Credit and interest ratesnegative · 1 filings
“This decreased compared to the prior year primarily due to reduced interest expense resulting from our debt reduction initiatives.”10-K · Feb 11, 2026 ↗
Delta Air Lines, Inc.
DAL
You’ve read what changed. Here’s whether the market is confirming it.
Market read
Delta Air Lines, Inc.'s move is spreading beyond its market group.
DAL accounts for 4.3% of the group's measured movement across 9.8 effective names. raw member direction is mixed; 8 of 12 SPY-adjusted paths align to the upside. Capital-flow agreement is 15%, so confirmation is not yet clean. No verified headline preceded the measured group move.
MOVE ANATOMY
SPY-adjusted 5m pathsIs this move genuinely shared?
Role in the moveAligned contributor#10 of 12 by movement share
Group movement share4.3%Absolute path energy—not portfolio weight
Relative path+0.48%aligned
Effective breadth9.8 / 12broad
Relative alignment8/12upside path · 3 counter-moving
Capital-flow agreement15%not yet clean
SEQUENCE READ
No material onset for DAL could be timestamped inside the aligned 5-minute window.
EVIDENCE COVERAGE
9 of 35 members in Airline Operators are active. 0 of 8 disclosed connections are confirming.
What would change this read
Watch this read- At least 23 of 35 durable members become active together.
- Capital-flow agreement rises above 55%.
- MATX remains aligned with the group in the next market snapshot.
Invalidation: The live read weakens if participation falls to 12 of 35 members or fewer.
Research brief
The story so far
DAL accounts for 4.3% of the group's measured movement across 9.8 effective names. raw member direction is mixed; 8 of 12 SPY-adjusted paths align to the upside. Capital-flow agreement is 15%, so confirmation is not yet clean. No verified headline preceded the measured group move.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 23 of 35 durable members become active together.
- Capital-flow agreement rises above 55%.
- MATX remains aligned with the group in the next market snapshot.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations616
Usable filing statements27
Verified relationships16
Evidence supporting the case
- Net margin changed +2.3 percentage points in the latest annual period.
Evidence challenging the case
No qualifying adverse evidence was identified; that is not proof there is no downside.
Questions before a position
- P/E is 66% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 16% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Oct 1, 2026
84.106m+24.4%12m+48.2%24m+62.3%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$29.9B+74.9%$0.44+0.8%
2022-12-31$50.6B+69.2%$2.06+0.0%
2023-12-31$58.0B+14.8%$7.17+0.3%
2024-12-31$61.6B+6.2%$5.33+0.8%
2025-12-31$63.4B+2.8%$7.66+0.9%
What management says matters
Persistent and emerging business drivers
Demand and volumemixed · 1 filings
“Domestic passenger unit revenue ("PRASM") for 2025 decreased 2% compared to 2024 primarily due to weakness in main cabin demand.”10-K · Feb 11, 2026 ↗
Foreign exchangenegative · 1 filings
“Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, foreign currency fluctuations and other valuati…”10-K · Feb 11, 2026 ↗
Pricing and mixnegative · 1 filings
“Refinery revenues decreased in 2025, primarily driven by lower pricing of refined products.”10-K · Feb 11, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.9× · EV/sales 1.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
84.10+0.8% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 1 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for DAL. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for DAL. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind DAL
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
MFBIFiling-linked namesupplierFeb 11, 2026 ▾
“We acquire a significant amount of jet fuel from Monroe.”
AXPAmerican Express CompanypartnerFeb 11, 2026 ▾
“Our agreements with American Express provide for joint marketing, grant certain benefits to Delta-American Express co-branded credit card holders ("cardholders") and American Express Membership Rewards program participants, and allow American Express to marke…”
Depended on by
JOBYJoby Aviation, Inc.customerNov 6, 2025 ▾
“In October 2022, we raised net proceeds of $60.0 million from the sale of 11,044,232 shares of our common stock and warrants to Delta Air Lines, Inc.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 12 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
DAL is currently a Participant in the organic co-movement group Airline Operators. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.