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Delta Air Lines Announces March Quarter 2022 Financial Results

March quarter 2022 GAAP operating loss of $783 million and loss per share of $1.48 on total operating revenue of $9.3 billion

March quarter 2022 adjusted operating loss of $793 million and adjusted loss per share of $1.23 on adjusted operating revenue of $8.2 billion

With an improving demand environment, achieved a solid operating margin in the month of March

ATLANTA, April 13, 2022 /PRNewswire/ -- Delta Air Lines (NYSE:DAL) today reported financial results for the March quarter 2022 and provided its outlook for the June quarter 2022. Highlights of the March quarter 2022 results, including both GAAP and adjusted metrics, are on page five and are incorporated here.

"With a strong rebound in demand as omicron faded, we returned to profitability in the month of March, producing a solid adjusted operating margin of almost 10 percent.  As our brand preference and demand momentum grow, we are successfully recapturing higher fuel prices, driving our outlook for a 12 to 14 percent adjusted operating margin and strong free cash flow in the June quarter," said Ed Bastian, Delta's chief executive officer.  "I would like to thank the Delta people, who once again enabled our best-in-class operational performance, provided an unmatched customer experience and continue to power our industry leadership each and every day."

March Quarter 2022 Financial Results 

  • Adjusted operating loss of $793 million excludes a net gain of $9 million
  • Pre-tax loss of $1.2 billion with adjusted pre-tax loss of $1.0 billion, excluding a net expense of $164 million
  • Adjusted operating revenue of $8.2 billion, which excludes third-party refinery sales, was 79 percent recovered versus March quarter 2019 on capacity that was 83 percent restored
  • Total operating expense of $10.1 billion increased $679 million compared to the March quarter 2019
  • Adjusted for costs primarily from third-party refinery sales, total operating expense of $9.0 billion decreased $400 million or 4 percent in the March quarter 2022 versus the comparable 2019 period
  • Generated $1.8 billion of operating cash flow and $197 million of free cash flow, after investing $1.6 billion into the business, primarily related to aircraft purchases and modifications
  • At the end of the March quarter, the company had $12.8 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities

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