DELTA AIR LINES, INC. (DAL) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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DELTA AIR LINES, INC. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $5,005,000,000.00Depreciation and amortization → Operating adjustments reconciliation: $2,443,000,000.00Deferred income taxes → Operating adjustments reconciliation: $1,109,000,000.00Other payables, deferred revenue and accrued liabilities → Operating adjustments reconciliation: $842,000,000.00Liabilities and deferred revenue - Loyalty program deferred revenue → Operating adjustments reconciliation: $435,000,000.00Receivables → Operating adjustments reconciliation: $432,000,000.00Liabilities and deferred revenue - Air traffic liability → Operating adjustments reconciliation: $63,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $3,337,000,000.00Operating adjustments reconciliation → (Gain)/loss on fair value investments: $1,209,000,000.00Operating adjustments reconciliation → Other, net: $332,000,000.00Operating adjustments reconciliation → Pension, postretirement and postemployment payments greater than expense: $210,000,000.00Operating adjustments reconciliation → Prepaids and other current assets: $183,000,000.00Operating adjustments reconciliation → Profit sharing: $53,000,000.00Other, net → investing reconciliation: $589,000,000.00Net cash used in investing activities → investing reconciliation: $4,186,000,000.00investing reconciliation → Flight equipment, including advance payments: $3,521,000,000.00investing reconciliation → Ground property and equipment, including technology: $978,000,000.00investing reconciliation → Purchase of equity investments: $276,000,000.00Net cash used in financing activities → financing reconciliation: $3,076,000,000.00Proceeds from long-term obligations → financing reconciliation: $2,215,000,000.00financing reconciliation → Payments on debt and finance lease obligations: $4,827,000,000.00financing reconciliation → Cash dividends: $440,000,000.00financing reconciliation → Other, net: $24,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $3,421,000,000.00Net cash from operating activities → Cash sources and uses: $8,342,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $4,501,000,000.00Cash sources and uses → Net cash used in investing activities: $4,186,000,000.00Cash sources and uses → Net cash used in financing activities: $3,076,000,000.00Other, net: -$332,000,000.00Other operating, net−$332.00 MLiabilities and deferred revenue - Air traffic liability: $63,000,000.00Liabilities and deferred revenue - Air traffic liability+$63.00 MLiabilities and deferred revenue - Loyalty program deferred revenue: $435,000,000.00Liabilities and deferred revenue - Loyalty programdeferred revenue+$435.00 MOther payables, deferred revenue and accrued liabilities: $842,000,000.00Payables & accrued liabilities+$842.00 M(Gain)/loss on fair value investments: -$1,209,000,000.00Investment gain & loss−$1.21 BDeferred income taxes: $1,109,000,000.00Deferred income taxes+$1.11 BPrepaids and other current assets: -$183,000,000.00Prepaid & other assets−$183.00 MDepreciation and amortization: $2,443,000,000.00Depreciation & amortization+$2.44 BReceivables: $432,000,000.00Receivables, net+$432.00 MNet income: $5,005,000,000.00Net income+$5.01 BProfit sharing: -$53,000,000.00Profit sharing−$53.00 MPension, postretirement and postemployment payments greater than expense: -$210,000,000.00Pension, postretirement and postemploymentpayments greater than expense−$210.00 MNet cash from operating activities: $8,342,000,000.00Operating cash+$8.34 BOperating adjustments reconciliation: $5,324,000,000.00Cash dividends: -$440,000,000.00Dividends paid−$440.00 MOther, net: -$24,000,000.00Other financing, net−$24.00 MPayments on debt and finance lease obligations: -$4,827,000,000.00Debt & capital securities repaid−$4.83 BProceeds from long-term obligations: $2,215,000,000.00Long-term debt issued+$2.22 BNet cash used in financing activities: -$3,076,000,000.00. Cash required to fund net payments.Financing cash−$3.08 Bfinancing reconciliation: $5,291,000,000.00Flight equipment, including advance payments: -$3,521,000,000.00Flight equipment, including advance payments−$3.52 BGround property and equipment, including technology: -$978,000,000.00Other capital spending−$978.00 MPurchase of equity investments: -$276,000,000.00Long-term investment purchases−$276.00 MPurchase of short-term investments: $0.00Redemption of short-term investments: $0.00Other, net: $589,000,000.00Other investing, net+$589.00 MNet cash used in investing activities: -$4,186,000,000.00. Cash required to fund net payments.Investing cash−$4.19 Binvesting reconciliation: $4,775,000,000.00Cash sources and uses: $11,763,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $3,421,000,000.00Beginning cash$3.42 BEnding cash: Cash, cash equivalents, and restricted cash: $4,501,000,000.00Ending cash$4.50 BCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flowNot availableCash flow / Net income1.67×Operating cash flow ÷ net incomeNet cash change+$1.08 BEnding cash − beginning cash
Chart details

DELTA AIR LINES, INC. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
3,421,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
8,342,000,000 US dollars. Net cash provided.
Net income
5,005,000,000 US dollars
Other, net
negative 332,000,000 US dollars
Liabilities and deferred revenue - Air traffic liability
63,000,000 US dollars
Liabilities and deferred revenue - Loyalty program deferred revenue
435,000,000 US dollars
Other payables, deferred revenue and accrued liabilities
842,000,000 US dollars
(Gain)/loss on fair value investments
negative 1,209,000,000 US dollars
Deferred income taxes
1,109,000,000 US dollars
Prepaids and other current assets
negative 183,000,000 US dollars
Depreciation and amortization
2,443,000,000 US dollars
Receivables
432,000,000 US dollars
Profit sharing
negative 53,000,000 US dollars
Pension, postretirement and postemployment payments greater than expense
negative 210,000,000 US dollars
Investing activities
negative 4,186,000,000 US dollars. Net cash used.
Flight equipment, including advance payments
negative 3,521,000,000 US dollars
Ground property and equipment, including technology
negative 978,000,000 US dollars
Purchase of equity investments
negative 276,000,000 US dollars
Purchase of short-term investments
0 US dollars
Redemption of short-term investments
0 US dollars
Other, net
589,000,000 US dollars
Financing activities
negative 3,076,000,000 US dollars. Net cash used.
Cash dividends
negative 440,000,000 US dollars
Other, net
negative 24,000,000 US dollars
Payments on debt and finance lease obligations
negative 4,827,000,000 US dollars
Proceeds from long-term obligations
2,215,000,000 US dollars
Operating adjustment reconciliation
5,324,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
5,291,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
4,775,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Ending cash on Dec 31, 2025
4,501,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
11,763,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
1,080,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.67×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $3.34B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
DELTA AIR LINES, INC. (DAL) FY2025 Annual Statement of Cash Flows Sankey chart
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