Delta
American legacy airline, the largest in the world by revenue and the only one that owns an oil refinery.
33 figures on Delta, drawn from 4 Modern MBA case studies.
The figures
US dollars5
| Against its own chart | |||
|---|---|---|---|
| Gross revenue in billions of dollars, 2023 | $58B | 1st of 8 · top $58B | Why budget airlines stopped winning |
| Annual revenue from credit cards and mileage sales | $8.2B | 1st of 8 · top $8.2B | Why Asian airlines are so much better |
| Ancillary fees earned in billions of dollars, 2023 | $7.9B | 1st of 7 · top $7.9B | Why budget airlines stopped winning |
| Operating income of every major US airline in 2025, with and without loyalty revenue · With loyalty revenue | $5.8B | 1st of 7 · top $5.8B | Why Asian airlines are so much better |
| Operating income of every major US airline in 2025, with and without loyalty revenue · Without it | −$2.4B | 6th of 7 · top $1.5B | Why Asian airlines are so much better |
Percentages25
| Against its own chart | |||
|---|---|---|---|
| Load factor, 2023 | 85.0% | 1st of 8 · top 85.0% | Why budget airlines stopped winning |
| Share of each carrier's passenger revenue earned on international routes | 34% | 7th of 9 · top 100% | Why Asian airlines are so much better |
| Salaries and benefits as a percentage of revenue | 27.7% | 3rd of 12 · top 32.2% | Why Asian airlines are so much better |
| Average share of revenue spent on fuel and on labor, 2010 to 2023 · Labor | 25% | 8th of 8 · top 40% | Why budget airlines stopped winning |
| Average share of revenue spent on fuel and on labor, 2010 to 2023 · Fuel | 21% | 8th of 8 · top 31% | Why budget airlines stopped winning |
| US-based airlines by share of the domestic market, 2023 | 18% | 1st of 8 · top 18% | Why budget airlines stopped winning |
| Annual domestic operating margin by legacy carrier · 2015 | 18% | 1st of 9 · top 18% | Why budget airlines stopped winning |
| Annual domestic operating margin by legacy carrier · 2016 | 17% | 2nd of 9 · top 18% | Why budget airlines stopped winning |
| Annual domestic operating margin by legacy carrier · 2017 | 13% | 3rd of 9 · top 18% | Why budget airlines stopped winning |
| Annual domestic operating margin by legacy carrier · 2019 | 13% | 3rd of 9 · top 18% | Why budget airlines stopped winning |
| Annual domestic operating margin by legacy carrier · 2018 | 12% | 5th of 9 · top 18% | Why budget airlines stopped winning |
| Average operating margin, 2010 to 2019 | 11% | 2nd of 4 · top 15% | How cruise ships actually make money |
| Median annual operating margin, 2014–2024 | 10% | 3rd of 10 · top 12% | Why movie theaters survive off popcorn |
| Annual operating margin post-COVID · 2023 | 10% | 1st of 4 · top 10% | Why budget airlines stopped winning |
| Annual operating margin by carrier | 10% | 1st of 7 · top 10% | Why budget airlines stopped winning |
| Operating margin by carrier, FY2025 | 9.2% | 7th of 11 · top 18.5% | Why Asian airlines are so much better |
| Average operating margin, 2009 to 2019 | 9% | 4th of 7 · top 16% | Why budget airlines stopped winning |
| Annual domestic operating margin by legacy carrier · 2013 | 7% | 6th of 9 · top 18% | Why budget airlines stopped winning |
| Annual operating margin post-COVID · 2022 | 4% | 2nd of 4 · top 10% | Why budget airlines stopped winning |
| Annual domestic operating margin by legacy carrier · 2012 | 3% | 7th of 9 · top 18% | Why budget airlines stopped winning |
| Annual domestic operating margin by legacy carrier · 2014 | 3% | 7th of 9 · top 18% | Why budget airlines stopped winning |
| Cargo as a share of revenue | 2% | 10th of 11 · top 28% | Why Asian airlines are so much better |
| Annual domestic operating margin by legacy carrier · 2011 | 2% | 9th of 9 · top 18% | Why budget airlines stopped winning |
| Annual operating margin post-COVID · 2021 | 1% | 3rd of 4 · top 10% | Why budget airlines stopped winning |
| Annual operating margin post-COVID · 2020 | −91% | 4th of 4 · top 10% | Why budget airlines stopped winning |
Counts3
| Against its own chart | |||
|---|---|---|---|
| Number of aircraft in fleet, 2023 | 1,273 | 1st of 8 · top 1,273 | Why budget airlines stopped winning |
| Airports each carrier holds as a fortress hub, controlling gates, counters, and slots | 17 | 2nd of 9 · top 18 | Why Asian airlines are so much better |
| Average price-to-earnings ratio, 2009 to 2019 | 13 | 3rd of 7 · top 15 | Why budget airlines stopped winning |
Case studies covering Delta
Case study — TravelWhy Asian airlines are so much betterAsian carriers deliver a service Americans barely recognize. American airlines earn more doing far less.11 min read
Case study — Media & entertainmentWhy movie theaters survive off popcornTheaters keep less than half your ticket and lose money on the film. The popcorn is not a joke, it is the plan.10 min read
Case study — TravelHow cruise ships actually make moneyAirlines carried 4.5 billion passengers the year cruises carried 29 million — and the cruise lines earned the better margin.15 min read
Case study — TravelWhy budget airlines stopped winningThe low-cost carriers say the industry is rigged. It isn't. The legacy carriers just copied the only thing they had.16 min readNew episodes
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