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Delta Air Lines cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.7B in Q3 2026 · $8.0B over twelve months

Operating cash flow$1.7B
Free cash flow+$1.7B
Cash / net income2.3×

Analysis

In Q3 2026, Delta Air Lines generated $1.7B of operating cash flow. That is $1.0B more than in Q3 2025 ($687M).

Over the twelve months to Sep 30, 2026, operating cash flow was $8.0B; the largest uses were other investing ($4.8B), net borrowing (+) / repaid (−) ($4.1B), dividends ($515M); besides operations, cash came from other financing ($1.4B); the cash balance fell by $89.0M.

Operating cash flow was $1.7B against net income of $756M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$673M.

Free cash flow

Delta Air Lines: free cash flow by quarterDelta Air Lines: free cash flow by quarter$584MQ4 2024$1.2BQ1 2025$648MQ2 2025$687MQ3 2025$1.4BQ4 2025$1.2BQ1 2026$1.6BQ2 2026$1.7BQ3 2026
Operating cash flow less capital spending.
Delta Air Lines: operating cash flow against capital spendingDelta Air Lines: operating cash flow against capital spendingOperating cash flowCapital spending$1.9B$1.3BQ4 2024$2.4B$1.2BQ1 2025$1.9B$1.2BQ2 2025$1.8B$1.2BQ3 2025$2.3B$907MQ4 2025$2.4B$1.2BQ1 2026$1.6B$0Q2 2026$1.7B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.7B, Capital spending $0.

Capital allocation, year by year

Delta Air Lines: where the cash came from (up) and went (down), by fiscal yearDelta Air Lines: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingDividendsFY2021: Operating cash flow $3.3BFY2021: Net borrowing −$3.9BFY2021: Capital spending −$3.2B$3.3BFY2021FY2022: Operating cash flow $6.4BFY2022: Net borrowing −$4.5BFY2022: Capital spending −$6.4B$6.4BFY2022FY2023: Operating cash flow $6.5BFY2023: Net borrowing −$3.2BFY2023: Capital spending −$5.3BFY2023: Dividends −$128M$6.5BFY2023FY2024: Operating cash flow $8.0BFY2024: Net borrowing −$4.0BFY2024: Capital spending −$5.1BFY2024: Dividends −$321M$8.0BFY2024FY2025: Operating cash flow $8.3BFY2025: Net borrowing −$2.6BFY2025: Capital spending −$4.5BFY2025: Dividends −$440M$8.3BFY2025
Over these 5 years operating cash flow totalled $32.5B; the largest uses were capital spending ($24.6B) and net borrowing ($18.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.8B
Debt$12.1B
Net debt$8.3B
Due within a year$1.4B

Delta Air Lines funds itself: free cash flow was $8.0B over the last twelve months, and $3.8B of cash and investments stands against $12.1B of debt ($1.4B due within a year, 2.8× covered by cash).

Delta Air Lines: debt maturities by year (FY2025)Delta Air Lines: debt maturities by year (FY2025)$1.4BYear 1$1.9BYear 2$3.5BYear 3$621MYear 4$1.2BYear 5$4.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.8B of cash and investments now.

Where the cash came from and went

Delta Air Lines: sources (+) and uses (−) of cash, Q3 2026Delta Air Lines: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.7BOther investing−$1.3BNet borrowing (+) / repaid (−)−$1.2BCash drawn (+) / kept (−)$891MDividends−$141MOther financing−$1.0M
Delta Air Lines: sources (+) and uses (−) of cash, TTM to Q3 2026Delta Air Lines: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$8.0BOther investing−$4.8BNet borrowing (+) / repaid (−)−$4.1BOther financing$1.4BDividends−$515MCash drawn (+) / kept (−)$89.0M

From profit to cash

Delta Air Lines: net income to operating cash flow, Q3 2026Delta Air Lines: net income to operating cash flow, Q3 2026Net income$756MDepreciation & amortization$673MOperating cash flow$1.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.7B—−$141M−$1.2B$891M$1.7B
Q2 2026$1.6B—−$123M−$536M$462M$1.6B
Q1 2026$2.4B−$1.2B−$129M−$314M−$734M$1.2B
Q4 2025$2.3B−$907M−$122M−$896M−$530M$1.4B
Q3 2025$1.8B−$1.2B−$122M−$242M−$442M$687M
Q2 2025$1.9B−$1.2B−$97.0M−$2.9B$412M$648M
Q1 2025$2.4B−$1.2B−$99.0M−$531M−$520M$1.2B
Q4 2024$1.9B−$1.3B−$96.0M−$1.5B$865M$584M

Delta Air Lines: income statement and cash flow

Delta Air Lines, Q3 2026: revenue $20.2B (+21% year over year), operating margin 7.2%. The chart follows the revenue to costs, profit and cash.

Delta Air Lines: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.