Delta Air Lines Inc. (DAL)


Long-term (Investment) Activity Analysis
Quarterly Data

Difficulty: Beginner


Ratios (Summary)

Delta Air Lines Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Net fixed asset turnover 1.57 1.54 1.53 1.55 1.55 1.56 1.57 1.59 1.63 1.65 1.68 1.73 1.77 1.81 1.82 1.85 1.84
Total asset turnover 0.74 0.80 0.77 0.78 0.77 0.78 0.77 0.77 0.77 0.78 0.78 0.76 0.77 0.76 0.78 0.76 0.75
Equity turnover 3.25 3.21 3.35 3.35 2.97 2.89 2.96 3.05 3.23 3.17 3.41 3.61 3.75 3.95 4.28 4.51 4.58

Based on: 10-K (filing date: 2019-02-15), 10-Q (filing date: 2018-10-11), 10-Q (filing date: 2018-07-12), 10-Q (filing date: 2018-04-12), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-11), 10-Q (filing date: 2017-07-13), 10-Q (filing date: 2017-04-12), 10-K (filing date: 2017-02-13), 10-Q (filing date: 2016-10-13), 10-Q (filing date: 2016-07-15), 10-Q (filing date: 2016-04-14), 10-K (filing date: 2016-02-05), 10-Q (filing date: 2015-10-14), 10-Q (filing date: 2015-07-15), 10-Q (filing date: 2015-04-15), 10-K (filing date: 2015-02-11), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24).

Ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Delta Air Lines Inc.’s net fixed asset turnover improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Delta Air Lines Inc.’s total asset turnover improved from Q2 2018 to Q3 2018 but then deteriorated significantly from Q3 2018 to Q4 2018.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Delta Air Lines Inc.’s equity turnover deteriorated from Q2 2018 to Q3 2018 but then slightly improved from Q3 2018 to Q4 2018.

Net Fixed Asset Turnover

Delta Air Lines Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in millions)
Operating revenue 10,742  11,953  11,775  9,968  10,245  11,060  10,791  9,148  9,458  10,483  10,447  9,251  9,502  11,107  10,707  9,388  9,647  11,178  10,621  8,916 
Property and equipment, net of accumulated depreciation and amortization 28,335  28,565  28,124  27,096  26,563  25,900  25,367  24,817  24,375  24,105  23,975  23,422  23,039  22,608  22,480  22,023  21,929  21,722  22,048  21,972 
Ratio
Net fixed asset turnover1 1.57 1.54 1.53 1.55 1.55 1.56 1.57 1.59 1.63 1.65 1.68 1.73 1.77 1.81 1.82 1.85 1.84

Based on: 10-K (filing date: 2019-02-15), 10-Q (filing date: 2018-10-11), 10-Q (filing date: 2018-07-12), 10-Q (filing date: 2018-04-12), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-11), 10-Q (filing date: 2017-07-13), 10-Q (filing date: 2017-04-12), 10-K (filing date: 2017-02-13), 10-Q (filing date: 2016-10-13), 10-Q (filing date: 2016-07-15), 10-Q (filing date: 2016-04-14), 10-K (filing date: 2016-02-05), 10-Q (filing date: 2015-10-14), 10-Q (filing date: 2015-07-15), 10-Q (filing date: 2015-04-15), 10-K (filing date: 2015-02-11), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24).

Q4 2018 Calculations

1 Net fixed asset turnover = (Operating revenueQ4 2018 + Operating revenueQ3 2018 + Operating revenueQ2 2018 + Operating revenueQ1 2018) ÷ Property and equipment, net of accumulated depreciation and amortization
= (10,742 + 11,953 + 11,775 + 9,968) ÷ 28,335 = 1.57

Ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Delta Air Lines Inc.’s net fixed asset turnover improved from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Total Asset Turnover

Delta Air Lines Inc., total asset turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in millions)
Operating revenue 10,742  11,953  11,775  9,968  10,245  11,060  10,791  9,148  9,458  10,483  10,447  9,251  9,502  11,107  10,707  9,388  9,647  11,178  10,621  8,916 
Total assets 60,266  55,003  55,796  54,078  53,292  51,928  51,815  51,459  51,261  50,948  51,634  53,342  53,134  53,646  52,781  53,752  54,121  51,940  52,191  52,167 
Ratio
Total asset turnover1 0.74 0.80 0.77 0.78 0.77 0.78 0.77 0.77 0.77 0.78 0.78 0.76 0.77 0.76 0.78 0.76 0.75

Based on: 10-K (filing date: 2019-02-15), 10-Q (filing date: 2018-10-11), 10-Q (filing date: 2018-07-12), 10-Q (filing date: 2018-04-12), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-11), 10-Q (filing date: 2017-07-13), 10-Q (filing date: 2017-04-12), 10-K (filing date: 2017-02-13), 10-Q (filing date: 2016-10-13), 10-Q (filing date: 2016-07-15), 10-Q (filing date: 2016-04-14), 10-K (filing date: 2016-02-05), 10-Q (filing date: 2015-10-14), 10-Q (filing date: 2015-07-15), 10-Q (filing date: 2015-04-15), 10-K (filing date: 2015-02-11), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24).

Q4 2018 Calculations

1 Total asset turnover = (Operating revenueQ4 2018 + Operating revenueQ3 2018 + Operating revenueQ2 2018 + Operating revenueQ1 2018) ÷ Total assets
= (10,742 + 11,953 + 11,775 + 9,968) ÷ 60,266 = 0.74

Ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Delta Air Lines Inc.’s total asset turnover improved from Q2 2018 to Q3 2018 but then deteriorated significantly from Q3 2018 to Q4 2018.

Equity Turnover

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

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Selected Financial Data (USD $ in millions)
Operating revenue 10,742  11,953  11,775  9,968  10,245  11,060  10,791  9,148  9,458  10,483  10,447  9,251  9,502  11,107  10,707  9,388  9,647  11,178  10,621  8,916 
Stockholders’ equity 13,687  13,704  12,856  12,557  13,910  14,001  13,479  12,945  12,287  12,510  11,810  11,252  10,850  10,345  9,563  9,046  8,813  12,296  12,203  11,641 
Ratio
Equity turnover1 3.25 3.21 3.35 3.35 2.97 2.89 2.96 3.05 3.23 3.17 3.41 3.61 3.75 3.95 4.28 4.51 4.58

Based on: 10-K (filing date: 2019-02-15), 10-Q (filing date: 2018-10-11), 10-Q (filing date: 2018-07-12), 10-Q (filing date: 2018-04-12), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-11), 10-Q (filing date: 2017-07-13), 10-Q (filing date: 2017-04-12), 10-K (filing date: 2017-02-13), 10-Q (filing date: 2016-10-13), 10-Q (filing date: 2016-07-15), 10-Q (filing date: 2016-04-14), 10-K (filing date: 2016-02-05), 10-Q (filing date: 2015-10-14), 10-Q (filing date: 2015-07-15), 10-Q (filing date: 2015-04-15), 10-K (filing date: 2015-02-11), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24).

Q4 2018 Calculations

1 Equity turnover = (Operating revenueQ4 2018 + Operating revenueQ3 2018 + Operating revenueQ2 2018 + Operating revenueQ1 2018) ÷ Stockholders’ equity
= (10,742 + 11,953 + 11,775 + 9,968) ÷ 13,687 = 3.25

Ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Delta Air Lines Inc.’s equity turnover deteriorated from Q2 2018 to Q3 2018 but then slightly improved from Q3 2018 to Q4 2018.