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. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Price to Operating Profit (P/OP) since 2007
- Price to Book Value (P/BV) since 2007
- Price to Sales (P/S) since 2007
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Delta Air Lines Inc., consolidated income statement (quarterly data)
US$ in millions
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 Trends
- The passenger revenue demonstrates clear seasonality with peaks generally in the second and third quarters from 2017 through early 2020. A sharp decline is observed beginning in the first quarter of 2020, bottoming out in the second quarter of 2020, coinciding with a significant downturn likely due to external disruptions. A gradual recovery is evident throughout late 2020 and into 2022, with passenger revenue in mid-2022 approaching pre-downturn levels. Cargo and other revenues show a less pronounced seasonal pattern but follow a somewhat similar trajectory, with declines in early 2020 followed by steady recovery and growth, particularly in the other revenue segment, which exhibits notable expansion beyond pre-2020 levels by 2022.
- Operating Expenses
- Aircraft fuel and related taxes expenses correlate strongly with revenue trends, showing steady increases from 2017 through 2018 before stabilizing and then falling dramatically in early 2020, reflecting reduced operations. Despite some rebound into 2022, fuel costs rise sharply again by mid-2022. Contracted services, landing fees, regional carriers expense, and aircraft maintenance costs all diminish substantially in 2020, consistent with reduced operational activity, and increase progressively into 2022, though not consistently reaching pre-2020 magnitudes across all categories.
- Cost Structure and Profitability
- Cost of operating revenue parallels passenger revenue trends with sharp reductions in 2020 and gradual recovery afterward. Gross profit margins appear strained in 2020 as indicated by negative or minimal gross profits in the early quarters of the year, reflecting the revenue shock. A recovery phase from late 2020 through 2022 is reflected in improving gross profits, although fluctuations persist. Operating income exhibits similar fluctuations, with positive values through 2019; then deep and sustained losses occur in 2020, followed by a slow and uneven recovery into 2022. The presence of restructuring charges from 2020 onward significantly impacts operating income, indicative of efforts to manage costs during disrupted periods.
- Labor and Ancillary Costs
- Salaries and related costs show a relative decline beginning in early 2020, consistent with operational contractions, before gradually increasing toward the later quarters, but remaining under earlier peak values. Ancillary businesses and refinery expenses report consistently negative values starting in mid-2018, deepening substantially after 2019, highlighting challenges in these segments likely intensified by broader operational issues throughout 2020 and beyond.
- Depreciation and Other Expenses
- Depreciation and amortization expenses remain relatively stable over the entire period, suggesting steady asset base utilization despite operational fluctuations. Passenger commissions and selling expenses decline sharply in 2020, coinciding with lower passenger volumes, and begin increasing again in 2021 and 2022, albeit not to previous levels. Miscellaneous expenses present volatility with some significant positive and negative swings in certain quarters, likely reflecting non-recurring items or adjustments.
- Non-operating Items and Net Income
- Interest expense remains consistently negative, with increases in 2020 likely linked to increased debt servicing amid financial stress. Non-operating income and losses swing widely, notably turning significantly negative in 2020, which compounds the operating results. Government grant recognition appears from 2020 onward, providing some offset to adverse trends. Net income trends mirror operating income with strong profitability through 2019, turning to large losses in 2020, and partial recovery by 2022. Despite recovery attempts, net income remains volatile with some quarters still reflecting losses or subdued profits relative to pre-2020 performance.