Stock Analysis on Net

Delta Air Lines Inc. (NYSE:DAL)

This company has been moved to the archive! The financial data has not been updated since July 13, 2022.

Analysis of Short-term (Operating) Activity Ratios 
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Delta Air Lines Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Turnover Ratios
Inventory turnover 10.83 12.50 13.11 12.62 10.82 11.08 14.61 17.58 19.19 20.15 15.93 18.60 18.43 18.48 18.43 16.30 11.60 15.46 13.06
Receivables turnover 13.51 11.55 12.44 11.18 8.11 6.89 12.25 16.34 24.77 19.79 16.47 16.33 16.07 14.25 19.20 17.46 17.74 16.38 17.35
Payables turnover 3.51 3.36 3.40 3.18 2.77 2.67 3.77 5.46 6.97 5.88 6.10 5.75 5.94 6.16 6.53 5.84 4.92 5.29 4.72
Working capital turnover 11.57 4.63
Average No. Days
Average inventory processing period 34 29 28 29 34 33 25 21 19 18 23 20 20 20 20 22 31 24 28
Add: Average receivable collection period 27 32 29 33 45 53 30 22 15 18 22 22 23 26 19 21 21 22 21
Operating cycle 61 61 57 62 79 86 55 43 34 36 45 42 43 46 39 43 52 46 49
Less: Average payables payment period 104 109 108 115 132 137 97 67 52 62 60 64 61 59 56 63 74 69 77
Cash conversion cycle -43 -48 -51 -53 -53 -51 -42 -24 -18 -26 -15 -22 -18 -13 -17 -20 -22 -23 -28

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Delta Air Lines Inc. inventory turnover ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Receivables turnover An activity ratio equal to revenue divided by receivables. Delta Air Lines Inc. receivables turnover ratio deteriorated from Q4 2021 to Q1 2022 but then improved from Q1 2022 to Q2 2022 exceeding Q4 2021 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Delta Air Lines Inc. payables turnover ratio decreased from Q4 2021 to Q1 2022 but then increased from Q1 2022 to Q2 2022 exceeding Q4 2021 level.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Delta Air Lines Inc. number of days of inventory outstanding deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Delta Air Lines Inc. number of days of receivables outstanding deteriorated from Q4 2021 to Q1 2022 but then improved from Q1 2022 to Q2 2022 exceeding Q4 2021 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Delta Air Lines Inc. number of days of payables outstanding increased from Q4 2021 to Q1 2022 but then decreased significantly from Q1 2022 to Q2 2022.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Delta Air Lines Inc. cash conversion cycle deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Inventory Turnover

Delta Air Lines Inc., inventory turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Cost of operating revenue 6,106 4,702 4,036 3,927 3,486 2,946 2,416 2,024 1,790 4,465 4,839 5,163 5,158 4,771 4,847 5,183 4,993 4,419 4,472 4,543 4,283 4,060
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence 1,734 1,292 1,098 1,012 1,005 828 732 746 847 974 1,251 1,072 1,083 1,071 1,055 1,170 1,589 1,146 1,329 1,136 938 855
Short-term Activity Ratio
Inventory turnover1 10.83 12.50 13.11 12.62 10.82 11.08 14.61 17.58 19.19 20.15 15.93 18.60 18.43 18.48 18.43 16.30 11.60 15.46 13.06
Benchmarks
Inventory Turnover, Competitors2
FedEx Corp. 150.76 150.16 143.03 135.08 127.31 120.56 121.01 122.65 120.12 121.41 126.03
Union Pacific Corp. 29.66 31.22 35.11 31.95 29.89 29.29 30.62 30.21 30.24 31.15 28.91

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Inventory turnover = (Cost of operating revenueQ2 2022 + Cost of operating revenueQ1 2022 + Cost of operating revenueQ4 2021 + Cost of operating revenueQ3 2021) ÷ Fuel, expendable parts and supplies inventories, net of allowance for obsolescence
= (6,106 + 4,702 + 4,036 + 3,927) ÷ 1,734 = 10.83

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Delta Air Lines Inc. inventory turnover ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Receivables Turnover

Delta Air Lines Inc., receivables turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Operating revenue 13,824 9,348 9,469 9,154 7,126 4,150 3,973 3,062 1,468 8,592 11,439 12,560 12,536 10,472 10,742 11,953 11,775 9,968 10,245 11,060 10,791 9,148
Accounts receivable, net of an allowance for uncollectible accounts 3,093 3,039 2,404 2,183 2,258 1,837 1,396 1,503 1,375 2,280 2,854 2,836 2,844 3,154 2,314 2,517 2,427 2,568 2,377 2,399 2,164 2,307
Short-term Activity Ratio
Receivables turnover1 13.51 11.55 12.44 11.18 8.11 6.89 12.25 16.34 24.77 19.79 16.47 16.33 16.07 14.25 19.20 17.46 17.74 16.38 17.35
Benchmarks
Receivables Turnover, Competitors2
FedEx Corp. 7.34 7.79 6.96 6.86 6.55 6.80 6.85 7.47 7.13 7.48 7.65
Uber Technologies Inc. 10.39 8.65 7.16 11.13 10.67 10.04 10.38 15.58 21.59 20.93 11.65
Union Pacific Corp. 11.42 11.57 12.66 12.63 12.34 11.99 12.98 12.53 14.55 12.91 13.61
United Parcel Service Inc. 8.78 8.82 7.76 9.01 9.12 8.84 7.87 8.93 8.38 9.23 7.76

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Receivables turnover = (Operating revenueQ2 2022 + Operating revenueQ1 2022 + Operating revenueQ4 2021 + Operating revenueQ3 2021) ÷ Accounts receivable, net of an allowance for uncollectible accounts
= (13,824 + 9,348 + 9,469 + 9,154) ÷ 3,093 = 13.51

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Delta Air Lines Inc. receivables turnover ratio deteriorated from Q4 2021 to Q1 2022 but then improved from Q1 2022 to Q2 2022 exceeding Q4 2021 level.

Payables Turnover

Delta Air Lines Inc., payables turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Cost of operating revenue 6,106 4,702 4,036 3,927 3,486 2,946 2,416 2,024 1,790 4,465 4,839 5,163 5,158 4,771 4,847 5,183 4,993 4,419 4,472 4,543 4,283 4,060
Accounts payable 5,353 4,810 4,240 4,017 3,930 3,432 2,840 2,403 2,332 3,337 3,266 3,470 3,359 3,214 2,976 3,265 3,749 3,351 3,674 3,059 2,726 2,353
Short-term Activity Ratio
Payables turnover1 3.51 3.36 3.40 3.18 2.77 2.67 3.77 5.46 6.97 5.88 6.10 5.75 5.94 6.16 6.53 5.84 4.92 5.29 4.72
Benchmarks
Payables Turnover, Competitors2
FedEx Corp. 21.37 22.67 21.86 19.74 20.02 21.41 21.17 21.82 21.07 21.92 23.00
Uber Technologies Inc. 18.17 13.53 10.87 24.80 15.26 23.16 21.93 23.50 24.51 32.64 26.50
United Parcel Service Inc. 13.96 14.04 12.93 14.65 14.09 14.20 13.11 14.32 14.68 15.69 13.34

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Payables turnover = (Cost of operating revenueQ2 2022 + Cost of operating revenueQ1 2022 + Cost of operating revenueQ4 2021 + Cost of operating revenueQ3 2021) ÷ Accounts payable
= (6,106 + 4,702 + 4,036 + 3,927) ÷ 5,353 = 3.51

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Delta Air Lines Inc. payables turnover ratio decreased from Q4 2021 to Q1 2022 but then increased from Q1 2022 to Q2 2022 exceeding Q4 2021 level.

Working Capital Turnover

Delta Air Lines Inc., working capital turnover calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current assets 17,313 15,720 15,940 17,471 19,666 17,853 17,404 25,030 18,915 10,275 8,249 6,944 7,134 7,196 6,340 6,726 7,641 7,724 7,844 7,083 7,177 6,880
Less: Current liabilities 26,324 24,060 20,966 20,924 23,573 20,688 15,927 19,725 20,150 19,392 20,204 20,211 21,164 21,323 18,578 18,158 19,269 20,012 18,573 16,496 16,631 15,953
Working capital (9,011) (8,340) (5,026) (3,453) (3,907) (2,835) 1,477 5,305 (1,235) (9,117) (11,955) (13,267) (14,030) (14,127) (12,238) (11,432) (11,628) (12,288) (10,729) (9,413) (9,454) (9,073)
 
Operating revenue 13,824 9,348 9,469 9,154 7,126 4,150 3,973 3,062 1,468 8,592 11,439 12,560 12,536 10,472 10,742 11,953 11,775 9,968 10,245 11,060 10,791 9,148
Short-term Activity Ratio
Working capital turnover1 11.57 4.63
Benchmarks
Working Capital Turnover, Competitors2
FedEx Corp. 13.05 13.06 12.13 9.67 8.17 9.27 11.46 31.44 26.10 22.61 17.11
Uber Technologies Inc. 1,646.62 9.53 129.39 10.72 3.69 4.83 3.46 3.19 1.71
Union Pacific Corp. 476.41 67.83
United Parcel Service Inc. 12.16 11.27 13.21 12.81 14.87 19.13 26.45 17.95 19.57 21.16 43.84

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Working capital turnover = (Operating revenueQ2 2022 + Operating revenueQ1 2022 + Operating revenueQ4 2021 + Operating revenueQ3 2021) ÷ Working capital
= (13,824 + 9,348 + 9,469 + 9,154) ÷ -9,011 =

2 Click competitor name to see calculations.


Average Inventory Processing Period

Delta Air Lines Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Inventory turnover 10.83 12.50 13.11 12.62 10.82 11.08 14.61 17.58 19.19 20.15 15.93 18.60 18.43 18.48 18.43 16.30 11.60 15.46 13.06
Short-term Activity Ratio (no. days)
Average inventory processing period1 34 29 28 29 34 33 25 21 19 18 23 20 20 20 20 22 31 24 28
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
FedEx Corp. 2 2 3 3 3 3 3 3 3 3 3
Union Pacific Corp. 12 12 10 11 12 12 12 12 12 12 13

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 10.83 = 34

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Delta Air Lines Inc. number of days of inventory outstanding deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Average Receivable Collection Period

Delta Air Lines Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Receivables turnover 13.51 11.55 12.44 11.18 8.11 6.89 12.25 16.34 24.77 19.79 16.47 16.33 16.07 14.25 19.20 17.46 17.74 16.38 17.35
Short-term Activity Ratio (no. days)
Average receivable collection period1 27 32 29 33 45 53 30 22 15 18 22 22 23 26 19 21 21 22 21
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
FedEx Corp. 50 47 52 53 56 54 53 49 51 49 48
Uber Technologies Inc. 35 42 51 33 34 36 35 23 17 17 31
Union Pacific Corp. 32 32 29 29 30 30 28 29 25 28 27
United Parcel Service Inc. 42 41 47 40 40 41 46 41 44 40 47

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 13.51 = 27

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Delta Air Lines Inc. number of days of receivables outstanding deteriorated from Q4 2021 to Q1 2022 but then improved from Q1 2022 to Q2 2022 exceeding Q4 2021 level.

Operating Cycle

Delta Air Lines Inc., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Average inventory processing period 34 29 28 29 34 33 25 21 19 18 23 20 20 20 20 22 31 24 28
Average receivable collection period 27 32 29 33 45 53 30 22 15 18 22 22 23 26 19 21 21 22 21
Short-term Activity Ratio
Operating cycle1 61 61 57 62 79 86 55 43 34 36 45 42 43 46 39 43 52 46 49
Benchmarks
Operating Cycle, Competitors2
FedEx Corp. 52 49 55 56 59 57 56 52 54 52 51
Union Pacific Corp. 44 44 39 40 42 42 40 41 37 40 40

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 34 + 27 = 61

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period.

Average Payables Payment Period

Delta Air Lines Inc., average payables payment period calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Payables turnover 3.51 3.36 3.40 3.18 2.77 2.67 3.77 5.46 6.97 5.88 6.10 5.75 5.94 6.16 6.53 5.84 4.92 5.29 4.72
Short-term Activity Ratio (no. days)
Average payables payment period1 104 109 108 115 132 137 97 67 52 62 60 64 61 59 56 63 74 69 77
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
FedEx Corp. 17 16 17 18 18 17 17 17 17 17 16
Uber Technologies Inc. 20 27 34 15 24 16 17 16 15 11 14
United Parcel Service Inc. 26 26 28 25 26 26 28 25 25 23 27

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 3.51 = 104

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Delta Air Lines Inc. number of days of payables outstanding increased from Q4 2021 to Q1 2022 but then decreased significantly from Q1 2022 to Q2 2022.

Cash Conversion Cycle

Delta Air Lines Inc., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data
Average inventory processing period 34 29 28 29 34 33 25 21 19 18 23 20 20 20 20 22 31 24 28
Average receivable collection period 27 32 29 33 45 53 30 22 15 18 22 22 23 26 19 21 21 22 21
Average payables payment period 104 109 108 115 132 137 97 67 52 62 60 64 61 59 56 63 74 69 77
Short-term Activity Ratio
Cash conversion cycle1 -43 -48 -51 -53 -53 -51 -42 -24 -18 -26 -15 -22 -18 -13 -17 -20 -22 -23 -28
Benchmarks
Cash Conversion Cycle, Competitors2
FedEx Corp. 35 33 38 38 41 40 39 35 37 35 35

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 34 + 27104 = -43

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Delta Air Lines Inc. cash conversion cycle deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.