Stock Analysis on Net
Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

$22.49

This company has been moved to the archive! The financial data has not been updated since July 13, 2022.

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.

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Delta Air Lines Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Passenger
Cargo
Other
Operating revenue
Aircraft fuel and related taxes
Contracted services
Landing fees and other rents
Regional carriers expense
Aircraft maintenance materials and outside repairs
Passenger service
Aircraft rent
Cost of operating revenue
Gross profit
Salaries and related costs
Ancillary businesses and refinery
Depreciation and amortization
Passenger commissions and other selling expenses
Restructuring charges
Profit sharing
Government grant recognition
Other
Operating income (loss)
Interest expense, net
Impairments and equity method losses
Gain (loss) on investments, net
Loss on extinguishment of debt
Pension and related benefit (expense)
Miscellaneous, net
Non-operating expense, net
Income (loss) before income taxes
Income tax (provision) benefit
Net income (loss)

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).

Revenue Trends
The company’s operating revenue showed steady growth from 2017 to 2019, increasing from $41.2 billion to $47.0 billion. However, there was a sharp decline in 2020 to $17.1 billion, largely attributable to a decrease in passenger revenue from $42.3 billion in 2019 to $12.9 billion in 2020. Cargo revenue also decreased in 2020 but rebounded in 2021 to $1.0 billion, exceeding pre-pandemic levels. Other operating revenues were volatile, dropping in 2018 and 2020 but rising significantly in 2021 to $6.3 billion.
Costs and Expenses
Aircraft fuel and related taxes fluctuated with a peak in 2018 at $9.0 billion, declining sharply in 2020 to $3.2 billion, before partially recovering to $5.6 billion in 2021. Contracted services and landing fees showed a similar pattern of decline in 2020 and partial recovery in 2021. Notably, regional carriers’ expenses decreased substantially from $4.5 billion in 2017 to $1.7 billion in 2021, reflecting possible strategy shifts or operational changes. Costs of operating revenue dropped in 2020 to $10.7 billion from almost $20 billion in 2019 but rose again in 2021.
Profitability Indicators
Gross profit followed operating revenue trends, peaking at nearly $27.1 billion in 2019 before falling dramatically in 2020 to $6.4 billion and recovering partially in 2021. Operating income turned negative in 2020, showing a loss of $12.5 billion, after several years of positive income, but returned to a positive $1.9 billion in 2021. This indicates a significant operational impact during 2020 with gradual recovery thereafter.
Cost Control and Efficiency
Salaries and related costs declined in 2020 to $8.8 billion from $11.2 billion in 2019 but increased in 2021 to $9.7 billion. Depreciation and amortization slightly decreased in 2021 compared to prior years. The decline in passenger commissions and selling expenses in 2020, followed by an increase in 2021, further supports a retrenchment during the pandemic and subsequent adjustment.
Non-operating Items and Miscellaneous Impacts
Interest expense rose steadily from 2017 to 2021, reflecting higher debt costs or borrowing levels. Significant impairments and losses appeared in 2020, reaching $2.4 billion, with some reduction in 2021. The recognition of government grants in 2020 and 2021 to the tune of $3.9 billion and $4.5 billion respectively contributed positively during the crisis period. Miscellaneous and non-operating expenses varied, with a notable spike in non-operating net expense in 2020.
Net Income and Taxation
Net income increased from 2017 through 2019, with the highest profit of $4.8 billion in 2019. However, the company suffered a major net loss of $12.4 billion in 2020, with a partial recovery to a modest income of $280 million in 2021. Income tax provisions demonstrate significant variability, including a tax benefit in 2020 coinciding with the net loss, followed by a small tax provision in 2021.
Additional Observations
There was a one-time restructuring charge of $8.2 billion in 2020, indicative of cost restructuring during a difficult operating environment. The company also recorded a small positive impact from pension and related benefits in 2020 and 2021. Overall, the data illustrates the severe impact of external shocks on financial performance in 2020, with early signs of recovery and cost adjustments in the subsequent year.