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U.S. COMPANY FILING

DELTA AIR LINES, INC. — Form 10-K filed 2026-02-11

Filed: 2026-02-11Company: DELTA AIR LINES, INC.Ticker: DALExchange: NYSEForm: 10-KReport period: 2025-12-31SEC accession: 0000027904-26-000013Event: earningsMateriality: 85

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Delta Air Lines reported 2025 revenue of $63.36 billion, up 2.8% YoY. Operating income was $5.82 billion, down 1.7% from 2024. Adjusted operating income was $5.80 billion, down 3.5%. Non-operating income was $363 million, a significant improvement from a $1.3 billion loss in 2024. Operating cash flow was $8.34 billion, with free cash flow of $4.64 billion. The company paid $440 million in dividends and repurchased shares. In June 2025, it issued $2.0 billion in unsecured notes, and in September amended its SkyMiles credit facility. The company projects a 23%-25% effective tax rate for 2026.

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