DELTA AIR LINES, INC. (DAL) SEC Filings, Aug-Oct 2025

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.

Delta Air Lines insider sale reported on Form 4. Glen W. Hauenstein, identified as an officer (President), sold 10,000 shares of Delta Air Lines, Inc. (DAL) on 08/27/2025 at a weighted-average price of $61.307 per share. After the sale, the reporting person beneficially owned 217,347 shares, held directly. The filing includes an explanation that the reported price is a weighted average for multiple brokered transactions executed between $61.300 and $61.330, and the filer offers to provide a breakdown on request. The form was signed on 08/29/2025 by an attorney-in-fact.

Delta Air Lines, Inc. (DAL) Form 144: The filer intends to sell 10,000 shares of common stock through Fidelity Brokerage Services LLC on or about 08/27/2025 on the NYSE at an aggregate market value of $613,066.65. The shares were acquired by restricted stock vesting: 6,915 shares vested on 02/09/2022 and 3,085 shares vested on 02/01/2023, each recorded as compensation and paid on the respective vesting dates. The filer reports 652,948,402 shares outstanding for the issuer. The notice includes the signer’s representation that they are not aware of undisclosed material adverse information.

Delta Air Lines insider notice reports a proposed sale of 2,500 common shares through Fidelity Brokerage Services with an approximate sale date of 08/19/2025. The filing lists the aggregate market value of the shares as $151,763.25 and indicates 652,948,402 shares outstanding for the issuer. The securities being sold were acquired as restricted stock vesting: 2,320 shares vested on 06/20/2019 and 180 shares vested on 06/15/2024, both recorded as compensation. The filer reports no sales in the past three months and includes the standard representation that they are not aware of undisclosed material adverse information.

Delta Air Lines, Inc. filed a Form 13F reporting institutional holdings. The report lists 2 Form 13F information table entries with a total market value of $398,321,806. The form was signed by Peter W. Carter, EVP - Chief External Affairs Officer, on 08-08-2025.