DAL
Delta Air Lines, Inc.
NYSEUSDEQUITY
Industrials
DELAYED
Buy
+48/100
Last price
83.75
▲ 0.67 (0.81%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
83.32
Prev close
83.08
Day high
85.74
Day low
82.83
Volume
9.35M
Market cap
$55.02B
P/E (TTM)
13.78
52W range
55.03 – 95.68
Day trading desk
Gap from prior close
+0.29%
Prior close 83.08
VWAP
83.90
-0.18% from price
Relative volume
3.02×
Unusually busy
Session range
3.54%
82.82 – 85.75
Position in range
32%
Mid range
ATR (14D)
2.43
2.90% of price
Prior day high
85.35
PDH
Prior day low
82.81
PDL
Bid / ask spread
—
Quote not published
Session volume
19.01M
Avg 6.30M
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
-1.43%
-3.4%
1M
+4.35%
+3.2%
3M
-4.16%
-8.7%
6M
+27.49%
+9.3%
YTD
+20.55%
+6.3%
1Y
+46.11%
+29.7%
3Y
+126.11%
+43.9%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on DAL open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-126.51K
Net selling
Buy transactions
20
419.85K shares
Sell transactions
13
546.36K shares
Net transactions
+33
Buys less sells
Sell : buy shares
1.3 : 1
Mixed
Insider-held shares
60.02M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 5, 26 | SEAR STEVEN M Officer |
CONVERSION | 40.46K | $2.07M | Direct |
| Aug 5, 26 | SEAR STEVEN M Officer |
SELL | 40.46K | $3.79M | Direct |
| Aug 5, 26 | HUERTA MICHAEL P Director |
SELL | 3.10K | $291.76K | Direct |
| Aug 4, 26 | CARTER PETER W President |
CONVERSION | 39.90K | $1.97M | Direct |
| Aug 4, 26 | BELLEMARE ALAIN Officer |
CONVERSION | 35.00K | $1.39M | Direct |
| Aug 4, 26 | BELLEMARE ALAIN Officer |
CONVERSION | 35.00K | $1.39M | Direct |
| Aug 4, 26 | BASTIAN EDWARD H Chief Executive Officer |
CONVERSION | 206.51K | $10.19M | Direct |
| Aug 4, 26 | BELLEMARE ALAIN Officer |
SELL | 35.00K | $3.25M | Direct |
| Aug 4, 26 | BELLEMARE ALAIN Officer |
SELL | 35.00K | $3.25M | Direct |
| Aug 4, 26 | CARTER PETER W President |
SELL | 39.90K | $3.71M | Direct |
| Aug 4, 26 | BASTIAN EDWARD H Chief Executive Officer |
SELL | 206.51K | $19.16M | Direct |
| Aug 3, 26 | DEWALT DAVID G Director |
SELL | 31.76K | $2.88M | Direct |
| Jun 18, 26 | HALE LESLIE D Director |
STOCK | 2.38K | $0 | Direct |
| Jun 18, 26 | PRABHU VASANT M. Director |
STOCK | 2.38K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
AUSBAND ALLISON C |
Officer | 128.85K | Sale |
BASTIAN EDWARD H |
Chief Executive Officer | 1.36M | Conversion of Exercise of derivative security |
BELLEMARE ALAIN |
Officer | 95.03K | Conversion of Exercise of derivative security |
CARTER PETER W |
President | 424.70K | Conversion of Exercise of derivative security |
HAUENSTEIN GLEN W |
President | 280.30K | Sale |
JANKI DANIEL C |
Chief Operating Officer | 381.94K | Stock Award(Grant) |
LAUGHTER JOHN E. |
Chief Operating Officer | 54.37K | Sale |
SEAR STEVEN M |
Officer | 104.40K | Conversion of Exercise of derivative security |
SMITH JOANNE D |
Officer | 85.12K | Sale |
TAYLOR DAVID S. |
Director | 126.53K | Stock Award(Grant) |
Fundamentals
Market cap$55.02B
Enterprise value$71.14B
Revenue (TTM)$68.29B
Gross profit$12.77B
EBITDA$7.51B
Net income$3.95B
EPS (TTM)$6.07
Free cash flow$2.82B
Total cash$4.66B
Total debt$21.08B
Book value / share$33.35
Shares outstanding657.62M
Float649.74M
Short % of float4.01%
Dividend yield1.04%
Beta (5Y)1.34
Valuation & profitability ratios
Trailing P/E13.78
Forward P/E10.31
PEG ratio0.21
Price / sales—
Price / book2.51
EV / revenue1.04
EV / EBITDA9.48
Gross margin18.70%
Operating margin7.92%
Profit margin5.78%
Return on equity20.13%
Return on assets4.02%
Debt / equity96.65
Current ratio0.42
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $63.36B | $61.64B | $58.05B | $50.58B | +2.8% |
| Operating revenue | $52.67B | $51.72B | $49.63B | $41.27B | +1.8% |
| Cost of revenue | $48.05B | $46.48B | $43.91B | $39.98B | +3.4% |
| Gross profit | $15.31B | $15.17B | $14.13B | $10.60B | +0.9% |
| Selling, general & admin | $2.48B | $2.48B | $2.33B | $1.89B | 0.0% |
| Total operating expense | $9.49B | $9.17B | $8.61B | $6.94B | +3.5% |
| Operating income | $5.82B | $6.00B | $5.52B | $3.66B | -2.9% |
| Net interest income | -$679.00M | -$747.00M | -$834.00M | -$1.03B | +9.1% |
| Pre-tax income | $6.18B | $4.66B | $5.61B | $1.91B | +32.8% |
| Tax provision | $1.18B | $1.20B | $999.00M | $596.00M | -1.7% |
| Net income | $5.00B | $3.46B | $4.61B | $1.32B | +44.8% |
| Net income to common | $5.00B | $3.46B | $4.61B | $1.32B | +44.8% |
| Basic EPS | 7.72 | 5.39 | 7.21 | 2.07 | +43.2% |
| Diluted EPS | 7.66 | 5.33 | 7.17 | 2.06 | +43.7% |
| EBIT | $6.86B | $5.41B | $6.44B | $2.94B | +27.0% |
| EBITDA | $9.31B | $7.92B | $8.78B | $5.05B | +17.5% |
| Basic shares | 648.00M | 641.00M | 639.00M | 638.00M | +1.1% |
| Diluted shares | 654.00M | 648.00M | 643.00M | 641.00M | +0.9% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $4.31B | $3.07B | $2.74B | $3.27B | +40.4% |
| Cash & short-term investments | $4.31B | $3.07B | $3.87B | $6.53B | +40.4% |
| Accounts receivable | $2.85B | $3.22B | $3.13B | $3.18B | -11.6% |
| Inventory | $1.60B | $1.43B | $1.31B | $1.42B | +12.1% |
| Total current assets | $10.97B | $9.84B | $10.27B | $13.01B | +11.4% |
| Property, plant & equipment | $45.99B | $44.24B | $42.49B | $40.15B | +4.0% |
| Goodwill & intangibles | $15.72B | $15.73B | $15.74B | $15.74B | -0.1% |
| Total assets | $81.32B | $75.37B | $73.64B | $72.29B | +7.9% |
| Total current liabilities | $27.62B | $26.67B | $26.42B | $25.94B | +3.6% |
| Current debt | $1.60B | $2.17B | $2.98B | $2.36B | -26.2% |
| Long-term debt | $12.51B | $14.02B | $17.07B | $20.67B | -10.8% |
| Total debt | $20.27B | $22.77B | $27.28B | $30.61B | -11.0% |
| Total liabilities | $60.46B | $60.08B | $62.54B | $65.71B | +0.6% |
| Retained earnings | $13.34B | $8.78B | $5.65B | $1.17B | +51.9% |
| Shareholder equity | $20.85B | $15.29B | $11.11B | $6.58B | +36.4% |
| Working capital | -$16.66B | -$16.83B | -$16.15B | -$12.93B | +1.0% |
| Net tangible assets | $5.13B | -$435.00M | -$4.63B | -$9.16B | +1,280.2% |
| Shares issued | 659.67M | 654.57M | 654.67M | 651.80M | +0.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Net income | $5.00B | $3.46B | $4.61B | $1.32B | — | +44.8% |
| Depreciation & amortisation | $2.44B | $2.51B | $2.34B | $2.11B | — | -2.8% |
| Change in working capital | $1.54B | $710.00M | -$12.00M | $2.15B | — | +116.3% |
| Operating cash flow | $8.34B | $8.03B | $6.46B | $6.36B | — | +4.0% |
| Capital expenditure | -$4.50B | -$5.14B | -$5.32B | -$6.37B | — | +12.5% |
| Investing cash flow | -$4.19B | -$3.74B | -$3.15B | -$6.92B | — | -12.0% |
| Share buybacks | — | — | — | $0 | $0 | — |
| Dividends paid | -$440.00M | -$321.00M | -$128.00M | $0 | — | -37.1% |
| Financing cash flow | -$3.08B | -$4.26B | -$3.39B | -$4.54B | — | +27.8% |
| Free cash flow | $3.84B | $2.88B | $1.14B | -$3.00M | — | +33.2% |
| End cash position | $4.50B | $3.42B | $3.40B | $3.47B | — | +31.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $19.76B | $15.85B | $16.00B | $16.67B | $16.65B | +24.6% |
| Operating revenue | $15.90B | $12.53B | $13.16B | $13.74B | $14.08B | +26.9% |
| Cost of revenue | $15.22B | $12.91B | $12.22B | $12.60B | $12.04B | +17.9% |
| Gross profit | $4.54B | $2.95B | $3.78B | $4.07B | $4.61B | +54.1% |
| Selling, general & admin | $726.00M | $590.00M | $616.00M | $645.00M | $673.00M | +23.1% |
| Total operating expense | $2.68B | $2.45B | $2.31B | $2.39B | $2.50B | +9.4% |
| Operating income | $1.86B | $501.00M | $1.47B | $1.68B | $2.10B | +272.1% |
| Net interest income | -$144.00M | -$151.00M | -$158.00M | -$171.00M | -$172.00M | +4.6% |
| Pre-tax income | $2.01B | -$214.00M | $1.51B | $1.78B | $2.57B | +1,038.8% |
| Tax provision | $405.00M | $75.00M | $294.00M | $360.00M | $444.00M | +440.0% |
| Net income | $1.60B | -$289.00M | $1.22B | $1.42B | $2.13B | +655.0% |
| Net income to common | $1.60B | -$289.00M | $1.22B | $1.42B | $2.13B | +655.0% |
| Basic EPS | 2.45 | -0.44 | 1.88 | 2.18 | 3.28 | +656.8% |
| Diluted EPS | 2.44 | -0.44 | 1.86 | 2.17 | 3.27 | +654.5% |
| EBIT | $2.15B | -$63.00M | $1.67B | $1.95B | $2.75B | +3,517.5% |
| EBITDA | $2.15B | -$63.00M | $1.67B | $1.95B | $2.75B | +3,517.5% |
| Basic shares | 654.00M | 652.00M | 649.00M | 649.00M | 649.00M | +0.3% |
| Diluted shares | 658.00M | 652.00M | 656.00M | 654.00M | 652.00M | +0.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $4.67B | $5.05B | $4.31B | $3.79B | $3.33B | -7.7% |
| Cash & short-term investments | $4.67B | $5.05B | $4.31B | $3.79B | $3.33B | -7.7% |
| Accounts receivable | $4.31B | $4.09B | $2.85B | $3.61B | $3.75B | +5.3% |
| Inventory | $2.56B | $1.77B | $1.60B | $1.54B | $1.52B | +44.8% |
| Total current assets | $14.24B | $13.66B | $10.97B | $11.23B | $10.98B | +4.2% |
| Property, plant & equipment | $47.71B | $46.88B | $45.99B | $45.57B | $45.26B | +1.8% |
| Goodwill & intangibles | $15.71B | $15.72B | $15.72B | $15.72B | $15.72B | -0.0% |
| Total assets | $86.32B | $84.43B | $81.32B | $79.62B | $78.39B | +2.2% |
| Total current liabilities | $33.60B | $32.70B | $27.62B | $28.25B | $28.55B | +2.8% |
| Current debt | $3.44B | $3.09B | $1.60B | $1.88B | $2.22B | +11.5% |
| Long-term debt | $10.51B | $11.08B | $12.51B | $12.30B | $12.84B | -5.1% |
| Total debt | $19.98B | $20.30B | $20.27B | $20.98B | $21.28B | -1.6% |
| Total liabilities | $64.51B | $64.06B | $60.46B | $60.80B | $60.95B | +0.7% |
| Retained earnings | $14.27B | $12.93B | $13.34B | $12.13B | $10.83B | +10.3% |
| Shareholder equity | $21.82B | $20.38B | $20.85B | $18.82B | $17.44B | +7.1% |
| Working capital | -$19.37B | -$19.04B | -$16.66B | -$17.02B | -$17.57B | -1.7% |
| Net tangible assets | $6.10B | $4.66B | $5.13B | $3.10B | $1.72B | +30.9% |
| Shares issued | 666.38M | 665.72M | 659.67M | 659.44M | 659.45M | +0.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Operating cash flow | $1.59B | $2.43B | $2.26B | $1.85B | $1.86B | -34.4% |
| Capital expenditure | -$1.46B | -$1.20B | -$907.00M | -$1.16B | -$1.21B | -21.5% |
| Investing cash flow | -$1.51B | -$1.26B | -$728.00M | -$1.03B | -$1.20B | -19.7% |
| Dividends paid | -$123.00M | -$129.00M | -$122.00M | -$122.00M | -$97.00M | +4.7% |
| Financing cash flow | -$545.00M | -$435.00M | -$1.00B | -$370.00M | -$1.07B | -25.3% |
| Free cash flow | $137.00M | $1.23B | $1.35B | $688.00M | $648.00M | -88.9% |
| End cash position | $4.77B | $5.24B | $4.50B | $3.97B | $3.53B | -8.8% |
Options analytics
Put / call volume
0.64
Call-heavy session
Put / call open interest
0.39
Positioning, not flow
Max pain
82.00
-2.0% from spot
ATM implied vol
76.2%
Nearest strike to spot
Skew (10% OTM)
-0.5%
Calls bid over puts
Call volume
6.29K
Contracts, this expiry
Put volume
4.02K
Contracts, this expiry
Heaviest call OI
87.00
7.74K contracts
Heaviest put OI
80.00
1.01K contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 1.49 | 1.56 | +4.5% |
| Mar 2026 | 0.57 | 0.64 | +11.4% |
| Dec 2025 | 1.55 | 1.55 | +0.3% |
| Sep 2025 | 1.53 | 1.71 | +11.9% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 1.88 | 19 | $18.91B | +13.4% |
| Next quarter | 1.69 | 18 | $18.54B | +15.8% |
| Current year | 5.83 | 23 | $73.56B | +16.1% |
| Next year | 8.19 | 8 | $75.02B | +2.0% |
Analyst targets & ownership
Mean target$101.85
High target$125.00
Low target$50.00
Implied upside21.62%
Analyst count24
ConsensusSTRONG BUY
Strong buy / Buy5 / 19
Hold0
Sell / Strong sell0 / 1
Held by insiders9.18%
Held by institutions80.67%
Institutions holding1.93K
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
83.68
+0.09% from price
SMA 20
81.79
+2.29% from price
SMA 50
83.98
-0.39% from price
SMA 100
83.64
+0.13% from price
SMA 200
75.93
+10.18% from price
EMA 12
83.14
+0.74% from price
EMA 26
82.66
+1.31% from price
EMA 50
82.86
+1.08% from price
RSI (14)
53.4
Neutral
MACD (12,26,9)
0.47
Hist 0.37
ATR (14)
2.43
2.91% of price
Realised vol 30D
26.3%
Annualised
Bollinger upper
86.53
20, 2σ
Bollinger lower
77.04
20, 2σ
50 / 200 cross
Golden
83.98 vs 75.93
Trend bias
Above 200
+10.18%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
1.69
More volatile than market
Correlation to SPY
0.56
Loosely linked
Realised vol 30D
26.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-23.1%
Peak to trough
Max drawdown 5Y
-48.0%
Peak to trough
ATR 14
2.43
2.91% of price
Beta (reported)
1.34
5Y monthly, from filing
Short interest
Shares short
26.22M
Prior 22.55M
Change vs prior
+16.3%
Shorts adding
% of float
4.01%
Normal
% of shares out
3.99%
Against total outstanding
Days to cover
5.1
Crowded exit
Float
649.74M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 6, 26 | Wells Fargo | MAINTAINED | Overweight | Overweight |
| Oct 2, 26 | TD Cowen | MAINTAINED | Buy | Buy |
| Sep 28, 26 | BMO Capital | MAINTAINED | Outperform | Outperform |
| Sep 24, 26 | UBS | MAINTAINED | Buy | Buy |
| Sep 18, 26 | Rothschild & Co | MAINTAINED | Buy | Buy |
| Sep 11, 26 | Barclays | MAINTAINED | Overweight | Overweight |
| Sep 10, 26 | UBS | MAINTAINED | Buy | Buy |
| Aug 24, 26 | Raymond James | MAINTAINED | Outperform | Outperform |
| Aug 24, 26 | TD Cowen | MAINTAINED | Buy | Buy |
| Jul 14, 26 | TD Cowen | MAINTAINED | Buy | Buy |
| Jul 13, 26 | UBS | MAINTAINED | Buy | Buy |
| Jul 13, 26 | Morgan Stanley | MAINTAINED | Overweight | Overweight |
Dividends & splits
Forward rate$0.86 / yr
Forward yield1.04%
5-year avg yield2.12%
Payout ratio12.44%
Ex-dividend dateOct 15, 2026
Next pay dateNov 5, 2026
Last split—
Split date—
SEC filings
Annual Report of Proxy Voting Record of Registered Management Investment Companies filed on Form N-PX
N-PX · 2026-08-28
Offering Registrations
S-3ASR · 2026-07-10
Corporate Changes & Voting Matters
8-K · 2026-06-22
Corporate Changes & Voting Matters
8-K · 2026-06-12
Proxy Statements
DEFA14A · 2026-04-24
Periodic Financial Reports
10-Q · 2026-04-08
Corporate Changes & Voting Matters
8-K · 2026-03-17
Corporate Changes & Voting Matters
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Headlines
Here’s How Much Traders See Delta Stock Moving After Earnings
Investopedia · 7h ago
Delta’s (DAL) Amazon Decision Sends Jim Cramer’s Attention Back to SpaceX (SPCX)
Insider Monkey · 9h ago
Delta Air Lines Says Systems Stabilizing After Global Technology Issue
MT Newswires · 10h ago
Delta Air Lines faces high bar for fourth-quarter revenue outlook, UBS says
Proactive · 10h ago
Delta Air Lines Q4 Revenue Outlook to Be Key Focus, UBS Says
MT Newswires · 11h ago
Elon Musk threatens Delta CEO Ed Bastian 'will lose his job' after airline chooses Amazon over Starlink
Moneywise · 12h ago
Dear Delta Air Lines Stock Fans, Mark Your Calendars for October 9
Barchart · 12h ago
Premarket in Green
Zacks · 14h ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.