[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","srgp98m03tnm4mb3u5n36dic6","revision",2,"title","达美航空2026年第三季度财报发布","originalTitle","DELTA AIR LINES, INC. (0000027904) (Filer)","summary","达美航空2026年第三季度总营收165.73亿美元，同比增长21%；运营收入15.47亿美元，同比下降15%。燃油成本大幅上升，导致净利润756百万美元，每股收益1.15美元，均低于上年同期。公司债务规模从2025年同期的133.08亿美元降至121.05亿美元。","reason","Delta 2026年第三季度营收同比增长21%，但运营收入同比下降15%，燃油成本大幅上升，债务规模有所下降。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_77":91},"publishedAt","2026-10-09T20:22:19.000Z","discoveredAt","2026-10-09T22:56:01.096Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[82],"score",80,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","f2uKafmFel3c",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","3d0e45e8-756c-4e8a-937e-c8296da50224","达美航空下调2026年盈利指引",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

表 10-Q


☑	根据 1934 年证券交易法第 13 条或第 15(d) 条提交的季度报告 1934 年证券交易法

截至 2026 年 9 月 30 日的季度


或
☐	根据 1934 年证券交易法第 13 条或第 15(d) 条提交的过渡报告 1934 年证券交易法

委员会文件编号 001-5424

$\"deltacra01a01a01a02a58.jpg\"$

达美航空公司，股份有限公司

（注册人章程中指定的名称）


特拉华州		58-0218548
（注册或组织的州或其他司法管辖区）		（联邦税务局雇主识别号码）

1030 达美大道
亚特兰大，佐治亚州		30354-1989
（主要执行办公室地址）		（邮政编码）

注册人的电话号码，包括区号：(404) 715-2191

根据证券交易法第 12(b) 条注册的证券：

每类证券的名称

交易代码

每种证券的注册交易所名称

面值为 0.0001 美元的普通股

DAL

纽约证券交易所

通过勾选方框表明注册人（1）是否已提交了根据 1934 年证券交易法第 13 条或第 15(d) 条在前 12 个月内（或注册人需提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去 90 天内受到此类提交要求的约束。

是 ☑ 否 ☐

通过勾选方框表明注册人是否在前 12 个月内（或注册人需提交此类文件的较短期间）根据 S-T 规则 405（本章第 232.405 条）提交了所有要求提交的交互式数据文件。

是 ☑ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中对“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者

☑

加速提交者

☐

非加速提交者

☐

较小报告公司

☐

新兴成长公司

☐

如果是一家新兴成长公司，请通过勾选方框表明注册人是否已选择不使用根据《交易法》第 13(a) 条提供的任何新修订的财务会计标准的延长过渡期。☐

通过勾选方框表明注册人是否为壳公司（根据《交易法》第 12b-2 条的定义）。

是 ☐ 否 ☑

截至 2026 年 9 月 30 日，每类普通股的股份数量

普通股，面值 0.0001 美元 - 657,912,380 股已发行

本文件也可通过我们的网站 http://ir.delta.com/ 获取。


目录

	页码
前言 -前瞻性声明	1
独立注册公共会计公司的报告	2

第一部分：财务信息
第1项：财务报表	3
合并资产负债表	3
合并损益表和综合收益的简要合并报表	4
合并现金流量表的简要合并报表	5
合并股东权益报表	6
简要合并财务报表附注	7
第2项：管理层讨论与分析财务状况和经营成果	18
第3项：关于市场风险的定量和定性披露	33
第4项：内部控制和程序	33

第二部分：其他信息
第1项：法律诉讼	33
第1A项：风险因素	33
第2项：未注册的股权证券销售和资金使用	33
第6项：附录	34

签名	35

前瞻性声明

除非另有说明或上下文另有要求，\"Delta\"、\"我们\"、\"我们\"和\"我们的\"这些术语指的是Delta Air Lines, Inc.及其子公司。

前瞻性声明

本10-Q表格（或由我们或代表我们作出的其他声明）中不是历史事实的声明，包括关于我们估计、期望、信念、意图、预测、目标、抱负、承诺或未来策略的声明，可能根据1995年私人证券诉讼改革法案定义为“前瞻性声明”。前瞻性声明涉及可能使实际结果与历史经验或我们目前期望大相径庭的风险和不确定性。Delta适用的已知重大风险因素在我们截至2025年12月31日止财年年度报告10-K的“第1A项：风险因素”中有所描述（“10-K”），但不包括可能适用于任何发行人或发行的其他风险。所有前瞻性声明仅在作出之日有效，我们没有义务根据法律要求在本报告发布后发生的事件或情况出现时公开更新或修订任何前瞻性声明。


Delta Air Lines, Inc. \| 2026年9月10-Q		1

独立注册公共会计公司的报告

致董事会和股东

Delta Air Lines, Inc.

对中期财务报表的审查结果

我们已审阅了达美航空有限公司（该公司）截至2026年9月30日的合并资产负债表，以及截至2026年9月30日和2025年的三个月和九个月期间的相关合并损益表和综合收益表及合并股东权益表，以及截至2026年9月30日和2025年的九个月期间的合并现金流量表，以及相关附注（统称为“合并中期财务报表”）。根据我们的审阅，我们未发现任何应作出重大修改以使合并中期财务报表符合美国通用会计准则的事项。

我们之前根据美国上市公司会计监督委员会（PCAOB）的标准对该公司截至2025年12月31日的合并资产负债表，以及截至2025年当年结束的相关合并损益表、综合收益表、现金流量表和股东权益表以及相关附注（未在此披露）进行了审计；在我们2026年2月10日的报告中，我们对这些合并财务报表发表了无保留意见。我们认为，随附的截至2025年12月31日的合并资产负债表中的信息在所有重大方面均与从中派生的合并资产负债表相符。

审阅结果的基础

这些财务报表由公司的管理层负责。我们是一家在PCAOB注册的会计师事务所，并根据美国联邦证券法以及证券交易委员会（SEC）和PCAOB的相关规则和法规要求，与该公司保持独立。我们按照PCAOB的标准进行了审阅。对中期财务报表的审阅主要包括应用分析程序并对负责财务和会计事务的人员进行询问。与按照PCAOB标准进行的审计相比，其范围要小得多，审计的目标是就财务报表整体发表意见。因此，我们不发表此类意见。


	/s/ 埃森哲 LLP
佐治亚州亚特兰大
2026年10月9日


达美航空有限公司 \| 2026年9月10-Q表		2

财务报表

达美航空有限公司

合并资产负债表

（未审计）


（单位为百万美元，除每股数据外）	2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	3,787			$	4,310

应收账款，扣除不可收回账款的准备金13和13	4,325			2,850
燃油、消耗性备件和供应品库存，扣除陈旧准备金140和124	2,637			1,601
预付费用和其他	2,741			2,207
流动资产总额	13,490			10,968

非流动资产：
固定资产，扣除累计折旧和摊销26,369和24,719	42,206			39,743
经营租赁使用权资产	6,120			6,244
商誉	9,753			9,753
可识别的无形资产，扣除累计摊销934和928	5,960			5,966
权益投资	3,824			4,222

其他非流动资产	4,695			4,421
非流动资产总计	72,558			70,349
资产总计	$	86,048			$	81,317

负债和股东权益
流动负债：
债务和融资租赁的流动部分	$	3,324			$	1,605
经营租赁的流动部分	912			809
航空交通负债	9,560			7,157
应付账款	6,595			5,226
应计工资及相关福利	4,550			4,906
忠诚计划递延收入	5,451			4,876
信用卡负债	1,100			1,100
其他应计负债	2,083			1,945
流动负债总计	33,575			27,624

非流动负债：
债务和融资租赁	9,527			12,507
非流动经营租赁	5,072			5,353

养老金、退休后及相关福利	3,031			3,156
忠诚计划递延收入	4,181			4,386
递延所得税，净额	4,232			3,444
其他非流动负债	3,917			3,994
非流动负债总计	29,960			32,840

承诺和或有事项

股东权益：
普通股，面值0.0001美元；授权15亿股，已发行666,699,325和659,669,346股	—			—
额外 paid-in 资本	12,071			11,883
留存收益	14,883			13,343
其他综合亏损累计	(4,043)			(4,135)
库藏股，按成本计算，8,786,945和6,498,109股	(398)			(238)
股东权益总计	22,513			20,853
负债和股东权益总计	$	86,048			$	81,317

附注是这些简明合并财务报表的组成部分。


达美航空有限公司 \| 2026年9月10-Q表		3

财务报表

达美航空有限公司

简明合并损益表和综合收益表

（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
（单位为百万美元，除非另有说明）	2026		2025		2026		2025
运营收入：
乘客	$	15,534			$	13,506		$	43,443	$	38,852
货运	301			233			821		654
其他	4,351			2,934			11,533		7,855
总运营收入	20,186			16,673			55,797		47,361

运营费用：
工资及相关费用	4,822			4,443			14,124		12,928
飞机燃油及相关税	4,351			2,570			11,202		7,439
炼油费用	2,601			1,476			6,346		3,679
外包服务	1,277			1,166			3,729		3,442
着陆费及其他租金	1,021			921			2,912		2,650
飞机维修材料及外部维修	662			667			2,059		1,904
乘客佣金及其他销售费用	703			645			2,019		1,869
区域承运商费用	680			649			2,001		1,913
折旧和摊销	673			614			1,964		1,823
乘客服务	494			485			1,411		1,397
利润分享	389			392			882		986
MRO费用	267			212			868		581
飞机租金	159			135			469		408



其他	633			614			1,992		1,987
总运营费用	18,732			14,989			51,978		43,006

运营收入	1,454			1,684			3,819		4,355

非运营收入/支出：
净利息支出	(146)			(171)			(442)		(521)

净投资收益/损失	(218)			311			(419)		1,007
债务注销收益/损失	2			(6)			(3)		(26)

其他，净额	(18)			(41)			(87)		(143)
净非运营收入/支出	(380)			93			(951)		317

税前收入	1,074			1,777			2,868		4,672

所得税拨备	(318)			(360)			(798)		(886)

净利润	$	756			$	1,417		$	2,070	$	3,786

基本每股收益	$	1.15			$	2.18		$	3.17	$	5.85
稀释每股收益	$	1.15			$	2.17		$	3.15	$	5.80

综合收益	$	787			$	1,458		$	2,162	$	3,907

附注是这些简明合并财务报表的组成部分。


达美航空有限公司 \| 2026年9月10-Q表		4

财务报表

达美航空有限公司

简明合并现金流量表

（未经审计）


	截至9月30日的九个月
（以百万计）	2026		2025
经营活动产生的净现金	$	5,740			$	6,082

投资活动产生的现金流量：
固定资产增加：
飞行设备，包括预付款	(3,444)			(2,912)
地面财产和设备，包括技术	(627)			(680)



战略投资和相关收购	(150)			—

其他，净额	143			134
投资活动使用的净现金	(4,078)			(3,458)

融资活动产生的现金流量：
短期债务的收益	1,325			—
长期债务的收益	103			2,215

偿还债务和融资租赁义务	(3,334)			(3,931)

现金股息	(393)			(318)

其他，净额	18			(40)
融资活动使用的净现金	(2,281)			(2,074)

现金、现金等价物和受限现金等价物的（减少）/增加	(619)			550
期初现金、现金等价物和受限现金等价物	4,501			3,421
期末现金、现金等价物和受限现金等价物	$	3,882			$	3,971

非现金交易：
经营租赁转为融资租赁	$	562			$	312
通过经营租赁获得或修改的使用权资产	447			135
通过融资租赁获得或修改的飞行和地面设备	79			59

债务协议修改	1,657			371

下表提供了在合并资产负债表中报告的现金、现金等价物和受限现金等价物与上述相同金额总和之间的调节说明：
	截至9月30日
（以百万计）	2026		2025
流动资产：
现金和现金等价物	$	3,787			$	3,791
包含在预付费用和其他中的受限现金	77			97
非流动资产：
包含在其他非流动资产中的受限现金	18			83
现金、现金等价物和受限现金等价物总额	$	3,882			$	3,971

附注是这些简要合并财务报表不可分割的一部分。


达美航空有限公司 \| 2026年9月10-Q表		5

财务报表

达美航空有限公司

合并股东权益表

（未经审计）


	普通股	额外支付资本	留存收益	其他综合亏损累计	库藏股
（以百万计，除非每股数据）	股数	金额	股数	金额	总计
2025年12月31日余额	660		$	—		$	11,883	$	13,343		$	(4,135)	6	$	(238)	$	20,853
净损失	—		—		—		(289)	—		—		—	(289)
宣告的股息（每股0.1875美元）	—		—		—		(123)	—		—		—	(123)
其他综合收益	—		—		—		—	29		—		—	29
为员工股权奖励发行的普通股(1)	5		—		37		—	—		2		(155)	(118)
股票期权行权	1		—		24		—	—		—		—	24
认股权证行权	1		—		—		—	—		—		—	—
2026年3月31日余额	666		$	—		$	11,944	$	12,931		$	(4,106)	9	$	(393)	$	20,376
净收益	—		—		—		1,604	—		—		—	1,604
宣告的股息（每股0.1875美元和0.2150美元）	—		—		—		(266)	—		—		—	(266)
其他综合收益	—		—		—		—	32		—		—	32
为员工股权奖励发行的普通股(1)	—		—		41		—	—		—		(3)	38
股票期权行权	1		—		31		—	—		—		—	31

2026年6月30日余额	666		$	—		$	12,016	$	14,269		$	(4,074)	9	$	(396)	$	21,815
净收益	—		—		—		756	—		—		—	756
宣告的股息（每股0.2150美元）	—		—		—		(142)	—		—		—	(142)
其他综合收益	—		—		—		—	31		—		—	31
为员工股权奖励发行的普通股(1)	—		—		40		—	—		—		(2)	38

股票期权行权	—		—		15		—	—		—		—	15
2026年9月30日余额	667		$	—		$	12,071	$	14,883		$	(4,043)	9	$	(398)	$	22,513

(1)库存股票因税款支付而被扣留，按每股加权平均价格分别为2026年3月季度的69.41美元、2026年6月季度的74.88美元和2026年9月季度的89.79美元。表中的股份数量可能因四舍五入而无法精确计算。


	普通股	额外支付的资本	留存收益	其他综合损失累计	库存股票
（单位：百万美元，除非另有说明）	股份	金额	股份	金额	总计
2024年12月31日余额	655		$	—		$	11,740	$	8,783		$	(4,979)	8	$	(251)	$	15,293
净收入	—		—		—		240	—		—		—	240
已宣布股息（每股0.15美元）	—		—		—		(98)	—		—		—	(98)
其他综合收入	—		—		—		—	41		—		—	41
为员工股权奖励发行的普通股(1)	—		—		(51)		—	—		(1)		13	(38)
股票期权行权	—		—		9		—	—		—		—	9
认股权证行权	5		—		—		—	—		—		—	—
2025年3月31日余额	660		$	—		$	11,698	$	8,925		$	(4,938)	7	$	(238)	$	15,447
净收入	—		—		—		2,130	—		—		—	2,130
已宣布股息（每股0.15美元和0.1875美元）	—		—		—		(222)	—		—		—	(222)
其他综合收入	—		—		—		—	39		—		—	39
为员工股权奖励发行的普通股(1)	—		—		46		—	—		—		—	46


2025年6月30日余额	660		$	—		$	11,744	$	10,833		$	(4,899)	7	$	(238)	$	17,440
净收入	—		—		—		1,417	—		—		—	1,417
已宣布股息（每股0.1875美元）	—		—		—		(124)	—		—		—	(124)
其他综合收入	—		—		—		—	41		—		—	41
为员工股权奖励发行的普通股(1)	—		—		45		—	—		—		1	46

股票期权行权	—		—		2		—	—		—		—	2
2025年9月30日余额	659		$	—		$	11,791	$	12,126		$	(4,858)	6	$	(237)	$	18,822

(1)库存股票因税款支付而被扣留，按每股加权平均价格分别为2025年3月季度的67.95美元、2025年6月季度的47.23美元和2025年9月季度的58.61美元。表中的股份数量可能因四舍五入而无法精确计算。

附注是这些简明合并财务报表的组成部分。


达美航空有限公司 \| 2026年9月10-Q表		6

简明合并财务报表附注

达美航空有限公司

简明合并财务报表附注

（未经审计）

注1. 重要会计政策摘要

列报基础

附带的未经审计的简明合并财务报表包括达美航空有限公司及其合并子公司账户，并根据美国通用会计原则（\"GAAP\"）为中期财务信息编制。根据这些要求，本10-Q表不包含GAAP要求的完整财务报表所需的所有信息。因此，应结合我们截至2025年12月31日的年度10-K表中的合并财务报表和相关附注来阅读本10-Q表。

管理层认为，附带的未经审计的简明合并财务报表反映了所有调整（包括正常经常性项目），这些调整被认为是对所列期间结果的公允表述所必需的。

由于航空旅行需求的季节性变化、航空燃油价格的波动和其他因素，截至2026年9月30日的三个月和九个月的运营结果不一定代表全年运营结果。

我们将某些前期金额重新分类以符合当期的披露方式。除非另有说明，否则所有披露的金额均未考虑所得税。

近期会计准则

未来几年生效的准则

环境信用额度。2026年5月，财务会计准则委员会发布了会计准则更新第2026-02号“环境信用额度和环境信用义务（第818项）”。该准则为可交易环境资产和监管合规负债的确认、计量、列示和披露提供了具体指南。该准则将于2028年1月1日生效，我们正在评估其对合并财务报表的潜在影响。

注释2。收入确认

乘客收入



	截至9月30日的三个月		截至9月30日的九个月
（以百万美元计）	2026	2025		2026	2025
机票	$	13,620		$	11,859		$	38,158	$	34,173
忠诚旅行奖励	1,302		1,108			3,578	3,140
与旅行相关的服务	612		539			1,707	1,539
乘客收入	$	15,534		$	13,506		$	43,443	$	38,852

机票

我们在截至2026年9月30日和2025年9月30日的九个月内分别确认了约63亿美元和62亿美元的乘客收入，这些收入在这些期间开始时已记录在我们的航空交通负债余额中。


达美航空有限公司 \| 2026年9月10-Q表		7

简明合并财务报表的附注

忠诚旅行奖励

忠诚旅行奖励收入与用里程积分（“里程”）兑换航空旅行有关。我们的SkyMiles忠诚计划允许客户通过乘坐达美航空、达美连接承运商以及其他参与忠诚计划的航空公司获得里程。客户还可以通过参与公司，如信用卡、零售、网约车、租车和酒店公司，通过各自的品牌营销协议从我们这里购买里程。我们与美国运通公司（American Express）的联名信用卡关系是我们最重要的销售里程合同。截至2026年9月30日和2025年9月30日的九个月内，与我们的忠诚计划相关的营销协议的总现金销售额分别为68亿美元和60亿美元，这些销售额被分配到旅行和其他履行义务。

忠诚计划的当前活动。里程合并到一个同质池中，无法单独识别。因此，收入包括期初忠诚计划递延收入余额中的里程以及当期发行的里程。里程兑换的时间可能有很大差异；然而，历史上大部分里程在获得后的两年内被兑换。

下表展示了当前和非当前忠诚计划递延收入的活动情况，并包括通过旅行获得的里程以及通过与这些公司签订的营销协议向参与公司出售的里程。


忠诚计划活动
（以百万美元计）	2026	2025
1月1日余额	$	9,262		$	8,826
获得的里程	4,130		3,605
用于航空旅行的兑换里程	(3,578)		(3,140)
用于非航空旅行和其他的兑换里程	(182)		(169)
截至9月30日的余额	$	9,632		$	9,122

与旅行相关的服务

与旅行相关的服务主要由与乘客航班相关联的服务组成，包括行李费、行政费和机上销售。我们在提供相关运输服务时确认这些服务的收入。

其他收入



	截至9月30日的三个月		截至9月30日的九个月
（以百万美元计）	2026	2025		2026	2025
炼油厂	$	2,601		$	1,476		$	6,346	$	3,680
忠诚度及相关	1,346		1,129			3,911	3,338
维修、维修和大修	296		231			990	621
其他	108		98			286	216
其他收入	$	4,351		$	2,934		$	11,533	$	7,855

炼油厂。这代表向第三方销售的炼油厂销售。有关炼油厂业务收入确认的更多信息，请参阅第9号注释，“业务分部”。

忠诚度及相关。这主要涉及第三方在销售里程时嵌入的品牌使用收入，该收入包含在上述讨论的营销协议总现金销售额中。忠诚度及相关还包括里程兑换非旅行奖励的收入，以及我们的度假套餐业务、休息室访问（包括向某些美国运通卡持卡人提供的访问权限）和旅行产品（例如通过我们的商业合作伙伴预订汽车或酒店的佣金）的收入。

维修、维修和大修。这代表来自我们达美技术运营（Delta TechOps）第三方维修、维修和大修（“MRO”）业务的收入。

其他这主要包括与代码共享协议和国际商业合资协议合同结算相关的收入。


达美航空有限公司 \| 2026年9月10-Q表		8

简明合并财务报表的附注

按地理区域划分的收入

航空业务的运营收入根据每段航班的出发地、飞行路径和目的地在特定地理区域确认。炼油厂业务收入的一部分是向航空公司销售的燃料，这在简明合并财务报表中被抵消。炼油厂业务的其余运营收入包含在境内地区。我们按地理区域划分的乘客和运营收入总结如下：


按地理区域划分的乘客收入

	截至9月30日的三个月		截至9月30日的九个月
（以百万美元计）	2026	2025		2026	2025
国内	$	10,594		$	9,103		$	29,985	$	26,521
大西洋	3,317		2,977			7,947	7,221
拉丁美洲	867		759			3,184	3,047
太平洋	756		667			2,327	2,063
总计	$	15,534		$	13,506		$	43,443	$	38,852


按地理区域划分的运营收入

	截至9月30日的三个月		截至9月30日的九个月
（以百万美元计）	2026	2025		2026	2025
国内	$	14,361		$	11,561		$	39,819	$	33,032
大西洋	3,869		3,423			9,357	8,353
拉丁美洲	997		882			3,703	3,497
太平洋	959		807			2,918	2,479
总计	$	20,186		$	16,673		$	55,797	$	47,361

注释3. 公允价值计量

定期以公允价值计量的资产/负债


（以百万美元计）	2026年9月30日（以百万美元计）	级别1	级别2	级别3
现金等价物	$	2,142		$	2,142	$	—	$	—
受限现金等价物	94		94		—	—





长期投资及相关	3,413		3,026		363	24
燃油对冲合同	(2)		—		(2)	—


（以百万美元计）	2025年12月31日（以百万美元计）	级别1	级别2	级别3
现金等价物	$	2,868		$	2,868	$	—	$	—
受限现金等价物	191		191		—	—




长期投资及相关	3,644		3,366		217	61
燃油对冲合约	1		—		1	—

现金等价物和受限现金等价物。现金等价物通常包括货币市场基金。受限现金等价物通常包括货币市场基金、定期存款、商业票据和可转让存单。受限现金等价物主要与某些自保义务、债务相关准备金和机场承诺有关。受限现金等价物在我们的合并资产负债表（“资产负债表”）的预付费用和其他非流动资产中记录。这些现金等价物的公允价值基于市场方法，使用涉及相同或可比资产的市场交易价格。


达美航空有限公司 \| 2026年9月10-Q表		9

合并中期财务报表附注

长期投资及相关。我们按公允价值计量的长期投资主要由权益投资组成，这些投资根据市场价格或其他可观测交易和输入值进行估值，并在我们的资产负债表的权益投资中记录。我们对私人公司的权益投资在公允价值层级中被归类为第3级，因为其股权不在公开交易所交易，我们的估值包括某些不可观测输入值，包括非公开股权发行。使用不可观测输入值进行公允价值计量本质上是不确定的，重大输入值的变化可能导致不同的公允价值。有关我们权益投资的更多信息，请参阅第4号附注，“投资”。

燃油对冲合约。我们用于对冲燃油价格变动带来的财务风险的衍生品合约与我们全资子公司Monroe Energy, LLC（“Monroe”）的库存相关。在截至2026年9月30日的三个月和九个月内，我们在合并中期利润表和综合收益表（“损益表”）上就飞机燃油及相关税款的燃油对冲合约确认了4.16亿美元和7.19亿美元的损失，而截至2025年9月30日的三个月和九个月内确认的损失为0.21亿美元，收益为0.12亿美元。2026年前九个月确认的损失包括300万美元的公允价值变动损失和7.16亿美元的合约结算损失。已结算合约的收益和损失反映在Monroe的经营结果中。有关我们炼油厂业务部门的更多信息，请参阅第9号附注，“业务部门”。

附注4. 投资


权益投资的持股比例和账面价值
	会计处理	持股比例		账面价值
（以百万美元为单位）		2026年9月30日	2025年12月31日		2026年9月30日	2025年12月31日
法荷航	公允价值	3	%	3	%		$	97		$	100
中国东方航空	公允价值	2	%	2	%		156		319
墨西哥航空集团	权益法	19	%	19	%		393		377
韩亚KAL	公允价值(1)	15	%	15	%		970		861

LATAM	公允价值	11	%	11	%		1,516		1,644
共和航空	公允价值	14	%	14	%		122		124
Unifi航空	权益法	20	%	20	%		48		51
西捷航空	公允价值	13	%	13	%		248		248
Wheels Up	公允价值(2)	36	%	36	%		42		173
其他投资	各种				232		325
股权投资					$	3,824		$	4,222

(1)截至2026年9月30日，我们持有韩进KAL（Hanjin KAL）已发行股份的14.8%（包括普通股和优先股），以及普通股的14.9%。

(2)我们对Wheels Up的投票权上限为29.9%。我们按照公允价值选项对Wheels Up的财务权益进行核算。

Wheels Up. 在截至2026年9月30日的九个月期间，Wheels Up根据2023年签订的循环营运资金信贷协议提取了资金，截至2026年9月30日，未偿还金额为8300万美元。该信贷协议须在2028年9月20日前偿还。

2026年5月，Wheels Up签订了一项新的1亿美元定期贷款信贷协议，我们与其他股东共同出资5700万美元。定期贷款的预定到期日为2029年5月29日。该定期贷款还具有增加最多额外1亿美元的额度。我们还同意将我们对Wheels Up投资的合同转让限制延长至2027年5月20日，此后将受到某些更有限的转让限制。

这两笔贷款在我们的现金流量表中作为投资流出，在我们的资产负债表中作为贷款应收款反映。

在这些交易之后，我们继续认为Wheels Up是一个可变利益实体（\"VIE\"），并且我们不是主要受益人。根据这一评估，Wheels Up未在我们的财务报表中合并。


达美航空有限公司 \| 2026年9月10-Q表		10

合并简明财务报表的附注

注释5. 债务


按类别划分的未偿还债务摘要

（以百万美元为单位）	到期日	年利率在 2026年9月30日	2026年9月30日 2026	2026年12月31日 2025
无担保债券	2028	至	2030	3.75%	至	5.25%	$	2,884		$	2,884
无担保工资支持计划贷款(1)	2031	5.66%	391		1,848
以SkyMiles资产为担保的融资安排：
SkyMiles债券(2)	2026	至	2028	4.75%	2,566		3,422
SkyMiles定期贷款(1)(2)	2026	至	2028	4.98%	584		588
纽约特区特殊设施收入债券(2)	2026	至	2045	4.00%	至	6.00%	3,448		3,522
2026年定期贷款	2027	5.02%	1,250		—
以飞机为担保的融资安排：
凭证(2)	2026	至	2028	2.00%	至	8.00%	837		894
债券(1)(2)	2026	至	2033	6.01%	至	6.24%	70		78
其他融资	2030	5.00%	66		66
2026年公司循环信贷额度(2)	2029	至	2031	未使用	—		—
其他循环信贷额度(2)	2027	至	2029	未使用	—		—
总担保和无担保债务							$	12,096		$	13,302
未摊销（折价）/溢价和债务发行成本，净额及其他				9		6
总债务							$	12,105		$	13,308
减：流动到期							(2,981)		(1,372)
总长期债务							$	9,124		$	11,936

(1)某些融资包括浮动利率债务。所有浮动利率均等于SOFR（通常有下限）或其他指数利率，加上指定的利差。

(2)在上述年份中分阶段到期。

2026年定期贷款

2026年1月，我们与一组贷款方签订了一笔12.5亿美元的定期贷款，所得资金用于偿还2031年到期的9.57亿美元薪资支持计划贷款（详见上表中的无担保薪资支持计划贷款），以及用于一般企业用途。2026年9月，我们以一笔12.5亿美元的定期贷款对现有定期贷款进行了再融资，该贷款将于2027年9月到期。

SkyMiles信用额度

2026年4月，我们与我们间接全资拥有的子公司SkyMiles IP Ltd.签订了对SkyMiles定期贷款信用和担保协议（“SkyMiles信用额度”）的修订协议，巴克莱银行 plc 作为贷款方和管理代理方。此次修订用以替换现有定期贷款的所得资金，该资金的利率为调整后的定期SOFR，加上每年1.25%的利差，并在2026年4月23日之后六个月内发生“重新定价事件”（根据修订后的SkyMiles信用额度定义）时，需支付1.00%的提前还款溢价。

2026年企业循环信用额度

2026年6月，我们与摩根大通银行，美国分行作为管理代理方和相关贷款方签订了新的26.5亿美元循环信用额度（“2026年企业循环信用额度”），用于对现有企业循环信用额度进行再融资和替换。2026年企业循环信用额度将13.25亿美元三年期部分的到期日有效延长至2029年，将13.25亿美元五年期部分的到期日延长至2031年。三年期和五年期部分的借款利率为调整后的定期SOFR，或另一种指数利率，每种情况下均加上规定的利差。


达美航空股份有限公司 \| 2026年9月10-Q表		11

合并简明财务报表附注

循环信用额度的可用性

截至2026年9月30日，我们通过循环信用额度拥有约31亿美元未使用且可动用的额度。

债务公允价值

我们固定利率和浮动利率债务相关的市场风险分别涉及公允价值的潜在下降和对未来收益的负面影响。以下所示的债务公允价值主要基于报告的市场价值、最近完成的市场交易以及基于利率、到期日、信用风险和基础抵押品的估计。债务主要在公允价值层级中归类为第1级或第2级。


未偿债务的公允价值
（以百万美元为单位）	2026年9月30日 2026年9月30日	2025年12月31日 2025年12月31日
账面净值	$	12,105	$	13,308
公允价值	$	11,900	$	13,400

契约条款

我们的债务协议包含各种积极、消极和财务契约。截至2026年9月30日，我们遵守债务协议中的契约条款。

注6. 员工福利计划

我们为符合条件的员工和退休人员及其符合条件的家庭成员提供养老金计划、缴费确定型养老金计划、医疗计划以及残疾和遗属计划。


员工福利计划的净周期成本
	养老金福利(1)		其他退休后和退休前福利
（以百万美元计）	2026	2025		2026	2025
截至9月30日的三个月
服务成本	$	140		$	95		$	36	$	33
利息成本	202		208			43	45
计划资产预期回报	(289)		(267)			(1)	—
以前服务信用的摊销	—		—			(1)	(1)
已确认的净精算损失	35		51			8	5


净定期成本	$	88		$	87		$	85	$	82

截至9月30日的九个月
服务成本	$	197		$	125		$	109	$	99
利息成本	607		623			128	135
计划资产预期回报	(866)		(800)			(2)	(1)
以前服务信用的摊销	—		—			(3)	(3)
已确认的净精算损失	104		151			22	15

净定期成本	$	42		$	99		$	254	$	245

(1)服务成本与基于市场的现金余额计划有关。我们的传统福利计划已冻结，没有服务成本。

服务成本记录在我们的损益表中的薪资及相关成本中，而其他所有组成部分则记录在非运营费用下的其他项目（净额）中。


达美航空有限公司 \| 2026年9月10-Q表		12

简明合并财务报表附注

我们还在某些外国国家为符合条件的员工赞助确定福利养老金计划，这些计划的义务微不足道。这些计划未包含在上述净定期成本表中。

注释7. 承诺与或有事项

飞机采购承诺

截至2026年9月30日，我们未来的飞机采购承诺总额约为267亿美元。


飞机采购承诺(1)
（以百万美元计）	总计
截至2026年12月31日的三个月	$	910
2027	4,930
2028	4,730
2029	5,040
2030	2,720
之后	8,380
总计	$	26,710

(1)这些承诺的时间基于我们与飞机制造商的合同协议，由于供应链、制造和监管限制，其时间仍不确定。

截至2026年9月30日，我们未来的飞机采购承诺包括以下飞机：


按机队类型划分的飞机采购承诺
飞机类型	采购承诺
A220-300	53
A321-200neo	83
A330-900neo	16
A350-900	17
A350-1000	20
B-737-10	100
B-787-10	30
总计	319

飞机订单

在2026年3月季度，我们与波音公司达成了一项最终协议，购买30架波音787-10飞机，并有权再购买最多30架同类型飞机。B-787-10飞机的交付预计从2031年开始。

在2026年3月季度，我们与空客公司达成了一项最终协议，购买16架空客A330-900neo飞机和15架空客A350-900飞机，并有权再购买最多20架宽体飞机。这些飞机的交付预计从2029年开始。

在2026年3月季度，我们行使了购买34架空客A321neo飞机的选择权。该订单的交付预计从2029年开始。除此之外，我们还保留了购买36架空客A321neo飞机的选择权。


达美航空有限公司 \| 2026年9月10-Q表		13

简明合并财务报表附注

法律或有事项

我们涉及与就业实践、环境问题、商业纠纷、反垄断和其他与我们业务相关的监管事项有关的多项法律诉讼。当我们确定法律诉讼的结果很可能不利且损失金额可以合理估计时，我们会记录法律诉讼的损失负债。尽管我们涉及的法律诉讼结果无法确定，但我们认为当前事项的解决不会对我们的合并中期财务报表产生重大不利影响。

第8号注释：累计其他综合损失


累计其他综合损失的组成部分
（以百万美元计）	养老金和其他福利负债	其他	税务影响	总计
2026年1月1日余额	$	(4,459)		$	42	$	282	$	(4,135)
价值变动	—		(3)		—	(3)
转入收益的重分类(1)	124		—		(29)	95
2026年9月30日余额	$	(4,335)		$	39	$	253	$	(4,043)


2025年1月1日余额	$	(5,557)		$	42	$	536	$	(4,979)
价值变动	—		(1)		—	(1)
转入收益的重分类(1)	159		—		(37)	122
2025年9月30日余额	$	(5,398)		$	41	$	499	$	(4,858)

(1)从累计其他综合损失中重分类的养老金和其他福利负债金额在我们的损益表中作为非运营费用中的其他杂项净额进行记录。


达美航空有限公司 \| 2026年9月10-Q表		14

合并中期财务报表的注释

第9号注释：分部

炼油厂运营

由蒙罗运营的炼油厂通常每天生产约20万桶精炼产品（主要是汽油、柴油和航空燃料），并为航空分部提供航空燃料。非航空燃料的生产销售或交换给第三方，这使我们能够采购额外的航空燃料用于航空运营。非航空燃料产品的交换协议在2025年下半年结束。

分部报告

分部业绩是根据以下我们内部会计方法编制的，并根据GAAP与合并金额进行调节。我们的分部并非旨在直接衡量每个分部中包含的产品和服务的运营收入或损失。


分部财务信息
（以百万美元计）	航空	炼油厂		内部销售/其他		合并
截至2026年9月30日的三个月
运营收入	$	17,585		$	2,967			$	(366)	(1)	$	20,186



航空员工工资及相关成本	4,822
飞机燃油及相关成本	4,351
炼油厂销售成本(2)		2,842
折旧和摊销	673		28
其他分部项目(3)	6,252		130
运营收入/（损失）(4)	1,487		(33)					1,454
净利息费用	146		—			—			146

其他非运营费用	234						234
税前收入/（损失）	1,107		(33)			—			1,074
期末总资产	82,741		3,347			(40)			86,048

资本支出	1,390		23					1,413

截至2025年9月30日的三个月
运营收入	$	15,197		$	1,795			$	(319)	(1)	$	16,673



航空员工工资及相关成本	4,443
飞机燃油及相关成本	2,570
炼油厂销售成本(2)		1,611
折旧与摊销	614		28
其他分部项目(3)	5,939		103
运营收入(4)	1,631		53					1,684
利息支出，净额	171		1			(1)			171

其他非运营收入	(264)						(264)
税前收入	1,724		52			1			1,777
期末总资产	76,961		2,680			(18)			79,623

资本支出	1,151		9					1,160

(1)代表向航空分部的销售以及根据上述交换协议交付的产品。在截至2026年9月30日和2025年9月30日的三个月内，向航空分部的销售额分别为3.66亿美元和2.60亿美元。向航空分部的销售代表从炼油厂向航空分部的转移，按市场价格计算，用于航空运营。我们通过参考主要交货地点（即纽约港）的市场指数来确定炼油厂喷气燃料的市场价格。

(2)炼油厂销售成本包含在我们的损益表中的航空燃料及相关税和炼油厂费用中。

(3)航空分部其他分部项目的性质在我们的损益表中有所说明，而炼油厂分部包括员工工资及相关成本、维护、公用事业和其他费用。

(4)炼油厂分部的运营结果包含在我们的损益表中的航空燃料及相关税中。


达美航空有限公司 \| 2026年9月10-Q表		15

合并简明财务报表附注


分部财务信息
（以百万美元计）	航空	炼油厂		内部销售/其他		合并
截至2026年9月30日的九个月
运营收入	$	49,451		$	7,616			$	(1,270)	(1)	$	55,797
航空员工工资及相关成本	14,124
飞机燃料及相关成本	11,202
炼油厂销售成本(2)		6,864
折旧与摊销	1,964		85
其他分部项目(3)	18,620		389
运营收入(4)	3,541		278					3,819
净利息支出/收入	442		(5)			5			442
其他非运营费用	509						509
税前收入	2,590		283			(5)			2,868
资本支出	4,014		57					4,071

截至2025年9月30日的九个月
运营收入	$	43,681		$	5,213			$	(1,533)	(1)	$	47,361
航空员工工资及相关成本	12,928
飞机燃料及相关成本	7,439
炼油厂销售成本(2)		4,772
折旧与摊销	1,823		84
其他分部项目(3)	17,178		315
运营收入(4)	4,313		42					4,355
净利息支出	521		3			(3)			521
其他非运营收入	(838)						(838)
税前收入	4,630		39			3			4,672
资本支出	3,537		55					3,592

(1)代表向航空分部的销售以及根据上述交换协议交付的产品。在截至2026年9月30日和2025年9月30日的九个月内，向航空分部的销售额分别为13亿美元和8.52亿美元。向航空分部的销售代表从炼油厂向航空分部的转移，按市场价格计算，用于航空运营。我们通过参考主要交货地点（即纽约港）的市场指数来确定炼油厂喷气燃料的市场价格。

(2)炼油厂的商品销售成本包含在我们损益表中的航空燃油及相关税款和炼油厂费用中。

(3)航空公司部门其他部门项目的性质显示在我们损益表中，炼油厂部门包括薪资及相关成本、维护、公用事业和其他费用。

(4)炼油厂部门的经营结果包含在我们损益表中的航空燃油及相关税款中。


达美航空有限公司 \| 2026年9月10-Q表		16

合并简要财务报表的附注

第10号附注。每股收益

我们通过将净收入除以加权平均流通普通股数量（不包括受限股票）来计算基本每股收益。我们通过将净收入除以加权平均流通普通股数量加上已发行股权激励计划的稀释效应（包括股票期权、限制性股票奖励和认股权证）来计算稀释每股收益。反稀释普通股等价物未被计入稀释每股收益计算，且不重要。

在2026年3月季度，与工资支持计划相关的剩余190万份认股权证被行使并以净股结算方式完成。截至2026年9月30日，没有未行使的认股权证。

下表显示了基本每股收益和稀释每股收益的计算：


基本每股收益和稀释每股收益
	截至9月30日的三个月		截至9月30日的九个月
（以百万美元为单位，每股数据除外）	2026	2025		2026	2025
净收入	$	756		$	1,417		$	2,070	$	3,786

基本加权平均流通股数	655		649			654	648
股权激励计划的稀释效应	4		5			3	5
稀释加权平均流通股数	659		654			657	653

基本每股收益	$	1.15		$	2.18		$	3.17	$	5.85
稀释每股收益	$	1.15		$	2.17		$	3.15	$	5.80


达美航空有限公司 \| 2026年9月10-Q表		17

第2项。MD&A

第2项。管理层讨论与分析财务状况和经营成果的

以下讨论和分析应与我们截至2026年9月的合并简要财务报表及其相关附注和其他财务信息一起阅读，这些信息包含在本季度10-Q表中，以及我们2025年10-K表中的经审计的合并财务报表及其相关附注。

2026年9月季度财务亮点

我们2026年9月季度的运营收入为 15亿美元，与2025年9月季度相比下降了2.3亿美元。

收入。与2025年9月季度相比，我们的总收入增加了 35亿美元。乘客收入由于高端、主要和忠诚度产品领域的广泛需求强劲，与2025年9月季度相比增加了 20亿美元。此外，总收入的增加还受到向第三方销售炼油产品收入增加以及货运和MRO业务增长的推动。调整后的总收入（一种非GAAP财务指标，排除与向第三方销售炼油产品相关的收入）在2026年9月季度比2025年9月季度增加了24亿美元，或16%。

运营费用。 2026年9月季度的总运营费用比2025年9月季度增加了 37亿美元，或25%，主要是由于飞机燃油成本增加、与向第三方销售炼油产品相关的费用以及薪资及相关成本。调整后的总运营费用（一种非GAAP财务指标，主要排除与向第三方销售炼油产品相关的费用）在2026年9月季度比2025年9月季度增加了24亿美元，或18%。

我们的总运营成本每可用座位英里（“CASM”）比2025年9月季度增加了 25%，而非燃油单位成本（“CASM-Ex”，一种非GAAP财务指标）增加了 7.3%。

非运营结果。 2026年9月季度的总非运营费用为3.8亿美元，而2025年9月季度为收入9300万美元，主要是由于2026年9月季度某些股权投资的公允价值变动损失，而2025年9月季度为收益。

现金流量。在2026年9月季度，经营活动产生了17亿美元，主要是来自机票销售和向合作伙伴出售SkyMiles。来自美国运通的报酬在2026年9月季度为23亿美元。

本季度用于投资活动的现金流量总计为13亿美元，主要是由于资本支出。这些运营和投资活动产生了自由现金流（一种非GAAP财务指标）4.63亿美元。

截至2026年9月30日，我们的现金、现金等价物、短期投资以及我们循环信用额度下可动用的本金总额（“流动性”）为69亿美元。

上述调整后的总收入、调整后的运营费用、CASM-Ex和自由现金流等非GAAP财务指标在下面的“补充信息”中进行了定义和调整。


达美航空有限公司 \| 2026年9月10-Q表		18

项目2. MD&A - 运营结果

运营结果 - 截至2026年9月30日和2025年9月30日的三个月

总运营收入


	截至2026年9月30日的三个月	增加（减少）	% 增加（减少）
（以百万美元计）(1)	2026	2025
机票 - 高端产品	$	6,818		$	5,796			$	1,022	18	%
机票 - 主舱	6,802		6,063			739		12	%
忠诚度旅行奖励	1,302		1,108			194		18	%
与旅行相关的服务	612		539			73		14	%
总客运收入	$	15,534		$	13,506			$	2,028	15	%
货运	301		233			68		29	%
其他	4,351		2,934			1,417		48	%
总运营收入	$	20,186		$	16,673			$	3,513	21	%

TRASM（美分）	25.46	¢	21.09	¢		4.37	¢	21	%
第三方炼油厂销售	(3.28)		(1.87)			(1.41)		75	%

调整后的TRASM(2)	22.18	¢	19.22	¢		2.96	¢	15	%

(1)表格上方的总金额可能由于四舍五入而不完全计算。

(2)每可用座位英里总收入（“TRASM”），调整后是一项非GAAP财务指标。有关TRASM调整的更多信息，请参阅下面的“补充信息”。

与2025年9月季度相比，总收入增加了35亿美元，这是由于高端、主要和忠诚度领域的广泛需求强劲。此外，总收入的增加还受到向第三方炼油厂销售增加以及货运和MRO业务增长的推动。货运收入增长了29%，主要由运量驱动。

按地区划分的客运收入


		增加（减少）与2025年9月30日止的三个月
（以百万美元计）	2026年9月30日止的三个月	客运收入	RPMs （交通量）	ASMs （运力）	客运每英里收益率	PRASM	上座率
国内	$	10,594		16	%	1	%	—	%	15	%	16	%	1		点
大西洋	3,317		11	%	(1)	%	—	%	12	%	11	%	(1)		点
拉丁美洲	867		14	%	(5)	%	(6)	%	20	%	22	%	1		点
太平洋	756		13	%	6	%	8	%	7	%	5	%	(2)		点
总计	$	15,534		15	%	1	%	—	%	14	%	15	%	—		点

国内

国内客运收入在2026年9月季度相比2025年9月季度增长了16%，运力保持不变。国内收入的增长是由于高端、主要和忠诚度领域的广泛需求强劲。

国际

2026年9月季度的国际客运收入相比2025年9月季度增长了12%。大西洋地区的增长主要由高端产品需求驱动。拉丁美洲地区的收入增长反映了对墨西哥商务以及加勒比和墨西哥休闲目的地的需求强劲，尽管由于2026年上半年我们目的地的一些地方发生动乱，墨西哥休闲市场的运力有所下降。太平洋地区的收入增长反映了对高端产品持续的需求以及通往亚洲的新航线。


达美航空有限公司 \| 2026年9月10-Q表		19

项目2. MD&A - 运营结果

其他收入


	截至9月30日的三个月	增加（减少）	% 增加（减少）
（以百万美元计）	2026	2025
炼油厂	$	2,601		$	1,476		$	1,125	76	%
忠诚度及相关	1,346		1,129			217	19	%
MRO	296		231			65	28	%
其他	108		98			10	10	%
其他收入	$	4,351		$	2,934		$	1,417	48	%

炼油厂。与2025年9月季度相比，第三方炼油厂销售增加了11亿美元。有关炼油厂运营的更多细节，包括第三方炼油厂销售，请参阅下面的“炼油厂部门”。

Loyalty and Related. This primarily relates to revenue from brand usage by third parties embedded in miles sold. Loyalty and related also includes the redemption of miles for non-travel awards and revenue from our vacation package operations, lounge access (including access provided to certain American Express cardholders) and travel products (e.g., commissions from car rentals or hotels booked with our commercial partners). Most of the increase compared to the prior period is driven by higher customer spend on American Express cards and new card acquisitions as we refreshed our co-brand credit card portfolio with new and enhanced travel benefits during the June 2026 quarter.

MRO. This represents revenue from our Delta TechOps third-party maintenance, repair and overhaul (\"MRO\") business. The increase compared to the prior period resulted from a shift in mix to work on more legacy engines than next generation engines, which we expect to continue through the remainder of 2026.

Miscellaneous. This is primarily composed of revenues related to codeshare agreements and international commercial joint venture contractual settlements.


Delta Air Lines, Inc. \| September 2026 Form 10-Q		20

Item 2. MD&A - Results of Operations

Operating Expense


	Three Months Ended September 30,	Increase (Decrease)	% Increase (Decrease)
(in millions)	2026	2025
Salaries and related costs	$	4,822		$	4,443		$	379	9	%
Aircraft fuel and related taxes	4,351		2,570			1,781	69	%
Refinery expense	2,601		1,476			1,125	76	%
Contracted services	1,277		1,166			111	10	%
Landing fees and other rents	1,021		921			100	11	%
Aircraft maintenance materials and outside repairs	662		667			(5)	(1)	%
Passenger commissions and other selling expenses	703		645			58	9	%
Regional carrier expense	680		649			31	5	%
Depreciation and amortization	673		614			59	10	%
Passenger service	494		485			9	2	%
Profit sharing	389		392			(3)	(1)	%
MRO expense	267		212			55	26	%
Aircraft rent	159		135			24	18	%
Other	633		614			19	3	%
Total operating expense	$	18,732		$	14,989		$	3,743	25	%

Salaries and Related Costs. The increase in salaries and related costs primarily resulted from the implementation of 4% base pay increases for eligible employees effective on June 1, 2026 and for Delta pilots on January 1, 2026, annual pay scale step up and increases in premium pay from operational disruptions.

Aircraft Fuel and Related Taxes. Aircraft fuel and related taxes increased $1.8 billion compared to the September 2025 quarter primarily due to a 63% increase in our average jet fuel purchase price. We expect that fuel consumption for the remainder of 2026 will remain aligned with capacity changes compared to 2025, while elevated jet fuel costs are anticipated to persist until market disruptions and geopolitical events are resolved.

Refinery Expense. This includes expenses associated with refinery sales to third parties. See \"Refinery Segment\" below for additional details on the refinery's operations.

Contracted Services. The increase in contracted services primarily resulted from expanding our in-flight entertainment and Wi-Fi products, volume increases in our Cargo business and additional contract labor costs associated with the expansion of our Sky Club network, particularly our Delta One lounges.

Landing Fees and Other Rents. The increase in landing fees and other rents resulted from higher rates charged by airports following the completion of extensive redevelopment projects at numerous facilities.

Depreciation and Amortization. The increase in depreciation and amortization results from new aircraft deliveries and fleet modifications, partially offset by aircraft retirements.

MRO Expense. This represents expenses from our Delta TechOps third-party MRO business. The increase compared to the prior period resulted from a shift in mix to work on more legacy engines than next-generation engines, which we expect to continue through the remainder of 2026.

Aircraft Rent. Aircraft rent increased primarily related to additional engine leases to support our operation.


Delta Air Lines, Inc. \| September 2026 Form 10-Q		21

Item 2. MD&A - Results of Operations

Results of Operations - Nine Months Ended September 30, 2026 and 2025

Total Operating Revenue


	Nine Months Ended September 30,	Increase (Decrease)	% Increase (Decrease)
(in millions)(1)	2026	2025
Ticket - Premium products	$	19,100		$	16,402			$	2,698	16	%
Ticket - Main cabin	19,058		17,771			1,287		7	%
Loyalty travel awards	3,578		3,140			438		14	%
Travel-related services	1,707		1,539			168		11	%
Total passenger revenue	$	43,443		$	38,852			$	4,591	12	%
Cargo	821		654			167		26	%
Other	11,533		7,855			3,678		47	%
Total operating revenue	$	55,797		$	47,361			$	8,436	18	%

TRASM (cents)	24.56	¢	21.04	¢		3.52	¢	17	%
Third-party refinery sales	(2.79)		(1.63)			(1.16)		71	%

TRASM, adjusted(2)	21.77	¢	19.41	¢		2.36	¢	12	%

(1)Total amounts in the table above may not calculate exactly due to rounding.

(2)TRASM, adjusted is a non-GAAP financial measure. For additional information on adjustments to TRASM, see \"Supplemental Information\" below.

Unless otherwise discussed below, the changes in total revenue line items, as well as the underlying reasons for these changes, compared to the nine months ended September 30, 2025, are consistent with the discussion above under Results of Operations - Three Months Ended September 30, 2026 and 2025.

Compared to the nine months ended September 30, 2025, total revenue increased $8.4 billion, or 18%, on a 1% increase in capacity.

Passenger Revenue by Geographic Region


		Increase (Decrease) vs. Nine Months Ended September 30, 2025
(in millions)	Nine Months Ended September 30, 2026	Passenger Revenue	RPMs (Traffic)	ASMs (Capacity)	Passenger Mile Yield	PRASM	Load Factor
Domestic	$	29,985		13	%	2	%	1	%	11	%	12	%	—		pts
Atlantic	7,947		10	%	—	%	1	%	10	%	9	%	(1)		pt
Latin America	3,184		5	%	(6)	%	(5)	%	11	%	10	%	—		pts
Pacific	2,327		13	%	6	%	6	%	6	%	6	%	—		pts
Total	$	43,443		12	%	1	%	1	%	11	%	11	%	—		pts

Domestic passenger revenue for the nine months ended September 30, 2026 increased 13% on 1% higher capacity compared to the nine months ended September 30, 2025. International passenger revenue for the nine months ended September 30, 2026 increased 9% on 1% higher capacity compared to the nine months ended September 30, 2025.

Other Revenue


	Nine Months Ended September 30,	Increase (Decrease)	% Increase (Decrease)
(in millions)	2026	2025
Refinery	$	6,346		$	3,680		$	2,666	72	%
Loyalty and related	3,911		3,338			573	17	%
MRO	990		621			369	59	%
Miscellaneous	286		216			70	32	%
Other revenue	$	11,533		$	7,855		$	3,678	47	%


Delta Air Lines, Inc. \| September 2026 Form 10-Q		22

Item 2. MD&A - Results of Operations

Operating Expense


	Nine Months Ended September 30,	Increase (Decrease)	% Increase (Decrease)
(in millions)	2026	2025
Salaries and related costs	$	14,124		$	12,928		$	1,196	9	%
Aircraft fuel and related taxes	11,202		7,439			3,763	51	%
Refinery expense	6,346		3,679			2,667	72	%
Contracted services	3,729		3,442			287	8	%
Landing fees and other rents	2,912		2,650			262	10	%
Aircraft maintenance materials and outside repairs	2,059		1,904			155	8	%
Passenger commissions and other selling expenses	2,019		1,869			150	8	%
Regional carrier expense	2,001		1,913			88	5	%
Depreciation and amortization	1,964		1,823			141	8	%
Passenger service	1,411		1,397			14	1	%
Profit sharing	882		986			(104)	(11)	%
MRO expense	868		581			287	49	%
Aircraft rent	469		408			61	15	%
Other	1,992		1,987			5	—	%
Total operating expense	$	51,978		$	43,006		$	8,972	21	%

Unless otherwise discussed below, the changes in operating expense line items, as well as the underlying reasons for these changes, compared to the nine months ended September 30, 2025, are consistent with the discussion above under Results of Operations - Three Months Ended September 30, 2026 and 2025.

Aircraft Fuel and Related Taxes. Aircraft fuel and related taxes increased $3.8 billion compared to the nine months ended September 30, 2025 due to a 52% increase in our average jet fuel purchase price, mainly due to increases beginning in March 2026.

Profit Sharing. Profit sharing decreased by $104 million due to lower results compared to the nine months ended September 30, 2025. Our profit sharing program pays 10% to all eligible employees for the first $2.5 billion of annual profit, as defined by the terms of the program, and 20% of annual profit above $2.5 billion.

Non-Operating Results


	Three Months Ended September 30,		Favorable (Unfavorable)		Nine Months Ended September 30,	Favorable (Unfavorable)
(in millions)	2026	2025			2026	2025
Interest expense, net	$	(146)		$	(171)		$	25		$	(442)	$	(521)	$	79

Gain/(loss) on investments, net	(218)		311			(529)		(419)	1,007		(1,426)
Gain/(loss) on extinguishment of debt	2		(6)			8		(3)	(26)		23

Miscellaneous, net	(18)		(41)			23		(87)	(143)		56
Total non-operating income/(expense)	$	(380)		$	93		$	(473)		$	(951)	$	317	$	(1,268)

Interest expense, net. Interest expense, net includes interest expense and interest income. This decreased compared to the prior year primarily due to reduced interest expense resulting from our debt reduction initiatives. During 2025, we reduced our debt and finance lease obligations by approximately $2.0 billion. We have continued to pay down our debt during the nine months ended September 30, 2026 with $3.3 billion of payments on debt and finance lease obligations, of which $2.3 billion were early repayments, some of which were enabled by refinancings with lower interest rates. These payments resulted in a net reduction of debt and finance lease obligations by $1.3 billion during the nine months ended September 30, 2026.


Delta Air Lines, Inc. \| September 2026 Form 10-Q		23

Item 2. MD&A - Non-Operating Results

Gain/(loss) on investments, net. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in certain companies, particularly those without publicly-traded shares. See Note 4 of the Notes to the Condensed Consolidated Financial Statements for additional information on our equity investments measured at fair value on a recurring basis.

Gain/(loss) on extinguishment of debt. Gain/(loss) on extinguishment of debt reflects the gains or losses incurred in the early repayment of certain loans and notes.

Miscellaneous, net. Miscellaneous, net primarily includes employee benefit plans net periodic cost, charitable contributions, our share of our equity method investments' results, dividends received from our equity investees and foreign exchange gains/(losses).

Income Taxes

In certain periods, we may have adjustments to our net deferred tax liabilities as a result of changes in prior year estimates, the valuation allowance on mark-to-market adjustments on our equity investments, and tax laws enacted during the period, which will impact the effective tax rate for that period. Excluding mark-to-market adjustments on equity investments recognized in the nine months ended September 2026, we project our annual effective tax rate for 2026 will be 23% to 25%.

Refinery Segment

The refinery operated by Monroe typically produces approximately 200,000 barrels of refined products (primarily gasoline, diesel and jet fuel) per day and operates for the benefit of the airline segment by providing jet fuel to the airline. Non-jet fuel production is sold to or exchanged with third parties, which enables us to procure additional jet fuel for consumption in our airline operations. Third party refinery sales increased in 2026 compared to the three and nine months ended September 30, 2025 due to higher market prices for refined products, and a shift in mix to more sales than exchanges as exchange agreements for non-jet fuel products ended during the second half of 2025.

The refinery generated an operating loss of $33 million in the September 2026 quarter compared to operating income of $53 million in the September 2025 quarter. The decrease in operating income in the September 2026 quarter primarily results from volatility in crude pricing and the negative impact from a temporary outage that halted production at the refinery beginning in the middle of June 2026. The outage initially halted production and subsequently resulted in reduced operating capacity during the September 2026 quarter. By the end of the September 2026 quarter, the refinery operated at normal production levels and we expect it to return to profitability in the December 2026 quarter.

For more information regarding the refinery's results, see Note 9 of the Notes to the Condensed Consolidated Financial Statements.


Refinery segment financial information
	Three Months Ended September 30,		Increase (Decrease)	Nine Months Ended September 30,	Increase (Decrease)
(in millions)	2026	2025		2026	2025
Third party refinery sales	$	2,601		$	1,476		$	1,125		$	6,346	$	3,680	$	2,666
Sales to airline segment and other	366		319			47	1,270		1,533		(263)
Operating revenue	$	2,967		$	1,795		$	1,172		$	7,616	$	5,213	$	2,403

Operating income/(loss)	$	(33)		$	53		$	(86)		$	278	$	42	$	236


Delta Air Lines, Inc. \| September 2026 Form 10-Q		24

Item 2. MD&A - Operating Statistics

Operating Statistics


	Three Months Ended September 30,	% Increase (Decrease)		Nine Months Ended September 30,	% Increase (Decrease)
Consolidated(1)	2026	2025		2026	2025
Revenue passenger miles (in millions) (\"RPM\")	68,133		67,621			1	%		191,369		189,717		1		%
Available seat miles (in millions) (\"ASM\")	79,288		79,054			—	%		227,145		225,099		1		%
Passenger mile yield	22.80	¢	19.97	¢		14	%		22.70	¢	20.48	¢	11		%
Passenger revenue per available seat mile (\"PRASM\")	19.59	¢	17.08	¢		15	%		19.13	¢	17.26	¢	11		%
Total revenue per available seat mile (\"TRASM\")	25.46	¢	21.09	¢		21	%		24.56	¢	21.04	¢	17		%
TRASM, adjusted(2)	22.18	¢	19.22	¢		15	%		21.77	¢	19.41	¢	12		%
Cost per available seat mile (\"CASM\")	23.63	¢	18.96	¢		25	%		22.88	¢	19.11	¢	20		%
CASM-Ex(2)	14.03	¢	13.08	¢		7	%		14.39	¢	13.47	¢	7		%

Passenger load factor	86	%	86	%		—	pts		84	%	84	%	—		pts
Fuel gallons consumed (in millions)	1,146		1,138			1	%		3,256		3,226		1		%
Average price per fuel gallon(3)	$	3.80		$	2.26		68	%			$	3.44		$	2.31	49	%
Average price per fuel gallon, adjusted(2)(3)	$	3.61		$	2.25		60	%			$	3.42		$	2.31	48	%

(1)Includes the operations of our regional carriers under capacity purchase agreements.

(2)Non-GAAP financial measures defined and reconciled to TRASM, CASM and average fuel price per gallon, respectively, in \"Supplemental Information\" below.

(3)Includes the impact of fuel hedge activity and refinery segment results.


Delta Air Lines, Inc. \| September 2026 Form 10-Q		25

Item 2. MD&A - Fleet Information

Fleet Information

Our operating aircraft fleet, purchase commitments and options at September 30, 2026 are summarized in the following table.


Mainline aircraft information by fleet type
	Current Fleet(1)			Commitments
Fleet Type	Owned	Finance Lease	Operating Lease	Total	Average Age (Years)	Purchase	Options
A220-100	45		—		—	45		6.8
A220-300	47		—		—	47		2.7	53
A319-100	57		—		—	57		24.6
A320-200	40		—		—	40		29.1
A321-200	77		8		42	127		7.8
A321-200neo	106		—		—	106		2.3	83	36
A330-200	11		—		—	11		21.5
A330-300	28		—		3	31		17.7
A330-900neo	32		2		5	39		3.8	16	15
A350-900	35		—		7	42		5.7	17	5
A350-1000	—		—		—	—		—	20	10
B-717-200	74		—		—	74		24.9
B-737-800	77		—		—	77		25.0
B-737-900ER	128		5		30	163		10.7
B-737-10	—		—		—	—		—	100	30
B-757-200	72		—		—	72		28.4
B-757-300	16		—		—	16		23.6
B-767-300ER	37		—		—	37		29.7
B-767-400ER	21		—		—	21		25.7
B-787-10	—		—		—	—		—	30	30
Total	903		15		87	1,005		14.9	319	126

(1)Excludes certain aircraft we own or lease that are operated by regional carriers on our behalf shown in the table below.

The following table summarizes the aircraft operated by regional carriers on our behalf at September 30, 2026.


Regional aircraft information by fleet type and carrier
	Fleet Type(1)
Carrier	CRJ-700	CRJ-900	Embraer 170	Embraer 175	Total
Endeavor Air, Inc.(2)	17		130		—	—	147
SkyWest Airlines, Inc.	1		33		—	87	121
Republic Airways Inc.	—		—		11	46	57
Total	18		163		11	133	325

(1)We own 202 and have operating leases for three of these regional aircraft. The remainder are owned or leased by SkyWest Airlines, Inc. or Republic Airways Inc.

(2)Endeavor Air, Inc. is a wholly owned subsidiary of Delta.


Delta Air Lines, Inc. \| September 2026 Form 10-Q		26

Item 2. MD&A - Financial Condition and Liquidity

Financial Condition and Liquidity

As of September 30, 2026, we had $6.9 billion in cash, cash equivalents, short-term investments and aggregate undrawn principal amount available under our revolving credit facilities. We expect to meet our liquidity needs for the next twelve months with cash and cash equivalents and cash flows from operations. We expect to meet our long-term liquidity needs with cash flows from operations and financing arrangements.

Undrawn Lines of Credit. As of September 30, 2026, we had approximately $3.1 billion undrawn and available under our revolving credit facilities.

Sources and Uses of Liquidity

Operating Activities

We generated cash flows from operations of $5.7 billion and $6.1 billion in the nine months ended September 30, 2026 and 2025, respectively. We expect to continue generating positive cash flows from operations during the remainder of 2026.

Our operating cash flow is impacted by the following factors:

Seasonality of Advance Ticket Sales. We sell tickets for air travel in advance of the customer's travel date. When we receive a cash payment at the time of sale, we record the cash received on advance sales as deferred revenue in air traffic liability. The air traffic liability typically increases during the winter and spring months as advance ticket sales grow prior to the summer peak travel season and decreases during the summer and fall months.

Sale of Miles to Participating Companies. Customers earn miles based on their spending with participating companies such as credit card, retail, ridesharing, car rental and hotel companies with which we have marketing agreements to sell miles. Payments are typically due to us monthly based on the volume of miles sold during the period. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. Remuneration from American Express was $6.9 billion in the nine months ended September 30, 2026, an increase of 14% compared to the prior year period. See Note 2 of the Notes to the Condensed Consolidated Financial Statements for further information regarding the cash sales from marketing agreements.

Fuel. Fuel expense represented approximately 22% and 17% of our total operating expense for the nine months ended September 30, 2026 and 2025, respectively. The market price for jet fuel is dynamic, which can impact the comparability of our periodic cash flows from operations. Fuel consumption was higher during the three and nine months ended September 30, 2026 compared to the prior year period due to the increase in capacity. We expect that fuel consumption for the remainder of 2026 will remain aligned with capacity changes compared to 2025, while elevated jet fuel costs are anticipated to persist until market disruptions and geopolitical events are resolved.

Profit Sharing. We paid $1.3 billion in profit sharing payments in February 2026 related to our 2025 pre-tax profit in recognition of our employees' contributions toward achieving the year's financial results.

Our broad-based employee profit sharing program provides that we will pay 10% of that profit to all eligible employees for the first $2.5 billion of annual profit, as defined by the terms of the program, and 20% of annual profit above $2.5 billion. In determining the amount of profit sharing, the program defines profit as pre-tax profit adjusted for profit sharing and certain other items. During the nine months ended September 30, 2026, we accrued $882 million in profit sharing expense based on the year-to-date performance and current expectations for 2026 profit.

Income Taxes. As of December 31, 2025, we had approximately $2.4 billion of U.S. federal pre-tax net operating loss carryforwards that were primarily generated in 2020. Although these carryforwards do not expire, their utilization generally is limited to 80% of taxable income in any future taxable year. We do not expect our income tax cash payment in 2026 to materially increase compared to 2025.


Delta Air Lines, Inc. \| September 2026 Form 10-Q		27

Item 2. MD&A - Financial Condition and Liquidity

Investing Activities

Capital Expenditures. Our capital expenditures were $4.1 billion and $3.6 billion for the nine months ended September 30, 2026 and 2025, respectively. We have committed to future aircraft purchases and have obtained, but are under no obligation to use, long-term financing commitments for a substantial portion of the purchase price of the aircraft. Our 2026 capital spend is expected to be over $5 billion and will be primarily for aircraft, including deliveries and advance deposit payments, as well as fleet modifications and technology enhancements.

In the March 2026 quarter, 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. Deliveries of the B-787-10 aircraft are scheduled to begin in 2031.

In the March 2026 quarter, we entered into a definitive agreement with Airbus S.A.S. to purchase 16 Airbus A330-900neo aircraft and 15 Airbus A350-900 aircraft, with an option to purchase up to an additional 20 widebody aircraft. Deliveries of the aircraft are scheduled to begin in 2029.

In the March 2026 quarter, we exercised options for 34 Airbus A321neo aircraft. Deliveries from this order are scheduled to begin in 2029. In addition to this order, we maintain options to purchase 36 Airbus A321neo aircraft.

Wheels Up. During the nine months ended September 30, 2026, Wheels Up drew under the terms of the revolving working capital credit facility that was entered into in 2023, and $83 million was outstanding as of September 30, 2026. This facility is required to be repaid by September 20, 2028.

In May 2026, Wheels Up entered into a new $100 million term loan credit agreement, of which we contributed $57 million and other shareholders contributed the remainder. The scheduled maturity date of the term loan is May 29, 2029. This new financing reflects our continued partnership with Wheels Up and provides a stronger financial foundation to support the company’s accelerated fleet and product transformation initiatives, ongoing operational improvements, and enhanced product and service offerings.

Financing Activities

Debt and Finance Leases. In the nine months ended September 30, 2026, we had cash outflows of $3.3 billion related to repayments of our debt and finance lease obligations. We continue to seek opportunities to pre-pay our debt, in addition to periodic amortization and scheduled maturities, and refinance higher cost debt.

In January 2026, we entered into a $1.25 billion term loan issued by a group of lenders, the proceeds of which were used to repay $957 million of Payroll Support Program loans due 2031 and for general corporate purposes. In September 2026, we refinanced the existing term loan facility with a new $1.25 billion term loan maturing in September 2027.

In April 2026, we and our indirect wholly-owned subsidiary SkyMiles IP Ltd. entered into an amendment to the SkyMiles term loan credit and guaranty agreement (the \"SkyMiles Credit Facility\") with Barclays Bank PLC as lender and administrative agent. This amendment refinanced the existing term loans with the proceeds of replacement term loans bearing interest at a variable rate equal to an adjusted term SOFR, plus a margin of 1.25% per annum, and added a prepayment premium of 1.00% payable in connection with a Repricing Event (as defined in the amended SkyMiles Credit Facility) occurring within six months following April 23, 2026.

In June 2026, we entered into a new $2.650 billion revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto (\"2026 Corporate Revolving Credit Facility\") to refinance and replace the existing Corporate Revolving Credit Facility. The 2026 Corporate Revolving Credit Facility effectively extends the maturity of the $1.325 billion three-year tranche to 2029 and the $1.325 billion five-year tranche to 2031. Borrowings under the three-year and five-year tranches bear interest at a variable rate equal to an adjusted term SOFR, or another index rate, in each case plus a specified margin.

See Note 5 of the Notes to the Condensed Consolidated Financial Statements for further information on our debt agreements.

Capital Return to Shareholders. On June 18, 2026, the Board of Directors approved a quarterly dividend of $0.2150 per share which we paid on July 30, 2026 for total cash dividends of $141 million. Total cash dividends for the nine months ended September 30, 2026 were $393 million.


Delta Air Lines, Inc. \| September 2026 Form 10-Q		28

Item 2. MD&A - Financial Condition and Liquidity

On September 24, 2026, the Board of Directors approved a quarterly dividend of $0.2150 per share to shareholders of record as of October 15, 2026, which we will pay on November 5, 2026.

In the June 2025 quarter, the Board of Directors authorized a $1.0 billion opportunistic share repurchase program open through June 30, 2028. No shares have been repurchased under this program through September 30, 2026.

Covenants. We were in compliance with the covenants in our debt agreements at September 30, 2026.

Critical Accounting Estimates

There have been no material changes in our Critical Accounting Estimates from the information provided in the \"Critical Accounting Estimates\" section of \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Form 10-K.


Delta Air Lines, Inc. \| September 2026 Form 10-Q		29

Item 2. MD&A - Supplemental Information

Supplemental Information

We sometimes use information (non-GAAP financial measures) that is derived from the Condensed Consolidated Financial Statements, but that is not presented in accordance with GAAP. Under the U.S. Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results.

Included below are reconciliations of non-GAAP measures used within this Form 10-Q to the most directly comparable GAAP financial measures. Reconciliations below may not calculate exactly due to rounding. These reconciliations include certain adjustments to GAAP measures to provide comparability between the reported periods, if applicable, and for the reasons indicated below:

•Third-party refinery sales. Refinery sales to third parties, and related expenses, are not related to our airline segment. Excluding these sales therefore provides a more meaningful comparison of our airline operations to the rest of the airline industry.

•MTM adjustments and settlements on hedges. Mark-to-market (\"MTM\") adjustments are defined as fair value changes recorded in periods other than the settlement period. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period, and therefore we remove this impact to allow investors to better understand and analyze our core performance. Settlements represent cash received or paid on hedge contracts closed (i.e., settled) during the applicable period. With respect to hedges related to Monroe's inventory, settlements often occur before the related refinery inventory is sold. Beginning in 2026, settlement gains and losses related to Monroe's inventory that remains on-hand at period end are excluded from our adjusted results. These settlement gains and losses will be reflected in adjusted results during the period the inventory is sold. This change was made to match the timing of expense and revenue recognition and we have similarly adjusted the presentation of reconciliations for prior periods included here.

•Aircraft fuel and related taxes. The volatility in fuel prices impacts the comparability of year-over-year financial performance. The adjustment for aircraft fuel and related taxes allows investors to better understand and analyze our non-fuel costs and year-over-year financial performance.

•MRO expense. We adjust for MRO expenses because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.

•Profit sharing. We adjust for profit sharing because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.


Total revenue, adjusted reconciliation
		Three Months Ended September 30,
(in millions)	2026	2025
Total revenue	$	20,186		$	16,673
Adjusted for:
Third-party refinery sales	(2,601)		(1,476)
Total revenue, adjusted	$	17,585		$	15,197


Delta Air Lines, Inc. \| September 2026 Form 10-Q		30

Item 2. MD&A - Supplemental Information


Operating expense, adjusted reconciliation
		Three Months Ended September 30,
(in millions)	2026		2025
Operating expense	$	18,732			$	14,989
Adjusted for:

Third-party refinery sales	(2,601)			(1,476)
MTM adjustments and settlements on hedges	(208)			(5)



Operating expense, adjusted	$	15,924			$	13,508


Fuel expense, adjusted reconciliation
					Average Price Per Gallon
	Three Months Ended September 30,		Three Months Ended September 30,
(in millions, except per gallon data)	2026	2025			2026	2025
Total fuel expense	$	4,351		$	2,570			$	3.80	$	2.26
Adjusted for:
MTM adjustments and settlements on hedges	(208)		(5)				(0.18)	(0.01)

Total fuel expense, adjusted	$	4,143		$	2,565			$	3.61	$	2.25

					Average Price Per Gallon
	Nine Months Ended September 30,		Nine Months Ended September 30,
(in millions, except per gallon data)	2026	2025			2026	2025
Total fuel expense	$	11,202		$	7,439			$	3.44	$	2.31
Adjusted for:
MTM adjustments and settlements on hedges	(57)		19				(0.02)	0.01

Total fuel expense, adjusted	$	11,144		$	7,457			$	3.42	$	2.31


TRASM, adjusted reconciliation
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025			2026	2025
TRASM (cents)	25.46	¢	21.09	¢			24.56	¢	21.04	¢
Adjusted for:
Third-party refinery sales	(3.28)		(1.87)				(2.79)		(1.63)

TRASM, adjusted	22.18	¢	19.22	¢			21.77	¢	19.41	¢


CASM-Ex reconciliation
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025			2026	2025
CASM (cents)	23.63	¢	18.96	¢			22.88	¢	19.11	¢
Adjusted for:

Aircraft fuel and related taxes	(5.49)		(3.25)				(4.93)		(3.30)
Third-party refinery sales	(3.28)		(1.87)				(2.79)		(1.63)
MRO expense	(0.34)		(0.27)				(0.38)		(0.26)
Profit sharing	(0.49)		(0.50)				(0.39)		(0.44)



CASM-Ex	14.03	¢	13.08	¢			14.39	¢	13.47	¢


Delta Air Lines, Inc. \| September 2026 Form 10-Q		31

Item 2. MD&A - Supplemental Information

Free Cash Flow

The following table shows a reconciliation of net cash provided by operating activities and used in investing activities (GAAP measures) to free cash flow (a non-GAAP financial measure). We present free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or general corporate initiatives. Adjustments include:

•Net cash flows related to certain airport construction projects and other. Cash flows related to certain airport construction projects are included in our GAAP operating activities and capital expenditures. We have adjusted for these items because management believes investors should be informed that a portion of these capital expenditures from airport construction projects are either reimbursed by a third party or funded with restricted cash specific to these projects.

•Strategic investments and related. Certain cash flows related to our investments in and related transactions with other airlines and associated companies are included in our GAAP investing activities. We adjust for this activity because it provides a more meaningful comparison to our airline industry peers.


Free cash flow reconciliation
(in millions)	Three Months Ended September 30, 2026

Net cash provided by operating activities	$	1,713
Net cash used in investing activities	(1,303)
Adjusted for:


Net cash flows related to certain airport construction projects and other	9
Strategic investments and related	45


Free cash flow	$	463


Delta Air Lines, Inc. \| September 2026 Form 10-Q		32

Item 3. Market Risk

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in market risk from the information provided in \"Item 7A. Quantitative and Qualitative Disclosures About Market Risk\" in our Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

Our management, including our Chief Executive Officer and Chief Financial Officer, performed an evaluation of our disclosure controls and procedures, which have been designed to permit us to identify and disclose important information timely and effectively. Our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the controls and procedures were effective as of September 30, 2026 to ensure that material information was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

During the three months ended September 30, 2026, we did not make any changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

\"Item 3. Legal Proceedings\" of our Form 10-K includes a discussion of our legal proceedings. There have been no material changes from the legal proceedings described in our Form 10-K.

ITEM 1A. RISK FACTORS

“Item 1A. Risk Factors” of our Form 10-K includes a discussion of our known material risk factors, other than risks that could apply to any issuer or offering. There have been no material changes from the risk factors described in our Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table presents information with respect to purchases of common stock we made during the September 2026 quarter. The table reflects shares withheld from employees to satisfy certain tax obligations due in connection with grants of stock under the Delta Air Lines, Inc. Performance Compensation Plan (the \"Plan\"). The Plan provides for the withholding of shares to satisfy tax obligations. It does not specify a maximum number of shares that can be withheld for this purpose. The shares of common stock withheld to satisfy tax withholding obligations may be deemed to be \"issuer purchases\" of shares that are required to be disclosed pursuant to this Item.


Shares purchased / withheld from employee awards during the September 2026 quarter
Period	Total Number of Shares Purchased	Average Price Paid Per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans	Approximate Dollar Value (in millions) of Shares That May Yet be Purchased Under the Plan
July 2026	18,242		$	92.85	18,242	$	1,000
August 2026	3,365		$	87.89	3,365	$	1,000
September 2026	6,732		$	82.45	6,732	$	1,000
Total	28,339			28,339


Delta Air Lines, Inc. \| September 2026 Form 10-Q		33

ITEM 6. EXHIBITS

(a) Exhibits


3.1 (a)		Delta's Amended and Restated Certificate of Incorporation (Filed as Exhibit 3.1 to Delta's Current Report on Form 8-K as filed on April 30, 2007).*

3.1 (b)		Amendment to Amended and Restated Certificate of Incorporation (Filed as Exhibit 3.1 to Delta's Current Report on Form 8-K as filed on June 27, 2014).*

3.2		Delta's Bylaws (Filed as Exhibit 3.1 to Delta's Current Report on Form 8-K as filed on December 9, 2022).*

4.1		Description of Registrant's Securities (Filed as Exhibit 4.1 to Delta's Annual Report on Form 10-K for the year ended December 31, 2020).*

10.1 (a)		Supplemental Agreement No. 5, dated September 29, 2026, to Purchase Agreement No. PA-04696, dated July 18, 2022, between The Boeing Company and Delta Air Lines, Inc. relating to Boeing Model 737-10 Aircraft (\"Supplemental Agreement No. 5\").**

10.1 (b)		Letter Agreements, dated September 29, 2026, relating to Supplemental Agreement No. 5.**

15		Letter from Ernst & Young LLP regarding unaudited interim financial information.

31.1		Certification by Delta's Chief Executive Officer with respect to Delta's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026.

31.2		Certification by Delta's Chief Financial Officer with respect to Delta's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026.

32		Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code by Delta's Chief Executive Officer and Chief Financial Officer with respect to Delta's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026.

101.INS		Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL (included in Exhibit 101)

	*	Incorporated by reference.

	**	Portions of this exhibit have been omitted as confidential information.


Delta Air Lines, Inc. \| September 2026 Form 10-Q		34

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Delta Air Lines, Inc.
	(Registrant)

	/s/ Julia A. McConnell
	Julia A. McConnell
	Senior Vice President - Controller and Chief Accounting Officer
	(Principal Accounting Officer)
October 9, 2026


Delta Air Lines, Inc. \| September 2026 Form 10-Q		35

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