Operating Profit Margin
since 2007
Calculation
Delta Air Lines Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income (loss)1 | ÷ | Operating revenue1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | 6.31% | = | 100 | × | 1,886) | ÷ | 29,899) |
| Dec 31, 2020 | -72.94% | = | 100 | × | (12,469) | ÷ | 17,095) |
| Dec 31, 2019 | 14.08% | = | 100 | × | 6,618) | ÷ | 47,007) |
| Dec 31, 2018 | 11.85% | = | 100 | × | 5,264) | ÷ | 44,438) |
| Dec 31, 2017 | 14.82% | = | 100 | × | 6,114) | ÷ | 41,244) |
| Dec 31, 2016 | 17.54% | = | 100 | × | 6,952) | ÷ | 39,639) |
| Dec 31, 2015 | 19.17% | = | 100 | × | 7,802) | ÷ | 40,704) |
| Dec 31, 2014 | 5.47% | = | 100 | × | 2,206) | ÷ | 40,362) |
| Dec 31, 2013 | 9.00% | = | 100 | × | 3,400) | ÷ | 37,773) |
| Dec 31, 2012 | 5.93% | = | 100 | × | 2,175) | ÷ | 36,670) |
| Dec 31, 2011 | 5.62% | = | 100 | × | 1,975) | ÷ | 35,115) |
| Dec 31, 2010 | 6.98% | = | 100 | × | 2,217) | ÷ | 31,755) |
| Dec 31, 2009 | -1.15% | = | 100 | × | (324) | ÷ | 28,063) |
| Dec 31, 2008 | -36.63% | = | 100 | × | (8,314) | ÷ | 22,697) |
| Dec 31, 2007 | 5.72% | = | 100 | × | 1,096) | ÷ | 19,154) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31).
1 US$ in millions
The analysis of operating performance from 2007 to 2021 reveals a trajectory characterized by significant volatility, punctuated by two extreme downturns and a period of substantial margin expansion.
- Volatility and Extreme Contractions
- Two severe contractions in operating profit margin are evident. In 2008, the margin dropped to -36.63%, coinciding with an operating loss of US$ 8.3 billion. A more profound collapse occurred in 2020, where the operating profit margin fell to -72.94% as operating revenue plummeted from US$ 47.0 billion in 2019 to US$ 17.1 billion in 2020, resulting in an operating loss of US$ 12.5 billion.
- Period of Margin Expansion and Peak Performance
- Following the 2009 recovery, a sustained period of profitability was observed between 2010 and 2019. Operating margins remained relatively stable between 5.47% and 9.00% until 2015, when the margin reached a historical peak of 19.17%. This peak was supported by an operating income of US$ 7.8 billion on revenues of US$ 40.7 billion. While margins gradually compressed from 2016 to 2018, they remained significantly higher than the pre-2015 average.
- Recovery Patterns
- The data demonstrates a capacity for rapid operational recovery following systemic shocks. After the 2008 crash, the operating margin returned to positive territory (6.98%) by 2010. Similarly, following the 2020 collapse, the operating profit margin recovered to 6.31% in 2021, reflecting a return to positive operating income of US$ 1.9 billion despite revenue remaining significantly below 2019 levels.
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Comparison to Competitors
Delta Air Lines Inc., operating profit margin, long-term trends, comparison to competitors
| Delta Air Lines Inc. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2021 | 6.31% | 6.98% | -21.97% | 42.83% | -4.15% | 13.17% |
| Dec 31, 2020 | -72.94% | 3.49% | -43.66% | 40.11% | -41.41% | 9.08% |
| Dec 31, 2019 | 14.08% | 6.41% | -60.76% | 39.40% | 9.94% | 10.52% |
| Dec 31, 2018 | 11.85% | 7.44% | — | 37.30% | 7.97% | 9.77% |
| Dec 31, 2017 | 14.82% | 8.35% | — | 37.95% | 9.27% | 11.43% |
| Dec 31, 2016 | 17.54% | 6.11% | — | 36.47% | 11.87% | 8.98% |
| Dec 31, 2015 | 19.17% | 3.93% | — | 36.91% | 13.64% | 13.14% |
| Dec 31, 2014 | 5.47% | 7.56% | — | 36.49% | 6.10% | 8.53% |
| Dec 31, 2013 | 9.00% | 5.76% | — | 33.90% | 3.26% | 12.69% |
| Dec 31, 2012 | 5.93% | 7.46% | — | 32.23% | 0.10% | 2.48% |
| Dec 31, 2011 | 5.62% | 6.05% | — | 29.27% | 4.91% | 11.45% |
| Dec 31, 2010 | 6.98% | 5.75% | — | 29.36% | 4.20% | 11.86% |
| Dec 31, 2009 | -1.15% | 2.10% | — | 23.98% | -0.99% | 8.39% |
| Dec 31, 2008 | -36.63% | 5.47% | — | 22.68% | -21.98% | 10.45% |
| Dec 31, 2007 | 5.72% | 9.30% | — | 20.73% | 5.15% | 1.16% |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31).