American Airlines vs Delta Air Lines: Revenue, Profit and Business Model
American Airlines reported $54.6B of revenue in FY2025 and $111M of net income. Delta Air Lines reported $63.4B of revenue in FY2025 and $5B of net income.
Latest financial snapshot
American Airlines
- Latest revenue
- $54.6B (FY2025)
- Net income
- $111M
- Net margin
- 0.2%
- Revenue growth
- +3.5% a year, FY2016–FY2025
Delta Air Lines
- Latest revenue
- $63.4B (FY2025)
- Net income
- $5B
- Net margin
- 7.9%
- Revenue growth
- +7.8% 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.
Delta Air Lines
Delta reported FY2025 GAAP operating revenue of $63.364B, operating income of $5.822B, and net income of $5.005B. On an adjusted basis, which excludes third-party refinery sales, revenue was a record $58.3B with about a 10% operating margin, $5B in pre-tax profit, and record free cash flow of $4.6B, which Delta used to cut debt by $2.6B. American Express remuneration rose 11% to $8.2B. In Q2 2026 GAAP revenue rose 19% to $19.76B and adjusted revenue rose 14% to a record $17.67B; adjusted EPS was $1.56 as Delta absorbed the highest quarterly fuel bill in its history. Delta expects about $9B from American Express in 2026 and has a long-term target of $10B.
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 | $63.4B | $5B | 7.9% | +2.8% | Source |
| FY2024 | $61.6B | — | 0.0% | +6.2% | Source |
| FY2023 | $58B | — | 0.0% | +14.8% | Source |
| FY2022 | $50.6B | — | 0.0% | — | Source |
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
- Passenger RevenueMajority
Ticket sales across domestic and international mainline and regional flights, including premium cabins and basic economy.
- Loyalty and American Express PartnershipMaterial
Revenue tied to SkyMiles miles, co-brand card spending, lounge access, and loyalty monetization.
- Cargo and Other Services
Smaller share
Cargo, maintenance, vacation packaging, ancillary travel products, and related services.
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 runs a hub-and-spoke network: hubs such as Atlanta, Detroit, Minneapolis-St. Paul, Salt Lake City, Seattle, New York (JFK and LaGuardia), Los Angeles, and Boston gather passengers onto connecting and nonstop flights. It earns money from four main sources: main cabin tickets;
Growth strategy
Delta grows mainly through premium seats, loyalty, and partners rather than adding lots of capacity. It is fitting more premium seats per aircraft, growing co-brand card spending with American Express, and relying on joint ventures with Air France-KLM and Virgin Atlantic across the Atlantic, Korean Air across the Pacific, LATAM in South America, and Aeromexico in Mexico.
Competitive advantage
Delta's advantages are its scale in Atlanta, where it runs roughly three-quarters of departures; a reputation for on-time and completion performance that business travelers pay for; and the most lucrative airline co-brand card deal in the U.S.
Questions about American Airlines vs Delta Air Lines
Which company has higher revenue — American Airlines Group or Delta Air Lines, Inc.?
American Airlines Group reported $54.6B (FY2025), while Delta Air Lines, Inc. reported $63.4B (FY2025). By last reported revenue, Delta Air Lines, Inc. is the larger business, with American Airlines Group reporting 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 $52.4B. Delta Air Lines, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to American Airlines Group.
Which is more financially efficient — American Airlines Group or Delta Air Lines, Inc.?
American Airlines Group generates $393k / employee in revenue per employee, while Delta Air Lines, Inc. generates $615k / employee. Delta Air Lines, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
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 runs a hub-and-spoke network: hubs such as Atlanta, Detroit, Minneapolis-St.
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 0.8x 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. ($63.4B (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