Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
Paying user area
Try for free
Delta Air Lines Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2007
- Debt to Equity since 2007
- Price to Sales (P/S) since 2007
- Analysis of Revenues
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Delta Air Lines Inc. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Delta Air Lines Inc., consolidated cash flow statement (quarterly data)
US$ 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).
- Operating Activities Cash Flow
- The net cash provided by operating activities showed significant volatility over the periods. Initially, there was a negative cash flow of -$801 million in March 2017, followed by strong positive cash flows exceeding $2 billion in several quarters of 2017 through mid-2019. However, a steep decline occurred beginning in early 2020, with cash flows turning negative amid the COVID-19 pandemic, reaching a low of -$2,575 million in September 2020. Recovery began gradually in 2021 and 2022, with positive cash flows, though not yet reaching pre-pandemic highs consistently.
- Investing Activities
- The company consistently incurred outflows related to flight equipment and ground property, with significant expenditures noted each quarter. There was a trend of reduced property and equipment additions during 2020, likely reflecting pandemic-related cutbacks. Purchase of short-term investments was substantial in 2020 and 2021, indicating a build-up of liquid assets, while redemptions of these investments increased correspondingly in the same period, possibly to address liquidity needs during the crisis. Proceeds from sale-leaseback transactions were episodic, with a notable $465 million in 2020 and $2.3 billion later in the same year, signifying asset monetization efforts. Taken together, net cash used in investing activities spiked notably in 2020, reflecting both disrupted investment patterns and asset sales for liquidity.
- Financing Activities
- Financing activities showed great variability over the periods analyzed. The company raised substantial proceeds from long-term obligations in several quarters during 2018 through 2020, peaking in 2020 with more than $10 billion raised in some quarters, likely to bolster liquidity during the pandemic. Payments on debt and finance leases were significant but were outweighed by proceeds in 2020. Share repurchases were consistently made from 2017 to 2019 but ceased during and after the onset of the pandemic, reflecting a shift in capital allocation priorities. The cessation of dividends also occurred post-2019. Overall, net cash from financing activities shifted from negative or modest inflows before 2020 to very large inflows during the peak pandemic period, before normalizing somewhat in 2021 and 2022.
- Overall Cash Position
- The net change in cash and equivalents corresponded to the collective effects of operating, investing, and financing activities. Initial periods showed moderate fluctuations, but 2020 saw a substantial increase in cash reserves, with peaks around $6.5 billion in net inflows. This was followed by a dramatic reversal in the fourth quarter of 2020 and early 2021 as cash was deployed, leading to negative net changes. Recovery in cash levels resumed in late 2021 and 2022, albeit with variability, reflecting ongoing adjustments to operational and financial conditions.
- Summary
- The financial data reflects the significant impact of external disruptions beginning in 2020, most notably the COVID-19 pandemic. Operating cash flows declined sharply but began recovering by 2021. Investment activity was curtailed with increased asset sales and a focus on liquidity preservation via short-term investments. Financing strategies shifted emphatically towards debt issuance to provide financial stability, with suspension of share repurchases and dividends in response to the crisis. The company’s cash position increased significantly during the height of uncertainty before stabilizing in the subsequent period.