UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


Or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-5424

DELTA AIR LINES, INC.

(Exact name of registrant as specified in its charter)

Delaware						58-0218548
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
Post Office Box 20706
1030 Delta Boulevard
Atlanta, Georgia						~~30320~~30354-~~6001~~1989
(Address of principal executive offices)						(Zip Code)

Registrant's telephone number, including area code: (404) 715-~~2600~~2191

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

DAL

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

Number of shares outstanding by each class of common stock, as of ~~September~~March 3031, ~~2025~~2026

Common Stock, $0.0001 par value - ~~652~~656,~~962~~994,~~768~~112 shares outstanding

This document is also available through our website at http://ir.delta.com/.

Table of Contents
			Page
Forward Looking Statements			1
Report of Independent Registered Public Accounting Firm			2
Part I. Financial Information
Item 1. Financial Statements			3
Consolidated Balance Sheets			3
Condensed Consolidated Statements of Operations and Comprehensive Income			4
Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income			4
Condensed Consolidated Statements of Cash Flows			5
Consolidated Statements of Stockholders' Equity			6
Notes to the Condensed Consolidated Financial Statements			7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			1816
Item 3. Quantitative and Qualitative Disclosures About Market Risk			3228
Item 4. Controls and Procedures			3228
Part II. Other Information
Item 1. Legal Proceedings			3228
Item 1A. Risk Factors			3228
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			3328
Item 6. Exhibits			3429
Signature			3530

Forward Looking Statements

Unless otherwise indicated or the context otherwise requires, the terms "Delta," "we," "us" and "our" refer to Delta Air Lines, Inc. and its subsidiaries.

FORWARD-LOOKING STATEMENTS

Statements in this Form 10-Q (or otherwise made by us or on our behalf) that are not historical facts, including statements about our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations. Known material risk factors applicable to Delta are described in "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2024~~2025 ("Form 10-K"), other than risks that could apply to any issuer or offering. All forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report except as required by law.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and the Stockholders of

Delta Air Lines, Inc.

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of Delta Air Lines, Inc. (the Company) as of ~~September~~March 3031, ~~2025~~2026, the related condensed consolidated statements of operations and comprehensive (loss)/income, ~~and~~condensed consolidated statements of ~~stockholders'~~cash ~~equity for the three-month and nine-month periods ended September 30~~flows, ~~2025~~ and ~~2024, condensed~~ consolidated statements of ~~cash~~stockholders' ~~flows~~equity for the ~~nine~~three-month periods ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, and the related notes (collectively referred to as the "condensed consolidated interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, ~~2024~~2025, the related consolidated statements of operations, comprehensive income, cash flows, and stockholders' equity for the year then ended, and the related notes (not presented herein); and in our report dated February 1110, ~~2025~~2026, we expressed an unqualified audit opinion on those Consolidated Financial Statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, ~~2024~~2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission (SEC) and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Ernst & Young LLP Atlanta, Georgia ~~October~~April 98, ~~2025~~2026

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 2

Financial Statements

DELTA AIR LINES, INC.

Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
ASSETS
Current Assets:
Cash and cash equivalents	$	35,~~791~~053	$	34,~~069~~310
Accounts receivable, net of allowance for uncollectible accounts of $16 and $18	3,612		3,224
Accounts receivable, net of allowance for uncollectible accounts of $13 and $13	4,090		2,850
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $118 and $120	1,543		1,428
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $132 and $124	1,767		1,601
Prepaid expenses and other	2,~~284~~753		2,~~123~~207
Total current assets	1113,~~230~~663		910,~~844~~968
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $24,273 and $23,228	39,372		37,595
Property and equipment, net of accumulated depreciation and amortization of $25,439 and $24,719	40,582		39,743
Operating lease right-of-use assets	6,~~198~~300		6,~~644~~244
Goodwill	9,753		9,753
Identifiable intangibles, net of accumulated amortization of $926 and $919	5,968		5,975
Identifiable intangibles, net of accumulated amortization of $930 and $928	5,964		5,966
Equity investments	3,~~883~~696		24,~~846~~222
Other noncurrent assets	34,~~219~~473		24,~~715~~421
Total noncurrent assets	6870,~~393~~768		6570,~~528~~349
Total assets	$	7984,~~623~~431	$	7581,~~372~~317
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of debt and finance leases	$	23,~~106~~088	$	21,~~175~~605
Current maturities of operating leases	~~743~~837		~~763~~809
Air traffic liability	810,~~165~~742		7,~~094~~157
Accounts payable	5,~~022~~969		45,~~650~~226
Accrued salaries and related benefits	43,~~434~~634		4,~~762~~906
Loyalty program deferred revenue	45,~~654~~010		4,~~314~~876
Fuel card obligation	1,100		1,100
Other accrued liabilities	2,~~025~~319		1,~~812~~945
Total current liabilities	2832,~~249~~699		2627,~~670~~624
Noncurrent Liabilities:
Debt and finance leases	1211,~~773~~076		1412,~~019~~507
Noncurrent operating leases	5,~~356~~298		5,~~814~~353
Pension, postretirement and related benefits	3,~~051~~115		3,~~144~~156
Loyalty program deferred revenue	4,~~468~~448		4,~~512~~386
Deferred income taxes, net	23,~~961~~496		23,~~176~~444
Other noncurrent liabilities	3,~~943~~923		3,~~744~~994
Total noncurrent liabilities	3231,~~552~~356		3332,~~409~~840
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 659,443,488 and 654,571,606 shares issued	—		—
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 665,722,376 and 659,669,346 shares issued	—		—
Additional paid-in capital	11,~~791~~944		11,~~740~~883
Retained earnings	12,~~126~~931		813,~~783~~343
Accumulated other comprehensive loss	(4,~~858~~106)		(4,~~979~~135)
Treasury stock, at cost, 6,480,720 and 8,098,971 shares	(237)		(251)
Treasury stock, at cost, 8,728,264 and 6,498,109 shares	(393)		(238)
Total stockholders' equity	1820,~~822~~376		1520,~~293~~853
Total liabilities and stockholders' equity	$	7984,~~623~~431	$	7581,~~372~~317
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 3

Financial Statements

DELTA AIR LINES, INC.

Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
(in millions, except per share data)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Operating Revenue:
Passenger	$	1312,~~506~~302	$	1311,~~107~~480	$	~~38,852~~	$	~~38,079~~
Cargo	~~233~~226		~~196~~208		~~654~~		~~574~~
Other	23,~~934~~326		2,~~374~~352		~~7,855~~		~~7,431~~
Total operating revenue	1615,~~673~~854		1514,~~677~~040		~~47,361~~		~~46,084~~
Operating Expense:
Salaries and related costs	4,~~443~~541		4,~~231~~083		~~12,928~~		~~12,035~~
Aircraft fuel and related taxes	2,~~570~~742		2,~~747~~410		~~7,439~~		~~8,157~~
Ancillary businesses and refinery	1,724		1,250		4,383		4,083
Refinery expense	1,654		1,062
Contracted services	1,~~166~~190		1,~~069~~121		~~3,442~~		~~3,134~~
Landing fees and other rents	~~921~~913		~~832~~851		~~2,650~~		~~2,347~~
Regional carrier expense	649		600		1,913		1,731
Aircraft maintenance materials and outside repairs	709		646
Aircraft maintenance materials and outside repairs	667		627		1,904		1,990
Regional carrier expense	649		613
Passenger commissions and other selling expenses	645		643		1,869		1,865
Depreciation and amortization	635		607
Depreciation and amortization	614		643		1,823		1,878
Passenger commissions and other selling expenses	590		552
Passenger service	~~485~~428		~~463~~430		~~1,397~~		~~1,339~~
Profit sharing	392		320		986		964
MRO expense	328		140
Aircraft rent	135		137		408		411
Profit sharing	165		124
Other	578		718		1,864		1,872
Aircraft rent	143		137
Total operating expense	14,989		14,280		43,006		41,806
Other	666		695
Operating Income	1,684		1,397		4,355		4,278
Total operating expense	15,353		13,471
Non-Operating Income/(Expense):
Operating Income	501		569
Interest expense, net	(171)		(173)		(521)		(567)
Non-Operating Expense:
Gain/(loss) on investments, net	311		350		1,007		(73)
Interest expense, net	(151)		(179)
Loss on extinguishment of debt	(6)		—		(26)		(36)
Gain/(loss) on investments, net	(550)		(40)
Miscellaneous, net	(41)		(13)		(143)		(146)
Loss on extinguishment of debt	(4)		—
Total non-operating income/(expense), net	93		164		317		(822)
Miscellaneous, net	(10)		(30)
Income Before Income Taxes	1,777		1,561		4,672		3,456
Total non-operating expense, net	(715)		(249)
Income Tax Provision	(360)		(289)		(886)		(842)
(Loss)/Income Before Income Taxes	(214)		320
Net Income	$	1,417	$	1,272	$	3,786	$	2,614
Income Tax Provision	(75)		(80)
Basic Earnings Per Share	$	2.18	$	1.98	$	5.85	$	4.08
Net (Loss)/Income	$	(289)	$	240
Diluted Earnings Per Share	$	2.17	$	1.97	$	5.80	$	4.04
Basic (Loss)/Earnings Per Share	$	(0.44)	$	0.37
Comprehensive Income	$	1,458	$	1,321	$	3,907	$	2,768
Diluted (Loss)/Earnings Per Share	$	(0.44)	$	0.37
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Comprehensive (Loss)/Income	$	(260)	$	281
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 4

Financial Statements

DELTA AIR LINES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended September 30,
	Three Months Ended March 31,
(in millions)	~~2025~~2026		~~2024~~2025
Net Cash Provided by Operating Activities	$	62,~~082~~432	$	62,~~131~~378
Cash Flows from Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments	(21,~~912~~000)		(~~2,944~~987)
Ground property and equipment, including technology	(~~680~~200)		(~~886~~237)
Redemption of short-term investments	—		1,130
Acquisition of strategic investments and related	(54)		—
Other, net	~~134~~(9)		~~130~~—
Net cash used in investing activities	(31,~~458~~263)		(21,~~570~~224)
Cash Flows from Financing Activities:
Proceeds from long-term obligations	2,215		—
Proceeds from short-term obligations	1,250		—
Payments on debt and finance lease obligations	(31,~~931~~564)		(~~2,411~~531)
Cash dividends	(~~318~~129)		(~~225~~99)
Other, net	~~(40)~~8		(344)
Net cash used in financing activities	(~~2,074~~435)		(~~2,670~~634)
Net Increase in Cash, Cash Equivalents and Restricted Cash Equivalents	~~550~~734		~~891~~520
Cash, cash equivalents and restricted cash equivalents at beginning of period	34,~~421~~501		3,~~395~~421
Cash, cash equivalents and restricted cash equivalents at end of period	$	35,~~971~~235	$	43,~~286~~941
Non-Cash Transactions:
Right-of-use assets acquired or modified under operating leases	$	135	$	217
Operating leases converted to finance leases	$	359	$	149
Flight and ground equipment acquired or modified under finance leases	59		(17)
Right-of-use assets acquired or modified under operating leases	179		75
Operating leases converted to finance leases	312		—
Flight and ground equipment acquired or modified under finance leases	1		—
Debt agreements modified	371		—
The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents reported within the Consolidated Balance Sheets to the total of the same such amounts shown above:
	September 30,
	March 31,
(in millions)	~~2025~~2026		~~2024~~2025
Current assets:
Cash and cash equivalents	$	35,~~791~~053	$	3,~~969~~711
Restricted cash included in prepaid expenses and other	97144		9789
Noncurrent assets:
Restricted cash included in other noncurrent assets	8338		~~220~~141
Total cash, cash equivalents and restricted cash equivalents	$	35,~~971~~235	$	43,~~286~~941
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 5

Financial Statements

DELTA AIR LINES, INC.

Consolidated Statements of Stockholders' Equity

(Unaudited)

	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock
(in millions, except per share data)	Shares	Amount								Shares	Amount		Total
Balance at December 31, 2024	655	$	—	$	11,740	$	8,783	$	(4,979)	8	$	(251)	$	15,293
Balance at December 31, 2025	660	$	—	$	11,883	$	13,343	$	(4,135)	6	$	(238)	$	20,853
Net income	—	—		—		240		—		—	—		240
Net loss	—	—		—		(289)		—		—	—		(289)
Dividends declared ($0.15 per share)	—	—		—		(98)		—		—	—		(98)
Dividends declared ($0.1875 per share)	—	—		—		(123)		—		—	—		(123)
Other comprehensive income	—	—		—		—		4129		—	—		4129
Common stock issued for employee equity awards(1)	—5	—		~~(51)~~37		—		—		~~(1)~~2	13(155)		(38118)
Stock options exercised	—1	—		924		—		—		—	—		924
Warrants exercised	51	—		—		—		—		—	—		—
Balance at March 31, 2025	660	$	—	$	11,698	$	8,925	$	(4,938)	7	$	(238)	$	15,447
Balance at March 31, 2026	666	$	—	$	11,944	$	12,931	$	(4,106)	9	$	(393)	$	20,376
Net income	—	—		—		2,130		—		—	—		2,130
Dividends declared ($0.15 and $0.1875 per share)	—	—		—		(222)		—		—	—		(222)
Other comprehensive income	—	—		—		—		39		—	—		39
Common stock issued for employee equity awards(1)	—	—		46		—		—		—	—		46
Balance at June 30, 2025	660	$	—	$	11,744	$	10,833	$	(4,899)	7	$	(238)	$	17,440
Net income	—	—		—		1,417		—		—	—		1,417
Dividends declared ($0.1875 per share)	—	—		—		(124)		—		—	—		(124)
Other comprehensive income	—	—		—		—		41		—	—		41
Common stock issued for employee equity awards(1)	—	—		45		—		—		—	1		46
Stock options exercised	—	—		2		—		—		—	—		2
Balance at September 30, 2025	659	$	—	$	11,791	$	12,126	$	(4,858)	6	$	(237)	$	18,822

(1)Treasury shares were withheld for payment of taxes, at a weighted average price per share of $6769.~~95,~~41 ~~$47.23, and $58.61~~ in the March ~~2025~~2026 quarter~~, June 2025 quarter and September 2025 quarter, respectively~~. Share counts in the table above may not calculate exactly due to rounding.

	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock
(in millions, except per share data)	Shares	Amount								Shares	Amount		Total
Balance at December 31, 2023	655	$	—	$	11,641	$	5,650	$	(5,845)	11	$	(341)	$	11,105
Balance at December 31, 2024	655	$	—	$	11,740	$	8,783	$	(4,979)	8	$	(251)	$	15,293
Net income	—	—		—		37240		—		—	—		37240
Dividends declared ($0.10 per share)	—	—		—		(65)		—		—	—		(65)
Dividends declared ($0.15 per share)	—	—		—		(98)		—		—	—		(98)
Other comprehensive income	—	—		—		—		5241		—	—		5241
Common stock issued for employee equity awards(1)	2—	—		47(51)		—		—		(1)	~~(25)~~13		22(38)
Balance at March 31, 2024	657	$	—	$	11,688	$	5,622	$	(5,793)	12	$	(366)	$	11,151
Stock options exercised	—	—		9		—		—		—	—		9
Net income	—	—		—		1,305		—		—	—		1,305
Warrants exercised	5	—		—		—		—		—	—		—
Dividends declared ($0.10 and $0.15 per share)	—	—		—		(162)		—		—	—		(162)
Balance at March 31, 2025	660	$	—	$	11,698	$	8,925	$	(4,938)	7	$	(238)	$	15,447
Other comprehensive income	—	—		—		—		53		—	—		53
Common stock issued for employee equity awards(1)	(2)	—		(41)		—		—		(3)	80		39
Balance at June 30, 2024	655	$	—	$	11,647	$	6,765	$	(5,740)	9	$	(286)	$	12,386
Net income	—	—		—		1,272		—		—	—		1,272
Dividends declared ($0.15 per share)	—	—		—		(97)		—		—	—		(97)
Other comprehensive income	—	—		—		—		49		—	—		49
Common stock issued for employee equity awards(1)	—	—		39		—		—		—	(3)		36
Balance at September 30, 2024	655	$	—	$	11,686	$	7,940	$	(5,691)	9	$	(289)	$	13,646

(1)Treasury shares were withheld for payment of taxes, at a weighted average price per share of $3967.~~83,~~95 ~~$50.04, and $43.27~~ in the March ~~2024~~2025 quarter~~, June 2024 quarter and September 2024 quarter, respectively~~. Share counts in the table above may not calculate exactly due to rounding.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 6

Notes to the Condensed Consolidated Financial Statements

DELTA AIR LINES, INC.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, ~~2024~~2025.

Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented.

Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 are not necessarily indicative of operating results for the entire year.

We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.

On July 4, 2025, the One Big Beautiful Bill Act, was signed into law. The legislation did not have a material impact on our income tax expense for the September 2025 quarter, and we do not expect it to materially change our effective income tax rate for 2025.

Recent Accounting Standards

Standards Effective in Future Years

In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software." This standard is intended to improve the operability and application of guidance related to capitalized software development costs and becomes effective January 1, 2028. We are assessing the potential impact this ASU may have on our Consolidated Financial Statements upon adoption.

NOTE 2. REVENUE RECOGNITION

Passenger Revenue

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Ticket

1110,~~859~~767

1110,~~645~~068

~~34,173~~

~~33,827~~

Loyalty travel awards

1,~~108~~029

~~978~~940

~~3,140~~

~~2,798~~

Travel-related services

~~539~~506

~~484~~472

~~1,539~~

~~1,454~~

Passenger revenue

1312,~~506~~302

1311,~~107~~480

~~38,852~~

~~38,079~~

Ticket

We recognized approximately $64.23 billion and $4.1 billion in passenger revenue during ~~both~~ the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods.

Delta Air Lines, Inc. | September 2025 Form 10-Q 7

Notes to the Condensed Consolidated Financial Statements

Loyalty Travel Awards

Loyalty travel awards revenue is related to the redemption of mileage credits ("miles") for air travel. Our SkyMiles loyalty program allows customers to earn miles by flying on Delta, Delta Connection and other airlines that participate in the loyalty program. Customers can also earn miles through participating companies, such as credit card, retail, ridesharing, car rental and hotel companies, who purchase miles from us. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. During the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, total cash sales from marketing agreements related to our loyalty program were $62.01 billion and $51.59 billion, respectively, which are allocated to travel and other performance obligations.

Current Activity of the Loyalty Program. Miles are combined in one homogeneous pool and are not separately identifiable. Therefore, revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period. The timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned.


Delta Air Lines, Inc. \| March 2026 Form 10-Q						7

Notes to the Condensed Consolidated Financial Statements

The table below presents the activity of the current and noncurrent loyalty program deferred revenue and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements.

Loyalty program activity
(in millions)	2026		2025		~~2024~~
Balance at January 1	$	9,262	$	8,826	$	~~8,420~~
Miles earned	1,282		31,~~605~~152		~~3,303~~
Miles redeemed for air travel	(1,029)		(~~3,140~~940)		~~(2,798)~~
Miles redeemed for non-air travel and other	(57)		(~~169~~60)		~~(173)~~
Balance at September 30			$	9,122	$	8,752
Balance at March 31	$	9,458	$	8,978

Travel-Related Services

Travel-related services are primarily composed of services performed in conjunction with a passenger’s flight and include baggage fees, administrative fees and on-board sales. We recognize revenue for these services when the related transportation service is provided.

Other Revenue

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
(in millions)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Refinery	$	1,~~476~~654	$	1,~~083~~062	$	~~3,680~~	$	~~3,520~~
Loyalty program	847		820		2,509		2,451
Loyalty and related	1,221		1,082
Ancillary businesses	256		161		710		554
MRO	380		151
Miscellaneous	~~355~~71		~~310~~57		~~956~~		~~906~~
Other revenue	$	23,~~934~~326	$	2,~~374~~352	$	~~7,855~~	$	~~7,431~~

~~Delta~~Refinery. ~~Air~~This ~~Lines,~~represents ~~Inc~~refinery sales to third parties. |See ~~September~~Note ~~2025~~9, ~~Form~~"Segments," ~~10-Q~~for 8more information on revenue recognition within our refinery segment.

Loyalty and Related. This primarily relates to revenues from brand usage by third parties embedded in miles sold, which is included within the total cash sales from marketing agreements, discussed above. Loyalty and related also includes the redemption of miles for non-travel awards, our vacation package operations, lounge access (including access provided to certain American Express cardholders) and travel products (e.g., car rentals or hotels booked with our commercial partners).

MRO. This represents revenue from our Delta TechOps third-party maintenance, repair and overhaul ("MRO") business.

Miscellaneous. This is primarily composed of revenues related to codeshare agreements and international joint venture partnership contractual settlements.


Delta Air Lines, Inc. \| March 2026 Form 10-Q						8

Notes to the Condensed Consolidated Financial Statements

Revenue by Geographic Region

Operating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment. A ~~significant~~ portion of the refinery segment's revenues ~~typically~~ consists of fuel sales to ~~support~~ the airline, which is eliminated in the Condensed Consolidated Financial Statements. The remaining operating revenue for the refinery segment is included in the domestic region. Our passenger and operating revenue by geographic region is summarized in the following tables:

Passenger revenue by geographic region

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Domestic

98,~~103~~717

8,~~652~~101

~~26,521~~

~~26,033~~

Atlantic

21,~~977~~517

31,~~029~~372

~~7,221~~

~~7,159~~

Latin America

~~759~~1,328

~~779~~1,334

~~3,047~~

~~3,008~~

Pacific

~~667~~740

~~647~~673

~~2,063~~

~~1,879~~

Total

1312,~~506~~302

1311,~~107~~480

~~38,852~~

~~38,079~~

Operating revenue by geographic region

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Domestic

11,~~561~~502

10,~~609~~055

~~33,032~~

~~32,216~~

Atlantic

31,~~423~~867

31,~~418~~646

~~8,353~~

~~8,209~~

Latin America

~~882~~1,560

~~889~~1,523

~~3,497~~

~~3,432~~

Pacific

~~807~~925

~~761~~816

~~2,479~~

~~2,227~~

Total

1615,~~673~~854

1514,~~677~~040

~~47,361~~

~~46,084~~

NOTE 3. FAIR VALUE MEASUREMENTS

Assets/(Liabilities) Measured at Fair Value on a Recurring Basis

(in millions)	~~September~~March 3031,~~2025~~2026		Level 1		Level 2		Level 3
Cash equivalents	$	23,~~364~~468	$	23,~~364~~468	$	—	$	—
Restricted cash equivalents	~~180~~181		~~180~~181		—		—
Long-term investments and related	3,~~391~~162		32,~~051~~871		~~185~~264		~~155~~27
Fuel hedge contracts	4(48)		—		4(48)		—

(in millions)

December 31,~~2024~~2025

Level 1

Level 2

Level 3

Cash equivalents

12,~~619~~868

—

Restricted cash equivalents

~~351~~191

—

Long-term investments and related

23,~~372~~644

23,~~085~~366

~~160~~217

~~127~~61

Fuel hedge contracts

~~(17)~~1

—

~~(17)~~1

—

Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit. Restricted cash equivalents primarily relate to certain self-insurance obligations, ~~and airport commitments as well as proceeds from~~ debt ~~issued~~related toreserves ~~finance,~~and ~~among~~airport ~~other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport~~commitments. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets on our Consolidated Balance Sheet ("balance sheet"). The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 9

Notes to the Condensed Consolidated Financial Statements

Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheet. Our equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations incorporate certain unobservable inputs, including non-public equity issuances. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. See Note 4, "Investments," for further information on our equity investments.

Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). We recognized a loss of $21468 million ~~and a gain of $12 million~~ on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income ("income statement") for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, ~~respectively,~~ compared to ~~gains~~a loss of $8920 million ~~and $9 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024, respectively~~2025. The ~~gain~~loss recognized during the first ~~nine~~three months of ~~2025~~2026 was composed of $2149 million of mark-to-market ~~gains~~losses and $9419 million of settlement losses on contracts. Gains and losses on settled contracts are reflected within Monroe's operating results. See Note 9, "Segments," for further information on our refinery segment.

NOTE 4. INVESTMENTS

Equity investments ownership interest and carrying value
	Accounting Treatment	Ownership Interest				Carrying Value
(in millions)		~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025		~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Air France-KLM	Fair Value	3	%	3	%	$	9873	$	62100
China Eastern	Fair Value	2	%	2	%	~~199~~207		~~155~~319
Grupo Aeroméxico	Equity Method	2019	%	2019	%	~~402~~395		~~354~~377
Hanjin KAL	Fair Value(1)	15	%	15	%	~~712~~707		~~507~~861
LATAM	Fair Value	1011	%	1011	%	1,~~379~~494		~~837~~1,644
Unifi Aviation	Equity Method	49	%	49	%	132		146
Republic Airways	Fair Value	14	%	14	%	121		124
Wheels Up	Fair Value(2)	37	%	38	%	485		435
Unifi Aviation	Equity Method	20	%	20	%	48		51
Other investments	Various					476		350
WestJet	Fair Value	13	%	13	%	248		248
Equity investments						$	3,883	$	2,846
Wheels Up	Fair Value(2)	36	%	36	%	136		173
Other investments	Various					267		325
Equity investments						$	3,696	$	4,222

(1)At ~~September~~March 3031, ~~2025~~2026, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.

(2)Our voting rights with respect to Wheels Up are capped at 29.9%.

~~Wheels~~Delta ~~Up.~~Air ~~During the September 2025 quarter~~Lines, weInc. ~~agreed~~| toMarch ~~extend the contractual transfer restrictions on our investment in Wheels Up until May~~ 2026 ~~and~~Form ~~thereafter~~10-Q ~~will remain subject to certain, more limited transfer restrictions.~~10

Delta Air Lines, Inc. | September 2025 Form 10-Q 10

Notes to the Condensed Consolidated Financial Statements

NOTE 5. DEBT

Summary of outstanding debt by category
(in millions)	Maturity Dates			Interest Rate(s) Per Annum at ~~September~~March 3031, ~~2025~~2026			~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Unsecured Notes	~~2026~~2028	to	2030	3.75%	to	75.3825%	$	32,~~575~~884	$	12,~~575~~884
Unsecured Payroll Support Program Loans(1)	2031			1.00%			~~1,848~~891		31,~~496~~848
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)	~~2025~~2026	to	2028	4.5075%	~~and~~	~~4.75%~~	3,~~559~~137		3,~~970~~422
SkyMiles Term Loan(2)(3)	2026	to	2028	5.8317%			~~588~~587		~~784~~588
NYTDC Special Facilities Revenue Bonds(2)	2026	to	2045	4.00%	to	6.00%	3,~~522~~448		3,~~591~~522
2026 Term Loan(2)	2026			4.80%			1,250		—
Financing arrangements secured by aircraft:
Certificates(2)	~~2025~~2026	to	2028	2.00%	to	8.00%	~~935~~886		~~992~~894
Notes(2)(3)	~~2025~~2026	to	2033	65.2892%	to	65.5794%	8075		8778
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes	2025			—%			—		812
Other financings	2030			5.00%			66		66
Corporate Revolving Credit Facility(3)	2026	to	2028	Undrawn			—		—
Other revolving credit facilities(3)	2026			Undrawn			—		—
Total secured and unsecured debt							$	1413,~~173~~224	$	1513,~~373~~302
Unamortized (discount)/premium and debt issue cost, net and other							111		~~(26)~~6
Total debt							$	1413,~~174~~235	$	1513,~~347~~308
Less: current maturities							(12,~~875~~627)		(1,~~801~~372)
Total long-term debt							$	1210,~~299~~608	$	1311,~~546~~936

(1)Interest rates on the Payroll Support Program ("PSP") Loans are 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The applicable interest ~~rates~~rate will begin to adjust for the outstanding ~~loans~~loan in ~~January 2026 and~~ April 2026.

(2)Due in installments during the years shown above.

(3)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate, plus a specified margin.

~~2025~~2026 ~~Unsecured~~Term ~~Notes~~Loan

In ~~June~~January ~~2025~~2026, we ~~issued~~entered ~~$2.0~~into ~~billion~~a ~~in aggregate principal amounts of unsecured notes, consisting of~~ $1.0 25 billion ofterm ~~4.95%~~loan ~~Notes~~issued ~~due~~by ~~2028~~a ~~and~~group ~~$1.0 billion~~ of ~~5.25%~~lenders ~~Notes~~ due ~~2030~~December ~~(collectively, the "Notes")~~2026. The ~~Notes are included in Unsecured Notes in the table above. The net~~ proceeds ~~from the offering~~ of the ~~Notes~~term loan were used to repay ~~the~~$957 million ~~PSP~~of ~~loan~~Payroll Support Program loans due ~~2030~~2031 (included in Unsecured Payroll Support Program Loans in the table above) and for general corporate purposes.

SkyMiles Credit Facility

In September 2025, we and our indirect wholly-owned subsidiary SkyMiles IP Ltd. entered into an amendment to the SkyMiles term loan credit and guaranty agreement (the "SkyMiles Credit Facility"). This amendment, among other things, (i) refinanced the existing term loans with the proceeds of replacement term loans bearing interest at a variable rate equal to an adjusted term SOFR, plus a reduced margin of 1.50% per annum, payable quarterly; (ii) extended the scheduled maturity from October 2027 to October 2028; (iii) reduced the principal amortization payments from 20% to 1% per year, payable quarterly; and (iv) added a prepayment premium of 1.00% payable in connection with a Repricing Event (as defined in the amended SkyMiles Credit Facility) occurring within six months following September 30, 2025.

Availability Under Revolving Credit Facilities

As of ~~September~~March 3031, ~~2025~~2026, we had approximately $3.1 billion undrawn and available under our revolving credit facilities.

Delta Air Lines, Inc. | September 2025 Form 10-Q 11

Notes to the Condensed Consolidated Financial Statements

Fair Value of Debt

Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 1 or 2 within the fair value hierarchy.

Fair value of outstanding debt
(in millions)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Net carrying amount	$	1413,~~174~~235	$	1513,~~347~~308
Fair value	$	1413,200	$	1513,~~300~~400


Delta Air Lines, Inc. \| March 2026 Form 10-Q						11

Notes to the Condensed Consolidated Financial Statements

Covenants

Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at ~~September~~March 3031, ~~2025~~2026.

NOTE 6. EMPLOYEE BENEFIT PLANS

We sponsor defined benefit and defined contribution pension plans, healthcare plans and disability and survivorship plans for eligible employees and retirees and their eligible family members.

Employee benefit plans net periodic cost
Employee benefit plans net periodic (benefit)/cost
	Pension Benefits				Other Postretirement and Postemployment Benefits
	Pension Benefits(1)				Other Postretirement and Postemployment Benefits
(in millions)	~~2025~~2026		~~2024~~2025		~~2025~~2026		~~2024~~2025
Three Months Ended September 30,
Three Months Ended March 31,
Service cost(1)	$	95	$	88	$	33	$	23
Service cost	$	6	$	4	$	36	$	33
Interest cost	~~208~~202		~~201~~208		4543		45
Expected return on plan assets	(~~267~~289)		(~~263~~267)		—(1)		~~(1)~~—
Amortization of prior service credit	—		—		(1)		(1)
Recognized net actuarial loss	5135		6250		58		5
Net periodic cost	$	87	$	88	$	82	$	71
Net periodic (benefit)/cost	$	(46)	$	(5)	$	85	$	82
Nine Months Ended September 30,
Service cost(1)	$	125	$	116	$	99	$	69
Interest cost	623		603		135		136
Expected return on plan assets	(800)		(789)		(1)		(2)
Amortization of prior service credit	—		—		(3)		(3)
Recognized net actuarial loss	151		186		15		14
Net periodic cost	$	99	$	116	$	245	$	214

(1)Service cost relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans.

Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within miscellaneous, net under non-operating expense.

We also sponsor defined benefit pension plans for eligible employees in certain foreign countries which have immaterial obligations. These plans are not included in the net periodic cost table above.

Delta Air Lines, Inc. | September 2025 Form 10-Q 12

Notes to the Condensed Consolidated Financial Statements

NOTE 7. COMMITMENTS AND CONTINGENCIES

Aircraft Purchase Commitments

Our future aircraft purchase commitments totaled approximately $1628.05 billion at ~~September~~March 3031, ~~2025~~2026.

Aircraft purchase commitments(1)
(in millions)	Total
Three months ending December 31, 2025	$	900
Nine months ending December 31, 2026	$	3,130
2026	3,460
2027	6,150
2027	5,880
2028	4,430
2028	4,110
2029	4,440
2029	1,290
2030	2,190
Thereafter	~~370~~8,140
Total	$	1628,~~010~~480

(1)The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints. During the nine months ended September 30, 2025, we were notified that certain aircraft deliveries would be delayed from 2026 into future years. These new delivery dates are reflected in the table above.

~~Our~~Delta ~~future~~Air ~~aircraft~~Lines, ~~purchase~~Inc. ~~commitments~~| ~~included~~March ~~the~~2026 ~~following~~Form ~~aircraft~~10-Q ~~at September 30, 2025:~~12

Aircraft purchase commitments by fleet type
Aircraft Type			Purchase Commitments
A220-300			66
A321-200neo			71
A350-900			6
A350-1000			20
B-737-10			100
Total			263

Notes to the Condensed Consolidated Financial Statements

Our future aircraft purchase commitments included the following aircraft at March 31, 2026:


Aircraft purchase commitments by fleet type
Aircraft Type			Purchase Commitments
A220-300			62
A321-200neo			96
A330-900neo			16
A350-900			19
A350-1000			20
B-737-10			100
B-787-10			30
Total			343

Aircraft Orders

In January 2026, we entered into a definitive agreement with The Boeing Company to acquire 30 Boeing 787-10 aircraft, with an option to purchase up to an additional 30 of the same aircraft. Deliveries of the B-787-10 aircraft are scheduled to begin in 2031.

In January 2026, we entered into a definitive agreement with Airbus S.A.S. to purchase 16 Airbus A330-900 aircraft and 15 Airbus A350-900 aircraft, with an option to purchase up to an additional 20 widebody aircraft. Deliveries of the aircraft are scheduled to begin in 2029.

In February 2026, we exercised options for 34 Airbus A321neo aircraft. Deliveries from this order are scheduled to begin in 2029. In addition to this order, we maintain options to purchase 36 Airbus A321neo aircraft.

Legal Contingencies

We are involved in various legal proceedings related to employment practices, environmental issues, commercial disputes, antitrust and other regulatory matters concerning our business. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, we believe that the resolution of current matters will not have a material adverse effect on our Condensed Consolidated Financial Statements.

Employees Under Collective Bargaining Agreements

During the September 2025 quarter, we amended our collective bargaining agreement with the Delta Flight Superintendents (Dispatchers) represented by PAFCA. This new agreement covers approximately 500 employees and becomes amendable beginning August 1, 2030.

Delta Air Lines, Inc. | September 2025 Form 10-Q 13

Notes to the Condensed Consolidated Financial Statements

NOTE 8. ACCUMULATED OTHER COMPREHENSIVE LOSS

Components of accumulated other comprehensive loss
(in millions)	Pension and Other Benefit Liabilities		Other		Tax Effect		Total
Balance at January 1, 2025	$	(5,557)	$	42	$	536	$	(4,979)
Balance at January 1, 2026	$	(4,459)	$	42	$	282	$	(4,135)
Changes in value	—		(13)		—		(13)
Reclassifications into earnings(1)	~~159~~42		—		(3710)		~~122~~32
Balance at September 30, 2025	$	(5,398)	$	41	$	499	$	(4,858)
Balance at March 31, 2026	$	(4,417)	$	39	$	272	$	(4,106)

Balance at January 1, 2024	$	(6,681)	$	40	$	796	$	(5,845)
Balance at January 1, 2025	$	(5,557)	$	42	$	536	$	(4,979)
Changes in value	—		31		—		31
Reclassifications into earnings(1)	~~197~~52		—		(4612)		~~151~~40
Balance at September 30, 2024	$	(6,484)	$	43	$	750	$	(5,691)
Balance at March 31, 2025	$	(5,505)	$	43	$	524	$	(4,938)

(1)Amounts reclassified from accumulated other comprehensive loss for pension and other benefit liabilities are recorded in miscellaneous, net in non-operating expense in our income statement.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 1413

Notes to the Condensed Consolidated Financial Statements

NOTE 9. SEGMENTS

Refinery Operations

~~Our~~The refinery ~~segment~~operated by Monroe primarily produces gasoline, diesel and jet fuel and operates for the benefit of the airline segment by providing jet fuel to the airline. ~~segment~~Monroe ~~from~~sells ~~its~~or ~~own~~exchanges ~~production~~its ~~and from~~ non-jet fuel ~~obtained~~production ~~through~~to ~~agreements with~~ third parties~~. The refinery's production consists of jet fuel~~, aswhich ~~well~~enables asus ~~non-jet fuel products. We use several counterparties~~ to ~~exchange~~procure ~~non-~~additional jet fuel ~~products produced by the refinery~~ for ~~jet~~consumption ~~fuel consumed~~ in our airline operations.

Segment Reporting

Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis.

Financial information by segment
(in millions)	Airline		Refinery		Intersegment Sales/Other			Consolidated
Three Months Ended September 30, 2025
Three Months Ended March 31, 2026
Operating revenue	$	1514,~~197~~200	$	12,~~795~~038	$	(~~319~~384)	(1)	$	1615,~~673~~854
Airline salaries and related costs	4,~~443~~541
Aircraft fuel and related costs	2,~~570~~742
Refinery cost of goods sold(2)			1,~~611~~923
Depreciation and amortization	~~614~~635		28
Other segment items(3)	5,~~939~~742		~~103~~126
Operating income(4)	1,631		53					1,684
Operating income/(loss)(4)	540		(39)					501
Interest expense, net	171		1		(1)			171
Interest expense/(income), net	151		(1)		1			151
Other non-operating income	(264)							(264)
Other non-operating expense	564							564
Income before income taxes	1,724		52		1			1,777
Loss before income taxes	(175)		(38)		(1)			(214)
Total assets, end of period	7681,~~961~~617		2,~~680~~859		(1845)			7984,~~623~~431
Capital expenditures	1,~~151~~183		917					1,~~160~~200
Three Months Ended September 30, 2024
Three Months Ended March 31, 2025
Operating revenue	$	1412,~~594~~978	$	1,~~912~~698	$	(~~829~~636)	(1)	$	1514,~~677~~040
Airline salaries and related costs	4,~~231~~083
Aircraft fuel and related costs	2,~~747~~410
Refinery cost of goods sold(2)			1,~~823~~562
Depreciation and amortization	~~643~~607		2928
Other segment items(3)	5,~~543~~308		93109
Operating income/(loss)(4)	~~1,430~~570		(331)					~~1,397~~569
Interest expense/(income), net	173		(8)		8			173
Interest expense, net	179		1		(1)			179
Other non-operating income	(337)							(337)
Other non-operating expense	70							70
Income/(loss) before income taxes	~~1,594~~321		(252)		~~(8)~~1			~~1,561~~320
Total assets, end of period	7275,~~954~~043		2,~~490~~359		(7660)			7577,~~368~~342
Capital expenditures	1,~~312~~187		1637					1,~~328~~224

(1)~~See~~Represents ~~table~~sales ~~below~~to the airline segment and products delivered under our exchange agreements as discussed above. During the three months ended March 31, 2026 and 2025, sales to the airline segment were $384 million and $260 million, respectively. Sales to the airline segment represent transfers, valued on a market price basis, from the refinery to the airline segment for ~~detail~~use ofin airline operations. We determine market price for jet fuel from the ~~intersegment~~refinery ~~operating~~by ~~revenue~~reference ~~amounts~~to the market index for the primary delivery location, which is New York Harbor.

(2)Refinery cost of goods sold are included within aircraft fuel and related taxes and ~~ancillary businesses and~~ refinery expense in our income statement.

(3)The nature of other segment items for the airline segment are shown on our income statement, and for the refinery segment include salaries and related costs, maintenance, utilities and other expenses.

(4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 1514

Notes to the Condensed Consolidated Financial Statements

Financial information by segment
(in millions)	Airline		Refinery		Intersegment Sales/Other			Consolidated
Nine Months Ended September 30, 2025
Operating revenue	$	43,681	$	5,213	$	(1,533)	(1)	$	47,361
Airline salaries and related costs	12,928
Aircraft fuel and related costs	7,439
Refinery cost of goods sold(2)			4,772
Depreciation and amortization	1,823		84
Other segment items(3)	17,178		315
Operating income(4)	4,313		42					4,355
Interest expense, net	521		3		(3)			521
Other non-operating income	(838)							(838)
Income before income taxes	4,630		39		3			4,672
Capital expenditures	3,537		55					3,592
Nine Months Ended September 30, 2024
Operating revenue	$	42,564	$	6,011	$	(2,491)	(1)	$	46,084
Airline salaries and related costs	12,035
Aircraft fuel and related costs	8,157
Refinery cost of goods sold(2)			5,563
Depreciation and amortization	1,878		86
Other segment items(3)	16,292		286
Operating income(4)	4,202		76					4,278
Interest expense, net	567		3		(3)			567
Other non-operating expense	255							255
Income before income taxes	3,380		73		3			3,456
Capital expenditures	3,783		47					3,830

NOTE 10. (LOSS)/EARNINGS PER SHARE

We calculate basic (1loss)~~See~~/earnings ~~table~~per ~~below~~share ~~for~~and ~~detail~~diluted (loss) per share by dividing net (loss)/income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the ~~intersegment~~weighted ~~operating~~average ~~revenue~~number ~~amounts~~of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material.

~~(2)Refinery~~During ~~cost~~the ofMarch ~~goods~~2026 ~~sold~~quarter, ~~are~~the ~~included~~remaining ~~within~~1.9 million ~~aircraft~~warrants ~~fuel~~related ~~and~~to ~~related~~the ~~taxes~~Payroll ~~and~~Support ~~ancillary~~Program ~~businesses~~were exercised and ~~refinery~~settled in ~~our~~a ~~income~~net ~~statement~~share settlement. No warrants are outstanding as of March 31, 2026.

~~(3)~~The ~~nature~~following oftable ~~other~~shows ~~segment items for~~ the ~~airline~~computation ~~segment~~of ~~are~~basic ~~shown on our income statement~~ and ~~for~~diluted ~~the~~(loss)/earnings ~~refinery~~per ~~segment include salaries and related costs, maintenance, utilities and other expenses.~~share:

(4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.


Basic and diluted (loss)/earnings per share
	Three Months Ended March 31,
(in millions, except per share data)	2026		2025
Net (loss)/income	$	(289)	$	240

Basic weighted average shares outstanding	652		644
Dilutive effect of share-based instruments	—		8
Diluted weighted average shares outstanding	652		652

Basic (loss)/earnings per share	$	(0.44)	$	0.37
Diluted (loss)/earnings per share	$	(0.44)	$	0.37

Intersegment Sales/Other
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Sales to airline segment(1)	$	(260)	$	(369)	$	(852)	$	(1,147)
Exchanged products(2)	(23)		(349)		(549)		(1,147)
Sales of refined products	(36)		(111)		(132)		(197)
Total operating revenue intersegment sales/other	$	(319)	$	(829)	$	(1,533)	$	(2,491)


Delta Air Lines, Inc. \| March 2026 Form 10-Q						15

(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.

(2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.

Delta Air Lines, Inc. | September 2025 Form 10-Q 16

Notes to the Condensed Consolidated Financial Statements

NOTE 10. EARNINGS PER SHARE

We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows the computation of basic and diluted earnings per share:

Basic and diluted earnings per share
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2025		2024		2025		2024
Net income	$	1,417	$	1,272	$	3,786	$	2,614
Basic weighted average shares outstanding	649		641		648		640
Dilutive effect of share-based instruments	5		6		5		7
Diluted weighted average shares outstanding	654		647		653		647
Basic earnings per share	$	2.18	$	1.98	$	5.85	$	4.08
Diluted earnings per share	$	2.17	$	1.97	$	5.80	$	4.04

Delta Air Lines, Inc. | September 2025 Form 10-Q 17

Item 2. MD&A

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our audited Consolidated Financial Statements and related notes included in our ~~2024~~2025 Form 10-K.

~~September~~March ~~2025~~2026 Quarter Financial Highlights

Our operating income for the ~~September~~March ~~2025~~2026 quarter was $~~1.7~~501 ~~billion~~million, ana ~~increase~~decrease of $~~287~~68 million compared to the ~~September~~March ~~2024~~2025 quarter.

Revenue. Compared to the ~~September~~March ~~2024~~2025 quarter, our total revenue increased $1.08 billion. Passenger revenue increased $~~399~~822 million compared to the ~~September~~March ~~2024~~2025 quarter on an increase in revenue for premium products, particularly from corporate customers, and higher loyalty ~~travel awards, taking into account the impact of the CrowdStrike-caused outage on the September 2024 quarter~~revenue. In ~~July 2024~~addition, ~~our operations were significantly disrupted by~~ the ~~CrowdStrike-caused~~increase ~~outage.~~in Wetotal ~~estimate that this disruption led to a direct~~ revenue ~~impact~~was ofdriven ~~approximately~~by ~~$380~~higher ~~million~~refinery ~~related~~sales to ~~approximately~~third ~~7,000~~parties ~~flight~~and ~~cancellations~~growth ~~over~~in ~~five~~our ~~days~~MRO business. Total revenue, adjusted (a non-GAAP financial measure, which excludes revenue related to refinery sales to third parties) increased in the ~~September~~March ~~2025~~2026 quarter by $~~603~~1.2 ~~million~~billion, or 49.14%, compared to the ~~September~~March ~~2024~~2025 quarter.

Operating Expense. Total operating expense in the ~~September~~March ~~2025~~2026 quarter increased $~~709~~1.9 ~~million~~billion, or 514%, compared to the ~~September~~March ~~2024~~2025 quarter, primarily due to ~~costs associated with a 4% increase in capacity,~~ higher expenses related to refinery sales to third parties ~~and higher employee costs from increased wages~~, ~~largely~~salaries ~~offset by lower aircraft fuel costs~~ and ~~higher~~related costs ~~in the September 2024 quarter associated with the CrowdStrike-caused outage. The 2024 CrowdStrike-caused outage~~ and ~~operational~~aircraft ~~recovery~~fuel ~~resulted in approximately $170 million of additional operating expenses primarily due to customer expense reimbursements and crew-related~~ costs. ~~September 2024 quarter fuel expense was also approximately $50 million lower than it would have been as a result of the flight cancellations.~~ Total operating expense, adjusted (a non-GAAP financial measure, which primarily excludes expenses related to refinery sales to third parties) in the ~~September~~March ~~2025~~2026 quarter increased $~~281~~1.2 ~~million~~billion, or 29%, compared to the ~~September~~March ~~2024~~2025 quarter~~, primarily for the reasons discussed above~~.

Our total operating cost per available seat mile ("CASM") increased 113% compared to the ~~September~~March ~~2024~~2025 quarter, while non-fuel unit cost ("CASM-Ex", a non-GAAP financial measure) increased ~~0.3~~6%.

~~Cash~~Non-Operating ~~Flow~~Results. ~~Our~~Total ~~cash~~non-operating expense was $715 million in the March 2026 quarter, ~~cash~~compared ~~equivalents~~to $249 million in the March 2025 quarter, ~~short-term~~primarily ~~investments~~due ~~and~~to ~~aggregate~~larger ~~undrawn~~mark-to-market ~~principal~~losses ~~amount~~on ~~available~~certain ~~under~~of our ~~revolving~~equity ~~credit~~investments ~~facilities~~in ~~("liquidity")~~the asMarch of2026 ~~September 30,~~quarter ~~2025~~compared ~~was~~to ~~$6.9~~the ~~billion~~March 2025 quarter.

~~During~~Cash ~~the~~Flow. ~~September~~Our ~~2025 quarter~~cash, ~~operating~~cash ~~activities generated $1.8 billion~~equivalents, ~~primarily~~short-term ~~from~~investments ~~ticket sales~~ and ~~the~~aggregate ~~sale~~undrawn ofprincipal ~~SkyMiles~~amount toavailable under our ~~partners.~~revolving ~~Total~~credit ~~cash~~facilities ~~sales~~("liquidity") toas ~~American~~of ~~Express~~March 31, ~~were~~2026 ~~approximately~~was $28.01 billion ~~in the September 2025 quarter~~.

~~Cash~~During ~~flows~~the ~~used~~March in2026 ~~investing~~quarter, operating activities ~~during~~generated ~~the quarter totaled~~ $12.04 billion, primarily from ~~capital~~ticket ~~expenditures.~~sales ~~These operating~~ and ~~investing~~the ~~activities~~sale ~~yielded~~of ~~free~~SkyMiles ~~cash~~to ~~flow~~our (apartners. ~~non-GAAP~~Remuneration ~~financial~~from ~~measure)~~American ofExpress was $~~833~~2.2 ~~million~~billion in the ~~September~~March ~~2025~~2026 quarter. ~~Additionally we had cash outflows of $459 million related to repayments of our debt and finance leases.~~

Cash flows used in investing activities during the quarter totaled $1.3 billion primarily from capital expenditures. These operating and investing activities yielded free cash flow (a non-GAAP financial measure) of $1.2 billion in the March 2026 quarter. Additionally, we had cash outflows of $1.6 billion related to repayments of our debt and finance leases and proceeds from debt issuance of $1.3 billion.

The non-GAAP financial measures referenced above for total revenue, adjusted, operating expense, adjusted, CASM-Ex and free cash flow are defined and reconciled in "Supplemental Information" below.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 1816

Item 2. MD&A - Results of Operations

Results of Operations - Three Months Ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025

Total Operating Revenue

	Three Months Ended September 30,						Increase (Decrease)	% Increase (Decrease)
	Three Months Ended March 31,						Increase (Decrease)	% Increase (Decrease)
(in millions)(1)	~~2025~~2026			~~2024~~2025
Ticket - Main cabin	$	65,~~063~~404		$	65,~~309~~361			$	~~(246)~~43		~~(4)~~1	%
Ticket - Premium products	5,~~796~~363			54,~~336~~707				~~460~~656			914	%
Loyalty travel awards	1,~~108~~029			~~978~~940				~~130~~89			139	%
Travel-related services	~~539~~506			~~484~~472				5534			117	%
Passenger revenue	$	13,506		$	13,107			$	399		3	%
Total passenger revenue	$	12,302		$	11,480			$	822		7	%
Cargo	~~233~~226			~~196~~208				3718			199	%
Other	23,~~934~~326			2,~~374~~352				~~560~~974			2441	%
Total operating revenue	$	1615,~~673~~854		$	1514,~~677~~040			$	~~996~~1,814		613	%
TRASM (cents)	2122.0992		¢	20.5853		¢		02.5139		¢	212	%
Third-party refinery sales	(12.8739)			(1.4255)				(0.4584)			3254	%
TRASM, adjusted(2)	1920.2253		¢	1918.1697		¢		01.0656		¢	~~0.3~~8	%

(1)Total amounts in the table above may not calculate exactly due to rounding.

(2)Total ~~Revenue~~revenue per available seat mile ("TRASM"), adjusted is a non-GAAP financial measure. For additional information on adjustments to TRASM, see "Supplemental Information" below.

Compared to the ~~September~~March ~~2024~~2025 quarter, total revenue increased $~~996~~1.8 ~~million~~billion, due to an increase infrom ~~demand for~~ premium products, particularly from corporate customers, loyalty travel awards, refinery sales to third parties ~~(included~~and growth in ~~Other~~our ~~revenue)~~MRO ~~and loyalty travel awards~~business.

Passenger Revenue by Geographic Region

			Increase (Decrease)vs. Three Months Ended September 30, 2024
			Increase (Decrease)vs. Three Months Ended March 31, 2025
(in millions)	Three Months Ended ~~September~~March 3031, ~~2025~~2026		Passenger Revenue		RPMs (Traffic)		ASMs (Capacity)		Passenger Mile Yield		PRASM		Load Factor
Domestic	$	98,~~103~~717	58	%	12	%	41	%	46	%	26	%	~~(2)~~—	pts
Atlantic	21,~~977~~517		~~(2)~~11	%	34	%	53	%	~~(5)~~6	%	(7)	%	~~(2)~~1	~~pts~~pt
Latin America	~~759~~1,328		~~(3)~~—	%	(34)	%	(23)	%	14	%	—3	%	(1)	pt
Pacific	~~667~~740		310	%	105	%	73	%	~~(6)~~4	%	~~(4)~~6	%	21	~~pts~~pt
Total	$	1312,~~506~~302	37	%	21	%	41	%	16	%	~~(1)~~6	%	~~(1)~~—	ptpts

Domestic

Domestic passenger revenue increased 58% in the ~~September~~March ~~2025~~2026 quarter compared to the ~~September~~March ~~2024~~2025 quarter on a 41% increase in capacity. Domestic revenue increased due to strong demand for our premium products, particularly from corporate customers.

International

International passenger revenue for the ~~September~~March ~~2025~~2026 quarter ~~decreased~~increased 5% compared to the ~~September~~March ~~2024~~2025 quarter. The ~~decrease~~increase in the Atlantic region is primarily driven by ~~lower~~demand ~~main~~for ~~cabin revenue, while~~ premium products. ~~continued~~Revenue toin ~~perform~~the ~~well,~~Latin ~~and~~America aregion ~~shift~~remained inconsistent ~~some~~with ~~leisure~~the ~~travel~~prior ~~out~~period ofdue ~~peak~~to ~~summer~~demand ~~months.~~strength ~~The~~to ~~decrease~~the inCaribbean ~~Latin~~and South America, ~~region~~which ~~revenue~~was ~~primarily~~offset ~~relates~~by tolower ~~reduced~~Mexican leisure demand ~~for~~due ~~Mexico~~to ~~leisure~~civil ~~markets~~unrest in several of our destinations. Pacific region revenue growth reflects ~~our~~continued ~~network~~growth ~~restoration~~ in ~~addition~~South toKorea ~~increased~~alongside ~~load~~our ~~factor,~~joint ~~particularly~~venture topartner ~~China~~Korean Air and ~~Japan~~strong results on increased China capacity.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 1917

Item 2. MD&A - Results of Operations

Other Revenue

	Three Months Ended September 30,				Increase (Decrease)	% Increase (Decrease)
	Three Months Ended March 31,				Increase (Decrease)	% Increase (Decrease)
(in millions)	~~2025~~2026		~~2024~~2025
Refinery	$	1,~~476~~654	$	1,~~083~~062		$	~~393~~592	3656	%
Loyalty program	847		820			27		3	%
Loyalty and related	1,221		1,082			139		13	%
Ancillary businesses	256		161			95		59	%
MRO	380		151			229		152	%
Miscellaneous	~~355~~71		~~310~~57			4514		1525	%
Other revenue	$	23,~~934~~326	$	2,~~374~~352		$	~~560~~974	2441	%

Refinery. Refinery sales to third parties increased $~~393~~592 million compared to the ~~September~~March ~~2024~~2025 quarter. See "Refinery Segment" below for additional details on the refinery's operations, including third party refinery sales.

Loyalty ~~Program~~and Related. This primarily relates to revenues from brand usage by third parties ~~and other performance obligations~~ embedded in miles sold,. asLoyalty ~~well~~and asrelated also includes the redemption of miles for non-~~air~~ travel awards, our vacation package operations, lounge access (including access provided to certain American Express cardholders) and ~~other~~travel ~~awards~~products (e.g., ~~These~~car ~~revenues~~rentals ~~are~~or ~~mainly~~hotels booked with our commercial partners). Most of the increase compared to the prior period is driven by higher customer spend on American Express cards ~~and new cardholder acquisitions~~.

~~Ancillary Businesses~~MRO. This ~~includes~~represents ~~revenues~~revenue from ~~aircraft~~our Delta TechOps third-party maintenance, ~~services~~repair weand ~~provide~~overhaul ("MRO") business. The increase compared to ~~third~~the ~~parties~~prior period resulted from larger engine work scopes and ~~our~~from ~~vacation~~timing ~~package~~in ~~operations.~~the ~~The~~current ~~increase~~period. isWe ~~attributable~~expect tocontinued ~~higher~~growth ~~volume~~throughout of2026, ~~engine~~but ~~repairs~~at bya ~~our~~more ~~aircraft~~normalized ~~maintenance~~rate ~~services~~than ~~operation~~we ~~during~~experienced in the ~~September~~March ~~2025~~2026 quarter.

Miscellaneous. This is primarily composed of revenues related to ~~lounge access, including access provided to certain American Express cardholders,~~ codeshare agreements, and international joint venture partnership contractual settlements ~~and certain other commercial relationships~~.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 2018

Item 2. MD&A - Results of Operations

Operating Expense

	Three Months Ended September 30,				Increase (Decrease)	% Increase (Decrease)
	Three Months Ended March 31,				Increase (Decrease)	% Increase (Decrease)
(in millions)	~~2025~~2026		~~2024~~2025
Salaries and related costs	$	4,~~443~~541	$	4,~~231~~083		$	~~212~~458	511	%
Aircraft fuel and related taxes	2,~~570~~742		2,~~747~~410			~~(177)~~332		~~(6)~~14	%
Ancillary businesses and refinery	1,724		1,250			474		38	%
Refinery expense	1,654		1,062			592		56	%
Contracted services	1,~~166~~190		1,~~069~~121			9769		96	%
Landing fees and other rents	~~921~~913		~~832~~851			8962		117	%
Regional carrier expense	649		600			49		8	%
Aircraft maintenance materials and outside repairs	709		646			63		10	%
Aircraft maintenance materials and outside repairs	667		627			40		6	%
Regional carrier expense	649		613			36		6	%
Passenger commissions and other selling expenses	645		643			2		—	%
Depreciation and amortization	635		607			28		5	%
Depreciation and amortization	614		643			(29)		(5)	%
Passenger commissions and other selling expenses	590		552			38		7	%
Passenger service	~~485~~428		~~463~~430			22(2)		5—	%
Profit sharing	392		320			72		23	%
MRO expense	328		140			188		134	%
Aircraft rent	135		137			(2)		(1)	%
Profit sharing	165		124			41		33	%
Other	578		718			(140)		(19)	%
Aircraft rent	143		137			6		4	%
Total operating expense	$	14,989	$	14,280		$	709	5	%
Other	666		695			(29)		(4)	%
Total operating expense	$	15,353	$	13,471		$	1,882	14	%

Salaries and Related Costs. The increase in salaries and related costs primarily resulted from the implementation of base pay increases for eligible employees of 4% effective June 1, 2025, and 4% for Delta pilots on January 1, ~~2025~~2026, as well as higher flight crew costs driven by severe weather-related operational disruptions.

Aircraft Fuel and Related Taxes. Aircraft fuel and related taxes ~~decreased~~increased $~~177~~332 million compared to the ~~September~~March ~~2024~~2025 quarter primarily due to ana 810% ~~decrease~~increase in ~~the~~our ~~market~~jet fuel purchase price, ofmainly ~~jet~~due ~~fuel~~to ~~partially~~increases ~~offset~~during bythe month of March, and an increase in consumption consistent with the 41% increase in capacity. We expect that fuel consumption for the remainder of ~~2025~~2026 will ~~increase~~remain ~~compared to 2024~~ aligned with capacity, ~~partially~~changes ~~offset~~compared byto ~~improvements in the fuel efficiency from our recent aircraft acquisitions~~2025. ~~The~~We ~~refinery~~expect ~~generated~~this aelevated ~~benefit~~jet offuel ~~five~~cost ~~cents per gallon compared~~ to ancontinue ~~incremental~~until ~~cost~~recent ofmarket ~~three~~disruptions ~~cents~~and ~~per~~geopolitical ~~gallon~~events inare ~~the September 2024 quarter~~resolved. ~~We expect jet fuel prices to remain dynamic.~~

Refinery Expense. This includes expenses associated with refinery sales to third parties. See "Refinery Segment" below for additional details on the refinery's operations.

Fuel expense and average price per gallon
								Average Price Per Gallon
	Three Months Ended September 30,				Increase (Decrease)	Three Months Ended September 30,				Increase (Decrease)
(in millions, except per gallon data)	2025		2024					2025				2024
Fuel purchase cost(1)	$	2,612	$	2,738		$	(126)	$	2.30	$	2.50		$	(0.20)
Fuel hedge impact	11		(24)			35		0.01		(0.02)			0.03
Refinery segment impact	(53)		33			(86)		(0.05)		0.03			(0.08)
Total fuel expense	$	2,570	$	2,747		$	(177)	$	2.26	$	2.51		$	(0.25)

MRO Expense. This represents expenses from our Delta TechOps third-party MRO business. The increase compared to the prior period resulted from larger engine work scopes and from timing in the current period. We expect continued growth throughout 2026, but at a more normalized rate than we experienced in the March 2026 quarter.

(1)Market price for jet fuel at airport locations, including related taxes and transportation costs.

Ancillary Businesses and Refinery. Ancillary businesses and refinery includes expenses associated with refinery sales to third parties, aircraft maintenance services we provide to third parties and our vacation package operations. Refinery sales to third parties increased $393 million compared to the September 2024 quarter. See "Refinery Segment" below for additional details on the refinery's operations, including third party refinery sales.

Landing Fees and Other Rents. The increase in landing fees and other rents resulted from higher rates charged by airports following extensive redevelopment projects at numerous facilities and more flights compared to the September 2024 quarter.

Profit Sharing. Profit sharing increased by $72 million due to higher quarterly results compared to the September 2024 quarter. Our profit sharing program pays 10% to all eligible employees for the first $2.5 billion of annual profit, as defined by the terms of the program, and 20% of annual profit above $2.5 billion.

Other. The decrease in other is primarily due to the impact of service recovery costs including customer expense reimbursements from the CrowdStrike-caused outage in the September 2024 quarter.

Delta Air Lines, Inc. | September 2025 Form 10-Q 21

Item 2. MD&A - Results of Operations

Results of Operations - Nine Months Ended September 30, 2025 and 2024

	Nine Months Ended September 30,						Increase (Decrease)	% Increase (Decrease)
(in millions)(1)	2025			2024
Ticket - Main cabin	$	17,771		$	18,450			$	(679)		(4)	%
Ticket - Premium products	16,402			15,377				1,025			7	%
Loyalty travel awards	3,140			2,798				342			12	%
Travel-related services	1,539			1,454				85			6	%
Passenger revenue	$	38,852		$	38,079			$	773		2	%
Cargo	654			574				80			14	%
Other	7,855			7,431				424			6	%
Total operating revenue	$	47,361		$	46,084			$	1,277		3	%
TRASM (cents)	21.04		¢	21.30		¢		(0.26)		¢	(1)	%
Third-party refinery sales	(1.63)			(1.63)				—			—	%
TRASM, adjusted(2)	19.41		¢	19.67		¢		(0.26)		¢	(1)	%

(1)Total amounts in the table above may not calculate exactly due to rounding.

(2)TRASM, adjusted is a non-GAAP financial measure. For additional information on adjustments to TRASM, see "Supplemental Information" below.

Unless otherwise discussed below, the changes in total revenue line items, as well as the underlying reasons for these changes, compared to the nine months ended September 30, 2024 are consistent with the discussion above under Results of Operations - Three Months Ended September 30, 2025 and 2024.

Compared to the nine months ended September 30, 2024, total revenue increased $1.3 billion, or 3%, on a 4% increase in capacity.

			Increase (Decrease)vs. Nine Months Ended September 30, 2024
(in millions)	Nine Months Ended September 30, 2025		Passenger Revenue		RPMs (Traffic)		ASMs (Capacity)		Passenger Mile Yield		PRASM		Load Factor
Domestic	$	26,521	2	%	1	%	4	%	1	%	(2)	%	(3)	pts
Atlantic	7,221		1	%	3	%	3	%	(2)	%	(2)	%	—	pts
Latin America	3,047		1	%	1	%	2	%	—	%	(1)	%	(1)	pt
Pacific	2,063		10	%	18	%	11	%	(7)	%	(1)	%	4	pts
Total	$	38,852	2	%	2	%	4	%	—	%	(2)	%	(2)	pts

Domestic passenger revenue for the nine months ended September 30, 2025 increased on higher capacity compared to the nine months ended September 30, 2024. International passenger revenue for the nine months ended September 30, 2025 increased 2% on 4% higher capacity compared to the nine months ended September 30, 2024.

	Nine Months Ended September 30,				Increase (Decrease)	% Increase (Decrease)
(in millions)	2025		2024
Refinery	$	3,680	$	3,520		$	160	5	%
Loyalty program	2,509		2,451			58		2	%
Ancillary businesses	710		554			156		28	%
Miscellaneous	956		906			50		6	%
Other revenue	$	7,855	$	7,431		$	424	6	%

Delta Air Lines, Inc. | September 2025 Form 10-Q 22

Item 2. MD&A - Results of Operations

	Nine Months Ended September 30,				Increase (Decrease)	% Increase (Decrease)
(in millions)	2025		2024
Salaries and related costs	$	12,928	$	12,035		$	893	7	%
Aircraft fuel and related taxes	7,439		8,157			(718)		(9)	%
Ancillary businesses and refinery	4,383		4,083			300		7	%
Contracted services	3,442		3,134			308		10	%
Landing fees and other rents	2,650		2,347			303		13	%
Regional carrier expense	1,913		1,731			182		11	%
Aircraft maintenance materials and outside repairs	1,904		1,990			(86)		(4)	%
Passenger commissions and other selling expenses	1,869		1,865			4		—	%
Depreciation and amortization	1,823		1,878			(55)		(3)	%
Passenger service	1,397		1,339			58		4	%
Profit sharing	986		964			22		2	%
Aircraft rent	408		411			(3)		(1)	%
Other	1,864		1,872			(8)		—	%
Total operating expense	$	43,006	$	41,806		$	1,200	3	%

Unless otherwise discussed below, the changes in operating expense line items, as well as the underlying reasons for these changes, compared to the nine months ended September 30, 2024 are consistent with the discussion above under Results of Operations - Three Months Ended September 30, 2025 and 2024.

Aircraft Fuel and Related Taxes. Aircraft fuel and related taxes decreased $718 million compared to the nine months ended September 30, 2024 due to a 13% decrease in the market price per gallon of jet fuel. The refinery generated a one cent benefit per gallon compared to two cents per gallon in the nine months ended September 30, 2024.

See "Refinery Segment" below for additional details on the refinery's operations.

Fuel expense and average price per gallon
								Average Price Per Gallon
	Nine Months Ended September 30,				Increase (Decrease)	Nine Months Ended September 30,				Increase (Decrease)
(in millions, except per gallon data)	2025		2024					2025				2024
Fuel purchase cost(1)	$	7,502	$	8,229		$	(727)	$	2.33	$	2.66		$	(0.33)
Fuel hedge impact	(21)		4			(25)		(0.01)		—			(0.01)
Refinery segment impact	(42)		(76)			34		(0.01)		(0.02)			0.01
Total fuel expense	$	7,439	$	8,157		$	(718)	$	2.31	$	2.64		$	(0.33)

(1)Market price for jet fuel at airport locations, including related taxes and transportation costs.

Contracted Services. The increase in contracted services results from inflationary rate increases in our operations and volume increases on a 4% increase in capacity.

Regional Carrier Expense. The increase in regional carrier expense primarily resulted from higher volume of regional flights.

Delta Air Lines, Inc. | September 2025 Form 10-Q 23

Item 2. MD&A - Non-Operating Results

Non-Operating Results

	Three Months Ended September 30,				Favorable (Unfavorable)		Nine Months Ended September 30,				Favorable (Unfavorable)
	Three Months Ended March 31,				Favorable (Unfavorable)
(in millions)	~~2025~~2026		~~2024~~2025				~~2025~~		~~2024~~
Interest expense, net	$	(~~171~~151)	$	(~~173~~179)	$	228	$	~~(521)~~	$	~~(567)~~	$	46
Gain/(loss) on investments, net	~~311~~(550)		~~350~~(40)		(39510)		~~1,007~~		~~(73)~~		~~1,080~~
Loss on extinguishment of debt	(64)		—		(64)		~~(26)~~		~~(36)~~		10
Miscellaneous, net	(4110)		(1330)		~~(28)~~20		~~(143)~~		~~(146)~~		3
Total non-operating income/(expense), net	$	93	$	164	$	(71)	$	317	$	(822)	$	1,139
Total non-operating expense, net	$	(715)	$	(249)	$	(466)

Interest expense, net. Interest expense, net includes interest expense and interest income. This decreased compared to the prior year primarily due to reduced interest expense resulting from our debt reduction initiatives. During ~~2024~~2025, we ~~made~~reduced ~~payments of $4.0 billion related to~~ our debt and finance lease obligations by approximately $2.0 billion. We have continued to pay down our debt during the ~~nine~~March ~~months~~2026 ~~ended~~quarter ~~September 30, 2025~~ with $31.96 billion of payments on debt and finance lease obligations~~. During the June 2025 quarter~~, weof ~~issued~~which $21.02 billion inwas ~~aggregate~~early ~~principal~~repayments ~~amount~~enabled ofby ~~unsecured~~refinancings ~~notes~~with ~~and used a portion of the proceeds to repay the Payroll Support Program loan due 2030 ("PSP1 Loan"). The new unsecured notes carry a~~ lower interest ~~rate than the repaid PSP1 Loan~~rates. ~~We continue to seek opportunities to pre-pay our debt, in addition to periodic amortization and scheduled maturities, and refinance higher cost debt.~~

~~Gain/(loss)~~Delta onAir ~~investments~~Lines, ~~net~~Inc. ~~Changes~~| inMarch ~~the~~2026 ~~valuation~~Form of investments accounted for at fair value are recorded in gain/(loss) on investments, net and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in certain companies, particularly those without publicly10-~~traded~~Q ~~shares. See Note 4 of the Notes to the Condensed Consolidated Financial Statements for additional information on our equity investments measured at fair value on a recurring basis.~~19

Item 2. MD&A - Non-Operating Results

Loss on investments, net. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in certain companies, particularly those without publicly-traded shares. See Note 4 of the Notes to the Condensed Consolidated Financial Statements for additional information on our equity investments measured at fair value on a recurring basis.

Loss on extinguishment of debt. Loss on extinguishment of debt reflects the losses incurred in the early repayment of certain loans and notes.

Miscellaneous, net. Miscellaneous, net primarily includes employee benefit plans net periodic benefit/(cost), charitable contributions, our share of our equity method investments' results, dividends received from our equity investees and foreign exchange gains/(losses).

Income Taxes

In certain periods, we may have adjustments to our net deferred tax liabilities as a result of changes in prior year estimates, the valuation allowance on mark-to-market adjustments on our equity investments, and tax laws enacted during the period, which will impact the effective tax rate for that period. Excluding ~~the~~ mark-to-market ~~gains~~adjustments on equity investments recognized in the ~~nine~~March ~~months~~2026 ~~ended September 30~~quarter, ~~2025,~~ we project our annual effective tax rate for ~~2025~~2026 will be 2423% to 25%.

Delta Air Lines, Inc. | September 2025 Form 10-Q 24

Item 2. MD&A - Refinery Segment

Refinery Segment

The refinery operated by Monroe primarily produces gasoline, diesel and jet fuel. ~~Monroe~~and ~~exchanges~~operates ~~non-jet~~for ~~fuel products~~ the ~~refinery~~benefit ~~produces~~of ~~with~~the ~~third~~airline ~~parties~~segment ~~for~~by providing jet fuel ~~consumed~~to inthe ~~our~~ airline ~~operations~~. ~~The~~Monroe sells or exchanges its non-jet fuel ~~produced~~production ~~and~~to ~~procured~~third ~~through~~parties, ~~exchanging~~which ~~gasoline~~enables ~~and~~us ~~diesel~~to procure additional jet fuel ~~produced~~for byconsumption ~~the~~in our airline operations. The refinery typically ~~provides~~produces approximately 200,000 barrels of refined products per day, orwhich represents approximately 75% of our daily consumption, ~~for~~and ~~use~~it inregularly ~~our~~optimizes ~~airline~~the ~~operations.~~mix ~~The~~of ~~refinery regularly optimizes~~ its sales and exchange activities based on market conditions. ACertain ~~change~~contracts ~~in contractual agreements~~ to ~~buy~~exchange ~~and~~non-jet ~~sell~~fuel products ~~with~~ended ~~separate~~during ~~counterparties~~the ~~drove~~second ahalf ~~decrease~~of in2025, ~~exchanged~~which ~~products~~contributed ~~and~~to the increase in third party refinery sales ~~during~~compared to the ~~current~~March ~~year~~2025 ~~compared~~quarter. Third party refinery sales also increased due to ~~the~~higher ~~prior~~market ~~year~~prices for refined products.

The refinery generated an operating ~~income~~loss of $4239 million in the ~~nine~~March ~~months~~2026 ~~ended~~quarter ~~September 30, 2025~~ compared to a loss of $761 million in the ~~nine~~March ~~months~~2025 ~~ended~~quarter. ~~September 30,~~The ~~2024,~~loss in the March 2026 quarter primarily asresults afrom ~~result~~the recognition of ~~lower~~settlement ~~pricing~~losses ofon ~~refined~~fuel ~~products~~hedge contracts related to inventory that is expected to be sold in the future, which was partially offset by higher industry refining margins.

For more information regarding the refinery's results, see Note 9 of the Notes to the Condensed Consolidated Financial Statements.

Refinery segment financial information
	Three Months Ended September 30,				Increase (Decrease)		Nine Months Ended September 30,				Increase (Decrease)
	Three Months Ended March 31,				Increase (Decrease)
(in millions, except per gallon data)	2025		2024				2025		2024
(in millions)	2026		2025
Exchanged products	$	23	$	349	$	(326)	$	549	$	1,147	$	(598)
Third party refinery sales	$	1,654	$	1,062	$	592
Sales of refined products	36		111		(75)		132		197		(65)
Sales to airline segment and other	384		636		(252)
Sales to airline segment	260		369		(109)		852		1,147		(295)
Operating revenue	$	2,038	$	1,698	$	340
Third party refinery sales	1,476		1,083		393		3,680		3,520		160
Operating loss	$	(39)	$	(1)	$	(38)
Operating revenue	$	1,795	$	1,912	$	(117)	$	5,213	$	6,011	$	(798)
Operating income/(loss)	$	53	$	(33)	$	86	$	42	$	76	$	(34)
Refinery segment impact on airline average price per fuel gallon	$	(0.05)	$	0.03	$	(0.08)	$	(0.01)	$	(0.02)	$	0.01


Delta Air Lines, Inc. \| March 2026 Form 10-Q						20

Item 2. MD&A - Operating Statistics

Operating Statistics

	Three Months Ended September 30,						% Increase (Decrease)			Nine Months Ended September 30,		% Increase (Decrease)
	Three Months Ended March 31,						% Increase (Decrease)
Consolidated(1)	~~2025~~2026			~~2024~~2025						~~2025~~	~~2024~~
Revenue passenger miles (in millions) ("RPM")	6756,~~621~~470			6655,~~310~~678				21	%			~~189,717~~			~~185,757~~			2	%
Available seat miles (in millions) ("ASM")	7969,~~054~~163			7668,~~162~~401				41	%			~~225,099~~			~~216,360~~			4	%
Passenger mile yield	1921.9778		¢	1920.7762		¢		16	%			~~20.48~~		¢	~~20.50~~		¢	—	%
Passenger revenue per available seat mile ("PRASM")	17.0879		¢	1716.2178		¢		~~(1)~~6	%			~~17.26~~		¢	~~17.60~~		¢	~~(2)~~	%
Total revenue per available seat mile ("TRASM")	2122.0992		¢	20.5853		¢		212	%			~~21.04~~		¢	~~21.30~~		¢	~~(1)~~	%
TRASM, adjusted(2)	1920.2253		¢	1918.1697		¢		08.32	%			~~19.41~~		¢	~~19.67~~		¢	~~(1)~~	%
Cost per available seat mile ("CASM")	1822.9620		¢	1819.7569		¢		113	%			~~19.11~~		¢	~~19.32~~		¢	~~(1)~~	%
CASM-Ex(2)	1315.3513		¢	1314.3023		¢		—6	%			~~13.73~~		¢	~~13.48~~		¢	2	%
Passenger load factor	8681.6		%	8781.4		%		~~(1)~~—	ptpts			84		%	86		%	~~(2)~~	~~pts~~
Fuel gallons consumed (in millions)	~~1,138~~988			~~1,096~~976				41	%			~~3,226~~			~~3,093~~			4	%
Average price per fuel gallon(3)	$	2.2678		$	2.5147			~~(10)~~12	%			$	~~2.31~~		$	~~2.64~~		~~(12)~~	%
Average price per fuel gallon, adjusted(2)(3)	$	2.2562		$	2.5345			~~(11)~~7	%			$	~~2.31~~		$	~~2.64~~		~~(12)~~	%

(1)Includes the operations of our regional carriers under capacity purchase agreements.

(2)Non-GAAP financial measures defined and reconciled to TRASM, CASM and average fuel price per gallon, respectively, in "Supplemental Information" below.

(3)Includes the impact of fuel hedge activity and refinery segment results.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 2521

Item 2. MD&A - Fleet Information

Fleet Information

Our operating aircraft fleet, purchase commitments and options at ~~September~~March 3031, ~~2025~~2026 are summarized in the following table.

Mainline aircraft information by fleet type
	Current Fleet(1)					Commitments
Fleet Type	Owned	Finance Lease	Operating Lease	Total	Average Age (Years)	Purchase	Options
A220-100	45	—	—	45	56.83
A220-300	3438	—	—	3438	2.58	6662
A319-100	57	—	—	57	2324.61
A320-200	4846	—	—	4846	29.03
A321-200	77	8	42	127	67.83
A321-200neo	8493	—	—	8493	12.81	7196	7036
A330-200	11	—	—	11	2021.50
A330-300	28	—	3	31	1617.72
A330-900neo	32	2	5	39	23.83	16	1015
A350-900	2731	—	119	3840	5.35	619	105
A350-1000	—	—	—	—	—	20	10
B-717-200	80	—	—	80	24.05
B-737-800	73	4	—	77	24.05
B-737-900ER	~~119~~122	611	3830	163	910.72
B-737-10	—	—	—	—	—	100	30
B-757-200	76	—	—	76	2627.96
B-757-300	16	—	—	16	2223.61
B-767-300ER	3937	—	—	3937	29.12
B-767-400ER	21	—	—	21	2425.72
Total	867	20	99	986	14.8	263	120
B-787-10	—	—	—	—	—	30	30
Total	883	25	89	997	15.0	343	126

(1)Excludes certain aircraft we own or lease that are operated by regional carriers on our behalf shown in the table below.

The following table summarizes the aircraft operated by regional carriers on our behalf at ~~September~~March 3031, ~~2025~~2026.

Regional aircraft information by fleet type and carrier
	Fleet Type(1)(2)
	Fleet Type(1)
Carrier	CRJ-700	CRJ-900	Embraer 170	Embraer 175	Total
Endeavor Air, Inc.(3)	18	122	—	—	140
Endeavor Air, Inc.(2)	19	126	—	—	145
SkyWest Airlines, Inc.	52	34	—	87	~~126~~123
Republic Airways, Inc.	—	—	11	46	57
Republic Airways Inc.	—	—	11	46	57
Total	2321	~~156~~160	11	133	~~323~~325

(1)We own 202 and have operating leases for ~~two~~three of these regional aircraft. The remainder are owned or leased by SkyWest Airlines, Inc. or Republic Airways, Inc.

(2)~~Excluded~~Endeavor ~~from~~Air, ~~the~~Inc. ~~total~~is ~~operating~~a ~~count~~wholly ~~above are one~~ owned ~~CRJ-700~~subsidiary ~~aircraft and one operating leased CRJ-900 aircraft which are temporarily parked as~~ of ~~September 30, 2025~~Delta.

~~(3)Endeavor~~Delta Air Lines, Inc. is| aMarch ~~wholly~~2026 ~~owned~~Form ~~subsidiary~~10-Q ~~of Delta.~~22

Delta Air Lines, Inc. | September 2025 Form 10-Q 26

Item 2. MD&A - Financial Condition and Liquidity

Financial Condition and Liquidity

As of ~~September~~March 3031, ~~2025~~2026, we had $68.91 billion in cash, cash equivalents, short-term investments and aggregate undrawn principal amount available under our revolving credit facilities. We expect to meet our liquidity needs for the next twelve months with cash and cash equivalents and cash flows from operations. We expect to meet our long-term liquidity needs with cash flows from operations and financing arrangements.

Undrawn Lines of Credit. As of ~~September~~March 3031, ~~2025~~2026, we had approximately $3.1 billion undrawn and available under our revolving credit facilities.

Sources and Uses of Liquidity

Operating Activities

We generated cash flows from operations of $62.14 billion in both the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025. We expect to continue generating positive cash flows from operations during the remainder of ~~2025~~2026.

Our operating cash flow is impacted by the following factors:

Seasonality of Advance Ticket Sales. We sell tickets for air travel in advance of the customer's travel date. When we receive a cash payment at the time of sale, we record the cash received on advance sales as deferred revenue in air traffic liability. The air traffic liability typically increases during the winter and spring months as advance ticket sales grow prior to the summer peak travel season and decreases during the summer and fall months.

~~Fuel.~~Sale ~~Fuel~~of ~~expense~~Miles ~~represented~~to ~~approximately~~Participating ~~17%~~Companies. ~~and~~Customers ~~20%~~earn ofmiles ~~our~~based ~~total~~on ~~operating~~their ~~expense~~spending ~~for~~with ~~the~~participating ~~nine~~companies ~~months~~such ~~ended~~as ~~September 30~~credit card, ~~2025~~retail, ~~and 2024~~ridesharing, ~~respectively.~~car ~~The~~rental ~~market~~and ~~price~~hotel ~~for~~companies ~~jet~~with ~~fuel~~which iswe ~~dynamic,~~have ~~which~~marketing ~~can~~agreements ~~impact~~to ~~the~~sell ~~comparability~~miles. ofPayments ~~our~~are ~~periodic~~typically ~~cash~~due ~~flows~~to ~~from~~us ~~operations.~~monthly ~~Fuel~~based ~~consumption~~on ~~was~~the ~~higher~~volume ~~during~~of ~~the~~miles ~~three~~sold ~~and~~during ~~nine~~the ~~months~~period. ~~ended~~Our ~~September 30,~~most ~~2025~~significant ~~compared~~contract to ~~the~~sell ~~prior~~miles ~~year~~relates ~~period~~to ~~due~~our toco-brand ~~the~~credit ~~increase~~card inrelationship ~~capacity~~with American Express. WeRemuneration ~~expect~~to ~~that~~American ~~fuel~~Express ~~consumption~~was ~~for~~$2.2 billion in the ~~remainder~~three ofmonths ~~2025~~ended ~~will~~March 31, 2026, an increase of 10% compared to ~~2024~~the ~~aligned~~prior ~~with~~year ~~capacity,~~period. ~~partially~~See ~~offset~~Note by2 ~~improvements~~of inthe Notes to the ~~fuel~~Condensed ~~efficiency~~Consolidated ~~from~~Financial ~~our~~Statements ~~recent~~for ~~aircraft~~further ~~acquisitions~~information regarding the cash sales from marketing agreements.

~~Profit Sharing~~Fuel. WeFuel ~~paid~~expense ~~$1.4~~represented ~~billion~~approximately in18% ~~profit~~of ~~sharing~~our ~~payments~~total inoperating ~~February~~expense for both the three months ended March 31, 2026 and 2025. ~~related~~The tomarket ~~our~~price ~~2024~~for ~~pre-tax~~jet ~~profit~~fuel inis ~~recognition~~dynamic, which can impact the comparability of our ~~employees'~~periodic ~~contributions~~cash ~~toward~~flows ~~achieving~~from operations. Fuel consumption was higher during the three months ended March 31, 2026 compared to the prior year's ~~financial~~period ~~results~~due to the increase in capacity. We expect that fuel consumption for the remainder of 2026 will remain aligned with capacity changes compared to 2025.

~~Our~~Profit ~~broad-based~~Sharing. ~~employee~~We ~~profit~~paid ~~sharing~~$1.3 ~~program~~billion ~~provides that for each year~~ in ~~which we have an annual pre-tax~~ profit, assharing ~~defined~~payments byin ~~the~~February ~~terms~~2026 ofrelated ~~the program, we will pay a specified portion of that profit~~ to ~~eligible~~our ~~employees.~~2025 ~~In determining the amount of profit sharing, the program defines profit as~~ pre-tax profit ~~adjusted~~in ~~for~~recognition ~~profit~~of ~~sharing~~our ~~and~~employees' ~~certain~~contributions ~~other~~toward ~~items.~~achieving ~~During~~ the ~~nine months ended September 30, 2025, we accrued $986 million in profit sharing expense based on the~~ year~~-to-date~~'s ~~performance~~financial ~~and current expectations for 2025 profit~~results.

~~Sale~~Our ofbroad-based ~~Miles~~employee toprofit ~~Participating~~sharing ~~Companies.~~program ~~Customers~~provides ~~earn~~that ~~miles~~we ~~based~~will onpay ~~their~~10% ~~spending~~of ~~with~~that ~~participating~~profit ~~companies~~to ~~such~~all aseligible ~~credit~~employees ~~card,~~for ~~retail,~~the ~~ridesharing,~~first ~~car~~$2.5 ~~rental~~billion ~~and~~of ~~hotel~~annual ~~companies~~profit, ~~with~~as ~~which~~defined weby ~~have~~the ~~marketing~~terms ~~agreements~~of tothe ~~sell~~program, ~~miles.~~and ~~Payments~~20% ~~are~~of ~~typically~~annual ~~due~~profit toabove us$2.5 ~~monthly~~billion. ~~based~~In ondetermining the ~~volume~~amount of ~~miles~~profit ~~sold~~sharing, ~~during~~ the ~~period.~~program ~~Our~~defines ~~most~~profit ~~significant~~as ~~contract to sell miles relates to our co~~pre-~~brand~~tax ~~credit~~profit ~~card~~adjusted ~~relationship~~for ~~with~~profit ~~American~~sharing ~~Express.~~and ~~Total~~certain ~~cash~~other ~~sales to American Express were $5~~items.~~9 billion~~ inDuring the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, anwe ~~increase~~accrued of$165 million ~~10%~~in ~~compared~~profit tosharing ~~the~~expense ~~prior~~based ~~year~~on ~~period. See Note 2 of~~ the ~~Notes~~ year-to-date ~~the~~performance ~~Condensed~~and ~~Consolidated~~current ~~Financial~~expectations ~~Statements~~ for ~~further~~2026 ~~information regarding the cash sales from marketing agreements~~profit.

~~Delta~~Income ~~Air~~Taxes. ~~Lines~~During 2025, ~~Inc~~we utilized substantially all of our remaining pre-2018 net operating loss carryforwards and, due to the limitations on post-2017 net operating losses, began making cash federal income tax payments. |We ~~September~~expect income tax cash payments to increase in 2026 based on our projected financial results. As of December 31, 2025, ~~Form~~we 10had approximately $2.4 billion of U.S. federal pre-Qtax 27net operating loss carryforwards which we expect to utilize during 2026. These net operating loss carryforwards were primarily generated in 2020 and do not expire.


Delta Air Lines, Inc. \| March 2026 Form 10-Q						23

Item 2. MD&A - Financial Condition and Liquidity

Investing Activities

Capital Expenditures. Our capital expenditures were $31.62 billion ~~and $3.8 billion~~ for both the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, respectively~~2025. We have committed to future aircraft purchases and have obtained, but are under no obligation to use, long-term financing commitments for a substantial portion of the purchase price of the aircraft. Our expected ~~2025~~2026 capital spend of approximately $5.05 billion will be primarily for aircraft, including deliveries and advance deposit payments, as well as fleet modifications and technology enhancements.

Financing Activities

Debt and Finance Leases. In the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, we had cash outflows of $31.96 billion related to repayments of our debt and finance lease obligations. We continue to seek opportunities to pre-pay our debt, in addition to periodic amortization and scheduled maturities, and refinance higher cost debt.

In ~~June~~January ~~2025~~2026, we ~~issued~~entered ~~$2.0~~into ~~billion~~a ~~in aggregate principal amounts of unsecured notes, consisting of~~ $1.0 25 billion ofterm ~~4.95%~~loan ~~Notes~~issued ~~due~~by ~~2028~~a ~~and~~group ~~$1.0 billion~~ of ~~5.25%~~lenders ~~Notes~~ due ~~2030~~December ~~(collectively, the "Notes")~~2026. The ~~net~~ proceeds ~~from the offering~~ of the ~~Notes~~term loan were used to repay ~~the~~$957 million ~~PSP1~~of ~~Loan~~Payroll Support Program loans due 2031 and for general corporate purposes.

In February 2025, Moody's credit rating agency upgraded its rating for Delta to Baa2, an investment grade rating. In the September 2025 quarter, Fitch Ratings upgraded its outlook for Delta to Positive from Stable.

See Note 5 of the Notes to the Condensed Consolidated Financial Statements for further information on our debt agreements.

Capital Return to Shareholders. OnIn ~~August 21, 2025 we paid~~ the ~~dividend~~March ~~previously~~2026 ~~declared~~quarter, in the ~~June~~Board ~~2025~~of ~~quarter~~Directors ~~for~~approved ~~total~~a ~~cash~~quarterly ~~dividends~~dividend of $~~122 million~~0.1875 ~~Total~~per ~~cash~~share ~~dividends~~which ~~for~~we ~~the~~paid ~~nine~~on ~~months~~March ~~ended September 30~~19, ~~2025~~2026 ~~were~~for total cash dividends of $~~318~~129 million.

OnIn ~~September~~the ~~25,~~June 2025 quarter, the Board of Directors ~~approved~~authorized ~~and~~a we$1.0 ~~will~~billion ~~pay~~opportunistic ashare ~~quarterly~~repurchase ~~dividend~~program ofopen ~~$0.1875~~through ~~per~~June ~~share~~30, on2028. ~~November~~No 6,shares ~~2025~~have tobeen ~~shareholders~~repurchased ofunder ~~record~~this asprogram ofthrough ~~October 16~~March 31, ~~2025~~2026.

~~In the June 2025 quarter, the Board of Directors authorized a $1~~Covenants.0 ~~billion~~We ~~opportunistic~~were ~~share~~in ~~repurchase~~compliance ~~program~~with ~~open~~the ~~through~~covenants ~~June~~in ~~30,~~our ~~2028.~~debt Noagreements ~~shares~~at ~~were repurchased under this program through September~~March 3031, ~~2025~~2026.

Covenants. We were in compliance with the covenants in our debt agreements at September 30, 2025.

Critical Accounting Estimates

There have been no material changes in our Critical Accounting Estimates from the information provided in the "Critical Accounting Estimates" section of "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 2824

Item 2. MD&A - Supplemental Information

Supplemental Information

We sometimes use information (non-GAAP financial measures) that is derived from the Condensed Consolidated Financial Statements, but that is not presented in accordance with GAAP. Under the U.S. Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results.

Included below are reconciliations of non-GAAP measures used within this Form 10-Q to the most directly comparable GAAP financial measures. Reconciliations below may not calculate exactly due to rounding. These reconciliations include certain adjustments to GAAP measures to provide comparability between the reported periods, if applicable, and for the reasons indicated below:

•Third-party refinery sales. Refinery sales to third parties, and related expenses, are not related to our airline segment. Excluding these sales therefore provides a more meaningful comparison of our airline operations to the rest of the airline industry.

•MTM adjustments and settlements on hedges. Mark-to-market ("MTM") adjustments are defined as fair value changes recorded in periods other than the settlement period. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period, and therefore we remove this impact to allow investors to better understand and analyze our core performance. Settlements represent cash received or paid on hedge contracts closed (i.e., settled) during the applicable period. With respect to hedges related to Monroe's inventory, settlements often occur before the related refinery inventory is sold. Beginning with the quarter ended March 31, 2026, settlement gains and losses related to Monroe's inventory that remains on-hand at period end are excluded from our adjusted results. These settlement gains and losses will be reflected in adjusted results during the period the inventory is sold. This change was made to match the timing of expense and revenue recognition and we have similarly adjusted the presentation of reconciliations for prior periods included here.

•Aircraft fuel and related taxes. The volatility in fuel prices impacts the comparability of year-over-year financial performance. The adjustment for aircraft fuel and related taxes allows investors to better understand and analyze our non-fuel costs and year-over-year financial performance.

•MRO expense. We adjust for MRO expenses because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.

•Profit sharing. We adjust for profit sharing because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.

Total revenue, adjusted reconciliation
	Three Months Ended September 30,
	Three Months Ended March 31,
(in millions)	~~2025~~2026		~~2024~~2025
Total revenue	$	1615,~~673~~854	$	1514,~~677~~040
Adjusted for:
Third-party refinery sales	(1,~~476~~654)		(1,~~083~~062)
Total revenue, adjusted	$	1514,~~197~~200	$	1412,~~594~~978

Operating expense, adjusted reconciliation
	Three Months Ended September 30,
(in millions)	2025		2024
Operating expense	$	14,989	$	14,280
Adjusted for:
Third-party refinery sales	(1,476)		(1,083)
MTM adjustments and settlements on hedges	(11)		24
Operating expense, adjusted	$	13,502	$	13,221


Delta Air Lines, Inc. \| March 2026 Form 10-Q						25

Delta Air Lines, Inc. | September 2025 Form 10-Q 29

Item 2. MD&A - Supplemental Information

Fuel expense, adjusted reconciliation
Operating expense, adjusted reconciliation
							Average Price Per Gallon
			Three Months Ended March 31,
	Three Months Ended September 30,				Three Months Ended September 30,
(in millions)			2026		2025
(in millions, except per gallon data)	2025		2024				2025		2024
Operating expense			$	15,353	$	13,471
Total fuel expense	$	2,570	$	2,747			$	2.26	$	2.51
Adjusted for:
Adjusted for:
Third-party refinery sales			(1,654)		(1,062)
MTM adjustments and settlements on hedges	~~(11)~~		24(151)		(15)		~~(0.01)~~		~~0.02~~
Total fuel expense, adjusted	$	2,559	$	2,771			$	2.25	$	2.53
Operating expense, adjusted			$	13,549	$	12,394
							Average Price Per Gallon
	Nine Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per gallon data)	2025		2024				2025		2024
Total fuel expense	$	7,439	$	8,157			$	2.31	$	2.64
Adjusted for:
MTM adjustments and settlements on hedges	21		(4)				0.01		—
Total fuel expense, adjusted	$	7,459	$	8,153			$	2.31	$	2.64

TRASM, adjusted reconciliation
Fuel expense, adjusted reconciliation
	Three Months Ended September 30,						Nine Months Ended September 30,
								Average Price Per Gallon
	2025			2024				2025			2024
	Three Months Ended March 31,						Three Months Ended March 31,
TRASM (cents)	21.09		¢	20.58		¢		21.04		¢	21.30		¢
(in millions, except per gallon data)	2026			2025				2026			2025
Total fuel expense	$	2,742		$	2,410			$	2.78		$	2.47
Adjusted for:
Third-party refinery sales	(1.87)			(1.42)				(1.63)			(1.63)
MTM adjustments and settlements on hedges	(151)			(15)				(0.15)			(0.02)
TRASM, adjusted	19.22		¢	19.16		¢		19.41		¢	19.67		¢
Total fuel expense, adjusted	$	2,591		$	2,395			$	2.62		$	2.45

CASM-Ex reconciliation
TRASM, adjusted reconciliation
	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2025		2024			2025		2024
	2026		2025
CASM (cents)	18.96	¢	18.75	¢		19.11	¢	19.32	¢
TRASM (cents)	22.92	¢	20.53	¢
Adjusted for:
Aircraft fuel and related taxes	(3.25)		(3.61)			(3.30)		(3.77)
Third-party refinery sales	(2.39)		(1.55)
Third-party refinery sales	(1.87)		(1.42)			(1.63)		(1.63)
TRASM, adjusted	20.53	¢	18.97	¢
Profit sharing	(0.50)		(0.42)			(0.44)		(0.45)
CASM-Ex	13.35	¢	13.30	¢		13.73	¢	13.48	¢

Delta Air Lines, Inc. | September 2025 Form 10-Q 30


CASM-Ex reconciliation
	Three Months Ended March 31,
	2026		2025
CASM (cents)	22.20	¢	19.69	¢
Adjusted for:

Aircraft fuel and related taxes	(3.96)		(3.52)
Third-party refinery sales	(2.39)		(1.55)
MRO expense	(0.47)		(0.20)
Profit sharing	(0.24)		(0.18)



CASM-Ex	15.13	¢	14.23	¢


Delta Air Lines, Inc. \| March 2026 Form 10-Q						26

Item 2. MD&A - Supplemental Information

Free Cash Flow

The following table shows a reconciliation of net cash provided by operating and used in investing activities (GAAP measures) to free cash flow (a non-GAAP financial measure). We present free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or general corporate initiatives. Adjustments include:

•Pension plan contributions. Cash flows related to pension funding are included in our GAAP operating activities. We adjust to exclude these contributions to allow investors to understand the cash flows related to our core operations.

•Net cash flows related to certain airport construction projects and other. Cash flows related to certain airport construction projects are included in our GAAP operating activities and capital expenditures. We have adjusted for these items because management believes investors should be informed that a portion of these capital expenditures from airport construction projects are either reimbursed by a third party or funded with restricted cash specific to these projects.

Free cash flow reconciliation
(in millions)	Three Months Ended September 30, 2025
Net cash provided by operating activities	$	1,847
Net cash used in investing activities	(1,035)
Adjusted for:
Pension plan contributions	6
Net cash flows related to certain airport construction projects and other	15
Free cash flow	$	833

•Strategic investments and related. Certain cash flows related to our investments in and related transactions with other airlines and associated companies are included in our GAAP investing activities. We adjust for this activity because it provides a more meaningful comparison to our airline industry peers.

Delta Air Lines, Inc. | September 2025 Form 10-Q 31


Free cash flow reconciliation
(in millions)	Three Months Ended March 31, 2026

Net cash provided by operating activities	$	2,432
Net cash used in investing activities	(1,263)
Adjusted for:

Pension plan contributions	1
Net cash flows related to certain airport construction projects and other	4
Strategic investments and related	54


Free cash flow	$	1,227


Delta Air Lines, Inc. \| March 2026 Form 10-Q						27

Item 3. Market Risk

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in market risk from the information provided in "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in our Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

Our management, including our Chief Executive Officer and Chief Financial Officer, performed an evaluation of our disclosure controls and procedures, which have been designed to permit us to identify and disclose important information timely and effectively. Our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the controls and procedures were effective as of ~~September~~March 3031, ~~2025~~2026 to ensure that material information was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

During the three months ended ~~September~~March 3031, ~~2025~~2026, we did not make any changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

"Item 3. Legal Proceedings" of our Form 10-K includes a discussion of our legal proceedings. ~~The~~There legal proceeding described below has been described previously, including in our form 10-K. The matter is described in this Form 10-Q to include developments in the case since we filed our Form 10-K. Except as presented below, there have been no material changes from the legal proceedings described in our Form 10-K.

Capacity Antitrust Litigation

In July 2015, a number of purported class action antitrust lawsuits were filed alleging that Delta, American, United, and Southwest had conspired to restrain capacity. The lawsuits were filed in the wake of media reports that the US Department of Justice had served civil investigative demands upon these carriers seeking documents and information relating to this subject. The lawsuits have been consolidated into a single Multi-District Litigation proceeding in the U.S. District Court for the District of Columbia. In August 2023, the Court denied the defendants’ motions for summary judgment that had been pending for over two years. In Fall 2023, we moved to certify the decision for an interlocutory appeal or for reconsideration, and in September 2025, the Court denied that motion in a brief decision. The case will proceed to class discovery. We believe the claims in these cases are without merit and are vigorously defending these lawsuits.

ITEM 1A. RISK FACTORS

“Item 1A. Risk Factors” of our Form 10-K includes a discussion of our known material risk factors, other than risks that could apply to any issuer or offering. There have been no material changes from the risk factors described in our Form 10-K.

Delta Air Lines, Inc. | September 2025 Form 10-Q 32

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table presents information with respect to purchases of common stock we made during the ~~September~~March ~~2025~~2026 quarter. The table reflects shares withheld from employees to satisfy certain tax obligations due in connection with grants of stock under the Delta Air Lines, Inc. Performance Compensation Plan (the "Plan"). The Plan provides for the withholding of shares to satisfy tax obligations. It does not specify a maximum number of shares that can be withheld for this purpose. The shares of common stock withheld to satisfy tax withholding obligations may be deemed to be "issuer purchases" of shares that are required to be disclosed pursuant to this Item.

In the June 2025 quarter, the Board of Directors authorized a $1.0 billion opportunistic share repurchase program open through June 30, 2028. No shares ~~were~~have been repurchased under this program through ~~September~~March 3031, ~~2025~~2026.

Shares purchased / withheld from employee awards during the September 2025 quarter
Shares purchased / withheld from employee awards during the March 2026 quarter
Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans	Approximate Dollar Value (in millions) of Shares That May Yet be Purchased Under the Plan
July 2025	3,566	$	49.42	3,566	$	1,000
January 2026	648,362	$	65.97	648,362	$	1,000
August 2025	4,105	$	55.37	4,105	$	1,000
February 2026	1,573,416	$	70.85	1,573,416	$	1,000
September 2025	23,848	$	60.54	23,848	$	1,000
March 2026	8,377	$	65.73	8,377	$	1,000
Total	312,~~519~~230,155			312,~~519~~230,155

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 3328

ITEM 6. EXHIBITS

(a) Exhibits

3.1 (a)		Delta's Amended and Restated Certificate of Incorporation (Filed as Exhibit 3.1 to Delta's Current Report on Form 8-K as filed on April 30, 2007).*
3.1 (b)		Amendment to Amended and Restated Certificate of Incorporation (Filed as Exhibit 3.1 to Delta's Current Report on Form 8-K as filed on June 27, 2014).*
3.2		Delta's Bylaws (Filed as Exhibit 3.1 to Delta's Current Report on Form 8-K as filed on December 9, 2022).*
4.1		Description of Registrant's Securities (Filed as Exhibit 4.1 to Delta's Annual Report on Form 10-K for the year ended December 31, 2020).*
10.1		~~Second~~Model ~~Amendment~~Award ~~to Term Loan Credit and Guaranty~~ Agreement, ~~entered~~for ~~into~~the ~~as of September 30, 2025, among SkyMiles IP Ltd.,~~ Delta Air Lines, Inc. ~~and~~2026 ~~Barclays~~Long-Term ~~Bank~~Incentive ~~PLC, as lender and as administrative agent~~Program.
10.2 (a)		Amendment No. 22 dated as of January 27, 2026, to the Airbus A330-900 Aircraft and A350-900 Aircraft Purchase Agreement, dated as of November 24, 2014, between Airbus S.A.S. and Delta Air Lines, Inc. ("Amendment No. 22").**
10.2 (b)		Letter Agreements, dated as of January 27, 2026, relating to Amendment No. 22**
10.3 (a)		Purchase Agreement Number PA-05602, dated January 12, 2026, between The Boeing Company and Delta Air Lines, Inc. relating to Boeing Model 787-10 Aircraft ("Purchase Agreement Number PA-05602").**
10.3 (b)		Letter Agreements, dated January 12, 2026, relating to Purchase Agreement Number PA-05602.**
15		Letter from Ernst & Young LLP regarding unaudited interim financial information.
31.1		Certification by Delta's Chief Executive Officer with respect to Delta's Quarterly Report on Form 10-Q for the quarterly period ended ~~September~~March 3031, ~~2025~~2026.
31.2		Certification by Delta's Chief Financial Officer with respect to Delta's Quarterly Report on Form 10-Q for the quarterly period ended ~~September~~March 3031, ~~2025~~2026.
32		Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code by Delta's Chief Executive Officer and Chief Financial Officer with respect to Delta's Quarterly Report on Form 10-Q for the quarterly period ended ~~September~~March 3031, ~~2025~~2026.
101.INS		Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		The cover page from this Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2025~~2026, formatted in Inline XBRL (included in Exhibit 101)
	*	Incorporated by reference.
	**	Portions of this exhibit have been omitted as confidential information.

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 3429

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Delta Air Lines, Inc.
			(Registrant)
			/s/ William C. Carroll
			/s/ Julia A. McConnell
			William C. Carroll
			Julia A. McConnell
			Senior Vice President - Controller
			Senior Vice President - Controller and Chief Accounting Officer
			(Principal Accounting Officer)
October 9, 2025
April 8, 2026

Delta Air Lines, Inc. | ~~September~~March ~~2025~~2026 Form 10-Q 3530

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