---
title: "Delta Air Lines: Business Model"
description: "Delta Air Lines revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/delta-air-lines/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Delta Air Lines: Business Model & Revenue Engine

## Direct Answer

Delta Air Lines reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Airline is the largest, with $58.3 billion of revenue (92% of the total), followed by Refinery at $7.0 billion (11%).

## How Does Delta Air Lines Make Money?

Airline supplies 92% of revenue, so Delta Air Lines's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Airline grew fastest (+2.3%) and Refinery slowest (-10.4%), so the revenue mix tilts toward Airline while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Airline | $58.3 billion | $57.0 billion | 92.0% | 2.3% |
| Refinery | $7.0 billion | $7.8 billion | 11.0% | -10.4% |

![Bar chart of Delta Air Lines revenue by segment for fiscal 2025: Airline 92.0%, Refinery 11.0%.](https://www.getswoopr.com/images/charts/delta-air-lines-business-model-segment-mix.webp)
*Delta Air Lines revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Delta Air Lines Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Airline | $5.7 billion | 9.7% |
| Refinery | $157 million | 2.3% |

Segment operating income is the profit measure Delta Air Lines reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Delta Air Lines more safely than against another company.

## What Does Delta Air Lines Sell?

Delta Air Lines also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Passenger Air Traffic | $45.5 billion | $45.1 billion | 71.8% | 0.9% |
| Passenger Loyalty Travel Awards | $4.2 billion | $3.8 billion | 6.7% | 10.3% |
| Passenger Travel Related Services | $2.0 billion | $2.0 billion | 3.2% | 4.4% |
| Product and Service Other Miscellaneous | $1.3 billion | $1.2 billion | 2.1% | 8.6% |
| Product and Service Other Ancillary Businesses | $937 million | $772 million | 1.5% | 21.4% |
| Cargo and Freight | $900 million | $822 million | 1.4% | 9.5% |
| Product and Service Other MRO Business | $822 million | $658 million | 1.3% | 24.9% |

## What the Segment Figures Do Not Show

The rows above add up to 103% of Delta Air Lines's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Delta Air Lines reported in the segment note and revenue disclosures of its Form 10-K filed February 11, 2026 (accession 0000027904-26-000013), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Delta Air Lines's business segments?

In its fiscal 2025 Form 10-K, Delta Air Lines reports revenue for Airline and Refinery.

### Which part of Delta Air Lines brings in the most revenue?

Airline, with $58.3 billion of revenue in fiscal 2025, or 92% of the total.

### Where does Delta Air Lines report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 11, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: DELTA AIR LINES, INC. Form 10-K filed February 11, 2026](https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm)
- [SEC EDGAR: DELTA AIR LINES, INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=27904&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Delta Air Lines company dossier](https://www.getswoopr.com/stocks/companies/delta-air-lines/)
- [Delta Air Lines financial metrics](https://www.getswoopr.com/stocks/companies/delta-air-lines/metrics/)
- [Delta Air Lines financial risk indicators](https://www.getswoopr.com/stocks/companies/delta-air-lines/risks/)
- [Delta Air Lines peer comparison](https://www.getswoopr.com/stocks/companies/delta-air-lines/competitors/)
- [Delta Air Lines business model and revenue mix](https://www.getswoopr.com/stocks/companies/delta-air-lines/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

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