Data Source: DAL 22Q3 Financial Results (October 13, 2022)

Tool: SankeyMatic

Some Interesting Observations:

• They're getting jet fuel for only $3.53 a gallon... Best price of all of the big US airlines. I
• Delta shows nearly $1.2B in refinery operations. In 2012, Delta acquired the recently closed Trainer Refinery in Pennsylvania from ConocoPhillips, as a way of insulating itself from volatility in refining margins. It can refine about 3 billion gallons of jet fuel a year. The refinery operation itself is breaking even, but shows on the bottom line in Delta having the lowest fuel cost of all three major US airlines.
• Fleet-wide, they're averaging about 60 passenger miles per gallon.
• Average annual (loaded) payroll per FTE is about $152K, significantly better than either AA or UA, and that's not counting another $12,000 per employee of profit sharing... Delta pays well!
• Total Revenue is about 25 cents per passenger-mile. They keep 1.2 cents of that.
• Taxes! The government is making about more money on the airline than the airline is making on the airline.
  • $267M in federal income tax (unusually high)
  • $198M in federal payroll tax
  • $226M in federal excise tax on jet fuel (24.4 cents/gallon) -- this is largely what funds the FAA.
  • State Taxes on jet fuel are unknown but state jet fuel tax per gallon in their US hubs - Delta seems to have hubs in high tax states:
    • Georgia (ATL) 7.5 cents plus local sales tax of 8.9% (31 cents)
    • Michigan (DTW): 3 cents
    • Utah (SLC): 2.5 cents
    • California (LAX): 2 cents
    • New York (LGA/JFK): 6.5 cents
    • Washington (SEA): 11 cents
    • Minnesota (MSP) : 15 cents