DELTA AIR LINES, INC. Earnings Per Share Disclosure
| Basic and diluted earnings per share | |||||||||||
Year Ended December 31, | |||||||||||
| (in millions, except per share data) | 2025 | 2024 | 2023 | ||||||||
| Net income | $ | 5,005 | $ | 3,457 | $ | 4,609 | |||||
| Basic weighted average shares outstanding | 648 | 641 | 639 | ||||||||
| Dilutive effect of share-based instruments | 6 | 7 | 4 | ||||||||
| Diluted weighted average shares outstanding | 654 | 648 | 643 | ||||||||
| Basic earnings per share | $ | 7.72 | $ | 5.39 | $ | 7.21 | |||||
| Diluted earnings per share | $ | 7.66 | $ | 5.33 | $ | 7.17 | |||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 11, 2025 | |
| 2023 | Feb 12, 2024 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 13, 2017 | |
| 2015 | Feb 5, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.