DAL Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
DAL Payout Ratio by year
Yearly range of DAL’s payout ratio from 2016 to 2026. Over the full period it ranged from 5.4% to 1,631.4%, averaging 83.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 8.1% | 10.0% | 11.9% | 8.1% |
| 2025 | 11.5% | 13.6% | 16.8% | 11.5% |
| 2024 | 11.3% | 18.9% | 23.5% | 11.3% |
| 2023 | 5.4% | 8.3% | 11.3% | 11.3% |
| 2020 | 42.6% | 837.0% | 1,631.4% | 1,631.4% |
| 2019 | 27.0% | 32.2% | 40.5% | 27.7% |
| 2018 | 26.9% | 35.8% | 52.0% | 52.0% |
| 2017 | 26.2% | 52.1% | 79.0% | 57.5% |
| 2016 | 11.1% | 12.1% | 13.0% | 13.0% |
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What fraction of free cash flow is paid out as dividends. More reliable than the earnings-based payout ratio because cash is harder to manipulate through accounting choices. Low ratio = room to grow the dividend and absorb an earnings dip. High ratio = dividend is consuming most of the cash generated.
TTM Dividends Per Share / (TTM FCF ÷ Shares) × 100%A steadily rising FCF payout ratio warrants scrutiny only if FCF itself is flat or falling — that means the company is paying out a larger slice of shrinking cash. A high but stable ratio in a capital-light business (e.g. consumer staples) can be perfectly sustainable.
- FCF can be lumpy: large one-off capex or working-capital swings distort a single year. Look at the multi-year trend rather than any single data point.
- Utilities and REITs naturally sustain 60–90% FCF payout ratios; industrials and tech companies typically run 20–50%. Always compare to sector context.
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