,469)	9,154)	7,126)	4,150)	3,973)	3,062)	1,468)	8,592)	11,439)	12,560)	12,536)	10,472)	10,742)	11,953)	11,775)	9,968)	10,245)	11,060)	10,791)	9,148)
Aircraft fuel and related taxes	(3,223)	(2,092)	(1,577)	(1,552)	(1,487)	(1,017)	(723)	(486)	(372)	(1,595)	(2,011)	(2,239)	(2,291)	(1,978)	(2,325)	(2,498)	(2,341)	(1,856)	(1,526)	(1,519)	(1,448)	(1,240)
Contracted services	(791)	(753)	(697)	(634)	(570)	(519)	(380)	(379)	(344)	(675)	(667)	(685)	(657)	(632)	(529)	(562)	(540)	(544)	(557)	(561)	(543)	(523)
Landing fees and other rents	(546)	(504)	(542)	(524)	(460)	(493)	(323)	(378)	(350)	(467)	(441)	(460)	(442)	(419)	(409)	(439)	(425)	(389)	(384)	(400)	(379)	(365)
Regional carriers expense	(528)	(491)	(479)	(453)	(403)	(401)	(592)	(488)	(497)	(902)	(886)	(900)	(905)	(893)	(852)	(885)	(863)	(838)	(1,156)	(1,156)	(1,081)	(1,110)
Aircraft maintenance materials and outside repairs	(522)	(465)	(387)	(433)	(287)	(294)	(204)	(106)	(43)	(469)	(417)	(424)	(434)	(476)	(342)	(371)	(427)	(435)	(496)	(503)	(475)	(518)
Passenger service	(369)	(275)	(237)	(226)	(175)	(118)	(90)	(88)	(88)	(257)	(313)	(345)	(322)	(271)	(286)	(329)	(300)	(263)	(261)	(315)	(271)	(220)
Aircraft rent	(127)	(122)	(117)	(105)	(104)	(104)	(104)	(99)	(96)	(100)	(104)	(110)	(107)	(102)	(104)	(99)	(97)	(94)	(92)	(89)	(86)	(84)
Cost of operating revenue	(6,106)	(4,702)	(4,036)	(3,927)	(3,486)	(2,946)	(2,416)	(2,024)	(1,790)	(4,465)	(4,839)	(5,163)	(5,158)	(4,771)	(4,847)	(5,183)	(4,993)	(4,419)	(4,472)	(4,543)	(4,283)	(4,060)
Gross profit	7,718)	4,646)	5,433)	5,227)	3,640)	1,204)	1,557)	1,038)	(322)	4,127)	6,600)	7,397)	7,378)	5,701)	5,895)	6,770)	6,782)	5,549)	5,773)	6,517)	6,508)	5,088)
Salaries and related costs	(2,955)	(2,826)	(2,632)	(2,566)	(2,328)	(2,202)	(1,941)	(1,956)	(2,086)	(2,771)	(2,950)	(2,884)	(2,752)	(2,639)	(2,738)	(2,753)	(2,668)	(2,584)	(2,632)	(2,715)	(2,616)	(2,473)
Ancillary businesses and refinery	(1,718)	(1,382)	(1,233)	(1,079)	(939)	(706)	(604)	(561)	(401)	(219)	(299)	(279)	(316)	(351)	(298)	(410)	(494)	(493)	—)	—)	—)	—)
Depreciation and amortization	(510)	(506)	(504)	(501)	(501)	(492)	(498)	(545)	(591)	(678)	(622)	(631)	(713)	(615)	(570)	(573)	(583)	(603)	(586)	(574)	(535)	(540)
Passenger commissions and other selling expenses	(526)	(312)	(313)	(308)	(222)	(110)	(85)	(94)	(45)	(358)	(489)	(539)	(538)	(427)	(468)	(535)	(511)	(427)	(443)	(482)	(458)	(404)
Restructuring charges	—)	5)	16)	(33)	(8)	44)	(420)	(5,345)	(2,454)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Government grant recognition	—)	—)	—)	1,822)	1,504)	1,186)	1,351)	1,315)	1,280)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Profit sharing	(54)	—)	(108)	—)	—)	—)	—)	—)	—)	—)	(388)	(517)	(518)	(220)	(310)	(399)	(404)	(188)	(262)	(314)	(338)	(151)
Other	(436)	(408)	(396)	(357)	(330)	(322)	(218)	(238)	(196)	(511)	(453)	(476)	(413)	(429)	(420)	(455)	(438)	(410)	(656)	(593)	(533)	(467)
Operating income (loss)	1,519)	(783)	263)	2,205)	816)	(1,398)	(858)	(6,386)	(4,815)	(410)	1,399)	2,071)	2,128)	1,020)	1,091)	1,645)	1,684)	844)	1,194)	1,839)	2,028)	1,053)
Interest expense, net	(269)	(274)	(266)	(314)	(338)	(361)	(365)	(291)	(194)	(79)	(73)	(70)	(75)	(83)	(67)	(73)	(79)	(92)	(99)	(100)	(103)	(94)
Equity method results	(12)	—)	(234)	(49)	—)	(54)	—)	(114)	(2,058)	(260)	(72)	27)	(17)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain (loss) on investments, net	(221)	(147)	(194)	(223)	211)	262)	94)	(95)	8)	(112)	136)	(35)	(82)	100)	184)	50)	(238)	18)	—)	—)	—)	—)
Loss on extinguishment of debt	(41)	(25)	(54)	(183)	(26)	(56)	(8)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Pension and related benefit (expense)	73)	73)	225)	—)	119)	107)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Miscellaneous, net	(16)	(44)	(135)	96)	(6)	(15)	30)	27)	45)	254)	8)	(46)	(47)	(91)	137)	66)	19)	(38)	(5)	66)	(34)	(44)
Non-operating income (expense), net	(486)	(417)	(658)	(673)	(40)	(117)	(249)	(473)	(2,199)	(197)	(1)	(124)	(221)	(74)	254)	43)	(298)	(112)	(104)	(34)	(137)	(138)
Income (loss) before income taxes	1,033)	(1,200)	(395)	1,532)	776)	(1,515)	(1,107)	(6,859)	(7,014)	(607)	1,398)	1,947)	1,907)	946)	1,345)	1,688)	1,386)	732)	1,090)	1,805)	1,891)	915)
Income tax (provision) benefit	(298)	260)	(12)	(320)	(124)	338)	352)	1,480)	1,297)	73)	(299)	(452)	(464)	(216)	(325)	(366)	(350)	(175)	(518)	(627)	(667)	(312)
Net income (loss)	735)	(940)	(407)	1,212)	652)	(1,177)	(755)	(5,379)	(5,717)	(534)	1,099)	1,495)	1,443)	730)	1,020)	1,322)	1,036)	557)	572)	1,178)	1,224)	603)

The financial performance from early 2017 through mid-2022 is characterized by a period of stable growth, a severe contraction during the 2020 fiscal year, and a subsequent recovery phase. The trajectory of the results highlights an extreme sensitivity to external shocks, followed by a gradual restoration of operational capacity and revenue streams.

Revenue Dynamics: Operating revenue showed a steady upward trend from 2017 to 2019, peaking at 12.56 billion USD in the third quarter of 2019. A precipitous decline occurred in the second quarter of 2020, where total revenue fell to 1.47 billion USD, driven primarily by the collapse of passenger revenue. Recovery began in the second half of 2020, with passenger revenue returning to 10.96 billion USD by the second quarter of 2022. Notably, cargo revenue acted as a stabilizing factor, increasing from a 2017 average of approximately 180 million USD to peaks of over 300 million USD in late 2021.
Operating Expense Patterns: Aircraft fuel and related taxes represent the most volatile cost component, fluctuating from 1.24 billion USD in early 2017 to a peak of 3.22 billion USD by mid-2022. During the 2020 downturn, fuel costs dropped significantly, reaching a low of 372 million USD in the second quarter of 2020. Salaries and related costs exhibited greater rigidity; while they declined during the pandemic, they did not drop proportionally to the revenue collapse, maintaining a floor around 1.9 billion USD per quarter before climbing back to 2.96 billion USD by June 2022.
Profitability and Margin Erosion: Gross profit remained robust through 2019 but turned negative in the second quarter of 2020. Operating income suffered severe losses in 2020, with a peak deficit of 6.39 billion USD in the third quarter of 2020. This was exacerbated by substantial restructuring charges totaling billions of dollars during 2020. The impact of these losses was partially mitigated by government grant recognition, which provided significant inflows between the second quarter of 2020 and the third quarter of 2021.
Bottom Line and Non-Operating Impact: Net income transitioned from consistent quarterly profits between 2017 and 2019 to deep losses in 2020 and 2021, including a 5.72 billion USD loss in the second quarter of 2020. Interest expenses increased during the downturn, reflecting higher debt loads to maintain liquidity, rising from sub-100 million USD levels pre-2020 to peaks over 360 million USD. A return to net profitability was achieved in the second quarter of 2022, with a reported net income of 735 million USD.

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Delta Air Lines Inc. (NYSE:DAL)

Income StatementQuarterly Data

Income Statement
Quarterly Data