Stock Analysis on Net
Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

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

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Delta Air Lines Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 30, 2022 15.74% = 0.80% × 19.63
Mar 31, 2022 17.29% = 0.70% × 24.66
Dec 31, 2021 7.20% = 0.39% × 18.64
Sep 30, 2021 -2.61% = -0.09% × 27.93
Jun 30, 2021 -519.83% = -8.84% × 58.79
Mar 31, 2021 -2,702.90% = -17.83% × 151.62
Dec 31, 2020 -807.37% = -17.20% × 46.93
Sep 30, 2020 -313.70% = -13.32% × 23.56
Jun 30, 2020 -42.08% = -5.06% × 8.32
Mar 31, 2020 24.48% = 5.10% × 4.80
Dec 31, 2019 31.04% = 7.39% × 4.20
Sep 30, 2019 31.11% = 7.42% × 4.20
Jun 30, 2019 32.35% = 7.22% × 4.48
Mar 31, 2019 31.82% = 6.64% × 4.79
Dec 31, 2018 28.75% = 6.53% × 4.40
Sep 30, 2018 25.45% = 6.34% × 4.01
Jun 30, 2018 26.00% = 5.99% × 4.34
Mar 31, 2018 28.12% = 6.53% × 4.31
Dec 31, 2017 25.72% = 6.71% × 3.83
Sep 30, 2017 — = — × 3.71
Jun 30, 2017 — = — × 3.84
Mar 31, 2017 — = — × 3.98

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).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2022 is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

Delta Air Lines Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2022 15.74% = 1.44% × 0.56 × 19.63
Mar 31, 2022 17.29% = 1.47% × 0.48 × 24.66
Dec 31, 2021 7.20% = 0.94% × 0.41 × 18.64
Sep 30, 2021 -2.61% = -0.28% × 0.34 × 27.93
Jun 30, 2021 -519.83% = -36.37% × 0.24 × 58.79
Mar 31, 2021 -2,702.90% = -102.96% × 0.17 × 151.62
Dec 31, 2020 -807.37% = -72.45% × 0.24 × 46.93
Sep 30, 2020 -313.70% = -42.88% × 0.31 × 23.56
Jun 30, 2020 -42.08% = -10.74% × 0.47 × 8.32
Mar 31, 2020 24.48% = 7.76% × 0.66 × 4.80
Dec 31, 2019 31.04% = 10.14% × 0.73 × 4.20
Sep 30, 2019 31.11% = 10.12% × 0.73 × 4.20
Jun 30, 2019 32.35% = 9.88% × 0.73 × 4.48
Mar 31, 2019 31.82% = 9.14% × 0.73 × 4.79
Dec 31, 2018 28.75% = 8.86% × 0.74 × 4.40
Sep 30, 2018 25.45% = 7.94% × 0.80 × 4.01
Jun 30, 2018 26.00% = 7.77% × 0.77 × 4.34
Mar 31, 2018 28.12% = 8.39% × 0.78 × 4.31
Dec 31, 2017 25.72% = 8.67% × 0.77 × 3.83
Sep 30, 2017 — = — × — × 3.71
Jun 30, 2017 — = — × — × 3.84
Mar 31, 2017 — = — × — × 3.98

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).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2022 is the decrease in financial leverage ratio.

Five-Component Disaggregation of ROE

Delta Air Lines Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2022 15.74% = 0.62 × 0.46 × 5.01% × 0.56 × 19.63
Mar 31, 2022 17.29% = 0.73 × 0.37 × 5.43% × 0.48 × 24.66
Dec 31, 2021 7.20% = 0.70 × 0.24 × 5.61% × 0.41 × 18.64
Sep 30, 2021 -2.61% = — × -0.30 × 4.36% × 0.34 × 27.93
Jun 30, 2021 -519.83% = — × — × -40.14% × 0.24 × 58.79
Mar 31, 2021 -2,702.90% = — × — × -120.79% × 0.17 × 151.62
Dec 31, 2020 -807.37% = — × — × -85.74% × 0.24 × 46.93
Sep 30, 2020 -313.70% = — × — × -50.67% × 0.31 × 23.56
Jun 30, 2020 -42.08% = — × — × -11.33% × 0.47 × 8.32
Mar 31, 2020 24.48% = 0.75 × 0.94 × 10.95% × 0.66 × 4.80
Dec 31, 2019 31.04% = 0.77 × 0.95 × 13.83% × 0.73 × 4.20
Sep 30, 2019 31.11% = 0.76 × 0.95 × 13.91% × 0.73 × 4.20
Jun 30, 2019 32.35% = 0.77 × 0.95 × 13.53% × 0.73 × 4.48
Mar 31, 2019 31.82% = 0.77 × 0.95 × 12.61% × 0.73 × 4.79
Dec 31, 2018 28.75% = 0.76 × 0.94 × 12.29% × 0.74 × 4.40
Sep 30, 2018 25.45% = 0.71 × 0.93 × 11.92% × 0.80 × 4.01
Jun 30, 2018 26.00% = 0.67 × 0.93 × 12.50% × 0.77 × 4.34
Mar 31, 2018 28.12% = 0.64 × 0.93 × 14.05% × 0.78 × 4.31
Dec 31, 2017 25.72% = 0.63 × 0.94 × 14.78% × 0.77 × 3.83
Sep 30, 2017 — = — × — × — × — × 3.71
Jun 30, 2017 — = — × — × — × — × 3.84
Mar 31, 2017 — = — × — × — × — × 3.98

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).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2022 is the decrease in financial leverage ratio.

Two-Component Disaggregation of ROA

Delta Air Lines Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2022 0.80% = 1.44% × 0.56
Mar 31, 2022 0.70% = 1.47% × 0.48
Dec 31, 2021 0.39% = 0.94% × 0.41
Sep 30, 2021 -0.09% = -0.28% × 0.34
Jun 30, 2021 -8.84% = -36.37% × 0.24
Mar 31, 2021 -17.83% = -102.96% × 0.17
Dec 31, 2020 -17.20% = -72.45% × 0.24
Sep 30, 2020 -13.32% = -42.88% × 0.31
Jun 30, 2020 -5.06% = -10.74% × 0.47
Mar 31, 2020 5.10% = 7.76% × 0.66
Dec 31, 2019 7.39% = 10.14% × 0.73
Sep 30, 2019 7.42% = 10.12% × 0.73
Jun 30, 2019 7.22% = 9.88% × 0.73
Mar 31, 2019 6.64% = 9.14% × 0.73
Dec 31, 2018 6.53% = 8.86% × 0.74
Sep 30, 2018 6.34% = 7.94% × 0.80
Jun 30, 2018 5.99% = 7.77% × 0.77
Mar 31, 2018 6.53% = 8.39% × 0.78
Dec 31, 2017 6.71% = 8.67% × 0.77
Sep 30, 2017 — = — × —
Jun 30, 2017 — = — × —
Mar 31, 2017 — = — × —

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).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2022 is the increase in asset turnover ratio.

Four-Component Disaggregation of ROA

Delta Air Lines Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2022 0.80% = 0.62 × 0.46 × 5.01% × 0.56
Mar 31, 2022 0.70% = 0.73 × 0.37 × 5.43% × 0.48
Dec 31, 2021 0.39% = 0.70 × 0.24 × 5.61% × 0.41
Sep 30, 2021 -0.09% = — × -0.30 × 4.36% × 0.34
Jun 30, 2021 -8.84% = — × — × -40.14% × 0.24
Mar 31, 2021 -17.83% = — × — × -120.79% × 0.17
Dec 31, 2020 -17.20% = — × — × -85.74% × 0.24
Sep 30, 2020 -13.32% = — × — × -50.67% × 0.31
Jun 30, 2020 -5.06% = — × — × -11.33% × 0.47
Mar 31, 2020 5.10% = 0.75 × 0.94 × 10.95% × 0.66
Dec 31, 2019 7.39% = 0.77 × 0.95 × 13.83% × 0.73
Sep 30, 2019 7.42% = 0.76 × 0.95 × 13.91% × 0.73
Jun 30, 2019 7.22% = 0.77 × 0.95 × 13.53% × 0.73
Mar 31, 2019 6.64% = 0.77 × 0.95 × 12.61% × 0.73
Dec 31, 2018 6.53% = 0.76 × 0.94 × 12.29% × 0.74
Sep 30, 2018 6.34% = 0.71 × 0.93 × 11.92% × 0.80
Jun 30, 2018 5.99% = 0.67 × 0.93 × 12.50% × 0.77
Mar 31, 2018 6.53% = 0.64 × 0.93 × 14.05% × 0.78
Dec 31, 2017 6.71% = 0.63 × 0.94 × 14.78% × 0.77
Sep 30, 2017 — = — × — × — × —
Jun 30, 2017 — = — × — × — × —
Mar 31, 2017 — = — × — × — × —

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).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2022 is the increase in effect of interest expense measured by interest burden ratio.

Disaggregation of Net Profit Margin

Delta Air Lines Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2022 1.44% = 0.62 × 0.46 × 5.01%
Mar 31, 2022 1.47% = 0.73 × 0.37 × 5.43%
Dec 31, 2021 0.94% = 0.70 × 0.24 × 5.61%
Sep 30, 2021 -0.28% = — × -0.30 × 4.36%
Jun 30, 2021 -36.37% = — × — × -40.14%
Mar 31, 2021 -102.96% = — × — × -120.79%
Dec 31, 2020 -72.45% = — × — × -85.74%
Sep 30, 2020 -42.88% = — × — × -50.67%
Jun 30, 2020 -10.74% = — × — × -11.33%
Mar 31, 2020 7.76% = 0.75 × 0.94 × 10.95%
Dec 31, 2019 10.14% = 0.77 × 0.95 × 13.83%
Sep 30, 2019 10.12% = 0.76 × 0.95 × 13.91%
Jun 30, 2019 9.88% = 0.77 × 0.95 × 13.53%
Mar 31, 2019 9.14% = 0.77 × 0.95 × 12.61%
Dec 31, 2018 8.86% = 0.76 × 0.94 × 12.29%
Sep 30, 2018 7.94% = 0.71 × 0.93 × 11.92%
Jun 30, 2018 7.77% = 0.67 × 0.93 × 12.50%
Mar 31, 2018 8.39% = 0.64 × 0.93 × 14.05%
Dec 31, 2017 8.67% = 0.63 × 0.94 × 14.78%
Sep 30, 2017 — = — × — × —
Jun 30, 2017 — = — × — × —
Mar 31, 2017 — = — × — × —

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).

The primary reason for the decrease in net profit margin ratio over Q2 2022 is the decrease in effect of taxes measured by tax burden ratio.