Selected Financial Data
since 2007
Income Statement
Delta Air Lines Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Operating revenue | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2021 | 29,899) | 1,886) | 280) |
| Dec 31, 2020 | 17,095) | (12,469) | (12,385) |
| Dec 31, 2019 | 47,007) | 6,618) | 4,767) |
| Dec 31, 2018 | 44,438) | 5,264) | 3,935) |
| Dec 31, 2017 | 41,244) | 6,114) | 3,577) |
| Dec 31, 2016 | 39,639) | 6,952) | 4,373) |
| Dec 31, 2015 | 40,704) | 7,802) | 4,526) |
| Dec 31, 2014 | 40,362) | 2,206) | 659) |
| Dec 31, 2013 | 37,773) | 3,400) | 10,540) |
| Dec 31, 2012 | 36,670) | 2,175) | 1,009) |
| Dec 31, 2011 | 35,115) | 1,975) | 854) |
| Dec 31, 2010 | 31,755) | 2,217) | 593) |
| Dec 31, 2009 | 28,063) | (324) | (1,237) |
| Dec 31, 2008 | 22,697) | (8,314) | (8,922) |
| Dec 31, 2007 | 19,154) | 1,096) | 1,612) |
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).
The financial trajectory from 2007 to 2021 is characterized by a prolonged period of expansion and stabilization, followed by a severe contraction and a subsequent partial recovery.
- Revenue Trends
- Operating revenue demonstrated consistent growth for over a decade, increasing from 19,154 million US$ in 2007 to a peak of 47,007 million US$ in 2019. This growth trend was abruptly reversed in 2020, with revenue plummeting to 17,095 million US$, the lowest level recorded in the analyzed period. A recovery phase is evident in 2021, as revenue climbed back to 29,899 million US$.
- Operating Profitability
- Operating income exhibited extreme volatility during the initial years, with a substantial loss of 8,314 million US$ in 2008. From 2010 to 2019, the company maintained a period of sustained profitability, with operating income peaking at 7,802 million US$ in 2015. This trend was disrupted in 2020 by a record operating loss of 12,469 million US$, before returning to a positive position of 1,886 million US$ in 2021.
- Net Income Analysis
- Net income patterns largely align with operating trends but show higher variance. Following deep losses in 2008 and 2009, the company achieved consistent profitability through 2019. A significant anomaly is observed in 2013, where net income spiked to 10,540 million US$, disproportionately exceeding the operating income of 3,400 million US$ for the same year. The most acute decline occurred in 2020, resulting in a net loss of 12,385 million US$, followed by a return to a modest profit of 280 million US$ in 2021.
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Balance Sheet: Assets
Delta Air Lines Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 15,940) | 72,459) |
| Dec 31, 2020 | 17,404) | 71,996) |
| Dec 31, 2019 | 8,249) | 64,532) |
| Dec 31, 2018 | 6,340) | 60,266) |
| Dec 31, 2017 | 7,844) | 53,292) |
| Dec 31, 2016 | 7,451) | 51,261) |
| Dec 31, 2015 | 9,056) | 53,134) |
| Dec 31, 2014 | 12,465) | 54,121) |
| Dec 31, 2013 | 9,651) | 52,252) |
| Dec 31, 2012 | 8,272) | 44,550) |
| Dec 31, 2011 | 7,729) | 43,499) |
| Dec 31, 2010 | 7,307) | 43,188) |
| Dec 31, 2009 | 7,741) | 43,539) |
| Dec 31, 2008 | 8,904) | 45,014) |
| Dec 31, 2007 | 5,240) | 32,423) |
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).
The balance sheet exhibits a substantial long-term expansion in total asset value, more than doubling between 2007 and 2021. This growth is characterized by distinct phases of rapid accumulation followed by periods of relative stability and a final phase of sustained increase.
- Total Asset Growth Trends
- A significant increase in total assets is observed between 2007 and 2008, rising from 32,423 million to 45,014 million. Following a period of relative stagnation between 2009 and 2012, assets experienced a second growth phase starting in 2013, reaching 54,121 million by 2014. A final, consistent upward trajectory began in 2017, with total assets climbing from 53,292 million to a peak of 72,459 million by the end of 2021.
- Current Asset Volatility
- Current assets demonstrated higher volatility than total assets over the analyzed period. After an initial increase in 2008, values fluctuated between 7,307 million and 8,904 million from 2009 to 2011. A peak was reached in 2014 at 12,465 million, followed by a steady decline to a period low of 6,340 million in 2018. An exceptional surge occurred in 2020, where current assets reached 17,404 million, before moderating to 15,940 million in 2021.
- Asset Composition and Liquidity Shift
- The proportion of current assets relative to total assets indicates a significant shift in the liquidity profile. In 2018, current assets represented approximately 10.5% of total assets. This ratio increased dramatically in 2020, with current assets accounting for approximately 24.2% of the total asset base, suggesting a sharp increase in liquid holdings relative to non-current assets during that fiscal year.
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Balance Sheet: Liabilities and Stockholders’ Equity
Delta Air Lines Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt and capital leases, including current maturities | Stockholders’ equity (deficit) | |
|---|---|---|---|---|
| Dec 31, 2021 | 20,966) | 68,572) | 26,920) | 3,887) |
| Dec 31, 2020 | 15,927) | 70,462) | 29,157) | 1,534) |
| Dec 31, 2019 | 20,204) | 49,174) | 11,160) | 15,358) |
| Dec 31, 2018 | 18,578) | 46,579) | 9,771) | 13,687) |
| Dec 31, 2017 | 18,573) | 39,382) | 8,834) | 13,910) |
| Dec 31, 2016 | 15,239) | 38,974) | 7,332) | 12,287) |
| Dec 31, 2015 | 17,526) | 42,284) | 8,329) | 10,850) |
| Dec 31, 2014 | 16,879) | 45,308) | 9,777) | 8,813) |
| Dec 31, 2013 | 14,152) | 40,609) | 11,342) | 11,643) |
| Dec 31, 2012 | 13,270) | 46,681) | 12,709) | (2,131) |
| Dec 31, 2011 | 12,701) | 44,895) | 13,791) | (1,396) |
| Dec 31, 2010 | 11,385) | 42,291) | 15,252) | 897) |
| Dec 31, 2009 | 9,797) | 43,294) | 17,198) | 245) |
| Dec 31, 2008 | 11,022) | 44,140) | 16,571) | 874) |
| Dec 31, 2007 | 6,605) | 22,310) | 9,295) | 10,113) |
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).
An analysis of the balance sheet between 2007 and 2021 reveals significant fluctuations in liability structures and equity stability, characterized by three distinct phases: a period of initial instability (2008-2012), a phase of recovery and growth (2013-2019), and a period of acute financial stress followed by initial stabilization (2020-2021).
- Liability Trends
- Total liabilities exhibited a sharp increase from 22,310 million US$ in 2007 to 44,140 million US$ in 2008. This level remained relatively stable, fluctuating between 38,974 million US$ and 49,174 million US$ through 2019. A significant escalation occurred in 2020, where total liabilities peaked at 70,462 million US$, before a slight reduction to 68,572 million US$ in 2021.
- Long-Term Debt Dynamics
- Long-term debt and capital leases showed a steady deleveraging trend from a 2008 peak of 16,571 million US$ down to a low of 7,332 million US$ by 2016. This downward trend reversed gradually until 2019, followed by a dramatic surge to 29,157 million US$ in 2020. This represents nearly a threefold increase from 2019 levels, indicating a substantial reliance on long-term borrowing during the 2020 fiscal year.
- Equity Volatility
- Stockholders' equity experienced extreme variance over the period. After a steep decline from 10,113 million US$ in 2007, a deficit was recorded in 2011 and 2012, reaching a low of -2,131 million US$. A robust recovery period followed, with equity peaking at 15,358 million US$ in 2019. However, 2020 witnessed a drastic erosion of equity to 1,534 million US$, followed by a partial rebound to 3,887 million US$ by the end of 2021.
- Current Obligations
- Current liabilities followed a consistent upward trajectory, growing from 6,605 million US$ in 2007 to 20,966 million US$ in 2021. The increase was most pronounced between 2007 and 2008 and again between 2020 and 2021, reflecting a general increase in short-term financial obligations over the fourteen-year span.
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Cash Flow Statement
Delta Air Lines Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 3,264) | (898) | (3,852) |
| Dec 31, 2020 | (3,793) | (9,238) | 19,356) |
| Dec 31, 2019 | 8,425) | (4,563) | (2,880) |
| Dec 31, 2018 | 7,014) | (4,393) | (1,726) |
| Dec 31, 2017 | 5,148) | (5,366) | (730) |
| Dec 31, 2016 | 7,205) | (2,155) | (4,260) |
| Dec 31, 2015 | 7,927) | (3,955) | (4,088) |
| Dec 31, 2014 | 4,947) | (2,463) | (3,240) |
| Dec 31, 2013 | 4,504) | (2,756) | (1,320) |
| Dec 31, 2012 | 2,476) | (1,962) | (755) |
| Dec 31, 2011 | 2,834) | (1,498) | (1,571) |
| Dec 31, 2010 | 2,832) | (2,026) | (2,521) |
| Dec 31, 2009 | 1,379) | (1,008) | (19) |
| Dec 31, 2008 | (1,707) | 1,598) | 1,716) |
| Dec 31, 2007 | 1,359) | (625) | (120) |
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).
Analysis of the cash flow trajectory reveals a long-term pattern of operational growth and capital investment that was severely interrupted by a liquidity crisis in 2020, followed by a recovery phase in 2021.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited a strong growth trend between 2009 and 2019, increasing from 1,379 million to a peak of 8,425 million. This growth was punctuated by two significant downturns: a deficit of 1,707 million in 2008 and a substantial contraction to -3,793 million in 2020. The recovery to 3,264 million in 2021 indicates a restoration of positive cash generation from core business operations.
- Investing Activity Patterns
- Cash flows from investing activities were consistently negative for the majority of the period, signifying ongoing capital expenditures. A notable anomaly occurred in 2008, where a positive inflow of 1,598 million was recorded. Investment outflows intensified over time, peaking at 9,238 million in 2020, the highest recorded expenditure in the period. This was followed by a significant reduction in investing outflows to 898 million in 2021.
- Financing Activity and Liquidity Strategy
- Financing activities showed a sustained period of outflows from 2010 through 2019, with peak outflows occurring in 2015 and 2016, suggesting a period of deleveraging or shareholder distributions. This trend reversed abruptly in 2020 with a massive cash inflow of 19,356 million, indicating a critical reliance on external financing to maintain liquidity. By 2021, financing activities returned to a negative position of 3,852 million, suggesting the beginning of debt repayment or capital restructuring.
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Per Share Data
Delta Air Lines Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 0.44 | 0.44 | 0.00 |
| Dec 31, 2020 | -19.49 | -19.49 | 0.40 |
| Dec 31, 2019 | 7.32 | 7.30 | 1.51 |
| Dec 31, 2018 | 5.69 | 5.67 | 1.31 |
| Dec 31, 2017 | 4.97 | 4.95 | 1.02 |
| Dec 31, 2016 | 5.82 | 5.79 | 0.68 |
| Dec 31, 2015 | 5.68 | 5.63 | 0.45 |
| Dec 31, 2014 | 0.79 | 0.78 | 0.30 |
| Dec 31, 2013 | 12.41 | 12.29 | 0.12 |
| Dec 31, 2012 | 1.20 | 1.19 | 0.00 |
| Dec 31, 2011 | 1.02 | 1.01 | 0.00 |
| Dec 31, 2010 | 0.71 | 0.70 | 0.00 |
| Dec 31, 2009 | -1.50 | -1.50 | 0.00 |
| Dec 31, 2008 | -19.08 | -19.08 | 0.00 |
| Dec 31, 2007 | 7.38 | 5.42 | 0.00 |
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, 2, 3 Data adjusted for splits and stock dividends.
Earnings per share exhibits extreme volatility over the analyzed period, characterized by two significant collapses followed by periods of recovery and growth.
- Earnings Volatility and Performance
- Significant negative earnings were recorded in 2008 and 2020, with losses reaching -19.08 US$ and -19.49 US$ per share, respectively. These troughs are contrasted by a sharp peak in 2013, where basic earnings per share reached 12.41 US$. Following a correction in 2014, a period of sustained profitability was observed from 2015 through 2019, with earnings peaking at 7.32 US$ in 2019. A return to marginal profitability was noted in 2021 with a diluted EPS of 0.44 US$.
- Dividend Distribution Trends
- Dividend payments were nonexistent from 2007 through 2012. The initiation of dividends occurred in 2013 at 0.12 US$ per share, followed by a consistent upward trajectory that culminated in a high of 1.51 US$ per share in 2019. This growth trend was abruptly interrupted in 2020, coinciding with the earnings collapse, resulting in a reduction to 0.40 US$ per share and a subsequent cessation of dividends in 2021.
- Dilution Analysis
- A close correlation is maintained between basic and diluted earnings per share across the entire duration. The narrow variance between these two metrics suggests that the impact of convertible securities or stock options on the earnings per share remained minimal.
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