Annual Report — FY 2024
Filed February 11, 2025
Total revenue hit approximately $61.6 billion in 2024, driven by strong passenger demand across all regions — with Atlantic routes and premium cabin upgrades standing out as key growth engines. The balance sheet continued its post-pandemic repair, with management aggressively paying down debt while returning capital to shareholders through resumed share buybacks and dividends, signaling confidence in durable cash flow. Looking ahead, Delta's deepening SkyMiles loyalty program monetization — already pledged as collateral backing billions in financing — and major infrastructure bets at LAX and LaGuardia position the airline to widen its premium revenue moat heading into 2025.
Filing details
Performance by segment
Airline
The airline segment generated $57.0 billion in operating revenue in 2024, up from $54.7 billion in 2023, a 4.3% increase. Operating income was $5.96 billion, up from $5.14 billion in the prior year, driven by a 6% increase in capacity, strong demand for premium products (premium ticket revenue grew 8% YoY to $20.6 billion), and $7.4 billion in total cash remuneration from American Express, up 8% from 2023. The segment benefited from record paid load factors in premium cabins, 38 new aircraft deliveries and continued international expansion, particularly in the Pacific region where passenger revenue grew 22%.
“In 2024, remuneration from American Express totaled $7.4 billion, which we expect to grow to $10 billion over the long-term.”
Refinery
The refinery segment, operated by Monroe Energy, generated $7.8 billion in operating revenue (up 3% from $7.6 billion in 2023) but operating income plunged 90% to $38 million from $385 million in 2023, driven by lower industry refining margins. Third-party refinery sales increased 37% to $4.6 billion due to reduced exchanges of non-jet fuel products, while RINs compliance costs decreased to $203 million from $323 million. The refinery's contribution to fuel cost savings dropped to $0.01 per gallon from $0.10 per gallon in 2023.