{"slug":"delta-air-lines","name":"델타항공","name_en":"Delta Air Lines","ticker":"DAL","updated_at":"2026-09-11T23:11:31.287399+00:00","canonical":"https://valuechain.wiki/delta-air-lines","citable":"밸류체인 그래프 기준 델타항공의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 17곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"Per the valuechain.wiki graph, Delta Air Lines is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 17 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-09-11).","kicker":"미국 글로벌 항공사","kicker_en":"Global U.S. airline","lead":"델타항공은 여객 운송과 스카이마일스 제휴를 중심으로 돈을 벌며, 화물·정비·정유 사업에서도 매출을 낸다. 항공기와 엔진, 연료, 공항 시설, 지역 항공사 운항에 비용을 쓰고 국제 노선망을 넓히기 위해 다른 항공사 지분에도 투자한다.","lead_en":"Delta Air Lines earns primarily from passenger transportation and SkyMiles partnerships, with additional revenue from cargo, maintenance, and refinery operations. It spends on aircraft, engines, fuel, airport facilities, and regional-carrier capacity while taking equity stakes in other airlines to extend its international network.","categories":[{"key":"transport-logistics","ko":"운송·물류","en":"Transport & Logistics","theme":"industrial-infrastructure","theme_ko":"산업 인프라·중공업","theme_en":"Industrial Infrastructure & Heavy Industry","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"여객","note":"항공권, 마일리지 보상 여행, 수하물 등 여행 관련 서비스"},{"name":"화물","note":"글로벌 항공 화물 운송"},{"name":"기타","note":"스카이마일스 제휴, 정유 판매, 항공기 정비와 델타 베케이션"}],"total":"FY2025 고객계약 매출 633억6,400만달러","track":"C"},"segments_en":{"parts":[{"name":"Passenger","note":"Tickets, loyalty travel awards, and travel-related services such as baggage"},{"name":"Cargo","note":"Global air-cargo transportation"},{"name":"Other","note":"SkyMiles partnerships, refinery sales, aircraft maintenance, and Delta Vacations"}],"total":"FY2025 revenue from contracts with customers: $63.364 billion"},"returns_yearly":{"2021":-2.8,"2022":-15.9,"2023":23,"2024":52,"2025":16.1,"2026":19.3},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"american-express","name":"아메리칸 익스프레스","name_en":"American Express","tier":1,"returns_yearly":{"2021":36.9,"2022":-8.5,"2023":28.7,"2024":60.3,"2025":26,"2026":-15.8}}],"benefiting":[{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":1,"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":109}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":1,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":-2.2}},{"slug":"moog","name":"무그","name_en":"Moog","tier":2,"returns_yearly":{"2021":3.4,"2022":9.8,"2023":66.6,"2024":36.8,"2025":24.5,"2026":53}},{"slug":"korean-airlines","name":"대한항공","name_en":"Korean Airlines","tier":2,"returns_yearly":{"2021":-7.1,"2022":-6.1,"2023":-4.2,"2024":13.8,"2025":-6,"2026":35.8}},{"slug":"ametek","name":"아메텍","name_en":"AMETEK, Inc.","tier":2,"returns_yearly":{"2021":22.3,"2022":-4.3,"2023":18.8,"2024":10,"2025":14.7,"2026":16.1}},{"slug":"toray-industries","name":"도레이","name_en":"Toray Industries","tier":2,"returns_yearly":{"2021":8.3,"2022":12.5,"2023":-4.8,"2024":49.2,"2025":7.5,"2026":10.5}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":2,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":9.7}},{"slug":"ppg-industries","name":"PPG 인더스트리스","name_en":"PPG Industries","tier":2,"returns_yearly":{"2021":21.3,"2022":-25.7,"2023":21.2,"2024":-18.5,"2025":-12,"2026":3.4}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":2,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":2.5}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":2,"returns_yearly":{"2026":0.7}},{"slug":"thales","name":"Thales","name_en":"Thales","tier":2,"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-7.5}},{"slug":"mitsubishi-heavy-industries","name":"미쓰비시중공업","name_en":"Mitsubishi Heavy Industries","tier":2,"returns_yearly":{"2021":7.2,"2022":68.3,"2023":100.5,"2024":134.2,"2025":98.3,"2026":-16.7}},{"slug":"transdigm-group","name":"트랜스다임 그룹","name_en":"TransDigm Group Incorporated","tier":2,"returns_yearly":{"2021":2.8,"2022":1.8,"2023":66.6,"2024":32.3,"2025":12.2,"2026":-16.7}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":2,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-24.6}},{"slug":"honeywell-aerospace","name":"하니웰 에어로스페이스","name_en":"Honeywell Aerospace Inc.","tier":2,"returns_yearly":null},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":3,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":102.2}},{"slug":"mda-space","name":"MDA 스페이스","name_en":"MDA Space","tier":3,"returns_yearly":{"2022":-32.6,"2023":80,"2024":156.3,"2025":-9.8,"2026":50.8}},{"slug":"bny-mellon","name":"BNY 멜론","name_en":"BNY Mellon","tier":3,"returns_yearly":{"2021":40.6,"2022":-19.1,"2023":18.5,"2024":51.9,"2025":54.4,"2026":24.6}},{"slug":"mitsubishi-chemical-holdings","name":"미쓰비시케미컬그룹","name_en":"Mitsubishi Chemical Holdings","tier":3,"returns_yearly":{"2021":29,"2022":-15.5,"2023":27.7,"2024":-8.1,"2025":33.5,"2026":23.4}},{"slug":"goldman-sachs","name":"골드만삭스","name_en":"Goldman Sachs","tier":3,"returns_yearly":{"2021":47.6,"2022":-7.9,"2023":15.9,"2024":52,"2025":56.6,"2026":19.9}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":3,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":12.9}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":3,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":10.6}},{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","tier":3,"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":10}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":3,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":4.8}},{"slug":"honeywell-technologies","name":"하니웰 테크놀로지스","name_en":"Honeywell Technologies","tier":3,"returns_yearly":{"2021":-0.3,"2022":4.9,"2023":0,"2024":10,"2025":-6.4,"2026":3.8}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":3,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-9.3}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-14.7}},{"slug":"echostar","name":"에코스타","name_en":"EchoStar Corporation","tier":3,"returns_yearly":{"2021":24.4,"2022":-36.7,"2023":-0.7,"2024":38.2,"2025":374.7,"2026":-17.4}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":3,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-18.3}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-18.3}},{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","tier":3,"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-18.8}}],"analysis":"미국 글로벌 항공사 기업. 최근 몇 년간 견조한 상승이 이어졌고 2026년 +16.4%다. 공급단(평균 +40.4%)이 본주(+16.4%)보다 앞서 있다. 지출이 아래로 번지며 공급사 쪽 탄력이 먼저 나타나는 구도다. 연결 노드 중 가장 앞선 곳은 바이어샛(+118.6%), 가장 처진 곳은 보잉(-2.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Delta Air Lines operates across Global U.S. airline. It stayed steadily positive in recent years and is +16.4% in 2026. The supply side (avg +40.4%) leads the stock (+16.4%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is Viasat (+118.6%) and the furthest behind is Boeing (-2.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on aircraft, engines, fuel, airport facilities, and regional-carrier capacity while taking equity stakes in other airlines to extend its international network.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"항공권 구매 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"항공권 구매 고객에게서 인식한 여객 항공권 매출","value":45488000000,"period":"FY2025","basis_en":"Passenger ticket revenue recognized from ticket customers","qualifier":null},"note":"개인과 기업 고객이 구매한 항공권은 델타항공의 가장 큰 매출원이다. 2025년에는 프리미엄 수요가 메인 캐빈보다 강했고 항공권 매출은 454억8,800만달러였다.","note_en":"Tickets purchased by leisure and corporate travelers are Delta's largest revenue source. Premium demand outpaced the main cabin in 2025, when ticket revenue reached $45.488 billion.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm","title":"델타항공 2025 회계연도 Form 10-K","title_en":"Delta Air Lines 2025 Form 10-K","excerpt":"2025년 항공권 매출은 454억8,800만달러였다.","excerpt_en":"Ticket | $45,488"},{"stance":"confirms","publisher":"모닝스타","publisher_en":"Morningstar","kind":"analysis","lang":"en","published_at":"2025-10-23","url":"https://www.morningstar.com/business/insights/blog/airline-industry-analysis","title":"미국·캐나다 항공산업 분석: 핵심 인사이트","title_en":"US and Canada Airline Industry Analysis: Key Insights","excerpt":"모닝스타는 델타와 유나이티드가 미국 항공사 가운데 가장 높은 여객 매출 수율을 기록한다고 분석했다.","excerpt_en":"Delta and United lead the pack in the US in terms of highest revenue yield."}]},{"direction":"revenue","counterparty":"아메리칸 익스프레스","counterparty_slug":"american-express","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"아메리칸 익스프레스 스카이마일스 제휴 보수","value":8200000000,"period":"FY2025","basis_en":"Remuneration from the American Express SkyMiles partnership","qualifier":null},"note":"아메리칸 익스프레스는 델타가 스카이마일스를 판매하는 가장 중요한 제휴사다. 공동 브랜드 카드와 멤버십 리워드 계약에 따른 2025년 보수는 82억달러였다.","note_en":"American Express is Delta's most important SkyMiles purchaser. Remuneration from the co-brand card and Membership Rewards relationship totaled $8.2 billion in 2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm","title":"델타항공 2025 회계연도 Form 10-K","title_en":"Delta Air Lines 2025 Form 10-K","excerpt":"아메리칸 익스프레스에서 받은 2025년 보수는 82억달러였다.","excerpt_en":"Remuneration from American Express was $8.2 billion during 2025."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm","title":"아메리칸 익스프레스 2025 회계연도 Form 10-K","title_en":"American Express 2025 Form 10-K","excerpt":"아메리칸 익스프레스는 델타를 최대 전략 제휴사로 명시했고, 델타 공동 브랜드 포트폴리오는 전 세계 카드 결제액의 약 13%를 차지했다.","excerpt_en":"Delta is our largest strategic partner."}]},{"direction":"investment","counterparty":"WestJet","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"웨스트젯 지분 12.7% 인수대금","value":276000000,"period":"October 2025 acquisition","basis_en":"Purchase price for a 12.7% equity stake in WestJet","qualifier":null},"note":"델타는 미국과 캐나다를 잇는 상업 협력을 강화하기 위해 2025년 10월 웨스트젯 지분 12.7%를 2억7,600만달러에 인수했다. 이전 소유자가 보유하던 주주대여금 채권의 상응 지분도 함께 넘겨받았다.","note_en":"Delta acquired a 12.7% stake in WestJet for $276 million in October 2025 to deepen commercial cooperation between the United States and Canada. It also assumed a commensurate share of a shareholder loan receivable from the previous owner.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm","title":"델타항공 2025 회계연도 Form 10-K","title_en":"Delta Air Lines 2025 Form 10-K","excerpt":"델타는 2025년 10월 웨스트젯 지분 12.7%를 2억7,600만달러에 인수했다.","excerpt_en":"acquired a 12.7% equity stake in WestJet for $276 million"}]},{"direction":"cost","counterparty":"보잉","counterparty_slug":"boeing","confidence":"high","metric":{"type":"count","unit":"aircraft","as_of":"2026-01-13","basis":"737-10 100대와 787-10 30대를 합친 보잉 확정 주문","value":130,"period":"Firm Boeing order book as of 2026-01-13","basis_en":"Firm Boeing orders comprising 100 737-10s and 30 787-10s","qualifier":null},"note":"보잉은 델타의 장기 기단 교체를 맡는 핵심 항공기 공급사다. 기존 737-10 주문 100대와 2026년 1월 확정한 787-10 주문 30대를 합쳐 확정 주문은 130대다.","note_en":"Boeing is a core aircraft supplier for Delta's long-term fleet renewal. The firm order book totals 130 aircraft, combining 100 737-10s with 30 787-10s ordered in January 2026.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm","title":"델타항공 2025 회계연도 Form 10-K","title_en":"Delta Air Lines 2025 Form 10-K","excerpt":"델타는 보잉 737-10 100대를 약정했고 2026년 1월 787-10 30대를 추가로 확정했다.","excerpt_en":"B-737-10 | 100 ... acquire 30 Boeing 787-10 aircraft"},{"stance":"confirms","publisher":"보잉","publisher_en":"Boeing","kind":"ir","lang":"en","published_at":"2026-01-13","url":"https://investors.boeing.com/investors/news/press-release-details/2026/Delta-Air-Lines-Orders-up-to-60-Boeing-787-Dreamliners-to-Grow-Modernize-Widebody-Fleet/default.aspx","title":"델타항공, 보잉 787 드림라이너 최대 60대 주문","title_en":"Delta Air Lines Orders up to 60 Boeing 787 Dreamliners to Grow, Modernize Widebody Fleet","excerpt":"보잉은 신규 787-10 30대를 포함한 델타의 확정 주문 잔고가 130대라고 밝혔다.","excerpt_en":"Today's purchase brings Delta's firm order book to 130 Boeing airplanes."}]},{"direction":"cost","counterparty":"에어버스","counterparty_slug":"airbus","confidence":"high","metric":{"type":"count","unit":"aircraft","as_of":"2026-01-28","basis":"A330-900 16대와 A350-900 15대를 합친 신규 확정 주문","value":31,"period":"Definitive Airbus widebody order signed 2026-01-27","basis_en":"New firm order comprising 16 A330-900s and 15 A350-900s","qualifier":null},"note":"에어버스는 델타의 주력 항공기 공급사다. 델타는 2026년 1월 A330-900 16대와 A350-900 15대를 추가로 확정 주문했다.","note_en":"Airbus is a major aircraft supplier to Delta. In January 2026, Delta placed an additional firm order for 16 A330-900s and 15 A350-900s.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm","title":"델타항공 2025 회계연도 Form 10-K","title_en":"Delta Air Lines 2025 Form 10-K","excerpt":"델타는 에어버스 A330-900 16대와 A350-900 15대의 확정 구매계약을 체결했다.","excerpt_en":"purchase 16 Airbus A330-900 aircraft and 15 Airbus A350-900 aircraft"},{"stance":"confirms","publisher":"에어버스","publisher_en":"Airbus","kind":"ir","lang":"en","published_at":"2026-01-28","url":"https://www.airbus.com/en/newsroom/press-releases/2026-01-delta-air-lines-grows-airbus-fleet-with-order-for-31-additional-widebody-aircraft","title":"델타항공, 에어버스 광동체 31대 추가 주문","title_en":"Delta Air Lines Grows Airbus Fleet with Order for 31 Additional Widebody Aircraft","excerpt":"에어버스는 델타가 A330-900 16대와 A350-900 15대를 확정 주문했다고 발표했다.","excerpt_en":"Delta Air Lines has placed a firm order for 31 latest generation aircraft."},{"stance":"confirms","publisher":"델타 뉴스 허브","publisher_en":"Delta News Hub","kind":"ir","lang":"ko","published_at":"2025-01-10","url":"https://news.delta.com/deltahanggong-x-eeobeoseu-geullobeol-yeohaengui-milae-seolgyeleul-wihan-hyeogsinjeog-pateuneosib","title":"델타항공 X 에어버스, 글로벌 여행의 미래 설계를 위한 혁신적 파트너십 강화","title_en":"Delta and Airbus Strengthen Innovative Partnership to Shape the Future of Global Travel","excerpt":"델타는 글로벌 네트워크에서 약 500대의 에어버스 항공기를 운항하며 향후 수년 내 200대를 추가 인도받을 예정이라고 밝혔다.","excerpt_en":"Delta said it operates about 500 Airbus aircraft and expects roughly 200 more deliveries in the coming years."}]},{"direction":"cost","counterparty":"바이어샛","counterparty_slug":"viasat","confidence":"high","metric":null,"note":"델타항공은 Viasat IFC를 협체(내로바디·A220·B737MAX)와 광동체(A330·A350·B767) 전 기종에 선정해 누적 1,000대 이상을 약정했으며, 상업 항공 IFC는 Communication Services의 핵심 매출원이고 아메리칸항공도 약 985대 중 90%에 Viasat/Intelsat을 채택했다(2025-04).","note_en":"Delta selected Viasat IFC across its narrowbody (A220, 737MAX) and widebody (A330, A350, 767) fleets, committing 1,000+ aircraft and making commercial aviation IFC a core Communication Services revenue driver, while American Airlines separately picked Viasat/Intelsat for about 90% of its 985-aircraft fleet (Apr 2025).","sources":[{"stance":"confirms","publisher":"Viasat 투자자관계(IR)","publisher_en":"Viasat Investor Relations","kind":"ir","lang":"en","published_at":"2023-03-27","url":"https://www.viasat.com/news/latest-news/aviation/2023/viasat-to-provide-in-flight-connectivity-to-additional-delta-aircraft-including-widebodies/","title":"Viasat to Provide In-Flight Connectivity to Additional Delta Aircraft, Including Widebodies","title_en":"Viasat to Provide In-Flight Connectivity to Additional Delta Aircraft, Including Widebodies","excerpt":"Viasat's in-flight connectivity (IFC) solution will be installed on a total of more than 1,000 Delta Air Lines aircraft, including all active aircraft in its Airbus A330, A350, and Boeing 767 widebody fleets.","excerpt_en":"Viasat's in-flight connectivity (IFC) solution will be installed on a total of more than 1,000 Delta Air Lines aircraft, including all active aircraft in its Airbus A330, A350, and Boeing 767 widebody fleets."},{"stance":"confirms","publisher":"SpaceNews","publisher_en":"SpaceNews","kind":"news","lang":"en","published_at":"2023-03-27","url":"https://spacenews.com/delta-viasat-in-flight-connectivity/","title":"Delta Air Lines adds Viasat in-flight connectivity service","title_en":"Delta Air Lines adds Viasat in-flight connectivity service","excerpt":"Delta announced it selected Viasat to provide in-flight connectivity across multiple fleets, expanding Viasat's footprint in the commercial aviation IFC market.","excerpt_en":"Delta announced it selected Viasat to provide in-flight connectivity across multiple fleets, expanding Viasat's footprint in the commercial aviation IFC market."}]}]}