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# Delta Air Lines (DAL) - Recent Events ## Filings that contain financial statements Each of the following Form 8-K filings furnishes an earnings press release (Exhibit 99.1) that includes a consolidated statement of operations, a consolidated statement of cash flows and a consolidated balance sheet, plus non-GAAP reconciliations: - Form 8-K filed October 9, 2026, accession 0000027904-26-000035: quarter and nine months ended September 30, 2026, with 2025 comparatives. - Form 8-K filed July 10, 2026, accession 0000027904-26-000029: quarter and six months ended June 30, 2026, with 2025 comparatives. - Form 8-K filed April 8, 2026, accession 0000027904-26-000020: quarter ended March 31, 2026, with 2025 comparatives. - Form 8-K filed January 13, 2026, accession 0000027904-26-000008: quarter and full year ended December 31, 2025. A supplemental MRO (third-party maintenance) schedule is furnished as Exhibit 99.2. - Form 8-K filed October 9, 2025, accession 0000027904-25-000018: quarter and nine months ended September 30, 2025. ## Earnings and guidance **October 9, 2026 - September quarter 2026 results (0000027904-26-000035).** GAAP operating revenue was $20.2 billion (up 21% from $16.7 billion), operating income $1.5 billion (7.2% margin versus 10.1%), net income $756 million and diluted EPS $1.15 versus $2.17. On an adjusted basis (excluding third-party refinery sales, investment gains/losses and Monroe hedge results), revenue was a record $17.6 billion (up 16%), operating margin 9.4% and EPS $1.72 versus $1.70. Adjusted fuel expense rose 62% to $4.1 billion at $3.61 per gallon (up 60%); non-fuel unit cost rose 7.3%. Free cash flow was $463 million for the quarter and $1.9 billion year to date. Adjusted net debt was $13.4 billion, and liquidity $6.9 billion including $3.1 billion of undrawn revolver capacity. **Guidance cut.** Full-year 2026 EPS guidance is now $5.10 to $5.60, down from the $6.50 to $7.50 range given in January and affirmed on July 10. Free cash flow guidance is approximately $2.5 billion, down from $3 to $4 billion. Management said full-year pre-tax profit is roughly $4.5 billion after a $6 billion increase in fuel costs, and that September quarter EPS absorbed more than $500 million of fuel cost above the early-July guidance; adjusted EPS of $1.72 and operating margin of 9.4% compare with July guidance of $2.00 to $2.50 and 11% to 13%. December quarter guidance: revenue up approximately 20%, operating margin 7% to 9%, EPS $1.15 to $1.65, at an assumed all-in fuel price of about $4.25 per gallon. Year-end gross leverage (adjusted debt to EBITDAR) is guided to approximately 2.2x, with more than $2 billion of debt paydown planned in 2026 (the July guide was approximately 2x). **July 10, 2026 - June quarter 2026 results (0000027904-26-000029).** GAAP revenue $19.8 billion, operating income $1.9 billion (9.4% margin), net income $1.6 billion, diluted EPS $2.44 versus $3.27. Adjusted EPS was $1.56 on an 8.8% operating margin; adjusted fuel expense of $4.4 billion was up 77%. Full-year guidance of EPS $6.50 to $7.50 and free cash flow of $3 to $4 billion was affirmed, and September quarter guidance was revenue up mid-teens, operating margin 11% to 13% and EPS $2.00 to $2.50. The release announced a 15% increase to the quarterly dividend beginning in the September quarter. **April 8, 2026 - March quarter 2026 results (0000027904-26-000020).** GAAP revenue $15.9 billion, operating income $501 million, and a loss per share of $0.44; adjusted revenue was a record $14.2 billion (up 9.4%), adjusted operating margin 4.6% and adjusted EPS $0.64, within the $0.50 to $0.90 initial guidance. June quarter guidance was revenue up low-teens, operating margin 6% to 8% and EPS $1.00 to $1.50, assuming about $4.30 per gallon fuel and a refinery benefit of about $300 million. Management said it would reduce capacity growth, with a downward bias until the fuel environment improves, and recapture higher fuel costs. **January 13, 2026 - December quarter and full year 2025 results (0000027904-26-000008).** Full-year 2025 GAAP revenue was $63.4 billion, operating income $5.8 billion, diluted EPS $7.66 and operating cash flow $8.3 billion; adjusted revenue was $58.3 billion, adjusted EPS $5.82, free cash flow a record $4.6 billion and return on invested capital 12.0%. Initial 2026 guidance was EPS of $6.50 to $7.50 (about 20% growth at the midpoint), free cash flow of $3 to $4 billion and gross leverage of about 2x; March quarter guidance was revenue up 5% to 7%, operating margin 4.5% to 6% and EPS $0.50 to $0.90. **March 17, 2026 - J.P. Morgan Industrials Conference presentation (0001683168-26-001875).** The furnished presentation raised March quarter revenue guidance to up high-single digits (from 5% to 7%) while expecting earnings within the initial guidance range. It noted that elevated fuel prices were being recaptured and that non-fuel unit costs would rise mid-single digits in the quarter. It also restated a target of net leverage of about 1.5x for 2026 and a mid-teens operating margin framework. **December 3, 2025 - Morgan Stanley conference disclosure (0001683168-25-008823).** Delta said demand remained healthy and that a temporary November softening tied to the government shutdown would reduce December quarter pre-tax profit by approximately $200 million, or about 25 cents per share. ## Capital structure and capital actions - **Revolving credit facility, June 11, 2026 (0001683168-26-004816).** Delta entered into a new credit agreement with JPMorgan Chase Bank, N.A. as administrative agent that replaces the November 6, 2023 facility in its entirety. It provides a $2.650 billion revolver ($1.325 billion three-year and $1.325 billion five-year tranches) plus a separate uncommitted standby letter of credit facility, with an accordion to $3.65 billion. It was undrawn at signing. Covenants require a minimum fixed charge coverage ratio of 1.25:1 and a minimum asset coverage ratio of 1.25:1. - **SkyMiles term loan repricing, September 30, 2025 (0001683168-25-007343).** Delta and its subsidiary SkyMiles IP Ltd. amended the SkyMiles Credit Facility with Barclays Bank PLC as agent. The replacement term loans bear interest at adjusted term SOFR plus 1.50%, the maturity extends from October 20, 2027 to October 20, 2028, and annual amortization falls from 20.0% to 1.0%. A 1.00% prepayment premium applies to a repricing within six months. The 1.50% margin was later reduced to 1.25% by the April 2026 amendment described below, so 1.50% is not the current rate. - **2026 Term Loan, January 2026 and September 2026 (0000027904-26-000038).** The Form 10-Q for the quarter ended September 30, 2026 (Note 5, Debt, and MD&A, Financing Activities) states that in January 2026 Delta entered into a $1.25 billion term loan issued by a group of lenders; the proceeds repaid $957 million of Payroll Support Program loans due 2031 and went to general corporate purposes. In September 2026 Delta refinanced the existing term loan facility with a new $1.25 billion term loan maturing in September 2027. - **SkyMiles Credit Facility amendment, April 2026 (0000027904-26-000038).** The same 10-Q states that in April 2026 Delta and SkyMiles IP Ltd. amended the SkyMiles Credit Facility (Barclays Bank PLC as lender and administrative agent). The amendment refinanced the existing term loans with replacement term loans bearing interest at adjusted term SOFR plus 1.25% per annum, and added a 1.00% prepayment premium payable for a Repricing Event within six months following April 23, 2026. - **Dividend.** The July 10, 2026 release announced a 15% increase; the quarterly dividend is $0.2150 per share (previously $0.1875). The Board approved the $0.2150 dividend on June 18, 2026 (paid July 30, 2026, $141 million) and a further $0.2150 dividend on September 24, 2026, payable November 5, 2026, to holders of record October 15, 2026, as disclosed in the Form 10-Q for the quarter ended September 30, 2026 (0000027904-26-000038). - **Buyback.** The same 10-Q states that a $1.0 billion opportunistic share repurchase program, authorized in the June 2025 quarter and open through June 30, 2028, had seen no repurchases through September 30, 2026. ## Fleet orders These are aircraft purchase agreements, not acquisitions of businesses. Both state that the orders are within Delta's previously announced capital expenditure and capacity targets and that long-term financing has been obtained for a substantial portion of the purchase price. - **January 12, 2026 (0000027904-26-000008, Item 1.01):** definitive agreement with The Boeing Company for 30 Boeing 787-10 aircraft with GEnx engines, with options for up to 30 more; deliveries begin in 2031. - **January 27, 2026 (0001683168-26-000578):** definitive agreement with Airbus S.A.S. for 16 A330-900 and 15 A350-900 aircraft, with options for up to 20 additional widebody aircraft; deliveries begin in 2029. ## Management and governance - **December 17, 2025 (0001683168-25-009232):** President Glen W. Hauenstein announced his retirement effective February 28, 2026; Joe Esposito became Executive Vice President and Chief Commercial Officer. Hauenstein remains a strategic advisor through the end of 2026. - **February 13, 2026 (0001683168-26-001033):** principal accounting officer William C. Carroll retires effective March 31, 2026; Julia A. McConnell is designated principal accounting officer effective April 1, 2026. - **March 5, 2026 (0001683168-26-001510):** effective April 1, 2026, Peter W. Carter becomes President, Daniel C. Janki becomes Executive Vice President and Chief Operating Officer (he had been Chief Financial Officer), and Erik S. Snell becomes Executive Vice President and Chief Financial Officer. John E. Laughter, Chief of Operations, retires effective April 30, 2026. Ranjan Goswami becomes Chief Marketing and Product Officer as Alicia Tillman departs. - **Annual meeting, June 18, 2026 (0001683168-26-005025):** shareholders elected all fourteen director nominees, approved the advisory vote on executive compensation, and ratified Ernst & Young LLP as independent auditor for 2026. Shareholder proposals for written consent and for cumulative voting were not approved. ## Other items - The October 9, 2026 release mentions a "strategic relationship with Hyatt" expanding the SkyMiles ecosystem; the filing gives no terms or financial effect. - No merger, acquisition or divestiture of a business is disclosed in the 8-K filings reviewed for this period.