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Side-by-side financial comparison of Delta Air Lines (DAL) and United Airlines Holdings (UAL), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Delta Air Lines is the larger business by last-quarter revenue ($16.0B vs $15.4B, roughly 1.0× United Airlines Holdings). On growth, Delta Air Lines posted the faster year-over-year revenue change (14.0% vs 4.8%). Over the past eight quarters, United Airlines Holdings's revenue compounded faster (10.8% CAGR vs -2.0%).
Delta Air Lines, Inc. is a major airline in the United States headquartered in Atlanta, Georgia, operating nine hubs, with Hartsfield–Jackson Atlanta International Airport being its largest in terms of total passengers and number of departures. With its regional subsidiaries and contractors operating under the brand name Delta Connection, Delta has over 5,400 flights daily and serves 325 destinations in 52 countries on six continents.
United Airlines, Inc. is a major airline in the United States headquartered in Chicago, Illinois. It operates an extensive domestic and international route network across the United States and to destinations on six continents. Regional service is provided by independent carriers operating under the United Express brand, and the Star Alliance, of which United was one of the five founding airlines, extends its network throughout the world.
DAL vs UAL — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $16.0B | $15.4B |
| Net Profit | — | $1.0B |
| Gross Margin | — | — |
| Operating Margin | 9.2% | 9.0% |
| Net Margin | — | 6.8% |
| Revenue YoY | 14.0% | 4.8% |
| Net Profit YoY | — | 6.0% |
| EPS (diluted) | $1.85 | $3.17 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q1 26 | $16.0B | — | ||
| Q4 25 | $16.0B | $15.4B | ||
| Q3 25 | $16.7B | $15.2B | ||
| Q2 25 | $16.6B | $15.2B | ||
| Q1 25 | $14.0B | $13.2B | ||
| Q4 24 | $15.6B | $14.7B | ||
| Q3 24 | $15.7B | $14.8B | ||
| Q2 24 | $16.7B | $15.0B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $1.4B | $949.0M | ||
| Q2 25 | $2.1B | $973.0M | ||
| Q1 25 | $240.0M | $387.0M | ||
| Q4 24 | $843.0M | $985.0M | ||
| Q3 24 | $1.3B | $965.0M | ||
| Q2 24 | $1.3B | $1.3B |
| Q1 26 | 9.2% | — | ||
| Q4 25 | 9.2% | 9.0% | ||
| Q3 25 | 10.1% | 9.2% | ||
| Q2 25 | 12.6% | 8.7% | ||
| Q1 25 | 4.1% | 4.6% | ||
| Q4 24 | 11.0% | 10.2% | ||
| Q3 24 | 8.9% | 10.5% | ||
| Q2 24 | 13.6% | 12.9% |
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 6.8% | ||
| Q3 25 | 8.5% | 6.2% | ||
| Q2 25 | 12.8% | 6.4% | ||
| Q1 25 | 1.7% | 2.9% | ||
| Q4 24 | 5.4% | 6.7% | ||
| Q3 24 | 8.1% | 6.5% | ||
| Q2 24 | 7.8% | 8.8% |
| Q1 26 | $1.85 | — | ||
| Q4 25 | $1.85 | $3.17 | ||
| Q3 25 | $2.17 | $2.90 | ||
| Q2 25 | $3.27 | $2.97 | ||
| Q1 25 | $0.37 | $1.16 | ||
| Q4 24 | $1.29 | $2.97 | ||
| Q3 24 | $1.97 | $2.90 | ||
| Q2 24 | $2.01 | $3.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3B | $12.2B |
| Total DebtLower is stronger | $12.5B | $20.6B |
| Stockholders' EquityBook value | $20.9B | $15.3B |
| Total Assets | $81.3B | $76.4B |
| Debt / EquityLower = less leverage | 0.60× | 1.35× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | $4.3B | — | ||
| Q4 25 | $4.3B | $12.2B | ||
| Q3 25 | $3.8B | $13.3B | ||
| Q2 25 | $3.3B | $15.6B | ||
| Q1 25 | $3.7B | $15.3B | ||
| Q4 24 | $3.1B | $14.5B | ||
| Q3 24 | $4.0B | $14.2B | ||
| Q2 24 | $4.2B | $15.2B |
| Q1 26 | $12.5B | — | ||
| Q4 25 | $12.5B | $20.6B | ||
| Q3 25 | $12.8B | $20.8B | ||
| Q2 25 | $12.8B | $20.9B | ||
| Q1 25 | $12.9B | $24.4B | ||
| Q4 24 | $14.0B | $25.2B | ||
| Q3 24 | $14.4B | — | ||
| Q2 24 | $15.0B | — |
| Q1 26 | $20.9B | — | ||
| Q4 25 | $20.9B | $15.3B | ||
| Q3 25 | $18.8B | $14.3B | ||
| Q2 25 | $17.4B | $13.4B | ||
| Q1 25 | $15.4B | $12.6B | ||
| Q4 24 | $15.3B | $12.7B | ||
| Q3 24 | $13.6B | $11.4B | ||
| Q2 24 | $12.4B | $10.5B |
| Q1 26 | $81.3B | — | ||
| Q4 25 | $81.3B | $76.4B | ||
| Q3 25 | $79.6B | $76.3B | ||
| Q2 25 | $78.4B | $77.2B | ||
| Q1 25 | $77.3B | $76.1B | ||
| Q4 24 | $75.4B | $74.1B | ||
| Q3 24 | $75.4B | $72.6B | ||
| Q2 24 | $75.2B | $73.3B |
| Q1 26 | 0.60× | — | ||
| Q4 25 | 0.60× | 1.35× | ||
| Q3 25 | 0.68× | 1.45× | ||
| Q2 25 | 0.74× | 1.56× | ||
| Q1 25 | 0.83× | 1.93× | ||
| Q4 24 | 0.92× | 1.99× | ||
| Q3 24 | 1.05× | — | ||
| Q2 24 | 1.21× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $1.3B |
| Free Cash FlowOCF − Capex | — | $-604.0M |
| FCF MarginFCF / Revenue | — | -3.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | 12.3% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 1.23× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $1.3B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | $2.4B | $3.7B | ||
| Q4 24 | $1.9B | $2.2B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $2.4B | $2.9B |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $-604.0M | ||
| Q3 25 | $687.0M | $-246.0M | ||
| Q2 25 | $648.0M | $930.0M | ||
| Q1 25 | $1.2B | $2.5B | ||
| Q4 24 | $583.0M | $549.0M | ||
| Q3 24 | $-54.0M | $88.0M | ||
| Q2 24 | $1.1B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | 8.5% | -3.9% | ||
| Q3 25 | 4.1% | -1.6% | ||
| Q2 25 | 3.9% | 6.1% | ||
| Q1 25 | 8.2% | 18.7% | ||
| Q4 24 | 3.7% | 3.7% | ||
| Q3 24 | -0.3% | 0.6% | ||
| Q2 24 | 6.8% | 11.4% |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 12.3% | ||
| Q3 25 | 7.0% | 9.6% | ||
| Q2 25 | 7.3% | 8.4% | ||
| Q1 25 | 8.7% | 9.3% | ||
| Q4 24 | 8.4% | 11.4% | ||
| Q3 24 | 8.5% | 9.5% | ||
| Q2 24 | 7.9% | 7.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.86× | 1.23× | ||
| Q3 25 | 1.30× | 1.28× | ||
| Q2 25 | 0.87× | 2.28× | ||
| Q1 25 | 9.91× | 9.59× | ||
| Q4 24 | 2.25× | 2.26× | ||
| Q3 24 | 1.00× | 1.55× | ||
| Q2 24 | 1.88× | 2.17× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
DAL
| Passenger Air Traffic | $10.8B | 67% |
| Product And Service Other Refinery | $1.7B | 10% |
| Product And Service Other Loyalty Program | $1.2B | 8% |
| Passenger Loyalty Travel Awards | $1.0B | 6% |
| Passenger Travel Related Services | $506.0M | 3% |
| Product And Service Other Ancillary Businesses | $380.0M | 2% |
| Cargo And Freight | $226.0M | 1% |
| Product And Service Other Miscellaneous | $71.0M | 0% |
UAL
| Passenger | $13.9B | 90% |
| Other | $981.0M | 6% |
| Cargo And Freight | $489.0M | 3% |
