Delta Air Lines (DAL) 10-K risk factor changes: FY2025 vs FY2024

Certain of these covenants [added: could] impose restrictions on our business, and failure to comply with any of the covenants in these agreements could result in events of default.

As of December 31, [removed: 2024,] [added: 2025, approximately] 20% of our workforce, primarily pilots, was unionized.

Demand for air travel [removed: is typically] [added: has historically been] higher in the June and September quarters, particularly in our international markets, because there is more vacation travel during these periods than during the remainder of the year.

[removed: The seasonal] [added: Seasonal] shifting of demand causes our financial results to vary on a quarterly basis.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 20] [added: 19] | | |

To the extent we are unable to respond in a timely and appropriate manner to adverse publicity, [added: including content that is false or misleading,] our brand and reputation may be damaged.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 21] [added: 20] | | |

[removed: Achieving these] [added: We have established] ambitious goals [removed: will require significant capital investment from manufacturers and other stakeholders, as] [added: to reduce our greenhouse gas emissions, which] we are unable to achieve [removed: these goals] using our existing fleet, current technologies and available fuel sources.

[removed: We are continuing to develop our climate strategy and transition plan; however, our] [added: Our] ability to execute on such a plan [added: and achieve our goals] is subject to substantial risks and uncertainties, as it is dependent on the actions of governments and third parties and will require, among other things, significant capital investment, including from third parties, research and development from manufacturers and other stakeholders, along with government policies and incentives to reduce the cost, and incent production, of SAF and other technologies that are not presently in existence or available at scale.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 22] [added: 21] | | |

The measures governments and private parties [removed: implemented] [added: implement] in order to stem the spread of [added: a disease outbreak or other public threat, such as] the COVID-19 pandemic, and the general concern [added: among travelers] about [added: such a disease outbreak or public threat have had, and may in] the [removed: virus among travelers, had] [added: future have,] a material adverse effect on the demand for worldwide air travel compared to historical levels, and consequently upon our business for an extended period.

Our operations [removed: were, and] could [removed: in the future be,] [added: be] negatively affected further if our employees are quarantined or sickened as a result of exposure to a disease outbreak, or as a result of a similar public health crisis, or if they are subject to additional governmental curfews or "shelter in place" health orders or similar restrictions.

Despite significant security measures [added: implemented] at airports and airlines, the airline industry remains a high profile target for terrorist [removed: groups.][added: groups and cyber threat actors.]

We rely on [removed: government provided] [added: government-provided] threat intelligence and utilize private sources to constantly monitor for threats from terrorist groups and individuals, including from violent extremists both internationally and domestically, with respect to direct threats against our operations and in ways not directly related to the airline industry.

Terrorist attacks, geopolitical conflict or security events, or the fear or threat of any of these events, even if not made directly on or involving the airline industry, could have a significant negative impact on us by discouraging [added: or preventing] passengers from flying, leading to decreased ticket sales and increased refunds.

[removed: Consolidation in the airline industry, changes in] [added: Consolidation,] international alliances, [removed: the creation of] immunized joint ventures and [removed: the rise of] subsidized government-sponsored international carriers have [removed: altered and will continue to alter] [added: shaped] the competitive landscape in the industry, resulting in [removed: the formation of] airlines and alliances with [removed: increased] [added: significant] financial resources, [removed: more] extensive global networks and competitive cost structures.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 23] [added: 22] | | |

Our domestic operations are subject to significant competition from traditional network carriers, including American Airlines and United Airlines, national point-to-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and other discount or ultra-low-cost carriers, including Allegiant Air, [removed: Avelo Airlines, Breeze Airways,] Frontier Airlines and Spirit Airlines.

[removed: The] [added: To a lesser extent, the] airline industry also faces competition from surface transportation and technological alternatives such as virtual meetings, teleconferencing or videoconferencing.

An interruption or disruption at an airport or facility where we have significant operations, whether resulting from air traffic control delays, [added: interruptions in other government services or staffing shortages (including as a result of prolonged government shutdowns),] failure of computer systems or technology infrastructure, weather events or natural disasters, or performance issues from third-party service providers, if sustained for an extended period of time, could have a material adverse effect on our business, financial condition and results of operations.

[removed: The] [added: For instance, the] FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that necessitate significant expenditures and could carry operational implications.

In addition, a directive or other regulation that has a significant operational impact on [removed: us could] [added: us–including, for example, a temporary reduction in flights at high-traffic airports to address air traffic control staffing challenges–could] have a material adverse impact on our financial results.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 24] [added: 23] | | |

Inefficiencies in the U.S. air traffic control system, which is regulated by the FAA, [removed: can result] [added: including outdated technology and inadequate staffing levels have resulted, and may] in [added: the future result, in] delays and disruptions of air traffic, especially during peak travel periods in certain congested markets.

Failure to implement measures to improve the air traffic control system could lead to [added: capacity constraints as well as] increased delays and inefficiencies in flight operations as demand for U.S. air travel increases, having a material adverse effect on our operations.

Air traffic control inefficiencies [added: or inadequate staffing levels] can also [removed: enhance] [added: exacerbate] these pressures.

In particular, the imposition of significant [added: new] tariffs [added: or increases in existing tariffs] with respect to aircraft [added: or related parts] that we are not able to mitigate could substantially increase our costs, which in turn could have a material adverse effect on our financial results.

We and other U.S. carriers are subject to U.S. and foreign data privacy and security [added: laws, as well as emerging] laws [added: and regulations governing the use of AI,] that are not consistent in all countries in which we operate and which are continuously evolving, requiring ongoing monitoring and updates to our [removed: privacy and] [added: privacy,] information security [added: and AI governance] programs.

Although we dedicate significant resources to manage compliance with global [removed: privacy and] [added: privacy,] information security [added: and AI-related] obligations, this challenging regulatory environment may pose material risks to our business, including increased operational burdens and costs, regulatory enforcement, and legal claims or proceedings.

For example, in 2024, the EPA finalized regulations defining certain [removed: per- and polyfluoroalkyl substances ("PFAS")] [added: PFAS] as "hazardous substances" under [removed: the Comprehensive Environmental Response Compensation and Liability Act ("CERCLA"),] [added: CERCLA,] and the EPA also finalized [removed: regulations establishing drinking water] standards for [added: regulating] certain PFAS under the Safe Drinking Water Act.

Numerous states have [added: also] adopted regulations governing [removed: PFAS as well.][added: PFAS.]

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 25] [added: 24] | | |

In order to address aircraft carbon dioxide emissions, the International Civil Aviation Organization [removed: (ICAO),] [added: ("ICAO"),] a United Nations specialized agency, formally adopted a global, market-based [removed: emission] [added: emissions] offset program known as CORSIA.

This program [removed: establishes] [added: established] a goal for the aviation industry to achieve carbon-neutral growth in international aviation beginning in [removed: 2021 through the use of carbon offsets and/or lower carbon aviation fuel.][added: 2021.]

Because [removed: certain] CORSIA [removed: program details remain to be developed] [added: has not yet been implemented in the United States] and could potentially be affected by political developments in participating countries or the results of the initial phases of the program, the impact of CORSIA cannot be predicted at this time.

However, compliance with CORSIA is expected to increase operating costs for airlines [added: subject to the program] that operate internationally.

The legislation also provides for a review of the effectiveness of CORSIA in 2026 that could, if CORSIA is not deemed sufficiently effective, lead to the application of EU ETS to all flights departing the EU and [removed: EEA.][added: EEA, which would increase costs.]

Also in 2023, the EU adopted legislation that [removed: will impose] [added: established] a SAF mandate on fuel supplied at EU airports.

[removed: The] [added: Beginning in 2025, the] mandate [removed: initially requires that,] [added: required 2%] of the jet fuel supplied in the [removed: EU, 2% must] [added: EU to] be [removed: SAF beginning in 2025,] [added: SAF,] and the percentage increases incrementally over time to 70% in 2050.

In 2024, the UK also adopted SAF mandate legislation, and other countries are [added: also] considering mandates.

AI‑enabled tools may also be used to generate, manipulate or amplify inaccurate, misleading or fabricated content, including social media posts, images or videos, which may be difficult to promptly identify or correct.

Our climate strategy and transition plan is continuing to develop and evolve.

Over the last 20 years, the industry has evolved significantly both domestically and internationally.

Delta has developed and is implementing plans to transition the fire suppression systems in affected aircraft maintenance hangars to systems that do not contain intentionally added PFAS.

Any growth above the baseline would need to be addressed using eligible carbon offsets and/or lower carbon fuel.

This mandate has increased SAF prices in the EU for the airline industry.

We are monitoring and evaluating the potential impact of such developments.

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| Delta Air Lines, Inc. \| 2025 Form 10-K | | | | | | 25 | | |

*Item 1B.

Unresolved Staff Comments*

For example, we have established ambitious goals to reduce our greenhouse gas emissions.

Similar disease outbreaks or public health threats that may arise in the future could have similarly adverse effects on our business.

There have also been recent legal developments in the United States that may change the way historical obligations have been interpreted or applied.

This mandate is expected to increase the cost of SAF in the EU.

[added: |] Operating [removed: Expense][added: expense, adjusted reconciliation | | | | | | | | | | | |]

| | | | Year Ended December 31, | | | | | | [removed: Increase (Decrease)] | | | [removed: % Increase (Decrease)(1) | | | | | |]

| (in millions) | | | [removed: 2024 | | | 2023 | | |] [added: 2025] | | | [added: 2024] | | | | | |

| Aircraft fuel and related taxes | | | [removed: 10,566] [added: (3.29)] | | | [removed: 11,069] [added: (3.66)] | | | | | | [removed: (503)] | | | [removed: (5)] | | [removed: %] |

| [removed: Total operating] [added: Operating] expense | | | $ | [removed: 55,648 | | $ | 52,527 | | |] [added: 57,542] | | $ | [removed: 3,121] [added: 55,648] | | [removed: 6] | | [removed: %] |

See Note [removed: 9] [added: 10] of the Notes to the Consolidated Financial Statements for [removed: additional information on] our [removed: employee benefit plans.][added: income tax disclosures.]

| | | | Year Ended December 31, | | | | | | [removed: Increase (Decrease)] | | | [removed: | | | Year Ended December 31, | | | | | | Increase (Decrease) | | |]

| (in millions, except per gallon data) | | | [added: 2025 | | |] 2024 | | | [removed: 2023] | | | | | | [removed: 2024] | | | [removed: 2023] [added: 2025] | | | [added: 2024] | | | | | | [added: | | |]

| Total fuel expense | | | $ | [removed: 10,566] [added: 9,819] | | $ | [removed: 11,069] [added: 10,566] | | [removed: $] | [removed: (503)] | | | | | [removed: $] | [removed: 2.57] | | $ | [removed: 2.82] [added: 2.30] | | $ | [removed: (0.25)] [added: 2.57] | | [added: | | | | | |]

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 37] [added: 44] | | |

| (in millions) | | | [removed: 2024 | | | 2023 | | |] [added: 2025] | | | [added: 2024] | | |

[removed: See] [added: For additional information on our significant accounting policies related to defined benefit pension plans, see] Note [removed: 4] [added: 8] of the Notes to the Consolidated Financial [removed: Statements for additional information on our equity investments.][added: Statements.]

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 38] [added: 45] | | |

| Third-party refinery sales | | | [removed: 4,642 | | | 3,379] [added: (5,077)] | | | [removed: 37] [added: (4,642)] | | [removed: %] |

| [removed: Operating income] [added: Operating income, adjusted reconciliation] | | | [removed: $] | [removed: 38] | | [removed: $] | [removed: 385] | | [removed: (90)] | | [removed: %] |

| TRASM, [removed: adjusted(2)] [added: adjusted] | | | [removed: 19.76] [added: 19.56] | | ¢ | [removed: 20.10] [added: 19.76] | | ¢ | | | | | | | [added: | | |]

| [removed: CASM-Ex(2)] [added: CASM-Ex] | | | [removed: 13.54] [added: 13.86] | | ¢ | [removed: 13.17] [added: 13.54] | | ¢ | | | | | | | [added: | | |]

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 39] [added: 46] | | |

We had [removed: no] minimum funding requirements [removed: in 2024,] [added: of $70 million during 2025] and estimate that there will be approximately [removed: $80] [added: $5] million of minimum funding requirements under these plans in [removed: 2025.][added: 2026.]

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 40] [added: 47] | | |

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 41] [added: 48] | | |

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 42] [added: 49] | | |

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 43] [added: 50] | | |

We determine our best estimate of the selling prices by using a discounted cash flow analysis using multiple inputs and assumptions, including (1) the expected number of miles awarded and number of miles redeemed, (2) ETV for the award travel obligation adjusted for mileage breakage, (3) published rates on our website for baggage fees, [removed: Delta Sky Club] lounge access and [removed: other benefits] [added: priority boarding] while traveling on Delta, (4) brand value (using estimated royalties generated from the use of our brand) and (5) volume discounts provided to certain partners.

Revenue allocated to [removed: Delta Sky Club] lounge access is recognized as miscellaneous in other revenue as access is provided.

Our goodwill balance, which is related to the airline segment, was $9.8 billion at December 31, [removed: 2024.][added: 2025.]

*Identifiable Intangible Assets.* Our identifiable intangible assets, which are related to the airline segment, had a net carrying amount of $6.0 billion at December 31, [removed: 2024,] [added: 2025,] of which $5.9 billion related to indefinite-lived intangible assets.

During the December [removed: 2024] [added: 2025] quarter, we performed qualitative assessments of goodwill and indefinite-lived intangible assets, including applicable factors noted above, and determined that there was no indication that the assets were impaired.

As of December 31, [removed: 2024,] [added: 2025,] the funded status for these plans recorded on our balance sheets was [removed: $938 million,] [added: $2.3 billion,] which is the net of our benefit obligation of $15.0 billion and plan assets of [removed: $15.9] [added: $17.3] billion.

We used a weighted average discount rate to value the obligations of [removed: 5.71%] [added: 5.50%] and [removed: 5.31%] [added: 5.71%] at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

The expected long-term rate of return on our defined benefit pension plan assets is [removed: 6.97%.][added: 6.96%.]

| Change in Assumption | | | | | | Effect on [removed: 2025] [added: 2026] Pension Cost/(Benefit) | | | | | | Effect on Accrued Pension Liability at December 31, [removed: 2024] [added: 2025] | | |

| 0.50% decrease in weighted average discount rate | | | | | | $ | [removed: 12] [added: 14] | million | | | | $ | [removed: 674] [added: 673] | million |

| 0.50% increase in weighted average discount rate | | | | | | $ | [removed: (12)] [added: (13)] | million | | | | $ | [removed: (624)] [added: (622)] | million |

| 1.00% decrease in expected long-term rate of return on assets | | | | | | $ | [removed: 154] [added: 168] | million | | | | $ | — | |

| 1.00% increase in expected long-term rate of return on assets | | | | | | $ | [removed: (154)] [added: (168)] | million | | | | $ | — | |

Changes in life expectancy may significantly impact our benefit obligations and future net periodic [removed: cost/(benefit).][added: cost.]

We adopted this standard effective January 1, [removed: 2024.][added: 2025.]

*Income Taxes.* In December 2023, the [removed: FASB] [added: Financial Accounting Standards Board ("FASB")] issued [removed: ASU] [added: Accounting Standards Update ("ASU")] No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This standard enhances disclosures related to income taxes, including the rate reconciliation and information on income taxes paid.

| [removed: Operating] [added: Operating] income, adjusted [removed: reconciliation] | | | [removed: | | | | | | | | |] [added: $] | [added: 5,804] | | [added: $] | [added: 6,016] | | | | |

*Internal Use Software.* In September 2025, the FASB issued 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.

*Interim Reporting.* In December 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270)." This standard clarifies interim reporting guidance, develops a list of disclosures required by other Topics and intends to enhance consistency in interim reporting across entities.

This standard becomes effective January 1, 2028 with early adoption permitted.

We do not expect this standard to have a material impact on our interim reporting.

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| (in cents) | | | 2025 | | | 2024 | | | | | | | | | | | |

MD&A - Supplemental Information*

*•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.

*•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.

| (in millions) | | | 2025 | | | | | | | | | | | |

| Pension plan contributions | | | 70 | | | | | | | | | | | |

| Strategic investments and related | | | 276 | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Salaries and related costs | | | $ | 16,161 | | $ | 14,607 | | | | | $ | 1,554 | | 11 | | % |

| Ancillary businesses and refinery | | | 5,416 | | | 4,172 | | | | | | 1,244 | | | 30 | | % |

| Contracted services | | | 4,228 | | | 4,041 | | | | | | 187 | | | 5 | | % |

| Landing fees and other rents | | | 3,150 | | | 2,563 | | | | | | 587 | | | 23 | | % |

| Aircraft maintenance materials and outside repairs | | | 2,616 | | | 2,432 | | | | | | 184 | | | 8 | | % |

| Depreciation and amortization | | | 2,513 | | | 2,341 | | | | | | 172 | | | 7 | | % |

| Passenger commissions and other selling expenses | | | 2,485 | | | 2,334 | | | | | | 151 | | | 6 | | % |

| Regional carrier expense | | | 2,328 | | | 2,200 | | | | | | 128 | | | 6 | | % |

| Passenger service | | | 1,788 | | | 1,750 | | | | | | 38 | | | 2 | | % |

| Profit sharing | | | 1,389 | | | 1,383 | | | | | | 6 | | | — | | % |

| Aircraft rent | | | 548 | | | 532 | | | | | | 16 | | | 3 | | % |

| Pilot agreement and related expenses | | | — | | | 864 | | | | | | (864) | | | NM | | |

| Other | | | 2,460 | | | 2,239 | | | | | | 221 | | | 10 | | % |

(1)Certain variances are labeled as not meaningful ("NM") throughout management's discussion and analysis.

*Salaries and Related Costs.* The increase in salaries and related costs primarily resulted from the implementation of base pay increases for eligible employees of 5% effective June 1, 2024 and for Delta pilots on January 1, 2024.

In June 2024 we also increased our minimum starting wage for domestic mainline employees to $19 per hour.

Salaries and related costs also increased due to additional crew-related costs resulting from the CrowdStrike-caused outage and costs to support increased traffic.

Employee benefits increased on higher healthcare expenses and from travel passes awarded to employees in recognition of their hard work through the summer.

*Aircraft Fuel and Related Taxes.* Fuel expense decreased $503 million compared to 2023 primarily due to a 12% decrease in the market price of jet fuel partially offset by a 5% increase in consumption on a 6% increase in capacity, resulting in a 1% improvement in fuel efficiency.

Fuel expense was also approximately $50 million lower than it would have been as a result of the 7,000 flight cancellations over the five-day period following the CrowdStrike-caused outage.

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| Fuel expense and average price per gallon | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | Average Price Per Gallon | | | | | | | | |

| Fuel purchase cost(1) | | | $ | 10,583 | | $ | 11,506 | | $ | (923) | | | | | $ | 2.57 | | $ | 2.93 | | $ | (0.36) | |

| Fuel hedge impact | | | 21 | | | (52) | | | 73 | | | | | | 0.01 | | | (0.01) | | | 0.02 | | |

| Refinery segment impact | | | (38) | | | (385) | | | 347 | | | | | | (0.01) | | | (0.10) | | | 0.09 | | |

(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.

The increase in these expenses was primarily related to higher refinery sales to third parties, which increased $1.3 billion compared to 2023.

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 2023.

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*Item 7.

MD&A - Results of Operations*

*Pilot agreement and related expenses.* In the March 2023 quarter, Delta pilots ratified a new four-year Pilot Working Agreement effective January 1, 2023.

The agreement includes numerous work rule changes and pay rate increases during the four-year term, including an initial pay rate increase of 18%.

The agreement also includes a provision for a one-time payment made upon ratification in the March 2023 quarter of $735 million.

[removed: Our] [added: Substantially all of our] derivative contracts to hedge the financial risk from changing fuel prices are related to Monroe’s inventory.

At December 31, [removed: 2024,] [added: 2025,] we had [removed: $14.5] [added: $12.6] billion of fixed-rate debt, [removed: $0.9] [added: $0.7] billion of variable-rate debt and $0.4 billion of variable-rate leases.

The rates used in our variable-rate debt are based on [removed: Secured Overnight Financing Rate ("SOFR"),] [added: SOFR,] or another index rate, which in certain cases is subject to a floor.

An increase of 100 basis points in average annual interest rates would have decreased the estimated fair value of our fixed-rate debt by [removed: $620] [added: $470] million at December 31, [removed: 2024] [added: 2025] and would have increased the annual interest expense on our variable-rate debt and variable-rate leases by [removed: $12] [added: $11] million.

At December 31, [removed: 2024] [added: 2025] we had no open foreign currency options or forward contracts.

As of December 31, [removed: 2024,] [added: 2025,] our investments denominated in foreign currencies [removed: (AirFrance-KLM,] [added: (Air France-KLM,] China Eastern, Hanjin-KAL and LATAM) were recorded at a fair value of [removed: $1.6] [added: $2.9] billion.

A 10% change in the value of those respective currencies against the U.S. dollar would have an approximately [removed: $160] [added: $290] million impact on our financial statements.

During [removed: 2024,] [added: 2025,] we recorded a net [removed: loss] [added: gain] of [removed: $319 million] [added: $1.2 billion] related to the valuation of our fair value investments compared to a net [removed: gain] [added: loss] of [removed: $1.3 billion] [added: $319 million] in [removed: 2023.][added: 2024.]

As of December 31, [removed: 2024,] [added: 2025,] we had long-term investments recorded at fair value of [removed: $2.4] [added: $3.6] billion and, therefore, a 10% change in the fair value of these investments would have an approximately [removed: $240] [added: $360] million impact on our financial results.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | 51 | | |

In 2021, the EPA finalized GHG emission standards for new aircraft engines designed to implement the ICAO standards on the same timeframe contemplated by ICAO, and these standards [removed: have been] [added: were] upheld in response to legal challenges.

The airline industry may face additional regulation of aircraft emissions in the U.S. and abroad and [added: could] become subject to further taxes, charges or additional requirements to obtain permits or purchase allowances or emission credits for GHG emissions in various jurisdictions.

For example, in 2023, the EU adopted legislation that [removed: imposes] [added: established] a SAF mandate on fuel supplied at EU airports.

[removed: The] [added: Beginning in 2025, the] mandate [removed: requires that,] [added: required 2%] of the jet fuel supplied in the [removed: EU, 2% must] [added: EU to] be [removed: SAF beginning in 2025,] [added: SAF,] and the percentage increases incrementally over time to 70% in 2050.

In 2024, the UK also adopted [removed: legislation that imposes a] SAF mandate [removed: on producers that supply fuel to UK airports,] [added: legislation,] and other countries are also considering [removed: similar] mandates.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | 13 | | |

Additional regulation could result in taxation, regulatory or permitting requirements from multiple jurisdictions for the same operations and significant costs [removed: for us and] [added: to] the airline [removed: industry.][added: industry, including Delta.]

For example, in 2022, [removed: to reduce noise,] the Netherlands announced a multi-phase plan to reduce [added: noise by reducing] the maximum number of flights authorized annually at Amsterdam’s Schiphol Airport.

A refinery may meet its obligation under RFS by blending the necessary volumes of renewable fuels with Transportation Fuels, by purchasing RINs in the open [removed: market] [added: market,] or through a combination of blending and purchasing RINs.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | 14 | | |

Information About Our Executive [removed: Officers][added: Officers as of December 31, 2025]

Bastian, Age [removed: 67:] [added: 68:] Chief Executive Officer of Delta since May 2016; President of Delta (September 2007 - May 2016); President of Delta and Chief Executive Officer Northwest Airlines, Inc. (October 2008 - December 2009); President and Chief Financial Officer of Delta (September 2007 - October 2008); Executive Vice President and Chief Financial Officer of Delta (July 2005 - September 2007); Chief Financial Officer of Acuity Brands (June 2005 - July 2005); Senior Vice President - Finance and Controller of Delta (2000 - April 2005); Vice President and Controller of Delta (1998 - 2000).

Hauenstein, Age [removed: 64:] [added: 65:] President of Delta since May 2016; Executive Vice President - Chief Revenue Officer of Delta (August 2013 - May 2016); Executive Vice President - Network Planning and Revenue Management of Delta (April 2006 - July 2013); Executive Vice President and Chief of Network and Revenue Management of Delta (August 2005 - April 2006); Vice General Director - Chief Commercial Officer and Chief Operating Officer of Alitalia (2003 - 2005); Senior Vice President- Network of Continental Airlines (2003); Senior Vice President - Scheduling of Continental Airlines (2001 - 2003); Vice President Scheduling of Continental Airlines (1998 - 2001).

Ausband, Age [removed: 62:] [added: 63:] Executive Vice President - Chief People Officer of Delta since January 2025; Executive Vice President - Chief Customer Experience Officer of Delta (June 2021 - December 2024); Senior Vice President - In-Flight Service of Delta (September 2014 - May 2021); Vice President - Reservation Sales and Customer Care of Delta (January 2010 - September 2014).

Alain Bellemare, Age [removed: 63:] [added: 64:] President - International of Delta since January 2021; Chief Executive Officer of Bombardier (February 2015 - March 2020); President and Chief Executive Officer of United Technologies Corporation Propulsion & Aerospace Systems (June 2011 - February 2015).

Carter, Age [removed: 61:] [added: 62:] Executive Vice President - Chief External Affairs Officer of Delta since October 2022; Executive Vice President - Chief Legal Officer of Delta (July 2015 - October 2022); Partner of Dorsey & Whitney LLP (1999 - 2015), including co-chair of Securities Litigation and Enforcement practice group, chair of Policy Committee and chair of trial department.

Janki, Age [removed: 56:] [added: 57:] Executive Vice President - Chief Financial Officer of Delta since July 2021; Senior Vice President of General Electric Company (GE) and Chief Executive Officer of GE Power Portfolio (October 2020 - June 2021); Senior Vice President, Business and Portfolio Transformation of GE (2018 - 2020); Senior Vice President, Treasurer and Global Business Operations of GE (2014 - 2017); Senior Vice President, CEO of GE Energy Management (2012 - 2013).

Laughter, Age [removed: 54:] [added: 55:] President - Delta TechOps and Chief of Operations since October 2023; Executive Vice President - Chief of Operations of Delta (June 2021 - October 2023); Senior Vice President and Chief of Operations of Delta (October 2020 - June 2021); Senior Vice President - Flight Operations of Delta (March 2020 - October 2020); Senior Vice President - Corporate Safety, Security and Compliance of Delta (August 2013 - March 2020); Senior Vice President - Maintenance Operations of Delta (March 2008 - July 2013); Vice President - Maintenance of Delta (December 2005 - March 2008).

Rahul Samant, Age [removed: 58:] [added: 59:] Executive Vice President - Chief Information Officer of Delta since January 2018; Senior Vice President and Chief Information Officer of Delta (February 2016 - December 2017); Senior Vice President and Chief Digital Officer of American International Group, Inc. (January 2015 - February 2016); Senior Vice President and Global Head, Application Development and Management of American International Group, Inc. (September 2012 - December 2014); Managing Director of Bank of America (1999 - September 2012).

Sear, Age [removed: 59:] [added: 60:] Executive Vice President - Global Sales of Delta since February 2016; Senior Vice President - Global Sales of Delta (December 2011 - February 2016); Vice President - Global Sales of Delta (October 2008 - December 2011); Vice President - Sales & Customer Care of Northwest Airlines, Inc. (June 2005 - October 2008).

Snell, Age [removed: 48:] [added: 49:] Executive Vice President - Chief Customer Experience Officer of Delta since January 2025; Senior Vice President - Airport Customer Service, Cargo Operations, Ground Support Equipment and Global Clean (June 2022 - December 2024); Senior Vice President - Operations & Customer Center, Operations Analytics, and Delta Connection (October 2020 - June 2022); Senior Vice President - Corporate Planning (March 2020 - October 2020); Senior Vice President - Operations & Customer Center (September 2018 - March 2020); Vice President - Operations & Customer Center (March 2017 - August 2018); Vice President - Delta Connection (November 2015 - March 2017); Chief Executive Officer of Delta Global Services and Delta Private Jets (March 2015 - November 2015).

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | 15 | | |

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | 16 | | |

In addition, any accident involving an aircraft [added: or aircraft type] that we operate or [removed: an aircraft] that is operated by [removed: an airline that is one of] [added: another airline, including] our regional carriers or codeshare, alliance or joint venture [removed: partners] [added: partners,] could create a negative public perception about safety and reliability for aviation authorities and the public, which could harm our reputation, resulting in air travelers being reluctant to fly on our aircraft and therefore harm our business.

Breaches or lapses in the security of the technology systems we use and rely on could compromise the data stored within them and consequently [added: disrupt our operations, damage our reputation and] expose us to liability, [removed: disruption to our operations and damage to our reputation,] any or all of which could have a material adverse effect on our business.

These networks and systems are subject to [removed: an increasing] [added: high levels of] threat of continually evolving cybersecurity risks, which we must manage.

In addition, as cybercriminals become more sophisticated, [added: including through] the [added: use of AI-enabled technologies, the] cost of proactive defensive measures continues to increase.

The compromise of our or our business partners’ or third-party service providers’ technology systems could result in [added: disruption to our operations, damage to our reputation and] legal claims or proceedings, liability, fines or other regulatory enforcement actions, [removed: disruption to our operations and damage to our reputation,] any or all of which could adversely affect our business.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | 17 | | |

A significant individual, sustained or repeated failure of our information technology infrastructure, including third-party networks, software-as-a-service applications, cloud services, or technology that we utilize and on which we depend, could impact our operations and our customer service, result in loss of [removed: revenue,] [added: revenue and] increased [removed: costs] [added: costs,] and damage our reputation.

While we have initiatives and disaster recovery plans in place to prevent or mitigate disruptions, we [added: have] experienced a [added: significant disruption in the past, such as the] global outage caused by a faulty update by cybersecurity vendor CrowdStrike in July 2024 that resulted in global information technology outages of Windows-based [removed: systems.][added: systems and significantly affected our information technology systems, disrupting our operations.]

[removed: Management's Discussion and Analysis.”] While we continue to invest in improvements to our preventative initiatives and disaster recovery plans, the measures we have in place may not be adequate to prevent future business disruptions and any material adverse financial and reputational consequences to our business.

For example, substantially all of our tickets are issued to our customers as electronic tickets, and a significant number of our customers check in for flights using our website, airport kiosks and [removed: our FlyDelta mobile application.][added: the Delta app.]

We have made and continue to make significant investments in customer facing technology such as delta.com, the [removed: FlyDelta mobile application,] [added: Delta app,] in-flight wireless internet, check-in kiosks, customer service applications, application of biometric technology, airport information [removed: displays] [added: displays, new AI-based tools] and [added: services, and] related initiatives, including security for these initiatives.

We have also invested in significant upgrades to technology infrastructure and other supporting systems and [added: have largely completed] a transition to cloud-based technologies.

If [removed: this] [added: our] technology [removed: does] [added: initiatives and capabilities do] not perform [removed: effectively,] [added: effectively or accurately,] including as a result of the implementation or integration of new or upgraded technologies or systems, our business and operations can be negatively affected, which could be material.

Fuel costs represented [removed: 19%, 21%] [added: 17%, 19%] and [removed: 24%] [added: 21%] of our operating expense in [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

Fuel prices are highly volatile and at times have [removed: adjusted] [added: increased] substantially in relatively short periods of time.

Between [removed: 2022] [added: 2023] and [removed: 2024,] [added: 2025,] our average fuel price per gallon has ranged from a monthly high of [removed: $4.25] [added: $3.22] in [removed: June 2022] [added: October 2023] to a monthly low of [removed: $2.29] [added: $2.20] in [removed: November 2024.][added: August 2025.]

Because passengers often purchase tickets well in advance of their travel, a significant rapid increase in fuel price [removed: may] [added: could] result in the fare charged not covering that increase.

This mandate has increased SAF prices in the EU for the airline industry.

The Dutch government has issued a revised plan, which is the subject of renewed litigation brought by airlines, including Delta and KLM, and by groups representing residents around Schiphol Airport.

This litigation questions the lawfulness of the renewed plan.

The outcome of this litigation cannot be determined at this time.

As previously announced, Mr. Hauenstein will retire from Delta effective February 28, 2026.

As previously announced, Mr. Samant will retire from Delta effective March 1, 2026.

Threat actors are also increasingly leveraging advanced technologies, including the use of AI and automated tools, to enhance the scale, speed and effectiveness of cyberattacks.

New and emerging technologies, including AI‑based tools and services, may not perform as intended, may be difficult to implement, integrate or scale, or may require ongoing training, monitoring and refinement.

In addition, if we are unable to develop or deploy new technologies, including AI‑enabled capabilities, as quickly or effectively as our competitors, or if our investments do not deliver expected benefits, our ability to compete and meet customer expectations could be adversely affected.

We acquire a significant amount of jet fuel from Monroe.

On September 15, 2025, the DOT issued a final order terminating the antitrust immunity for our joint cooperation agreement with Aeroméxico and directed us and Aeroméxico to wind down certain joint operations that were covered by the immunity by January 1, 2026.

We and Aeroméxico subsequently filed a petition in the United States Court of Appeals for the Eleventh Circuit for judicial review of the DOT final order.

In the meantime, we and Aeroméxico continue to operate under the joint cooperation agreement.

In 2024, the U.S. Environmental Protection Agency (the "EPA") finalized regulations defining certain per- and polyfluoroalkyl substances ("PFAS") as "hazardous substances" under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), and the EPA also finalized standards regulating PFAS under the Safe Drinking Water Act.

PFAS are man-made chemicals that have been used in a wide variety of consumer and industrial products, including the firefighting foams used to extinguish fuel-based fires at airports and refineries.

Numerous states have adopted regulations governing PFAS as well.

The EPA’s final rule under CERCLA, and analogous state laws could subject airports, airlines, and refineries, among others, to potential liability for cleanup of historical PFAS contamination associated with use of PFAS-containing firefighting foam.

In addition, some states have adopted legislation prohibiting the manufacture, sale, distribution and/or use of firefighting foam containing intentionally added PFAS, which may require transition to alternative fire suppression systems.

Delta has been developing plans to transition its aircraft maintenance hangars to systems that do not contain intentionally added PFAS.

The ultimate impact and associated cost to Delta of these legislative and regulatory developments cannot be predicted at this time.

*GHG Emissions*.

Aviation industry GHG emissions, particularly carbon emissions, and their impact on climate change have become a focus in the international community and within the U.S. In 2016, the International Civil Aviation Organization ("ICAO") formally adopted a global, market-based emissions offset program known as the Carbon Offsetting and Reduction Scheme for International Aviation ("CORSIA").

This program establishes a goal for the aviation industry to achieve carbon-neutral growth in international aviation beginning in 2021.

Any growth above the baseline would need to be addressed using either eligible carbon offsets or a lower carbon fuel.

ICAO set the baseline for establishing airlines’ obligations under CORSIA for 2021 to 2023 based on 2019 travel, and in 2022 set a new, more stringent CORSIA baseline of 85% of 2019, which will apply from 2024 through 2035.

The pilot phase of the CORSIA program ran from 2021 through 2023, and is being followed by a first phase of the program beginning in 2024 and a second phase beginning in 2027.

Countries can voluntarily participate in the pilot and first phase, and the United States agreed to participate in these voluntary phases.

Participation in the second phase is mandatory for certain countries, including the United States.

The U.S. government has not yet enacted legislation to mandate that U.S. operators participate in CORSIA.

Nonetheless, we have voluntarily submitted verified emissions reports on our annual international emissions.

While airlines had no offsetting obligations during the pilot phase of CORSIA as a result of the impact of the COVID-19 pandemic on international travel, we expect that international airline emissions will likely exceed the new baseline during the next phase (2024 – 2026).

Because certain CORSIA program details remain to be developed and could potentially be affected by political developments in participating countries or the results of the initial phases of the program, the impact of CORSIA cannot be predicted at this time.

However, CORSIA is expected to increase operating costs for airlines that operate internationally.

Additionally, the EU requires its member states to implement regulations to include aviation in its Emissions Trading Scheme ("ETS").

Under these regulations, any airline with flights originating or landing in the European Economic Area ("EEA") is subject to the ETS and, beginning in 2012, was required to purchase emissions allowances if the airline exceeds the number of free allowances allocated to it under the ETS.

The initial scope of the ETS, however, was narrowed so that it would apply only to flights within the EEA through 2023 to align with the pilot phase of CORSIA.

In 2023, the EU adopted new legislation extending this narrow scope of the EU ETS until 2027.

It also requires a review of CORSIA’s effectiveness in 2026, which could potentially lead to expansion of the EU ETS to include all flights departing the EU and EEA.

As a result of the United Kingdom’s ("UK") withdrawal from the EU, UK flights are no longer part of the EU ETS and are instead regulated under a separate UK ETS scheme.

UK ETS is applicable to UK domestic flights and flights from the UK to EEA countries.

This mandate is expected to increase the cost of SAF in the EU.

| | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

*Item 1.

Business*

The Dutch government has issued a revised plan, which is under review with the European Commission.

Neither the outcome of the review of the plan, nor the impact of its implementation, can be determined at this time.

However, in June 2023, the EPA finalized RFS volume requirements for 2023, 2024 and 2025, which has ameliorated the historical volatility in market prices for RINs.

The faulty software update significantly affected our information technology systems, disrupting our operations.

The operational disruption resulted in flight delays and approximately 7,000 cancellations of Delta flights over five days, impacting 1.4 million customers.

The CrowdStrike-caused outage and resulting operational disruption adversely impacted our results of operations as discussed in more detail in “Item 7.

We acquire a significant amount of jet fuel from Monroe and through strategic agreements associated with the refinery that Monroe has with third parties.

For example, the DOT's approval of and antitrust immunity grant for our joint cooperation agreement with Aeroméxico is subject to a pending renewal application with the DOT, which was tentatively dismissed pursuant to an Order to Show Cause issued by the DOT on January 26, 2024.

In Fall 2023, we moved to certify the decision for an interlocutory appeal or for reconsideration, and [removed: briefing related to] [added: in September 2025, the Court denied] that motion [removed: is now complete.][added: in a brief decision.]

The case will proceed to class discovery.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of June 30, [removed: 2024] [added: 2025] was approximately [removed: $30.6] [added: $32.1] billion.

On January 31, [removed: 2025,] [added: 2026,] there were outstanding [removed: 645,962,006] [added: 653,130,708] shares of the registrant's common stock.

Part III of this Form 10-K incorporates by reference certain information from the registrant's definitive Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission.

| [Forward-Looking [removed: Statements](#ie6343caf72294276ab9a69e69bd23128_10)] [added: Statements](#i0c1341f02f554dbfb62cc2c05136ac29_10)] | | | [removed: [1](#ie6343caf72294276ab9a69e69bd23128_10)] [added: [1](#i0c1341f02f554dbfb62cc2c05136ac29_10)] | | |

| [ITEM 1. [removed: BUSINESS](#ie6343caf72294276ab9a69e69bd23128_16)] [added: BUSINESS](#i0c1341f02f554dbfb62cc2c05136ac29_16)] | | | [removed: [2](#ie6343caf72294276ab9a69e69bd23128_16)] [added: [2](#i0c1341f02f554dbfb62cc2c05136ac29_16)] | | |

| [ITEM 1A. RISK [removed: FACTORS](#ie6343caf72294276ab9a69e69bd23128_40)] [added: FACTORS](#i0c1341f02f554dbfb62cc2c05136ac29_40)] | | | [removed: [17](#ie6343caf72294276ab9a69e69bd23128_40)] [added: [16](#i0c1341f02f554dbfb62cc2c05136ac29_40)] | | |

| [Risk Factors Relating to [removed: Delta](#ie6343caf72294276ab9a69e69bd23128_43)] [added: Delta](#i0c1341f02f554dbfb62cc2c05136ac29_43)] | | | [removed: [17](#ie6343caf72294276ab9a69e69bd23128_43)] [added: [16](#i0c1341f02f554dbfb62cc2c05136ac29_43)] | | |

| [Risk Factors Relating to the Airline [removed: Industry](#ie6343caf72294276ab9a69e69bd23128_46)] [added: Industry](#i0c1341f02f554dbfb62cc2c05136ac29_46)] | | | [removed: [23](#ie6343caf72294276ab9a69e69bd23128_46)] [added: [22](#i0c1341f02f554dbfb62cc2c05136ac29_46)] | | |

| [ITEM 1B. UNRESOLVED STAFF [removed: COMMENTS](#ie6343caf72294276ab9a69e69bd23128_49)] [added: COMMENTS](#i0c1341f02f554dbfb62cc2c05136ac29_49)] | | | [removed: [26](#ie6343caf72294276ab9a69e69bd23128_49)] [added: [26](#i0c1341f02f554dbfb62cc2c05136ac29_49)] | | |

| [ITEM 1C. [removed: CYBERSECURITY](#ie6343caf72294276ab9a69e69bd23128_52)] [added: CYBERSECURITY](#i0c1341f02f554dbfb62cc2c05136ac29_52)] | | | [removed: [27](#ie6343caf72294276ab9a69e69bd23128_52)] [added: [26](#i0c1341f02f554dbfb62cc2c05136ac29_52)] | | |

| [ITEM 2. [removed: PROPERTIES](#ie6343caf72294276ab9a69e69bd23128_55)] [added: PROPERTIES](#i0c1341f02f554dbfb62cc2c05136ac29_55)] | | | [removed: [29](#ie6343caf72294276ab9a69e69bd23128_55)] [added: [28](#i0c1341f02f554dbfb62cc2c05136ac29_55)] | | |

| [Flight [removed: Equipment](#ie6343caf72294276ab9a69e69bd23128_58)] [added: Equipment](#i0c1341f02f554dbfb62cc2c05136ac29_58)] | | | [removed: [29](#ie6343caf72294276ab9a69e69bd23128_58)] [added: [28](#i0c1341f02f554dbfb62cc2c05136ac29_58)] | | |

| [Ground [removed: Facilities](#ie6343caf72294276ab9a69e69bd23128_61)] [added: Facilities](#i0c1341f02f554dbfb62cc2c05136ac29_61)] | | | [removed: [30](#ie6343caf72294276ab9a69e69bd23128_61)] [added: [29](#i0c1341f02f554dbfb62cc2c05136ac29_61)] | | |

| [ITEM 3. LEGAL [removed: PROCEEDINGS](#ie6343caf72294276ab9a69e69bd23128_64)] [added: PROCEEDINGS](#i0c1341f02f554dbfb62cc2c05136ac29_64)] | | | [removed: [31](#ie6343caf72294276ab9a69e69bd23128_64)] [added: [30](#i0c1341f02f554dbfb62cc2c05136ac29_64)] | | |

| [ITEM 4. MINE SAFETY [removed: DISCLOSURES](#ie6343caf72294276ab9a69e69bd23128_67)] [added: DISCLOSURES](#i0c1341f02f554dbfb62cc2c05136ac29_67)] | | | [removed: [31](#ie6343caf72294276ab9a69e69bd23128_67)] [added: [30](#i0c1341f02f554dbfb62cc2c05136ac29_67)] | | |

| [ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED [removed: STOCKHOLDER](#ie6343caf72294276ab9a69e69bd23128_73)] [added: STOCKHOLDER](#i0c1341f02f554dbfb62cc2c05136ac29_73)] [MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#ie6343caf72294276ab9a69e69bd23128_73)] [added: SECURITIES](#i0c1341f02f554dbfb62cc2c05136ac29_73)] | | | [removed: [32](#ie6343caf72294276ab9a69e69bd23128_73)] [added: [31](#i0c1341f02f554dbfb62cc2c05136ac29_73)] | | |

| [ITEM 6. [removed: (RESERVED)](#ie6343caf72294276ab9a69e69bd23128_85)] [added: (RESERVED)](#i0c1341f02f554dbfb62cc2c05136ac29_85)] | | | [removed: [33](#ie6343caf72294276ab9a69e69bd23128_85)] [added: [32](#i0c1341f02f554dbfb62cc2c05136ac29_85)] | | |

| [ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION [removed: AND](#ie6343caf72294276ab9a69e69bd23128_88)] [added: AND](#i0c1341f02f554dbfb62cc2c05136ac29_88)] [RESULTS OF [removed: OPERATION](#ie6343caf72294276ab9a69e69bd23128_88)S] [added: OPERATION](#i0c1341f02f554dbfb62cc2c05136ac29_88)S] | | | [removed: [34](#ie6343caf72294276ab9a69e69bd23128_88)] [added: [33](#i0c1341f02f554dbfb62cc2c05136ac29_88)] | | |

| [Financial [removed: Highlights](#ie6343caf72294276ab9a69e69bd23128_91)] [added: Highlights](#i0c1341f02f554dbfb62cc2c05136ac29_91)] | | | [removed: [34](#ie6343caf72294276ab9a69e69bd23128_91)] [added: [33](#i0c1341f02f554dbfb62cc2c05136ac29_91)] | | |

| [Results of [removed: Operations](#ie6343caf72294276ab9a69e69bd23128_94)] [added: Operations](#i0c1341f02f554dbfb62cc2c05136ac29_94)] | | | [removed: [35](#ie6343caf72294276ab9a69e69bd23128_94)] [added: [34](#i0c1341f02f554dbfb62cc2c05136ac29_94)] | | |

| [Non-Operating [removed: Results](#ie6343caf72294276ab9a69e69bd23128_112)] [added: Results](#i0c1341f02f554dbfb62cc2c05136ac29_112)] | | | [removed: [38](#ie6343caf72294276ab9a69e69bd23128_112)] [added: [37](#i0c1341f02f554dbfb62cc2c05136ac29_112)] | | |

| [Income [removed: Taxes](#ie6343caf72294276ab9a69e69bd23128_115)] [added: Taxes](#i0c1341f02f554dbfb62cc2c05136ac29_115)] | | | [removed: [38](#ie6343caf72294276ab9a69e69bd23128_115)] [added: [37](#i0c1341f02f554dbfb62cc2c05136ac29_115)] | | |

| [Refinery [removed: Segment](#ie6343caf72294276ab9a69e69bd23128_118)] [added: Segment](#i0c1341f02f554dbfb62cc2c05136ac29_118)] | | | [removed: [39](#ie6343caf72294276ab9a69e69bd23128_118)] [added: [38](#i0c1341f02f554dbfb62cc2c05136ac29_118)] | | |

| [Financial Condition and [removed: Liquidity](#ie6343caf72294276ab9a69e69bd23128_124)] [added: Liquidity](#i0c1341f02f554dbfb62cc2c05136ac29_124)] | | | [removed: [40](#ie6343caf72294276ab9a69e69bd23128_124)] [added: [40](#i0c1341f02f554dbfb62cc2c05136ac29_124)] | | |

| [Critical Accounting [removed: Estimates](#ie6343caf72294276ab9a69e69bd23128_130)] [added: Estimates](#i0c1341f02f554dbfb62cc2c05136ac29_130)] | | | [removed: [43](#ie6343caf72294276ab9a69e69bd23128_130)] [added: [43](#i0c1341f02f554dbfb62cc2c05136ac29_130)] | | |

| [Glossary of Defined [removed: Terms](#ie6343caf72294276ab9a69e69bd23128_139)] [added: Terms](#i0c1341f02f554dbfb62cc2c05136ac29_142)] | | | [removed: [50](#ie6343caf72294276ab9a69e69bd23128_139)] [added: [50](#i0c1341f02f554dbfb62cc2c05136ac29_142)] | | |

| [ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#ie6343caf72294276ab9a69e69bd23128_142)] [added: RISK](#i0c1341f02f554dbfb62cc2c05136ac29_145)] | | | [removed: [51](#ie6343caf72294276ab9a69e69bd23128_142)] [added: [51](#i0c1341f02f554dbfb62cc2c05136ac29_145)] | | |

| [ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#ie6343caf72294276ab9a69e69bd23128_145)] [added: DATA](#i0c1341f02f554dbfb62cc2c05136ac29_148)] | | | [removed: [52](#ie6343caf72294276ab9a69e69bd23128_145)] [added: [52](#i0c1341f02f554dbfb62cc2c05136ac29_148)] | | |

| [ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING [removed: AND](#ie6343caf72294276ab9a69e69bd23128_247)] [added: AND](#i0c1341f02f554dbfb62cc2c05136ac29_238)] [FINANCIAL [removed: DISCLOSURE](#ie6343caf72294276ab9a69e69bd23128_247)] [added: DISCLOSURE](#i0c1341f02f554dbfb62cc2c05136ac29_238)] | | | [removed: [92](#ie6343caf72294276ab9a69e69bd23128_247)] [added: [93](#i0c1341f02f554dbfb62cc2c05136ac29_238)] | | |

| [ITEM 9A. CONTROLS AND [removed: PROCEDURES](#ie6343caf72294276ab9a69e69bd23128_250)] [added: PROCEDURES](#i0c1341f02f554dbfb62cc2c05136ac29_241)] | | | [removed: [92](#ie6343caf72294276ab9a69e69bd23128_250)] [added: [93](#i0c1341f02f554dbfb62cc2c05136ac29_241)] | | |

| [ITEM 9B. OTHER [removed: INFORMATION](#ie6343caf72294276ab9a69e69bd23128_256)] [added: INFORMATION](#i0c1341f02f554dbfb62cc2c05136ac29_247)] | | | [removed: [94](#ie6343caf72294276ab9a69e69bd23128_256)] [added: [95](#i0c1341f02f554dbfb62cc2c05136ac29_247)] | | |

| [ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT [removed: INSPECTIONS](#ie6343caf72294276ab9a69e69bd23128_259)] [added: INSPECTIONS](#i0c1341f02f554dbfb62cc2c05136ac29_250)] | | | [removed: [94](#ie6343caf72294276ab9a69e69bd23128_259)] [added: [95](#i0c1341f02f554dbfb62cc2c05136ac29_250)] | | |

| [ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#ie6343caf72294276ab9a69e69bd23128_265)] [added: GOVERNANCE](#i0c1341f02f554dbfb62cc2c05136ac29_256)] | | | [removed: [94](#ie6343caf72294276ab9a69e69bd23128_265)] [added: [95](#i0c1341f02f554dbfb62cc2c05136ac29_256)] | | |

| [ITEM 11. EXECUTIVE [removed: COMPENSATION](#ie6343caf72294276ab9a69e69bd23128_268)] [added: COMPENSATION](#i0c1341f02f554dbfb62cc2c05136ac29_259)] | | | [removed: [94](#ie6343caf72294276ab9a69e69bd23128_268)] [added: [95](#i0c1341f02f554dbfb62cc2c05136ac29_259)] | | |

| [ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT [removed: AND](#ie6343caf72294276ab9a69e69bd23128_271)] [added: AND](#i0c1341f02f554dbfb62cc2c05136ac29_262)] [RELATED STOCKHOLDER [removed: MATTERS](#ie6343caf72294276ab9a69e69bd23128_271)] [added: MATTERS](#i0c1341f02f554dbfb62cc2c05136ac29_262)] | | | [removed: [94](#ie6343caf72294276ab9a69e69bd23128_271)] [added: [95](#i0c1341f02f554dbfb62cc2c05136ac29_262)] | | |

| [ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND [removed: DIRECTOR](#ie6343caf72294276ab9a69e69bd23128_274)] [added: DIRECTOR](#i0c1341f02f554dbfb62cc2c05136ac29_265)] INDEPENDENCE | | | [removed: [94](#ie6343caf72294276ab9a69e69bd23128_274)] [added: [95](#i0c1341f02f554dbfb62cc2c05136ac29_265)] | | |

| [ITEM 14. PRINCIPAL ACCOUNTANT FEES AND [removed: SERVICES](#ie6343caf72294276ab9a69e69bd23128_277)] [added: SERVICES](#i0c1341f02f554dbfb62cc2c05136ac29_268)] | | | [removed: [94](#ie6343caf72294276ab9a69e69bd23128_277)] [added: [95](#i0c1341f02f554dbfb62cc2c05136ac29_268)] | | |

| [ITEM 15. EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#ie6343caf72294276ab9a69e69bd23128_283)] [added: SCHEDULES](#i0c1341f02f554dbfb62cc2c05136ac29_274)] | | | [removed: [95](#ie6343caf72294276ab9a69e69bd23128_283)] [added: [96](#i0c1341f02f554dbfb62cc2c05136ac29_274)] | | |

| [Supplemental Information](#i0c1341f02f554dbfb62cc2c05136ac29_136) | | | [47](#i0c1341f02f554dbfb62cc2c05136ac29_136) | | |

| [SIGNATURES](#i0c1341f02f554dbfb62cc2c05136ac29_280) | | | [101](#i0c1341f02f554dbfb62cc2c05136ac29_280) | | |

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.

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.

- Best Airline Staff Service in North America at the Skytrax World Airline Awards, based entirely on customer feedback.

These partnerships are also driving engagement among younger consumers.

Delta is rated investment grade by each of the three major credit rating agencies.

In 2025, we continued to expand our premium products and services, ensuring more customers can experience our most elevated products.

Technology is a strategic differentiator for our business.

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.

We are also using AI to optimize the frequency and timing of maintenance tasks to increase reliability.

Over time, we also expect AI to play an even greater role in the way we manage and minimize operational disruptions.

We continue to enhance the Delta app with new self-service capabilities while making it more seamless for customers to find what they need and engage by using natural language.

In 2025, we launched the beta version of Delta Concierge, an AI-powered virtual assistant within the Delta app, which aims to deliver real-time travel support for our customers.

App-enabled bag drop and touchless ID expansion across our network are expediting customer movement through airport lobbies and security screening checkpoints.

We are able to deliver more detailed notifications and recommended next steps for customers experiencing flight disruptions.

In December 2025, we celebrated an important milestone with our 1,000th free Wi-Fi-enabled aircraft entering service.

On September 15, 2025, the DOT issued a final order terminating the antitrust immunity for our joint cooperation agreement with Aeroméxico and directed us and Aeroméxico to wind down certain joint operations that were covered by the immunity by January 1, 2026.

We and Aeroméxico subsequently filed a petition in the United States Court of Appeals for the Eleventh Circuit for judicial review of the DOT final order.

In the meantime, we and Aeroméxico continue to operate under the joint cooperation agreement.

*Other International Carriers.* In addition to our joint venture and joint cooperation agreements that have been granted antitrust immunity from the DOT as described above, we maintain commercial relationships and marketing arrangements with other foreign carriers to enhance our global network.

Some of these relationships include minority equity investments.

These capacity purchase agreements are generally long-term in nature, with expiration varying for different tranches of aircraft.

In 2025, we announced partnerships with both JetZero and Maeve to accelerate the design and development of revolutionary aircraft.

JetZero aims to build a blended wing-body aircraft expected to be up to 50% more fuel efficient than today's mid-market aircraft, while Maeve is building a regional, hybrid-electric solution aimed at reducing fuel consumption by up to 40%.

Other revolutionary fleet partners include Joby, with their home-to-airport air taxi offering, as well as Airbus and Boeing, both of which are exploring next generation technology.

In 2025, we met and exceeded our near-term operational fuel efficiency target of 1% fuel burn savings, by delivering over 55 million gallons of jet fuel savings from operational improvements as compared to 2019 and relative to what we would have used if we had not undertaken any fuel efficiency efforts, not including fleet renewal.

Cross-functional Delta teams collaborated to implement innovative strategies to reduce jet fuel consumption.

This achievement of 55 million gallons of jet fuel savings is worth more than $125 million in annual cost savings to Delta.

SAF is the most promising lever known today to reduce lifecycle carbon emissions from conventional jet fuel and decarbonize our operations.

However, currently available SAF supply does not meet global airline demand for even one week.

We continue to work across industries and with state and federal lawmakers to advocate for policy solutions to further incentivize SAF production and allow the SAF market to reach scale in the U.S.

| 2025 | | | 4,269 | | | $ | 9,819 | | $ | 2.30 | | 17 | | % |

Human Capital Management

Our approach to diversity, equity and inclusion is aligned with our business strategy and company values.

We believe that when we reflect and respect the world, we are able to better connect and serve our global customers.

Our operational excellence, business growth, talent retention, increased innovation, world-class reliability and customer engagement, satisfaction and loyalty are the result of hiring the best, most qualified people.

| [Supplemental Information](#ie6343caf72294276ab9a69e69bd23128_133) | | | [47](#ie6343caf72294276ab9a69e69bd23128_133) | | |

| [SIGNATURES](#ie6343caf72294276ab9a69e69bd23128_289) | | | [100](#ie6343caf72294276ab9a69e69bd23128_289) | | |

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.

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.

In 2024, we took delivery of 38 aircraft, including A321neos, A220-300s, A330-900s and A350-900 aircraft.

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.

- Recognized as the 2024 Airline of the Year by aviation publication *Air Transport World*.

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.

In 2024, we introduced aircraft with more premium seating and completed cabin modification programs to increase premium offerings.

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.

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.

We continue to evolve the Fly Delta app into a digital travel concierge for our customers to offer convenient services on the day of travel and deliver thoughtful notifications to make their travel journeys more seamless.

We continue to elevate the consumer experience across the travel journey and beyond, including through partnerships with leading brands, to broaden the Delta SkyMiles ecosystem and the range of benefits we provide to our members.

The grant of antitrust immunity for our joint cooperation agreement with Aeroméxico is subject to a pending renewal application with the DOT, which was tentatively dismissed pursuant to an Order to Show Cause issued by the DOT on January 26, 2024.

*Other International Carriers*.

We also have marketing arrangements with other airlines to enhance our global network.

These capacity purchase agreements are long-term agreements, usually with initial terms of at least ten years, which grant us the option to extend the initial term.

In 2024, cargo revenues were approximately $822 million.

In 2024, the aggregate revenue from our MRO operation and Delta Vacations was approximately $770 million.

- Fleet renewal and optimization: We continue to make our existing fleet more efficient as older aircraft are retired.

Additions to our fleet since 2019, including 38 aircraft delivered in 2024, are on average 28% more fuel efficient per seat mile than aircraft retired since 2019.

In addition to accepting deliveries of next-generation fleet types, we have also invested in retrofitting our existing fleet with updated technologies that optimize and reduce fuel consumption.

Following the installation of split-scimitar winglets on our Boeing 737-900ER fleet in 2021, we expect to complete similar modifications on the Boeing 737-800 fleet by the end of 2025, an enhancement expected to drive over three million gallons of fuel savings annually.

Cumulatively, fleet renewal and optimization efforts have led to a 6.6% improvement in fleet-wide fuel efficiency since 2019.

In 2024, we joined a collaborative project between Hartsfield-Jackson Atlanta International Airport, Airbus and Plug Power to assess the feasibility of hydrogen fueling at the world's busiest airport.

This innovative project supplements previously announced partnerships with Boeing and NASA on their Sustainable Flight Demonstrator program, also known as the X-66, as well as our investment in Joby Aviation, which aims to pioneer home-to-airport transportation through electric, vertical takeoff and landing (eVTOL) technology.

- Aircraft operations: We achieved fuel savings through initiatives like enhanced routing and landing procedures, reductions to catering service weight and use of new engine cleaning technologies.

In 2024, these fuel efficiency efforts allowed us to save approximately 44 million gallons of jet fuel in comparison to fuel consumption in 2019, based on our projected fuel usage had we not undertaken these initiatives.

- Plastic waste reduction: In late 2024, we began using a new paper cup on board international flights with plans to expand use across all domestic flights in the first half of 2025.

Once fully implemented, the new paper cup will help eliminate nearly seven million pounds of single-use plastic on board annually.

- Ground operations: We continue to work with airport partners to drive fuel savings by limiting the use of aircraft Auxiliary Power Units (“APUs”) during ground operations.

In 2024, we installed 30 new preconditioned air units at our Detroit and Minneapolis hubs, which serve as electric alternatives to APUs and do not require jet fuel.

- Continued investment in sustainable aviation fuel ("SAF"): With approximately 90% of our carbon emissions coming from jet fuel, finding lower emissions fuel alternatives is critical to making progress toward net zero.

SAF, which can be channeled to airports through existing fuel infrastructure, is central to reducing the lifecycle emissions from aviation fuel and is safe to use in current aircraft engines.

However, SAF is currently produced in small quantities that do not meet the industry's growing demand and remains significantly more expensive than conventional jet fuel.

Because SAF is not being produced at the scale needed, we continue to catalyze investment and stimulate SAF production by signing offtake agreements with various SAF producers.

Under these agreements, we have contracted to purchase SAF when it is available, subject to certain conditions.

In 2024, we used over 14 million gallons of SAF onboard our aircraft, a small fraction of our overall fuel consumption but more than four times our 2023 SAF utilization.

| | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Delta Air Lines, Inc. \| 2024 Form 10-K | | | | | | 26 | | |

*Item 1C.

Cybersecurity*

We have established a dedicated Information Technology Risk team tasked with the goal of ensuring that risk remediation activities are carried out consistently and that risk remediation controls are operating as [removed: intended and within established thresholds.][added: intended.]

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 27] [added: 26] | | |

In [removed: 2024,] [added: 2025,] the Audit Committee received updates on information security matters at [removed: two] [added: all] of its regular meetings.

In addition to information provided in these meetings, [added: all] members of our Board also have access to internal and external education on cybersecurity risks.

Our cybersecurity incident response plan includes processes for communication about cybersecurity incidents to appropriate levels of management, including to the [added: Delta] Risk Council and [added: Delta] Leadership Committee, as well as the Audit Committee and the Board, as merited.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 28] [added: 27] | | |

In addition, our Chief Information Officer, our Chief Information Security Officer, other members of our information technology leadership team provided a general overview of information technology matters, including cybersecurity, in a special session with all members of our Board of Directors.

Our operating aircraft fleet, purchase commitments and options at December 31, [removed: 2024] [added: 2025] are summarized in the following table.

| A220-100 | | | 45 | | | — | | | — | | | | | | 45 | | | [removed: 5.0] [added: 6.0] | | | | | | — | | | — | | |

| A220-300 | | | [removed: 28 | | | — | | | — | | | | | | 28] [added: 24] | | | [removed: 2.2] [added: 18] | | | [added: 10] | | | [removed: 72] [added: 12] | | | [removed: —] [added: 64] | | |

| A319-100 | | | 57 | | | — | | | — | | | | | | 57 | | | [removed: 22.8] [added: 23.8] | | | | | | — | | | — | | |

| A320-200 | | | [removed: 55] [added: 46] | | | — | | | — | | | | | | [removed: 55] [added: 46] | | | [removed: 28.9] [added: 29.0] | | | | | | — | | | — | | |

| A321-200 | | | [removed: 70] [added: 77] | | | [removed: 15] [added: 8] | | | 42 | | | | | | 127 | | | [removed: 6.0] [added: 7.0] | | | | | | — | | | — | | |

| A321-200neo | | | [removed: 69 | | | — | | | — | | | | | | 69] [added: 20] | | | [removed: 1.4] [added: 42] | | | [added: 6] | | | [removed: 86] [added: —] | | | [removed: 70] [added: 68] | | |

| A330-200 | | | 11 | | | — | | | — | | | | | | 11 | | | [removed: 19.8] [added: 20.8] | | | | | | — | | | — | | |

| A330-300 | | | 28 | | | — | | | 3 | | | | | | 31 | | | [removed: 15.9] [added: 16.9] | | | | | | — | | | — | | |

| A330-900neo | | | [removed: 25] [added: 32] | | | 2 | | | 5 | | | | | | [removed: 32] [added: 39] | | | [removed: 2.6] [added: 3.0] | | | | | | [removed: 7] [added: —] | | | 10 | | |

| A350-900 | | | [removed: 24] [added: 4] | | | — | | | [removed: 11 | | | | | | 35 | | | 4.9 | | |] [added: —] | | | [removed: 9] [added: —] | | | [removed: 10] [added: 4] | | |

| B-717-200 | | | [removed: 48] [added: 80] | | | [removed: 32] [added: —] | | | — | | | | | | 80 | | | [removed: 23.3] [added: 24.3] | | | | | | — | | | — | | |

| B-737-800 | | | 73 | | | 4 | | | — | | | | | | 77 | | | [removed: 23.3] [added: 24.3] | | | | | | — | | | — | | |

| B-737-900ER | | | [removed: 114] [added: 119] | | | [removed: —] [added: 6] | | | [removed: 49] [added: 38] | | | | | | 163 | | | [removed: 9.0] [added: 10.0] | | | | | | — | | | — | | |

| B-757-200 | | | [removed: 88] [added: 76] | | | — | | | — | | | | | | [removed: 88] [added: 76] | | | [removed: 26.9] [added: 27.1] | | | | | | — | | | — | | |

| B-757-300 | | | 16 | | | — | | | — | | | | | | 16 | | | [removed: 21.9] [added: 22.9] | | | | | | — | | | — | | |

| B-767-300ER | | | [removed: 40] [added: 37] | | | — | | | — | | | | | | [removed: 40] [added: 37] | | | [removed: 28.4] [added: 29.0] | | | | | | — | | | — | | |

| B-767-400ER | | | 21 | | | — | | | — | | | | | | 21 | | | [removed: 24.0] [added: 25.0] | | | | | | — | | | — | | |

The following table summarizes the aircraft operated by regional carriers on our behalf at December 31, [removed: 2024.][added: 2025.]

| | | | Fleet [removed: Type(1)(2)] [added: Type(1)] | | | | | | | | | | | | | | |

| Endeavor Air, [removed: Inc.(3)] [added: Inc.(2)] | | | [removed: 9] [added: 19] | | | [removed: 122] [added: 125] | | | — | | | — | | | [removed: 131] [added: 144] | | |

| SkyWest Airlines, Inc. | | | [removed: 7] [added: 5] | | | [removed: 36] [added: 32] | | | — | | | [removed: 86] [added: 87] | | | [removed: 129] [added: 124] | | |

(1)We own [removed: 195] [added: 202] and have operating leases for [removed: two] [added: three] of these regional aircraft.

[removed: (3)Endeavor] [added: (2)Endeavor] Air, Inc. is a wholly owned subsidiary of Delta.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 29] [added: 28] | | |

As part of a multi-year effort, we have been investing in new aircraft to provide an improved customer experience, [removed: greater fuel efficiency that results in reduced carbon emissions,] [added: more premium products,] better operating economics and [removed: more premium products.][added: greater fuel efficiency.]

Our contractual purchase commitments for additional aircraft as of December 31, [removed: 2024] [added: 2025] are detailed in the following table:

| Aircraft Purchase Commitments(1) | | | [removed: 2025] [added: 2026] | | | [removed: 2026] [added: 2027] | | | [removed: 2027] [added: 2028] | | | After [removed: 2027] [added: 2028] | | | Total | | |

| A220-300 | | | [removed: 10] [added: 36] | | | [removed: 16] [added: —] | | | [removed: 22] [added: —] | | | [removed: 24] | | | [removed: 72] [added: 36] | | | [added: 2.7 | | | | | | 64 | | | — | | |]

| A321-200neo | | | [removed: 21] [added: 87] | | | [removed: 29] [added: —] | | | [removed: 30] [added: —] | | | [removed: 6] | | | [removed: 86] [added: 87] | | | [added: 2.0 | | | | | | 68 | | | 70 | | |]

| A350-900 | | | [removed: 5] [added: 29] | | | [removed: 4] [added: —] | | | [removed: —] [added: 11] | | | [removed: —] | | | [removed: 9] [added: 40] | | | [added: 5.3 | | | | | | 4 | | | 10 | | |]

| A350-1000 | | | — | | | [removed: 4] [added: 8] | | | [removed: 4] [added: 12] | | | [removed: 12] [added: —] | | | 20 | | |

| B-737-10 | | | — | | | [removed: 20] [added: 27] | | | [removed: 20] [added: 39] | | | [removed: 60] [added: 34] | | | 100 | | |

[removed: During 2024,] [added: On January 27, 2026,] we entered into a [removed: purchase] [added: definitive] agreement with Airbus [removed: for 20 A350-1000] [added: S.A.S. to purchase 16 Airbus A330-900 aircraft and 15 Airbus A350-900] aircraft, with an option to purchase [added: up to] an additional 20 widebody aircraft.

We own our [removed: Atlanta] reservations [removed: center, other real property in Atlanta and reservations] centers in [removed: North Dakota] [added: Atlanta, Minnesota] and [removed: Minnesota.][added: North Dakota.]

The facilities include pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the [removed: Northeastern] [added: northeastern] U.S., including our New York [added: City] hubs at LaGuardia and JFK.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 30] [added: 29] | | |

| Total | | | 870 | | | 20 | | | 99 | | | | | | 989 | | | 14.8 | | | | | | 256 | | | 120 | | |

| Total | | | 24 | | | 157 | | | 11 | | | 133 | | | 325 | | |

| Total | | | 48 | | | 95 | | | 67 | | | 46 | | | 256 | | |

In addition to the aircraft purchase commitments above, on January 12, 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.

The B-787-10 aircraft will include GEnx engines manufactured by General Electric.

Deliveries of the B-787-10 aircraft will begin in 2031.

The A330-900 aircraft will be powered by the Trent 7000 engine and the A350-900 aircraft will utilize the Trent XWB-84 EP engine, both manufactured by Rolls-Royce.

Deliveries of the aircraft will begin in 2029.

| Total | | | 812 | | | 53 | | | 110 | | | | | | 975 | | | 14.9 | | | | | | 294 | | | 120 | | |

| | | | | | | | | | | | | | | | | | |

| Total | | | 16 | | | 158 | | | 11 | | | 132 | | | 317 | | |

(2)Excluded from the total operating count above are nine CRJ-700 and one CRJ-900 which are owned and temporarily parked as of December 31, 2024.

| A330-900neo | | | 7 | | | — | | | — | | | — | | | 7 | | |

| Total | | | 43 | | | 73 | | | 76 | | | 102 | | | 294 | | |

Deliveries of these aircraft are scheduled to begin in 2026.

Also during 2024 we amended our purchase agreement with Boeing and received an updated delivery schedule for our Boeing 737-10 orders.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 31] [added: 30] | | |

ITEM 5.

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our common stock is listed on the New York Stock Exchange ("NYSE") under the trading symbol DAL.

Holders

As of January 31, 2026, there were approximately 2,000 holders of record of our common stock.

Dividends

Our Board of Directors reinstated a quarterly dividend program in the September 2023 quarter and has increased the quarterly dividend payment each year, most recently to $0.1875 per share beginning in the September 2025 quarter.

The Board expects to be able to continue to pay cash dividends for the foreseeable future, subject to applicable limitations under Delaware law.

Dividend payments are dependent upon our results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by the Board of Directors.

Stock Performance Graph

The following graph compares the cumulative total returns during the period from December 31, 2020 to December 31, 2025 of our common stock to the Standard & Poor's 500 Stock Index and the NYSE ARCA Airline Index.

The comparison assumes $100 was invested on December 31, 2020 in each of our common stock and the indices and assumes that all dividends were reinvested.


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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Delta Air Lines, Inc. \| 2025 Form 10-K | | | | | | 31 | | |

The following table presents information with respect to purchases of common stock we made during the December [removed: 2024] [added: 2025] quarter.

| Shares purchased / withheld from employee awards during the December [removed: 2024] [added: 2025] quarter | | | | | | | | | | | | | | | | | |

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 repurchased under this program through December 31, 2025.

| October 2025 | | | 7,646 | | | $ | 56.17 | | 7,646 | | | $ | 1,000 | | | | |

| November 2025 | | | 6,160 | | | $ | 61.88 | | 6,160 | | | $ | 1,000 | | | | |

| December 2025 | | | 3,583 | | | $ | 66.61 | | 3,583 | | | $ | 1,000 | | | | |

| Total | | | 17,389 | | | | | | 17,389 | | | | | | | | |

Market Information

Our common stock is listed on the New York Stock Exchange ("NYSE") under the trading symbol DAL.

Holders

As of January 31, 2025, there were approximately 2,100 holders of record of our common stock.

Dividends

After suspending dividends in March 2020, our Board of Directors re-instated a quarterly dividend program in 2023 with $0.10 per share dividend payments in both the September and December quarters.

During 2024, we continued our quarterly dividend program with $0.10 per share payments in the March 2024 and June 2024 quarters, and $0.15 per share payments in the September 2024 and December 2024 quarters.

The Board expects to be able to continue to pay cash dividends for the foreseeable future, subject to applicable limitations under Delaware law and compliance with covenants in certain of our credit facilities.

Dividend payments are dependent upon our results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by the Board of Directors.

Stock Performance Graph

The following graph compares the cumulative total returns during the period from December 31, 2019 to December 31, 2024 of our common stock to the Standard & Poor's 500 Stock Index and the NYSE ARCA Airline Index.

The comparison assumes $100 was invested on December 31, 2019 in each of our common stock and the indices and assumes that all dividends were reinvested.


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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Delta Air Lines, Inc. \| 2024 Form 10-K | | | | | | 32 | | |

*Item 5.

Market Information*

| October 2024 | | | 9,168 | | | $ | 49.98 | | 9,168 | | | $ | — | | | | |

| November 2024 | | | 2,845 | | | $ | 63.62 | | 2,845 | | | $ | — | | | | |

| December 2024 | | | 2,383 | | | $ | 63.02 | | 2,383 | | | $ | — | | | | |

| Total | | | 14,396 | | | | | | 14,396 | | | | | | | | |

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 33] [added: 32] | | |

This section of Form 10-K does not address certain items regarding the year ended December 31, [removed: 2022.][added: 2023.]

Discussion and analysis of [removed: 2022] [added: 2023] and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] not included in this Form 10-K can be found in "Item 7.

Management's Discussion and Analysis" of our Annual Report on Form 10-K for the year ended December 31, [removed: 2023.][added: 2024.]

[removed: 2024] [added: 2025] Financial Overview

Our [removed: 2024] [added: 2025] operating income was [removed: $6.0] [added: $5.8] billion, [removed: an improvement] [added: a decrease] of [removed: $474] [added: $173] million compared to [removed: 2023,] [added: 2024,] and operating income, adjusted (a non-GAAP financial measure) was [removed: $6.0] [added: $5.8] billion, a decrease of [removed: $318] [added: $212] million compared to [removed: 2023.][added: 2024.]

The [removed: changes] [added: decreases] in operating income and operating income, adjusted [removed: are] primarily [removed: resulting] [added: result] from [added: nearly offsetting] increases in both revenue and operating [removed: expenses] [added: expenses,] as described below.

As a result of our strong performance in [removed: 2023] [added: 2024] and [removed: 2024,] [added: 2025,] we paid profit sharing of $1.4 billion in February [removed: 2024] [added: 2025] to our employees and will pay another [removed: $1.4] [added: $1.3] billion in February [removed: 2025] [added: 2026] in recognition of these achievements.

*Revenue.* Compared to [removed: 2023,] [added: 2024,] our [removed: 2024] [added: 2025] operating revenue increased [removed: $3.6] [added: $1.7] billion, or [removed: 6%,] [added: 3%,] primarily due to a [removed: 6%] [added: 3%] increase in capacity driven by continued strength in demand for [removed: domestic and international travel and] premium products, [removed: as well as an increase] [added: particularly from corporate customers, growth] in [removed: revenue related to] [added: loyalty travel awards, increased] refinery sales to third [removed: parties.][added: parties and growth of our Delta TechOps third-party maintenance, repair and overhaul ("MRO") business.]

Total revenue, adjusted (a non-GAAP financial measure) increased in [removed: 2024] [added: 2025] by [removed: $2.3] [added: $1.3] billion, or [removed: 4.3%,] [added: 2.3%,] compared to [removed: 2023.][added: 2024.]

Adjustments were to exclude [removed: revenue related to] refinery sales to third parties.

*Operating Expense.* Total operating expense increased [removed: $3.1] [added: $1.9] billion, or [removed: 6%,] [added: 3%,] compared to [removed: 2023,] [added: 2024,] primarily [removed: resulting from] [added: due to] higher [removed: employee-related] [added: employee] costs from increased [removed: wages and related expenses, higher volume-related expenses] [added: wages, costs] associated with [removed: the 6%] [added: a 3%] increase in [removed: capacity] [added: capacity,] and [removed: an increase in] [added: higher] expenses related to refinery sales to third parties.

[removed: The CrowdStrike-caused outage and operational recovery resulted in] [added: In addition,] approximately $170 million of additional operating expenses [added: were incurred in 2024 associated with the Crowdstrike-caused outage] primarily due to customer expense reimbursements and crew-related costs.

Total operating expense, adjusted (a non-GAAP financial measure) increased [removed: $2.7] [added: $1.5] billion, or [removed: 5%,] [added: 3%,] compared to [removed: 2023.][added: 2024.]

Current year adjustments were primarily to exclude expenses related to refinery sales to third [removed: parties, while prior year adjustments also excluded the pilot agreement and related expenses.][added: parties.]

Our total operating cost per available seat mile ("CASM") of [removed: 19.30] [added: 19.31] cents was comparable to [removed: 2023,] [added: 2024,] primarily due to lower fuel expense and a [removed: 6%] [added: 3%] increase in capacity offset by higher [removed: expenses associated with the increase in capacity and related to refinery sales to third parties.][added: employee costs.]

Non-fuel unit costs ("CASM-Ex", a non-GAAP financial measure), which excludes fuel, expenses related to refinery sales to third parties and other items, increased [removed: 2.8%] [added: 2.4%] to [removed: 13.54] [added: 13.86] cents compared to [removed: 2023.][added: 2024, which was in line with our long-term target of low-single digit growth, on higher employee costs and investments in the customer experience.]

*Non-Operating Results.* Total non-operating [removed: expense] [added: income] was [removed: $1.3 billion] [added: $363 million] in [removed: 2024,] [added: 2025,] compared to total non-operating [removed: income] [added: expense] of [removed: $87 million] [added: $1.3 billion] in [removed: 2023,] [added: 2024,] primarily due to mark-to-market gains on certain of our equity investments in [removed: 2023 partially offset by lower expenses] [added: 2025 compared to losses] in [removed: 2024 associated with our debt reduction initiatives.][added: 2024.]

*Cash Flow.* During [removed: 2024,] [added: 2025,] operating activities generated [removed: $8.0] [added: $8.3] billion, primarily from ticket sales and the sale of SkyMiles to our partners.

Investing activities resulted in net cash outflows of approximately [removed: $3.7] [added: $4.2] billion, primarily for [removed: $5.1 billion of] capital [removed: expenditures, partially offset by $1.1 billion of net redemptions of short-term investments.][added: expenditures.]

After adjusting for [added: our strategic investment in WestJet and] certain [removed: activities,] [added: other items,] these results generated [removed: $3.4] [added: $4.6] billion of free cash flow (a non-GAAP financial measure) in [removed: 2024.][added: 2025.]

Also, during [removed: 2024] [added: 2025] we had [added: financing] cash outflows of [removed: approximately $4.0] [added: $4.8] billion [removed: primarily] related to repayment of our debt and finance leases, including [removed: approximately $1.1] [added: $2.9] billion for early repayments and the remainder [removed: from] [added: for] scheduled maturities.

Our cash, cash equivalents, short-term investments and aggregate principal amount committed and available to be drawn under our revolving credit facilities ("liquidity") at December 31, [removed: 2024] [added: 2025] was [removed: $6.1] [added: $7.4] billion.

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | [removed: 34] [added: 33] | | |

| (in millions)(1) | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | | | | | | | | | |

| Ticket - Main cabin | | | $ | [removed: 24,497] [added: 23,391] | | $ | [removed: 24,477] [added: 24,497] | | | | | $ | [removed: 20] [added: (1,106)] | | [removed: —] [added: (5)] | | % |

| Ticket - Premium products | | | [removed: 20,599] [added: 22,097] | | | [removed: 19,119] [added: 20,599] | | | | | | [removed: 1,480] [added: 1,498] | | | [removed: 8] [added: 7] | | % |

| Loyalty travel awards | | | [removed: 3,841] [added: 4,237] | | | [removed: 3,462] [added: 3,841] | | | | | | [removed: 379] [added: 396] | | | [removed: 11] [added: 10] | | % |

| Travel-related services | | | [removed: 1,957] [added: 2,043] | | | [removed: 1,851] [added: 1,957] | | | | | | [removed: 106] [added: 86] | | | [removed: 6] [added: 4] | | % |

| Total passenger revenue | | | $ | [removed: 50,894] [added: 51,768] | | $ | [removed: 48,909] [added: 50,894] | | | | | $ | [removed: 1,985] [added: 874] | | [removed: 4] [added: 2] | | % |

| Cargo | | | [removed: 822] [added: 900] | | | [removed: 723] [added: 822] | | | | | | [removed: 99] [added: 78] | | | [removed: 14] [added: 9] | | % |

| Total operating revenue | | | $ | [removed: 61,643] [added: 63,364] | | $ | [removed: 58,048] [added: 61,643] | | | | | $ | [removed: 3,595] [added: 1,721] | | [removed: 6] [added: 3] | | % |

| TRASM (cents) | | | [removed: 21.37] [added: 21.26] | | ¢ | [removed: 21.34] [added: 21.37] | | ¢ | | | | [removed: 0.03] [added: (0.11)] | | ¢ | [removed: —] [added: (1)] | | % |

| Third-party refinery sales(2) | | | [removed: (1.61)] [added: (1.70)] | | | [removed: (1.24)] [added: (1.61)] | | | | | | [removed: (0.37)] [added: (0.09)] | | | [removed: 30] [added: 6] | | % |

| TRASM, adjusted (cents) | | | [removed: 19.76] [added: 19.56] | | ¢ | [removed: 20.10] [added: 19.76] | | ¢ | | | | [removed: (0.34)] [added: (0.20)] | | ¢ | [removed: (1.6)] [added: (1)] | | % |

Our operating revenue increased [removed: $3.6] [added: $1.7] billion, or [removed: 6%,] [added: 3%,] compared to [removed: 2023 related] [added: 2024 due] to [removed: a 6%] [added: an] increase in [removed: capacity resulting from continued strength in] demand for [removed: domestic and international travel, particularly for our] premium [removed: products (including Delta One, First Class, Delta Premium Select and Delta Comfort+), as well as] [added: products, particularly from corporate customers, growth in loyalty travel awards,] increased [removed: revenue related to] refinery sales to third parties and [removed: loyalty travel awards.][added: growth of our MRO business.]

[added: |] Total revenue per available seat mile ("TRASM") [removed: remained flat as revenues increased at the same rate as capacity.][added: | | | 21.26 | | ¢ | 21.37 | | ¢ | | | | | | |]

See "Refinery Segment" below for additional details on the refinery's operations, including third party refinery [removed: sales recorded in other revenue, during each period.][added: sales.]

| | | | | | | Increase (Decrease) vs. Year Ended December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | | | |

| (in millions) | | | Year Ended December 31, [removed: 2024] [added: 2025] | | | Passenger Revenue | | | RPMs (Traffic) | | | ASMs (Capacity) | | | Passenger Mile Yield | | | PRASM | | | Load Factor | | | | | |

In addition, revenue increased year over year due to the Crowdstrike-caused outage in 2024, which led to a direct revenue impact of approximately $380 million related to approximately 7,000 flight cancellations over five days.

These increases were partially offset by lower aircraft fuel costs.

Remuneration from American Express related to the SkyMiles program were $8.2 billion during 2025, an increase of approximately 11% compared to 2024.

Our proceeds from long-term obligations primarily related to the issuance of $2.0 billion in aggregate principal amount of unsecured notes.

| Other | | | 10,696 | | | 9,927 | | | | | | 769 | | | 8 | | % |

Refinery sales and MRO are included in other revenue, discussed below.

These increases were partially offset by a decline in main cabin revenue due to industry-wide supply exceeding demand for main cabin travel in the uncertain economic environment.

| Atlantic | | | 9,270 | | | 2 | | % | 2 | | % | 3 | | % | (1) | | % | (2) | | % | (1) | | | pt | | |

| Pacific | | | 2,787 | | | 10 | | % | 16 | | % | 9 | | % | (5) | | % | — | | % | 4 | | | pts | | |

Domestic passenger revenue in 2025 increased 1% on a 3% increase in capacity compared to 2024.

The increase in domestic revenue primarily resulted from strong demand for premium products across our domestic network.

International passenger revenue in 2025 increased 2% on a 4% increase in capacity compared to 2024, with growth primarily driven by improvement in the Atlantic and Pacific regions, while Latin America remained stable compared to 2024.

Revenue in the Atlantic region increased 2% on a 3% increase in capacity as we introduced new routes and destinations to Europe and Africa in 2025.

Revenue in the Latin America region remained consistent with 2024 on a slight increase in capacity.

We experienced slight revenue growth in the Caribbean and South America compared to 2024.

Revenue in the Pacific region increased 10% on a 9% increase in capacity compared to 2024 on strong demand to Japan and South Korea, particularly with our premium product offerings.

We continued to invest in our joint venture partnership with Korean Air through the introduction of a new route from Salt Lake City to Seoul-Incheon.

| Refinery | | | $ | 5,077 | | $ | 4,642 | | | | | $ | 435 | | 9 | | % |

During the years ended December 31, 2025 and 2024, the MRO business generated revenues of $822 million and $658 million, respectively.

*Item 7.

MD&A - Results of Operations*

Operating Expense

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Year Ended December 31, | | | | | | Increase (Decrease) | | | % Increase (Decrease) | | | | | |

| (in millions) | | | 2025 | | | 2024 | | | | | | | | | | | |

| Salaries and related costs | | | $ | 17,520 | | $ | 16,161 | | | | | $ | 1,359 | | 8 | | % |

| Aircraft fuel and related taxes | | | 9,819 | | | 10,566 | | | | | | (747) | | | (7) | | % |

| Ancillary businesses and refinery | | | 5,987 | | | 5,416 | | | | | | 571 | | | 11 | | % |

| Contracted services | | | 4,617 | | | 4,228 | | | | | | 389 | | | 9 | | % |

| Landing fees and other rents | | | 3,564 | | | 3,150 | | | | | | 414 | | | 13 | | % |

| Regional carrier expense | | | 2,553 | | | 2,328 | | | | | | 225 | | | 10 | | % |

| Passenger commissions and other selling expenses | | | 2,485 | | | 2,485 | | | | | | — | | | — | | % |

| Depreciation and amortization | | | 2,443 | | | 2,513 | | | | | | (70) | | | (3) | | % |

| Aircraft maintenance materials and outside repairs | | | 2,432 | | | 2,616 | | | | | | (184) | | | (7) | | % |

| Passenger service | | | 1,855 | | | 1,788 | | | | | | 67 | | | 4 | | % |

| Profit sharing | | | 1,337 | | | 1,389 | | | | | | (52) | | | (4) | | % |

| Aircraft rent | | | 542 | | | 548 | | | | | | (6) | | | (1) | | % |

| | | | | | | | | | | | | | | | | | |

| Other | | | 2,388 | | | 2,460 | | | | | | (72) | | | (3) | | % |

Operating income, adjusted in 2023 excluded one-time pilot agreement expenses and other items.

In July 2024, our operations were significantly disrupted by the CrowdStrike-caused outage.

We estimate that this disruption led to a direct revenue impact of approximately $380 million related to approximately 7,000 flight cancellations over five days, which reduced our expected year-over-year capacity growth by approximately 0.4 percentage points during 2024.

Fuel expense was approximately $50 million lower than it would have been as a result of the flight cancellations.

Total cash sales of SkyMiles to American Express were $7.4 billion during 2024, an increase of approximately 8% compared to 2023.

| Other | | | 9,927 | | | 8,416 | | | | | | 1,511 | | | 18 | | % |

| Atlantic | | | 9,133 | | | 1 | | % | 1 | | % | — | | % | — | | % | 1 | | % | 1 | | | pt | | |

| Pacific | | | 2,540 | | | 22 | | % | 30 | | % | 32 | | % | (6) | | % | (7) | | % | (1) | | | pt | | |

Domestic revenue in 2024 was above 2023 levels as we experienced strong demand across the domestic network.

International passenger revenue for 2024 increased 5% with capacity up 8% compared to 2023.

Revenue in each international region increased in 2024, with the Pacific growing at the greatest rate as we continue to restore capacity in the region.

Demand for transatlantic travel remained at high levels throughout 2024 with revenue increasing slightly on flat capacity compared to 2023.

Latin America region revenue increased during 2024 compared to 2023, due to strong demand for leisure destinations in South America and the Caribbean on a 15% increase in capacity.

The Pacific region benefited from improved demand for travel to the region, particularly to South Korea and Japan, on 32% increased capacity.

Our performance in South Korea benefited from the strength of our joint venture partnership with Korean Air, which enables passengers to more seamlessly connect to over 80 destinations in Asia.

Revenue from flights to Japan increased due to higher demand for travel from the United States due in part to weakness in the Japanese Yen compared to the U.S. dollar.

| Refinery | | | $ | 4,642 | | $ | 3,379 | | | | | $ | 1,263 | | 37 | | % |

Revenues from our relationship with American Express increased compared to 2023 driven by co-brand card spend growth and card account acquisitions.

| [Report of Independent Registered Public Accounting [removed: Firm](#ie6343caf72294276ab9a69e69bd23128_148)] [added: Firm](#i0c1341f02f554dbfb62cc2c05136ac29_151)] (PCAOB ID: 42) | | | [removed: [53](#ie6343caf72294276ab9a69e69bd23128_148)] [added: [53](#i0c1341f02f554dbfb62cc2c05136ac29_151)] | | |

| [Consolidated Balance Sheets - December 31, [removed: 20](#ie6343caf72294276ab9a69e69bd23128_154)[2](#ie6343caf72294276ab9a69e69bd23128_154)[4](#ie6343caf72294276ab9a69e69bd23128_154)] [added: 20](#i0c1341f02f554dbfb62cc2c05136ac29_157)[2](#i0c1341f02f554dbfb62cc2c05136ac29_157)[5](#i0c1341f02f554dbfb62cc2c05136ac29_157)] [and [removed: 20](#ie6343caf72294276ab9a69e69bd23128_154)23] [added: 20](#i0c1341f02f554dbfb62cc2c05136ac29_157)24] | | | [removed: [55](#ie6343caf72294276ab9a69e69bd23128_154)] [added: [55](#i0c1341f02f554dbfb62cc2c05136ac29_157)] | | |

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| [Consolidated Statements of Comprehensive Income for the years ended December [removed: 31,](#ie6343caf72294276ab9a69e69bd23128_160) [20](#ie6343caf72294276ab9a69e69bd23128_157)[24](#ie6343caf72294276ab9a69e69bd23128_157)[, 20](#ie6343caf72294276ab9a69e69bd23128_157)[23](#ie6343caf72294276ab9a69e69bd23128_157)] [added: 31,](#i0c1341f02f554dbfb62cc2c05136ac29_163) [20](#i0c1341f02f554dbfb62cc2c05136ac29_160)[2](#i0c1341f02f554dbfb62cc2c05136ac29_160)[5](#i0c1341f02f554dbfb62cc2c05136ac29_160)[, 20](#i0c1341f02f554dbfb62cc2c05136ac29_160)[2](#i0c1341f02f554dbfb62cc2c05136ac29_160)[4](#i0c1341f02f554dbfb62cc2c05136ac29_160)] [and [removed: 20](#ie6343caf72294276ab9a69e69bd23128_157)22] [added: 20](#i0c1341f02f554dbfb62cc2c05136ac29_160)23] | | | [removed: [57](#ie6343caf72294276ab9a69e69bd23128_160)] [added: [57](#i0c1341f02f554dbfb62cc2c05136ac29_163)] | | |

| [Consolidated Statements of Cash Flows for the years ended December [removed: 31,](#ie6343caf72294276ab9a69e69bd23128_163) [20](#ie6343caf72294276ab9a69e69bd23128_157)[24](#ie6343caf72294276ab9a69e69bd23128_157)[, 20](#ie6343caf72294276ab9a69e69bd23128_157)[23](#ie6343caf72294276ab9a69e69bd23128_157)] [added: 31,](#i0c1341f02f554dbfb62cc2c05136ac29_166) [20](#i0c1341f02f554dbfb62cc2c05136ac29_160)[2](#i0c1341f02f554dbfb62cc2c05136ac29_160)[5](#i0c1341f02f554dbfb62cc2c05136ac29_160)[, 20](#i0c1341f02f554dbfb62cc2c05136ac29_160)[2](#i0c1341f02f554dbfb62cc2c05136ac29_160)[4](#i0c1341f02f554dbfb62cc2c05136ac29_160)] [and [removed: 20](#ie6343caf72294276ab9a69e69bd23128_157)22] [added: 20](#i0c1341f02f554dbfb62cc2c05136ac29_160)23] | | | [removed: [58](#ie6343caf72294276ab9a69e69bd23128_163)] [added: [58](#i0c1341f02f554dbfb62cc2c05136ac29_166)] | | |

| [Consolidated Statements of Stockholders' Equity for the years ended December [removed: 31,](#ie6343caf72294276ab9a69e69bd23128_166) [20](#ie6343caf72294276ab9a69e69bd23128_157)[24](#ie6343caf72294276ab9a69e69bd23128_157)[, 20](#ie6343caf72294276ab9a69e69bd23128_157)[23](#ie6343caf72294276ab9a69e69bd23128_157)] [added: 31,](#i0c1341f02f554dbfb62cc2c05136ac29_169) [20](#i0c1341f02f554dbfb62cc2c05136ac29_160)[2](#i0c1341f02f554dbfb62cc2c05136ac29_160)[5](#i0c1341f02f554dbfb62cc2c05136ac29_160)[, 20](#i0c1341f02f554dbfb62cc2c05136ac29_160)[2](#i0c1341f02f554dbfb62cc2c05136ac29_160)[4](#i0c1341f02f554dbfb62cc2c05136ac29_160)] [and [removed: 20](#ie6343caf72294276ab9a69e69bd23128_157)22] [added: 20](#i0c1341f02f554dbfb62cc2c05136ac29_160)23] | | | [removed: [59](#ie6343caf72294276ab9a69e69bd23128_166)] [added: [59](#i0c1341f02f554dbfb62cc2c05136ac29_169)] | | |

[removed: | [Notes] [added: *Notes] to the Consolidated Financial [removed: Statements](#ie6343caf72294276ab9a69e69bd23128_169) | | | [60](#ie6343caf72294276ab9a69e69bd23128_169) | | |][added: Statements*]

| [Note 1 - Summary of Significant Accounting [removed: Policies](#ie6343caf72294276ab9a69e69bd23128_172)] [added: Policies](#i0c1341f02f554dbfb62cc2c05136ac29_175)] | | | [removed: [60](#ie6343caf72294276ab9a69e69bd23128_172)] [added: [60](#i0c1341f02f554dbfb62cc2c05136ac29_175)] | | |

| [removed: [Note](#ie6343caf72294276ab9a69e69bd23128_175) [2](#ie6343caf72294276ab9a69e69bd23128_175)] [added: [Note](#i0c1341f02f554dbfb62cc2c05136ac29_178) [2](#i0c1341f02f554dbfb62cc2c05136ac29_178)] [- Revenue [removed: Recognition](#ie6343caf72294276ab9a69e69bd23128_175)] [added: Recognition](#i0c1341f02f554dbfb62cc2c05136ac29_178)] | | | [removed: [63](#ie6343caf72294276ab9a69e69bd23128_175)] [added: [63](#i0c1341f02f554dbfb62cc2c05136ac29_178)] | | |

| [removed: [Note](#ie6343caf72294276ab9a69e69bd23128_178) [3](#ie6343caf72294276ab9a69e69bd23128_178)] [added: [Note](#i0c1341f02f554dbfb62cc2c05136ac29_181) [3](#i0c1341f02f554dbfb62cc2c05136ac29_181)] [- Fair Value [removed: Measurements](#ie6343caf72294276ab9a69e69bd23128_178)] [added: Measurements](#i0c1341f02f554dbfb62cc2c05136ac29_181)] | | | [removed: [67](#ie6343caf72294276ab9a69e69bd23128_178)] [added: [67](#i0c1341f02f554dbfb62cc2c05136ac29_181)] | | |

| [removed: [Note](#ie6343caf72294276ab9a69e69bd23128_193) [5](#ie6343caf72294276ab9a69e69bd23128_193) [-](#ie6343caf72294276ab9a69e69bd23128_193)] [added: [Note](#i0c1341f02f554dbfb62cc2c05136ac29_190) [5](#i0c1341f02f554dbfb62cc2c05136ac29_190) [-](#i0c1341f02f554dbfb62cc2c05136ac29_190)] [Goodwill [removed: and](#ie6343caf72294276ab9a69e69bd23128_193)] [added: and](#i0c1341f02f554dbfb62cc2c05136ac29_190)] [Intangible [removed: Assets](#ie6343caf72294276ab9a69e69bd23128_193)] [added: Assets](#i0c1341f02f554dbfb62cc2c05136ac29_190)] | | | [removed: [69](#ie6343caf72294276ab9a69e69bd23128_193)] [added: [69](#i0c1341f02f554dbfb62cc2c05136ac29_190)] | | |

| [removed: [Note](#ie6343caf72294276ab9a69e69bd23128_211) [9](#ie6343caf72294276ab9a69e69bd23128_211)] [added: [Note](#i0c1341f02f554dbfb62cc2c05136ac29_208) [8](#i0c1341f02f554dbfb62cc2c05136ac29_208)] [- Employee Benefit [removed: Plans](#ie6343caf72294276ab9a69e69bd23128_211)] [added: Plans](#i0c1341f02f554dbfb62cc2c05136ac29_208)] | | | [removed: [76](#ie6343caf72294276ab9a69e69bd23128_211)] [added: [76](#i0c1341f02f554dbfb62cc2c05136ac29_208)] | | |

| [removed: [Note 1](#ie6343caf72294276ab9a69e69bd23128_217)[0](#ie6343caf72294276ab9a69e69bd23128_217)] [added: [Note](#i0c1341f02f554dbfb62cc2c05136ac29_214) [9](#i0c1341f02f554dbfb62cc2c05136ac29_214)] [- Commitments and [removed: Contingencies](#ie6343caf72294276ab9a69e69bd23128_217)] [added: Contingencies](#i0c1341f02f554dbfb62cc2c05136ac29_214)] | | | [removed: [81](#ie6343caf72294276ab9a69e69bd23128_217)] [added: [81](#i0c1341f02f554dbfb62cc2c05136ac29_214)] | | |

| [removed: [Note 1](#ie6343caf72294276ab9a69e69bd23128_220)[1](#ie6343caf72294276ab9a69e69bd23128_220)] [added: [Note](#i0c1341f02f554dbfb62cc2c05136ac29_217) [10](#i0c1341f02f554dbfb62cc2c05136ac29_217)] [- Income [removed: Taxes](#ie6343caf72294276ab9a69e69bd23128_220)] [added: Taxes](#i0c1341f02f554dbfb62cc2c05136ac29_217)] | | | [removed: [84](#ie6343caf72294276ab9a69e69bd23128_220)] [added: [84](#i0c1341f02f554dbfb62cc2c05136ac29_217)] | | |

| [Note [removed: 1](#ie6343caf72294276ab9a69e69bd23128_223)[2](#ie6343caf72294276ab9a69e69bd23128_223)] [added: 1](#i0c1341f02f554dbfb62cc2c05136ac29_220)[1](#i0c1341f02f554dbfb62cc2c05136ac29_220)] [- Equity and Equity [removed: Compensation](#ie6343caf72294276ab9a69e69bd23128_223)] [added: Compensation](#i0c1341f02f554dbfb62cc2c05136ac29_220)] | | | [removed: [86](#ie6343caf72294276ab9a69e69bd23128_223)] [added: [87](#i0c1341f02f554dbfb62cc2c05136ac29_220)] | | |

| [Note [removed: 1](#ie6343caf72294276ab9a69e69bd23128_229)[3](#ie6343caf72294276ab9a69e69bd23128_229)] [added: 1](#i0c1341f02f554dbfb62cc2c05136ac29_226)[3](#i0c1341f02f554dbfb62cc2c05136ac29_226)] [- Accumulated Other Comprehensive [removed: Loss](#ie6343caf72294276ab9a69e69bd23128_229)] [added: Loss](#i0c1341f02f554dbfb62cc2c05136ac29_226)] | | | [removed: [88](#ie6343caf72294276ab9a69e69bd23128_229)] [added: [89](#i0c1341f02f554dbfb62cc2c05136ac29_226)] | | |

| [Note [removed: 1](#ie6343caf72294276ab9a69e69bd23128_241)[5](#ie6343caf72294276ab9a69e69bd23128_241)] [added: 1](#i0c1341f02f554dbfb62cc2c05136ac29_235)[2](#i0c1341f02f554dbfb62cc2c05136ac29_235)] [- Earnings Per [removed: Share](#ie6343caf72294276ab9a69e69bd23128_241)] [added: Share](#i0c1341f02f554dbfb62cc2c05136ac29_235)] | | | [removed: [91](#ie6343caf72294276ab9a69e69bd23128_241)] [added: [89](#i0c1341f02f554dbfb62cc2c05136ac29_235)] | | |

| Delta Air Lines, Inc. \| [removed: 2024] [added: 2025] Form 10-K | | | | | | 52 | | |