Delta Air Lines operates a global passenger and cargo airline, supported by SkyMiles, its American Express partnership and aircraft-maintenance services. Its Monroe refinery supports fuel supply and also generates third-party sales.
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A snapshot of what DELTA AIR LINES, INC. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000027904-24-000003 | Feb 12, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000027904-25-000004 | Feb 11, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000027904-26-000013 | Feb 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Delta’s latest results show resilient pricing and premium demand, but substantially higher fuel and operating costs are absorbing that strength. For the September 2026 quarter, revenue rose 21% to $20.186 billion while GAAP net income fell 47% to $756 million. Refinery sales amplified revenue growth; adjusted revenue excluding those sales rose 16%. On October 9, management lowered its full-year adjusted earnings and free-cash-flow outlook from July’s expectations. Cash generation remains positive, but aircraft investment, nearer-term debt maturities and continuing Wheels Up support compete for funding. September cash was $3.787 billion; the larger $6.9 billion liquidity figure includes undrawn credit. The central issue is whether pricing and operating improvements can offset persistent fuel pressure while Delta funds its fleet commitments.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-09 · EX-99.1 · 2026-07-10 · 10-Q · 2026-06-30
Delta earns money from passenger transportation, cargo, loyalty services and third-party maintenance through TechOps. It reports airline and refinery segments, not separate premium or loyalty segments. In September 2026, premium ticket revenue rose 18%, while main-cabin ticket revenue rose 12%. Passenger traffic increased only 1% on approximately flat capacity: higher revenue per passenger mile and product mix, rather than comparable traffic growth, explain much of the improvement.
The American Express relationship also connects Delta to card spending. Nine-month remuneration was $6.9 billion, distinct from $6.8 billion of loyalty marketing-agreement cash sales; these unreconciled measures must not be added together or treated as incremental recognized revenue. Advance ticket and mileage receipts fund operations before transportation is provided. September loyalty deferred revenue of $9.632 billion therefore represents future obligations, not cash already earned as profit.
Sources: 10-Q · 2026-09-30
The September-quarter report and earnings release, both published October 9, show GAAP operating income falling to $1.454 billion from $1.684 billion and net income falling to $756 million from $1.417 billion. Refinery sales increased reported revenue without equivalent profit growth, partly because exchanges were replaced by sales. Excluding those sales, adjusted revenue was $17.585 billion. Nine-month operating income fell to $3.819 billion from $4.355 billion; investment valuation losses further weakened net income, partly offset by lower interest expense.
Quarterly GAAP fuel expense rose 69%. Management also cited crew costs, disruptions and capacity below its original plan; non-fuel unit cost rose 7.3%. That measure excludes fuel, refinery expenses, maintenance-services expense and profit sharing, so it is not total cost. Monroe’s outage began in mid-June and reduced subsequent production. The refinery recorded a $33 million quarterly operating loss, although its nine-month profit improved. Normal production had resumed by September-end; a December return to profitability remained management’s expectation.
Adjusted quarterly EPS of $1.72 versus $1.70 does not mean GAAP profit or margins were stable: adjusted operating margin fell to 9.4% from 11.1%. The earnings bridge excludes investment valuation losses and hedge adjustments. Starting in March 2026, Delta’s non-GAAP presentation defers settled hedges on unsold Monroe inventory until sale, with comparative reconciliations similarly revised. This changes timing, not GAAP recognition or the underlying economic losses. Higher diluted share counts also weighed on GAAP EPS.
October’s full-year outlook was adjusted EPS of $5.10–$5.60 and approximately $2.5 billion of company-defined free cash flow, replacing July’s $6.50–$7.50 and $3–4 billion expectations. December guidance called for a 7–9% adjusted operating margin and $1.15–$1.65 adjusted EPS, assuming the October 2 fuel curve, $4.25 all-in fuel per gallon and a $0.40 refinery benefit. These are conditional forecasts, not achieved results. March and April demand optimism and capacity-response plans are dated context, not newly reaffirmed guidance.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-09 · EX-99.1 · 2026-04-08 · EX-99.1 · 2026-07-10 · EX-99.1 · 2026-03-17
Nine-month operating cash flow declined to $5.740 billion from $6.082 billion, while capital expenditure increased to $4.071 billion from $3.592 billion. Cash flow is not profit and includes advance customer receipts and working-capital movements. Delta’s $1.900 billion nine-month free-cash-flow measure also adjusts for specified pension, airport and strategic-investment cash flows; it is not simply operating cash flow less capital expenditure. Delta paid $393 million of dividends, and no shares had been repurchased under its $1 billion authorization through September 30.
September aircraft purchase commitments totaled $26.710 billion, including $4.930 billion in 2027. The order book contained 319 firm aircraft commitments and 126 options, which are not equivalent obligations. Delivery timing remains exposed to manufacturing, supply-chain and regulatory constraints. The September 29 Boeing amendment and letters, filed October 9, revise configuration, equipment requirements and contractual letters, but redacted prices, quantities and schedules prevent quantifying their incremental economics. Visible financial accommodations are linked to Delta taking title and operating the aircraft; they do not establish unconditional credits or exercised options.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-09 · EX-10.1(A) · 2026-09-30 · EX-10.1(B) · 2026-09-30
At September 30, cash and equivalents were $3.787 billion. Approximately $3.1 billion of undrawn revolvers forms part of the $6.9 billion liquidity headline, not additional cash. Debt excluding leases declined to $12.105 billion from $13.308 billion at year-end, but current debt and finance-lease maturities increased to $3.324 billion from $1.605 billion. September refinancing created a $1.25 billion loan due September 2027. The separately presented $1.1 billion fuel-card obligation and operating leases mean the debt table does not exhaust funding requirements.
The June 11 replacement corporate revolver provides $2.650 billion, with tranches extending to 2029 and 2031, and remained undrawn in September. It replaces, rather than supplements, the former facility. Its minimum fixed-charge and asset-coverage tests are each 1.25:1; expansion to $3.65 billion is conditional. SkyMiles financing also imposes liquidity and program restrictions. September covenant compliance is reported, but actual coverage ratios and a complete borrowing cushion are not disclosed. Neither compliance nor available capacity establishes unrestricted future access.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-09 · 8-K · 2026-06-11 · 10-K · 2025-12-31
Delta’s September filing reports a 36% Wheels Up interest, still unconsolidated, with its equity carrying value down to $42 million from $173 million. It also reports $83 million drawn under working-capital financing and Delta’s $57 million contribution to a separate $100 million term loan. Delta also participates in the continuing 2023 term loans, but these originals do not quantify its current allocation; borrower-wide balances cannot be treated as Delta’s exposure or added to the other figures. Wheels Up’s own originals—issuer CIK 0001819516—independently establish another exposure: Delta conditionally supports payment obligations under equipment facilities comprising $332 million Series A and $68 million Series B capacity. The $400 million perimeter is neither Delta debt nor a measured guarantee liability, utilization or loss.
The borrower’s June 30 tranche disclosures show approximately $189.2 million Series A and $66.2 million Series B outstanding, not October utilization. Support becomes relevant upon specified continuing defaults. Series B initially had second-priority liens on 42 aircraft; future priority depends on Series A financing. Loan-to-value limits, reserves and cure rights do not assure recovery. Delta earns a payment-in-kind support fee whose rate is not established by these originals: the $11.3 million June premium was a receivable, not cash income, and did not reduce its separate $100 million revolving commitment. That revolver’s availability was extended in July to September 20, 2028, subject to borrowing and repayment conditions tied to a $100 million unrestricted-cash threshold. Borrower/subsidiary guarantees in Exhibit 4.6 are not Delta’s guarantee instrument.
Wheels Up’s losses, cash use and fleet investment make financing and aircraft disposals important; disposal proceeds are not assured to be cash-positive. The supplied originals do not establish the full private support mechanics or post-June equipment utilization. More broadly, Delta remains exposed to fuel, labor, suppliers, technology vendors and uncertain environmental costs. The Aeroméxico antitrust-immunity termination order remained stayed pending judicial review in the annual evidence, and capacity-restraint litigation remained unresolved. September reported no material changes to annual legal proceedings or risk factors, not completed resolution or absence of liability.
Sources: 10-Q · 2026-09-30 · 8-K · 2026-05-21 · 10-Q · 2026-06-30 · 10-K · 2025-12-31
USD 63.364 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 63.364 bn | 2.8% |
| 2024 | USD 61.643 bn | 6.2% |
| 2023 | USD 58.048 bn | — |
Consolidated operating revenue after intersegment eliminations, including third-party refinery sales.
Sources: 10-K · 2025-12-31
USD 5.005 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.005 bn | 44.8% |
| 2024 | USD 3.457 bn | -25.0% |
| 2023 | USD 4.609 bn | — |
Consolidated income after the income-tax provision.
Sources: 10-K · 2025-12-31
USD 8.342 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.342 bn | 4.0% |
| 2024 | USD 8.025 bn | 24.1% |
| 2023 | USD 6.464 bn | — |
GAAP operating cash flow, including working-capital movements and pension funding.
Sources: 10-K · 2025-12-31
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