Quiet changesRisk Factors
We have also invested in significant upgrades to technology infrastructure and other supporting systems and have largely completed a transition to cloud-based technologies.
The 10-K against last year's
150 changes: 20 added, 20 removed, 105 reworded, 5 quiet changes
10-K 0000027904-26-000013 (2026-02-11) vs 10-K 0000027904-25-000004 (2025-02-11)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 193 words changed in this paragraph; it is 40% similar to last year's version.
Interest expense, net. Interest expense, net includes interest expense and interest income. This decreased compared to 2023 the prior year primarily on due to reduced interest expense resulting from our debt reduction initiatives, which was partially offset by lower interest income. We are reducing the total amount of interest expense by pre-paying our debt in addition to periodic amortization payments and scheduled maturities. initiatives. During 2024, we made payments of $4.0 billion related to our debt and finance lease obligations. We continued to prioritize strengthening the balance sheet and reducing debt with $4.8 billion of payments on debt and finance lease obligations, including approximately $1.1 obligations during 2025. During the June 2025 quarter, we issued $2.0 billion in aggregate principal amount of early repayments. This included early extinguishment of $844 million in principal related to unsecured notes and used a portion of the SkyMiles Term Loan and various secured and proceeds to repay the Payroll Support Program ("PSP") loan due 2030 ("PSP1 Loan"). The new unsecured notes, and approximately $280 million for finance leased aircraft that were purchased. notes carry a lower interest rate than the repaid PSP1 Loan. We continue to seek opportunities to pre-pay our debt, in addition to periodic amortization payments and scheduled maturities, during 2025 and beyond. Interest rates on the Payroll Support Program loans are 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The applicable interest rates will begin to adjust for each loan in April 2025, January 2026 and April 2026. refinance higher cost debt.
Source: Item 7, 10-K 0000027904-26-000013 vs Item 7, 10-K 0000027904-25-000004
Risk Factors 122 words changed in this paragraph; it is 65% similar to last year's version.
An important part of our strategy to expand our global network has been to develop and expand strategic relationships with a number of airlines through joint ventures and other forms of cooperation and support, including equity investments. These relationships and investments involve significant challenges and risks, including that joint ventures or cooperation agreements may be subject to ongoing review and renewal requirements and may not generate the expected financial results, or that we may not realize a satisfactory return on our investments. For example, On September 15, 2025, the DOT's approval of and DOT issued a final order terminating the antitrust immunity grant for our joint cooperation agreement with Aeroméxico is subject and directed us and Aeroméxico to a pending renewal application with the DOT, which was tentatively dismissed pursuant to an Order to Show Cause issued wind down certain joint operations that were covered by the DOT on immunity by January 26, 2024. The existing immunity remains 1, 2026. We and Aeroméxico subsequently filed a petition in effect pending final adjudication the United States Court of Appeals for the Eleventh Circuit for judicial review of the renewal application, DOT final order. On November 12, 2025, the Court granted a stay of the final order pending the resolution of the case, the timing and outcome of which cannot be predicted at this time. In the meantime, we and Aeroméxico continue to operate under the joint cooperation agreement.
Source: Item 1A, 10-K 0000027904-26-000013 vs Item 1A, 10-K 0000027904-25-000004
Accounting Policies 85 words changed in this paragraph; it is 32% similar to last year's version.
Interim Reporting. In November 2023, December 2025, the Financial Accounting Standards Board ("FASB") FASB issued Accounting Standards Update ("ASU") ASU No. 2023-07, "Segment 2025-11, "Interim Reporting (Topic 280): Improvements to Reportable Segment Disclosures." 270)." This standard requires disclosure clarifies interim reporting guidance, develops a list of significant segment expenses disclosures required by other Topics and other segment items by reportable segment. We adopted this intends to enhance consistency in interim reporting across entities. This standard becomes effective January 1, 2024. See Note 14, "Segments," for further information regarding 2028 with early adoption permitted. We do not expect this standard to have a material impact on our segment interim reporting.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000027904-26-000013 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000027904-25-000004
Legal Proceedings 48 words changed in this paragraph; it is 50% similar to last year's version.
Source: Item 3, via Note 9 – COMMITMENTS AND CONTINGENCIES, 10-K 0000027904-26-000013 vs Item 3, via Note 10 – COMMITMENTS AND CONTINGENCIES, 10-K 0000027904-25-000004
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of DAL's Risk Factors and MD&A, 10-K 2026-02-11 against 10-K 2025-02-11. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, wouldQuiet changesRisk Factors
Because passengers often purchase tickets well in advance of their travel, a significant rapid increase in fuel price may could result in the fare charged not covering that increase.
Quiet changesRisk Factors
Certain of these covenants could impose restrictions on our business, and failure to comply with any of the covenants in these agreements could result in events of default.
Quiet changesRisk Factors
As of December 31, 2024, 2025, approximately 20% of our workforce, primarily pilots, was unionized.
Quiet changesRisk Factors
Also in 2023, the EU adopted legislation that will impose established a SAF mandate on fuel supplied at EU airports.