DELTA AIR LINES, INC. Insider Trading Activity

Delta Air Lines (DAL) executive John E. Laughter, EVP & Chief of Operations, reported insider transactions dated 10/21/2025.

Rhea-AI Filing Summary

Delta Air Lines (DAL) executive John E. Laughter, EVP & Chief of Operations, reported insider transactions dated 10/21/2025. He exercised employee stock options for 2,503 shares at $49.33, 9,710 shares at $51.23, and 11,110 shares at $50.52, then sold 23,323 shares of common stock at a $62.327 weighted average price. The sale price reflects multiple trades between $62.265 and $62.405 per share. Following these transactions, his directly held common stock totaled 81,109 shares.

The exercised options, each “currently exercisable,” related to grants expiring on 02/08/2027, 02/07/2028, and 02/05/2029, and show 0 remaining for those specific awards after the exercises.

Insider Trade Summary

Exercise and Sale: 23,323 shares ($271K approx. pre-tax spread)

Exercise and Sale 7 txns

Insider Laughter John E

Role EVP & Chief of Operations

Sold 23,323 shs ($1.45M)

Approx. gross sale proceeds $1.45M

Approx. exercise cost $1.18M

Approx. pre-tax spread $271K

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	2,503	$0.00	$0.00
Exercise	Employee Stock Option (right to buy)	9,710	$0.00	$0.00
Exercise	Employee Stock Option (right to buy)	11,110	$0.00	$0.00
Exercise	Common Stock	2,503	$49.33	$123K
Exercise	Common Stock	9,710	$51.23	$497K
Exercise	Common Stock	11,110	$50.52	$561K
Sale	Common Stock	23,323	$62.327	$1.45M

Holdings After Transaction: Employee Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 81,109 shares (Direct)

Footnotes (2)

1. F1. The price reported in column 4 is a weighted average price. The reported shares were sold in multiple transactions through a broker-dealer at prices ranging from $62.265 and $62.405 per share, inclusive. The Reporting Person undertakes to provide, upon request, details regarding the number of shares sold at each separate price to the staff of the Securities and Exchange Commission, Delta Air Lines, Inc., or a security holder of Delta Air Lines, Inc.
2. F2. The option is currently exercisable.

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Accepted by SEC EDGAR 10/23/2025 - 04:30 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Laughter John E

(Last) (First) (Middle)

C/O DELTA AIR LINES, INC., DEPT 981

1030 DELTA BLVD.

(Street)

ATLANTA GA 30354

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DELTA AIR LINES, INC. [ DAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief of Operations

3. Date of Earliest Transaction (Month/Day/Year)
10/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/21/2025		M		2,503	A	$49.33	83,612	D
Common Stock	10/21/2025		M		9,710	A	$51.23	93,322	D
Common Stock	10/21/2025		M		11,110	A	$50.52	104,432	D
Common Stock	10/21/2025		S		23,323	D	$62.327(1)	81,109	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$49.33	10/21/2025		M			2,503	(2)	02/08/2027	Common Stock	2,503	$0	0	D
Employee Stock Option (right to buy)	$51.23	10/21/2025		M			9,710	(2)	02/07/2028	Common Stock	9,710	$0	0	D
Employee Stock Option (right to buy)	$50.52	10/21/2025		M			11,110	(2)	02/05/2029	Common Stock	11,110	$0	0	D

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. The reported shares were sold in multiple transactions through a broker-dealer at prices ranging from $62.265 and $62.405 per share, inclusive. The Reporting Person undertakes to provide, upon request, details regarding the number of shares sold at each separate price to the staff of the Securities and Exchange Commission, Delta Air Lines, Inc., or a security holder of Delta Air Lines, Inc.

2. The option is currently exercisable.

	/s/ Alan T. Rosselot as attorney-in-fact for John E. Laughter	10/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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