Every material Form 8-K Delta Air Lines has filed with the SEC since April 09, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Delta Air Lines completed a public offering of $500 million in 5.500% notes maturing November 6, 2029, on November 6, 2026. The company said it will use part of the proceeds to repay about $391 million of Payroll Support Program loan borrowings, about $70 million of aircraft-secured equipment notes, and, with cash on hand, about $39 million of pass through certificates, with any remainder for general corporate purposes. The filing adds new unsecured debt to the balance sheet while reducing several existing obligations.
Notes: $500 million aggregate principal, 5.500% coupon, maturing November 6, 2029
Interest paid semi-annually on May 6 and November 6, starting May 6, 2027
Proceeds to repay about $391 million Payroll Support Program loan, about $70 million equipment notes, and about $39 million pass through certificates
Delta reported September quarter 2026 results, with adjusted operating revenue up 16% to $17.6 billion, while GAAP net income fell 47% to $756 million. The company gave full-year 2026 EPS guidance of $5.10 to $5.60 and December quarter EPS guidance of $1.15 to $1.65, which matter to shareholders because the GAAP profit decline and the fuel cost pressure both weigh on near-term earnings.
Adjusted operating revenue of $17.6 billion, up 16% year over year; GAAP operating revenue of $20.2 billion, up 21%
GAAP diluted EPS of $1.15 versus $2.17 a year earlier; adjusted diluted EPS of $1.72 versus $1.70
Full-year 2026 EPS outlook of $5.10 to $5.60 and free cash flow of approximately $2.5 billion; December quarter EPS outlook of $1.15 to $1.65
Average fuel price of $3.80 per gallon GAAP, up 68% year over year; free cash flow was $463 million in the September quarter
Delta reported June quarter 2026 results, with GAAP revenue of $19.8 billion, up 19%, but diluted earnings per share of $2.44, down 25% from $3.27 a year earlier. The company affirmed its full-year 2026 adjusted EPS guidance of $6.50 to $7.50 and gave a September quarter EPS range of $2.00 to $2.50, and it said its dividend will rise 15% beginning in the September quarter.
GAAP operating revenue of $19.8 billion rose 19%; GAAP diluted EPS fell to $2.44 from $3.27, down 25%.
Adjusted diluted EPS was $1.56 versus $2.12 a year earlier, down 26%; adjusted fuel price was $3.93 per gallon, up 75%.
Full-year 2026 adjusted EPS guidance of $6.50 to $7.50 was affirmed; September quarter EPS guidance is $2.00 to $2.50.
Dividend payment to increase 15% beginning in the September quarter 2026.
Delta Air Lines entered a new credit agreement on June 11, 2026, that refinances and replaces its existing credit facility dated November 6, 2023. The facility was undrawn when signed and includes a $2.65 billion revolver with an accordion feature allowing commitments to rise up to $3.65 billion. For shareholders, the filing shows a committed source of liquidity, though the filing does not state any borrowing or interest cost amounts.
Credit agreement dated June 11, 2026, with JPMorgan Chase Bank, N.A. as administrative agent
$2.650 billion revolving facility, made up of $1.325 billion three-year and $1.325 billion five-year tranches
Accordion feature allows commitments to increase up to $3.65 billion, subject to conditions
Facility was undrawn at signing; proceeds may refinance the existing facility and fund general corporate purposes
Delta reported March quarter 2026 GAAP operating revenue of $15.9 billion, up 13 percent, but a GAAP net loss of $289 million, or $0.44 per share, driven by a $550 million loss on investments. Adjusted earnings were $0.64 per share versus $0.45 a year earlier. For the June quarter, Delta guided to adjusted earnings of $1.00 to $1.50 per share and expects pre-tax profit of around $1 billion, despite a more than $2 billion increase in fuel expense at the forward curve.
March quarter GAAP operating revenue of $15.9 billion, up from $14.0 billion; adjusted operating revenue of $14.2 billion, up 9.4 percent
GAAP pre-tax loss of $214 million versus pre-tax income of $320 million a year earlier; GAAP net loss of $289 million
Adjusted diluted earnings per share of $0.64 versus $0.45, with an adjusted operating margin of 4.6 percent
June quarter guidance: total revenue up low-teens, adjusted EPS of $1.00 to $1.50, operating margin of 6 to 8 percent, and an all-in fuel price of about $4.30 per gallon
Delta announced leadership changes, including Peter Carter becoming President, Dan Janki becoming Executive Vice President and Chief Operating Officer, and Erik Snell becoming Executive Vice President and Chief Financial Officer, all effective April 1, 2026. John Laughter, Executive Vice President and Chief of Operations, retires April 30, 2026 and is designated principal operating officer, and the company's new CFO and COO roles change who leads finance and operations.
Peter W. Carter, age 62, becomes President effective April 1, 2026; he is currently Executive Vice President and Chief External Affairs Officer.
Daniel C. Janki, age 57, becomes Executive Vice President and Chief Operating Officer effective April 1, 2026; he has been Chief Financial Officer since July 2021.
Erik S. Snell, age 49, becomes Executive Vice President and Chief Financial Officer effective April 1, 2026; he is currently Chief Customer Experience Officer.
John E. Laughter retires effective April 30, 2026; per Exhibit 99.1, Alicia Tillman is leaving Delta and Ranjan Goswami is named Chief Marketing and Product Officer.
Delta said William C. Carroll, its principal accounting officer, will retire effective March 31, 2026. Julia A. McConnell, who joined Delta in March 2025, will become principal accounting officer effective April 1, 2026, succeeding him. The filing is an administrative leadership change in a finance role and does not report any financial results or changes to guidance.
William C. Carroll retires as principal accounting officer effective March 31, 2026
Julia A. McConnell, age 57, named principal accounting officer effective April 1, 2026
McConnell joined Delta in March 2025; previously SVP and Chief Accounting Officer at WestRock Company from June 2020 to December 2024
Delta Air Lines signed a definitive agreement on January 27, 2026 to buy 16 Airbus A330-900 and 15 Airbus A350-900 aircraft, with an option for up to 20 more widebody aircraft. The filing says the order is within Delta's previously announced capital expenditure and capacity targets and that Delta has obtained long-term financing for a substantial portion of each aircraft's purchase price.
Firm order: 16 Airbus A330-900 aircraft and 15 Airbus A350-900 aircraft
Option to buy up to an additional 20 widebody aircraft
Deliveries begin in 2029; A330-900 uses Rolls-Royce Trent 7000 engines, A350-900 uses Trent XWB-84 EP engines
Order is within previously announced capital expenditure and capacity targets; long-term financing obtained for a substantial portion of the purchase price
Delta reported December quarter 2025 GAAP earnings of $1.86 per diluted share, up from $1.29 a year earlier, on operating revenue of $16.0 billion, up 3%. The company guided to full-year 2026 EPS of $6.50 to $7.50, about 20% growth at the midpoint, and also agreed to buy 30 Boeing 787-10 aircraft with options for 30 more, with deliveries beginning in 2031.
Q4 2025 GAAP diluted EPS of $1.86 versus $1.29 in Q4 2024; net income of $1.2 billion versus $843 million
Full-year 2025 GAAP diluted EPS of $7.66 versus $5.33; full-year non-GAAP EPS of $5.82 versus $6.16 in 2024
2026 guidance: full-year EPS of $6.50 to $7.50 and March quarter 2026 total revenue up 5% to 7% year over year
January 12, 2026 agreement with The Boeing Company for 30 787-10 aircraft, with an option for 30 more
Delta announced that Glen Hauenstein, its President, will retire effective February 28, 2026. Joe Esposito, a 35-year Delta veteran, was named E.V.P. and Chief Commercial Officer, overseeing network planning, revenue management, sales and loyalty. The filing reports no financial figures, but it marks a leadership change in Delta's commercial functions.
Glen Hauenstein, Delta's President, retires effective February 28, 2026
Joe Esposito, a 35-year Delta veteran, named E.V.P. and Chief Commercial Officer
Esposito oversees network planning, revenue management, sales and loyalty
Hauenstein will serve as a strategic advisor through the end of next year
Delta reported September quarter 2025 results, with adjusted revenue of $15.2 billion, up 4.1% from a year earlier, and adjusted diluted EPS of $1.71, up 14%. The company expects full-year adjusted EPS of approximately $6, in the upper half of its July guidance, and December quarter adjusted EPS of $1.60 to $1.90.
Adjusted operating income of $1.7 billion and adjusted operating margin of 11.2%, versus 9.4% a year earlier
GAAP diluted EPS of $2.17, up from $1.97; GAAP net income of $1.4 billion
December quarter outlook: total revenue growth of 2% to 4%, operating margin of 10.5% to 12%, adjusted EPS of $1.60 to $1.90
Full-year free cash flow outlook of $3.5 billion to $4 billion; gross leverage of 2.4x at quarter end
Delta and its subsidiary SkyMiles IP Ltd. amended the term loan under the SkyMiles Credit Facility with Barclays Bank PLC on September 30, 2025. The amendment refinances the existing term loans at a lower margin and extends the maturity, which reduces near-term repayment pressure and the cost of this debt, according to the filing's terms.
Replacement term loans bear variable interest at adjusted term SOFR (floor of 0.0%) plus a 1.50% margin, payable quarterly
Scheduled maturity extended from October 20, 2027 to October 20, 2028
Annual amortization payments reduced from 20.0% to 1.0%, payable quarterly
A 1.00% prepayment premium applies to a Repricing Event occurring within six months after September 30, 2025
Delta reported June quarter 2025 results on July 10, 2025. GAAP diluted EPS rose to $3.27 from $2.01 a year earlier, helped by a $735 million investment gain, while adjusted EPS fell 11% to $2.10 and adjusted operating revenue rose 1% to $15.5 billion. The company restored full-year 2025 guidance of $5.25 to $6.25 EPS and $3 billion to $4 billion of free cash flow, and announced a 25% quarterly dividend increase starting in the September quarter.
GAAP diluted EPS was $3.27 versus $2.01; adjusted diluted EPS was $2.10 versus $2.36
Adjusted operating revenue was $15.5 billion, up 1%; adjusted operating margin was 13.2% versus 14.7%
September quarter EPS guidance is $1.25 to $1.75 with a 9% to 11% operating margin
Full-year 2025 guidance restored: EPS of $5.25 to $6.25 and free cash flow of $3 billion to $4 billion; quarterly dividend up 25% beginning in the September quarter
At its June 19, 2025 annual meeting, Delta shareholders elected all fourteen director nominees and approved an amended Performance Compensation Plan that adds 9,600,000 authorized shares and extends the plan's expiration to June 19, 2035. Shareholders also approved the advisory vote on executive compensation and ratified Ernst & Young LLP as auditor for 2025, but rejected a shareholder proposal to allow action by written consent.
Performance Compensation Plan amended: 9,600,000 additional shares authorized; expiration extended from June 10, 2026 to June 19, 2035
Shareholders rejected the written consent proposal: 198,223,483 for, 262,330,586 against
Ernst & Young LLP ratified as independent auditor for 2025 with 552,159,951 votes for and 5,261,517 against
Delta completed a $2 billion public offering of unsecured notes on June 5, 2025, in two $1 billion tranches maturing in 2028 and 2030. Delta intends to use part of the net proceeds to repay about $1.65 billion of borrowings under its Payroll Support Program loan, with the remainder for general corporate purposes. The filing adds $2 billion of new debt but does not report income, earnings or guidance figures.
$1 billion of 4.950% notes due July 10, 2028, and $1 billion of 5.250% notes due July 10, 2030
Interest is payable semi-annually on January 10 and July 10, beginning January 10, 2026
Part of the proceeds will repay about $1.65 billion under the Payroll Support Program loan due April 19, 2030
Delta reported March quarter 2025 GAAP net income of $240 million, or $0.37 per diluted share, up from $0.06 a year earlier, with operating revenue up 2% to $14.0 billion. The company guided June quarter operating margin of 11% to 14% and EPS of $1.70 to $2.30, and said it will not reaffirm full-year 2025 guidance and is reducing planned second-half capacity growth to flat year over year.
March quarter GAAP operating income fell 7% to $569 million; adjusted EPS was $0.46 versus $0.45 a year earlier
June quarter total revenue guided down 2% to up 2% year over year; June quarter profitability expected at $1.5 billion to $2 billion
Full-year 2025 guidance not reaffirmed; update to come later in the year
Gross leverage of 2.6x at quarter end; company expects to repay at least $3 billion of debt this year
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