DAL

DELTA AIR LINES, INC.

NYSE · INDUSTRIALS · AIR TRANSPORTATION, SCHEDULED

77.67

+1.01 +1.32%

USD · close Oct 21

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order

FLAG · shorts 23

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

0 / 0

no disclosures naming it

Big money

2 / 15

tracked funds hold it

Calls on record

nobody we score has called it yet

MKT CAP $51.1BP/E 12.9DIV YIELD —FCF YIELD —REV TTM $68.3B +10.3%NET INCOME $4B −11.9%NET DEBT $8.2B52W 55.65 – 93.66SEC XBRL · TTM TO Invalid Date

How DAL rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

42%

of sentences unchanged

Added

213

new sentences

Dropped

226

sentences removed

Length

−346

words, now 16,596

New in FY2025

In 2025, we served over 200 million customers safely, reliably and with industry-leading customer service innovation.
Competitive Advantages and Brand Strength As we celebrated our centennial year in 2025, we continued to differentiate Delta from the industry and to invest in extending our competitive advantages.
These enduring competitive advantages, which support our trusted consumer brand, include our people and culture, operational reliability, global network, customer loyalty and financial foundation.
For 2025, Delta was named No. 15 on the Fortune 100 Best Companies to Work For list and was ranked No. 2 in the Forbes ranking of the World's Best Employers.
Our industry-leading profit sharing program directly aligns our employees' interests with the company's long-term success and for 2025, we are rewarding them with $1.3 billion in profit sharing payments in February 2026.
The company also maintains a Shared Rewards program to incentivize operational performance, and our employees earned $67 million under this program in 2025.
We are consistently among the industry's best performers, delivering the best completion factor and on-time departures and arrivals among our network carrier competitors in 2025.
In recognition of our unwavering commitment to operational performance and reliability, we were named North America's most on-time airline of 2025 by Cirium for the fifth consecutive year.
Global Network We and our alliance partners collectively serve over 150 countries and territories and nearly 1,000 destinations around the world.
At the end of 2025, we offered up to 5,500 peak-day flights to more than 300 destinations on six continents.
Coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK and Seattle complement our core hub positions.
Coastal hubs provide a strong presence in large revenue markets and enable growth in loyalty, premium products and international service.
In 2025, we continued to focus on increasing flights at our core hubs while improving the efficiency of our operations in our coastal hubs.
Internationally, we seek to bring more choice to customers through innovative alliances with Aeroméxico, Air France-KLM, China Eastern, LATAM Airlines Group S.A.
("LATAM"), Korean Air, Virgin Atlantic and WestJet.
We operate significant hubs in, or have market presence in the key cities of, Amsterdam, Bogota, Lima, London-Heathrow, Mexico City, Paris-Charles de Gaulle, Santiago (Chile), São Paulo, Seoul-Incheon and Tokyo.
Business Our global network is supported by a fleet of 1,314 aircraft as of December 31, 2025 that are varied in size and capabilities, giving us flexibility to adjust aircraft to the network.
Customer Loyalty We have continued to earn our customers' trust and preference by delivering the "Delta Difference" with operational excellence, best-in-class service and commitment to our customers.
This has made Delta the airline of choice for premium customers.
We continue to focus on elevating the customer experiences through premium partnerships, leveraging generational investments in our airport infrastructure and developing innovative technology initiatives such as Delta Concierge and the evolution of Delta Sync to deliver personalized support and experiences at scale.
We believe our investment in customer service and experience, operations, product, airports, and technology strengthens customer perception of our brand, builds loyalty, and supports a sustained revenue premium.
In 2025, various outlets recognized Delta as a trusted consumer brand, including: • Best U.S.
Airline and topped five categories in the Forbes Travel Guide’s Luxury Air Travel Awards. • Best Airline Staff Service in North America at the Skytrax World Airline Awards, based entirely on customer feedback. • The number one airline by corporate travel customers in the annual Business Travel News Airline Survey for the 15 th year in a row and the number one U.S. airline by Condé Nast Traveler readers. • The Best U.S.
Airline by The Points Guy for the seventh year in a row.
We aim to increase the value of our program and to deepen customer engagement with Delta through a growing ecosystem of partnerships with premier brands and travel-adjacent experiences, further extending the value of our SkyMiles currency into our members' daily activities.
These partnerships are also driving engagement among younger consumers.
Financial Foundation Through more than 15 years of consistent strategy, investment and execution, we have fundamentally transformed our business by investing in our people, our product and our reliability to alter the commodity-like nature of air travel and improve our financial foundation.
We strive to continue achieving differentiated performance by delivering sustained value creation through margin expansion, durable earnings and free cash flow.
Continuing to strengthen our balance sheet and reducing debt remain financial priorities.
Delta is rated investment grade by each of the three major credit rating agencies.
We continue to diversify our business by growing high-margin revenue streams that leverage our competitive advantages, including: • Our continued focus on our premium products (including Delta One ® , First Class, Delta Premium Select and Delta Comfort+ ® ) and further segmentation of our product offerings. • Our partnership with American Express, which provides us a co-brand revenue stream tied to broader consumer spending. • Our Maintenance, Repair and Overhaul ("MRO") operation, where we are well-positioned for growth through contractual agreements with jet engine manufacturers, including both legacy and next-generation engine platforms, as well as through our airframe and other maintenance services. • Our other complementary portfolio businesses, such as our cargo operations and Delta Vacations.
Business Our premium yield growth has significantly outpaced main cabin as demand for premium products continues to grow.
In 2025, we continued to expand our premium products and services, ensuring more customers can experience our most elevated products.
In 2025, 12% of revenue miles flown on Delta were from award travel, as program members redeemed miles in the loyalty program for approximately 35 million award tickets.
In 2025, remuneration from American Express totaled $8.2 billion, which we expect to grow to $10 billion over the next few years.
Innovative Investments in Technology Technology is a strategic differentiator for our business.
We have and will continue to invest in technological improvements, including innovations to customer-facing applications and improvements to infrastructure and technology architecture to unify and improve access to data sources.
We are building on our recent digital transformation to further enhance interactions with our customers, which allows our people to deliver more personalized service, further enhancing the customer experience, strengthening our brand, and driving revenue and efficiency.
We are also using technology to reinforce our operational performance and efficiency.
In our operations, we are beginning to adopt artificial intelligence ("AI") models to help us route and distribute bags with short timeframes to make connections in our hubs and make gating decisions that are aimed at keeping flights on time.

and 173 more.

Gone since FY2024

In 2024, we served over 200 million customers safely, reliably and with industry-leading customer service innovation.
Competitive Advantages and Brand Strength In 2024, we continued to differentiate Delta from the industry and to invest in the durability of our competitive advantages.
These enduring competitive advantages that support our trusted consumer brand include our people and culture, operational reliability, global network, customer loyalty and financial foundation.
In 2024, Delta was recognized as the world's No. 11 Most Admired Company as ranked by FORTUNE , and was ranked No. 13 in the U.S. on Glassdoor's Best Places to Work list.
Our industry-leading profit sharing program directly aligns our employees' interests with the company's long-term success and for 2024, we are rewarding them with $1.4 billion in profit sharing payments.
The company also maintains a Shared Rewards program to incentivize operational performance, and our employees earned $86 million under this program in 2024.
We are consistently among the industry's best performers, delivering the best on-time arrival and completion factor among our network carrier peers in 2024.
In recognition of our unwavering commitment to operational performance, we were honored for the fourth consecutive year with the Cirium Platinum Award for global operational excellence in January 2025 and named the most on-time airline in North America.
The Wall Street Journal named us the top airline of 2024 among the nine major U.S. airlines in its annual airline scorecard for the fourth consecutive year, leading the industry in on-time arrivals and fewest involuntary denied boardings.
Global Network We and our alliance partners collectively serve over 120 countries and territories and over 800 destinations around the world.
At the end of 2024, we offered up to 5,000 peak-day flights to more than 290 destinations on six continents.
Core hub positions complement coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK and Seattle.
Coastal hubs provide a strong presence in large revenue markets and enable growth in premium products and international service.
In 2024, we focused on increasing flights at our core hubs while improving the efficiency of our operations in our coastal hubs.
Business Internationally, we seek to bring more choice to customers through innovative alliances with Aeroméxico, Air France-KLM, China Eastern, LATAM Airlines Group S.A.
("LATAM"), Korean Air and Virgin Atlantic.
We operate significant hubs in, or have market presence in the key cities of, Amsterdam, Bogota, Lima, London-Heathrow, Mexico City, Paris-Charles de Gaulle, Santiago (Chile), Sao Paulo, Seoul-Incheon and Tokyo.
Our global network is supported by a fleet of 1,292 aircraft as of December 31, 2024 that are varied in size and capabilities, giving us flexibility to adjust aircraft to the network.
In 2024, we took delivery of 38 aircraft, including A321neos, A220-300s, A330-900s and A350-900 aircraft.
Customer Loyalty With operational excellence, best-in-class service and commitment to our customers, we have continued to earn our customers' trust and preference by delivering the "Delta Difference." We continue to invest in elevated customer experiences through generational airport investments, including new Delta One Lounges and Delta Sky Clubs in key markets, and innovative technology initiatives such as Delta Sync to deliver seamless, personalized experiences at scale.
We believe our continued investment in customer service and experience, operations, product, airports and technology has shaped customer perception of our brand leading to improvements in our domestic net promoter scores and increased customer loyalty.
In 2024, various outlets recognized Delta as a trusted consumer brand, including: • Recognized as the 2024 Airline of the Year by aviation publication Air Transport World . • Named Best U.S.
Airline and topped five categories in the Forbes Travel Guide’s Luxury Air Travel Awards. • Named the number one airline by corporate travel customers in the annual Business Travel News Airline Survey for the 14 th year in a row and the number one U.S. airline by Condé Nast Traveler readers. • Earned the number one spot on The Points Guy's list of best U.S.
We aim to increase the value of our program and to deepen customer engagement with Delta through a growing ecosystem of partnerships with premier brands and travel-adjacent experiences, extending the value of our SkyMiles currency beyond flight.
Financial Foundation Over the past 15 years of consistent strategy, investment and execution, we have fundamentally transformed our business by investing in our people, our product and our reliability to alter the commodity-like nature of air travel and improve our financial foundation.
We strive to continue achieving differentiated performance by delivering sustained value creation through margin expansion, durable earnings and free cash flow, and balance sheet strength.
Restoring the strength of our balance sheet and reducing debt remains a key financial priority.
During 2024, we made approximately $4.0 billion in payments on debt and finance lease obligations.
Recognizing our continued progression on debt reduction and improving financial results, we regained our investment grade rating from all three major rating agencies, marking a key financial milestone for Delta.
Business We have diversified our business by growing high-margin revenue streams that leverage our competitive advantages, including: • Our continued focus on our premium products (including Delta One ® , First Class, Delta Premium Select and Delta Comfort+ ® ) and customer segmentation, which has reduced our reliance on the most price sensitive customer segment. • Our partnership with American Express, which provides us a co-brand revenue stream tied to broader consumer spending. • Our Maintenance, Repair and Overhaul ("MRO") operation, where we are well-positioned for growth through contractual agreements with jet engine manufacturers, including three next-generation engine platforms. • Our other complementary portfolio businesses, such as our cargo operations and Delta Vacations.
Our premium yield growth has significantly outpaced main cabin, with record paid load factors in premium cabin in 2024, as demand for premium products continues to grow.
In 2024, we introduced aircraft with more premium seating and completed cabin modification programs to increase premium offerings.
In 2024, 10% of revenue miles flown on Delta were from award travel, as program members redeemed miles in the loyalty program for approximately 30 million award tickets.
In 2024, remuneration from American Express totaled $7.4 billion, which we expect to grow to $10 billion over the long-term.
Innovative Investments in Technology Our objective is to make technology a strategic differentiator.
We continue to invest in technological improvements that enhance the customer experience, support our operations and empower our people.
These investments include innovations to customer facing applications and improvements to infrastructure and technology architecture to unify and improve access to data sources.
We believe this digital transformation enhances interactions with our customers and allows our people to deliver more personalized service, further enhancing the customer experience, strengthening our brand and driving revenue and efficiency.
Through the development of innovative new technologies, we provide our employees with greater tools to allow them to have more meaningful interactions with our customers and to serve them better.
For our customers, we are making investments in the digital platforms on the ground and in the air.

and 186 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch DAL. Know when insiders buy.

One email the day a filing lands. Free.