$DAL

DELTA AIR LINES, INC.

CIK:0000027904|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Operating Revenue:
Total operating revenue	$ 20,186	$ 16,673	$ 55,797	$ 47,361
Operating Expense:
Salaries and related costs	4,822	4,443	14,124	12,928
Aircraft fuel and related taxes	4,351	2,570	11,202	7,439
Refinery expense	2,601	1,476	6,346	3,679
Contracted services	1,277	1,166	3,729	3,442
Landing fees and other rents	1,021	921	2,912	2,650
Aircraft maintenance materials and outside repairs	662	667	2,059	1,904
Passenger commissions and other selling expenses	703	645	2,019	1,869
Regional carrier expense	680	649	2,001	1,913
Depreciation and amortization	673	614	1,964	1,823
Passenger service	494	485	1,411	1,397
Profit sharing	389	392	882	986
MRO expense	267	212	868	581
Aircraft rent	159	135	469	408
Other	633	614	1,992	1,987
Total operating expense	18,732	14,989	51,978	43,006
Operating Income	1,454	1,684	3,819	4,355
Non-Operating Income/(Expense):
Interest expense, net	(146)	(171)	(442)	(521)
Gain/(loss) on investments, net	(218)	311	(419)	1,007
Gain/(loss) on extinguishment of debt	2	(6)	(3)	(26)
Miscellaneous, net	(18)	(41)	(87)	(143)
Total non-operating income/(expense), net	(380)	93	(951)	317
Income Before Income Taxes	1,074	1,777	2,868	4,672
Income Tax Provision	(318)	(360)	(798)	(886)
Net Income	$ 756	$ 1,417	$ 2,070	$ 3,786
Basic Earnings Per Share (USD per share)	$ 1.15	$ 2.18	$ 3.17	$ 5.85
Diluted Earnings Per Share (USD per share)	$ 1.15	$ 2.17	$ 3.15	$ 5.80
Comprehensive income	$ 787	$ 1,458	$ 2,162	$ 3,907
Passenger
Operating Revenue:
Total operating revenue	15,534	13,506	43,443	38,852
Cargo
Operating Revenue:
Total operating revenue	301	233	821	654
Other
Operating Revenue:
Total operating revenue	$ 4,351	$ 2,934	$ 11,533	$ 7,855

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Net Cash Provided by Operating Activities
Net Cash Provided by Operating Activities	$ 5,740	$ 6,082
Property and equipment additions:
Flight equipment, including advance payments	(3,444)	(2,912)
Ground property and equipment, including technology	(627)	(680)
Acquisition of strategic investments and related	(150)	0
Other, net	143	134
Net cash used in investing activities	(4,078)	(3,458)
Cash Flows from Financing Activities:
Proceeds from short-term obligations	1,325	0
Proceeds from long-term obligations	103	2,215
Payments on debt and finance lease obligations	(3,334)	(3,931)
Cash dividends	(393)	(318)
Other, net	18	(40)
Net cash used in financing activities	(2,281)	(2,074)
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash Equivalents	(619)	550
Cash, cash equivalents and restricted cash equivalents at beginning of period	4,501	3,421
Cash, cash equivalents and restricted cash equivalents at end of period	3,882	3,971
Non-Cash Transactions:
Operating leases converted to finance leases	562	312
Right-of-use assets acquired or modified under operating leases	447	135
Flight and ground equipment acquired or modified under finance leases	79	59
Debt agreements modified	1,657	371
Current assets:
Cash and cash equivalents	3,787	3,791
Restricted cash included in prepaid expenses and other	77	97
Noncurrent assets:
Restricted cash included in other noncurrent assets	18	83
Total cash, cash equivalents and restricted cash equivalents	$ 3,882	$ 3,971

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 3,787	$ 4,310
Accounts receivable, net of allowance for uncollectible accounts of $13 and $13	4,325	2,850
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $140 and $124	2,637	1,601
Prepaid expenses and other	2,741	2,207
Total current assets	13,490	10,968
Noncurrent Assets:
Property and equipment, net of accumulated depreciation and amortization of $26,369 and $24,719	42,206	39,743
Operating lease right-of-use assets	6,120	6,244
Goodwill	9,753	9,753
Identifiable intangibles, net of accumulated amortization of $934 and $928	5,960	5,966
Equity investments	3,824	4,222
Other noncurrent assets	4,695	4,421
Total noncurrent assets	72,558	70,349
Total assets	86,048	81,317
Current Liabilities:
Current maturities of debt and finance leases	3,324	1,605
Current maturities of operating leases	912	809
Accounts payable	6,595	5,226
Accrued salaries and related benefits	4,550	4,906
Fuel card obligation	1,100	1,100
Other accrued liabilities	2,083	1,945
Total current liabilities	33,575	27,624
Noncurrent Liabilities:
Debt and finance leases	9,527	12,507
Noncurrent operating leases	5,072	5,353
Pension, postretirement and related benefits	3,031	3,156
Deferred income taxes, net	4,232	3,444
Other noncurrent liabilities	3,917	3,994
Total noncurrent liabilities	29,960	32,840
Commitments and Contingencies
Stockholders' Equity:
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 666,699,325 and 659,669,346 shares issued	0	0
Additional paid-in capital	12,071	11,883
Retained earnings	14,883	13,343
Accumulated other comprehensive loss	(4,043)	(4,135)
Treasury stock, at cost, 8,786,945 and 6,498,109 shares	(398)	(238)
Total stockholders' equity	22,513	20,853
Total liabilities and stockholders' equity	86,048	81,317
Air traffic liability
Current Liabilities:
Deferred revenue liability, current	9,560	7,157
Loyalty program deferred revenue
Current Liabilities:
Deferred revenue liability, current	5,451	4,876
Noncurrent Liabilities:
Loyalty program deferred revenue	$ 4,181	$ 4,386