Delta Air Lines (DAL) Balance Sheet: Assets & Liabilities

Delta Air Lines (DAL) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Delta Air Lines reported total assets of $81.32B and total liabilities of $60.46B. Shareholders' equity was $20.85B, up 36.4% from $15.29B a year earlier. Total debt stood at $13.61B against $4.31B in cash and short-term investments, a net debt position of $9.30B. That puts debt-to-equity at 0.65, compared with 1.06 a year earlier.

Delta Air Lines Balance Sheet Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Delta Air Lines, Inc. (DAL) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	4.31	3.07	2.74	3.27	7.93	8.31	2.88	1.57	1.81
Short-Term Investments	0.00	0.00	1.13	3.27	3.39	5.79	0.00	0.00	0.83
Cash & Short-Term Investments	4.31	3.07	3.87	6.53	11.32	14.10	2.88	1.57	2.64
Accounts Receivable	2.85	3.22	3.13	3.18	2.40	1.40	2.85	2.31	2.38
Inventory	1.60	1.43	1.31	1.42	1.10	0.73	1.25	1.06	1.33
Other Current Assets	2.21	2.12	1.96	1.88	1.12	1.18	1.26	1.41	1.46
Total Current Assets	10.97	9.84	10.27	13.01	15.94	17.40	8.25	6.34	7.80
Non-Current Assets
Property, Plant & Equipment (Net)	45.99	44.24	42.49	40.15	35.92	32.26	36.94	34.33	26.56
Long-Term Investments	4.22	2.85	3.46	2.13	1.71	1.67	2.57	0.00	0.00
Goodwill	9.75	9.75	9.75	9.75	9.75	9.75	9.78	9.78	9.79
Intangible Assets	5.97	5.98	5.98	5.99	6.00	6.01	5.17	4.83	4.85
Other Non-Current Assets	4.42	2.72	1.69	1.26	1.77	2.91	1.71	4.74	3.31
Total Non-Current Assets	70.35	65.53	63.38	59.28	56.52	54.59	56.28	53.93	45.87
Total Assets	81.32	75.37	73.64	72.29	72.47	72.00	64.53	60.27	53.29
Current Liabilities
Accounts Payable	5.23	4.65	4.45	5.11	4.24	2.84	3.27	2.98	3.63
Short-Term Debt	1.10	2.18	2.98	2.36	2.49	2.41	3.09	2.47	2.24
Current Portion of Long-Term Debt	1.61	2.18	2.98	2.36	1.78	-	-	-	-
Accrued Liabilities	6.85	6.57	6.18	5.07	4.20	-	-	-	-
Deferred Revenue	12.03	4.31	3.91	3.43	2.71	1.78	3.22	2.99	2.76
Other Current Liabilities	8.26	8.19	8.14	9.26	11.53	8.90	10.63	10.14	10.32
Total Current Liabilities	27.62	26.67	26.42	25.94	20.97	15.93	20.20	18.58	18.96
Non-Current Liabilities
Long-Term Debt	12.51	14.02	17.07	20.67	32.19	33.14	14.17	14.05	6.59
Deferred Tax Liabilities	3.44	2.18	0.91	0.02	0.00	0.00	1.46	0.16	0.00
Other Non-Current Liabilities	14.98	3.74	3.56	4.05	10.56	15.99	9.84	10.13	12.03
Total Non-Current Liabilities	32.84	33.41	36.12	39.77	47.61	54.54	28.97	28.00	22.18
Total Liabilities	60.46	60.08	62.54	65.71	68.57	70.46	49.17	46.58	41.14
Stockholders' Equity
Retained Earnings	13.34	8.78	5.65	1.17	-0.15	-0.43	12.45	10.04	9.64
Accumulated Other Comprehensive Income	-4.14	-4.98	-5.85	-5.80	-7.13	-9.04	-7.99	-7.83	-7.62
Treasury Stock	0.24	0.25	0.34	0.31	-	-	-	-	-
Additional Paid-in Capital	11.88	11.74	11.64	11.53	11.17	11.00	10.89	11.47	11.90
Shares Outstanding	0.65	0.65	0.64	0.64	-	-	-	-	-
Total Stockholders' Equity	20.85	15.29	11.11	6.58	3.89	1.53	15.36	13.69	12.53
Total Liabilities & Equity	81.32	75.37	73.64	72.29	72.47	72.00	64.53	60.27	53.29

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About Delta Air Lines Balance Sheet

How much debt does Delta Air Lines have?

Delta Air Lines had total debt of $13.61B as of Dec 31, 2025, against $4.31B in cash and short-term investments. Its debt-to-equity ratio was 0.65. Total debt was $16.19B a year earlier.

What are Delta Air Lines's total assets?

Delta Air Lines reported total assets of $81.32B as of Dec 31, 2025, up 7.9% from $75.37B a year earlier. Total liabilities were $60.46B.

What is Delta Air Lines's shareholders' equity?

Delta Air Lines's shareholders' equity was $20.85B as of Dec 31, 2025, or about $31.93 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition