Modern MBA

Data

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$58B1st of 8 · top $58BWhy budget airlines stopped winning
Annual revenue from credit cards and mileage sales$8.2B1st of 8 · top $8.2BWhy Asian airlines are so much better
Ancillary fees earned in billions of dollars, 2023$7.9B1st of 7 · top $7.9BWhy budget airlines stopped winning
Operating income of every major US airline in 2025, with and without loyalty revenue · With loyalty revenue$5.8B1st of 7 · top $5.8BWhy Asian airlines are so much better
Operating income of every major US airline in 2025, with and without loyalty revenue · Without it−$2.4B6th of 7 · top $1.5BWhy Asian airlines are so much better

Percentages25

Against its own chart
Load factor, 202385.0%1st of 8 · top 85.0%Why budget airlines stopped winning
Share of each carrier's passenger revenue earned on international routes34%7th of 9 · top 100%Why Asian airlines are so much better
Salaries and benefits as a percentage of revenue27.7%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 · Labor25%8th of 8 · top 40%Why budget airlines stopped winning
Average share of revenue spent on fuel and on labor, 2010 to 2023 · Fuel21%8th of 8 · top 31%Why budget airlines stopped winning
US-based airlines by share of the domestic market, 202318%1st of 8 · top 18%Why budget airlines stopped winning
Annual domestic operating margin by legacy carrier · 201518%1st of 9 · top 18%Why budget airlines stopped winning
Annual domestic operating margin by legacy carrier · 201617%2nd of 9 · top 18%Why budget airlines stopped winning
Annual domestic operating margin by legacy carrier · 201713%3rd of 9 · top 18%Why budget airlines stopped winning
Annual domestic operating margin by legacy carrier · 201913%3rd of 9 · top 18%Why budget airlines stopped winning
Annual domestic operating margin by legacy carrier · 201812%5th of 9 · top 18%Why budget airlines stopped winning
Average operating margin, 2010 to 201911%2nd of 4 · top 15%How cruise ships actually make money
Median annual operating margin, 2014–202410%3rd of 10 · top 12%Why movie theaters survive off popcorn
Annual operating margin post-COVID · 202310%1st of 4 · top 10%Why budget airlines stopped winning
Annual operating margin by carrier10%1st of 7 · top 10%Why budget airlines stopped winning
Operating margin by carrier, FY20259.2%7th of 11 · top 18.5%Why Asian airlines are so much better
Average operating margin, 2009 to 20199%4th of 7 · top 16%Why budget airlines stopped winning
Annual domestic operating margin by legacy carrier · 20137%6th of 9 · top 18%Why budget airlines stopped winning
Annual operating margin post-COVID · 20224%2nd of 4 · top 10%Why budget airlines stopped winning
Annual domestic operating margin by legacy carrier · 20123%7th of 9 · top 18%Why budget airlines stopped winning
Annual domestic operating margin by legacy carrier · 20143%7th of 9 · top 18%Why budget airlines stopped winning
Cargo as a share of revenue2%10th of 11 · top 28%Why Asian airlines are so much better
Annual domestic operating margin by legacy carrier · 20112%9th of 9 · top 18%Why budget airlines stopped winning
Annual operating margin post-COVID · 20211%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, 20231,2731st of 8 · top 1,273Why budget airlines stopped winning
Airports each carrier holds as a fortress hub, controlling gates, counters and slots172nd of 9 · top 18Why Asian airlines are so much better
Average price-to-earnings ratio, 2009 to 2019133rd of 7 · top 15Why 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 readCase 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 readCase 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 readCase 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 read