Revenue flow

Margins

Stage	DAL	% of rev	CON	% of rev	Gap · A − B
Revenue	$20.2B	100.00%	$622M	100.00%	DAL ×32.45
Gross profit	$5.6B	27.86%	$195M	31.42%	CON +3.6pp
Operating income	$1.5B	7.20%	$115M	18.52%	CON +11.3pp
Pre-tax income	$1.1B	5.32%	$90M	14.47%	CON +9.2pp
Net income	$756M	3.75%	$68M	10.89%	CON +7.1pp

Stage	DAL	CON	Gap · A − B
Revenue	$20.2B100.00%	$622M100.00%	DAL ×32.45
Gross profit	27.86%$5.6B	31.42%$195M	CON +3.6pp
Operating income	7.20%$1.5B	18.52%$115M	CON +11.3pp
Pre-tax income	5.32%$1.1B	14.47%$90M	CON +9.2pp
Net income