[Form 4] DELTA AIR LINES, INC. Insider Trading Activity

Rhea-AI Filing Summary

Delta Air Lines (DAL): On 10/15/2025, officer William C. Carroll (SVP, Fin & Controller) exercised employee stock options and sold shares. He exercised 6,940 options at $50.52, 2,530 at $58.89, and 4,540 at $39.78, then sold 14,010 shares at a weighted average price of $61.247 (reported range $61.240–$61.261). Following these transactions, he directly beneficially owned 15,816 shares. The options exercised were currently exercisable, with expirations on 02/05/2029, 02/04/2030, and 02/02/2031.

Insights

Equity compensation analyst

Officer exercised vested options and sold shares at ~$61.25.

William C. Carroll executed multiple “M” code transactions on 10/15/2025, exercising employee stock options at strike prices of $50.52, $58.89, and $39.78. He sold 14,010 shares at a weighted average of $61.247, with reported trade prices between $61.240 and $61.261.

The filing lists the options as currently exercisable, with expirations on 02/05/2029, 02/04/2030, and 02/02/2031. After the transactions, direct beneficial ownership stood at 15,816 shares. This is routine insider activity disclosed under Section 16.

The net impact on the company is administrative; proceeds relate to the insider’s trades. Future disclosures in company filings may provide additional context on any subsequent transactions.

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
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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^*

Carroll William C

(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)
	SVP, Fin & Controller

3. Date of Earliest Transaction (Month/Day/Year)
10/15/2025

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	10/15/2025		M		6,940	A	$50.52	22,756	D
Common Stock	10/15/2025		M		2,530	A	$58.89	25,286	D
Common Stock	10/15/2025		M		4,540	A	$39.78	29,826	D
Common Stock	10/15/2025		S		14,010	D	$61.247(1)	15,816	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)	$50.52	10/15/2025		M			6,940	(2)	02/05/2029	Common Stock	6,940	$0	6,940	D
Employee Stock Option (right to buy)	$58.89	10/15/2025		M			2,530	(2)	02/04/2030	Common Stock	2,530	$0	2,530	D
Employee Stock Option (right to buy)	$39.78	10/15/2025		M			4,540	(2)	02/02/2031	Common Stock	4,540	$0	4,540	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 of $61.240 and $61.261 per share, respectively. 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 William C. Carroll	10/17/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did DAL’s SVP William C. Carroll do on 10/15/2025?

He exercised options and sold shares, including a sale of 14,010 shares at a weighted average price of $61.247.

How many Delta (DAL) shares were sold and at what prices?

14,010 shares were sold at prices ranging from $61.240 to $61.261 per share (weighted average $61.247).

What option exercises did the DAL officer report?

He exercised 6,940 options at $50.52, 2,530 at $58.89, and 4,540 at $39.78.

How many DAL shares does the officer own after these transactions?

Direct beneficial ownership is 15,816 shares following the reported transactions.

Were the options already exercisable and when do they expire?

Yes, they were currently exercisable and expire on 02/05/2029, 02/04/2030, and 02/02/2031.

What is the officer’s role at Delta Air Lines (DAL)?

He is an officer serving as SVP, Fin & Controller.