Delta Air Lines, Inc. (DAL)
Delta Air Lines operates a major passenger and cargo airline with domestic and international routes.
DAL vs DE: how the two businesses compare
- Bigger business: DAL, with $63.4B of yearly revenue, about 1.4× DE's $45.7B.
- More profitable: DE keeps 11 cents of each sales dollar as profit, against 8 cents at DAL.
- More cash from each sale: DE turns 16 cents of each sales dollar into operating cash flow, against 13 cents at DAL.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Delta Air Lines (DAL) is the larger business by reported revenue: $63.4B in its fiscal year ended Dec 2025, about 1.4× DE's $45.7B (fiscal year ended Nov 2025). DAL's net margin was 7.9% and DE's 11.0%. The SEC classifies them differently (Air Transportation, Scheduled; Farm Machinery & Equipment); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Industrials
- Different
- Separate classifications
- Different
- DAL December 31 · DE November 1
- Feb 11, 2026
DAL vs DE: quick comparison
| Company fact | DAL | DE |
|---|---|---|
| Company | Delta Air Lines, Inc. | Deere & Company |
| Exchange | NYSE | NYSE |
| Headquarters | — | Moline, Illinois |
| Founded | — | 1837 |
| SEC industry | Air Transportation, Scheduled | Farm Machinery & Equipment |
| Fiscal year-end | December 31 | November 1 |
| Latest annual filing | 10-K · 2026-02-11 | 10-K · 2025-12-18 |
DAL vs DE: audited financials
- Scale: DAL's $63.4B of revenue is about 1.4× DE's $45.7B.
- Net margin: DE kept 11.0% of revenue as net income versus 7.9% at DAL.
- Cash conversion: operating cash flow equalled DAL 13.2% of revenue, or 1.67× net income; DE 16.3% of revenue, or 1.48× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-12-31 for DAL, 2025-11-02 for DE), so each figure reflects somewhat different demand and cost conditions.
| Metric | DAL | DE |
|---|---|---|
| Revenue | $63.4B2025-01-01 to 2025-12-31 · SEC filing | $45.7B2024-10-28 to 2025-11-02 · SEC filing |
| Net income | $5.0B2025-01-01 to 2025-12-31 · SEC filing | $5.0B2024-10-28 to 2025-11-02 · SEC filing |
| Operating cash flow | $8.3B2025-01-01 to 2025-12-31 · SEC filing | $7.5B2024-10-28 to 2025-11-02 · SEC filing |
| Diluted EPS | $7.662025-01-01 to 2025-12-31 · SEC filing | $18.502024-10-28 to 2025-11-02 · SEC filing |
| Net margin | 7.9%2025-01-01 to 2025-12-31 · SEC filing | 11.0%2024-10-28 to 2025-11-02 · SEC filing |
DAL: FY ending 2025-12-31 · DE: FY ending 2025-11-02. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where DAL and DE overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
Differences
- Different SEC industries: DAL files as Air Transportation, Scheduled; DE as Farm Machinery & Equipment.
- Offset fiscal calendars: DAL's year ends December 31 and DE's November 1, about 2 months apart.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Deere & Company (DE)
Deere is the leading maker of agricultural and construction equipment, sold under the John Deere brand. It is layering precision-agriculture technology and autonomy onto its machinery to lift farmer productivity.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves DAL
We have not yet published a company-specific driver list for DAL. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-11.
What moves DE
- Agricultural equipment demand tied to farm income and crop prices
- Precision-agriculture and autonomy technology attach rates as a margin lever beyond hardware
- Construction and forestry equipment demand tied to infrastructure and construction spending
- Dealer and used-equipment inventory levels as a leading indicator of new-equipment orders
The investment question
You now know DAL reports about 1.4× DE's revenue, and DE keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, including “Agricultural equipment demand tied to farm income and crop prices” at DE, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. DAL's fiscal year ends December 31, while DE's ends November 1. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 8 matched transaction rows for DAL and 21 matched transaction rows for DE. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
DAL primary filings
DE primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving DAL or DE
DAL vs DE FAQs
Are DAL and DE direct competitors?
Not necessarily. Delta Air Lines files as Air Transportation, Scheduled and Deere as Farm Machinery & Equipment. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is DAL or DE the bigger company by revenue?
Delta Air Lines (DAL) is the larger business by reported revenue: $63.4B in its fiscal year ended Dec 2025, about 1.4× DE's $45.7B (fiscal year ended Nov 2025). DAL's net margin was 7.9% and DE's 11.0%. The SEC classifies them differently (Air Transportation, Scheduled; Farm Machinery & Equipment); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, DAL or DE?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this DAL vs DE comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Delta Air Lines, Inc. and Deere & Company tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
DAL vs DE compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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