American Airlines vs Delta Air Lines: Revenue, Profit and Business Model
American Airlines had $54.6B of annual revenue in FY2025 and $111M of net income. Delta Air Lines had $64.5B of annual revenue in FY2025.
Latest financial snapshot
American Airlines
- Latest annual revenue
- $54.6B (FY2025)
- Net income
- $111M
- Net margin
- 0.2%
- Revenue growth
- +3.5% a year, FY2016–FY2025
Delta Air Lines
- Latest annual revenue
- $64.5B (FY2025)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +8.4% a year, FY2022–FY2025
Financial summary
American Airlines
American Airlines operates in a capital-intensive industry with thin margins and direct exposure to fuel prices and demand shocks. In 2025 it produced $54.6 billion of operating revenue, $1.5 billion of operating income and $111 million of net income, after a government shutdown cut fourth-quarter revenue by about $325 million. The balance sheet is the binding constraint: total debt was $36.5 billion and net debt $30.7 billion at December 31, 2025, down $2.1 billion during the year, with net interest expense of $1.7 billion and total available liquidity of $9.2 billion. Management expects to reach its goal of less than $35 billion of total debt during 2026, a year ahead of schedule, and guided 2026 adjusted earnings to between $1.70 and $2.70 per diluted share with free cash flow above $2 billion. American Airlines Group operates the largest commercial airline in the world by fleet size, maintaining a market valuation generally above $10 billion.
Delta Air Lines
Delta delivers industry-leading profitability and strong free cash flow generation. Operating revenues reached $50.58 billion in 2022, expanded to $58.05 billion in 2023, reached $61.64 billion in 2024, and surpassed $64.50 billion in 2025. Operating margins consistently lead the US legacy airline group at 10% to 12%, driven by premium seat mix and Amex partnership payments. Net income consistently ranges between $4.5 billion and $5.5 billion, enabling Delta to pay down billions in pandemic-era debt while funding fleet modernizations (Airbus A321neo and A350 widebodies).
Revenue and profit by year
American Airlines
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $54.6B | $111M | 0.2% | +0.8% | Source |
| FY2024 | $54.2B | $846M | 1.6% | +2.7% | Source |
| FY2023 | $52.8B | $822M | 1.6% | +7.8% | Source |
| FY2022 | $49B | $127M | 0.3% | +63.9% | Source |
| FY2021 | $29.9B | -$2B | -6.7% | +72.4% | Source |
| FY2020 | $17.3B | -$8.9B | -51.2% | -62.1% | Source |
| FY2019 | $45.8B | $1.7B | 3.7% | +2.8% | Source |
| FY2018 | $44.5B | $1.4B | 3.2% | +4.5% | Source |
| FY2017 | $42.6B | $1.3B | 3.0% | +6.2% | Source |
| FY2016 | $40.1B | $2.6B | 6.4% | — | Source |
Delta Air Lines
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $64.5B | — | — | +4.6% | |
| FY2024 | $61.6B | — | — | +6.2% | |
| FY2023 | $58B | — | — | +14.8% | |
| FY2022 | $50.6B | — | — | — |
Where the revenue comes from
American Airlines
- Passenger travel~83.5%
Fares paid for seats across Flagship Suite, Flagship Business, Premium Economy, Main Cabin Extra, Main Cabin and Basic Economy, plus baggage and other inflight services, on mainline and American Eagle regional flights. Passenger travel revenue was $45.6 billion in 2025 out of $54.6 billion of total operating revenue, and total passenger revenue including loyalty redemptions was $49.6 billion.
- Loyalty revenue (AAdvantage)~13.8%
AAdvantage produced $7.5 billion of revenue in 2025: $4.0 billion of mileage redemptions recognized inside passenger revenue and $3.5 billion of marketing-services revenue recognized in other revenue. Cash payments from co-branded credit card and other partners were $6.2 billion. Citibank is the exclusive U.S. co-brand issuer from 2026 under a 10-year agreement, and members also earn with more than 1,000 non-flight partners.
- Cargo~1.5%
American Airlines Cargo carries freight and mail in the belly holds of passenger aircraft rather than in dedicated freighters. Cargo revenue was $839 million in 2025, up 4.3 percent from $804 million in 2024.
- Other revenue~1.2%
Other revenue of $640 million in 2025 covers items outside passenger, loyalty and cargo revenue, including maintenance and ground handling work for third parties and other commercial activities.
Delta Air Lines
- Core Commercial Aviation, Global Passenger Airline & Cargo Logistics Platform Operations
~48% of Total Net Revenue
Direct software licensing, enterprise subscription access, platform usage fees, or primary transaction commissions derived from Delta Air Lines, Inc.'s flagship commercial solutions.
- Enterprise Solutions & Value-Added Services
~28% of Total Net Revenue
Custom enterprise deployments, premium capability tiers, specialized API integrations, and dedicated technical client support contracts.
- Ancillary Services & Strategic Ecosystem Billing
~14% of Total Net Revenue
Complementary service fees, partner ecosystem revenue sharing, financing fees, and transactional processing services.
- Professional Services, Maintenance & Support
~10% of Total Net Revenue
Onboarding implementation, specialized compliance consulting, customer training programs, and annual service-level agreement retainers.
Business model and strategy
American Airlines
How it makes money
The business model of American Airlines is more complex than selling plane tickets. American runs a hub-and-spoke network through nine hubs, and the flying itself carries thin margins: in 2025 the company produced operating income of $1.5 billion on $54.6 billion of revenue, and net income of $111 million after $1.7 billion of net interest expense.
Growth strategy
American frames growth around four commercial pillars: a more consistent and elevated customer experience, more productive use of its network and fleet, partnerships that deepen loyalty, and better sales, distribution and revenue management.
Competitive advantage
American's advantages are hub density and loyalty scale. At Dallas Fort Worth it flies more than 930 departures on a peak day, moving more than 30 percent of its daily connecting customers and connecting bags through that one airport, and it is reorganizing the schedule into 13 banks from April 2026 to protect connections.
Delta Air Lines
How it makes money
Delta Air Lines operates a commercial network airline business model centered on hub-and-spoke passenger routing, premium cabin segmentation, and high-margin loyalty monetization. In passenger operations, Delta segments customer cabins across basic economy, main cabin, Delta Comfort+ (extra legroom), domestic First Class, and lie-flat Delta One suites on transcontinental and long-haul international routes.
Growth strategy
Delta grows by capturing premium corporate travel share, deepening international alliance joint ventures (allowing Delta to share transatlantic and transpacific revenues with partner airlines without bearing 100% of flight operating costs), and expanding high-margin TechOps third-party engine maintenance revenues.
Competitive advantage
Delta Air Lines maintains a distinct competitive moat among US legacy airlines through its superior operational reliability, premium revenue mix, and lucrative loyalty economics. Delta consistently leads major US airlines in on-time departures, completion factors, and low cancellation rates, earning premium pricing power among high-spending corporate business travelers.
Questions about American Airlines vs Delta Air Lines
Which company has higher revenue — American Airlines Group or Delta Air Lines, Inc.?
American Airlines Group had $54.6B (FY2025), while Delta Air Lines, Inc. had $64.5B (FY2025). By latest annual revenue, Delta Air Lines, Inc. is the larger business, with American Airlines Group showing a smaller revenue base.
What is the market cap of American Airlines Group vs Delta Air Lines, Inc.?
American Airlines Group's market capitalisation stands at $8.9B, while Delta Air Lines, Inc.'s is $40.0B. Delta Air Lines, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to American Airlines Group.
How does revenue per employee compare for American Airlines Group and Delta Air Lines, Inc.?
American Airlines Group has $393k / employee in revenue per employee, while Delta Air Lines, Inc. has $645k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do American Airlines Group and Delta Air Lines, Inc. make money?
American Airlines Group and Delta Air Lines, Inc. generate revenue in fundamentally different ways. American Airlines Group: The business model of American Airlines is more complex than selling plane tickets. Delta Air Lines, Inc.: Delta Air Lines operates a commercial network airline business model centered on hub-and-spoke passenger routing, premium cabin segmentation, and high-margin loyalty monetization.
Which company is valued higher relative to revenue — American Airlines Group or Delta Air Lines, Inc.?
On a price-to-sales (P/S) basis, American Airlines Group trades at 0.2x P/S and Delta Air Lines, Inc. at 0.6x P/S. Delta Air Lines, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to American Airlines Group. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is American Airlines Group bigger than Delta Air Lines, Inc.?
By last reported revenue, Delta Air Lines, Inc. ($64.5B (FY2025)) is the larger company compared to American Airlines Group ($54.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the American Airlines vs Delta Air Lines overview