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

Delta Air Lines brought in $63.4B of revenue in fiscal 2025, United Airlines $59.1B in fiscal 2025. Revenue changed by +2.8% at Delta Air Lines and +3.5% at United Airlines on the year before, so United Airlines grew faster. Delta Air Lines kept 7.9% of its revenue as net profit, United Airlines 5.7%. Free cash flow was $3.8B at Delta Air Lines and $2.6B at United Airlines.

Side by side, latest fiscal year

DALUAL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$63.4B$59.1B
Revenue growth+2.8%+3.5%
Net income$5B$3.4B
Net margin7.9%5.7%
Free cash flow$3.8B$2.6B
Free cash flow margin6.1%4.3%
Earnings per share (diluted)$7.66$10.20
Cash$4.3B$5.9B
Debt$13.3B$21.3B
Price to earnings11.111.2
Market value$55.9B$37B
Dividend yield0.79%n/a
Rank by revenue in sector#13 of 778 · Consumer discretionary#16 of 778 · Consumer discretionary

Over the years

Revenue
DAL FY2018: $44.4BDAL FY2019: $47BDAL FY2020: $17.1BDAL FY2021: $29.9BDAL FY2022: $50.6BDAL FY2023: $58BDAL FY2024: $61.6BDAL FY2025: $63.4BUAL FY2018: $41.3BUAL FY2019: $43.3BUAL FY2020: $15.4BUAL FY2021: $24.6BUAL FY2022: $45BUAL FY2023: $53.7BUAL FY2024: $57.1BUAL FY2025: $59.1BFY18FY19FY20FY21FY22FY23FY24FY25
DAL $63.4BUAL $59.1B
Net income
DAL FY2018: $3.9BDAL FY2019: $4.8BDAL FY2020: -$12.4BDAL FY2021: $280MDAL FY2022: $1.3BDAL FY2023: $4.6BDAL FY2024: $3.5BDAL FY2025: $5BUAL FY2018: $2.1BUAL FY2019: $3BUAL FY2020: -$7.1BUAL FY2021: -$2BUAL FY2022: $737MUAL FY2023: $2.6BUAL FY2024: $3.1BUAL FY2025: $3.4BFY18FY19FY20FY21FY22FY23FY24FY25
DAL $5BUAL $3.4B
Net margin
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%UAL FY2018: 5.1%UAL FY2019: 7.0%UAL FY2020: -46.0%UAL FY2021: -8.0%UAL FY2022: 1.6%UAL FY2023: 4.9%UAL FY2024: 5.5%UAL FY2025: 5.7%FY18FY19FY20FY21FY22FY23FY24FY25
DAL 7.9%UAL 5.7%
Revenue growth
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%UAL FY2019: +4.7%UAL FY2020: -64.5%UAL FY2021: +60.4%UAL FY2022: +82.5%UAL FY2023: +19.5%UAL FY2024: +6.2%UAL FY2025: +3.5%FY19FY20FY21FY22FY23FY24FY25
DAL +2.8%UAL +3.5%
Free cash flow
DAL FY2018: $1.8BDAL FY2019: $3.5BDAL FY2020: -$5.7BDAL FY2021: $17MDAL FY2022: -$3MDAL FY2023: $1.1BDAL FY2024: $2.9BDAL FY2025: $3.8BUAL FY2018: $2.1BUAL FY2019: $2.4BUAL FY2020: -$5.9BUAL FY2021: -$40MUAL FY2022: $1.2BUAL FY2023: -$260MUAL FY2024: $3.8BUAL FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
DAL $3.8BUAL $2.6B

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

Questions about Delta Air Lines and United Airlines

Which is bigger by revenue, Delta Air Lines or United Airlines?

Delta Air Lines is bigger by revenue: $63.4B in fiscal 2025, against $59.1B for United Airlines in fiscal 2025.

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

Delta Air Lines had a net margin of 7.9% in fiscal 2025; United Airlines had 5.7% in fiscal 2025.

Which grew revenue faster, Delta Air Lines or United Airlines?

In their latest fiscal years revenue changed by +2.8% at Delta Air Lines and +3.5% at United Airlines.

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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