• The Eighth tab in your Financial Statement Analysis Template must be labeled Historical Statement of Cash Flows
  • Include the latest three years based on SEC filings delta airlines .
  • Make sure that the Income Statement, Balance Sheet, and Cash Flows Statement tie in as follows:
  • Net Income from Income statement agrees with Net Income on the Statement of Cash Flows
  • Ending Cash Balance from Statement of Cash Flows agrees with Cash in the Balance Sheet
• The Ninth tab in your Financial Statement Analysis Template must be labeled Competitor Statements of Cash Flows
  • Include the Statement of Cash Flows for the company american airlines and united airlines
  • Make sure that the Income Statement, Balance Sheet, and Cash Flows Statement tie in as follows:
  • Net Income from Income statement agrees with Net Income on the Statement of Cash Flows
  • EndingCashBalancefromStatementofCashFlowsagreeswithCashintheBalanceSheet
  • Attached is the working excel sheet.

Company name Tinker symbol Industy Services Major competitors DELTA AIR LINES, INC. DAL Major Airline Air transportation American Airlines,United Airlines,Alaska Airlines, JetBlue Airways and Southwest Airlines DELTA AIR LINES, INC. Consolidated income statements (in millions, except per share data) Operating Revenue: Passenger: Mainline Regional carriers Total passenger revenue Cargo Other Total operating revenue Year Ended December 31, 2015 2014 2013 $ 28,898 $ 28,688 $ 26,534 5,884 6,266 6,408 34,782 34,954 32,942 813 934 937 5,109 4,474 3,894 40,704 40,362 37,773 Operating Expense: Salaries and related costs 8,776 Aircraft fuel and related taxes 6,544 Regional carriers expense 4,241 Aircraft maintenance materials and outsid 1,848 Contracted services 1,848 Depreciation and amortization 1,835 Passenger commissions and other selling 1,672 Landing fees and other rents 1,493 Profit sharing 1,490 Passenger service 872 Aircraft rent 250 Restructuring and other 35 Other 1,998 Total operating expense 32,902 Operating Income Non-Operating Expense: Interest expense, net Miscellaneous, net Total non-operating expense, net Income Before Income Taxes Income Tax (Provision) Benefit 8,120 11,668 5,237 1,828 1,749 1,771 1,700 1,442 1,085 810 233 716 1,797 38,156 7,720 9,397 5,669 1,852 1,665 1,658 1,603 1,410 506 762 209 402 1,520 34,373 7,802 2,206 3,400 (481) (164) (645) (650) (484) (1,134) (852) (21) (873) 7,157 1,072 2,527 (2,631) (413) 8,013 Net Income $ 4,526 $ 659 $ 10,540 Basic Earnings Per Share Diluted Earnings Per Share Cash Dividends Declared Per Share $ $ $ 0.79 $ 12.41 0.78 $ 12.29 0.30 $ 0.12 5.68 $ 5.63 $ 0.45 $ DELTA AIR LINES, INC. Consolidated Balance Sheets (in millions, except share data) ASSETS Current Assets: Cash and cash equivalents Short-term investments Accounts receivable, net of an allowance for uncollectible accounts of $9 and $11 at December 31, 2015 and 2014, respectively Hedge margin receivable Fuel inventory Expendable parts and supplies inventories, net of an allowance for obsolescence of $114 and $127 at December 31, 2015 and 2014, respectively Hedge derivatives asset Prepaid expenses and other Total current assets Property and Equipment, Net: Property and equipment, net of accumulated depreciation and amortization of $10,871 and $9,340 at December 31, 2015 and 2014, respectively Other Assets: Goodwill Identifiable intangibles, net of accumulated amortization of $811 and $793 at December 31, 2015 and 2014, respectively Deferred income taxes, net Other noncurrent assets Total other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term debt and capital leases Air traffic liability Accounts payable Accrued salaries and related benefits Hedge derivatives liability Frequent flyer deferred revenue Other accrued liabilities Total current liabilities December 31, 2015 2014 2013 $1,972 1,465 $2,088 1,217 $2,844 959 2,020 119 379 2,297 925 534 1,609 3 706 318 1,987 796 9,056 318 1,078 701 9,158 357 585 1,736 852 9,651 23,039 21,929 21,854 9,794 9,794 9,794 4,861 4,603 4,658 4,956 7,595 4,992 1,428 926 1,303 21,039 22,918 20,747 $53,134 $54,005 $52,252 $1,563 4,503 2,743 3,195 2,581 1,635 1,306 17,526 $1,184 4,296 2,622 2,266 2,772 1,580 2,127 16,847 $1,547 4,122 2,300 1,926 146 1,861 2,250 14,152 Noncurrent Liabilities: Long-term debt and capital leases Pension, postretirement and related benefits Frequent flyer deferred revenue Other noncurrent liabilities Total noncurrent liabilities 6,766 13,855 2,246 1,891 24,758 8,477 15,138 2,602 2,128 28,345 9,795 12,392 2,559 1,711 26,457 Commitments and Contingencies Stockholders' Equity: Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 799,850,675 and 845,048,310 shares issued at December 31, 2015 and 2014, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 21,066,684 and 19,790,077 shares at December 31, 2015 and 2014, respectively Total stockholders' equity Total liabilities and stockholders' equity 10,875 7,623 -7,275 12,981 3,456 -7,311 13,982 3,049 -5,130 -373 -313 -258 10,850 8,813 11,643 $53,134 $54,005 $52,252 2012 (Those amount of 2012 which are required to calculate average amount of 2013) 1,693 20,713 44,550 - -2,131 Formula used to calculate Ratios 1 Current Ratio = Current Assets / Current Liabilities 2 Quick Ratio = Liquid Assets / Current Liabilities 3 Debt to Total Assets Ratio = Total Liabilities / Total Assets 4 Debt Equity Ratio = Total Liabilities / Total Equity 5 Long Term Debt to Equity = Long term debt / Total Equity 6 Times Interest Earned Ratio = EBIT / Interest Expenses 7 Inventory Turnover = Cost of Goods sold / Average Inventory 8 Fixed Assets Turnover = Revenue / Average Fixed Assets 9 Total Assets Turnover = Revenue / Average total assets 10 Accounts Receivable Turnover = Revenue / Average receivables 11 Average collection period = 365 / Account Receivable Turnover 12 Gross Profit Margin = Gross Profit / Revenue 13 Operating Profit Margin = Operating Profit / Revenue 14 Net Profit Margin = Net Profit / Revenue 15 Return on Total Assets = Net Profit / Average Total Assets 16 Return on Stcokholders' Equity = Net Profit / Average Stockholders' equity 17 Earnings Per Share = Net Income / Total shares outstanding 18 Price Earnings Ratio = Market Price per share / Earnings per share S. No. 2015 2014 2013 1 Name of Ratio Liquidity Ratio Current Ratio 0.52 0.54 0.06 2 Quick Ratio = 0.31 0.33 0.38 3 Leverage Ratio Debt to Total Assets Ratio = 0.80 0.84 0.78 4 Debt Equity Ratio = 3.90 5.13 3.49 5 Long Term Debt to Equity = 2.28 3.22 2.27 6 Times Interest Earned Ratio = 16.22 3.39 3.99 7 Activity Ratio Inventory Turnover = 8 Fixed Assets Turnover = 1.81 1.84 1.77 9 Total Assets Turnover = 0.76 0.76 0.78 10 Accounts Receivable Turnover = 18.86 20.67 22.88 11 Average collection period = 19.36 17.66 15.95 12 Profitability Ratio Gross Profit Margin = 13 Operating Profit Margin = 19.17% 5.47% 9.00% 14 Net Profit Margin = 11.12% 1.63% 27.90% 15 Return on Total Assets = 8.45% 1.24% 21.78% 16 Return on Stcokholders' Equity = 17 Earnings Per Share = 18 Price Earnings Ratio = N.A. N.A. N.A. N.A. 46.04% $ Company belongs to service sector so th N.A. Company belongs to service sector so th N.A. 6.44% 221.61% 5.68 $ 0.79 $ 12.41 8.92 62.27 2.21 Closing Price of Stock: belongs to service sector so there is no cost of goods sold and inventory. belongs to service sector so there is no cost of goods sold and gross profit margin cannot be calculated. ice of Stock: Dec 31 2015 Dec 31 2014 Dec 31 2013 $50.69 $49.19 $27.47 AMERICAN AIRLINES GROUP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) Operating Revenue: Mainline passenger Regional passenger Cargo Other Total operating revenues Operating expenses Aircraft fuel and related taxes Salaries, wages and benefits Regional expenses Maintenance, materials and repairs Other rent and landing fees Aircraft rent Selling expenses Depreciation and amortization Special items, net Other Total operating expenses Operating income Nonoperating income (expense): Interest income Interest expense, net of capitalized interest Other, net Total nonoperating expense, net Income before reorganization items, net Reorganization items, net Income (loss) before income taxes Income tax provision (benefit) Net income (loss) Basic Earnings Per Share Diluted Earnings Per Share Cash Dividends Declared Per Share UNITED AIRLINES GROUP IN CONSOLIDATED STATEMEN Year Ended December 31, 2015 2014 2013 Year Ended Decembe 2015 29037 30802 20218 26333 6475 760 4718 40990 6322 875 4651 42650 3131 685 2709 26743 6452 937 4142 37864 6226 9524 5983 1889 1731 1250 1394 1364 1051 4374 34786 6204 10592 8508 6516 2051 1727 1250 1544 1295 800 4118 38401 4249 7839 5460 3326 1260 1152 768 1158 853 559 2969 25344 1399 7522 9713 2290 1651 2203 754 1342 1819 326 5078 32698 5166 39 -880 -747 -1588 4616 0 4616 -2994 7610 11.39 11.39 0.4 31 -887 -181 -1037 3212 0 3212 330 2882 4.02 4.02 0.2 20 -856 -88 -924 475 -2655 -2180 -346 -1834 -6.54 -6.54 0 25 -620 -352 -947 0 0 4219 -3121 7340 19.52 19.47 AIRLINES GROUP INC. LIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2014 2013 26785 25997 6977 938 4201 38901 7125 882 4275 38279 11675 8935 2344 1779 2274 883 1373 1679 443 5143 36528 2373 12345 8625 2419 1821 2090 936 1390 1689 520 5195 37030 1249 22 -683 -584 -1245 0 0 1128 -4 1132 3.05 2.93 21 -734 3 -710 0 0 539 -32 571 1.64 1.53 AMERICAN AIRLINES GROUP INC. Consolidated Balance Sheets (in millions, except share data) ASSETS Current Assets: Cash and cash equivalents Short-term investments Restricted cash and short-term investments Accounts receivable, net Full hedge Collateral Deposits Aircraft fuel, spare parts and supplies, net deferred income taxes Prepaid expenses and other Total current assets Operating property and equipment Flight equipment Ground property and equipment Equipment purchase deposits Total property and equipment, at cost Less accumulated depreciation and amortization Total property and equipment, net Other assets Goodwill Intangibles, net of accumulated amortization of Deferred tax asset Restricted Cash Other assets Total other assets Total assets December 31, 2015 2014 2013 390 5864 695 1425 0 863 994 6309 774 1771 0 1004 1140 8111 1035 1560 0 1012 748 9985 898 11750 1465 14323 33185 6402 1067 40654 -13144 27510 28213 5900 1230 35343 -12259 23084 23730 5585 1077 30392 -11133 19259 4091 2249 2477 0 2103 10920 48415 4091 2240 0 0 2060 8391 43225 4086 2311 0 0 2299 8696 42278 1677 1377 1194 4252 0 2807 2097 13404 1446 1368 1143 4380 0 3005 2464 13806 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities 2231 Current maturities of long-term debt and capital 1563 Accounts payable 1205 Accrued salaries and wages 3747 Air traffic liability 0 Frequent Flyer Deferred Revenue 2525 Loyalty program liability 2334 Other accrued liabilities 13605 Total current liabilities Noncurrent liabilities 16043 15353 Long-term debt and capital leases, net of current 18330 7450 7562 5828 Pension and postretirement benefits 667 829 935 Deferred gains and credits, net Advance purchase of miles Deferred income taxes Lease fair value adjustment,net 193 325 5928 Bankruptcy settlement obligations 2535 3041 3159 Other liabilities 29175 27800 31203 Total noncurrent liabilities Commitments and contingencies (Note 15) Stockholders' equity 6 7 5 shares issued and outstanding at Dece Common stock, $0.01 par value; 1,750,000,000 shares authorized 624,622,381 11591 15135 10592 Additional paid-in capital -4732 -4559 -2032 Accumulated other comprehensive loss -1230 -8562 -11296 Accumulated deficit Stock held in treasury Total stockholders' equity 5635 2021 -2731 Total liabilities and stockholders' equity 48415 43225 42278 UNITED AIRLINES GROUP INC. Consolidated Balance Sheets (in millions, except share data) December 31, 2015 2014 2013 3006 2190 0 1128 26 738 0 740 7828 2002 2382 0 1146 577 666 0 774 7547 3220 1901 31 1503 0 667 676 704 8702 25255 4874 788 30917 -9337 21580 22379 4347 706 27432 -7965 19467 20276 3994 706 24976 -6929 18047 4523 4136 2037 204 553 11453 40861 4523 4284 0 276 498 9581 36595 4523 4436 0 364 740 10063 36812 1359 1869 2350 3753 2117 124 842 12414 1423 1882 1818 3701 2058 694 932 12508 1485 2087 1696 3405 2369 0 1065 12107 10400 3370 2826 1010 0 359 0 1516 9081 10524 4159 2879 1217 1000 466 0 1446 11167 10924 3353 2535 1338 1662 626 0 1283 10797 4 7946 -831 3457 -1610 8966 40861 4 7721 -1079 -3883 367 2396 36595 4 7425 608 -5015 -38 2984 36812 Formula used to calculate Ratios 1 Current Ratio = Current Assets / Current Liabilities 2 Quick Ratio = Liquid Assets / Current Liabilities 3 Debt to Total Assets Ratio = Total Liabilities / Total Assets 4 Debt Equity Ratio = Total Liabilities / Total Equity 5 Long Term Debt to Equity = Long term debt / Total Equity 6 Times Interest Earned Ratio = EBIT / Interest Expenses 7 Inventory Turnover = Cost of Goods sold / Average Inventory 8 Fixed Assets Turnover = Revenue / Average Fixed Assets 9 Total Assets Turnover = Revenue / Average total assets 10 Accounts Receivable Turnover = Revenue / Average receivables 11 Average collection period = 365 / Account Receivable Turnover 12 Gross Profit Margin = Gross Profit / Revenue 13 Operating Profit Margin = Operating Profit / Revenue 14 Net Profit Margin = Net Profit / Revenue 15 Return on Total Assets = Net Profit / Average Total Assets 16 Return on Stcokholders' Equity = Net Profit / Average Stockholders' equity 17 Earnings Per Share = Net Income / Total shares outstanding 18 Price Earnings Ratio = Market Price per share / Earnings per share S. No. Name of Ratio Liquidity Ratio 1 Current Ratio 2 Quick Ratio = 2015 2014 2013 S. No. 0.73 0.88 1.04 1 0.62 0.73 0.86 2 3 Leverage Ratio Debt to Total Assets Ratio = 0.88 0.95 1.06 3 4 Debt Equity Ratio = 7.59 20.39 -16.48 4 5 Long Term Debt to Equity = 2.41 6.63 -5.06 5 6 Times Interest Earned Ratio = 7.05 4.79 1.63 6 7 Activity Ratio Inventory Turnover = 8 Fixed Assets Turnover = 1.62 2.01 2.15 8 9 Total Assets Turnover = 0.89 1.28 1.27 9 10 Accounts Receivable Turnover 25.65 25.61 20.07 10 11 Average collection period = 14.23 14.25 18.19 11 12 Profitability Ratio Gross Profit Margin = 13 Operating Profit Margin = 15.14% 9.96% 5.23% 13 14 Net Profit Margin = 18.57% 6.76% -6.86% 14 15 Return on Total Assets = 16.61% 6.74% -5.60% 15 16 Return on Stcokholders' Equity 198.80% -811.83% 28.90% 16 17 Earnings Per Share = 4.02 $ (6.55) 17 18 Price Earnings Ratio = 13.54 18 N.A. N.A. N.A. N.A. N.A. $ 11.39 $ 4.14 7 N.A. 12 0.00 Name of Ratio Liquidity Ratio Current Ratio 2015 2014 2013 0.63 0.60 0.72 Quick Ratio = 0.51 0.49 0.61 Leverage Ratio Debt to Total Assets Ratio = 0.53 0.65 0.62 Debt Equity Ratio = 2.40 9.88 7.68 Long Term Debt to Equity = 1.01 4.66 3.62 Times Interest Earned Ratio = 8.33 3.47 1.70 Activity Ratio Inventory Turnover = N.A. N.A. N.A. Fixed Assets Turnover = 1.84 2.07 2.22 Total Assets Turnover = 0.98 1.06 1.02 Accounts Receivable Turnover = 33.30 29.37 26.76 Average collection period = 10.96 12.43 13.64 Profitability Ratio Gross Profit Margin = N.A. N.A. N.A. Operating Profit Margin = 13.64% 6.10% 3.26% Net Profit Margin = 19.39% 2.91% 1.49% Return on Total Assets = 18.95% 3.08% 1.53% 129.20% 53.88% 38.27% Return on Stcokholders' Equity = Earnings Per Share = Price Earnings Ratio = $ 19.52 3.17 $ 3.05 $ 1.64 22.21 0.00 Company name Tinker symbol Industy Services Major competitors DELTA AIR LINES, INC. DAL Major Airline Air transportation American Airlines,United Airlines,Alaska Airlines, JetBlue Airways and Southwest Airlines DELTA AIR LINES, INC. Consolidated income statements (in millions, except per share data) Operating Revenue: Passenger: Mainline Regional carriers Total passenger revenue Cargo Other Total operating revenue Year Ended December 31, 2015 2014 2013 $ 28,898 $ 28,688 $ 26,534 5,884 6,266 6,408 34,782 34,954 32,942 813 934 937 5,109 4,474 3,894 40,704 40,362 37,773 Operating Expense: Salaries and related costs 8,776 Aircraft fuel and related taxes 6,544 Regional carriers expense 4,241 Aircraft maintenance materials and outsid 1,848 Contracted services 1,848 Depreciation and amortization 1,835 Passenger commissions and other selling 1,672 Landing fees and other rents 1,493 Profit sharing 1,490 Passenger service 872 Aircraft rent 250 Restructuring and other 35 Other 1,998 Total operating expense 32,902 Operating Income Non-Operating Expense: Interest expense, net Miscellaneous, net Total non-operating expense, net Income Before Income Taxes Income Tax (Provision) Benefit 8,120 11,668 5,237 1,828 1,749 1,771 1,700 1,442 1,085 810 233 716 1,797 38,156 7,720 9,397 5,669 1,852 1,665 1,658 1,603 1,410 506 762 209 402 1,520 34,373 7,802 2,206 3,400 (481) (164) (645) (650) (484) (1,134) (852) (21) (873) 7,157 1,072 2,527 (2,631) (413) 8,013 Net Income $ 4,526 $ 659 $ 10,540 Basic Earnings Per Share Diluted Earnings Per Share Cash Dividends Declared Per Share $ $ $ 0.79 $ 12.41 0.78 $ 12.29 0.30 $ 0.12 5.68 $ 5.63 $ 0.45 $ DELTA AIR LINES, INC. Consolidated Balance Sheets (in millions, except share data) ASSETS Current Assets: Cash and cash equivalents Short-term investments Accounts receivable, net of an allowance for uncollectible accounts of $9 and $11 at December 31, 2015 and 2014, respectively Hedge margin receivable Fuel inventory Expendable parts and supplies inventories, net of an allowance for obsolescence of $114 and $127 at December 31, 2015 and 2014, respectively Hedge derivatives asset Prepaid expenses and other Total current assets Property and Equipment, Net: Property and equipment, net of accumulated depreciation and amortization of $10,871 and $9,340 at December 31, 2015 and 2014, respectively Other Assets: Goodwill Identifiable intangibles, net of accumulated amortization of $811 and $793 at December 31, 2015 and 2014, respectively Deferred income taxes, net Other noncurrent assets Total other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term debt and capital leases Air traffic liability Accounts payable Accrued salaries and related benefits Hedge derivatives liability Frequent flyer deferred revenue Other accrued liabilities Total current liabilities December 31, 2015 2014 2013 $1,972 1,465 $2,088 1,217 $2,844 959 2,020 119 379 2,297 925 534 1,609 3 706 318 1,987 796 9,056 318 1,078 701 9,158 357 585 1,736 852 9,651 23,039 21,929 21,854 9,794 9,794 9,794 4,861 4,603 4,658 4,956 7,595 4,992 1,428 926 1,303 21,039 22,918 20,747 $53,134 $54,005 $52,252 $1,563 4,503 2,743 3,195 2,581 1,635 1,306 17,526 $1,184 4,296 2,622 2,266 2,772 1,580 2,127 16,847 $1,547 4,122 2,300 1,926 146 1,861 2,250 14,152 Noncurrent Liabilities: Long-term debt and capital leases Pension, postretirement and related benefits Frequent flyer deferred revenue Other noncurrent liabilities Total noncurrent liabilities 6,766 13,855 2,246 1,891 24,758 8,477 15,138 2,602 2,128 28,345 9,795 12,392 2,559 1,711 26,457 Commitments and Contingencies Stockholders' Equity: Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 799,850,675 and 845,048,310 shares issued at December 31, 2015 and 2014, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 21,066,684 and 19,790,077 shares at December 31, 2015 and 2014, respectively Total stockholders' equity Total liabilities and stockholders' equity 10,875 7,623 -7,275 12,981 3,456 -7,311 13,982 3,049 -5,130 -373 -313 -258 10,850 8,813 11,643 $53,134 $54,005 $52,252 2012 (Those amount of 2012 which are required to calculate average amount of 2013) 1,693 20,713 44,550 - -2,131 Formula used to calculate Ratios 1 Current Ratio = Current Assets / Current Liabilities 2 Quick Ratio = Liquid Assets / Current Liabilities 3 Debt to Total Assets Ratio = Total Liabilities / Total Assets 4 Debt Equity Ratio = Total Liabilities / Total Equity 5 Long Term Debt to Equity = Long term debt / Total Equity 6 Times Interest Earned Ratio = EBIT / Interest Expenses 7 Inventory Turnover = Cost of Goods sold / Average Inventory 8 Fixed Assets Turnover = Revenue / Average Fixed Assets 9 Total Assets Turnover = Revenue / Average total assets 10 Accounts Receivable Turnover = Revenue / Average receivables 11 Average collection period = 365 / Account Receivable Turnover 12 Gross Profit Margin = Gross Profit / Revenue 13 Operating Profit Margin = Operating Profit / Revenue 14 Net Profit Margin = Net Profit / Revenue 15 Return on Total Assets = Net Profit / Average Total Assets 16 Return on Stcokholders' Equity = Net Profit / Average Stockholders' equity 17 Earnings Per Share = Net Income / Total shares outstanding 18 Price Earnings Ratio = Market Price per share / Earnings per share S. No. 2015 2014 2013 1 Name of Ratio Liquidity Ratio Current Ratio 0.52 0.54 0.06 2 Quick Ratio = 0.31 0.33 0.38 3 Leverage Ratio Debt to Total Assets Ratio = 0.80 0.84 0.78 4 Debt Equity Ratio = 3.90 5.13 3.49 5 Long Term Debt to Equity = 2.28 3.22 2.27 6 Times Interest Earned Ratio = 16.22 3.39 3.99 7 Activity Ratio Inventory Turnover = 8 Fixed Assets Turnover = 1.81 1.84 1.77 9 Total Assets Turnover = 0.76 0.76 0.78 10 Accounts Receivable Turnover = 18.86 20.67 22.88 11 Average collection period = 19.36 17.66 15.95 12 Profitability Ratio Gross Profit Margin = 13 Operating Profit Margin = 19.17% 5.47% 9.00% 14 Net Profit Margin = 11.12% 1.63% 27.90% 15 Return on Total Assets = 8.45% 1.24% 21.78% 16 Return on Stcokholders' Equity = 17 Earnings Per Share = 18 Price Earnings Ratio = N.A. N.A. N.A. N.A. 46.04% $ Company belongs to service sector so th N.A. Company belongs to service sector so th N.A. 6.44% 221.61% 5.68 $ 0.79 $ 12.41 8.92 62.27 2.21 Closing Price of Stock: belongs to service sector so there is no cost of goods sold and inventory. belongs to service sector so there is no cost of goods sold and gross profit margin cannot be calculated. ice of Stock: Dec 31 2015 Dec 31 2014 Dec 31 2013 $50.69 $49.19 $27.47 AMERICAN AIRLINES GROUP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) Operating Revenue: Mainline passenger Regional passenger Cargo Other Total operating revenues Operating expenses Aircraft fuel and related taxes Salaries, wages and benefits Regional expenses Maintenance, materials and repairs Other rent and landing fees Aircraft rent Selling expenses Depreciation and amortization Special items, net Other Total operating expenses Operating income Nonoperating income (expense): Interest income Interest expense, net of capitalized interest Other, net Total nonoperating expense, net Income before reorganization items, net Reorganization items, net Income (loss) before income taxes Income tax provision (benefit) Net income (loss) Basic Earnings Per Share Diluted Earnings Per Share Cash Dividends Declared Per Share UNITED AIRLINES GROUP IN CONSOLIDATED STATEMEN Year Ended December 31, 2015 2014 2013 Year Ended Decembe 2015 29037 30802 20218 26333 6475 760 4718 40990 6322 875 4651 42650 3131 685 2709 26743 6452 937 4142 37864 6226 9524 5983 1889 1731 1250 1394 1364 1051 4374 34786 6204 10592 8508 6516 2051 1727 1250 1544 1295 800 4118 38401 4249 7839 5460 3326 1260 1152 768 1158 853 559 2969 25344 1399 7522 9713 2290 1651 2203 754 1342 1819 326 5078 32698 5166 39 -880 -747 -1588 4616 0 4616 -2994 7610 11.39 11.39 0.4 31 -887 -181 -1037 3212 0 3212 330 2882 4.02 4.02 0.2 20 -856 -88 -924 475 -2655 -2180 -346 -1834 -6.54 -6.54 0 25 -620 -352 -947 0 0 4219 -3121 7340 19.52 19.47 AIRLINES GROUP INC. LIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2014 2013 26785 25997 6977 938 4201 38901 7125 882 4275 38279 11675 8935 2344 1779 2274 883 1373 1679 443 5143 36528 2373 12345 8625 2419 1821 2090 936 1390 1689 520 5195 37030 1249 22 -683 -584 -1245 0 0 1128 -4 1132 3.05 2.93 21 -734 3 -710 0 0 539 -32 571 1.64 1.53 AMERICAN AIRLINES GROUP INC. Consolidated Balance Sheets (in millions, except share data) ASSETS Current Assets: Cash and cash equivalents Short-term investments Restricted cash and short-term investments Accounts receivable, net Full hedge Collateral Deposits Aircraft fuel, spare parts and supplies, net deferred income taxes Prepaid expenses and other Total current assets Operating property and equipment Flight equipment Ground property and equipment Equipment purchase deposits Total property and equipment, at cost Less accumulated depreciation and amortization Total property and equipment, net Other assets Goodwill Intangibles, net of accumulated amortization of Deferred tax asset Restricted Cash Other assets Total other assets Total assets December 31, 2015 2014 2013 390 5864 695 1425 0 863 994 6309 774 1771 0 1004 1140 8111 1035 1560 0 1012 748 9985 898 11750 1465 14323 33185 6402 1067 40654 -13144 27510 28213 5900 1230 35343 -12259 23084 23730 5585 1077 30392 -11133 19259 4091 2249 2477 0 2103 10920 48415 4091 2240 0 0 2060 8391 43225 4086 2311 0 0 2299 8696 42278 1677 1377 1194 4252 0 2807 2097 13404 1446 1368 1143 4380 0 3005 2464 13806 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities 2231 Current maturities of long-term debt and capital 1563 Accounts payable 1205 Accrued salaries and wages 3747 Air traffic liability 0 Frequent Flyer Deferred Revenue 2525 Loyalty program liability 2334 Other accrued liabilities 13605 Total current liabilities Noncurrent liabilities 16043 15353 Long-term debt and capital leases, net of current 18330 7450 7562 5828 Pension and postretirement benefits 667 829 935 Deferred gains and credits, net Advance purchase of miles Deferred income taxes Lease fair value adjustment,net 193 325 5928 Bankruptcy settlement obligations 2535 3041 3159 Other liabilities 29175 27800 31203 Total noncurrent liabilities Commitments and contingencies (Note 15) Stockholders' equity 6 7 5 shares issued and outstanding at Dece Common stock, $0.01 par value; 1,750,000,000 shares authorized 624,622,381 11591 15135 10592 Additional paid-in capital -4732 -4559 -2032 Accumulated other comprehensive loss -1230 -8562 -11296 Accumulated deficit Stock held in treasury Total stockholders' equity 5635 2021 -2731 Total liabilities and stockholders' equity 48415 43225 42278 UNITED AIRLINES GROUP INC. Consolidated Balance Sheets (in millions, except share data) December 31, 2015 2014 2013 3006 2190 0 1128 26 738 0 740 7828 2002 2382 0 1146 577 666 0 774 7547 3220 1901 31 1503 0 667 676 704 8702 25255 4874 788 30917 -9337 21580 22379 4347 706 27432 -7965 19467 20276 3994 706 24976 -6929 18047 4523 4136 2037 204 553 11453 40861 4523 4284 0 276 498 9581 36595 4523 4436 0 364 740 10063 36812 1359 1869 2350 3753 2117 124 842 12414 1423 1882 1818 3701 2058 694 932 12508 1485 2087 1696 3405 2369 0 1065 12107 10400 3370 2826 1010 0 359 0 1516 9081 10524 4159 2879 1217 1000 466 0 1446 11167 10924 3353 2535 1338 1662 626 0 1283 10797 4 7946 -831 3457 -1610 8966 40861 4 7721 -1079 -3883 367 2396 36595 4 7425 608 -5015 -38 2984 36812 Formula used to calculate Ratios 1 Current Ratio = Current Assets / Current Liabilities 2 Quick Ratio = Liquid Assets / Current Liabilities 3 Debt to Total Assets Ratio = Total Liabilities / Total Assets 4 Debt Equity Ratio = Total Liabilities / Total Equity 5 Long Term Debt to Equity = Long term debt / Total Equity 6 Times Interest Earned Ratio = EBIT / Interest Expenses 7 Inventory Turnover = Cost of Goods sold / Average Inventory 8 Fixed Assets Turnover = Revenue / Average Fixed Assets 9 Total Assets Turnover = Revenue / Average total assets 10 Accounts Receivable Turnover = Revenue / Average receivables 11 Average collection period = 365 / Account Receivable Turnover 12 Gross Profit Margin = Gross Profit / Revenue 13 Operating Profit Margin = Operating Profit / Revenue 14 Net Profit Margin = Net Profit / Revenue 15 Return on Total Assets = Net Profit / Average Total Assets 16 Return on Stcokholders' Equity = Net Profit / Average Stockholders' equity 17 Earnings Per Share = Net Income / Total shares outstanding 18 Price Earnings Ratio = Market Price per share / Earnings per share S. No. Name of Ratio Liquidity Ratio 1 Current Ratio 2 Quick Ratio = 2015 2014 2013 S. No. 0.73 0.88 1.04 1 0.62 0.73 0.86 2 3 Leverage Ratio Debt to Total Assets Ratio = 0.88 0.95 1.06 3 4 Debt Equity Ratio = 7.59 20.39 -16.48 4 5 Long Term Debt to Equity = 2.41 6.63 -5.06 5 6 Times Interest Earned Ratio = 7.05 4.79 1.63 6 7 Activity Ratio Inventory Turnover = 8 Fixed Assets Turnover = 1.62 2.01 2.15 8 9 Total Assets Turnover = 0.89 1.28 1.27 9 10 Accounts Receivable Turnover 25.65 25.61 20.07 10 11 Average collection period = 14.23 14.25 18.19 11 12 Profitability Ratio Gross Profit Margin = 13 Operating Profit Margin = 15.14% 9.96% 5.23% 13 14 Net Profit Margin = 18.57% 6.76% -6.86% 14 15 Return on Total Assets = 16.61% 6.74% -5.60% 15 16 Return on Stcokholders' Equity 198.80% -811.83% 28.90% 16 17 Earnings Per Share = 4.02 $ (6.55) 17 18 Price Earnings Ratio = 13.54 18 N.A. N.A. N.A. N.A. N.A. $ 11.39 $ 4.14 7 N.A. 12 0.00 Name of Ratio Liquidity Ratio Current Ratio 2015 2014 2013 0.63 0.60 0.72 Quick Ratio = 0.51 0.49 0.61 Leverage Ratio Debt to Total Assets Ratio = 0.53 0.65 0.62 Debt Equity Ratio = 2.40 9.88 7.68 Long Term Debt to Equity = 1.01 4.66 3.62 Times Interest Earned Ratio = 8.33 3.47 1.70 Activity Ratio Inventory Turnover = N.A. N.A. N.A. Fixed Assets Turnover = 1.84 2.07 2.22 Total Assets Turnover = 0.98 1.06 1.02 Accounts Receivable Turnover = 33.30 29.37 26.76 Average collection period = 10.96 12.43 13.64 Profitability Ratio Gross Profit Margin = N.A. N.A. N.A. Operating Profit Margin = 13.64% 6.10% 3.26% Net Profit Margin = 19.39% 2.91% 1.49% Return on Total Assets = 18.95% 3.08% 1.53% 129.20% 53.88% 38.27% Return on Stcokholders' Equity = Earnings Per Share = Price Earnings Ratio = $ 19.52 3.17 $ 3.05 $ 1.64 22.21 0.00 DELTA AIRLINES INC Consolidated Statement of Cash Flows (in millions) Cash Flows From Operating Activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Hedge derivative contracts Deferred income taxes Pension, postretirement and postemployment payments greater than expense Restructuring and other Extinguishment of debt Equity investment (earnings) loss SkyMiles used pursuant to advance purchase under American Express Agreements Changes in certain assets and liabilities: Receivables Restricted cash and cash equivalents Fuel inventory Hedge margin Prepaid expenses and other current assets Air traffic liability Frequent flyer deferred revenue Profit sharing Accounts payable and accrued liabilities Other, net Net cash provided by operating activities Cash Flows From Investing Activities: Property and equipment additions: Flight equipment, including advance payments Ground property and equipment, including technology Purchase of equity investments Purchase of short-term investments Redemption of short-term investments Acquisition of London-Heathrow slots Other, net Net cash used in investing activities Cash Flows From Financing Activities: Year Ended December 31, 2015 2014 2013 $ 4,526 $ 659 $ 10,540 1,835 (1,366) 2,581 1,771 2,186 414 1,658 (86) (7,991) (1,013) 35 22 (35) (723) 758 268 106 (624) 285 (24) - (333) (56) 7 155 806 (102) 207 (301) 734 (201) 93 7,927 (302) 62 172 (922) 58 174 (238) 264 (36) 276 4,947 90 231 (87) 14 28 426 (121) 133 80 285 4,504 (2,223) (722) (500) (998) 739 (276) 25 (3,955) (1,662) (587) (1,795) 1,533 48 (2,463) (2,117) (404) (360) (959) 1,117 (47) 14 (2,756) Payments on long-term debt and capital lease obligations Repurchase of common stock Cash dividends Fuel card obligation Payments on hedge derivative contracts Proceeds from hedge derivative contracts Proceeds from long-term obligations Other, net Net cash used in financing activities Net (Decrease) Increase in Cash and Cash Equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental Disclosure of Cash Paid for Interest Non-Cash Transactions: Flight equipment under capital leases Build-to-suit leased facilities American Express advance purchase of restricted SkyMiles (2,558) (2,200) (359) (340) (71) 429 1,038 (27) (4,088) (2,928) (1,100) (251) (41) 1,020 60 (3,240) (1,461) (250) (102) 147 268 78 (1,320) $ (116) 2,088 1,972 $ (756) 2,844 2,088 $ 428 2,416 2,844 $ 452 $ 560 $ 698 $ 111 $ 5 - 28 $ 7 - 67 114 285 AMERICAN AIRLINES GROUP INC. Consolidated Statement of Cash Flows in $ million Cash flows from operating activities: Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization Debt discount and lease amortization Special items, non-cash Pension and postretirement Deferred income taxes Share-based compensation Reorganization items, non-cash Interest expense, non-cash Other, net Changes in operating assets and liabilities: Decrease (increase) in accounts receivable Increase in other current assets Decrease in derivative collateral Increase in accounts payable and accrued liabilities Increase (decrease) in air traffic liability Increase (decrease) in loyalty program liability Contributions to pension plans Increase (decrease) in other assets and liabilities Net cash provided by operating activities Cash flows from investing activities: Capital expenditures and aircraft purchase deposits Acquisition of US Airways Group Purchases of short-term investments Sales of short-term investments Decrease in restricted cash and short-term investments Net proceeds from slot transaction Proceeds from sale of an investment Proceeds from sale of property and equipment Net cash used in investing activities Cash flows from financing activities: Payments on long-term debt and capital leases Proceeds from issuance of long-term debt Deferred financing costs Year Ended December 31, 2015 2014 2013 7610 2882 (1834) 1609 (122) 273 (193) (3014) 284 0 1513 (171) 52 (163) 346 304 0 1020 0 95 (154) (324) 39 2112 0 (12) 0 3 181 (76) 352 (90) 0 173 (505) (295) (6) 185 (160) (45) 0 110 (97) (229) (810) (455) (93) (29) 1 71 150 38 (494) (28) 6249 3080 675 (6151) 0 (8126) 8517 79 0 52 35 (5311) 0 (5380) 7179 261 307 0 33 (3114) 206 (3342) 2161 147 0 0 128 (5594) (2911) (3814) (2153) 5009 (87) (3132) 3302 (106) (2926) 5134 (120) Sale-leaseback transactions Exercise of stock options Treasury stock repurchases 43 0 (3846) 811 10 (1062) 1700 0 0 Dividend payments Other financing activities Net cash provided by (used in) financing activities (278) 53 (1259) (144) 6 (315) 0 11 3799 (604) 994 390 (146) 1140 994 660 480 1140 Net increase (decrease) in cash Cash at beginning of year Cash at end of year UNITED AIRLINES GROUP INC. Consolidated Statement of Cash Flows Year Ended December 31, 2015 2014 2013 Cash Flows from Operating Activities: Net income Adjustments for net cash provided by operating activities Deferred income taxes Depreciation and amortization Special charges, non-cash portion Other operating activities Changes in operating assets and liabilities (Increase) decrease in fuel hedge collateral Unrealized (gain) loss on fuel derivatives Decrease in other liabilities Decrease in frequent flyer deferred revenue and advanced purchase of miles (Increase) decrease in other assets Decrease in accounts payable Increase in advance ticket sales (Increase) decrease in receivables Net cash provided by operating activities Cash Flows from Investing Activities: Capital expenditures Proceeds from sale of short-term and other investments Purchases of short-term and other investments Proceeds from sale of property and equipment Other, net $7,340 $1,132 $571 (3,177) 1,819 247 115 13 1,679 78 (21) (14) 1,689 50 18 551 (305) (198) (577) 436 (238) (56) (201) (200) (160) (77) 52 (15) (88) (34) (251) 296 209 (415) 164 (265) 45 (142) 5,992 2,634 1,444 (2,747) 2,707 (2,517) 86 (22) (2,005) 3,112 (3,569) 94 112 (2,164) 2,827 (2,947) 152 110 Net cash used in investing activities Cash Flows from Financing Activities: Payments of long-term debt Repurchases of common stock Proceeds from issuance of long-term debt Principal payments under capital leases Capitalized financing costs Proceeds from the exercise of stock options Other (2,493) (2,256) (2,022) (2,178) (1,233) 1,073 (123) (37) 16 (13) (2,503) (312) 1,432 (127) (104) 60 (42) (2,185) 1,423 (134) (103) 29 (2) Net cash used in financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year (2,495) 1,004 2,002 (1,596) (1,218) 3,220 (972) (1,550) 4,770 Cash and cash equivalents at end of year Investing and Financing Activities Not Affecting Cash: Property and equipment acquired through the issuance of debt Operating lease conversions to capital lease Exchange of convertible notes for common stock Airport construction financing Cash Paid (Refunded) During the Period for: Interest (net of amounts capitalized) Income taxes 3,006 2,002 3,220 866 285 202 17 1,114 260 14 229 240 40 660 15 748 (16) 752 (20)