Overview

Company Name Delta Airlines

Headquarters Atalanta, Georgia,USA
Founded March 2, 1925
Commenced Operations June 17, 1929
CEO Ed Bastian
Employees 91000
Sector Passenger Transport, Airfreight and others
Destinations Served 325
Listing NYSE:DAL

Business Segment Revenue % revenue

Passenger Transport 42277 89.94%
Ancilliary and Refinery 1297 2.76%
Cargo 753 1.60%
Loyalty Program 1962 4.17%
Miscellaneous 718 1.53%
47007
 Financial Shareholding
Name %shares
Berkshire Hathaway, Inc 11.30%
The Vanguard Group, Inc. 8.42%
PRIMECAP Management Co. 3.72%
SSgA Funds Management, Inc. 3.07%
Evercore Trust Company 2.24%
BlackRock Fund Advisors 2.21%
Capital Research & Management Co 2.00%
Newport Trust Co. 1.98%
Geode Capital Management LLC 1.49%
Capital Research & Management Co 1.47%
Year
in $ millions
ASSETS
Current Assets:
Cash, cash equivalents and short term investments
Accounts receivable, net
Fuel inventory
Expendable parts and supplies inventories, net
Prepaid expenses and other
Total current assets

Noncurrent Assets:
Property and equipment, net
Operating lease right-of-use assets
Goodwill
Identifiable intangibles, net
Cash restricted for airport construction
Other noncurrent assets
Total noncurrent assets

Total assets

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of debt and finance leases
Current maturities of operating leases
Air traffic liability
Accounts payable
Accrued salaries and related benefits
Loyalty program deferred revenue
Fuel card obligation
Other accrued liabilities
Total current liabilities

Noncurrent Liabilities:
Debt and finance leases
Pension, postretirement and related benefits
Loyalty program deferred revenue
Noncurrent operating leases
Deferred income taxes, net
Other noncurrent liabilities
Total noncurrent liabilities

Total Liabilities

Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 651,731,443 and 688,136,306 shares
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost, 8,959,730 and 8,191,831 shares at December 31, 2019 and 2018, respectively
Total stockholders' equity

Total liabilities and stockholders' equity

 2019 2018 2017 2016 2015

$ 2,882.00 $ 1,565.00 $ 1,814.00 $ 2,762.00 $ 1,972.00

$ 2,854.00 $ 2,314.00 $ 2,377.00 $ 2,064.00 $ 2,020.00
$ 730.00 $ 592.00 $ 916.00 $ 519.00 $ 379.00
$ 521.00 $ 463.00 $ 413.00 $ 372.00 $ 318.00
$ 1,262.00 $ 1,406.00 $ 2,284.00 $ 1,734.00 $ 2,380.00
$ 8,249.00 $ 6,340.00 $ 7,804.00 $ 7,451.00 $ 9,056.00

$ 31,310.00 $ 28,335.00 $ 26,563.00 $ 24,375.00 $ 23,039.00

$ 5,627.00 $ 5,994.00
$ 9,781.00 $ 9,781.00 $ 9,794.00 $ 9,794.00 $ 9,794.00
$ 5,163.00 $ 4,830.00 $ 4,847.00 $ 4,844.00 $ 4,861.00
$ 636.00 $ 1,136.00
$ 3,766.00 $ 3,850.00 $ 4,663.00 $ 4,797.00 $ 6,384.00
$ 56,283.00 $ 53,926.00 $ 45,867.00 $ 43,810.00 $ 44,078.00

$ 64,532.00 $ 60,266.00 $ 53,671.00 $ 51,261.00 $ 53,134.00

$ 2,287.00 $ 1,518.00 $ 2,242.00 $ 1,131.00 $ 1,563.00

$ 801.00 $ 955.00
$ 5,116.00 $ 4,661.00 $ 4,364.00 $ 4,626.00 $ 4,503.00
$ 3,266.00 $ 2,976.00 $ 3,634.00 $ 2,572.00 $ 2,743.00
$ 3,701.00 $ 3,287.00 $ 3,022.00 $ 2,924.00 $ 3,195.00
$ 3,219.00 $ 2,989.00 $ 2,762.00 $ 1,648.00 $ 1,635.00
$ 736.00 $ 1,075.00 $ 1,067.00 $ 431.00
$ 1,078.00 $ 1,117.00 $ 1,868.00 $ 1,907.00 $ 1,306.00
$ 20,204.00 $ 18,578.00 $ 18,959.00 $ 15,239.00 $ 17,526.00

$ 8,873.00 $ 8,253.00 $ 6,592.00 $ 6,201.00 $ 6,766.00

$ 8,452.00 $ 9,163.00 $ 9,810.00 $ 13,378.00 $ 13,855.00
$ 3,509.00 $ 3,652.00 $ 3,559.00 $ 2,278.00 $ 2,246.00
$ 5,294.00 $ 5,801.00
$ 1,456.00 $ 163.00
$ 1,386.00 $ 969.00 $ 2,221.00 $ 1,878.00 $ 1,891.00
$ 28,970.00 $ 28,001.00 $ 22,182.00 $ 23,735.00 $ 24,758.00

$ 49,174.00 $ 46,579.00 $ 41,141.00 $ 38,974.00 $ 42,284.00

$ 11,129.00 $ 11,671.00 $ 12,053.00 $ 12,294.00 $ 12,936.00
$ 12,454.00 $ 10,039.00 $ 8,256.00 $ 7,903.00 $ 5,562.00
$ -7,989.00 $ -7,825.00 $ -7,621.00 $ -7,636.00 $ -7,275.00
$ -236.00 $ -198.00 $ -158.00 $ -274.00 $ -373.00
$ 15,358.00 $ 13,687.00 $ 12,530.00 $ 12,287.00 $ 10,850.00

$ 64,532.00 $ 60,266.00 $ 53,671.00 $ 51,261.00 $ 53,134.00

Additional Notes : Year 2019 2018
Short-term investments
Deferred income taxes, net
Hedge derivative asset
Total other assets
Hedge derivative liability
 2017 2016 2015
$ 825.00 $ 487.00 $ 1,465.00
$ 1,354.00 $ 3,064.00 $ 4,956.00
$ 1,987.00
$ 18,885.00 $ 19,435.00 $ 21,039.00
$ 2,581.00
Year 2019 2018 2017
in $ millions
Operating Revenue:
Passenger $ 42,277.00 $ 39,755.00 $ 36,947.00
Cargo $ 753.00 $ 865.00 $ 744.00
Other $ 3,977.00 $ 3,818.00 $ 3,447.00
Total operating revenue $ 47,007.00 $ 44,438.00 $ 41,138.00

Operating Expense:
Salaries and related costs $ 11,225.00 $ 10,743.00 $ 10,058.00
Aircraft fuel and related taxes $ 8,519.00 $ 9,020.00 $ 6,756.00
Regional carriers expense, excluding fuel $ 3,584.00 $ 3,438.00 $ 3,466.00
Contracted services $ 2,641.00 $ 2,175.00 $ 2,108.00
Depreciation and amortization $ 2,581.00 $ 2,329.00 $ 2,222.00
Passenger commissions and other selling expenses $ 1,993.00 $ 1,941.00 $ 1,827.00
Landing fees and other rents $ 1,762.00 $ 1,662.00 $ 1,501.00
Aircraft maintenance materials and outside repairs $ 1,751.00 $ 1,575.00 $ 1,591.00
Profit sharing $ 1,643.00 $ 1,301.00 $ 1,065.00
Passenger service $ 1,251.00 $ 1,178.00 $ 1,123.00
Ancillary businesses and refinery $ 1,245.00 $ 1,695.00 $ 1,495.00
Aircraft rent $ 423.00 $ 394.00 $ 351.00
Other $ 1,771.00 $ 1,723.00 $ 1,609.00
Total operating expense $ 40,389.00 $ 39,174.00 $ 35,172.00

Operating Income $ 6,618.00 $ 5,264.00 $ 5,966.00

Non-Operating Expense:
Interest expense, net $ -301.00 $ -311.00 $ -396.00
Gain/(loss) on investments, net $ 119.00 $ 38.00
Miscellaneous, net $ -238.00 $ 160.00 $ -70.00
Total non-operating expense, net $ -420.00 $ -113.00 $ -466.00

Income Before Income Taxes $ 6,198.00 $ 5,151.00 $ 5,500.00

Income Tax Provision $ -1,431.00 $ -1,216.00 $ -2,295.00

Net Income $ 4,767.00 $ 3,935.00 $ 3,205.00

 2016 2015

$ 35,814.00 $ 34,782.00
$ 684.00 $ 813.00
$ 2,952.00 $ 5,109.00
$ 39,450.00 $ 40,704.00

2019 2018 2017 2016

$ 9,394.00 $ 8,776.00
$ 5,985.00 $ 6,544.00 COGS $ 29,215.00 $ 28,048.00 $ 24,553.00 $ 22,567.00
$ 3,447.00 $ 4,241.00 Gross profit $ 17,792.00 $ 16,390.00 $ 16,585.00 $ 16,883.00
$ 1,918.00 $ 1,848.00 Distribution C $ 1,993.00 $ 1,941.00 $ 1,827.00 $ 1,751.00
$ 1,886.00 $ 1,835.00
$ 1,751.00 $ 1,672.00
$ 1,472.00 $ 1,493.00
$ 1,434.00 $ 1,848.00
$ 1,115.00 $ 1,490.00
$ 964.00 $ 872.00
$ 1,182.00
$ 285.00 $ 250.00
$ 1,621.00 $ 2,033.00
$ 32,454.00 $ 32,902.00

$ 6,996.00 $ 7,802.00

$ -388.00 $ -481.00

$ -255.00 $ -164.00
$ -643.00 $ -645.00

$ 6,353.00 $ 7,157.00
$ -2,158.00 $ -2,631.00

$ 4,195.00 $ 4,526.00
 2015

$ 23,121.00
$ 17,583.00
$ 1,672.00
 Length of Supply Chain

Length of Supply Chain= Days Raw Material+Days Work in Progress+Days Finished goods

Days Inventory (Average Inventory/COGS)*365

Year 2019 2018 2017 2016 2015

Inventory $ 1,251.00 $ 1,055.00 $ 1,329.00 $ 891.00 $ 697.00
COGS $ 29,215.00 $ 28,048.00 $ 24,553.00 $ 22,567.00 $ 23,121.00
Inventory Turnover Ratio 23.35331735 26.585782 18.4747931 25.3277217 33.1721664
Days Inventory/Length of Supply chain 15.62947116 13.7291429 19.7566489 14.411087 11.0032006

Year SCM Length Inventory Turnaround

2015 11.003 33.1721664 SCM Length
2016 14.411 25.3277217 25.000
19.757
2017 19.757 18.4747931 20.000
14.411 13.729
2018 13.729 26.585782 15.000
11.003
2019 15.629 23.3533173 10.000
5.000
0.000
2015 2016 2017 2018
ys Finished goods

Inventory COGS
2015
2015 $697.00
2016
2016 $891.00 2017
2017 $1,329.00 2018
2018 $1,055.00 2019

2019 $1,251.00
$- $500.00 $1,000.00 $1,500.00

M Length 33.172166
Inventory Turnaround
4275466
35 26.585781
25.327721 23.353317
19.757 30 661055 9905213
15.629 25 18.474793 3461231
13.729 0775019
20
15
10
5
0
2017 2018 2019 2015 2016 2017 2018 2019
 Supply chain cost

SCC=Distribution Cost + Inventory*Inventory carrying cost

Supply chain Inefficieny=SCC/Net Sales

Year 2019 2018 2017 2016 2015 $4,000.00

Distribution Costs $ 1,993.00 $ 1,941.00 $ 1,827.00 $ 1,751.00 $ 1,672.00
Inventory Carrying Cost 40% 35% 35% 30% 30% 5
Inventory $ 1,251.00 $ 1,055.00 $ 1,329.00 $ 891.00 $ 697.00 4.62%
Net Sales $ 47,007.00 $ 44,438.00 $ 41,138.00 $ 39,450.00 $ 40,704.00
SCC $ 2,493.40 $ 2,310.25 $ 2,292.15 $ 2,018.30 $ 1,881.10
$2,018
SCI 5.30% 5.20% 5.57% 5.12% 4.62% $2,000.00 $1,881.10

Year SCC SCI

2015 $ 1,881.10 4.62%
2016 $ 2,018.30 5.12%
2017 $ 2,292.15 5.57%
2018 $ 2,310.25 5.20% $-
2019 $ 2,493.40 5.30% 2015 201
$4,000.00 6.00%
5.57%
5.20% 5.30%
5.12% 5.00%
4.62%

$2,493.40 4.00%
$2,292.15 $2,310.25
$2,018.30
$2,000.00 $1,881.10 3.00%

2.00%

1.00%

$- 0.00%
2015 2016 2017 2018 2019
SCC SCI
 Supply chain Working Capital Productivity

SWC= Inventory+Receivables-Payables
SWCP=Net Sales/SWC

Year 2019 2018 2017 2016 2015

Inventory 1251 1055 1329 891 697 1000
Receivables 2854 2314 2377 2064 2020
Payables 3266 2976 3634 2572 2743 500
Net Sales 47007 44438 41138 39450 40704
SWC 839 393 72 383 -26 0
2015 2016 2017
SWCP 56.02741 113.0738 571.3611 103.0026 -1565.538
-500
Year SWC SWCP
2015 -26 -1565.538 -1000
2016 383 103.0026
2017 72 571.3611 -1500
2018 393 113.0738
2019 839 56.02741 -2000
SWC SWCP
2016 2017 2018 2019

SWC SWCP