DELTA AIR LINES, INC. SEC Filings

Delta Air Lines, Inc. is updating investors on current travel demand and the impact of the recent U.S. government shutdown. Executives report that demand remains healthy for the December quarter and trends are strong heading into early 2026, with growth in travel bookings returning to initial expectations after a temporary softening in November tied to the shutdown. The company expects the shutdown to reduce its December quarter pre-tax profitability by approximately $200 million, which it estimates equates to about 25 cents of earnings per share.

Delta Air Lines, Inc. filed a Form 13F reporting its institutional holdings as of the reporting period. The filing lists 2 holdings entries and a Form 13F Information Table value total of $662,853,429. The report was signed by Peter W. Carter on 11-14-2025.

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.

Form 144 notice filed for a proposed secondary sale. A shareholder plans to sell up to 23,323 shares of common stock, with an aggregate market value of $1,453,652.18, through Fidelity Brokerage Services LLC. The approximate sale date listed is 10/21/2025 and the shares are listed on the NYSE.

The shares were acquired on 10/21/2025 via cash exercise of stock options originally granted on 02/09/2017 (2,503 shares), 02/08/2018 (9,710 shares), and 02/06/2019 (11,110 shares). Shares outstanding were 652,962,768. This filing is a notice of proposed sale; actual transactions may vary.

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.

Delta Air Lines reported stronger operating results for the September 2025 quarter, with operating income of $1.7 billion, up ? year-over-year and total revenue rising by $1.0 billion. Passenger revenue grew by $399 million, driven by premium product sales and loyalty travel awards, while total adjusted revenue increased 4.1%. Total operating expense rose 5%, reflecting a 4% capacity increase and higher employee costs, partly offset by lower aircraft fuel costs. Fuel expense fell as jet fuel prices declined, reducing fuel's share of operating expense to approximately 17% from 20% year-to-date.

Liquidity remained solid with approximately $6.9 billion available and $3.1 billion undrawn on revolvers. Free cash flow for the quarter was $833 million, capital expenditures are expected to be about $5.0 billion for 2025, and the company issued $2.0 billion of unsecured notes in June. The refinery produced lower operating income due to weaker refined product pricing.

Delta Air Lines, Inc. furnished an 8-K to report that it issued a press release with financial results for the quarter ended September 30, 2025. The press release is included as Exhibit 99.1 to the filing and the company states that the furnished information, including Exhibit 99.1, is not incorporated by reference into other SEC filings. No financial figures, guidance, or other operational details are included in this notice.

Delta Air Lines, Inc. amended its SkyMiles term loan credit facility on September 30, 2025 through a new agreement with Barclays Bank PLC. The amendment refinances the existing term loans into replacement loans that bear interest at a variable rate equal to adjusted term SOFR, with a floor of 0.0% per year, plus a reduced margin of 1.50% per year, payable quarterly. The scheduled maturity of the SkyMiles Credit Facility is extended by one year from October 20, 2027 to October 20, 2028, and required principal amortization is reduced from 20.0% to 1.0% per year, also payable quarterly. A 1.00% prepayment premium now applies if a defined repricing event occurs within six months after September 30, 2025, and the company states there were no other material changes to the facility.

Delta Air Lines is reaffirming its earnings outlook for both the September 2025 quarter and full year 2025. The company expects September-quarter total revenue of $16.0–$16.3 billion, which represents growth of 2% to 4% over the prior year, driven by industry leading operational performance, improved demand trends and industry supply rationalization.

Delta also provides a non-GAAP view of its business by excluding third-party refinery sales from total revenue to better reflect airline operations. For the September 2025 quarter, this yields projected total revenue, adjusted of $14.9–$15.2 billion, compared with $14.59 billion for the quarter ended September 30, 2024. Third-party refinery sales, which relate to Delta’s Monroe refinery and are not part of its airline segment, are removed in this measure to improve comparability with other airlines.