Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel LibreOffice Calc

Solvency Ratios (Summary)

Delta Air Lines Inc., solvency ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Debt Ratios
Debt to equity 8.54 6.93 10.67 22.68 60.26 19.01 10.39 2.84 1.19 0.73 0.67 0.72 0.83 0.71 0.68 0.77 0.69 0.64 0.63 0.67 0.71
Debt to equity (including operating lease liability) 11.20 8.92 13.12 27.57 73.16 23.17 12.34 3.54 1.61 1.12 1.09 1.17 1.36 1.21 0.68 0.77 0.69 0.64 0.63 0.67 0.71
Debt to capital 0.90 0.87 0.91 0.96 0.98 0.95 0.91 0.74 0.54 0.42 0.40 0.42 0.45 0.42 0.40 0.44 0.41 0.39 0.39 0.40 0.42
Debt to capital (including operating lease liability) 0.92 0.90 0.93 0.97 0.99 0.96 0.93 0.78 0.62 0.53 0.52 0.54 0.58 0.55 0.40 0.44 0.41 0.39 0.39 0.40 0.42
Debt to assets 0.35 0.37 0.38 0.39 0.40 0.40 0.44 0.34 0.25 0.17 0.16 0.16 0.17 0.16 0.17 0.18 0.16 0.17 0.17 0.17 0.18
Debt to assets (including operating lease liability) 0.45 0.48 0.47 0.47 0.48 0.49 0.52 0.43 0.33 0.27 0.26 0.26 0.28 0.27 0.17 0.18 0.16 0.17 0.17 0.17 0.18
Financial leverage 24.66 18.64 27.93 58.79 151.62 46.93 23.56 8.32 4.80 4.20 4.20 4.48 4.79 4.40 4.01 4.34 4.31 3.83 3.71 3.84 3.98
Coverage Ratios
Interest coverage 1.60 1.31 0.77 -5.42 -12.62 -15.78 -19.54 -9.28 16.64 21.59 21.83 20.75 18.76 17.56 15.27 14.55 15.01 15.40

Based on: 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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Delta Air Lines Inc. debt to equity ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Delta Air Lines Inc. debt to equity ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Delta Air Lines Inc. debt to capital ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Delta Air Lines Inc. debt to capital ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Delta Air Lines Inc. debt to assets ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Delta Air Lines Inc. debt to assets ratio (including operating lease liability) deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 exceeding Q3 2021 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Delta Air Lines Inc. financial leverage ratio decreased from Q3 2021 to Q4 2021 but then increased from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Delta Air Lines Inc. interest coverage ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Debt to Equity

Delta Air Lines Inc., debt to equity calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,116  1,782  2,296  2,372  2,983  1,732  5,045  5,230  4,337  2,287  2,196  2,281  3,055  1,518  1,176  1,342  2,289  2,242  1,224  1,098  1,040 
Debt and finance leases, excluding current maturities 24,441  25,138  25,523  26,679  26,061  27,425  29,825  19,412  12,662  8,873  7,923  7,710  7,710  8,253  8,115  8,562  6,360  6,592  7,584  7,916  8,187 
Total debt 25,557  26,920  27,819  29,051  29,044  29,157  34,870  24,642  16,999  11,160  10,119  9,991  10,765  9,771  9,291  9,904  8,649  8,834  8,808  9,014  9,227 
 
Stockholders’ equity 2,991  3,887  2,606  1,281  482  1,534  3,357  8,690  14,309  15,358  15,068  13,958  12,911  13,687  13,704  12,856  12,557  13,910  14,001  13,479  12,945 
Solvency Ratio
Debt to equity1 8.54 6.93 10.67 22.68 60.26 19.01 10.39 2.84 1.19 0.73 0.67 0.72 0.83 0.71 0.68 0.77 0.69 0.64 0.63 0.67 0.71
Benchmarks
Debt to Equity, Competitors2
American Airlines Group Inc. 157.71 6.38 6.25 6.69 7.10
CSX Corp. 1.24 1.21 1.25 1.22 1.24 1.28 1.30 1.36 1.41 1.37 1.41 1.28 1.27 1.17 1.00 0.98 0.96 0.80 1.08 1.02 0.97
FedEx Corp. 0.85 0.86 1.07 1.11 1.20 1.20 1.03 1.01 1.03 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91 0.93 0.97 0.94 0.97
Norfolk Southern Corp. 1.10 1.01 1.00 0.96 0.86 0.86 0.85 0.85 0.82 0.80 0.78 0.75 0.74 0.73 0.72 0.58 0.63 0.60 0.78 0.78 0.81
Union Pacific Corp. 2.71 2.10 2.11 2.01 1.64 1.58 1.63 1.73 1.74 1.39 1.43 1.39 1.42 1.10 1.09 1.15 0.72 0.68 0.88 0.80 0.76
United Parcel Service Inc. 1.42 1.54 1.84 2.09 3.32 37.53 4.60 6.18 8.67 7.73 4.30 5.31 6.68 7.53 7.52 9.76 17.18 24.29 12.53 14.53 32.22

Based on: 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).

1 Q1 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 25,557 ÷ 2,991 = 8.54

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Delta Air Lines Inc. debt to equity ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.

Debt to Equity (including Operating Lease Liability)

Delta Air Lines Inc., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,116  1,782  2,296  2,372  2,983  1,732  5,045  5,230  4,337  2,287  2,196  2,281  3,055  1,518  1,176  1,342  2,289  2,242  1,224  1,098  1,040 
Debt and finance leases, excluding current maturities 24,441  25,138  25,523  26,679  26,061  27,425  29,825  19,412  12,662  8,873  7,923  7,710  7,710  8,253  8,115  8,562  6,360  6,592  7,584  7,916  8,187 
Total debt 25,557  26,920  27,819  29,051  29,044  29,157  34,870  24,642  16,999  11,160  10,119  9,991  10,765  9,771  9,291  9,904  8,649  8,834  8,808  9,014  9,227 
Current maturities of operating leases 744  703  636  638  653  678  714  732  768  801  844  841  941  955  —  —  —  —  —  —  — 
Noncurrent operating leases 7,199  7,056  5,742  5,633  5,568  5,713  5,856  5,371  5,204  5,294  5,441  5,539  5,805  5,801  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 33,500  34,679  34,197  35,322  35,265  35,548  41,440  30,745  22,971  17,255  16,404  16,371  17,511  16,527  9,291  9,904  8,649  8,834  8,808  9,014  9,227 
 
Stockholders’ equity 2,991  3,887  2,606  1,281  482  1,534  3,357  8,690  14,309  15,358  15,068  13,958  12,911  13,687  13,704  12,856  12,557  13,910  14,001  13,479  12,945 
Solvency Ratio
Debt to equity (including operating lease liability)1 11.20 8.92 13.12 27.57 73.16 23.17 12.34 3.54 1.61 1.12 1.09 1.17 1.36 1.21 0.68 0.77 0.69 0.64 0.63 0.67 0.71
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 215.25 6.38 6.25 6.69 7.10
CSX Corp. 1.28 1.25 1.28 1.25 1.28 1.31 1.33 1.40 1.45 1.41 1.45 1.33 1.31 1.17 1.00 0.98 0.96 0.80 1.08 1.02 0.97
FedEx Corp. 1.49 1.51 1.75 1.83 1.95 1.97 1.78 1.78 1.81 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91 0.93 0.97 0.94 0.97
Union Pacific Corp. 2.82 2.20 2.20 2.10 1.71 1.65 1.71 1.81 1.83 1.47 1.51 1.48 1.51 1.10 1.09 1.15 0.72 0.68 0.88 0.80 0.76
United Parcel Service Inc. 1.65 1.79 2.13 2.42 3.75 42.24 5.14 6.86 9.58 8.62 4.76 5.88 7.43 7.53 7.52 9.76 17.18 24.29 12.53 14.53 32.22

Based on: 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).

1 Q1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 33,500 ÷ 2,991 = 11.20

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Delta Air Lines Inc. debt to equity ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Debt to Capital

Delta Air Lines Inc., debt to capital calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,116  1,782  2,296  2,372  2,983  1,732  5,045  5,230  4,337  2,287  2,196  2,281  3,055  1,518  1,176  1,342  2,289  2,242  1,224  1,098  1,040 
Debt and finance leases, excluding current maturities 24,441  25,138  25,523  26,679  26,061  27,425  29,825  19,412  12,662  8,873  7,923  7,710  7,710  8,253  8,115  8,562  6,360  6,592  7,584  7,916  8,187 
Total debt 25,557  26,920  27,819  29,051  29,044  29,157  34,870  24,642  16,999  11,160  10,119  9,991  10,765  9,771  9,291  9,904  8,649  8,834  8,808  9,014  9,227 
Stockholders’ equity 2,991  3,887  2,606  1,281  482  1,534  3,357  8,690  14,309  15,358  15,068  13,958  12,911  13,687  13,704  12,856  12,557  13,910  14,001  13,479  12,945 
Total capital 28,548  30,807  30,425  30,332  29,526  30,691  38,227  33,332  31,308  26,518  25,187  23,949  23,676  23,458  22,995  22,760  21,206  22,744  22,809  22,493  22,172 
Solvency Ratio
Debt to capital1 0.90 0.87 0.91 0.96 0.98 0.95 0.91 0.74 0.54 0.42 0.40 0.42 0.45 0.42 0.40 0.44 0.41 0.39 0.39 0.40 0.42
Benchmarks
Debt to Capital, Competitors2
American Airlines Group Inc. 1.31 1.24 1.24 1.24 1.25 1.27 1.20 1.11 1.12 1.00 0.99 1.00 1.03 1.01 1.02 1.04 1.04 0.86 0.86 0.87 0.88
CSX Corp. 0.55 0.55 0.55 0.55 0.55 0.56 0.56 0.58 0.58 0.58 0.59 0.56 0.56 0.54 0.50 0.50 0.49 0.45 0.52 0.51 0.49
FedEx Corp. 0.46 0.46 0.52 0.53 0.54 0.55 0.51 0.50 0.51 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48 0.48 0.49 0.48 0.49
Norfolk Southern Corp. 0.52 0.50 0.50 0.49 0.46 0.46 0.46 0.46 0.45 0.45 0.44 0.43 0.43 0.42 0.42 0.37 0.39 0.38 0.44 0.44 0.45
Union Pacific Corp. 0.73 0.68 0.68 0.67 0.62 0.61 0.62 0.63 0.64 0.58 0.59 0.58 0.59 0.52 0.52 0.53 0.42 0.41 0.47 0.45 0.43
United Parcel Service Inc. 0.59 0.61 0.65 0.68 0.77 0.97 0.82 0.86 0.90 0.89 0.81 0.84 0.87 0.88 0.88 0.91 0.94 0.96 0.93 0.94 0.97

Based on: 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).

1 Q1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,557 ÷ 28,548 = 0.90

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Delta Air Lines Inc. debt to capital ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Debt to Capital (including Operating Lease Liability)

Delta Air Lines Inc., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,116  1,782  2,296  2,372  2,983  1,732  5,045  5,230  4,337  2,287  2,196  2,281  3,055  1,518  1,176  1,342  2,289  2,242  1,224  1,098  1,040 
Debt and finance leases, excluding current maturities 24,441  25,138  25,523  26,679  26,061  27,425  29,825  19,412  12,662  8,873  7,923  7,710  7,710  8,253  8,115  8,562  6,360  6,592  7,584  7,916  8,187 
Total debt 25,557  26,920  27,819  29,051  29,044  29,157  34,870  24,642  16,999  11,160  10,119  9,991  10,765  9,771  9,291  9,904  8,649  8,834  8,808  9,014  9,227 
Current maturities of operating leases 744  703  636  638  653  678  714  732  768  801  844  841  941  955  —  —  —  —  —  —  — 
Noncurrent operating leases 7,199  7,056  5,742  5,633  5,568  5,713  5,856  5,371  5,204  5,294  5,441  5,539  5,805  5,801  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 33,500  34,679  34,197  35,322  35,265  35,548  41,440  30,745  22,971  17,255  16,404  16,371  17,511  16,527  9,291  9,904  8,649  8,834  8,808  9,014  9,227 
Stockholders’ equity 2,991  3,887  2,606  1,281  482  1,534  3,357  8,690  14,309  15,358  15,068  13,958  12,911  13,687  13,704  12,856  12,557  13,910  14,001  13,479  12,945 
Total capital (including operating lease liability) 36,491  38,566  36,803  36,603  35,747  37,082  44,797  39,435  37,280  32,613  31,472  30,329  30,422  30,214  22,995  22,760  21,206  22,744  22,809  22,493  22,172 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.92 0.90 0.93 0.97 0.99 0.96 0.93 0.78 0.62 0.53 0.52 0.54 0.58 0.55 0.40 0.44 0.41 0.39 0.39 0.40 0.42
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 1.24 1.19 1.19 1.19 1.20 1.20 1.15 1.09 1.08 1.00 1.00 1.00 1.02 1.00 1.02 1.04 1.04 0.86 0.86 0.87 0.88
CSX Corp. 0.56 0.56 0.56 0.56 0.56 0.57 0.57 0.58 0.59 0.59 0.59 0.57 0.57 0.54 0.50 0.50 0.49 0.45 0.52 0.51 0.49
FedEx Corp. 0.60 0.60 0.64 0.65 0.66 0.66 0.64 0.64 0.64 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48 0.48 0.49 0.48 0.49
Union Pacific Corp. 0.74 0.69 0.69 0.68 0.63 0.62 0.63 0.64 0.65 0.60 0.60 0.60 0.60 0.52 0.52 0.53 0.42 0.41 0.47 0.45 0.43
United Parcel Service Inc. 0.62 0.64 0.68 0.71 0.79 0.98 0.84 0.87 0.91 0.90 0.83 0.85 0.88 0.88 0.88 0.91 0.94 0.96 0.93 0.94 0.97

Based on: 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).

1 Q1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 33,500 ÷ 36,491 = 0.92

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Delta Air Lines Inc. debt to capital ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Debt to Assets

Delta Air Lines Inc., debt to assets calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,116  1,782  2,296  2,372  2,983  1,732  5,045  5,230  4,337  2,287  2,196  2,281  3,055  1,518  1,176  1,342  2,289  2,242  1,224  1,098  1,040 
Debt and finance leases, excluding current maturities 24,441  25,138  25,523  26,679  26,061  27,425  29,825  19,412  12,662  8,873  7,923  7,710  7,710  8,253  8,115  8,562  6,360  6,592  7,584  7,916  8,187 
Total debt 25,557  26,920  27,819  29,051  29,044  29,157  34,870  24,642  16,999  11,160  10,119  9,991  10,765  9,771  9,291  9,904  8,649  8,834  8,808  9,014  9,227 
 
Total assets 73,748  72,459  72,783  75,309  73,083  71,996  79,076  72,261  68,738  64,532  63,219  62,518  61,841  60,266  55,003  55,796  54,078  53,292  51,928  51,815  51,459 
Solvency Ratio
Debt to assets1 0.35 0.37 0.38 0.39 0.40 0.40 0.44 0.34 0.25 0.17 0.16 0.16 0.17 0.16 0.17 0.18 0.16 0.17 0.17 0.17 0.18
Benchmarks
Debt to Assets, Competitors2
American Airlines Group Inc. 0.56 0.57 0.56 0.55 0.58 0.53 0.52 0.48 0.43 0.41 0.41 0.41 0.40 0.40 0.47 0.46 0.46 0.49 0.47 0.47 0.47
CSX Corp. 0.40 0.40 0.41 0.41 0.41 0.42 0.42 0.42 0.43 0.42 0.43 0.42 0.41 0.40 0.37 0.37 0.37 0.33 0.33 0.33 0.32
FedEx Corp. 0.25 0.25 0.28 0.29 0.30 0.30 0.28 0.27 0.27 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31 0.31 0.32 0.29 0.30
Norfolk Southern Corp. 0.38 0.36 0.36 0.35 0.33 0.33 0.33 0.33 0.33 0.32 0.32 0.31 0.31 0.31 0.31 0.27 0.28 0.28 0.28 0.28 0.29
Union Pacific Corp. 0.50 0.47 0.47 0.46 0.43 0.43 0.44 0.45 0.45 0.41 0.42 0.41 0.41 0.38 0.38 0.39 0.30 0.29 0.29 0.28 0.27
United Parcel Service Inc. 0.31 0.32 0.34 0.35 0.37 0.40 0.41 0.43 0.47 0.44 0.45 0.44 0.44 0.45 0.50 0.50 0.52 0.53 0.46 0.45 0.45

Based on: 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).

1 Q1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 25,557 ÷ 73,748 = 0.35

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Delta Air Lines Inc. debt to assets ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Debt to Assets (including Operating Lease Liability)

Delta Air Lines Inc., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of debt and finance leases 1,116  1,782  2,296  2,372  2,983  1,732  5,045  5,230  4,337  2,287  2,196  2,281  3,055  1,518  1,176  1,342  2,289  2,242  1,224  1,098  1,040 
Debt and finance leases, excluding current maturities 24,441  25,138  25,523  26,679  26,061  27,425  29,825  19,412  12,662  8,873  7,923  7,710  7,710  8,253  8,115  8,562  6,360  6,592  7,584  7,916  8,187 
Total debt 25,557  26,920  27,819  29,051  29,044  29,157  34,870  24,642  16,999  11,160  10,119  9,991  10,765  9,771  9,291  9,904  8,649  8,834  8,808  9,014  9,227 
Current maturities of operating leases 744  703  636  638  653  678  714  732  768  801  844  841  941  955  —  —  —  —  —  —  — 
Noncurrent operating leases 7,199  7,056  5,742  5,633  5,568  5,713  5,856  5,371  5,204  5,294  5,441  5,539  5,805  5,801  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 33,500  34,679  34,197  35,322  35,265  35,548  41,440  30,745  22,971  17,255  16,404  16,371  17,511  16,527  9,291  9,904  8,649  8,834  8,808  9,014  9,227 
 
Total assets 73,748  72,459  72,783  75,309  73,083  71,996  79,076  72,261  68,738  64,532  63,219  62,518  61,841  60,266  55,003  55,796  54,078  53,292  51,928  51,815  51,459 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.45 0.48 0.47 0.47 0.48 0.49 0.52 0.43 0.33 0.27 0.26 0.26 0.28 0.27 0.17 0.18 0.16 0.17 0.17 0.17 0.18
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 0.68 0.69 0.68 0.67 0.70 0.66 0.66 0.62 0.58 0.56 0.56 0.56 0.55 0.56 0.47 0.46 0.46 0.49 0.47 0.47 0.47
CSX Corp. 0.42 0.42 0.42 0.42 0.42 0.43 0.43 0.44 0.44 0.44 0.44 0.43 0.43 0.40 0.37 0.37 0.37 0.33 0.33 0.33 0.32
FedEx Corp. 0.44 0.44 0.47 0.47 0.49 0.49 0.48 0.47 0.48 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31 0.31 0.32 0.29 0.30
Union Pacific Corp. 0.52 0.49 0.49 0.48 0.45 0.45 0.46 0.47 0.47 0.43 0.44 0.44 0.44 0.38 0.38 0.39 0.30 0.29 0.29 0.28 0.27
United Parcel Service Inc. 0.36 0.37 0.39 0.40 0.42 0.44 0.46 0.48 0.52 0.49 0.50 0.49 0.49 0.45 0.50 0.50 0.52 0.53 0.46 0.45 0.45

Based on: 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).

1 Q1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 33,500 ÷ 73,748 = 0.45

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Delta Air Lines Inc. debt to assets ratio (including operating lease liability) deteriorated from Q3 2021 to Q4 2021 but then improved from Q4 2021 to Q1 2022 exceeding Q3 2021 level.

Financial Leverage

Delta Air Lines Inc., financial leverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Total assets 73,748  72,459  72,783  75,309  73,083  71,996  79,076  72,261  68,738  64,532  63,219  62,518  61,841  60,266  55,003  55,796  54,078  53,292  51,928  51,815  51,459 
Stockholders’ equity 2,991  3,887  2,606  1,281  482  1,534  3,357  8,690  14,309  15,358  15,068  13,958  12,911  13,687  13,704  12,856  12,557  13,910  14,001  13,479  12,945 
Solvency Ratio
Financial leverage1 24.66 18.64 27.93 58.79 151.62 46.93 23.56 8.32 4.80 4.20 4.20 4.48 4.79 4.40 4.01 4.34 4.31 3.83 3.71 3.84 3.98
Benchmarks
Financial Leverage, Competitors2
American Airlines Group Inc. 382.34 13.09 13.27 14.36 15.22
CSX Corp. 3.07 3.00 3.05 2.98 3.02 3.04 3.10 3.20 3.27 3.23 3.27 3.09 3.07 2.92 2.69 2.64 2.60 2.43 3.27 3.09 3.06
FedEx Corp. 3.37 3.43 3.77 3.86 3.99 4.02 3.72 3.75 3.77 3.06 2.74 2.76 2.71 2.70 2.74 2.95 2.97 3.02 3.08 3.19 3.22
Norfolk Southern Corp. 2.92 2.82 2.78 2.71 2.59 2.57 2.56 2.55 2.52 2.50 2.46 2.43 2.42 2.36 2.35 2.16 2.20 2.18 2.76 2.76 2.81
Union Pacific Corp. 5.38 4.49 4.48 4.34 3.80 3.68 3.70 3.86 3.89 3.40 3.44 3.40 3.46 2.90 2.87 2.95 2.37 2.33 3.00 2.88 2.83
United Parcel Service Inc. 4.55 4.87 5.46 6.00 8.86 94.99 11.16 14.22 18.46 17.71 9.59 11.98 15.02 16.56 15.07 19.43 33.08 45.40 27.41 31.93 71.74

Based on: 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).

1 Q1 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 73,748 ÷ 2,991 = 24.66

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Delta Air Lines Inc. financial leverage ratio decreased from Q3 2021 to Q4 2021 but then increased from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

Interest Coverage

Delta Air Lines Inc., interest coverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss) (940) (407) 1,212  652  (1,177) (755) (5,379) (5,717) (534) 1,099  1,495  1,443  730  1,020  1,322  1,036  557  572  1,178  1,224  603 
Add: Income tax expense (260) 12  320  124  (338) (352) (1,480) (1,297) (73) 299  452  464  216  325  366  350  175  518  627  667  312 
Add: Interest expense, net 274  266  314  338  361  365  291  194  79  73  70  75  83  67  73  79  92  99  100  103  94 
Earnings before interest and tax (EBIT) (926) (129) 1,846  1,114  (1,154) (742) (6,568) (6,820) (528) 1,471  2,017  1,982  1,029  1,412  1,761  1,465  824  1,189  1,905  1,994  1,009 
Solvency Ratio
Interest coverage1 1.60 1.31 0.77 -5.42 -12.62 -15.78 -19.54 -9.28 16.64 21.59 21.83 20.75 18.76 17.56 15.27 14.55 15.01 15.40
Benchmarks
Interest Coverage, Competitors2
American Airlines Group Inc. -0.62 -0.42 -1.44 -3.75 -6.56 -8.33 -6.23 -3.17 0.19 3.06 2.89 2.87 2.78 2.78 2.82 3.29 3.79 3.93
CSX Corp. 8.17 7.86 7.48 6.98 5.73 5.81 5.79 6.01 6.72 6.86 7.17 7.41 7.67 7.74 7.89 7.56 7.22 6.75
Norfolk Southern Corp. 6.96 7.00 6.87 6.53 5.72 5.05 5.04 5.31 6.03 6.78 6.99 7.14 7.36 7.23 7.32 7.21 6.85 6.69
Union Pacific Corp. 8.53 8.33 8.05 7.66 6.91 7.12 7.20 7.58 8.28 8.38 8.79 9.04 9.40 9.90 10.56 11.20 11.44 11.61
United Parcel Service Inc. 20.95 24.91 12.99 12.33 10.56 3.63 9.58 9.32 9.39 9.66 11.07 10.63 10.34 10.95 12.71 13.77 15.11 16.78

Based on: 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).

1 Q1 2022 Calculation
Interest coverage = (EBITQ1 2022 + EBITQ4 2021 + EBITQ3 2021 + EBITQ2 2021) ÷ (Interest expenseQ1 2022 + Interest expenseQ4 2021 + Interest expenseQ3 2021 + Interest expenseQ2 2021)
= (-926 + -129 + 1,846 + 1,114) ÷ (274 + 266 + 314 + 338) = 1.60

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Delta Air Lines Inc. interest coverage ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.