Delta Air Lines (DAL) Operating Expenses (2009 - 2026)
Delta Air Lines (DAL) recorded Operating Expenses of $18.73 billion in Q3 2026, up 25.0% from $14.99 billion a year earlier and up 4.7% from the prior quarter.
Powered by 
Analysis
Delta Air Lines (DAL) Operating Expenses (2009 - 2026) Analysis & Trends
On a TTM basis, Delta Air Lines' Operating Expenses came in at $66.51 billion as of Sep 30, 2026, up 17.0% year-over-year; for FY2025, it came in at $57.54 billion, up 3.4% from FY2024.
- Annual Operating Expenses has increased for four straight years, with a five-year compound annual growth rate of 14.2% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $55.65 billion in FY2024 (+5.9%), $52.53 billion in FY2023 (+11.9%), $46.92 billion in FY2022 (+67.5%) and $28.01 billion in FY2021 (-5.2%).
- The Q3 2026 figure is the highest quarterly Operating Expenses in data going back to Q2 2009.
- On a year-over-year basis, Operating Expenses has increased for 20 consecutive quarters, with growth averaging 10.4% over the last eight quarters.
- Over the past five years, the year-over-year growth in Operating Expenses ranged from 0.8% (Q1 2024) to 95.0% (Q2 2022).
- Per Business Quant, the preceding three quarters came in at $17.89 billion (Q2 2026), $15.35 billion (Q1 2026) and $14.54 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 182.08 Bn | 174.33 Bn | - | 4.25 Bn |
| 2 | Csx | 95.22 Bn | 90.44 Bn | - | 2.45 Bn |
| 3 | United Parcel Service | 93.25 Bn | 70.15 Bn | - | 21.90 Bn |
| 4 | Canadian Pacific Kansas City | 81.02 Bn | 81.02 Bn | - | 1.95 Bn |
| 5 | Norfolk Southern | 77.79 Bn | 72.25 Bn | - | 2.38 Bn |
| 6 | Fedex | 75.55 Bn | 41.74 Bn | - | 23.46 Bn |
| 7 | Delta Air Lines | 54.76 Bn | 36.94 Bn | - | 18.73 Bn |
| 8 | Old Dominion Freight Line | 36.63 Bn | 36.63 Bn | - | 1.14 Bn |
| 9 | United Airlines Holdings | 35.55 Bn | -22.15 Bn | - | 16.43 Bn |
| 10 | Copart | 30.27 Bn | 14.68 Bn | 645.66 Mn | 783.54 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 18.73 Bn |
| Jun 30, 2026 | 17.89 Bn |
| Mar 31, 2026 | 15.35 Bn |
| Dec 31, 2025 | 14.54 Bn |
| Sep 30, 2025 | 14.99 Bn |
| Jun 30, 2025 | 14.55 Bn |
| Mar 31, 2025 | 13.47 Bn |
| Dec 31, 2024 | 13.84 Bn |
| Sep 30, 2024 | 14.28 Bn |
| Jun 30, 2024 | 14.39 Bn |
| Mar 31, 2024 | 13.13 Bn |
| Dec 31, 2023 | 12.90 Bn |
| Sep 30, 2023 | 13.50 Bn |
| Jun 30, 2023 | 13.09 Bn |
| Mar 31, 2023 | 13.04 Bn |
| Dec 31, 2022 | 11.97 Bn |
| Sep 30, 2022 | 12.52 Bn |
| Jun 30, 2022 | 12.31 Bn |
| Mar 31, 2022 | 10.13 Bn |
| Dec 31, 2021 | 9.21 Bn |
API Access
Delta Air Lines Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=DAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "DAL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=DAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();