Delta vs United Overview
America’s two premium-focused legacy carriers: Delta leads in operational reliability and premium seating, while United has caught up through aggressive fleet renewal and international expansion.
| Metric | Delta (DAL) | United Airlines (UAL) |
|---|---|---|
| Sector | Airlines | Airlines |
| Market Cap | $35B | $30B |
| Revenue | $61.6B | $57.0B |
| Net Income | $4.6B | $3.1B |
How Does Delta Make Money?
Delta Air Lines (DAL) operates in the Airlines sector with a market cap of $35B. For a full breakdown of Delta’s revenue sources, see the Delta Air Lines revenue breakdown.
Delta Revenue Breakdown
| Segment | FY2024 | FY2023 | YoY Growth |
|---|---|---|---|
| Passenger Revenue | $53.4B | $50.6B | +5.5% |
| Cargo Revenue | $0.8B | $0.8B | +0.0% |
| Other Revenue (Loyalty, MRO) | $7.4B | $6.8B | +8.8% |
| Total Revenue | $61.6B | $58.0B | +6.2% |
Delta Passenger Revenue by Region
| Region | FY2024 | % of Total |
|---|---|---|
| Domestic | $33.8B | 63% |
| Atlantic | $10.7B | 20% |
| Pacific | $4.3B | 8% |
| Latin America | $4.6B | 9% |
How Does United Make Money?
United Airlines (UAL) operates in the Airlines sector with a market cap of $30B.
United Revenue Breakdown
| Segment | FY2024 | FY2023 | YoY Growth |
|---|---|---|---|
| Passenger Revenue | $51.2B | $48.5B | +5.6% |
| Cargo Revenue | $1.4B | $1.5B | -6.7% |
| Other Revenue | $4.4B | $4.1B | +7.3% |
| Total Revenue | $57.0B | $53.7B | +6.1% |
United Passenger Revenue by Region
| Region | FY2024 | % of Total |
|---|---|---|
| Domestic | $29.4B | 57% |
| Atlantic | $10.3B | 20% |
| Pacific | $6.2B | 12% |
| Latin America | $5.3B | 11% |
Delta vs United Profitability
Delta: Yes, Delta is profitable. The company reported net income of $4.6B on total revenue of $61.6B. With an operating margin of 11.5%, Delta delivers best-in-class profitability for U.S. airlines.
United: Yes, United is profitable. The company reported net income of $3.1B on total revenue of $57.0B. With an operating margin of 9.2%, United has significantly improved margins through fleet renewal.
Key Financial Metrics Comparison
Delta Key Metrics
- Operating Margin: 11.5% — Highest among U.S. legacy carriers.
- Premium Revenue: 55% — Majority of passenger revenue from premium cabins.
- SkyMiles Valuation: $35B+ — Loyalty program is highly valuable.
- On-Time Performance: 83% — Industry-leading operational reliability.
United Key Metrics
- Operating Margin: 9.2% — Improved but trailing Delta.
- Premium Revenue: 50% — Growing share of total revenue.
- Pacific Network: Largest — Dominant position to Asia.
- Fleet Age: 16.5 years — Renewing with fuel-efficient aircraft.
Which Airline is a Better Investment?
Delta offers superior margins, operational reliability, and premium positioning. United provides more Pacific exposure and aggressive capacity growth. Both benefit from a disciplined domestic capacity environment. Consider fuel price sensitivity and labor cost dynamics. Review the full Delta Air Lines revenue breakdown for detailed analysis.
Disclaimer: This comparison is for informational purposes only and does not constitute investment advice.