Delta Air Lines (MEX:DAL) Operating Income: MXN105,919 Mil (TTM As of Mar. 2026)


MEX:DAL Delta Air Lines Inc MEX:DAL
74 GF Score
Price MXN1,650.00
GF Value MXN963.49
Valuation Significantly Overvalued
! 10 Warning Signs
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What is Delta Air Lines Operating Income?

Delta Air Lines MEX:DAL 74 Operating Income is MXN105,919 Mil as of Mar. 2026. GuruFocus rates MEX:DAL with a GF Score™ of 74/100 and a GF Value™ of MXN963.49 (Significantly Overvalued). The stock has 10 warning signs investors should review.

Delta Air Lines's Operating Income for the three months ended in Mar. 2026 was MXN9,034 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was MXN105,919 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Delta Air Lines's Operating Income for the three months ended in Mar. 2026 was MXN9,034 Mil. Delta Air Lines's Revenue for the three months ended in Mar. 2026 was MXN285,890 Mil. Therefore, Delta Air Lines's Operating Margin % for the quarter that ended in Mar. 2026 was 3.16%.

Delta Air Lines's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Delta Air Lines's annualized ROC % for the quarter that ended in Mar. 2026 was 2.26%. Delta Air Lines's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -0.54%.


Delta Air Lines  (MEX:DAL) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Delta Air Lines's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=36137.532 * ( 1 - 0% )/( (1546617.608 + 1650803.523)/ 2 )
=36137.532/1598710.5655
=2.26 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1464169.508 - 217454.839 - ( 77604.567 - max(0, 497389.457 - 197486.518+77604.567))
=1546617.608

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1522518.895 - 214985.85 - ( 91119.233 - max(0, 589651.258 - 246380.78+91119.233))
=1650803.523

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Delta Air Lines's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-4544.24/( ( (828028.126 + max(-334041.746, 0)) + (845409.042 + max(-363611.363, 0)) )/ 2 )
=-4544.24/( ( 828028.126 + 845409.042 )/ 2 )
=-4544.24/836718.584
=-0.54 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(51316.245 + 28827.126 + 39738.58) - (217454.839 + 87795.793 + 148673.065)
=-334041.746

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(73753.743 + 31863.781 + 49644.023) - (214985.85 + 90343.827 + 213543.233)
=-363611.363

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Delta Air Lines's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=9034.383/285890.426
=3.16 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Delta Air Lines Operating Income Related Terms


Delta Air Lines Operating Income Historical Data

* Premium members only.

The historical data trend for Delta Air Lines's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Delta Air Lines Operating Income Chart

Delta Air Lines Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 38,689.40 71,374.86 93,714.82 125,029.92 104,829.19

Delta Air Lines Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 11,640.72 39,578.98 30,891.63 26,414.36 9,034.38
MEX:DAL
74GF Score
Delta Air Lines Inc MEX:DAL
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Delta Air Lines Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was MXN105,919 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of MXN105,919 Mil mean?
Delta Air Lines (MEX:DAL) has a Operating Income of MXN105,919 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Delta Air Lines and its competitors.
Is Delta Air Lines' Operating Income too high?
Delta Air Lines' current Operating Income is MXN105,919 Mil. Overall, Delta Air Lines has a GF Score™ of 74/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Delta Air Lines' Operating Income compare to UAL and LUV?
Delta Air Lines' Operating Income of MXN105,919 Mil can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Transportation company?
A good Operating Income depends on the Transportation industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Delta Air Lines and its competitors. Delta Air Lines's current Operating Income is MXN105,919 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Delta Air Lines stock overvalued right now?
Based on GuruFocus' analysis, Delta Air Lines (MEX:DAL) is currently considered Significantly Overvalued. The stock's GF Value™ is MXN963.49, compared to a current price of MXN1,650.00 — trading 71.3% above its estimated fair value. The current Operating Income is MXN105,919 Mil. Delta Air Lines' overall GF Score™ is 74/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Delta Air Lines (MEX:DAL), the current Operating Income is MXN105,919 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Delta Air Lines (MEX:DAL) Overvalued in 2026?

Based on GuruFocus' analysis, Delta Air Lines stock appears to be overvalued. The current stock price of MXN1,650.00 is trading 71.3% above its estimated GF Value™ of MXN963.49. GuruFocus considers Delta Air Lines to be Significantly Overvalued.

Key valuation signals for MEX:DAL:

  • Operating Income: MXN105,919 Mil
  • GF Value™: MXN963.49 vs. price of MXN1,650.00 (71.3% above fair value)
  • GF Score™: 74/100 with 10 warning signs

No single metric tells the full story. See the MEX:DAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Delta Air Lines Business Description

Address Post Office Box 20706, Atlanta, GA, USA, 30320-6001
Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries. Delta operates a hub-and-spoke network, where it gathers and distributes passengers across the globe through its biggest hubs in Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta has historically earned most of its international revenue and profits from flying passengers over the Atlantic Ocean.
74GF Score

Get the complete analysis for MEX:DAL

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN1,650.00
Price
MXN963.49
GF Value