dal-20260331

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.)

1030 Delta Boulevard
Atlanta, Georgia						30354-1989
(Address of principal executive offices)						(Zip Code)

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

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 March 31, 2026

Common Stock, $0.0001 par value - 656,994,112 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 (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			16
Item 3. Quantitative and Qualitative Disclosures About Market Risk			28
Item 4. Controls and Procedures			28

Part II. Other Information
Item 1. Legal Proceedings			28
Item 1A. Risk Factors			28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			28
Item 6. Exhibits			29

Signature			30

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, 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. \| March 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 March 31, 2026, the related condensed consolidated statements of operations and comprehensive (loss)/income, condensed consolidated statements of cash flows, and consolidated statements of stockholders' equity for the three-month periods ended March 31, 2026 and 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, 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 10, 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, 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
April 8, 2026


Delta Air Lines, Inc. \| March 2026 Form 10-Q						2

Financial Statements

DELTA AIR LINES, INC.

Consolidated Balance Sheets

(Unaudited)


(in millions, except share data)	March 31, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	5,053	$	4,310

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 $132 and $124	1,767		1,601
Prepaid expenses and other	2,753		2,207
Total current assets	13,663		10,968

Noncurrent Assets:
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	6,300		6,244
Goodwill	9,753		9,753
Identifiable intangibles, net of accumulated amortization of $930 and $928	5,964		5,966
Equity investments	3,696		4,222

Other noncurrent assets	4,473		4,421
Total noncurrent assets	70,768		70,349
Total assets	$	84,431	$	81,317

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of debt and finance leases	$	3,088	$	1,605
Current maturities of operating leases	837		809
Air traffic liability	10,742		7,157
Accounts payable	5,969		5,226
Accrued salaries and related benefits	3,634		4,906
Loyalty program deferred revenue	5,010		4,876
Fuel card obligation	1,100		1,100
Other accrued liabilities	2,319		1,945
Total current liabilities	32,699		27,624

Noncurrent Liabilities:
Debt and finance leases	11,076		12,507
Noncurrent operating leases	5,298		5,353

Pension, postretirement and related benefits	3,115		3,156
Loyalty program deferred revenue	4,448		4,386
Deferred income taxes, net	3,496		3,444
Other noncurrent liabilities	3,923		3,994
Total noncurrent liabilities	31,356		32,840

Commitments and Contingencies

Stockholders' Equity:
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	11,944		11,883
Retained earnings	12,931		13,343
Accumulated other comprehensive loss	(4,106)		(4,135)
Treasury stock, at cost, 8,728,264 and 6,498,109 shares	(393)		(238)
Total stockholders' equity	20,376		20,853
Total liabilities and stockholders' equity	$	84,431	$	81,317
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


Delta Air Lines, Inc. \| March 2026 Form 10-Q						3

Financial Statements

DELTA AIR LINES, INC.

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

(Unaudited)


	Three Months Ended March 31,
(in millions, except per share data)	2026		2025
Operating Revenue:
Passenger	$	12,302	$	11,480
Cargo	226		208
Other	3,326		2,352
Total operating revenue	15,854		14,040

Operating Expense:
Salaries and related costs	4,541		4,083
Aircraft fuel and related taxes	2,742		2,410
Refinery expense	1,654		1,062
Contracted services	1,190		1,121
Landing fees and other rents	913		851
Aircraft maintenance materials and outside repairs	709		646
Regional carrier expense	649		613
Depreciation and amortization	635		607
Passenger commissions and other selling expenses	590		552
Passenger service	428		430
MRO expense	328		140
Profit sharing	165		124
Aircraft rent	143		137



Other	666		695
Total operating expense	15,353		13,471

Operating Income	501		569

Non-Operating Expense:
Interest expense, net	(151)		(179)

Gain/(loss) on investments, net	(550)		(40)
Loss on extinguishment of debt	(4)		—

Miscellaneous, net	(10)		(30)
Total non-operating expense, net	(715)		(249)

(Loss)/Income Before Income Taxes	(214)		320

Income Tax Provision	(75)		(80)

Net (Loss)/Income	$	(289)	$	240

Basic (Loss)/Earnings Per Share	$	(0.44)	$	0.37
Diluted (Loss)/Earnings Per Share	$	(0.44)	$	0.37

Comprehensive (Loss)/Income	$	(260)	$	281

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


Delta Air Lines, Inc. \| March 2026 Form 10-Q						4

Financial Statements

DELTA AIR LINES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(in millions)	2026		2025
Net Cash Provided by Operating Activities	$	2,432	$	2,378

Cash Flows from Investing Activities:
Property and equipment additions:
Flight equipment, including advance payments	(1,000)		(987)
Ground property and equipment, including technology	(200)		(237)



Acquisition of strategic investments and related	(54)		—

Other, net	(9)		—
Net cash used in investing activities	(1,263)		(1,224)

Cash Flows from Financing Activities:
Proceeds from short-term obligations	1,250		—


Payments on debt and finance lease obligations	(1,564)		(531)

Cash dividends	(129)		(99)

Other, net	8		(4)
Net cash used in financing activities	(435)		(634)

Net Increase in Cash, Cash Equivalents and Restricted Cash Equivalents	734		520
Cash, cash equivalents and restricted cash equivalents at beginning of period	4,501		3,421
Cash, cash equivalents and restricted cash equivalents at end of period	$	5,235	$	3,941

Non-Cash Transactions:
Operating leases converted to finance leases	$	359	$	149
Right-of-use assets acquired or modified under operating leases	179		75
Flight and ground equipment acquired or modified under finance leases	1		—



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:
	March 31,
(in millions)	2026		2025
Current assets:
Cash and cash equivalents	$	5,053	$	3,711
Restricted cash included in prepaid expenses and other	144		89
Noncurrent assets:
Restricted cash included in other noncurrent assets	38		141
Total cash, cash equivalents and restricted cash equivalents	$	5,235	$	3,941

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


Delta Air Lines, Inc. \| March 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, 2025	660	$	—	$	11,883	$	13,343	$	(4,135)	6	$	(238)	$	20,853
Net loss	—	—		—		(289)		—		—	—		(289)
Dividends declared ($0.1875 per share)	—	—		—		(123)		—		—	—		(123)
Other comprehensive income	—	—		—		—		29		—	—		29
Common stock issued for employee equity awards(1)	5	—		37		—		—		2	(155)		(118)
Stock options exercised	1	—		24		—		—		—	—		24
Warrants exercised	1	—		—		—		—		—	—		—
Balance at March 31, 2026	666	$	—	$	11,944	$	12,931	$	(4,106)	9	$	(393)	$	20,376

(1)Treasury shares were withheld for payment of taxes, at a weighted average price per share of $69.41 in the March 2026 quarter. 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		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Shares	Amount		Total
Balance at December 31, 2024	655	$	—	$	11,740	$	8,783	$	(4,979)	8	$	(251)	$

SEC Form 10-Q filed by Delta Air Lines Inc.