DELTA AIR LINES, INC., 10-K filed on 2/11/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-5424    
Entity Registrant Name DELTA AIR LINES, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 58-0218548    
Entity Address, Address Line One Post Office Box 20706    
Entity Address, City or Town Atlanta    
Entity Address, State or Province GA    
Entity Address, Postal Zip Code 30320-6001    
City Area Code 404    
Local Phone Number 715-2600    
Title of 12(b) Security Common Stock, par value $0.0001 per share    
Trading Symbol DAL    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 32.1
Entity Common Stock, Shares Outstanding   653,130,708  
Documents Incorporated by Reference Part III of this Form 10-K incorporates by reference certain information from the registrant's definitive Proxy Statement for its 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission.    
Entity Central Index Key 0000027904    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Atlanta, Georgia
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 4,310 $ 3,069
Accounts receivable, net of an allowance for uncollectible accounts of $13 and $18 2,850 3,224
Fuel, expendable parts and supplies inventories, net of an allowance for obsolescence of $124 and $120 1,601 1,428
Prepaid expenses and other 2,207 2,123
Total current assets 10,968 9,844
Noncurrent Assets:    
Property and equipment, net of accumulated depreciation and amortization of $24,719 and $23,228 39,743 37,595
Operating lease right-of-use assets 6,244 6,644
Goodwill 9,753 9,753
Identifiable intangibles, net of accumulated amortization of $928 and $919 5,966 5,975
Equity investments 4,222 2,846
Other noncurrent assets 4,421 2,715
Total noncurrent assets 70,349 65,528
Total assets 81,317 75,372
Current Liabilities:    
Current maturities of debt and finance leases 1,605 2,175
Current maturities of operating leases 809 763
Accounts payable 5,226 4,650
Accrued salaries and related benefits 4,906 4,762
Fuel card obligation 1,100 1,100
Other accrued liabilities 1,945 1,812
Total current liabilities 27,624 26,670
Noncurrent Liabilities:    
Debt and finance leases 12,507 14,019
Noncurrent operating leases 5,353 5,814
Pension, postretirement and related benefits 3,156 3,144
Deferred income taxes, net 3,444 2,176
Other noncurrent liabilities 3,994 3,744
Total noncurrent liabilities 32,840 33,409
Commitments and Contingencies
Stockholders' Equity:    
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 659,669,346 and 654,571,606 shares issued 0 0
Additional paid-in capital 11,883 11,740
Retained earnings 13,343 8,783
Accumulated other comprehensive loss (4,135) (4,979)
Treasury stock, at cost, 6,498,109 and 8,098,971 shares (238) (251)
Total stockholders' equity 20,853 15,293
Total liabilities and stockholders' equity 81,317 75,372
Air traffic liability    
Current Liabilities:    
Deferred revenue liability, current 7,157 7,094
Loyalty program deferred revenue    
Current Liabilities:    
Deferred revenue liability, current 4,876 4,314
Noncurrent Liabilities:    
Loyalty program deferred revenue $ 4,386 $ 4,512
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Allowance for uncollectible accounts $ 13 $ 18
Allowance for obsolescence 124 120
Noncurrent Assets:    
Accumulated depreciation and amortization 24,719 23,228
Accumulated amortization $ 928 $ 919
Stockholders' Equity:    
Common stock, par value (USD per share) $ 0.0001 $ 0.0001
Common stock, authorized (shares) 1,500,000,000 1,500,000,000
Common stock, issued (shares) 659,669,346 654,571,606
Treasury stock, at cost (shares) 6,498,109 8,098,971
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Revenue:      
Total operating revenue $ 63,364 $ 61,643 $ 58,048
Operating Expense:      
Salaries and related costs 17,520 16,161 14,607
Aircraft fuel and related taxes 9,819 10,566 11,069
Ancillary businesses and refinery 5,987 5,416 4,172
Contracted services 4,617 4,228 4,041
Landing fees and other rents 3,564 3,150 2,563
Regional carrier expense 2,553 2,328 2,200
Passenger commissions and other selling expenses 2,485 2,485 2,334
Depreciation and amortization 2,443 2,513 2,341
Aircraft maintenance materials and outside repairs 2,432 2,616 2,432
Passenger service 1,855 1,788 1,750
Profit sharing 1,337 1,389 1,383
Aircraft rent 542 548 532
Pilot agreement and related expenses 0 0 864
Other 2,388 2,460 2,239
Total operating expense 57,542 55,648 52,527
Operating Income 5,822 5,995 5,521
Non-Operating Income/(Expense):      
Interest expense, net (679) (747) (834)
Gain/(loss) on investments, net 1,212 (319) 1,263
Loss on extinguishment of debt (26) (39) (63)
Miscellaneous, net (144) (232) (279)
Total non-operating income/(expense), net 363 (1,337) 87
Income Before Income Taxes 6,185 4,658 5,608
Income Tax Provision (1,180) (1,201) (999)
Net Income $ 5,005 $ 3,457 $ 4,609
Basic Earnings Per Share (USD per share) $ 7.72 $ 5.39 $ 7.21
Diluted Earnings Per Share (USD per share) $ 7.66 $ 5.33 $ 7.17
Passenger      
Operating Revenue:      
Total operating revenue $ 51,768 $ 50,894 $ 48,909
Cargo      
Operating Revenue:      
Total operating revenue 900 822 723
Other      
Operating Revenue:      
Total operating revenue $ 10,696 $ 9,927 $ 8,416
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net Income $ 5,005 $ 3,457 $ 4,609
Other comprehensive income:      
Net change in pension and other benefits 844 864 (44)
Net change in other 0 2 0
Total Other Comprehensive Income/(Loss) 844 866 (44)
Comprehensive Income $ 5,849 $ 4,323 $ 4,565
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities:      
Net income $ 5,005 $ 3,457 $ 4,609
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,443 2,513 2,341
Deferred income taxes 1,109 1,155 980
(Gain)/loss on fair value investments (1,209) 323 (1,283)
Pension, postretirement and postemployment payments greater than expense (210) (296) (121)
Changes in certain assets and liabilities:      
Receivables 432 (126) (7)
Prepaids and other current assets (183) (241) 137
Profit sharing (53) 6 821
Other payables, deferred revenue and accrued liabilities 842 614 (285)
Other, net (332) 163 (50)
Net cash provided by operating activities 8,342 8,025 6,464
Property and equipment additions:      
Flight equipment, including advance payments (3,521) (3,914) (3,645)
Ground property and equipment, including technology (978) (1,226) (1,678)
Purchase of equity investments (276) 0 (152)
Purchase of short-term investments 0 0 (2,312)
Redemption of short-term investments 0 1,137 4,547
Other, net 589 264 92
Net cash used in investing activities (4,186) (3,739) (3,148)
Cash Flows From Financing Activities:      
Proceeds from long-term obligations 2,215 0 878
Payments on debt and finance lease obligations (4,827) (3,953) (4,071)
Cash dividends (440) (321) (128)
Other, net (24) 14 (73)
Net cash used in financing activities (3,076) (4,260) (3,394)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash 1,080 26 (78)
Cash, cash equivalents and restricted cash at beginning of period 3,421 3,395 3,473
Cash, cash equivalents and restricted cash at end of period 4,501 3,421 3,395
Supplemental Disclosure of Cash Paid for Interest 850 1,001 1,164
Non-Cash Transactions:      
Right-of-use assets acquired or modified under operating leases 375 327 661
Flight and ground equipment acquired or modified under finance leases 184 (17) 31
Operating leases converted to finance leases 312 25 84
Debt agreements modified 371 0 0
Air traffic liability      
Changes in certain assets and liabilities:      
Liabilities and deferred revenue 63 50 (1,216)
Loyalty program deferred revenue      
Changes in certain assets and liabilities:      
Liabilities and deferred revenue $ 435 $ 407 $ 538
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-In Capital
Retained Earnings / (Accumulated Deficit)
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance (shares) at Dec. 31, 2022   652,000,000        
Beginning balance at Dec. 31, 2022 $ 6,582 $ 0 $ 11,526 $ 1,170 $ (5,801) $ (313)
Beginning balance, treasury (shares) at Dec. 31, 2022           11,000,000
Consolidated Statements of Stockholders' Equity            
Net income 4,609     4,609    
Dividends declared (129)     (129)    
Other comprehensive (loss) income (44)       (44)  
Common stock issued for employee equity awards (in shares) [1]   3,000,000        
Common stock issued for employee equity awards [1] $ 87   115     $ (28)
Stock options exercised (in shares) 0          
Ending balance (shares) at Dec. 31, 2023   655,000,000        
Ending balance at Dec. 31, 2023 $ 11,105 $ 0 11,641 5,650 (5,845) $ (341)
Ending balance, treasury (shares) at Dec. 31, 2023           11,000,000
Consolidated Statements of Stockholders' Equity            
Net income 3,457     3,457    
Dividends declared (324)     (324)    
Other comprehensive (loss) income 866       866  
Common stock issued for employee equity awards (in shares) [1]   (1,000,000)       (3,000,000)
Common stock issued for employee equity awards [1] $ 121   31     $ 90
Stock options exercised (in shares) 1,400,000 1,000,000        
Stock options exercised $ 68   68      
Ending balance (shares) at Dec. 31, 2024   655,000,000        
Ending balance at Dec. 31, 2024 $ 15,293 $ 0 11,740 8,783 (4,979) $ (251)
Ending balance, treasury (shares) at Dec. 31, 2024 8,098,971         8,000,000
Consolidated Statements of Stockholders' Equity            
Net income $ 5,005     5,005    
Dividends declared (445)     (445)    
Other comprehensive (loss) income 844       844  
Common stock issued for employee equity awards (in shares) [1]           (2,000,000)
Common stock issued for employee equity awards [1] $ 133   120     $ 13
Stock options exercised (in shares) 500,000          
Stock options exercised $ 23   23      
Warrants exercised (in shares)   5,000,000        
Ending balance (shares) at Dec. 31, 2025   660,000,000        
Ending balance at Dec. 31, 2025 $ 20,853 $ 0 $ 11,883 $ 13,343 $ (4,135) $ (238)
Ending balance, treasury (shares) at Dec. 31, 2025 6,498,109         6,000,000
[1] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $67.23, $40.84 and $40.08 in 2025, 2024 and 2023, respectively. Share counts in the table above may not calculate exactly due to rounding.
v3.25.4
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Cash dividends declared per share (USD per share) $ 0.675 $ 0.50 $ 0.20
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share) $ 67.23 $ 40.84 $ 40.08
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

Delta Air Lines, Inc., a Delaware corporation, provides scheduled air transportation for passengers and cargo throughout the United States ("U.S.") and around the world. Our Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries and have been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"). We are not the primary beneficiary of, nor do we have a controlling financial interest in, any variable interest entity. Accordingly, we have not consolidated any variable interest entity.

Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.

Use of Estimates

We are required to make estimates and assumptions when preparing our Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates.

Recent Accounting Standards

Recently Adopted Standards

Income Taxes. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This standard enhances disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. We adopted this standard effective January 1, 2025. See Note 10, "Income Taxes," for our income tax disclosures.

Standards Effective in Future Years

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)." This standard requires disclosure of specific information about costs and expenses and becomes effective January 1, 2027. We are assessing the impact of this ASU and, upon adoption, may be required to include certain additional disclosures in the footnotes to our Consolidated Financial Statements.

Internal Use Software. In September 2025, the FASB issued ASU No. 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software." This standard is intended to improve the operability and application of guidance related to capitalized software development costs and becomes effective January 1, 2028. We are assessing the potential impact this ASU may have on our Consolidated Financial Statements upon adoption.

Interim Reporting. In December 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270)." This standard clarifies interim reporting guidance, develops a list of disclosures required by other Topics and intends to enhance consistency in interim reporting across entities. This standard becomes effective January 1, 2028 with early adoption permitted. We do not expect this standard to have a material impact on our interim reporting.
Significant Accounting Policies

Our significant accounting policies are disclosed below or included within the topic-specific notes included herein.

Cash and Cash Equivalents

Short-term, highly liquid investments with maturities of three months or less when purchased are classified as cash and cash equivalents.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets ("balance sheets") that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows ("cash flows statement").

Reconciliation of cash, cash equivalents and restricted cash
December 31,
(in millions)202520242023
Current assets:
Cash and cash equivalents$4,310 $3,069 $2,741 
Restricted cash included in prepaid expenses and other135 168 199 
Noncurrent assets:
Restricted cash included in other noncurrent assets56 184 455 
Total cash, cash equivalents and restricted cash$4,501 $3,421 $3,395 

Inventories

Fuel. As part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel, our wholly owned subsidiary, Monroe Energy, LLC ("Monroe"), operates the Trainer oil refinery. Refined products (finished goods) and feedstock and blendstock inventories (work-in-process) are carried at the lower of cost and net realizable value. We use jet fuel in our airline operations that is produced by the refinery, purchased directly from third parties and procured through the exchanges with third parties of gasoline, diesel and other refined products ("non-jet fuel products") the refinery produces. Cost is determined using the first-in, first-out method. Costs include the raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) as incurred and an applicable portion of manufacturing overhead.

Expendables Parts and Supplies. Inventories of expendable parts related to flight equipment, which cannot be economically repaired, reconditioned or reused after removal from the aircraft, are carried at moving average cost and charged to aircraft maintenance materials and outside repairs as consumed. An allowance for obsolescence is provided over the remaining useful life of the related fleet. We also provide allowances for parts identified as excess or obsolete to reduce the carrying costs to the lower of cost or net realizable value. These parts are estimated to have residual value of 5% of the original cost.

Accounting for Refinery Related Buy/Sell Agreements

To the extent that we receive jet fuel for non-jet fuel products exchanged under buy/sell agreements, we account for these transactions as nonmonetary exchanges. We have recorded these nonmonetary exchanges at the carrying amount of the non-jet fuel products transferred within aircraft fuel and related taxes on our Consolidated Statements of Operations ("income statement").

Derivatives

Changes in fuel prices, interest rates and foreign currency exchange rates impact our results of operations. In an effort to manage our exposure to these risks, we may enter into derivative contracts and adjust our derivative portfolio as market conditions change. Our derivative contracts are recognized at fair value on our balance sheets and had net balances of $1 million and $17 million at December 31, 2025 and 2024, respectively. See Note 3, "Fair Value Measurements," for further information regarding our derivative contracts.
Long-Lived Assets

Our long-lived lived assets include property and equipment, net and operating lease right-of-use ("ROU") assets on our balance sheets. Our tangible assets consist primarily of flight equipment, which is mobile across geographic markets. Accordingly, assets are not allocated to specific geographic regions. See Note 7, "Leases," for further information regarding our leases. The following table summarizes our property and equipment:

Property and equipment by classification
December 31,
(in millions, except for estimated useful life)Estimated Useful Life20252024
Flight equipment(1)
30-34 years
$47,981 $44,722 
Ground property and equipment
3-40 years
11,165 10,695 
Information technology-related assets
3-15 years
3,167 3,135 
Flight and ground equipment under finance leasesLease term or estimated useful life1,185 1,196 
Advance payments for equipment964 1,075 
Less: accumulated depreciation and amortization(2)
(24,719)(23,228)
Total property and equipment, net$39,743 $37,595 
(1)Includes aircraft and associated engines and parts.
(2)Includes accumulated amortization for flight and ground equipment under finance leases in the amount of $350 million and $371 million at December 31, 2025 and 2024, respectively.

We record property and equipment at cost and depreciate or amortize these assets on a straight-line basis to their estimated residual values over their estimated useful lives. The estimated useful life for leasehold improvements is the shorter of lease term or estimated useful life. Depreciation and amortization expense related to our property and equipment was $2.4 billion, $2.5 billion and $2.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Residual values for owned aircraft, engines, spare parts and simulators are generally 5% to 10% of cost. Modifications that enhance the operating performance or extend the useful lives of airframes or engines are capitalized and amortized over the remaining estimated useful life of the asset or the remaining lease term, whichever is shorter.

We capitalize certain internal and external costs incurred to develop and implement software and amortize those costs over an estimated useful life of three to fifteen years. Included in the depreciation and amortization expense discussed above, we recorded $314 million, $324 million and $340 million for amortization of capitalized software for the years ended December 31, 2025, 2024 and 2023, respectively. The net book value of these assets, which are included in information technology-related assets above, totaled $1.1 billion and $933 million at December 31, 2025 and 2024, respectively.

We review flight equipment, ROU assets and other long-lived assets used in operations for impairment losses when events and circumstances indicate the assets may be impaired. Factors which could be indicators of impairment include, but are not limited to (1) a decision to permanently remove flight equipment or other long-lived assets from operations, (2) significant changes in the estimated useful life, (3) significant changes in projected cash flows, (4) permanent and significant declines in fleet fair values and (5) changes to the regulatory environment. For long-lived assets held for sale, we discontinue depreciation and record impairment losses when the carrying amount of these assets is greater than the fair value less the cost to sell.

To determine whether impairments exist for aircraft used in operations, we group assets at the fleet type level or at the contract level for aircraft operated by third-party regional carriers (i.e., the lowest level for which there are identifiable cash flows) and then estimate future cash flows based on projections of capacity, passenger mile yield, fuel and labor costs and other relevant factors. If an asset group is impaired, the impairment loss recognized is the amount by which the asset group's carrying amount exceeds its estimated fair value. We estimate aircraft fair values using published sources, appraisals and bids received from third parties, as available.

Fuel Card Obligation

We have a purchasing card with American Express for the purpose of buying jet fuel and crude oil. The card carried a maximum credit limit of $1.1 billion as of December 31, 2025 and must be paid monthly. At both December 31, 2025 and 2024, we had $1.1 billion outstanding on this purchasing card and the activity was classified as a financing activity in our cash flows statement.
Manufacturers' Credits

We periodically receive credits in connection with the acquisition of aircraft and engines or in connection with delivery delays or manufacturing defects. These credits are applied as a reduction to the cost of the related equipment.

Collaborative Arrangements

We have marketing alliances with other airlines to enhance our access to domestic and international markets. Some of our marketing arrangements provide for the sharing of revenues and expenses. Revenues and expenses associated with the flights we operate under collaborative arrangements are presented on a gross basis in the applicable line items on our income statement.

Maintenance Costs

We record maintenance costs related to our mainline and regional fleets in aircraft maintenance materials and outside repairs and regional carrier expense, respectively. Maintenance costs are expensed as incurred, except for costs incurred under power-by-the-hour contracts, which are expensed based on actual hours flown. Power-by-the-hour contracts transfer certain risk to third-party service providers and fix the amount we pay per flight hour or per flight cycle to the service provider in exchange for maintenance and repairs under a predefined maintenance program.

Advertising Costs

We expense advertising costs in passenger commissions and other selling expenses in the year the advertising first takes place. Advertising expense was $405 million, $438 million and $347 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Commissions and Merchant Fees

Passenger sales commissions and merchant fees are recognized in passenger commissions and other selling expenses when the related revenue is recognized.
v3.25.4
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Passenger Revenue

Passenger revenue is composed of passenger ticket sales, loyalty travel awards and travel-related services performed in conjunction with a passenger’s flight.

Passenger revenue by category
Year Ended December 31,
(in millions)202520242023
Ticket$45,488 $45,096 $43,596 
Loyalty travel awards4,237 3,841 3,462 
Travel-related services2,043 1,957 1,851 
Total passenger revenue$51,768 $50,894 $48,909 

Ticket

Passenger Tickets. We defer sales of passenger tickets to be flown by us or that we sell on behalf of other airlines in our air traffic liability. Passenger revenue is recognized when we provide transportation. For tickets that we sell on behalf of other airlines, we reduce the air traffic liability when consideration is remitted to those airlines. The air traffic liability primarily includes sales of passenger tickets with scheduled departure dates in the future and travel credits, which can be applied as payment toward the cost of a ticket. We periodically evaluate the estimated air traffic liability and may record adjustments in our income statement. These adjustments relate primarily to tickets that expire unused ("ticket breakage") and items for which final settlement occurs in periods subsequent to the sale of the related tickets such as refunds, exchanges and transactions with other airlines.
We recognized approximately $6.4 billion, $6.5 billion and $7.4 billion in passenger revenue during the years ended December 31, 2025, 2024 and 2023, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods.

Ticket Breakage. We estimate the value of ticket breakage and recognize revenue at the scheduled flight date. Our ticket breakage estimates are primarily based on historical experience, ticket contract terms and customers’ travel behavior.

Regional Carriers. Our regional carriers include both third-party regional carriers with which we have contract carrier agreements ("contract carriers") and Endeavor Air, Inc., our wholly owned subsidiary. Our contract carrier agreements are primarily structured as capacity purchase agreements where we purchase all or a portion of the contract carrier's capacity and are responsible for selling the seat inventory we purchase. We record revenue related to our capacity purchase agreements in passenger revenue and the related expenses in regional carrier expense. See Note 9, "Commitments and Contingencies," for additional information regarding contract carrier agreements.

Loyalty Travel Awards

Loyalty travel awards revenue is related to the redemption of mileage credits ("miles") for travel. We recognize loyalty travel awards revenue in passenger revenue as miles are redeemed and transportation is provided. See below for discussion of our loyalty program accounting policies.

Travel-Related Services

Travel-related services are primarily composed of services performed in conjunction with a passenger’s flight, including baggage fees, administrative fees and on-board sales. We recognize revenue for these services when the related transportation service is provided.

Loyalty Program

Our SkyMiles loyalty program generates customer loyalty by rewarding customers with incentives to travel on Delta. This program allows customers to earn miles by flying on Delta, Delta Connection carriers and other airlines that participate in the loyalty program. When traveling, customers earn miles primarily based on the passenger's loyalty program status, fare class and ticket price. Customers can also earn miles through participating companies. Miles are redeemable by customers for air travel on Delta and other participating airlines, access to Delta Sky Clubs, and other program awards. To facilitate transactions with participating companies, we sell miles to non-airline businesses and other airlines.

The loyalty program includes two types of transactions that are considered revenue arrangements with multiple performance obligations (1) passenger ticket sales earning miles and (2) sale of miles to participating companies.

Passenger Ticket Sales Earning Miles. Passenger ticket sales earning miles provide customers with (1) miles earned and (2) air transportation, which are each considered performance obligations. We value each performance obligation on a standalone basis. To value the miles earned, we consider the quantitative value a passenger receives by redeeming miles for a ticket rather than paying cash, which is referred to as equivalent ticket value ("ETV"). Our estimate of ETV is adjusted for miles that are not likely to be redeemed ("mileage breakage"). We use statistical models to estimate mileage breakage based on historical redemption patterns. A change in assumptions regarding the redemption activity for miles or the estimated fair value of miles expected to be redeemed could have a material impact on our revenue in the year in which the change occurs and in future years. We recognize mileage breakage proportionally during the period in which the remaining miles are actually redeemed.

We defer revenue for the miles when earned and recognize loyalty travel awards in passenger revenue as the miles are redeemed and transportation is provided. We record the air transportation portion of the passenger ticket sales in air traffic liability and recognize passenger revenue when we provide transportation or if the ticket goes unused.

Sale of Miles to Participating Companies. Customers earn miles based on their spending with participating companies, such as credit card, car rental, ridesharing, retail, and hotel companies, with which we have marketing agreements to sell miles. Our contracts to sell miles under these marketing agreements have multiple performance obligations. Payments are typically due to us monthly based on the volume of miles sold during the period, and the initial terms of our marketing contracts are from one to thirteen years. During the years ended December 31, 2025, 2024 and 2023, total cash sales from marketing agreements related to our loyalty program were $8.0 billion, $7.4 billion and $6.9 billion, respectively, which are allocated to travel and other performance obligations, as discussed below.
Substantially all of our total cash sales from marketing agreements relate to our co-brand credit card relationship with American Express. Our agreements with American Express provide for joint marketing, grant certain benefits to Delta-American Express co-branded credit card holders ("cardholders") and American Express Membership Rewards program participants, and allow American Express to market its services or products using our customer database. Cardholders earn miles for making purchases using co-branded cards, and certain cardholders may also receive baggage fee waivers, lounge access, priority boarding and other benefits while traveling on Delta. Additionally, participants in the American Express Membership Rewards program may exchange their points for miles under the loyalty program. We sell miles to American Express which are then provided to their customers under the co-brand credit card program and the Membership Rewards program.

We account for marketing agreements, including those with American Express, by allocating the consideration to the individual products and services delivered. We allocate the value based on the relative selling prices of those products and services, which generally consist of award travel, baggage fee waivers, lounge access, priority boarding and the use of our brand. We determine our best estimate of the selling prices by using a discounted cash flow analysis using multiple inputs and assumptions, including (1) the expected number of miles awarded and number of miles redeemed, (2) ETV for the award travel obligation adjusted for mileage breakage, (3) published rates on our website for baggage fees, lounge access and priority boarding while traveling on Delta, (4) brand value (using estimated royalties generated from the use of our brand) and (5) volume discounts provided to certain partners.

We defer the amount allocated to award travel as part of loyalty program deferred revenue and recognize loyalty travel awards in passenger revenue as the miles are redeemed and transportation is provided. Revenue allocated to services performed in conjunction with a passenger’s flight, such as baggage fee waivers, is recognized as travel-related services in passenger revenue when the related service is performed. Revenue allocated to lounge access is recognized as miscellaneous in other revenue as access is provided. Revenue allocated to the remaining performance obligations, primarily brand value, is recorded as loyalty program in other revenue as miles are delivered.

Current Activity of the Loyalty Program. Miles are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period.

The table below presents the activity of the current and noncurrent loyalty program deferred revenue, and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements.

Loyalty program activity
(in millions)202520242023
Balance at January 1$8,826 $8,420 $7,882 
Miles earned4,892 4,463 4,173 
Travel miles redeemed(4,237)(3,841)(3,462)
Non-travel miles redeemed(219)(216)(173)
Balance at December 31$9,262 $8,826 $8,420 

The timing of mile redemptions can vary widely; however, the majority of new miles have historically been redeemed within two years of being earned. The loyalty program deferred revenue classified as a current liability represents our estimate of revenue expected to be recognized in the next twelve months based on projected redemptions, while the balance classified as a noncurrent liability represents our estimate of revenue expected to be recognized beyond twelve months.

Cargo Revenue

Cargo revenue is recognized when we provide the transportation.
Other Revenue
Year Ended December 31,
(in millions)202520242023
Refinery$5,077 $4,642 $3,379 
Loyalty program3,362 3,297 3,093 
Ancillary businesses937 772 840 
Miscellaneous1,320 1,216 1,104 
Total other revenue$10,696 $9,927 $8,416 

Refinery. This represents refinery sales to third parties. See Note 14, "Segments," for more information on revenue recognition within our refinery segment.

Loyalty Program. This relates to revenues from brand usage by third parties and other performance obligations embedded in miles sold, which are included within the total cash sales from marketing agreements, discussed above. This also includes the redemption of miles for non-travel awards.

Ancillary Businesses. This includes revenues from our Delta TechOps third-party maintenance, repair and overhaul ("MRO") business and our vacation package operations. During the years ended December 31, 2025 and 2024, the MRO business generated revenues of $822 million and $658 million, respectively.

Miscellaneous. This is primarily composed of revenues related to lounge access, including access provided to certain American Express cardholders, travel products (e.g., car rentals or hotels booked with our commercial partners), codeshare agreements and international joint venture partnership contractual settlements.

Revenue by Geographic Region

Operating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment. A significant portion of the refinery segment's revenues typically consists of fuel sales to support the airline, which is eliminated in the Consolidated Financial Statements. The remaining operating revenue for the refinery segment is included in the domestic region. Our passenger and operating revenue by geographic region are summarized in the following table:

Revenue by geographic region
Passenger RevenueOperating Revenue
Year Ended December 31,Year Ended December 31,
(in millions)202520242023202520242023
Domestic$35,731 $35,226 $33,968 $44,655 $43,508 $40,845 
Atlantic9,270 9,133 9,057 10,766 10,535 10,458 
Latin America3,980 3,995 3,798 4,579 4,564 4,292 
Pacific2,787 2,540 2,086 3,364 3,036 2,453 
Total$51,768 $50,894 $48,909 $63,364 $61,643 $58,048 

Accounts Receivable

Accounts receivable primarily consist of amounts due from credit card companies from the sale of passenger tickets, ancillary businesses, refinery sales and other companies for the purchase of miles under the loyalty program. We provide an allowance for uncollectible accounts using an expected credit loss model which represents our estimate of expected credit losses over the lifetime of the asset.
Passenger Taxes and Fees

We are required to charge certain taxes and fees on our passenger tickets, including U.S. federal transportation taxes, federal security charges, airport passenger facility charges and foreign arrival and departure taxes. These taxes and fees are assessments on the customer for which we act as a collection agent and these amounts are not included in passenger revenue. We record a liability when the amounts are collected and reduce the liability when payments are made to the applicable government agency or operating carrier (i.e., for codeshare-related fees).
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Each fair value measurement is classified into one of the following levels based on the information used in the valuation:

•Level 1. Observable inputs such as quoted prices in active markets.

•Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

•Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value are based on the valuation techniques identified in the tables below. The valuation techniques are as follows:

(a)Market Approach. Prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities.

(b)Income Approach. Techniques to convert future amounts to a single present value amount based on market expectations (including present value techniques and option-pricing models).

Assets (Liabilities) Measured at Fair Value on a Recurring Basis(1)
December 31, 2025Valuation Technique
(in millions)TotalLevel 1Level 2Level 3
Cash equivalents$2,868 $2,868 $— $— (a)
Restricted cash equivalents191 191 — — (a)
Long-term investments and related3,644 3,366 217 61 (a)(b)
Fuel hedge contracts1 — 1 — (a)(b)

December 31, 2024Valuation Technique
(in millions)TotalLevel 1Level 2Level 3
Cash equivalents$1,619 $1,619 $— $— (a)
Restricted cash equivalents351 351 — — (a)
Long-term investments and related2,372 2,085 160 127 (a)(b)
Fuel hedge contracts(17)— (17)— (a)(b)
(1)See Note 8, "Employee Benefit Plans," for fair value of benefit plan assets.

Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets on our balance sheets and generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to certain self-insurance obligations, debt related reserves, airport commitments and proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport. The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets.
Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheets. Certain equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations may incorporate certain unobservable inputs, including non-public equity issuances. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. During the year ended December 31, 2025 there were no material gains or losses related to investments classified as Level 3 as a result of fair value adjustments. See Note 4, "Investments," for further information on our long-term investments.

Fuel Hedge Contracts. Our derivative contracts are negotiated over-the-counter with counterparties without going through a public exchange. Accordingly, our fair value assessments give consideration to the risk of counterparty default (as well as our own credit risk) and are classified as Level 2 within the fair value hierarchy. Substantially all of our derivative contracts to hedge the financial risk from changing fuel prices are related to Monroe’s inventory. Our fuel hedge portfolio consists of swap contracts which are valued under discounted cash flow models based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets. We recognized gains of $36 million, and losses of $31 million and $6 million, on our fuel hedge contracts in aircraft fuel and related taxes on our income statement for the years ended December 31, 2025, 2024 and 2023, respectively. See Note 14, "Segments," for further information on our Monroe refinery segment.
v3.25.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
We have developed strategic relationships with a number of airlines and airline services companies through joint ventures and other forms of cooperation and support, including equity investments. Our equity investments reinforce our commitment to these relationships and generally enhance our ability to offer input to the investee on strategic issues and direction, in some cases through representation on the board of directors of the investee.

Fair Value Investments. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in companies without publicly-traded shares. We elect to measure certain equity securities without readily determinable fair values under the "measurement alternative" (i.e., at their cost less impairment, adjusted for observable price changes).

Equity Method Investments. We record our share of our equity method investees' financial results in our income statement as described in the table below.

Equity investments ownership interest and carrying value
Accounting Treatment
Ownership Interest(4)
Carrying Value
(in millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Air France-KLMFair Value3 %3 %$100 $62 
China EasternFair Value2 %2 %319 155 
Grupo Aeroméxico
Equity Method(1)
19 %20 %377 354 
Hanjin-KAL
Fair Value(2)
15 %15 %861 507 
LATAMFair Value11 %10 %1,644 837 
Republic AirwaysFair Value14 %17 %124 84 
Unifi AviationEquity Method20 %49 %51 146 
WestJetFair Value13 %— %248 — 
Wheels Up
Fair Value(3)
36 %38 %173 435 
Other investmentsVarious325 266 
Equity investments$4,222 $2,846 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At December 31, 2025, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(3)Our voting rights with respect to Wheels Up are capped at 29.9%. We elected to account for our equity method investment under the fair value option.
(4)Unless otherwise indicated below, movements in our ownership interest result from changes in our equity investees' outstanding shares.
Grupo Aeroméxico. In November 2025, Grupo Aeroméxico issued shares through an initial public offering which reduced our ownership interest to 19%. We continue to account for our investment under the equity method as the reduced ownership stake does not change our ability to exercise significant influence with Grupo Aeroméxico. Our equity investment is subject to contractual transfer restrictions until November 2029.

Republic Airways Holdings. In November 2025, Republic Airways and Mesa Air Group merged to create Republic Airways Holdings, Inc., a publicly traded company, and as a result our ownership decreased to 14%. This investment is subject to contractual transfer restrictions until May 2026.

Unifi Aviation. In December 2025, we sold a portion of our Unifi investment to Argenbright Holdings for $80 million, reducing our ownership from 49% to 20%. We continue to account for our investment under the equity method. Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations.

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.

Wheels Up. We concluded that Wheels Up is a variable interest entity ("VIE"). A VIE requires consolidation by the entity’s primary beneficiary. We determined that we are not the primary beneficiary after assessing the decision-making process for the significant activities of Wheels Up, concluding that Wheels Up's Board of Directors continues to possess the decision-making authority over the significant activities. Although we are represented on the Board, we do not control Wheels Up's Board. Based on this assessment, Wheels Up is not consolidated in our financial statements.

During the September 2025 quarter, we agreed to extend the contractual transfer restrictions on our investment in Wheels Up until May 2026 and thereafter will remain subject to certain, more limited transfer restrictions.

Other Investments

This category includes various investments that are accounted for at fair value or under the equity method, depending on our ownership interest and the level of influence conveyed by our investment. Among others, this category includes our equity method investments in Virgin Atlantic and JFK IAT Member LLC.

Virgin Atlantic. The carrying value of our investment in Virgin Atlantic remains zero as of December 31, 2025. We maintain our 49% equity interest and continue to track our share of Virgin Atlantic's losses under the equity method of accounting. These previously unrecognized losses are only recorded to the extent we make additional investments in Virgin Atlantic (i.e., additional shareholder support). As of December 31, 2025, we have approximately $620 million of unrecognized equity method losses related to our 49% interest in Virgin Atlantic.

JFK IAT Member LLC. We have an equity method investment in JFK IAT Member LLC, which owns JFK International Air Terminal LLC ("IAT"), our landlord at the New York-JFK Airport. We have a long-term agreement with IAT to sublease space in Terminal 4 through 2043 ("Sublease") which requires us to pay certain fixed management fees. We determined that the investment is a VIE and assessed whether we have a controlling financial interest in IAT. Our rights under the Sublease, with respect to management of Terminal 4, are consistent with rights granted to an anchor tenant under a standard airport lease. Accordingly, we do not consolidate this entity in our Consolidated Financial Statements.
v3.25.4
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill and Indefinite-Lived Intangible Assets

Our goodwill and identifiable intangible assets relate to the airline segment. We apply a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. We assess the value of our goodwill and indefinite-lived assets under either a qualitative or quantitative approach. Under a qualitative approach, we consider various market factors, including certain of the key assumptions listed below. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite-lived intangible assets. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment. Under a quantitative approach, we calculate the fair value of the asset incorporating the key assumptions listed below into our calculation.
We value goodwill and indefinite-lived intangible assets primarily using market and income approach valuation techniques. These measurements include the following key assumptions (1) forecasted revenues, expenses and cash flows, (2) current discount rates, (3) observable market transactions and (4) anticipated changes to the regulatory environment (e.g., changes in slot access and/or availability, additional Open Skies agreements or changes to antitrust approvals). These assumptions are consistent with those that hypothetical market participants would use. Because we are required to make estimates and assumptions when evaluating goodwill and indefinite-lived intangible assets for impairment, actual transaction amounts may differ materially from these estimates. We recognize an impairment charge if the asset's carrying value exceeds its estimated fair value.

Changes in certain events and circumstances could result in impairment or a change from indefinite-lived to definite-lived. Factors which could cause impairment include, but are not limited to (1) negative trends in our market capitalization, (2) reduced profitability resulting from lower passenger mile yields or higher input costs, (3) lower passenger demand as a result of weakened U.S. and global economies or other factors, (4) prolonged interruption to our operations, (5) changes to the regulatory environment, (6) operational or performance changes by other airlines and (7) strategic changes to our operations leading to diminished utilization of the intangible assets.

Identifiable Intangible Assets. Indefinite-lived assets are not amortized and consist of routes, slots, the Delta tradename and assets related to alliances and collaborative arrangements. Definite-lived intangible assets consist primarily of marketing and maintenance service agreements and are amortized on a straight-line basis or under the undiscounted cash flows method over the estimated economic life of the respective agreements. Costs incurred to renew or extend the term of an intangible asset are expensed as incurred.

During the December 2025 quarter, we performed qualitative assessments of goodwill and indefinite-lived intangible assets, including applicable factors noted above, and determined that there was no indication that the assets were impaired. Our qualitative assessments include analyses and weighting of all relevant factors that impact the fair value of our goodwill and indefinite-lived intangible assets. We previously performed quantitative assessments in the December 2023 quarter, noting no impairment of goodwill or indefinite-lived intangible assets.

Goodwill and indefinite-lived intangible assets by category
Carrying Value at
(in millions)December 31, 2025December 31, 2024
Goodwill$9,753 $9,753 
International routes and slots2,583 2,583 
Airline alliances1,863 1,863 
Delta tradename850 850 
Domestic slots622 622 
Total$15,671 $15,671 

International Routes and Slots. This primarily relates to Pacific route authorities and slots at capacity-constrained airports in Asia, and slots at London-Heathrow airport.

Airline Alliances. This primarily relates to our commercial agreements with LATAM and our SkyTeam partners.

Domestic Slots. This primarily relates to our slots at New York-LaGuardia and Washington-Reagan National airports.
Definite-Lived Intangible Assets

Definite-lived intangible assets by category
December 31, 2025December 31, 2024
(in millions)Gross Carrying ValueAccumulated AmortizationGross Carrying ValueAccumulated Amortization
Marketing agreements$730 $(717)$730 $(712)
Maintenance contracts192 (158)192 (154)
Other54 (53)54 (53)
Total$976 $(928)$976 $(919)

Amortization expense was $8 million for the year ended December 31, 2025 and was $9 million for the years ended 2024 and 2023. Based on our definite-lived intangible assets at December 31, 2025, we estimate that we will incur approximately $7 million of amortization expense annually from 2026 through 2030.
v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The following table summarizes our debt as of the dates indicated below:

Summary of outstanding debt by category
Maturity Dates
Interest Rate(s) Per Annum at December 31, 2025
December 31,
(in millions)20252024
Unsecured notes2028to20303.75%to5.30%$2,884 $1,575 
Unsecured Payroll Support Program Loans(1)
20311.00%1,848 3,496 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2026to20284.75%3,422 3,970 
SkyMiles Term Loan(2)(3)
2026to20285.38%588 784 
NYTDC Special Facilities Revenue Bonds(2)
2026to20454.00%to6.00%3,522 3,591 
Financing arrangements secured by aircraft:
Certificates(2)
2026to20282.00%to8.00%894 992 
Notes(2)(3)
2026to20335.96%to7.18%78 87 
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes2025—%— 812 
Other financings(2)
20305.00%66 66 
Corporate Revolving Credit Facility2026to2028Undrawn— — 
Other revolving credit facilities(3)
2026Undrawn— — 
Total secured and unsecured debt13,302 15,373 
Unamortized (discount)/premium and debt issuance cost, net and other6 (26)
Total debt13,308 15,347 
Less: current maturities(1,372)(1,801)
Total long-term debt$11,936 $13,546 
(1)Interest rates on the Payroll Support Program ("PSP") 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 January 2026 and April 2026.
(2)Due in installments during the years shown above.
(3)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate plus a specified margin.
2025 Unsecured Notes

In June 2025, we issued $2.0 billion in aggregate principal amounts of unsecured notes, consisting of $1.0 billion of 4.95% Notes due 2028 and $1.0 billion of 5.25% Notes due 2030 (collectively, the "Notes"). The Notes are included in Unsecured notes in the table above. The net proceeds from the offering of the Notes were used to repay the Payroll Support Program ("PSP") loan due 2030 included in Unsecured Payroll Support Program Loans in the table above and for general corporate purposes.

SkyMiles Credit Facility

In September 2025, 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"). This amendment, among other things, (i) 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 reduced margin of 1.50% per annum, payable quarterly; (ii) extended the scheduled maturity from October 2027 to October 2028; (iii) reduced the principal amortization payments from 20% to 1% per year, payable quarterly; and (iv) 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 September 30, 2025. No such repricing event has occurred as of December 31, 2025.

2026 Term Loan

In January 2026, we entered into a $1.3 billion term loan issued by a group of lenders due December 2026. The proceeds of the term loan were used to repay $957 million of the PSP loans due 2031 included in Unsecured Payroll Support Program Loans in the table above and for general corporate purposes.

Availability Under Revolving Facilities

As of December 31, 2025, we had approximately $3.1 billion undrawn and available under our revolving credit facilities.

Fair Value of Debt

Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 1 or Level 2 within the fair value hierarchy.

Fair value of outstanding debt
(in millions)December 31, 2025December 31, 2024
Net carrying amount$13,308 $15,347 
Fair value$13,400 $15,300 

Covenants

Our debt agreements contain various affirmative, negative and financial covenants. For example, certain credit facilities, including our SkyMiles financing agreements, contain, among other things, minimum coverage ratios. Our SkyMiles financing agreements also include a minimum liquidity covenant which requires us to maintain at least $2.0 billion of liquidity (defined as cash, cash equivalents, short-term investments and aggregate principal amount committed and available to be drawn under our revolving credit facilities). In addition, the SkyMiles financing agreements restrict our ability to, among other things, (1) modify the terms of the SkyMiles program, or otherwise change the policies and procedures of the SkyMiles program, in a manner that would reasonably be expected to materially impair repayment of the SkyMiles Debt, (2) sell pre-paid miles in excess of $550 million in the aggregate and (3) terminate or materially modify the intercompany arrangements governing the relationship between Delta and SkyMiles IP Ltd. with respect to the SkyMiles program. Certain of our debt agreements limit our ability to (1) incur liens under certain circumstances, (2) dispose of collateral and (3) engage in mergers and consolidations or transfer all or substantially all of our assets.

Each of these restrictions is subject to certain exceptions and qualifications that are set forth in these debt agreements. We were in compliance with the covenants in our debt agreements at December 31, 2025.
Future Maturities

The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2025:

Future debt maturities
(in millions)Total DebtAmortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other
2026$1,367 $(2)
20271,878 2 
20283,460 (1)
2029621 4 
20301,222 5 
Thereafter4,754 (2)
Total$13,302 $6 $13,308 
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
We lease property and equipment under finance and operating leases. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of the fixed minimum lease payments over the term. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate. We do not separate lease and nonlease components of contracts, except for regional aircraft and information technology ("IT") assets as discussed below.

We use the rate implicit in the lease to discount lease payments to present value, when readily determinable. When the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate, which is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at commencement date.

Some of our aircraft lease agreements include provisions for residual value guarantees. These guarantees represent an immaterial portion of our lease liability.

Aircraft

As of December 31, 2025, including aircraft operated by our regional carriers, we leased 122 aircraft, of which 20 were under finance leases and 102 were operating leases. Our aircraft leases had remaining lease terms of two months to 10 years.

In addition, we have regional aircraft leases that are embedded within our capacity purchase agreements and included in the ROU asset and lease liability. We allocated the consideration in each capacity purchase agreement to the lease and nonlease components based on their relative standalone fair values. Lease components of these agreements consist of 119 aircraft as of December 31, 2025 and nonlease components primarily consist of flight operations, in-flight and maintenance services. We determined our best estimate of the standalone fair value of the individual components by considering observable information including rates paid by our wholly owned subsidiary, Endeavor Air, Inc., and rates published by independent valuation firms. See Note 9, "Commitments and Contingencies," for additional information about our capacity purchase agreements.

Airport Facilities

Our facility leases are primarily for space at approximately 300 airports around the world that we serve. These leases reflect our use of airport terminals, office space, cargo warehouses and maintenance facilities. We generally lease space from government agencies that control the use of the airport, and as a result, these leases are classified as operating leases. The remaining lease terms vary from one month to 28 years. At the majority of the U.S. airports, the lease rates depend on airport operating costs or use of the facilities and are reset at least annually. Because of the variable nature of the rates, these leases are not recorded on our balance sheets.

Some airport facilities have fixed payment schedules, the most significant of which is New York-JFK, which comprises the majority of our ground and other operating ROU asset and lease liability. For those airport leases with fixed payment schedules, we have recorded a ROU asset and lease liability representing the fixed component of the lease payments.
Other Ground Property and Equipment

We lease certain IT assets (including servers, mainframes, etc.), ground support equipment (including tugs, tractors, fuel trucks and de-icers) and various other equipment. The remaining lease terms range from one month to five years. Certain leased assets are embedded within various ground and IT service agreements. For ground service contracts, we have elected to include both the lease and nonlease components in the lease asset and lease liability balances on our balance sheets. For IT service contracts, we have elected to separate the lease and nonlease components and only the lease components are included in the lease asset and lease liability balances on our balance sheets. The amounts of these lease and nonlease components are not significant.

Lease Position

The table below presents the lease-related assets and liabilities recorded on the balance sheets.

Lease asset and liability balance sheet position by category
December 31,
(in millions)Classification on the Balance Sheets20252024
Assets
Operating lease assets - Fleet(1)
Operating lease right-of-use assets$2,575 $2,910 
Operating lease assets - Ground and otherOperating lease right-of-use assets3,669 3,734 
Finance lease assetsProperty and equipment, net835 825 
Total lease assets$7,079 $7,469 
Liabilities
Current
Operating - Fleet(1)
Current maturities of operating leases$591 $551 
Operating - Ground and otherCurrent maturities of operating leases218 212 
FinanceCurrent maturities of debt and finance leases233 374 
Noncurrent
Operating - Fleet(1)
Noncurrent operating leases2,190 2,627 
Operating - Ground and otherNoncurrent operating leases3,163 3,187 
FinanceDebt and finance leases572 473 
Total lease liabilities$6,967 $7,424 
Weighted-average remaining lease term
Operating leases12 years12 years
Finance leases3 years3 years
Weighted-average discount rate
Operating leases
4.21 %4.28 %
Finance leases3.63 %3.53 %
(1)Includes mainline and regional aircraft leases, regional aircraft leases embedded within our capacity purchase arrangements, and engine leases. The interest portion of straight-line rent expense related to fleet operating leases was $140 million and $165 million during the years ended December 31, 2025 and 2024, respectively.
Lease Costs

The table below presents certain information related to the lease costs for finance and operating leases.

Lease cost by category
Year Ended December 31,
(in millions)202520242023
Finance lease cost
Amortization of leased assets$66 $88 $109 
Interest of lease liabilities37 54 42 
Operating lease cost(1)
976 974 981 
Short-term lease cost(1)
268 206 258 
Variable lease cost(1)
3,343 2,902 2,230 
Total lease cost$4,690 $4,224 $3,620 
(1)Expenses are primarily classified within aircraft rent, landing fees and other rents and regional carrier expense on our income statement.

Other Information

The table below presents supplemental cash flow information related to leases.

Supplemental lease-related cash flow information
Year Ended December 31,
(in millions)202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$981 $1,225 $1,230 
Operating cash flows for finance leases36 56 71 
Financing cash flows for finance leases114 190 264 

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet.

Future lease cash flows and reconciliation to the balance sheet
(in millions)Operating LeasesFinance Leases
2026$1,020 $256 
2027967 289 
2028846 61 
2029641 49 
2030508 109 
Thereafter3,784 106 
Total minimum lease payments7,766 870 
Less: amount of lease payments representing interest(1,604)(65)
Present value of future minimum lease payments6,162 805 
Less: current obligations under leases(809)(233)
Long-term lease obligations$5,353 $572 

As of December 31, 2025, we had additional leases that will commence in the future (primarily in 2027) with contractual lease payments of $122 million. These are primarily regional aircraft leases with lease terms of seven years.
LEASES LEASES
We lease property and equipment under finance and operating leases. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of the fixed minimum lease payments over the term. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate. We do not separate lease and nonlease components of contracts, except for regional aircraft and information technology ("IT") assets as discussed below.

We use the rate implicit in the lease to discount lease payments to present value, when readily determinable. When the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate, which is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at commencement date.

Some of our aircraft lease agreements include provisions for residual value guarantees. These guarantees represent an immaterial portion of our lease liability.

Aircraft

As of December 31, 2025, including aircraft operated by our regional carriers, we leased 122 aircraft, of which 20 were under finance leases and 102 were operating leases. Our aircraft leases had remaining lease terms of two months to 10 years.

In addition, we have regional aircraft leases that are embedded within our capacity purchase agreements and included in the ROU asset and lease liability. We allocated the consideration in each capacity purchase agreement to the lease and nonlease components based on their relative standalone fair values. Lease components of these agreements consist of 119 aircraft as of December 31, 2025 and nonlease components primarily consist of flight operations, in-flight and maintenance services. We determined our best estimate of the standalone fair value of the individual components by considering observable information including rates paid by our wholly owned subsidiary, Endeavor Air, Inc., and rates published by independent valuation firms. See Note 9, "Commitments and Contingencies," for additional information about our capacity purchase agreements.

Airport Facilities

Our facility leases are primarily for space at approximately 300 airports around the world that we serve. These leases reflect our use of airport terminals, office space, cargo warehouses and maintenance facilities. We generally lease space from government agencies that control the use of the airport, and as a result, these leases are classified as operating leases. The remaining lease terms vary from one month to 28 years. At the majority of the U.S. airports, the lease rates depend on airport operating costs or use of the facilities and are reset at least annually. Because of the variable nature of the rates, these leases are not recorded on our balance sheets.

Some airport facilities have fixed payment schedules, the most significant of which is New York-JFK, which comprises the majority of our ground and other operating ROU asset and lease liability. For those airport leases with fixed payment schedules, we have recorded a ROU asset and lease liability representing the fixed component of the lease payments.
Other Ground Property and Equipment

We lease certain IT assets (including servers, mainframes, etc.), ground support equipment (including tugs, tractors, fuel trucks and de-icers) and various other equipment. The remaining lease terms range from one month to five years. Certain leased assets are embedded within various ground and IT service agreements. For ground service contracts, we have elected to include both the lease and nonlease components in the lease asset and lease liability balances on our balance sheets. For IT service contracts, we have elected to separate the lease and nonlease components and only the lease components are included in the lease asset and lease liability balances on our balance sheets. The amounts of these lease and nonlease components are not significant.

Lease Position

The table below presents the lease-related assets and liabilities recorded on the balance sheets.

Lease asset and liability balance sheet position by category
December 31,
(in millions)Classification on the Balance Sheets20252024
Assets
Operating lease assets - Fleet(1)
Operating lease right-of-use assets$2,575 $2,910 
Operating lease assets - Ground and otherOperating lease right-of-use assets3,669 3,734 
Finance lease assetsProperty and equipment, net835 825 
Total lease assets$7,079 $7,469 
Liabilities
Current
Operating - Fleet(1)
Current maturities of operating leases$591 $551 
Operating - Ground and otherCurrent maturities of operating leases218 212 
FinanceCurrent maturities of debt and finance leases233 374 
Noncurrent
Operating - Fleet(1)
Noncurrent operating leases2,190 2,627 
Operating - Ground and otherNoncurrent operating leases3,163 3,187 
FinanceDebt and finance leases572 473 
Total lease liabilities$6,967 $7,424 
Weighted-average remaining lease term
Operating leases12 years12 years
Finance leases3 years3 years
Weighted-average discount rate
Operating leases
4.21 %4.28 %
Finance leases3.63 %3.53 %
(1)Includes mainline and regional aircraft leases, regional aircraft leases embedded within our capacity purchase arrangements, and engine leases. The interest portion of straight-line rent expense related to fleet operating leases was $140 million and $165 million during the years ended December 31, 2025 and 2024, respectively.
Lease Costs

The table below presents certain information related to the lease costs for finance and operating leases.

Lease cost by category
Year Ended December 31,
(in millions)202520242023
Finance lease cost
Amortization of leased assets$66 $88 $109 
Interest of lease liabilities37 54 42 
Operating lease cost(1)
976 974 981 
Short-term lease cost(1)
268 206 258 
Variable lease cost(1)
3,343 2,902 2,230 
Total lease cost$4,690 $4,224 $3,620 
(1)Expenses are primarily classified within aircraft rent, landing fees and other rents and regional carrier expense on our income statement.

Other Information

The table below presents supplemental cash flow information related to leases.

Supplemental lease-related cash flow information
Year Ended December 31,
(in millions)202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$981 $1,225 $1,230 
Operating cash flows for finance leases36 56 71 
Financing cash flows for finance leases114 190 264 

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet.

Future lease cash flows and reconciliation to the balance sheet
(in millions)Operating LeasesFinance Leases
2026$1,020 $256 
2027967 289 
2028846 61 
2029641 49 
2030508 109 
Thereafter3,784 106 
Total minimum lease payments7,766 870 
Less: amount of lease payments representing interest(1,604)(65)
Present value of future minimum lease payments6,162 805 
Less: current obligations under leases(809)(233)
Long-term lease obligations$5,353 $572 

As of December 31, 2025, we had additional leases that will commence in the future (primarily in 2027) with contractual lease payments of $122 million. These are primarily regional aircraft leases with lease terms of seven years.
v3.25.4
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
We sponsor defined benefit and defined contribution pension plans, healthcare plans and disability and survivorship plans for eligible employees and retirees and their eligible family members.

Defined Benefit Pension Plans. We sponsor defined benefit pension plans for eligible employees and retirees. These plans are generally closed to new entrants and frozen for future benefit accruals. Our funding obligations for qualified defined benefit plans are governed by the Employee Retirement Income Security Act and any additional applicable legislation. Under current legislation, any required funding would be amortized over a rolling 15-year period and calculated using a discount rate of no less than 4.75% through 2030. We estimate that there will be approximately $5 million of minimum funding requirements under these plans in 2026.

We also sponsor a market based cash balance plan, a defined benefit pension plan for eligible pilots that is funded by company contributions in excess of IRS limits in the 401(k) plan. We fund this plan with cash contributions as benefits are earned and invest those assets. The participants’ benefit is the sum of the contributions made on their behalf plus any positive return on the invested contributions. In estimating the related benefit obligation and net benefit cost, the expected long-term rate of return on plan assets is used in determining the interest crediting rate.

Defined Contribution Pension Plans. We sponsor several defined contribution plans. These plans generally cover different employee groups and employer contributions vary by plan. The costs associated with our defined contribution pension plans were approximately $1.4 billion, $1.3 billion and $1.2 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

Postretirement Healthcare Plans. We sponsor healthcare plans that provide benefits to eligible retirees and their dependents who are under age 65. We have generally eliminated company-paid post age 65 healthcare coverage, except for (1) subsidies available to a limited group of retirees and their dependents, (2) a group of retirees who retired prior to 1987 and (3) retiree medical accounts which provide a fixed dollar amount to eligible employees who retired under the 2012 voluntary workforce reduction programs or the 2020 voluntary early retirement and separation programs ("voluntary programs").

Postemployment Plans. We provide certain other welfare benefits to eligible former or inactive employees after employment but before retirement, primarily as part of the disability and survivorship plans. Substantially all employees are eligible for benefits under these plans in the event of death and/or disability.

Benefits under our postretirement and postemployment plans are funded from current assets and employee contributions.
Benefit Obligations, Fair Value of Plan Assets and Funded Status
Pension Benefits
December 31,(1)
Other Postretirement and Postemployment Benefits
December 31,
(in millions)2025202420252024
Benefit obligation at beginning of period$14,967 $15,911 $3,265 $3,503 
Service cost273 233 132 92 
Interest cost831 820 181 182 
Actuarial loss/(gain)266 (738)141 (50)
Benefits paid, including lump sums and annuities(1,315)(1,259)(489)(497)
Participant contributions— — 27 30 
Special termination benefits— — 1 5 
Benefit obligation at end of period(2)
$15,022 $14,967 $3,258 $3,265 
Fair value of plan assets at beginning of period$15,905 $15,766 $27 $33 
Actual gain on plan assets2,338 1,142 10 (7)
Employer contributions352 256 466 468 
Benefits paid, including lump sums and annuities(1,315)(1,259)(489)(497)
Participant contributions— — 27 30 
Fair value of plan assets at end of period$17,280 $15,905 $41 $27 
Funded status at end of period$2,258 $938 $(3,217)$(3,238)
(1)Service cost shown above relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans.
(2)At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above.

During 2025, net actuarial losses increased our benefit obligation primarily due to the decrease in discount rates. During 2024, net actuarial gains decreased our benefit obligation primarily due to the increase in discount rates. These gains and losses are recorded in AOCI and reflected in the table below. Amounts are generally amortized from AOCI over the expected future lifetime of plan participants.

Balance Sheet Position
Pension Benefits
December 31,
Other Postretirement and Postemployment Benefits
December 31,
(in millions)2025202420252024
Other noncurrent assets $2,320 $1,005 $— $— 
Current liabilities(8)(9)(425)(430)
Noncurrent liabilities(54)(58)(2,792)(2,808)
Funded status at end of period$2,258 $938 $(3,217)$(3,238)
Net actuarial loss$(4,201)$(5,407)$(216)$(103)
Prior service credit— — (6)(3)
Total accumulated other comprehensive loss, pre-tax$(4,201)$(5,407)$(222)$(106)

Certain pension plans have benefit obligations in excess of plan assets. These plans have aggregate projected benefit obligations of $62 million and are unfunded at December 31, 2025.
Net Periodic Cost
Pension Benefits
Year Ended December 31,(1)
Other Postretirement and Postemployment Benefits
Year Ended December 31,
(in millions)202520242023202520242023
Service cost$273 $233 $95 $132 $92 $71 
Interest cost831 820 855 181 182 200 
Expected return on plan assets(1,067)(1,062)(1,060)(2)(2)(1)
Amortization of prior service credit— — — (4)(4)(5)
Recognized net actuarial loss202 248 240 20 18 14 
Special termination benefits— — — 1 5 — 
Net periodic cost
$239 $239 $130 $328 $291 $279 
(1)Service cost shown above relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans.

Service cost is recorded in salaries and related costs in the income statement, while all other components are recorded within miscellaneous, net under non-operating expense.

Assumptions

We used the following actuarial assumptions to determine our benefit obligations and our net periodic cost for the periods presented:
December 31,
Benefit Obligations(1)
20252024
Weighted average discount rate5.50 %5.71 %

Year Ended December 31,
Net Periodic Cost(1)
202520242023
Weighted average discount rate5.53 %5.33 %5.59 %
Weighted average expected long-term rate of return on plan assets6.96 %6.97 %7.00 %
Assumed healthcare cost trend rate for the next year(2)
7.25 %6.50 %6.25 %
(1)Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment obligation.
(2)Healthcare cost trend rate is assumed to decline gradually to 5.00% by 2036 and remain unchanged thereafter.

Expected Long-Term Rate of Return. Our expected long-term rate of return on plan assets is based primarily on plan-specific investment studies using historical market return and volatility data. Modest excess return expectations versus some public market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically. We also expect to receive a premium for investing in less liquid private markets. We review our rate of return on plan assets assumptions annually. Our annual investment performance for one particular year does not, by itself, significantly influence our evaluation. The investment strategy for our defined benefit pension plan assets is to earn a long-term return that meets or exceeds our annualized return target while taking an acceptable level of risk and maintaining sufficient liquidity to pay current benefits and other cash obligations of the plan. This is achieved by investing in a globally diversified mix of public and private equity, fixed income, real assets, hedge funds and other assets and instruments. Our weighted average expected long-term rate of return on assets for net periodic cost for the year ended December 31, 2025 was 6.96%.

Life Expectancy. Changes in life expectancy may significantly impact our benefit obligations and future net periodic cost. Each year we review information published by the Society of Actuaries and other publicly available information to develop our best estimate of life expectancy for purposes of measuring pension and other postretirement and postemployment benefit obligations.
Benefit Payments

Benefit payments in the table below are based on the same assumptions used to measure the related benefit obligations. Actual benefit payments may vary significantly from these estimates. Benefits earned under our pension plans are expected to be paid from funded benefit plan trusts, while our other postretirement and postemployment benefits are funded from current assets. The following table summarizes the benefit payments that are expected to be paid in the years ending December 31:

Expected future benefit payments
(in millions)Pension BenefitsOther Postretirement and Postemployment Benefits
20261,390 480 
20271,400 480 
20281,390 490 
20291,380 490 
20301,380 500 
2031-20356,530 2,450 

Plan Assets

We have adopted and implemented investment policies for our defined benefit pension plans that incorporate strategic asset allocation mixes intended to best meet the plans' long-term obligations, while maintaining an appropriate level of risk and liquidity. These asset portfolios employ a diversified mix of investments, which are reviewed periodically. Active management strategies are utilized where feasible in an effort to realize investment returns in excess of market indices. Derivatives in the plans are primarily used to manage risk and gain asset class exposure while preserving liquidity. As part of these strategies, the plans are required to hold cash collateral associated with certain derivatives. Our investment strategies target a mix of 20-40% growth-seeking assets, 25-35% income-generating assets and 35-45% risk-diversifying assets. Risk diversifying assets include hedge funds implementing long-short, market neutral and relative value strategies that invest primarily in publicly-traded equity, fixed income, foreign currency and commodity securities and are used to improve the impact of active management on the plans.

Benefit Plan Assets Measured at Fair Value on a Recurring Basis

Benefit plan assets relate to our defined benefit pension plans and certain of our postemployment benefit plans. These investments are presented net of the related benefit obligation in either other noncurrent assets or pension, postretirement and related benefits on the balance sheets depending on the funded status of each plan. See Note 3, "Fair Value Measurements," for a description of the levels within the fair value hierarchy and associated valuation techniques used to measure fair value. The following table shows our benefit plan assets by asset class.

Benefit plan assets measured at fair value on a recurring basis
December 31, 2025December 31, 2024Valuation Technique
(in millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed income and fixed income-related instruments$78 $1,255 $1,333 $85 $1,080 $1,165 (a)(b)
Cash equivalents494 290 784 330 138 468 (a)
Equities and equity-related instruments1,365 7 1,372 978 3 981 (a)
Delta common stock570 — 570 595 — 595 (a)
Real assets17 160 177 — 25 25 (a)
Benefit plan assets$2,524 $1,712 $4,236 $1,988 $1,246 $3,234 
Investments measured at net asset value ("NAV")(1)
13,045 12,438 
Total benefit plan assets$17,281 $15,672 
(1)Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
Fixed Income and Fixed Income-Related Instruments. These investments include corporate bonds, government bonds, collateralized mortgage obligations and other asset-backed securities, and are generally valued at the bid price or the average of the bid and ask price. Prices are based on pricing models, quoted prices of securities with similar characteristics or broker quotes. Fixed income-related instruments include investments in securities traded on exchanges, including listed futures and options, which are valued at the last reported sale prices on the last business day of the year, or if not available, the last reported bid prices. Over-the-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes.

Cash Equivalents. These investments primarily consist of high-quality, short-term obligations that are a part of institutional money market mutual funds that are valued using current market quotations or an appropriate substitute that reflects current market conditions.

Equities and Equity-Related Instruments. These investments include common stock and equity-related instruments. Common stock is valued at the closing price reported on the active market on which the individual securities are traded. Equity-related instruments include investments in securities traded on exchanges, including listed futures and options, which are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices. Over-the-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes.

Delta Common Stock. The Delta common stock investment is managed by an independent fiduciary. Valuation is based on the closing price reported on the exchange where the stock is traded.

Real Assets. These investments include commodities such as precious metals and precious metals-related instruments, some of which are valued at the closing price reported on the active market on which the individual instruments are traded, while others are priced based on pricing models, quoted prices of securities with similar characteristics or broker quotes.

The following table summarizes investments measured at fair value based on NAV per share as a practical expedient:

Benefit plan investment assets measured at NAV
December 31, 2025December 31, 2024
(in millions)Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Hedge funds and hedge fund-related strategies$6,916 (1)
15-180 Days
$6,519 (1)
15-180 Days
Commingled funds, private equity and private equity-related instruments(4)
2,300 (1) (2)
2-45 Days
2,351 (1) (2)
2-45 Days
Fixed income and fixed income-related instruments(4)
1,624 (1) (2)
1-180 Days
1,427 (1) (2)
1-180 Days
Real assets(4)
1,016 (2)N/A979 (2)N/A
Balanced allocation621 (5)
0-3 Days
349 (5)
0-3 Days
Other568 (3)
2-10 Days
813 (3)
2-10 Days
Total investments measured at NAV$13,045 $12,438 
(1)Various. Includes funds with monthly or more frequent, quarterly and/or custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment.
(2)Includes private funds that are closed-ended structures in which the plans' investments are generally not eligible for redemption.
(3)Includes funds with monthly or more frequent redemptions.
(4)Unfunded commitments were $1.5 billion for commingled funds, private equity and private equity-related instruments, $224 million for fixed income and fixed income-related instruments and $693 million for real assets at December 31, 2025.
(5)Includes funds with daily redemptions. The 0 Days Redemption Notice Period applies to participant-level redemptions. The 3 Days Redemption Notice Period applies to plan-level redemptions.

On an annual basis we assess the potential for adjustments to the fair value of all investments. Due to a lag in the availability of data for certain of these investments (this primarily applies to private equity, private equity-related strategies and real assets), we solicit valuation updates from the investment fund managers and use their information and corroborating data from public markets to determine any needed fair value adjustments.

Hedge Funds and Hedge Fund-Related Strategies. These investments are primarily made through shares of limited partnerships or similar structures for which a liquid secondary market does not exist.
Commingled Funds, Private Equity and Private Equity-Related Instruments. These investments include commingled funds invested primarily in equity securities, as well as private equity and private equity-related instruments. Commingled funds are valued based on fair market value of the underlying assets minus the liabilities. Private equity and private equity-related instruments are typically valued quarterly by the fund managers using valuation models where one or more of the significant inputs into the model cannot be observed and which require the development of assumptions.

Fixed Income and Fixed Income-Related Instruments. These investments include private fixed income instruments that are typically valued monthly or quarterly by third-party valuation agents in the majority of cases and, less commonly, by the fund managers. In the latter case, a fund manager may use valuation models where one or more of significant inputs into the model cannot be observed and which require the development of assumptions.

Real Assets. These investments include real estate, energy, timberland, agriculture and infrastructure. The valuation of real assets requires significant judgment due to the absence of quoted market prices as well as the inherent lack of liquidity and the long-term nature of these assets. Real assets are typically valued quarterly by the fund managers using valuation models where one or more of the significant inputs into the model cannot be observed and which require the development of assumptions.

Balanced Allocation. The investments include commingled funds invested primarily in equity and fixed income securities. Commingled funds are valued based on the fair market value of the underlying assets minus the liabilities.

Other. Primarily includes globally-diversified, risk-managed commingled funds consisting mainly of equity, fixed income and commodity exposures.

Other

We also sponsor defined benefit pension plans for eligible employees in certain foreign countries. These plans did not have a material impact on our Consolidated Financial Statements in any period presented.

Profit Sharing Program

Our broad-based employee profit sharing program provides that, for each year in which we have an annual pre-tax profit, as defined by the terms of the program, we will pay a specified portion of that profit to employees. In determining the amount of profit sharing, the program defines profit as pre-tax profit adjusted for profit sharing and certain other items.

For the years ended December 31, 2025 and 2024, we recorded profit sharing expense under the program of $1.3 billion and $1.4 billion, respectively.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Aircraft Purchase Commitments

Our future aircraft purchase commitments totaled approximately $15.4 billion at December 31, 2025:

Aircraft purchase commitments(1)
(in millions)Total
2026$3,650 
20275,860 
20284,150 
20291,290 
2030480 
Thereafter— 
Total$15,430 
(1)The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints.
Our future aircraft purchase commitments included the following aircraft at December 31, 2025:

Aircraft purchase commitments by fleet type
Fleet TypePurchase Commitments
A220-30064 
A321-200neo68 
A350-9004 
A350-100020 
B-737-10100 
Total256 

In addition to the aircraft purchase commitments above, 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.

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.

Contract Carrier Agreements

We have contract carrier agreements with regional carriers expiring through 2035. These agreements are structured as either capacity purchase or revenue proration agreements.

Capacity Purchase Agreements. Our contractual agreements with regional carriers are primarily capacity purchase arrangements, under which we control the scheduling, pricing, reservations, ticketing and seat inventories for the regional carriers' flights operating under our "DL" designator code. We are entitled to all ticket, cargo, mail, in-flight and ancillary revenues associated with the flights under these capacity purchase arrangements. We pay those airlines an amount, as defined in the applicable agreement, which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services.

The following table shows our minimum obligations at December 31, 2025 under our existing capacity purchase agreements with third-party regional carriers, excluding contract carrier payments accounted for as leases of aircraft, which are described in Note 7, "Leases." The obligations set forth in the table contemplate minimum levels of flying by the regional carriers under the respective agreements and also reflect assumptions regarding certain costs associated with the minimum levels of flying such as the cost of fuel, labor, maintenance, insurance, catering, property tax and landing fees. Accordingly, our actual payments under these agreements could differ materially from the minimum fixed obligations set forth in the table below.

Contract carrier minimum obligations
(in millions)Amount
2026$1,760 
20271,625 
20281,265 
2029700 
2030290 
Thereafter390 
Total$6,030 
Legal Contingencies

We are involved in various legal proceedings related to employment practices, environmental issues, commercial disputes, antitrust and other regulatory matters concerning our business. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, we believe that the resolution of current matters will not have a material adverse effect on our Consolidated Financial Statements.

Credit Card Processing Agreements

Our VISA/MasterCard and American Express credit card processing agreements provide that no cash reserve ("Reserve") is required, and no withholding of payment related to receivables collected will occur, except in certain circumstances, including when we do not maintain a required level of liquidity as outlined in the merchant processing agreements. In circumstances in which the credit card processor can establish a Reserve or withhold payments, the amount of the Reserve or payments that may be withheld would be equal to the potential liability of the credit card processor for tickets purchased with VISA/MasterCard or American Express credit cards, as applicable, that had not yet been used for travel. We did not have a Reserve or an amount withheld as of December 31, 2025 or 2024.

Other Contingencies

General Indemnifications

We are the lessee under many commercial real estate leases. It is common in these transactions for us, as the lessee, to agree to indemnify the lessor and the lessor's related parties for tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises. This type of indemnity would typically make us responsible to indemnified parties for liabilities arising out of the conduct of, among others, contractors, licensees and invitees at, or in connection with, the use or occupancy of the leased premises. This indemnity often extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by either their sole or gross negligence or their willful misconduct.

Our aircraft and other equipment lease and financing agreements typically contain provisions requiring us, as the lessee or obligor, to indemnify the other parties to those agreements, including certain of those parties' related persons, against virtually any liabilities that might arise from the use or operation of the aircraft or other equipment.

We believe that our insurance would cover most of our exposure to liabilities and related indemnities associated with the commercial real estate leases and aircraft and other equipment lease and financing agreements described above. While our insurance does not typically cover environmental liabilities, we have insurance policies in place as required by applicable environmental laws.

Some of our aircraft and other financing transactions include provisions that require us to make payments to preserve an expected economic return to the lenders if that economic return is diminished due to specified changes in law or regulations. In some of these financing transactions, we also bear the risk of changes in tax laws that would subject payments to non-U.S. lenders to withholding taxes.

We cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict (1) when and under what circumstances these provisions may be triggered and (2) the amount that would be payable if the provisions were triggered because the amounts would be based on facts and circumstances existing at such time.
Employees Under Collective Bargaining Agreements

As of December 31, 2025, we had approximately 103,000 full-time equivalent employees, approximately 20% of whom were represented by unions.

Domestic airline employees represented by collective bargaining agreements by group
Employee GroupApproximate Number of Employees RepresentedUnionDate on which Collective Bargaining Agreement Becomes Amendable
Delta Pilots17,260 ALPADecember 31, 2026
Delta Flight Superintendents (Dispatchers)530 PAFCAAugust 1, 2030
Endeavor Pilots1,770 ALPAJanuary 1, 2029
Endeavor Flight Attendants
1,910 AFAMarch 31, 2027

In addition to the domestic airline employee groups discussed above, approximately 200 refinery employees of Monroe are represented by the United Steel Workers under an agreement that expires on February 28, 2026. This agreement is governed by the National Labor Relations Act, which generally allows either party to engage in self-help upon the expiration of the agreement. Certain of our employees outside the U.S. are represented by unions, work councils or other local representative groups.

Other

We have certain contracts for goods and services that require us to pay a penalty, acquire inventory specific to us or purchase contract-specific equipment, as defined by each respective contract, if we terminate the contract without cause prior to its expiration date. Because these obligations are contingent on our termination of the contract without cause prior to its expiration date, no obligation would exist unless such a termination occurs.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income Tax Provision

Components of income tax provision
Year Ended December 31,
(in millions)202520242023
Current tax provision:
Federal$(10)$— $— 
State and local(17)(35)(8)
International(44)(11)(11)
Deferred tax provision:
Federal(970)(1,038)(896)
State and local(139)(117)(84)
Income tax provision$(1,180)$(1,201)$(999)
The following table presents the principal reasons for the difference between the effective tax rate and the U.S. federal statutory income tax rate:

Reconciliation of statutory federal income tax rate to the effective income tax rate
Year Ended December 31,
202520242023
(in millions, except for percentages)AmountPercentAmountPercentAmountPercent
U.S. federal statutory income tax rate$1,299 21.0 %$978 21.0 %$1,178 21.0 %
State and local income tax, net of federal income tax effect(1)
123 2.0 115 2.5 112 2.0 
Nontaxable or nondeductible items41 0.7 59 1.3 46 0.8 
Changes in valuation allowances(272)(4.4)89 1.9 (274)(4.9)
Other(11)(0.2)(40)(0.9)(63)(1.1)
Effective income tax rate$1,180 19.1 %$1,201 25.8 %$999 17.8 %
(1)New York City, New York, Georgia and California make up the majority (greater than 50%) of the tax effect in this category in 2024 and 2025. Georgia, New York City, New York and New Jersey make up the majority (greater than 50%) of the tax effect in this category in 2023.

Taxes paid across all jurisdictions were immaterial for all periods presented.

Deferred Taxes

We account for deferred income taxes under the asset and liability method. We recognize deferred tax assets and liabilities based on the tax effects of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by current enacted tax rates. Deferred tax assets and liabilities are net by jurisdiction and are recorded as noncurrent on the balance sheets.

We have elected to recognize Global Intangible Low-Taxed Income ("GILTI") in the period it arises and do not recognize deferred taxes for basis differences that may reverse in future years.

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes.
Significant components of deferred income tax assets and liabilities
December 31,
(in millions)20252024
Deferred tax assets:
Net operating loss carryforwards$694 $799 
Pension, postretirement and other benefits916 1,205 
Investments593 936 
Deferred revenue2,254 2,158 
Lease liabilities2,660 2,816 
Other488 608 
Valuation allowance(643)(951)
Total deferred tax assets$6,962 $7,571 
Deferred tax liabilities:
Depreciation$7,839 $7,040 
Operating lease assets1,264 1,369 
Intangible assets1,188 1,165 
Other114 78 
Total deferred tax liabilities$10,405 $9,652 
Balance Sheet Position:
Other noncurrent assets$1 $95 
Deferred income taxes, net3,444 2,176 
Net deferred tax liabilities
$3,443 $2,081 

Valuation Allowance

A valuation allowance is recorded to reduce deferred tax assets when necessary. We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets. We establish valuation allowances if it is more likely than not that we will be unable to realize our deferred income tax assets. In making this determination, we consider available positive and negative evidence and make certain assumptions. We consider, among other things, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, our historical financial results and tax planning strategies.

At December 31, 2025 our net deferred tax liability balance was $3.4 billion, including a $643 million valuation allowance primarily related to certain net realized and unrealized capital losses and certain state net operating losses.

As of December 31, 2025, we had approximately $2.4 billion of U.S. federal pre-tax net operating loss carryforwards which we are expecting to utilize during 2026. These net operating loss carryforwards were primarily generated in 2020 and do not expire. Therefore, we have not recorded a valuation allowance on our deferred tax assets other than the certain net realized and unrealized capital losses and certain state net operating losses that have short expiration periods.

The following table presents the balance of our valuation allowance on our deferred income tax assets and the associated activity:

Valuation allowance activity
(in millions)20252024
Balance at January 1$951 $877 
Tax provision(308)74 
Balance at December 31$643 $951 
Other

The amount of, and changes to, our uncertain tax positions were not material in any of the years presented. We are currently under audit by the IRS for the 2025 and 2024 tax years.

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.
v3.25.4
EQUITY AND EQUITY COMPENSATION
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
EQUITY AND EQUITY COMPENSATION EQUITY AND EQUITY COMPENSATION
Equity

We are authorized to issue 2.0 billion shares of capital stock, of which up to 1.5 billion may be shares of common stock, par value $0.0001 per share, and up to 500 million may be shares of preferred stock.

Preferred Stock. We may issue preferred stock in one or more series. The Board of Directors is authorized (1) to fix the descriptions, powers (including voting powers), preferences, rights, qualifications, limitations and restrictions with respect to any series of preferred stock and (2) to specify the number of shares of any series of preferred stock. We have not issued any preferred stock.

Treasury Stock. We generally withhold shares of Delta common stock to cover employees' portion of required tax withholdings when employee equity awards vest. These shares are valued at cost, which equals the market price of the common stock on the date of vesting. The weighted average cost per share held in treasury was $36.71 and $31.06 as of December 31, 2025 and 2024, respectively.

Warrants. During 2020 and 2021, in connection with the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the "CARES Act") payroll support program ("PSP") and extensions, we issued warrants to the U.S Department of the Treasury to acquire more than 11.1 million shares of Delta common stock, which were subsequently sold to a third party during 2024. The warrants under PSP1 and PSP2 were exercised and settled in a net share settlement in March 2025. As of December 31, 2025, there were 1.9 million warrants outstanding related to the Payroll Support Program 3 (PSP3) which have an exercise price of $46.48 and expire during 2026. In January 2026, approximately half of the PSP3 warrants were exercised and settled in a net share settlement.

Equity Compensation

Our broad-based equity and cash compensation plan provides for grants of restricted stock, restricted stock units, stock options, performance awards, including cash incentive awards and other equity-based awards (the "Plan"). Shares of common stock issued under the Plan may be made available from authorized, but unissued, common stock or common stock we acquire. If any shares of our common stock are covered by an award that expires, is canceled, forfeited or otherwise terminates without delivery of shares (including shares surrendered or withheld for payment of taxes related to an award), such shares will again be available for issuance under the Plan except for (1) any shares tendered in payment of an option, (2) shares withheld to satisfy any tax withholding obligation with respect to the exercise of an option or stock appreciation right ("SAR") or (3) shares covered by a stock-settled SAR or other awards that were not issued upon the settlement of the award. The Plan authorizes the issuance of up to 173 million shares of common stock. As of December 31, 2025, there were 19 million shares available for future grants.

We make long-term incentive awards annually to eligible employees under the Plan. Generally, awards vest over time, subject to the employee's continued employment. Equity compensation expense, including awards payable in common stock or cash, is recognized in salaries and related costs over the employee's requisite service period (generally, the vesting period of the award) and totaled $313 million, $236 million and $180 million for the years ended December 31, 2025, 2024 and 2023, respectively. We record expense on a straight-line basis for awards with installment vesting. As of December 31, 2025, unrecognized costs related to unvested shares totaled $112 million. We expect substantially all unvested awards to vest and recognize forfeitures as they occur.
Restricted Stock. Restricted stock is common stock that may not be sold or otherwise transferred for a period of time and is subject to forfeiture in certain circumstances. The fair value of restricted stock awards is based on the closing price of the common stock on the grant date. As of December 31, 2025, there were 3.6 million unvested restricted stock awards. Restricted stock activity under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:

Restricted stock award activity
202520242023
Restricted Stock AwardsWeighted-Average
Grant Price		Restricted Stock AwardsWeighted-Average
Grant Price		Restricted Stock AwardsWeighted-Average
Grant Price
(in millions, except weighted avg grant price)
Outstanding at January 14.3 $40.60 4.2 $40.51 3.1 $43.43 
Granted1.6 67.76 2.6 40.75 2.7 39.63 
Vested(2.2)42.30 (2.3)40.60 (1.5)44.79 
Forfeited(0.1)52.07 (0.2)40.49 (0.1)40.94 
Outstanding at December 313.6 $51.37 4.3 $40.60 4.2 $40.51 

Stock Options. Stock options are granted with an exercise price equal to the closing price of Delta common stock on the grant date and generally have a 10-year term. We determine the fair value of stock options at the grant date using an option pricing model. As of December 31, 2025, there were 4.3 million outstanding exercisable stock option awards with a weighted average exercise price of $50.36. Stock option activity under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:

Stock option activity
202520242023
Stock OptionsWeighted-Average
Exercise Price		Stock OptionsWeighted-Average
Exercise Price		Stock OptionsWeighted-Average
Exercise Price
(in millions, except weighted avg grant price)
Outstanding at January 14.8 $50.41 6.2 $50.42 6.2 $50.40 
Granted— — — — — — 
Exercised(1)
(0.5)51.07 (1.4)50.35 — 39.78 
Forfeited(1)
— — — 52.89 — 51.91 
Outstanding at December 314.3 $50.36 4.8 $50.41 6.2 $50.42 
(1)Forfeitures in 2024 and 2023 and exercises in 2023 occurred, but round to zero in the table above.

Performance Awards. Performance awards are dollar-denominated long-term incentive opportunities which are payable in cash to all participants. Potential performance award payments range from 0%-200% of a target level and are contingent upon our achieving certain financial and operational goals over a three-year performance period.

Performance Restricted Stock Units. Performance restricted stock units are long-term incentive opportunities that provide executive officers with the right to receive shares of Delta stock based on our achievement of certain performance conditions at the end of a three-year period. Potential payouts range from 0%-300% of a target level for the grants in 2023 and range from 0%-200% of a target level for the grants in 2024 and 2025. Based on the closing stock price at year end and contingent on achieving the specified performance conditions, the maximum shares that could be issued were 5.4 million, 6.0 million and 3.3 million for the years ended December 31, 2025, 2024 and 2023 respectively.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows our computation:

Basic and diluted earnings per share
Year Ended December 31,
(in millions, except per share data)202520242023
Net income$5,005 $3,457 $4,609 
Basic weighted average shares outstanding648 641 639 
Dilutive effect of share-based instruments6 7 4 
Diluted weighted average shares outstanding654 648 643 
Basic earnings per share$7.72 $5.39 $7.21 
Diluted earnings per share$7.66 $5.33 $7.17 
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
Components of accumulated other comprehensive loss
(in millions)
Pension and Other Benefits Liabilities(2)
OtherTax EffectTotal
Balance at January 1, 2023$(6,624)$41 $782 $(5,801)
Changes in value(303)(1)71 (233)
Reclassifications into earnings(1)
246 — (57)189 
Balance at December 31, 2023
(6,681)40 796 (5,845)
Changes in value859 2 (199)662 
Reclassifications into earnings(1)
265 — (61)204 
Balance at December 31, 2024
(5,557)42 536 (4,979)
Changes in value885 — (205)680 
Reclassifications into earnings(1)
213 — (49)164 
Balance at December 31, 2025
$(4,459)$42 $282 $(4,135)
(1)Amounts reclassified from AOCI for pension and other benefits liabilities are recorded in miscellaneous, net in non-operating expense in our income statement.
(2)Includes approximately $750 million of deferred income tax expense as a result of tax law changes and prior valuation allowance releases through continuing operations, that will not be recognized in net income until pension and other benefit obligations are fully extinguished.
v3.25.4
SEGMENTS
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM") and is used in resource allocation and performance assessments. Our executive leadership team, the Delta Leadership Committee (“DLC”), is our CODM. The DLC regularly reviews information for our two operating segments: our airline segment and our refinery segment.

The DLC uses operating income to evaluate segment performance. The DLC is involved in determining and reviewing projected operating income as part of the annual plan process. Throughout the year, the DLC considers forecast to actual results and variances on a monthly and quarterly basis to allocate resources for the airline segment's fleet and network and to optimize the refinery segment's operations. The DLC also considers this information in strategic decisions related to capital allocations, including investments in fleet, ground, information technology and refinery assets, route and network development, and human capital.

Airline Segment

Our airline segment is managed as a single business unit that provides scheduled air transportation for passengers and cargo throughout the U.S. and around the world and includes our loyalty program, as well as other ancillary businesses. This allows us to benefit from an integrated revenue pricing and route network. Our flight equipment forms one fleet, which is deployed through a single route scheduling system. When making resource allocation decisions, our CODM evaluates aggregated flight profitability data, which considers fleet type and route economics, but gives no weight to the financial impact of the resource allocation decision on a geographic region or mainline/regional carrier basis. Our objective in making resource allocation decisions is to optimize our consolidated financial results.

Refinery Segment

Our Monroe subsidiary operates the Trainer oil refinery and related assets located near Philadelphia, Pennsylvania, as part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel. Monroe's operations include pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the northeastern U.S., including our New York hubs at LaGuardia and JFK.

Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and through jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We exchange or sell the non-jet fuel products produced by the refinery with counterparties for jet fuel consumed in our airline operations. The gross fair value of the products under exchange agreements during the years ended December 31, 2025, 2024 and 2023 was $580 million, $1.5 billion and $2.4 billion, respectively. The volume of exchange transactions has declined in recent years due to changes in the counterparties used to supply jet fuel and our related buy/sell agreements. As of December 31, 2025, we do not plan to use exchange agreements to procure significant volumes of fuel.

A refinery is subject to annual Environmental Protection Agency ("EPA") requirements to blend renewable fuels into the gasoline and on-road diesel fuel it produces. A refinery may meet its obligation by blending the necessary volumes of renewable fuels, by purchasing Renewable Identification Numbers ("RINs") in the open market, or through a combination of blending and purchasing RINs. Because Monroe is able to blend only a small amount of renewable fuels, it must purchase the majority of its RINs requirement in the secondary market. Renewable fuel compliance costs are accrued in accounts payable each period as the RINs obligation is generated. Purchased RINs are carried at the lower of cost and net realizable value and are recorded in prepaid expenses and other. The RINs asset and obligation are retired when used to satisfy EPA requirements.

Segment Reporting

Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. Our income tax provision is determined on a consolidated basis and is not calculated at the segment level.
Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Year Ended December 31, 2025
Operating revenue$58,287 $6,961 $(1,884)
(1)
$63,364 
Airline salaries and related costs17,520 
Aircraft fuel and related costs9,819 
Refinery cost of goods sold(2)
6,259 
Depreciation and amortization2,443 113 
Other segment items(3)
22,840 432 
Operating income(4)
5,665 157 5,822 
Interest expense, net679 1 (1)679 
Other non-operating income1,042 1,042 
Income before income taxes6,028 156 1 6,185 
Total assets, end of period78,826 2,552 (61)81,317 
Capital expenditures4,431 68 4,499 
Year Ended December 31, 2024
Operating revenue$57,001 $7,767 $(3,125)
(1)
$61,643 
Airline salaries and related costs16,161 
Aircraft fuel and related costs10,566 
Refinery cost of goods sold(2)
7,234 
Depreciation and amortization2,513 113 
Other segment items(3)
21,804 382 
Operating income(4)
5,957 38 5,995 
Interest expense, net747 3 (3)747 
Other non-operating expense590 590 
Income before income taxes4,620 35 3 4,658 
Total assets, end of period72,979 2,418 (25)75,372 
Capital expenditures5,075 65 5,140 
Year Ended December 31, 2023
Operating revenue$54,669 $7,572 $(4,193)
(1)
$58,048 
Airline salaries and related costs14,607 
Aircraft fuel and related costs11,069 
Refinery cost of goods sold(2)
6,665 
Depreciation and amortization2,341 94 
Other segment items(3)
21,516 428 
Operating income(4)
5,136 385 5,521 
Interest expense, net834 17 (17)834 
Other non-operating income921 921 
Income before income taxes5,223 368 17 5,608 
Total assets, end of period71,529 2,174 (59)73,644 
Capital expenditures5,088 235 5,323 
(1)See table below for detail of the intersegment operating revenue amounts.
(2)Refinery cost of goods sold are included within aircraft fuel and related taxes and ancillary businesses and refinery in our income statement.
(3)The nature of other segment items for the airline segment are shown on the income statement and for the refinery segment include salaries and related costs, maintenance, utilities and other expenses.
(4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.
Operating revenue intersegment sales/other
Year Ended December 31,
(in millions)202520242023
Sales to airline segment(1)
$(1,150)$(1,421)$(1,535)
Exchanged products(2)
(580)(1,473)(2,354)
Sales of refined products
(154)(231)(304)
Total operating revenue intersegment sales/other$(1,884)$(3,125)$(4,193)
(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.
(2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our processes for assessing, identifying and managing material risks from cybersecurity threats is incorporated into our Enterprise Risk Management ("ERM") framework. Our information security and ERM teams coordinate to regularly review and assess these risks using a wide range of tools and services. Our cybersecurity program leverages components from several industry frameworks and generally recognized best practices, including International Organization for Standardization 27001 and National Institute of Standards and Technology ("NIST") standards, such as the NIST Cybersecurity Framework, which emphasizes identification, protection, detection, response and recovery. We regularly assess our information security program capabilities and tools to improve reliability, enhance capabilities and scan our environment for vulnerabilities and weaknesses.

Our information technology teams are trained to remediate vulnerabilities identified within established timeframes and our information security team reports to management on a weekly basis regarding the security risk posture of our information technology assets. We have established a dedicated Information Technology Risk team tasked with the goal of ensuring that risk remediation activities are carried out consistently and that risk remediation controls are operating as intended.

Enterprise-wide training is a vital component to reducing risk and protecting customers, employees and company information. We expect all Delta employees and third-party contractors to adhere to information security and privacy policies as they handle corporate and customer information in their daily jobs. As a result, we require all employees and contractors with access to Delta’s information to complete annual training, which is updated as new technology, security and privacy issues emerge. All new employees are required to complete training within 30 days of hire. We also conduct, at least annually, other training and employee education activities, including through awareness programs and campaigns.

We engage assessors, consultants, auditors and other third parties to perform assessments of our cybersecurity program with the intent to identify areas for continued improvement, as well as to ensure ongoing compliance with regulatory requirements to which we are subject. In connection with certain regulatory requirements, we are required to engage third parties to assess our cybersecurity controls.

Our cybersecurity program is subject to TSA requirements applicable to certain TSA-regulated airport and aircraft operators, including the requirement to develop a TSA-approved implementation plan describing measures we are taking to improve cybersecurity and to assess the effectiveness of those measures on an ongoing basis.

Our processes also address cybersecurity threat risks associated with our use of third-party service providers, including those who have access to our data or our systems. Third-party risks are included within our risk assessment of vendors, as well as our cybersecurity-specific risk identification program. In addition, cybersecurity considerations affect the selection and oversight of third-party service providers. We perform diligence on third parties, particularly those that have access to our systems, data or facilities that house such systems or data, and continually monitor cybersecurity threat risks identified through such diligence. Additionally, we generally require those third parties that could introduce significant cybersecurity risk to us to agree by contract to manage their cybersecurity risks in specified ways, and to agree to be subject to cybersecurity audits.

We regularly test our incident response processes through table-top exercises to ensure they continue to be effective as our business and the cybersecurity threat landscape evolve. Our incident response processes are designed to guide the actions we take to prepare for, detect, respond to and recover from cybersecurity incidents.

In the last three fiscal years, we have not experienced any material cybersecurity incidents and the expenses we have incurred from cybersecurity incidents were immaterial. We describe whether and how risks related to cybersecurity threats are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, in Item 1A of this Annual Report on Form 10-K, which disclosures are incorporated by reference in this Item 1C.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our processes for assessing, identifying and managing material risks from cybersecurity threats is incorporated into our Enterprise Risk Management ("ERM") framework. Our information security and ERM teams coordinate to regularly review and assess these risks using a wide range of tools and services. Our cybersecurity program leverages components from several industry frameworks and generally recognized best practices, including International Organization for Standardization 27001 and National Institute of Standards and Technology ("NIST") standards, such as the NIST Cybersecurity Framework, which emphasizes identification, protection, detection, response and recovery. We regularly assess our information security program capabilities and tools to improve reliability, enhance capabilities and scan our environment for vulnerabilities and weaknesses.

Our information technology teams are trained to remediate vulnerabilities identified within established timeframes and our information security team reports to management on a weekly basis regarding the security risk posture of our information technology assets. We have established a dedicated Information Technology Risk team tasked with the goal of ensuring that risk remediation activities are carried out consistently and that risk remediation controls are operating as intended.

Enterprise-wide training is a vital component to reducing risk and protecting customers, employees and company information. We expect all Delta employees and third-party contractors to adhere to information security and privacy policies as they handle corporate and customer information in their daily jobs. As a result, we require all employees and contractors with access to Delta’s information to complete annual training, which is updated as new technology, security and privacy issues emerge. All new employees are required to complete training within 30 days of hire. We also conduct, at least annually, other training and employee education activities, including through awareness programs and campaigns.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board is engaged in the oversight of cybersecurity threat risk management. As reflected in the Audit Committee’s charter, the Board has specifically delegated responsibility for oversight of cybersecurity matters to the Audit Committee as part of its review of our ERM framework. The Audit Committee receives updates on cybersecurity risks and the security and operations of our information technology systems from our Chief Information Officer and our Chief Information Security Officer at least twice per year with additional updates as requested by the Chair of the Audit Committee. In 2025, the Audit Committee received updates on information security matters at all of its regular meetings. In addition to information provided in these meetings, all members of our Board also have access to internal and external education on cybersecurity risks. The Board also benefits from the expertise of one of our members who has significant experience in management of cybersecurity companies.

Our information security team is led by our Senior Vice President & Chief Information Security Officer, who reports directly to our Executive Vice President - Chief Information Officer. Leadership of the information security team has extensive dedicated cybersecurity experience. Additionally, the collective leadership team holds 21 certifications in cybersecurity and related fields, including Certified Information Systems Security Professional, Certified Information Security Manager, and Certified Information Systems Auditor.

Our Chief Information Security Officer and other members of our cybersecurity leadership team regularly participate in threat intelligence briefings provided through various government and industry entities. Both our Chief Information Officer and our Chief Information Security Officer are members of the Delta Risk Council, which is the management group that oversees all areas of our business risk. Cybersecurity threat risks are a regular subject addressed by this group. In addition, our Chief Information Officer is a member of the Delta Leadership Committee and provides updates to this group as needed about cybersecurity matters. Our cybersecurity incident response plan includes processes for communication about cybersecurity incidents to appropriate levels of management, including to the Delta Risk Council and Delta Leadership Committee, as well as the Audit Committee and the Board, as merited.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board is engaged in the oversight of cybersecurity threat risk management. As reflected in the Audit Committee’s charter, the Board has specifically delegated responsibility for oversight of cybersecurity matters to the Audit Committee as part of its review of our ERM framework. The Audit Committee receives updates on cybersecurity risks and the security and operations of our information technology systems from our Chief Information Officer and our Chief Information Security Officer at least twice per year with additional updates as requested by the Chair of the Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives updates on cybersecurity risks and the security and operations of our information technology systems from our Chief Information Officer and our Chief Information Security Officer at least twice per year with additional updates as requested by the Chair of the Audit Committee.
Cybersecurity Risk Role of Management [Text Block] In addition to information provided in these meetings, all members of our Board also have access to internal and external education on cybersecurity risks. The Board also benefits from the expertise of one of our members who has significant experience in management of cybersecurity companies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Board is engaged in the oversight of cybersecurity threat risk management. As reflected in the Audit Committee’s charter, the Board has specifically delegated responsibility for oversight of cybersecurity matters to the Audit Committee as part of its review of our ERM framework.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Leadership of the information security team has extensive dedicated cybersecurity experience. Additionally, the collective leadership team holds 21 certifications in cybersecurity and related fields, including Certified Information Systems Security Professional, Certified Information Security Manager, and Certified Information Systems Auditor.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee receives updates on cybersecurity risks and the security and operations of our information technology systems from our Chief Information Officer and our Chief Information Security Officer at least twice per year with additional updates as requested by the Chair of the Audit Committee. In 2025, the Audit Committee received updates on information security matters at all of its regular meetings. In addition to information provided in these meetings, all members of our Board also have access to internal and external education on cybersecurity risks. The Board also benefits from the expertise of one of our members who has significant experience in management of cybersecurity companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

Delta Air Lines, Inc., a Delaware corporation, provides scheduled air transportation for passengers and cargo throughout the United States ("U.S.") and around the world. Our Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries and have been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"). We are not the primary beneficiary of, nor do we have a controlling financial interest in, any variable interest entity. Accordingly, we have not consolidated any variable interest entity.

Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.
Use of Estimates
Use of Estimates

We are required to make estimates and assumptions when preparing our Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates.
Recent Accounting Standards
Recent Accounting Standards

Recently Adopted Standards

Income Taxes. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This standard enhances disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. We adopted this standard effective January 1, 2025. See Note 10, "Income Taxes," for our income tax disclosures.

Standards Effective in Future Years

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)." This standard requires disclosure of specific information about costs and expenses and becomes effective January 1, 2027. We are assessing the impact of this ASU and, upon adoption, may be required to include certain additional disclosures in the footnotes to our Consolidated Financial Statements.

Internal Use Software. In September 2025, the FASB issued ASU No. 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software." This standard is intended to improve the operability and application of guidance related to capitalized software development costs and becomes effective January 1, 2028. We are assessing the potential impact this ASU may have on our Consolidated Financial Statements upon adoption.

Interim Reporting. In December 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270)." This standard clarifies interim reporting guidance, develops a list of disclosures required by other Topics and intends to enhance consistency in interim reporting across entities. This standard becomes effective January 1, 2028 with early adoption permitted. We do not expect this standard to have a material impact on our interim reporting.
Cash and Cash Equivalents
Cash and Cash Equivalents

Short-term, highly liquid investments with maturities of three months or less when purchased are classified as cash and cash equivalents.
Inventories
Inventories

Fuel. As part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel, our wholly owned subsidiary, Monroe Energy, LLC ("Monroe"), operates the Trainer oil refinery. Refined products (finished goods) and feedstock and blendstock inventories (work-in-process) are carried at the lower of cost and net realizable value. We use jet fuel in our airline operations that is produced by the refinery, purchased directly from third parties and procured through the exchanges with third parties of gasoline, diesel and other refined products ("non-jet fuel products") the refinery produces. Cost is determined using the first-in, first-out method. Costs include the raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) as incurred and an applicable portion of manufacturing overhead.

Expendables Parts and Supplies. Inventories of expendable parts related to flight equipment, which cannot be economically repaired, reconditioned or reused after removal from the aircraft, are carried at moving average cost and charged to aircraft maintenance materials and outside repairs as consumed. An allowance for obsolescence is provided over the remaining useful life of the related fleet. We also provide allowances for parts identified as excess or obsolete to reduce the carrying costs to the lower of cost or net realizable value. These parts are estimated to have residual value of 5% of the original cost.
Accounting for Refinery Related Buy/Sell Agreements
Accounting for Refinery Related Buy/Sell Agreements

To the extent that we receive jet fuel for non-jet fuel products exchanged under buy/sell agreements, we account for these transactions as nonmonetary exchanges. We have recorded these nonmonetary exchanges at the carrying amount of the non-jet fuel products transferred within aircraft fuel and related taxes on our Consolidated Statements of Operations ("income statement").
Derivatives and Fuel Hedge Contracts
Derivatives
Changes in fuel prices, interest rates and foreign currency exchange rates impact our results of operations. In an effort to manage our exposure to these risks, we may enter into derivative contracts and adjust our derivative portfolio as market conditions change. Fuel Hedge Contracts. Our derivative contracts are negotiated over-the-counter with counterparties without going through a public exchange. Accordingly, our fair value assessments give consideration to the risk of counterparty default (as well as our own credit risk) and are classified as Level 2 within the fair value hierarchy. Substantially all of our derivative contracts to hedge the financial risk from changing fuel prices are related to Monroe’s inventory. Our fuel hedge portfolio consists of swap contracts which are valued under discounted cash flow models based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets.
Long-Lived Assets
Long-Lived Assets
Our long-lived lived assets include property and equipment, net and operating lease right-of-use ("ROU") assets on our balance sheets. Our tangible assets consist primarily of flight equipment, which is mobile across geographic markets. Accordingly, assets are not allocated to specific geographic regions. We record property and equipment at cost and depreciate or amortize these assets on a straight-line basis to their estimated residual values over their estimated useful lives. The estimated useful life for leasehold improvements is the shorter of lease term or estimated useful life.We capitalize certain internal and external costs incurred to develop and implement software and amortize those costs over an estimated useful life of three to fifteen years.
Impairment of Long-Lived Assets
We review flight equipment, ROU assets and other long-lived assets used in operations for impairment losses when events and circumstances indicate the assets may be impaired. Factors which could be indicators of impairment include, but are not limited to (1) a decision to permanently remove flight equipment or other long-lived assets from operations, (2) significant changes in the estimated useful life, (3) significant changes in projected cash flows, (4) permanent and significant declines in fleet fair values and (5) changes to the regulatory environment. For long-lived assets held for sale, we discontinue depreciation and record impairment losses when the carrying amount of these assets is greater than the fair value less the cost to sell.

To determine whether impairments exist for aircraft used in operations, we group assets at the fleet type level or at the contract level for aircraft operated by third-party regional carriers (i.e., the lowest level for which there are identifiable cash flows) and then estimate future cash flows based on projections of capacity, passenger mile yield, fuel and labor costs and other relevant factors. If an asset group is impaired, the impairment loss recognized is the amount by which the asset group's carrying amount exceeds its estimated fair value. We estimate aircraft fair values using published sources, appraisals and bids received from third parties, as available.
Fuel Card Obligation
Fuel Card Obligation
We have a purchasing card with American Express for the purpose of buying jet fuel and crude oil.
Manufacturers' Credits
Manufacturers' Credits

We periodically receive credits in connection with the acquisition of aircraft and engines or in connection with delivery delays or manufacturing defects. These credits are applied as a reduction to the cost of the related equipment.
Collaborative Arrangements
Collaborative Arrangements

We have marketing alliances with other airlines to enhance our access to domestic and international markets. Some of our marketing arrangements provide for the sharing of revenues and expenses. Revenues and expenses associated with the flights we operate under collaborative arrangements are presented on a gross basis in the applicable line items on our income statement.
Maintenance Costs
Maintenance Costs

We record maintenance costs related to our mainline and regional fleets in aircraft maintenance materials and outside repairs and regional carrier expense, respectively. Maintenance costs are expensed as incurred, except for costs incurred under power-by-the-hour contracts, which are expensed based on actual hours flown. Power-by-the-hour contracts transfer certain risk to third-party service providers and fix the amount we pay per flight hour or per flight cycle to the service provider in exchange for maintenance and repairs under a predefined maintenance program.
Advertising Costs
Advertising Costs
We expense advertising costs in passenger commissions and other selling expenses in the year the advertising first takes place.
Commissions and Merchant Fees
Commissions and Merchant Fees

Passenger sales commissions and merchant fees are recognized in passenger commissions and other selling expenses when the related revenue is recognized.
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Each fair value measurement is classified into one of the following levels based on the information used in the valuation:

•Level 1. Observable inputs such as quoted prices in active markets.

•Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

•Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value are based on the valuation techniques identified in the tables below. The valuation techniques are as follows:

(a)Market Approach. Prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities.

(b)Income Approach. Techniques to convert future amounts to a single present value amount based on market expectations (including present value techniques and option-pricing models).
Cash Equivalents and Restricted Cash Equivalents
Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets on our balance sheets and generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to certain self-insurance obligations, debt related reserves, airport commitments and proceeds from debt issued to finance, among other things, a portion of the construction costs for our new terminal facilities at New York's LaGuardia Airport. The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets.
Long-Term Investments and Related Long-Term Investments and Related. Our long-term investments measured at fair value primarily consist of equity investments, which are valued based on market prices or other observable transactions and inputs, and are recorded in equity investments on our balance sheets. Certain equity investments in private companies are classified as Level 3 in the fair value hierarchy as their equity is not traded on a public exchange and our valuations may incorporate certain unobservable inputs, including non-public equity issuances. Fair value measurement using unobservable inputs is inherently uncertain, and a change in significant inputs could result in different fair values. During the year ended December 31, 2025 there were no material gains or losses related to investments classified as Level 3 as a result of fair value adjustments.
Goodwill and Indefinite-Lived Intangible Assets
Goodwill and Indefinite-Lived Intangible Assets

Our goodwill and identifiable intangible assets relate to the airline segment. We apply a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. We assess the value of our goodwill and indefinite-lived assets under either a qualitative or quantitative approach. Under a qualitative approach, we consider various market factors, including certain of the key assumptions listed below. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite-lived intangible assets. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment. Under a quantitative approach, we calculate the fair value of the asset incorporating the key assumptions listed below into our calculation.
We value goodwill and indefinite-lived intangible assets primarily using market and income approach valuation techniques. These measurements include the following key assumptions (1) forecasted revenues, expenses and cash flows, (2) current discount rates, (3) observable market transactions and (4) anticipated changes to the regulatory environment (e.g., changes in slot access and/or availability, additional Open Skies agreements or changes to antitrust approvals). These assumptions are consistent with those that hypothetical market participants would use. Because we are required to make estimates and assumptions when evaluating goodwill and indefinite-lived intangible assets for impairment, actual transaction amounts may differ materially from these estimates. We recognize an impairment charge if the asset's carrying value exceeds its estimated fair value.

Changes in certain events and circumstances could result in impairment or a change from indefinite-lived to definite-lived. Factors which could cause impairment include, but are not limited to (1) negative trends in our market capitalization, (2) reduced profitability resulting from lower passenger mile yields or higher input costs, (3) lower passenger demand as a result of weakened U.S. and global economies or other factors, (4) prolonged interruption to our operations, (5) changes to the regulatory environment, (6) operational or performance changes by other airlines and (7) strategic changes to our operations leading to diminished utilization of the intangible assets.

Identifiable Intangible Assets. Indefinite-lived assets are not amortized and consist of routes, slots, the Delta tradename and assets related to alliances and collaborative arrangements. Definite-lived intangible assets consist primarily of marketing and maintenance service agreements and are amortized on a straight-line basis or under the undiscounted cash flows method over the estimated economic life of the respective agreements. Costs incurred to renew or extend the term of an intangible asset are expensed as incurred.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets ("balance sheets") that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows ("cash flows statement").

Reconciliation of cash, cash equivalents and restricted cash
December 31,
(in millions)202520242023
Current assets:
Cash and cash equivalents$4,310 $3,069 $2,741 
Restricted cash included in prepaid expenses and other135 168 199 
Noncurrent assets:
Restricted cash included in other noncurrent assets56 184 455 
Total cash, cash equivalents and restricted cash$4,501 $3,421 $3,395 
Schedule of Property, Plant and Equipment The following table summarizes our property and equipment:
Property and equipment by classification
December 31,
(in millions, except for estimated useful life)Estimated Useful Life20252024
Flight equipment(1)
30-34 years
$47,981 $44,722 
Ground property and equipment
3-40 years
11,165 10,695 
Information technology-related assets
3-15 years
3,167 3,135 
Flight and ground equipment under finance leasesLease term or estimated useful life1,185 1,196 
Advance payments for equipment964 1,075 
Less: accumulated depreciation and amortization(2)
(24,719)(23,228)
Total property and equipment, net$39,743 $37,595 
(1)Includes aircraft and associated engines and parts.
(2)Includes accumulated amortization for flight and ground equipment under finance leases in the amount of $350 million and $371 million at December 31, 2025 and 2024, respectively.
v3.25.4
REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Passenger revenue is composed of passenger ticket sales, loyalty travel awards and travel-related services performed in conjunction with a passenger’s flight.

Passenger revenue by category
Year Ended December 31,
(in millions)202520242023
Ticket$45,488 $45,096 $43,596 
Loyalty travel awards4,237 3,841 3,462 
Travel-related services2,043 1,957 1,851 
Total passenger revenue$51,768 $50,894 $48,909 
Other Revenue
Year Ended December 31,
(in millions)202520242023
Refinery$5,077 $4,642 $3,379 
Loyalty program3,362 3,297 3,093 
Ancillary businesses937 772 840 
Miscellaneous1,320 1,216 1,104 
Total other revenue$10,696 $9,927 $8,416 
Schedule of Activity in Loyalty Program Deferred Revenue
The table below presents the activity of the current and noncurrent loyalty program deferred revenue, and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements.

Loyalty program activity
(in millions)202520242023
Balance at January 1$8,826 $8,420 $7,882 
Miles earned4,892 4,463 4,173 
Travel miles redeemed(4,237)(3,841)(3,462)
Non-travel miles redeemed(219)(216)(173)
Balance at December 31$9,262 $8,826 $8,420 
Schedule of Revenue by Geographic Region Our passenger and operating revenue by geographic region are summarized in the following table:
Revenue by geographic region
Passenger RevenueOperating Revenue
Year Ended December 31,Year Ended December 31,
(in millions)202520242023202520242023
Domestic$35,731 $35,226 $33,968 $44,655 $43,508 $40,845 
Atlantic9,270 9,133 9,057 10,766 10,535 10,458 
Latin America3,980 3,995 3,798 4,579 4,564 4,292 
Pacific2,787 2,540 2,086 3,364 3,036 2,453 
Total$51,768 $50,894 $48,909 $63,364 $61,643 $58,048 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets/(Liabilities) Measured at Fair Value on a Recurring Basis
Assets (Liabilities) Measured at Fair Value on a Recurring Basis(1)
December 31, 2025Valuation Technique
(in millions)TotalLevel 1Level 2Level 3
Cash equivalents$2,868 $2,868 $— $— (a)
Restricted cash equivalents191 191 — — (a)
Long-term investments and related3,644 3,366 217 61 (a)(b)
Fuel hedge contracts1 — 1 — (a)(b)

December 31, 2024Valuation Technique
(in millions)TotalLevel 1Level 2Level 3
Cash equivalents$1,619 $1,619 $— $— (a)
Restricted cash equivalents351 351 — — (a)
Long-term investments and related2,372 2,085 160 127 (a)(b)
Fuel hedge contracts(17)— (17)— (a)(b)
(1)See Note 8, "Employee Benefit Plans," for fair value of benefit plan assets.
v3.25.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Equity Investments Ownership and Carrying Value - Fair Value
Equity investments ownership interest and carrying value
Accounting Treatment
Ownership Interest(4)
Carrying Value
(in millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Air France-KLMFair Value3 %3 %$100 $62 
China EasternFair Value2 %2 %319 155 
Grupo Aeroméxico
Equity Method(1)
19 %20 %377 354 
Hanjin-KAL
Fair Value(2)
15 %15 %861 507 
LATAMFair Value11 %10 %1,644 837 
Republic AirwaysFair Value14 %17 %124 84 
Unifi AviationEquity Method20 %49 %51 146 
WestJetFair Value13 %— %248 — 
Wheels Up
Fair Value(3)
36 %38 %173 435 
Other investmentsVarious325 266 
Equity investments$4,222 $2,846 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At December 31, 2025, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(3)Our voting rights with respect to Wheels Up are capped at 29.9%. We elected to account for our equity method investment under the fair value option.
(4)Unless otherwise indicated below, movements in our ownership interest result from changes in our equity investees' outstanding shares.
Schedule of Equity Investments Ownership and Carrying Value - Equity Method
Equity investments ownership interest and carrying value
Accounting Treatment
Ownership Interest(4)
Carrying Value
(in millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Air France-KLMFair Value3 %3 %$100 $62 
China EasternFair Value2 %2 %319 155 
Grupo Aeroméxico
Equity Method(1)
19 %20 %377 354 
Hanjin-KAL
Fair Value(2)
15 %15 %861 507 
LATAMFair Value11 %10 %1,644 837 
Republic AirwaysFair Value14 %17 %124 84 
Unifi AviationEquity Method20 %49 %51 146 
WestJetFair Value13 %— %248 — 
Wheels Up
Fair Value(3)
36 %38 %173 435 
Other investmentsVarious325 266 
Equity investments$4,222 $2,846 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(2)At December 31, 2025, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(3)Our voting rights with respect to Wheels Up are capped at 29.9%. We elected to account for our equity method investment under the fair value option.
(4)Unless otherwise indicated below, movements in our ownership interest result from changes in our equity investees' outstanding shares.
v3.25.4
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Indefinite-Lived Intangible Assets by Category
Goodwill and indefinite-lived intangible assets by category
Carrying Value at
(in millions)December 31, 2025December 31, 2024
Goodwill$9,753 $9,753 
International routes and slots2,583 2,583 
Airline alliances1,863 1,863 
Delta tradename850 850 
Domestic slots622 622 
Total$15,671 $15,671 
Schedule of Definite-Lived Intangible Assets
Definite-Lived Intangible Assets

Definite-lived intangible assets by category
December 31, 2025December 31, 2024
(in millions)Gross Carrying ValueAccumulated AmortizationGross Carrying ValueAccumulated Amortization
Marketing agreements$730 $(717)$730 $(712)
Maintenance contracts192 (158)192 (154)
Other54 (53)54 (53)
Total$976 $(928)$976 $(919)
v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes our debt as of the dates indicated below:

Summary of outstanding debt by category
Maturity Dates
Interest Rate(s) Per Annum at December 31, 2025
December 31,
(in millions)20252024
Unsecured notes2028to20303.75%to5.30%$2,884 $1,575 
Unsecured Payroll Support Program Loans(1)
20311.00%1,848 3,496 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2026to20284.75%3,422 3,970 
SkyMiles Term Loan(2)(3)
2026to20285.38%588 784 
NYTDC Special Facilities Revenue Bonds(2)
2026to20454.00%to6.00%3,522 3,591 
Financing arrangements secured by aircraft:
Certificates(2)
2026to20282.00%to8.00%894 992 
Notes(2)(3)
2026to20335.96%to7.18%78 87 
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes2025—%— 812 
Other financings(2)
20305.00%66 66 
Corporate Revolving Credit Facility2026to2028Undrawn— — 
Other revolving credit facilities(3)
2026Undrawn— — 
Total secured and unsecured debt13,302 15,373 
Unamortized (discount)/premium and debt issuance cost, net and other6 (26)
Total debt13,308 15,347 
Less: current maturities(1,372)(1,801)
Total long-term debt$11,936 $13,546 
(1)Interest rates on the Payroll Support Program ("PSP") 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 January 2026 and April 2026.
(2)Due in installments during the years shown above.
(3)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate plus a specified margin.
Schedule of Fair Value of Outstanding Debt The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 1 or Level 2 within the fair value hierarchy.
Fair value of outstanding debt
(in millions)December 31, 2025December 31, 2024
Net carrying amount$13,308 $15,347 
Fair value$13,400 $15,300 
Schedule of Future Debt Maturities
The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2025:

Future debt maturities
(in millions)Total DebtAmortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other
2026$1,367 $(2)
20271,878 2 
20283,460 (1)
2029621 4 
20301,222 5 
Thereafter4,754 (2)
Total$13,302 $6 $13,308 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Related Assets and Liabilities
The table below presents the lease-related assets and liabilities recorded on the balance sheets.

Lease asset and liability balance sheet position by category
December 31,
(in millions)Classification on the Balance Sheets20252024
Assets
Operating lease assets - Fleet(1)
Operating lease right-of-use assets$2,575 $2,910 
Operating lease assets - Ground and otherOperating lease right-of-use assets3,669 3,734 
Finance lease assetsProperty and equipment, net835 825 
Total lease assets$7,079 $7,469 
Liabilities
Current
Operating - Fleet(1)
Current maturities of operating leases$591 $551 
Operating - Ground and otherCurrent maturities of operating leases218 212 
FinanceCurrent maturities of debt and finance leases233 374 
Noncurrent
Operating - Fleet(1)
Noncurrent operating leases2,190 2,627 
Operating - Ground and otherNoncurrent operating leases3,163 3,187 
FinanceDebt and finance leases572 473 
Total lease liabilities$6,967 $7,424 
Weighted-average remaining lease term
Operating leases12 years12 years
Finance leases3 years3 years
Weighted-average discount rate
Operating leases
4.21 %4.28 %
Finance leases3.63 %3.53 %
(1)Includes mainline and regional aircraft leases, regional aircraft leases embedded within our capacity purchase arrangements, and engine leases. The interest portion of straight-line rent expense related to fleet operating leases was $140 million and $165 million during the years ended December 31, 2025 and 2024, respectively.
Schedule of Lease, Cost
The table below presents certain information related to the lease costs for finance and operating leases.

Lease cost by category
Year Ended December 31,
(in millions)202520242023
Finance lease cost
Amortization of leased assets$66 $88 $109 
Interest of lease liabilities37 54 42 
Operating lease cost(1)
976 974 981 
Short-term lease cost(1)
268 206 258 
Variable lease cost(1)
3,343 2,902 2,230 
Total lease cost$4,690 $4,224 $3,620 
(1)Expenses are primarily classified within aircraft rent, landing fees and other rents and regional carrier expense on our income statement.
The table below presents supplemental cash flow information related to leases.

Supplemental lease-related cash flow information
Year Ended December 31,
(in millions)202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$981 $1,225 $1,230 
Operating cash flows for finance leases36 56 71 
Financing cash flows for finance leases114 190 264 
Schedule of Future Cash Flows and Reconciliation to the Balance Sheet, Operating Leases
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet.

Future lease cash flows and reconciliation to the balance sheet
(in millions)Operating LeasesFinance Leases
2026$1,020 $256 
2027967 289 
2028846 61 
2029641 49 
2030508 109 
Thereafter3,784 106 
Total minimum lease payments7,766 870 
Less: amount of lease payments representing interest(1,604)(65)
Present value of future minimum lease payments6,162 805 
Less: current obligations under leases(809)(233)
Long-term lease obligations$5,353 $572 
Schedule of Future Cash Flows and Reconciliation to the Balance Sheet, Finance Leases
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet.

Future lease cash flows and reconciliation to the balance sheet
(in millions)Operating LeasesFinance Leases
2026$1,020 $256 
2027967 289 
2028846 61 
2029641 49 
2030508 109 
Thereafter3,784 106 
Total minimum lease payments7,766 870 
Less: amount of lease payments representing interest(1,604)(65)
Present value of future minimum lease payments6,162 805 
Less: current obligations under leases(809)(233)
Long-term lease obligations$5,353 $572 
v3.25.4
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations, Fair Value of Plan Assets, and Funded Status
Benefit Obligations, Fair Value of Plan Assets and Funded Status
Pension Benefits
December 31,(1)
Other Postretirement and Postemployment Benefits
December 31,
(in millions)2025202420252024
Benefit obligation at beginning of period$14,967 $15,911 $3,265 $3,503 
Service cost273 233 132 92 
Interest cost831 820 181 182 
Actuarial loss/(gain)266 (738)141 (50)
Benefits paid, including lump sums and annuities(1,315)(1,259)(489)(497)
Participant contributions— — 27 30 
Special termination benefits— — 1 5 
Benefit obligation at end of period(2)
$15,022 $14,967 $3,258 $3,265 
Fair value of plan assets at beginning of period$15,905 $15,766 $27 $33 
Actual gain on plan assets2,338 1,142 10 (7)
Employer contributions352 256 466 468 
Benefits paid, including lump sums and annuities(1,315)(1,259)(489)(497)
Participant contributions— — 27 30 
Fair value of plan assets at end of period$17,280 $15,905 $41 $27 
Funded status at end of period$2,258 $938 $(3,217)$(3,238)
(1)Service cost shown above relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans.
(2)At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above.
Schedule of Amounts Balance Sheet Position
Balance Sheet Position
Pension Benefits
December 31,
Other Postretirement and Postemployment Benefits
December 31,
(in millions)2025202420252024
Other noncurrent assets $2,320 $1,005 $— $— 
Current liabilities(8)(9)(425)(430)
Noncurrent liabilities(54)(58)(2,792)(2,808)
Funded status at end of period$2,258 $938 $(3,217)$(3,238)
Net actuarial loss$(4,201)$(5,407)$(216)$(103)
Prior service credit— — (6)(3)
Total accumulated other comprehensive loss, pre-tax$(4,201)$(5,407)$(222)$(106)
Schedule of Net Periodic Cost
Net Periodic Cost
Pension Benefits
Year Ended December 31,(1)
Other Postretirement and Postemployment Benefits
Year Ended December 31,
(in millions)202520242023202520242023
Service cost$273 $233 $95 $132 $92 $71 
Interest cost831 820 855 181 182 200 
Expected return on plan assets(1,067)(1,062)(1,060)(2)(2)(1)
Amortization of prior service credit— — — (4)(4)(5)
Recognized net actuarial loss202 248 240 20 18 14 
Special termination benefits— — — 1 5 — 
Net periodic cost
$239 $239 $130 $328 $291 $279 
(1)Service cost shown above relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans.
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Costs
We used the following actuarial assumptions to determine our benefit obligations and our net periodic cost for the periods presented:
December 31,
Benefit Obligations(1)
20252024
Weighted average discount rate5.50 %5.71 %

Year Ended December 31,
Net Periodic Cost(1)
202520242023
Weighted average discount rate5.53 %5.33 %5.59 %
Weighted average expected long-term rate of return on plan assets6.96 %6.97 %7.00 %
Assumed healthcare cost trend rate for the next year(2)
7.25 %6.50 %6.25 %
(1)Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment obligation.
(2)Healthcare cost trend rate is assumed to decline gradually to 5.00% by 2036 and remain unchanged thereafter.
Schedule of Expected Future Benefit Payments The following table summarizes the benefit payments that are expected to be paid in the years ending December 31:
Expected future benefit payments
(in millions)Pension BenefitsOther Postretirement and Postemployment Benefits
20261,390 480 
20271,400 480 
20281,390 490 
20291,380 490 
20301,380 500 
2031-20356,530 2,450 
Schedule of Benefit Plan Assets Measured at Fair Value on Recurring Basis The following table shows our benefit plan assets by asset class.
Benefit plan assets measured at fair value on a recurring basis
December 31, 2025December 31, 2024Valuation Technique
(in millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed income and fixed income-related instruments$78 $1,255 $1,333 $85 $1,080 $1,165 (a)(b)
Cash equivalents494 290 784 330 138 468 (a)
Equities and equity-related instruments1,365 7 1,372 978 3 981 (a)
Delta common stock570 — 570 595 — 595 (a)
Real assets17 160 177 — 25 25 (a)
Benefit plan assets$2,524 $1,712 $4,236 $1,988 $1,246 $3,234 
Investments measured at net asset value ("NAV")(1)
13,045 12,438 
Total benefit plan assets$17,281 $15,672 
(1)Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
Schedule of Benefit Plan Investments Assets Measured at NAV
The following table summarizes investments measured at fair value based on NAV per share as a practical expedient:

Benefit plan investment assets measured at NAV
December 31, 2025December 31, 2024
(in millions)Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Hedge funds and hedge fund-related strategies$6,916 (1)
15-180 Days
$6,519 (1)
15-180 Days
Commingled funds, private equity and private equity-related instruments(4)
2,300 (1) (2)
2-45 Days
2,351 (1) (2)
2-45 Days
Fixed income and fixed income-related instruments(4)
1,624 (1) (2)
1-180 Days
1,427 (1) (2)
1-180 Days
Real assets(4)
1,016 (2)N/A979 (2)N/A
Balanced allocation621 (5)
0-3 Days
349 (5)
0-3 Days
Other568 (3)
2-10 Days
813 (3)
2-10 Days
Total investments measured at NAV$13,045 $12,438 
(1)Various. Includes funds with monthly or more frequent, quarterly and/or custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment.
(2)Includes private funds that are closed-ended structures in which the plans' investments are generally not eligible for redemption.
(3)Includes funds with monthly or more frequent redemptions.
(4)Unfunded commitments were $1.5 billion for commingled funds, private equity and private equity-related instruments, $224 million for fixed income and fixed income-related instruments and $693 million for real assets at December 31, 2025.
(5)Includes funds with daily redemptions. The 0 Days Redemption Notice Period applies to participant-level redemptions. The 3 Days Redemption Notice Period applies to plan-level redemptions.
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Aircraft Purchase Commitments
Our future aircraft purchase commitments totaled approximately $15.4 billion at December 31, 2025:

Aircraft purchase commitments(1)
(in millions)Total
2026$3,650 
20275,860 
20284,150 
20291,290 
2030480 
Thereafter— 
Total$15,430 
(1)The timing of these commitments is based on our contractual agreements with the aircraft manufacturers and remains uncertain due to supply chain, manufacturing and regulatory constraints.
Our future aircraft purchase commitments included the following aircraft at December 31, 2025:

Aircraft purchase commitments by fleet type
Fleet TypePurchase Commitments
A220-30064 
A321-200neo68 
A350-9004 
A350-100020 
B-737-10100 
Total256 
Schedule of Contract Carrier Minimum Obligations The obligations set forth in the table contemplate minimum levels of flying by the regional carriers under the respective agreements and also reflect assumptions regarding certain costs associated with the minimum levels of flying such as the cost of fuel, labor, maintenance, insurance, catering, property tax and landing fees. Accordingly, our actual payments under these agreements could differ materially from the minimum fixed obligations set forth in the table below.
Contract carrier minimum obligations
(in millions)Amount
2026$1,760 
20271,625 
20281,265 
2029700 
2030290 
Thereafter390 
Total$6,030 
Schedule of Domestic Airline Employees Represented by Collective Bargaining Agreements by Group
Domestic airline employees represented by collective bargaining agreements by group
Employee GroupApproximate Number of Employees RepresentedUnionDate on which Collective Bargaining Agreement Becomes Amendable
Delta Pilots17,260 ALPADecember 31, 2026
Delta Flight Superintendents (Dispatchers)530 PAFCAAugust 1, 2030
Endeavor Pilots1,770 ALPAJanuary 1, 2029
Endeavor Flight Attendants
1,910 AFAMarch 31, 2027
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Benefit (Provision)
Components of income tax provision
Year Ended December 31,
(in millions)202520242023
Current tax provision:
Federal$(10)$— $— 
State and local(17)(35)(8)
International(44)(11)(11)
Deferred tax provision:
Federal(970)(1,038)(896)
State and local(139)(117)(84)
Income tax provision$(1,180)$(1,201)$(999)
Schedule of Effective Income Tax Rate Reconciliation
The following table presents the principal reasons for the difference between the effective tax rate and the U.S. federal statutory income tax rate:

Reconciliation of statutory federal income tax rate to the effective income tax rate
Year Ended December 31,
202520242023
(in millions, except for percentages)AmountPercentAmountPercentAmountPercent
U.S. federal statutory income tax rate$1,299 21.0 %$978 21.0 %$1,178 21.0 %
State and local income tax, net of federal income tax effect(1)
123 2.0 115 2.5 112 2.0 
Nontaxable or nondeductible items41 0.7 59 1.3 46 0.8 
Changes in valuation allowances(272)(4.4)89 1.9 (274)(4.9)
Other(11)(0.2)(40)(0.9)(63)(1.1)
Effective income tax rate$1,180 19.1 %$1,201 25.8 %$999 17.8 %
(1)New York City, New York, Georgia and California make up the majority (greater than 50%) of the tax effect in this category in 2024 and 2025. Georgia, New York City, New York and New Jersey make up the majority (greater than 50%) of the tax effect in this category in 2023.
Schedule of Deferred Tax Assets and Liabilities
Significant components of deferred income tax assets and liabilities
December 31,
(in millions)20252024
Deferred tax assets:
Net operating loss carryforwards$694 $799 
Pension, postretirement and other benefits916 1,205 
Investments593 936 
Deferred revenue2,254 2,158 
Lease liabilities2,660 2,816 
Other488 608 
Valuation allowance(643)(951)
Total deferred tax assets$6,962 $7,571 
Deferred tax liabilities:
Depreciation$7,839 $7,040 
Operating lease assets1,264 1,369 
Intangible assets1,188 1,165 
Other114 78 
Total deferred tax liabilities$10,405 $9,652 
Balance Sheet Position:
Other noncurrent assets$1 $95 
Deferred income taxes, net3,444 2,176 
Net deferred tax liabilities
$3,443 $2,081 
Schedule of Valuation Allowance on Deferred Income Tax Assets
The following table presents the balance of our valuation allowance on our deferred income tax assets and the associated activity:

Valuation allowance activity
(in millions)20252024
Balance at January 1$951 $877 
Tax provision(308)74 
Balance at December 31$643 $951 
v3.25.4
EQUITY AND EQUITY COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Restricted Stock Activity Restricted stock activity under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:
Restricted stock award activity
202520242023
Restricted Stock AwardsWeighted-Average
Grant Price		Restricted Stock AwardsWeighted-Average
Grant Price		Restricted Stock AwardsWeighted-Average
Grant Price
(in millions, except weighted avg grant price)
Outstanding at January 14.3 $40.60 4.2 $40.51 3.1 $43.43 
Granted1.6 67.76 2.6 40.75 2.7 39.63 
Vested(2.2)42.30 (2.3)40.60 (1.5)44.79 
Forfeited(0.1)52.07 (0.2)40.49 (0.1)40.94 
Outstanding at December 313.6 $51.37 4.3 $40.60 4.2 $40.51 
Schedule of Stock Option Activity Stock option activity under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:
Stock option activity
202520242023
Stock OptionsWeighted-Average
Exercise Price		Stock OptionsWeighted-Average
Exercise Price		Stock OptionsWeighted-Average
Exercise Price
(in millions, except weighted avg grant price)
Outstanding at January 14.8 $50.41 6.2 $50.42 6.2 $50.40 
Granted— — — — — — 
Exercised(1)
(0.5)51.07 (1.4)50.35 — 39.78 
Forfeited(1)
— — — 52.89 — 51.91 
Outstanding at December 314.3 $50.36 4.8 $50.41 6.2 $50.42 
(1)Forfeitures in 2024 and 2023 and exercises in 2023 occurred, but round to zero in the table above.
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share The following table shows our computation:
Basic and diluted earnings per share
Year Ended December 31,
(in millions, except per share data)202520242023
Net income$5,005 $3,457 $4,609 
Basic weighted average shares outstanding648 641 639 
Dilutive effect of share-based instruments6 7 4 
Diluted weighted average shares outstanding654 648 643 
Basic earnings per share$7.72 $5.39 $7.21 
Diluted earnings per share$7.66 $5.33 $7.17 
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Loss
Components of accumulated other comprehensive loss
(in millions)
Pension and Other Benefits Liabilities(2)
OtherTax EffectTotal
Balance at January 1, 2023$(6,624)$41 $782 $(5,801)
Changes in value(303)(1)71 (233)
Reclassifications into earnings(1)
246 — (57)189 
Balance at December 31, 2023
(6,681)40 796 (5,845)
Changes in value859 2 (199)662 
Reclassifications into earnings(1)
265 — (61)204 
Balance at December 31, 2024
(5,557)42 536 (4,979)
Changes in value885 — (205)680 
Reclassifications into earnings(1)
213 — (49)164 
Balance at December 31, 2025
$(4,459)$42 $282 $(4,135)
(1)Amounts reclassified from AOCI for pension and other benefits liabilities are recorded in miscellaneous, net in non-operating expense in our income statement.
(2)Includes approximately $750 million of deferred income tax expense as a result of tax law changes and prior valuation allowance releases through continuing operations, that will not be recognized in net income until pension and other benefit obligations are fully extinguished.
v3.25.4
SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis. Our income tax provision is determined on a consolidated basis and is not calculated at the segment level.
Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Year Ended December 31, 2025
Operating revenue$58,287 $6,961 $(1,884)
(1)
$63,364 
Airline salaries and related costs17,520 
Aircraft fuel and related costs9,819 
Refinery cost of goods sold(2)
6,259 
Depreciation and amortization2,443 113 
Other segment items(3)
22,840 432 
Operating income(4)
5,665 157 5,822 
Interest expense, net679 1 (1)679 
Other non-operating income1,042 1,042 
Income before income taxes6,028 156 1 6,185 
Total assets, end of period78,826 2,552 (61)81,317 
Capital expenditures4,431 68 4,499 
Year Ended December 31, 2024
Operating revenue$57,001 $7,767 $(3,125)
(1)
$61,643 
Airline salaries and related costs16,161 
Aircraft fuel and related costs10,566 
Refinery cost of goods sold(2)
7,234 
Depreciation and amortization2,513 113 
Other segment items(3)
21,804 382 
Operating income(4)
5,957 38 5,995 
Interest expense, net747 3 (3)747 
Other non-operating expense590 590 
Income before income taxes4,620 35 3 4,658 
Total assets, end of period72,979 2,418 (25)75,372 
Capital expenditures5,075 65 5,140 
Year Ended December 31, 2023
Operating revenue$54,669 $7,572 $(4,193)
(1)
$58,048 
Airline salaries and related costs14,607 
Aircraft fuel and related costs11,069 
Refinery cost of goods sold(2)
6,665 
Depreciation and amortization2,341 94 
Other segment items(3)
21,516 428 
Operating income(4)
5,136 385 5,521 
Interest expense, net834 17 (17)834 
Other non-operating income921 921 
Income before income taxes5,223 368 17 5,608 
Total assets, end of period71,529 2,174 (59)73,644 
Capital expenditures5,088 235 5,323 
(1)See table below for detail of the intersegment operating revenue amounts.
(2)Refinery cost of goods sold are included within aircraft fuel and related taxes and ancillary businesses and refinery in our income statement.
(3)The nature of other segment items for the airline segment are shown on the income statement and for the refinery segment include salaries and related costs, maintenance, utilities and other expenses.
(4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.
Operating revenue intersegment sales/other
Year Ended December 31,
(in millions)202520242023
Sales to airline segment(1)
$(1,150)$(1,421)$(1,535)
Exchanged products(2)
(580)(1,473)(2,354)
Sales of refined products
(154)(231)(304)
Total operating revenue intersegment sales/other$(1,884)$(3,125)$(4,193)
(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.
(2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash Reconciliation (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current assets:        
Cash and cash equivalents $ 4,310 $ 3,069 $ 2,741  
Restricted cash included in prepaid expenses and other 135 168 199  
Noncurrent assets:        
Restricted cash included in other noncurrent assets 56 184 455  
Total cash, cash equivalents and restricted cash $ 4,501 $ 3,421 $ 3,395 $ 3,473
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]      
Derivative contracts, net $ 1,000,000 $ 17,000,000  
Depreciation and amortization expense related to property and equipment 2,443,000,000 2,513,000,000 $ 2,341,000,000
Amortization of capitalized software 314,000,000 324,000,000 340,000,000
Net book value of capitalized software 1,100,000,000 933,000,000  
Fuel card obligation 1,100,000,000 1,100,000,000  
Advertising expense 405,000,000 438,000,000 $ 347,000,000
Fuel Card Obligation      
Summary of Significant Accounting Policies [Line Items]      
Purchasing card maximum limit 1,100,000,000    
Fuel card obligation $ 1,100,000,000 $ 1,100,000,000  
Minimum      
Summary of Significant Accounting Policies [Line Items]      
Estimated residual value (percent) 5.00%    
Maximum      
Summary of Significant Accounting Policies [Line Items]      
Estimated residual value (percent) 10.00%    
Software and software development costs | Minimum      
Summary of Significant Accounting Policies [Line Items]      
Estimated useful life 3 years    
Software and software development costs | Maximum      
Summary of Significant Accounting Policies [Line Items]      
Estimated useful life 15 years    
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation and amortization $ (24,719) $ (23,228)
Total property and equipment, net 39,743 37,595
Flight equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 47,981 44,722
Flight equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated useful life 30 years  
Flight equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated useful life 34 years  
Ground property and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 11,165 10,695
Ground property and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated useful life 3 years  
Ground property and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated useful life 40 years  
Information technology-related assets    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 3,167 3,135
Information technology-related assets | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated useful life 3 years  
Information technology-related assets | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated useful life 15 years  
Flight and ground equipment under finance leases    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,185 1,196
Less: accumulated depreciation and amortization (350) (371)
Advance payments for equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 964 $ 1,075
v3.25.4
REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total passenger revenue $ 63,364 $ 61,643 $ 58,048
Passenger      
Disaggregation of Revenue [Line Items]      
Total passenger revenue 51,768 50,894 48,909
Ticket      
Disaggregation of Revenue [Line Items]      
Total passenger revenue 45,488 45,096 43,596
Loyalty travel awards      
Disaggregation of Revenue [Line Items]      
Total passenger revenue 4,237 3,841 3,462
Travel-related services      
Disaggregation of Revenue [Line Items]      
Total passenger revenue $ 2,043 $ 1,957 $ 1,851
v3.25.4
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Revenue recognized that was previously recorded in air traffic liability $ 6.4 $ 6.5 $ 7.4
Marketing contracts initial terms, minimum (in years) 1 year    
Marketing contracts initial terms, maximum (in years) 13 years    
Cash sales of miles from marketing agreements $ 8.0 $ 7.4 $ 6.9
Majority of new miles, redemption period (in years) 2 years    
v3.25.4
REVENUE RECOGNITION - Loyalty Program Liability (Details) - Loyalty program deferred revenue - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Loyalty Program      
Current and noncurrent deferred revenue, beginning $ 8,826 $ 8,420 $ 7,882
Miles earned 4,892 4,463 4,173
Travel miles redeemed (4,237) (3,841) (3,462)
Non-travel miles redeemed (219) (216) (173)
Current and noncurrent deferred revenue, ending $ 9,262 $ 8,826 $ 8,420
v3.25.4
REVENUE RECOGNITION - Other Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total operating revenue $ 63,364 $ 61,643 $ 58,048
Other      
Disaggregation of Revenue [Line Items]      
Total operating revenue 10,696 9,927 8,416
Refinery      
Disaggregation of Revenue [Line Items]      
Total operating revenue 5,077 4,642 3,379
Loyalty program      
Disaggregation of Revenue [Line Items]      
Total operating revenue 3,362 3,297 3,093
Ancillary businesses      
Disaggregation of Revenue [Line Items]      
Total operating revenue 937 772 840
Miscellaneous      
Disaggregation of Revenue [Line Items]      
Total operating revenue $ 1,320 $ 1,216 $ 1,104
v3.25.4
REVENUE RECOGNITION - Other Revenue (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Operating revenue $ 63,364 $ 61,643 $ 58,048
Product And Service, Other, MRO Business      
Disaggregation of Revenue [Line Items]      
Operating revenue $ 822 $ 658  
v3.25.4
Revenue Recognition - Revenue by Geographic Region (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Operating revenue $ 63,364 $ 61,643 $ 58,048
Domestic      
Disaggregation of Revenue [Line Items]      
Operating revenue 44,655 43,508 40,845
Atlantic      
Disaggregation of Revenue [Line Items]      
Operating revenue 10,766 10,535 10,458
Latin America      
Disaggregation of Revenue [Line Items]      
Operating revenue 4,579 4,564 4,292
Pacific      
Disaggregation of Revenue [Line Items]      
Operating revenue 3,364 3,036 2,453
Passenger      
Disaggregation of Revenue [Line Items]      
Operating revenue 51,768 50,894 48,909
Passenger | Domestic      
Disaggregation of Revenue [Line Items]      
Operating revenue 35,731 35,226 33,968
Passenger | Atlantic      
Disaggregation of Revenue [Line Items]      
Operating revenue 9,270 9,133 9,057
Passenger | Latin America      
Disaggregation of Revenue [Line Items]      
Operating revenue 3,980 3,995 3,798
Passenger | Pacific      
Disaggregation of Revenue [Line Items]      
Operating revenue $ 2,787 $ 2,540 $ 2,086
v3.25.4
FAIR VALUE MEASUREMENTS - Assets/(Liabilities) Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value    
Cash equivalents $ 2,868 $ 1,619
Restricted cash equivalents 191 351
Long-term investments and related 3,644 2,372
Fuel hedge contracts 1 (17)
Level 1    
Fair Value    
Cash equivalents 2,868 1,619
Restricted cash equivalents 191 351
Long-term investments and related 3,366 2,085
Fuel hedge contracts 0 0
Level 2    
Fair Value    
Cash equivalents 0 0
Restricted cash equivalents 0 0
Long-term investments and related 217 160
Fuel hedge contracts 1 (17)
Level 3    
Fair Value    
Cash equivalents 0 0
Restricted cash equivalents 0 0
Long-term investments and related 61 127
Fuel hedge contracts $ 0 $ 0
v3.25.4
FAIR VALUE MEASUREMENTS- Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fuel hedge contracts      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gain (loss) recognized on derivatives $ 36 $ (31) $ (6)
v3.25.4
INVESTMENTS - Equity Investments Ownership Interest and Carrying Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Nov. 30, 2025
Dec. 31, 2024
Equity Investments      
Equity investments $ 4,222   $ 2,846
Air France-KLM      
Equity Investments      
Ownership Interest(4) 3.00%   3.00%
Carrying Value $ 100   $ 62
China Eastern      
Equity Investments      
Ownership Interest(4) 2.00%   2.00%
Carrying Value $ 319   $ 155
Hanjin-KAL      
Equity Investments      
Ownership Interest(4) 15.00%   15.00%
Carrying Value $ 861   $ 507
Hanjin-KAL | Common and Preferred Shares      
Equity Investments      
Ownership Interest(4) 14.80%    
Hanjin-KAL | Common Stock      
Equity Investments      
Ownership Interest(4) 14.90%    
LATAM      
Equity Investments      
Ownership Interest(4) 11.00%   10.00%
Carrying Value $ 1,644   $ 837
Republic Airways      
Equity Investments      
Ownership Interest(4) 14.00%   17.00%
Carrying Value $ 124   $ 84
WestJet      
Equity Investments      
Ownership Interest(4) 13.00%   0.00%
Carrying Value $ 248   $ 0
Wheels Up      
Equity Investments      
Ownership Interest(4) 36.00%   38.00%
Carrying Value $ 173   $ 435
Voting rights, shares held threshold 29.90%    
Other investments      
Equity Investments      
Carrying Value $ 325   $ 266
Grupo Aeroméxico      
Equity Investments      
Ownership Interest(4) 19.00% 19.00% 20.00%
Carrying Value $ 377   $ 354
Unifi Aviation      
Equity Investments      
Ownership Interest(4) 20.00% 49.00% 49.00%
Carrying Value $ 51   $ 146
v3.25.4
INVESTMENTS - Narrative (Details) - USD ($)
 1 Months Ended
Dec. 31, 2025
Oct. 31, 2025
Nov. 30, 2025
Dec. 31, 2024
Republic Airways        
Schedule of Equity Method Investments [Line Items]        
Ownership interest 14.00%     17.00%
WestJet        
Schedule of Equity Method Investments [Line Items]        
Ownership interest 13.00%     0.00%
Equity stake acquired (as a percent)   12.70%    
Payment to acquire equity stake   $ 276,000,000    
Grupo Aeroméxico        
Schedule of Equity Method Investments [Line Items]        
Ownership interest 19.00%   19.00% 20.00%
Carrying value of equity investment $ 377,000,000     $ 354,000,000
Unifi Aviation        
Schedule of Equity Method Investments [Line Items]        
Ownership interest 20.00%   49.00% 49.00%
Proceeds from sale of equity stake $ 80,000,000      
Carrying value of equity investment $ 51,000,000     $ 146,000,000
Virgin Atlantic        
Schedule of Equity Method Investments [Line Items]        
Ownership interest 49.00%      
Carrying value of equity investment $ 0      
Unrecognized equity method losses $ 620,000,000      
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Goodwill and Indefinite-Lived Intangible Assets by Category (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Goodwill and indefinite-lived intangible assets    
Goodwill $ 9,753 $ 9,753
Total 15,671 15,671
International routes and slots    
Goodwill and indefinite-lived intangible assets    
Indefinite-lived intangibles 2,583 2,583
Airline alliances    
Goodwill and indefinite-lived intangible assets    
Indefinite-lived intangibles 1,863 1,863
Delta tradename    
Goodwill and indefinite-lived intangible assets    
Indefinite-lived intangibles 850 850
Domestic slots    
Goodwill and indefinite-lived intangible assets    
Indefinite-lived intangibles $ 622 $ 622
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Definite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets    
Gross Carrying Value $ 976 $ 976
Accumulated Amortization (928) (919)
Marketing agreements    
Finite-Lived Intangible Assets    
Gross Carrying Value 730 730
Accumulated Amortization (717) (712)
Maintenance contracts    
Finite-Lived Intangible Assets    
Gross Carrying Value 192 192
Accumulated Amortization (158) (154)
Other    
Finite-Lived Intangible Assets    
Gross Carrying Value 54 54
Accumulated Amortization $ (53) $ (53)
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 8 $ 9 $ 9
Estimated amortization expense in 2026 7    
Estimated amortization expense in 2027 7    
Estimated amortization expense in 2028 7    
Estimated amortization expense in 2029 7    
Estimated amortization expense in 2030 $ 7    
v3.25.4
DEBT - Schedule of Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total secured and unsecured debt $ 13,302 $ 15,373
Unamortized (discount)/premium and debt issuance cost, net and other 6 (26)
Total debt 13,308 15,347
Less: current maturities (1,372) (1,801)
Total long-term debt $ 11,936 13,546
Unsecured notes | Unsecured Debt    
Debt Instrument [Line Items]    
Maturity dates range, start Dec. 31, 2028  
Maturity dates range, end Dec. 31, 2030  
Total secured and unsecured debt $ 2,884 1,575
Unsecured notes | Unsecured Debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 3.75%  
Unsecured notes | Unsecured Debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 5.30%  
Unsecured Payroll Support Program Loans | Unsecured Debt    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2031  
Interest rate per annum (percent) 1.00%  
Total secured and unsecured debt $ 1,848 3,496
Debt instrument term 5 years  
Interest rate 2.00%  
SkyMiles Notes | Secured Debt    
Debt Instrument [Line Items]    
Maturity dates range, start Dec. 31, 2026  
Maturity dates range, end Dec. 31, 2028  
Total secured and unsecured debt $ 3,422 3,970
SkyMiles Notes | Secured Debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 4.75%  
SkyMiles Term Loan | Secured Debt    
Debt Instrument [Line Items]    
Maturity dates range, start Dec. 31, 2026  
Maturity dates range, end Dec. 31, 2028  
Interest rate per annum (percent) 5.38%  
Total secured and unsecured debt $ 588 784
NYTDC Special Facilities Revenue Bonds | Bonds    
Debt Instrument [Line Items]    
Maturity dates range, start Dec. 31, 2026  
Maturity dates range, end Dec. 31, 2045  
Total secured and unsecured debt $ 3,522 3,591
NYTDC Special Facilities Revenue Bonds | Bonds | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 4.00%  
NYTDC Special Facilities Revenue Bonds | Bonds | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 6.00%  
Financings secured by aircraft - Certificates | Secured Debt    
Debt Instrument [Line Items]    
Maturity dates range, start Dec. 31, 2026  
Maturity dates range, end Dec. 31, 2028  
Total secured and unsecured debt $ 894 992
Financings secured by aircraft - Certificates | Secured Debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 2.00%  
Financings secured by aircraft - Certificates | Secured Debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 8.00%  
Financings secured by aircraft - Notes | Secured Debt    
Debt Instrument [Line Items]    
Maturity dates range, start Dec. 31, 2026  
Maturity dates range, end Dec. 31, 2033  
Total secured and unsecured debt $ 78 87
Financings secured by aircraft - Notes | Secured Debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 5.96%  
Financings secured by aircraft - Notes | Secured Debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 7.18%  
Senior Secured Notes 2025 | Secured Debt    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2025  
Interest rate per annum (percent) 0.00%  
Total secured and unsecured debt $ 0 812
Other financings | Secured and unsecured Debt    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2030  
Total secured and unsecured debt $ 66 66
Other financings | Secured and unsecured Debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum (percent) 5.00%  
Corporate Revolving Credit Facility | Revolving Credit Facility    
Debt Instrument [Line Items]    
Maturity dates range, start Dec. 31, 2026  
Maturity dates range, end Dec. 31, 2028  
Total secured and unsecured debt $ 0 0
Other revolving credit facilities | Revolving Credit Facility    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2026  
Total secured and unsecured debt $ 0 $ 0
v3.25.4
DEBT - 2025 Unsecured Notes (Details) - Unsecured Debt
Dec. 31, 2025
USD ($)
Line of Credit Facility [Line Items]  
Debt instrument amount $ 2,000,000,000
4.95% Notes Due 2028  
Line of Credit Facility [Line Items]  
Debt instrument amount $ 1,000,000,000
Interest rate per annum (percent) 4.95%
5.25% Notes Due 2030  
Line of Credit Facility [Line Items]  
Debt instrument amount $ 1,000,000,000
Interest rate per annum (percent) 5.25%
v3.25.4
DEBT - SkyMiles Credit Facility (Details) - SkyMiles Credit Facility - Secured Debt
 1 Months Ended
Sep. 30, 2025
Dec. 31, 2025
Aug. 31, 2025
Line of Credit Facility [Line Items]      
Interest rate 1.50%    
Principal payment due annually   1.00% 20.00%
Prepayment premium   1.00%  
v3.25.4
DEBT - 2026 Term Loan (Details) - USD ($)
 1 Months Ended
Jan. 31, 2026
Dec. 31, 2025
Unsecured Debt    
Line of Credit Facility [Line Items]    
Debt instrument amount   $ 2,000,000,000
2026 Term Loan | Secured Debt | Subsequent event    
Line of Credit Facility [Line Items]    
Debt instrument amount $ 1,300,000,000  
Unsecured Payroll Support Program Loans | Unsecured Debt | Subsequent event    
Line of Credit Facility [Line Items]    
Repayment of PSP loans due 2031 $ 957,000,000  
v3.25.4
DEBT - Availability Under Revolving Facilities (Details)
$ in Billions
Dec. 31, 2025
USD ($)
Revolving Credit Facility  
Debt Instrument [Line Items]  
Proceeds from revolving credit facilities $ 3.1
v3.25.4
DEBT - Fair Value of Outstanding Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Net carrying amount $ 13,308 $ 15,347
Fair value $ 13,400 $ 15,300
v3.25.4
DEBT - Covenants (Details) - SkyMiles program
$ in Millions
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
Minimum liquidity covenant $ 2,000
Aggregate limit on sale of pre-paid miles covenant $ 550
v3.25.4
DEBT - Future Debt Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Total Debt    
2025 $ 1,367  
2026 1,878  
2027 3,460  
2028 621  
2029 1,222  
Thereafter 4,754  
Total 13,302 $ 15,373
Amortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other    
2025 (2)  
2026 2  
2027 (1)  
2028 4  
2029 5  
Thereafter (2)  
Total 6 (26)
Total debt $ 13,308 $ 15,347
v3.25.4
LEASES - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
aircraft
airport
lease
Lessee, Lease, Description [Line Items]  
Additional leases not yet commenced | $ $ 122
Additional leases not yet commenced term of contract 7 years
Aircraft  
Lessee, Lease, Description [Line Items]  
Number of leases 122
Number of finance leases 20
Number of operating leases 102
Lease component of purchase agreements, number of aircraft | aircraft 119
Aircraft | Minimum  
Lessee, Lease, Description [Line Items]  
Remaining term of operating leases 2 months
Remaining term of finance leases 2 months
Aircraft | Maximum  
Lessee, Lease, Description [Line Items]  
Remaining term of operating leases 10 years
Remaining term of finance leases 10 years
Airport Facilities  
Lessee, Lease, Description [Line Items]  
Number of airports with facility space under lease | airport 300
Airport Facilities | Minimum  
Lessee, Lease, Description [Line Items]  
Remaining term of operating leases 1 month
Airport Facilities | Maximum  
Lessee, Lease, Description [Line Items]  
Remaining term of operating leases 28 years
Other Ground Property and Equipment | Minimum  
Lessee, Lease, Description [Line Items]  
Remaining term of operating leases 1 month
Remaining term of finance leases 1 month
Other Ground Property and Equipment | Maximum  
Lessee, Lease, Description [Line Items]  
Remaining term of operating leases 5 years
Remaining term of finance leases 5 years
v3.25.4
LEASES - Lease Position (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Assets    
Current operating lease assets $ 6,244 $ 6,644
Finance lease assets $ 835 $ 825
Finance lease asset, balance sheet Property and equipment, net of accumulated depreciation and amortization of $24,719 and $23,228 Property and equipment, net of accumulated depreciation and amortization of $24,719 and $23,228
Total lease assets $ 7,079 $ 7,469
Liabilities    
Current operating lease liabilities 809 763
Current finance lease liabilities $ 233 $ 374
Finance lease liability, current, balance sheet Current maturities of debt and finance leases Current maturities of debt and finance leases
Noncurrent operating leases $ 5,353 $ 5,814
Noncurrent finance lease liabilities $ 572 $ 473
Finance lease liability, noncurrent, balance sheet Debt and finance leases Debt and finance leases
Total lease liabilities $ 6,967 $ 7,424
Operating leases, weighted-average remaining lease term 12 years 12 years
Finance leases, weighted-average remaining lease term 3 years 3 years
Operating leases, weighted-average discount rate 4.21% 4.28%
Finance leases, weighted-average discount rate 3.63% 3.53%
Fleet Lease    
Assets    
Current operating lease assets $ 2,575 $ 2,910
Liabilities    
Current operating lease liabilities 591 551
Noncurrent operating leases 2,190 2,627
Operating leases, interest 140 165
Ground and Other Lease    
Assets    
Current operating lease assets 3,669 3,734
Liabilities    
Current operating lease liabilities 218 212
Noncurrent operating leases $ 3,163 $ 3,187
v3.25.4
LEASES - Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Finance lease cost, amortization of leased assets $ 66 $ 88 $ 109
Finance lease cost, interest of lease liabilities 37 54 42
Operating lease cost 976 974 981
Short-term lease cost 268 206 258
Variable lease cost 3,343 2,902 2,230
Total lease cost $ 4,690 $ 4,224 $ 3,620
v3.25.4
LEASES - Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating cash flows for operating leases $ 981 $ 1,225 $ 1,230
Operating cash flows for finance leases 36 56 71
Financing cash flows for finance leases $ 114 $ 190 $ 264
v3.25.4
LEASES - Undiscounted Cash Flows (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 1,020  
2027 967  
2028 846  
2029 641  
2030 508  
Thereafter 3,784  
Total minimum lease payments 7,766  
Less: amount of lease payments representing interest (1,604)  
Present value of future minimum lease payments 6,162  
Less: current obligations under leases (809) $ (763)
Long-term lease obligations 5,353 5,814
Finance Leases    
2026 256  
2027 289  
2028 61  
2029 49  
2030 109  
Thereafter 106  
Total minimum lease payments 870  
Less: amount of lease payments representing interest (65)  
Present value of future minimum lease payments 805  
Less: current obligations under leases (233) (374)
Long-term lease obligations $ 572 $ 473
v3.25.4
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure      
Estimated funding by employer in next fiscal year $ 5    
Defined contribution plan costs $ 1,400 $ 1,300 $ 1,200
Assumed healthcare plan pre age 65 years    
Assumed healthcare plan post age 65 years    
Projected benefit obligation $ 62    
Weighted average expected long-term rate of return on plan assets 6.96% 6.97% 7.00%
Profit sharing $ 1,337 $ 1,389 $ 1,383
Growth-seeking assets | Minimum      
Defined Benefit Plan Disclosure      
Plan assets, target allocations (percent) 20.00%    
Growth-seeking assets | Maximum      
Defined Benefit Plan Disclosure      
Plan assets, target allocations (percent) 40.00%    
Income-generating assets | Minimum      
Defined Benefit Plan Disclosure      
Plan assets, target allocations (percent) 25.00%    
Income-generating assets | Maximum      
Defined Benefit Plan Disclosure      
Plan assets, target allocations (percent) 35.00%    
Risk-diversifying assets | Minimum      
Defined Benefit Plan Disclosure      
Plan assets, target allocations (percent) 35.00%    
Risk-diversifying assets | Maximum      
Defined Benefit Plan Disclosure      
Plan assets, target allocations (percent) 45.00%    
v3.25.4
EMPLOYEE BENEFIT PLANS - Benefit Obligations, Fair Value of Plan Assets and Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Change in Benefit Obligation      
Benefit obligation at beginning of period $ 14,967 $ 15,911  
Service cost 273 233 $ 95
Interest cost 831 820 855
Actuarial loss/(gain) 266 (738)  
Benefits paid, including lump sums and annuities (1,315) (1,259)  
Participant contributions 0 0  
Special termination benefits 0 0 0
Benefit obligation at end of period 15,022 14,967 15,911
Change in Fair Value of Plan Assets      
Fair value of plan assets at beginning of period 15,905 15,766  
Actual gain on plan assets 2,338 1,142  
Employer contributions 352 256  
Benefits paid, including lump sums and annuities (1,315) (1,259)  
Participant contributions 0 0  
Fair value of plan assets at end of period 17,280 15,905 15,766
Funded Status of Plan      
Funded status at end of period 2,258 938  
Other Postretirement and Postemployment Benefits      
Change in Benefit Obligation      
Benefit obligation at beginning of period 3,265 3,503  
Service cost 132 92 71
Interest cost 181 182 200
Actuarial loss/(gain) 141 (50)  
Benefits paid, including lump sums and annuities (489) (497)  
Participant contributions 27 30  
Special termination benefits 1 5 0
Benefit obligation at end of period 3,258 3,265 3,503
Change in Fair Value of Plan Assets      
Fair value of plan assets at beginning of period 27 33  
Actual gain on plan assets 10 (7)  
Employer contributions 466 468  
Benefits paid, including lump sums and annuities (489) (497)  
Participant contributions 27 30  
Fair value of plan assets at end of period 41 27 $ 33
Funded Status of Plan      
Funded status at end of period $ (3,217) $ (3,238)  
v3.25.4
EMPLOYEE BENEFIT PLANS - Balance Sheet Position (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position    
Noncurrent liabilities $ (3,156) $ (3,144)
Pension Benefits    
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position    
Other noncurrent assets 2,320 1,005
Current liabilities (8) (9)
Noncurrent liabilities (54) (58)
Funded status at end of period 2,258 938
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax    
Net actuarial loss (4,201) (5,407)
Prior service credit 0 0
Total accumulated other comprehensive loss, pre-tax (4,201) (5,407)
Other Postretirement and Postemployment Benefits    
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position    
Other noncurrent assets 0 0
Current liabilities (425) (430)
Noncurrent liabilities (2,792) (2,808)
Funded status at end of period (3,217) (3,238)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax    
Net actuarial loss (216) (103)
Prior service credit (6) (3)
Total accumulated other comprehensive loss, pre-tax $ (222) $ (106)
v3.25.4
EMPLOYEE BENEFIT PLANS - Net Periodic Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Defined Benefit Plan Disclosure      
Service cost $ 273 $ 233 $ 95
Interest cost 831 820 855
Expected return on plan assets (1,067) (1,062) (1,060)
Amortization of prior service credit 0 0 0
Recognized net actuarial loss 202 248 240
Special termination benefits 0 0 0
Net periodic cost 239 239 130
Other Postretirement and Postemployment Benefits      
Defined Benefit Plan Disclosure      
Service cost 132 92 71
Interest cost 181 182 200
Expected return on plan assets (2) (2) (1)
Amortization of prior service credit (4) (4) (5)
Recognized net actuarial loss 20 18 14
Special termination benefits 1 5 0
Net periodic cost $ 328 $ 291 $ 279
v3.25.4
EMPLOYEE BENEFIT PLANS - Assumptions Used to Determine Benefit Obligation and Net Periodic Cost (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Weighted average discount rate 5.50% 5.71%  
Weighted average discount rate 5.53% 5.33% 5.59%
Weighted average expected long-term rate of return on plan assets 6.96% 6.97% 7.00%
Assumed healthcare cost trend rate for the next year 7.25% 6.50% 6.25%
Ultimate healthcare cost trend rate 5.00%    
v3.25.4
EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Pension Benefits  
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity  
2026 $ 1,390
2027 1,400
2028 1,390
2029 1,380
2030 1,380
2031-2035 6,530
Other Postretirement and Postemployment Benefits  
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity  
2026 480
2027 480
2028 490
2029 490
2030 500
2031-2035 $ 2,450
v3.25.4
EMPLOYEE BENEFIT PLANS - Benefit Plan Assets Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Benefit plan assets by asset class    
Benefit plan assets $ 17,281 $ 15,672
Level 1 and Level 2    
Benefit plan assets by asset class    
Benefit plan assets 4,236 3,234
Level 1 and Level 2 | Fixed income and fixed income-related instruments    
Benefit plan assets by asset class    
Benefit plan assets 1,333 1,165
Level 1 and Level 2 | Cash equivalents    
Benefit plan assets by asset class    
Benefit plan assets 784 468
Level 1 and Level 2 | Equities and equity-related instruments    
Benefit plan assets by asset class    
Benefit plan assets 1,372 981
Level 1 and Level 2 | Delta common stock    
Benefit plan assets by asset class    
Benefit plan assets 570 595
Level 1 and Level 2 | Real assets    
Benefit plan assets by asset class    
Benefit plan assets 177 25
Level 1    
Benefit plan assets by asset class    
Benefit plan assets 2,524 1,988
Level 1 | Fixed income and fixed income-related instruments    
Benefit plan assets by asset class    
Benefit plan assets 78 85
Level 1 | Cash equivalents    
Benefit plan assets by asset class    
Benefit plan assets 494 330
Level 1 | Equities and equity-related instruments    
Benefit plan assets by asset class    
Benefit plan assets 1,365 978
Level 1 | Delta common stock    
Benefit plan assets by asset class    
Benefit plan assets 570 595
Level 1 | Real assets    
Benefit plan assets by asset class    
Benefit plan assets 17 0
Level 2    
Benefit plan assets by asset class    
Benefit plan assets 1,712 1,246
Level 2 | Fixed income and fixed income-related instruments    
Benefit plan assets by asset class    
Benefit plan assets 1,255 1,080
Level 2 | Cash equivalents    
Benefit plan assets by asset class    
Benefit plan assets 290 138
Level 2 | Equities and equity-related instruments    
Benefit plan assets by asset class    
Benefit plan assets 7 3
Level 2 | Delta common stock    
Benefit plan assets by asset class    
Benefit plan assets 0 0
Level 2 | Real assets    
Benefit plan assets by asset class    
Benefit plan assets 160 25
NAV    
Benefit plan assets by asset class    
Benefit plan assets $ 13,045 $ 12,438
v3.25.4
EMPLOYEE BENEFIT PLANS - Investments Measured at NAV (Details) - NAV - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Investments measured at NAV    
Fair value of investment measured at NAV $ 13,045 $ 12,438
Hedge funds and hedge fund-related strategies    
Investments measured at NAV    
Fair value of investment measured at NAV $ 6,916 $ 6,519
Hedge funds and hedge fund-related strategies | Minimum    
Investments measured at NAV    
Redemption notice period 15 days 15 days
Hedge funds and hedge fund-related strategies | Maximum    
Investments measured at NAV    
Redemption notice period 180 days 180 days
Commingled funds, private equity and private equity-related instruments    
Investments measured at NAV    
Fair value of investment measured at NAV $ 2,300 $ 2,351
Unfunded commitments $ 1,500  
Commingled funds, private equity and private equity-related instruments | Minimum    
Investments measured at NAV    
Redemption notice period 2 days 2 days
Commingled funds, private equity and private equity-related instruments | Maximum    
Investments measured at NAV    
Redemption notice period 45 days 45 days
Fixed income and fixed income-related instruments    
Investments measured at NAV    
Fair value of investment measured at NAV $ 1,624 $ 1,427
Unfunded commitments $ 224  
Fixed income and fixed income-related instruments | Minimum    
Investments measured at NAV    
Redemption notice period 1 day 1 day
Fixed income and fixed income-related instruments | Maximum    
Investments measured at NAV    
Redemption notice period 180 days 180 days
Real assets    
Investments measured at NAV    
Fair value of investment measured at NAV $ 1,016 $ 979
Unfunded commitments 693  
Balanced allocation    
Investments measured at NAV    
Fair value of investment measured at NAV $ 621 $ 349
Balanced allocation | Minimum    
Investments measured at NAV    
Redemption notice period 0 days 0 days
Balanced allocation | Minimum | Participant-Level Redemptions    
Investments measured at NAV    
Redemption notice period 0 days  
Balanced allocation | Minimum | Plan-Level Redemptions    
Investments measured at NAV    
Redemption notice period 3 days  
Balanced allocation | Maximum    
Investments measured at NAV    
Redemption notice period 3 days 3 days
Other    
Investments measured at NAV    
Fair value of investment measured at NAV $ 568 $ 813
Other | Minimum    
Investments measured at NAV    
Redemption notice period 2 days 2 days
Other | Maximum    
Investments measured at NAV    
Redemption notice period 10 days 10 days
v3.25.4
COMMITMENTS AND CONTINGENCIES - Aircraft Purchase Commitments and Contract Carrier Minimum Obligations (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Future commitments:  
Total $ 122
Aircraft purchase commitments  
Future commitments:  
2026 3,650
2027 5,860
2028 4,150
2029 1,290
2030 480
Thereafter 0
Total 15,430
Contract carrier minimum obligations  
Future commitments:  
2026 1,760
2027 1,625
2028 1,265
2029 700
2030 290
Thereafter 390
Total $ 6,030
v3.25.4
COMMITMENTS AND CONTINGENCIES - Aircraft Purchase Commitments by Fleet Type (Details) - Aircraft purchase commitments - aircraft
Jan. 12, 2026
Dec. 31, 2025
Future Purchase Commitments    
Aircraft purchase commitments, minimum quantity required   256
A220-300    
Future Purchase Commitments    
Aircraft purchase commitments, minimum quantity required   64
A321-200neo    
Future Purchase Commitments    
Aircraft purchase commitments, minimum quantity required   68
A350-900    
Future Purchase Commitments    
Aircraft purchase commitments, minimum quantity required   4
A350-1000    
Future Purchase Commitments    
Aircraft purchase commitments, minimum quantity required   20
B-737-10    
Future Purchase Commitments    
Aircraft purchase commitments, minimum quantity required   100
Boeing 787-10 | Subsequent event    
Future Purchase Commitments    
Aircraft purchase commitments, minimum quantity required 30  
v3.25.4
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
Jan. 27, 2026
aircraft
Jan. 12, 2026
aircraft
Dec. 31, 2025
aircraft
employee
Future Purchase Commitments      
Approximate number of employees | employee     103,000
Percentage of employees represented by unions under collective bargaining agreements     20.00%
Monroe refinery employees represented by United Steel Workers      
Future Purchase Commitments      
Approximate number of employees | employee     200
Aircraft purchase commitments      
Future Purchase Commitments      
Aircraft purchase commitments     256
Boeing 787-10 | Aircraft purchase commitments | Subsequent event      
Future Purchase Commitments      
Aircraft purchase commitments   30  
A350-1000 | Aircraft purchase commitments      
Future Purchase Commitments      
Aircraft purchase commitments     20
Airbus A330-900 Aircraft | Aircraft purchase commitments | Subsequent event      
Future Purchase Commitments      
Aircraft purchase commitments 16    
Airbus A350-900 Aircraft | Aircraft purchase commitments | Subsequent event      
Future Purchase Commitments      
Aircraft purchase commitments 15    
Widebody Aircraft | Aircraft purchase commitments | Subsequent event      
Future Purchase Commitments      
Aircraft purchase commitments 20    
v3.25.4
COMMITMENTS AND CONTINGENCIES - Employees Under Collective Bargaining Agreements (Details)
Dec. 31, 2025
employee
Other Commitments [Line Items]  
Approximate Number of Employees Represented 103,000
Delta Pilots  
Other Commitments [Line Items]  
Approximate Number of Employees Represented 17,260
Delta Flight Superintendents (Dispatchers)  
Other Commitments [Line Items]  
Approximate Number of Employees Represented 530
Endeavor Pilots  
Other Commitments [Line Items]  
Approximate Number of Employees Represented 1,770
Endeavor Flight Attendants  
Other Commitments [Line Items]  
Approximate Number of Employees Represented 1,910
v3.25.4
INCOME TAXES - Components of Income Tax Benefit (Provision) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current tax provision:      
Federal $ (10) $ 0 $ 0
State and local (17) (35) (8)
International (44) (11) (11)
Deferred tax provision:      
Federal (970) (1,038) (896)
State and local (139) (117) (84)
Income tax provision $ (1,180) $ (1,201) $ (999)
v3.25.4
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory income tax rate $ 1,299 $ 978 $ 1,178
State and local income tax, net of federal income tax effect 123 115 112
Nontaxable or nondeductible items 41 59 46
Changes in valuation allowances (272) 89 (274)
Other (11) (40) (63)
Effective income tax rate $ 1,180 $ 1,201 $ 999
Percent      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
State and local income tax, net of federal income tax effect 2.00% 2.50% 2.00%
Nontaxable or nondeductible items 0.70% 1.30% 0.80%
Changes in valuation allowances (4.40%) 1.90% (4.90%)
Other (0.20%) (0.90%) (1.10%)
Effective income tax rate 19.10% 25.80% 17.80%
v3.25.4
INCOME TAXES - Deferred Taxes (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:      
Net operating loss carryforwards $ 694 $ 799  
Pension, postretirement and other benefits 916 1,205  
Investments 593 936  
Deferred revenue 2,254 2,158  
Lease liabilities 2,660 2,816  
Other 488 608  
Valuation allowance (643) (951) $ (877)
Total deferred tax assets 6,962 7,571  
Deferred tax liabilities:      
Depreciation 7,839 7,040  
Operating lease assets 1,264 1,369  
Intangible assets 1,188 1,165  
Other 114 78  
Total deferred tax liabilities 10,405 9,652  
Other noncurrent assets 1 95  
Deferred income taxes, net 3,444 2,176  
Net deferred tax liabilities $ 3,443 $ 2,081  
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes      
Deferred tax liabilities $ 3,443 $ 2,081  
Valuation allowance 643 $ 951 $ 877
U.S. federal      
Income Taxes      
Operating loss carryforwards $ 2,400    
v3.25.4
INCOME TAXES - Valuation Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Valuation allowance activity    
Valuation allowance, beginning $ 951 $ 877
Tax provision (308) 74
Valuation allowance, ending $ 643 $ 951
v3.25.4
EQUITY AND EQUITY COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Class of Stock [Line Items]            
Capital stock, shares authorized (shares) 2,000,000,000.0          
Common stock, authorized (shares) 1,500,000,000 1,500,000,000        
Common stock, par value (USD per share) $ 0.0001 $ 0.0001        
Preferred stock, shares authorized (shares) 500,000,000          
Treasury stock weighted average cost per share (USD per share) $ 36.71 $ 31.06        
Number of shares authorized for issuance under the Plan (shares) 173,000,000          
Shares available for future grant (shares) 19,000,000          
Equity compensation expense $ 313 $ 236 $ 180      
Compensation cost not yet recognized $ 112          
Outstanding stock option awards (shares) 4,300,000 4,800,000 6,200,000 6,200,000    
Weighted average exercise price of options outstanding (USD per share) $ 50.36 $ 50.41 $ 50.42 $ 50.40    
Restricted stock awards            
Class of Stock [Line Items]            
Unvested restricted stock awards (shares) 3,600,000 4,300,000 4,200,000 3,100,000    
Stock options            
Class of Stock [Line Items]            
Term of award (in years) 10 years          
Performance awards            
Class of Stock [Line Items]            
Performance period (in years) 3 years          
Performance awards | Minimum            
Class of Stock [Line Items]            
Potential performance award payments as percentage of target level 0.00%          
Performance awards | Maximum            
Class of Stock [Line Items]            
Potential performance award payments as percentage of target level 200.00%          
Performance-Based Restricted Stock Units            
Class of Stock [Line Items]            
Shares available for future grant (shares) 5,400,000 6,000,000 3,300,000      
Performance period (in years) 3 years          
Performance-Based Restricted Stock Units | Minimum            
Class of Stock [Line Items]            
Potential performance award payments as percentage of target level 0.00% 0.00% 0.00%      
Performance-Based Restricted Stock Units | Maximum            
Class of Stock [Line Items]            
Potential performance award payments as percentage of target level 200.00% 300.00% 300.00%      
PSP Warrants | Payroll Support Program            
Class of Stock [Line Items]            
Number shares called by warrants (shares)         11,100,000 11,100,000
Payroll Support Program 3 (PSP3)            
Class of Stock [Line Items]            
Number of warrants (shares) 1,900,000          
Warrant exercise price (USD per share) $ 46.48          
v3.25.4
EQUITY AND EQUITY COMPENSATION - Restricted Stock Award Activity (Details) - Restricted Stock - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock      
Outstanding, beginning (shares) 4.3 4.2 3.1
Granted (shares) 1.6 2.6 2.7
Vested (shares) (2.2) (2.3) (1.5)
Forfeited (shares) (0.1) (0.2) (0.1)
Outstanding, ending (shares) 3.6 4.3 4.2
Restricted Stock, Weighted-Average Grant Price      
Outstanding, beginning (USD per share) $ 40.60 $ 40.51 $ 43.43
Granted (USD per share) 67.76 40.75 39.63
Vested (USD per share) 42.30 40.60 44.79
Forfeited (USD per share) 52.07 40.49 40.94
Outstanding, ending (USD per share) $ 51.37 $ 40.60 $ 40.51
v3.25.4
EQUITY AND EQUITY COMPENSATION - Stock Option Activity (Details) - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock Options      
Outstanding, beginning (shares) 4.8 6.2 6.2
Granted (shares) 0.0 0.0 0.0
Exercised (shares) (0.5) (1.4) 0.0
Forfeited (shares) 0.0 0.0 0.0
Outstanding, ending (shares) 4.3 4.8 6.2
Stock Options, Weighted-Average Grant Price      
Outstanding, beginning (USD per share) $ 50.41 $ 50.42 $ 50.40
Granted (USD per share) 0 0 0
Exercised (USD per share) 51.07 50.35 39.78
Forfeited (USD per share) 0 52.89 51.91
Outstanding, ending (USD per share) $ 50.36 $ 50.41 $ 50.42
v3.25.4
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income $ 5,005 $ 3,457 $ 4,609
Basic weighted average shares outstanding (shares) 648 641 639
Dilutive effect of share-based instruments (shares) 6 7 4
Diluted weighted average shares outstanding (shares) 654 648 643
Basic earnings per share (USD per share) $ 7.72 $ 5.39 $ 7.21
Diluted earnings per share (USD per share) $ 7.66 $ 5.33 $ 7.17
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax      
Beginning balance, tax effect $ 536 $ 796 $ 782
Beginning balance 15,293 11,105 6,582
Changes in value, tax effect (205) (199) 71
Changes in value, net 680 662 (233)
Reclassifications into earnings, tax effect (49) (61) (57)
Reclassifications into earnings, net 164 204 189
Ending balance, tax effect 282 536 796
Ending balance 20,853 15,293 11,105
Deferred income tax expense in AOCI that will not be recognized until obligation is fully extinguished 750 750 750
Accumulated Other Comprehensive Loss      
AOCI Attributable to Parent, Net of Tax      
Beginning balance (4,979) (5,845) (5,801)
Ending balance (4,135) (4,979) (5,845)
Pension and Other Benefit Liabilities      
AOCI Attributable to Parent, Net of Tax      
Beginning balance, AOCI before tax (5,557) (6,681) (6,624)
Changes in value 885 859 (303)
Reclassifications into earnings 213 265 246
Ending balance, AOCI before tax (4,459) (5,557) (6,681)
Other      
AOCI Attributable to Parent, Net of Tax      
Beginning balance, AOCI before tax 42 40 41
Changes in value 0 2 (1)
Reclassifications into earnings 0 0 0
Ending balance, AOCI before tax $ 42 $ 42 $ 40
v3.25.4
SEGMENTS - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
fleet
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Combination [Line Items]      
Number of operating segments | segment 2    
Number of reportable segments | segment 2    
Number of fleets | fleet 1    
Operating revenue $ 63,364 $ 61,643 $ 58,048
Intersegment Sales/Other      
Business Combination [Line Items]      
Operating revenue (1,884) (3,125) (4,193)
Intersegment Sales/Other | Exchanged products      
Business Combination [Line Items]      
Operating revenue $ (580) $ (1,473) $ (2,354)
v3.25.4
SEGMENTS - Segment Reporting (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information, Profit (Loss)      
Operating revenue $ 63,364 $ 61,643 $ 58,048
Airline salaries and related costs 17,520 16,161 14,607
Aircraft fuel and related costs 9,819 10,566 11,069
Depreciation and amortization 2,443 2,513 2,341
Operating income 5,822 5,995 5,521
Interest expense, net 679 747 834
Other non-operating income (expense) (144) (232) (279)
Income before income taxes 6,185 4,658 5,608
Total assets, end of period 81,317 75,372 73,644
Capital expenditures 4,499 5,140 5,323
Operating Segments      
Segment Reporting Information, Profit (Loss)      
Other non-operating income (expense) 1,042 (590) 921
Operating Segments | Airline      
Segment Reporting Information, Profit (Loss)      
Operating revenue 58,287 57,001 54,669
Airline salaries and related costs 17,520 16,161 14,607
Aircraft fuel and related costs 9,819 10,566 11,069
Depreciation and amortization 2,443 2,513 2,341
Other segment items 22,840 21,804 21,516
Operating income 5,665 5,957 5,136
Interest expense, net 679 747 834
Other non-operating income (expense) 1,042 (590) 921
Income before income taxes 6,028 4,620 5,223
Total assets, end of period 78,826 72,979 71,529
Capital expenditures 4,431 5,075 5,088
Operating Segments | Refinery      
Segment Reporting Information, Profit (Loss)      
Operating revenue 6,961 7,767 7,572
Refinery cost of goods sold 6,259 7,234 6,665
Depreciation and amortization 113 113 94
Other segment items 432 382 428
Operating income 157 38 385
Interest expense, net 1 3 17
Income before income taxes 156 35 368
Total assets, end of period 2,552 2,418 2,174
Capital expenditures 68 65 235
Intersegment Sales/Other      
Segment Reporting Information, Profit (Loss)      
Operating revenue (1,884) (3,125) (4,193)
Interest expense, net (1) (3) (17)
Income before income taxes 1 3 17
Total assets, end of period (61) (25) (59)
Intersegment Sales/Other | Sales to airline segment      
Segment Reporting Information, Profit (Loss)      
Operating revenue (1,150) (1,421) (1,535)
Intersegment Sales/Other | Exchanged products      
Segment Reporting Information, Profit (Loss)      
Operating revenue (580) (1,473) (2,354)
Intersegment Sales/Other | Sales of refined products      
Segment Reporting Information, Profit (Loss)      
Operating revenue $ (154) $ (231) $ (304)