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Alaska Air vs Delta Air Lines: revenue, profit, margins and growth compared

Alaska Air brought in $14.2B of revenue in fiscal 2025, Delta Air Lines $63.4B in fiscal 2025. Revenue changed by +21.3% at Alaska Air and +2.8% at Delta Air Lines on the year before, so Alaska Air grew faster. Alaska Air kept 0.7% of its revenue as net profit, Delta Air Lines 7.9%.

Side by side, latest fiscal year

ALKDAL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$14.2B$63.4B
Revenue growth+21.3%+2.8%
Net income$100M$5B
Net margin0.7%7.9%
Free cash flown/a$3.8B
Free cash flow marginn/a6.1%
Earnings per share (diluted)$0.83$7.66
Cash$627M$4.3B
Debt$5.3B$13.3B
Price to earnings49.311.1
Market value$4.6B$55.9B
Dividend yieldn/a0.79%
Rank by revenue in sector#95 of 778 · Consumer discretionary#13 of 778 · Consumer discretionary

Over the years

Revenue
ALK FY2018: $8.3BALK FY2019: $8.8BALK FY2020: $3.6BALK FY2021: $6.2BALK FY2022: $9.6BALK FY2023: $10.4BALK FY2024: $11.7BALK FY2025: $14.2BDAL FY2018: $44.4BDAL FY2019: $47BDAL FY2020: $17.1BDAL FY2021: $29.9BDAL FY2022: $50.6BDAL FY2023: $58BDAL FY2024: $61.6BDAL FY2025: $63.4BFY18FY19FY20FY21FY22FY23FY24FY25
ALK $14.2BDAL $63.4B
Net income
ALK FY2018: $437MALK FY2019: $769MALK FY2020: -$1.3BALK FY2021: $478MALK FY2022: $58MALK FY2023: $235MALK FY2024: $395MALK FY2025: $100MDAL FY2018: $3.9BDAL FY2019: $4.8BDAL FY2020: -$12.4BDAL FY2021: $280MDAL FY2022: $1.3BDAL FY2023: $4.6BDAL FY2024: $3.5BDAL FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
ALK $100MDAL $5B
Net margin
ALK FY2018: 5.3%ALK FY2019: 8.8%ALK FY2020: -37.1%ALK FY2021: 7.7%ALK FY2022: 0.6%ALK FY2023: 2.3%ALK FY2024: 3.4%ALK FY2025: 0.7%DAL FY2018: 8.9%DAL FY2019: 10.1%DAL FY2020: -72.4%DAL FY2021: 0.9%DAL FY2022: 2.6%DAL FY2023: 7.9%DAL FY2024: 5.6%DAL FY2025: 7.9%FY18FY19FY20FY21FY22FY23FY24FY25
ALK 0.7%DAL 7.9%
Revenue growth
ALK FY2019: +6.3%ALK FY2020: -59.4%ALK FY2021: +73.2%ALK FY2022: +56.2%ALK FY2023: +8.1%ALK FY2024: +12.6%ALK FY2025: +21.3%DAL FY2019: +5.8%DAL FY2020: -63.6%DAL FY2021: +74.9%DAL FY2022: +69.2%DAL FY2023: +14.8%DAL FY2024: +6.2%DAL FY2025: +2.8%FY19FY20FY21FY22FY23FY24FY25
ALK +21.3%DAL +2.8%
Free cash flow
ALK FY2018: $235MALK FY2019: $1BALK FY2020: -$456MALK FY2021: $738MALK FY2022: -$253MALK FY2023: -$444MDAL FY2018: $1.8BDAL FY2019: $3.5BDAL FY2020: -$5.7BDAL FY2021: $17MDAL FY2022: -$3MDAL FY2023: $1.1BDAL FY2024: $2.9BDAL FY2025: $3.8BFY18FY19FY20FY21FY22FY23FY24FY25
ALK -$444MDAL $3.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Alaska Air and Delta Air Lines

Which is bigger by revenue, Alaska Air or Delta Air Lines?

Delta Air Lines is bigger by revenue: $63.4B in fiscal 2025, against $14.2B for Alaska Air in fiscal 2025.

Which keeps more of its revenue as profit, Alaska Air or Delta Air Lines?

Alaska Air had a net margin of 0.7% in fiscal 2025; Delta Air Lines had 7.9% in fiscal 2025.

Which grew revenue faster, Alaska Air or Delta Air Lines?

In their latest fiscal years revenue changed by +21.3% at Alaska Air and +2.8% at Delta Air Lines.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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