Delta Air Lines (NYSE: DAL) today reported financial results for the December quarter and full year 2023 and provided its outlook for the March quarter and full year 2024. Highlights of the December quarter and full year 2023, including both GAAP and adjusted metrics, are on page six and incorporated here.
“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
