RemovedRisk Factors
DALDelta Air Lines
As a global airline based in the United States, we connect customers across our expansive global network with a commitment to ensuring that the future of travel is connected, personalized and enjoyable. 10-K, Item 1
- Employees
- 103,000
- Headquarters
- Atlanta, GA
- CEO
- Edward H. Bastian
- Next results
- around Jan 12, 2027
10-K 0000027904-26-000013 (2026-02-11) vs 10-K 0000027904-25-000004 (2025-02-11)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 7,521 | 6.5% |
| MD&A | Item 7 | 8,709 | 24.9% |
| Legal Proceedings | Item 3, via Note 9 – COMMITMENTS AND CONTINGENCIES | 1,225 | 7.1% |
| Accounting Policies | Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1,804 | 12.0% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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, would
RewordedRisk Factors
The measures governments and private parties implemented implement in order to stem the spread of a disease outbreak or other public threat, such as the COVID-19 pandemic, and the general concern among travelers about such a disease outbreak or public threat have had, and may in the virus among travelers, had future have, a material adverse effect on the demand for worldwide air travel compared to historical levels, and consequently upon our business for an extended period.
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While we have initiatives and disaster recovery plans in place to prevent or mitigate disruptions, we have experienced a significant disruption in the past, such as the global outage caused by a faulty update by cybersecurity vendor CrowdStrike in July 2024 that resulted in global information technology outages of Windows-based systems. systems and significantly affected our information technology systems, disrupting our operations.
RewordedRisk Factors
For example, in 2024, the EPA finalized regulations defining certain per- and polyfluoroalkyl substances ("PFAS") PFAS as "hazardous substances" under the Comprehensive Environmental Response Compensation and Liability Act ("CERCLA"), CERCLA, and the EPA also finalized regulations establishing drinking water standards for regulating certain PFAS under the Safe Drinking Water Act.
RewordedRisk Factors
In addition, a directive or other regulation that has a significant operational impact on us could us–including, for example, a temporary reduction in flights at high-traffic airports to address air traffic control staffing challenges–could have a material adverse impact on our financial results.
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The compromise of our or our business partners’ or third-party service providers’ technology systems could result in disruption to our operations, damage to our reputation and legal claims or proceedings, liability, fines or other regulatory enforcement actions, disruption to our operations and damage to our reputation, any or all of which could adversely affect our business.
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We and other U.S. carriers are subject to U.S. and foreign data privacy and security laws, as well as emerging laws and regulations governing the use of AI, that are not consistent in all countries in which we operate and which are continuously evolving, requiring ongoing monitoring and updates to our privacy and privacy, information security and AI governance programs.
RewordedRisk Factors
Inefficiencies in the U.S. air traffic control system, which is regulated by the FAA, can result including outdated technology and inadequate staffing levels have resulted, and may in the future result, in delays and disruptions of air traffic, especially during peak travel periods in certain congested markets.
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.
Quiet 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.
AddedMD&A
Our operating revenue increased $1.7 billion, or 3%, compared to 2024 due to an increase in demand for premium products, particularly from corporate customers, growth in loyalty travel awards, increased refinery sales to third parties and growth of our MRO business. Refinery sales and MRO are included in other revenue, discussed below. These increases were partially offset by a decline in main cabin revenue due to industry-wide supply exceeding demand for main cabin travel in the uncertain economic environment.
AddedMD&A
International passenger revenue in 2025 increased 2% on a 4% increase in capacity compared to 2024, with growth primarily driven by improvement in the Atlantic and Pacific regions, while Latin America remained stable compared to 2024.
AddedMD&A
Year Ended December 31, Increase (Decrease) Year Ended December 31, Increase (Decrease)
AddedMD&A
Contracted Services. The increase in contracted services resulted from inflationary rate increases in our operations, volume increases on a 3% increase in capacity and additional contract labor costs associated with the expansion of our Sky Club network, particularly our Delta One lounges.
AddedMD&A
Regional Carrier Expense. The increase in regional carrier expense primarily resulted from higher volume of regional flights and annual rate increases.
AddedMD&A
Aircraft Maintenance Materials and Outside Repairs. The decrease in aircraft maintenance materials and outside repairs expense primarily resulted from the timing of engine maintenance activities, renegotiated engine maintenance agreements and a gain from the sale of our MRO JV located in Queretaro, Mexico. These decreases were partially offset by a higher volume of airframe checks in 2025.
AddedMD&A
Other. The decrease in other operating expense primarily resulted from gains from several sale-leaseback transactions and lower irregular operations expense in 2025.
AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act was signed into law. The legislation did not have a material impact on our income tax expense or effective income tax rate for the year ended December 31, 2025.
AddedMD&A
On January 12, 2026, we entered into a definitive agreement with The Boeing Company to acquire 30 Boeing 787-10 aircraft, with an option to purchase up to an additional 30 of the same aircraft. The B-787-10 aircraft will include GEnx engines manufactured by General Electric. Deliveries of the B-787-10 aircraft will begin in 2031.
AddedMD&A
On January 27, 2026, we entered into a definitive agreement with Airbus S.A.S. to purchase 16 Airbus A330-900 aircraft and 15 Airbus A350-900 aircraft, with an option to purchase up to an additional 20 widebody aircraft. The A330-900 aircraft will be powered by the Trent 7000 engine and the A350-900 aircraft will utilize the Trent XWB-84 EP engine, both manufactured by Rolls-Royce. Deliveries of the aircraft will begin in 2029.
AddedMD&A
Strategic Investment in WestJet. In October 2025, we acquired a 12.7% equity stake in WestJet for $276 million. As part of the transaction, we also assumed a commensurate portion of a shareholder loan receivable from the previous owner.
AddedMD&A
Other. In 2025, other, net investing activities primarily included proceeds from several sale-leaseback transactions, the sale of a portion of our equity investment in Unifi Aviation and the sale of our engine maintenance, repair and overhaul joint venture with Aeroméxico located in Queretaro, Mexico. In 2024, other, net investing activities primarily included proceeds from the sale of our equity ownership in Clear Secure, Inc.
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RewordedMD&A
Compared to 2023, 2024, our 2024 2025 operating revenue increased $3.6 $1.7 billion, or 6%, 3%, primarily due to a 6% 3% increase in capacity driven by continued strength in demand for domestic and international travel and premium products, as well as an increase particularly from corporate customers, growth in revenue related to loyalty travel awards, increased refinery sales to third parties. parties and growth of our Delta TechOps third-party maintenance, repair and overhaul ("MRO") business.
RewordedMD&A
Refinery segment financial information Year Ended December 31, % Increase (Decrease) (Decrease)(1) (in millions, except per gallon data) 2025 2024 2023 Exchanged products $ 580 $ 1,473 $ 2,354 (37)% (61)% Sales of refined products 154 231 304 (24)% (33)% Sales to airline segment 1,150 1,421 1,535 (7)% (19)% Third-party refinery sales 5,077 4,642 3,379 37% 9% Operating revenue $ 6,961 $ 7,767 $ 7,572 3% (10)% Operating income $ 157 $ 38 $ 385 (90)% NM Refinery segment impact on average price per fuel gallon $ (0.04) $ (0.01) $ (0.10) (90)% NM
RewordedMD&A
Total non-operating income was $363 million in 2025, compared to total non-operating expense was of $1.3 billion in 2024, compared to total non-operating income of $87 million in 2023, primarily due to mark-to-market gains on certain of our equity investments in 2023 partially offset by lower expenses 2025 compared to losses in 2024 associated with our debt reduction initiatives. 2024.
RewordedMD&A
The jet fuel produced and procured through exchanging gasoline and diesel fuel produced by the refinery typically provides approximately 200,000 barrels per day, or approximately 75% of our consumption, for use in our airline operations. operations through the production of jet fuel and through exchanges and sales of gasoline and diesel fuel produced by the refinery.
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As of December 31, 2024 2025 the total of these minimum amounts was $7.7 billion and range from approximately $700 million to $1.8 billion $6.0 billion, decreasing on an annual basis over the next five years. from approximately $1.8 billion in 2026 to $300 million in 2030.
RewordedMD&A
Based on applicable interest rates and scheduled debt maturities as of December 31, 2024, 2025, these interest obligations total approximately $3.0 billion and range from approximately $200 million to $600 million $2.4 billion, decreasing on an annual basis over the next five years. from approximately $500 million in 2026 to $200 million in 2030.
RewordedMD&A
Total operating expense increased $3.1 $1.9 billion, or 6%, 3%, compared to 2023, 2024, primarily resulting from due to higher employee-related employee costs from increased wages and related expenses, higher volume-related expenses wages, costs associated with the 6% a 3% increase in capacity capacity, and an increase in higher expenses related to refinery sales to third parties.
RewordedMD&A
As of December 31, 2024, 2025, we had approximately $9.3 $11.2 billion of such obligations, which range from approximately $400 million to $1.3 billion decreasing on an annual basis over the next five years. from approximately $1.4 billion in 2026 to $800 million in 2030.
RewordedMD&A
Non-fuel unit costs ("CASM-Ex", a non-GAAP financial measure), which excludes fuel, expenses related to refinery sales to third parties and other items, increased 2.8% 2.4% to 13.54 13.86 cents compared to 2023. 2024, which was in line with our long-term target of low-single digit growth, on higher employee costs and investments in the customer experience.
RewordedMD&A
Non-Operating ResultsYear Ended December 31, Favorable (Unfavorable) (in millions) 2025 2024 2023 Interest expense, net $ (679) $ (747) $ (834) $ 87 68 Gain/(loss) on investments, net 1,212 (319) 1,263 (1,582) 1,531 Loss on extinguishment of debt (26) (39) (63) 24 13 Miscellaneous, net (144) (232) (279) 47 88 Total non-operating (expense)/income, income/(expense), net $ 363 $ (1,337) $ 87 $ (1,424) 1,700
RewordedMD&A
Our total operating cost per available seat mile ("CASM") of 19.30 19.31 cents was comparable to 2023, 2024, primarily due to lower fuel expense and a 6% 3% increase in capacity offset by higher expenses associated with the increase in capacity and related to refinery sales to third parties. employee costs.
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