“2023 was a great year for Delta with industry-leading operational and financial performance. Our people and their commitment to deliver unmatched service excellence for our customers is at the foundation of Delta’s success. We are thrilled to recognize their outstanding work with $1.4 billion in profit sharing payments next month,” said Ed Bastian, Delta’s chief executive officer. “In 2024, demand for air travel remains strong and our customer base is in a healthy financial position with travel a top priority. We expect to grow full year earnings to $6 to $7 per share and generate free cash flow of $3 to $4 billion, further strengthening our financial foundation.”
DECEMBER QUARTER 2023 GAAP FINANCIAL RESULTS
- Operating revenue of $14.2 billion
- Operating income of $1.3 billion with an operating margin of 9.3 percent
- Pre-tax income of $2.3 billion with a pre-tax margin of 16.0 percent
- Earnings per share of $3.16
- Operating cash flow of $545 million
- Payments on debt and finance lease obligations of $361 million
DECEMBER QUARTER 2023 ADJUSTED FINANCIAL RESULTS
- Operating revenue of $13.7 billion, 11 percent higher than the December quarter 2022
- Operating income of $1.3 billion with an operating margin of 9.7 percent
- Pre-tax income of $1.1 billion with a pre-tax margin of 7.8 percent
- Earnings per share of $1.28
- Operating cash flow of $499 million
FULL YEAR 2023 GAAP FINANCIAL RESULTS
- Operating revenue of $58.0 billion
- Operating income of $5.5 billion with an operating margin of 9.5 percent
- Pre-tax income of $5.6 billion with a pre-tax margin of 9.7 percent
- Earnings per share of $7.17
- Operating cash flow of $6.5 billion
- Payments on debt and finance lease obligations of $4.1 billion
- Total debt and finance lease obligations of $20.1 billion at year end
FULL YEAR 2023 ADJUSTED FINANCIAL RESULTS
- Operating revenue of $54.7 billion, 20 percent higher than the full year 2022
- Operating income of $6.3 billion with an operating margin of 11.6 percent
- Pre-tax income of $5.2 billion with a pre-tax margin of 9.5 percent
- Earnings per share of $6.25
- Operating cash flow of $7.2 billion
- Free cash flow of $2.0 billion
- Adjusted debt to EBITDAR of 3.0x, down from 5.0x at the end of 2022
- Return on invested capital of 13.4 percent, up 5 points over 2022
Delta announced it reached an agreement with Airbus to purchase twenty A350-1000s, with options for twenty additional widebody aircraft. Deliveries of the aircraft are scheduled to begin in 2026. In addition to improved fuel efficiency, these aircraft will add higher gauge, more premium seating and greater cargo capabilities to the international widebody fleet. The company also announced a service agreement with Rolls Royce to service its Trent XWB-97 engines. The order for the aircraft is within Delta’s previously announced capital expenditure and capacity targets.
Operations, Network and Fleet
• Earned the Cirium Platinum Award for operational excellence for the third consecutive year, and named the
most on-time airline in North America, a demonstration of Delta's commitment to operational performance
and minimizing passenger disruption
• Operated the most reliable airline during the quarter1 with a completion factor of 99.8%, and for the full year,
Delta’s network system ranked first among competitors in on-time arrivals2
• Took delivery of 15 aircraft in the December quarter, bringing full year aircraft deliveries to 43, including 27
A321neo, 9 A220-300 and 7 A330-900 aircraft
• Building on Delta's partnership with LATAM, launched new and returning service to Rio de Janeiro from
Delta's Atlanta and New York-JFK hubs
• Announced daily nonstop service from Seattle to Taipei beginning June 2024
• Launched a long-term codeshare agreement with EL AL Israel airlines in December with travel beginning
January 1st, improving connection for customers flying between the Americas and Tel-Aviv
• Announced the launch of Delta’s codeshare relationship with airBaltic, providing customers with convenient
connections and more flexible booking options between North America and Latvia