The throughput of AIMD protocols in general and of TCP in particular, has been computed in many existing works by modeling the round-trip time as a constant and thus replacing it by its expectation. There are however many scenarios in which the delays of packets vary, causing a variation of the round-trip time. Many typical scenarios occur in wireless and mobile networks. We propose in this paper an analytical model that accounts for the variability of delay, while computing the throughput of an AIMD protocol. We derive a closed-form expression for the throughput, that illustrates the impact of delay variability. We show by analysis and simulation, that an increase in the variability of delay improves the performance of an AIMD protocol. Thus, an analytical model that only considers the average delay could underestimate the performance of an AIMD protocol in scenarios where delay is variable.