DELTA AIR LINES, INC., 10-Q filed on 4/8/2026
Quarterly Report
v3.26.1
Cover
 3 Months Ended
Mar. 31, 2026
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2026
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 1030 Delta Boulevard
Entity Address, City or Town Atlanta
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30354-1989
City Area Code 404
Local Phone Number 715-2191
Title of 12(b) Security Common Stock, par value $0.0001 per share
Trading Symbol DAL
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 656,994,112
Entity Central Index Key 0000027904
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
Amendment Flag false
v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents $ 5,053 $ 4,310
Accounts receivable, net of allowance for uncollectible accounts of $13 and $13 4,090 2,850
Fuel, expendable parts and supplies inventories, net of allowance for obsolescence of $132 and $124 1,767 1,601
Prepaid expenses and other 2,753 2,207
Total current assets 13,663 10,968
Noncurrent Assets:    
Property and equipment, net of accumulated depreciation and amortization of $25,439 and $24,719 40,582 39,743
Operating lease right-of-use assets 6,300 6,244
Goodwill 9,753 9,753
Identifiable intangibles, net of accumulated amortization of $930 and $928 5,964 5,966
Equity investments 3,696 4,222
Other noncurrent assets 4,473 4,421
Total noncurrent assets 70,768 70,349
Total assets 84,431 81,317
Current Liabilities:    
Current maturities of debt and finance leases 3,088 1,605
Current maturities of operating leases 837 809
Accounts payable 5,969 5,226
Accrued salaries and related benefits 3,634 4,906
Fuel card obligation 1,100 1,100
Other accrued liabilities 2,319 1,945
Total current liabilities 32,699 27,624
Noncurrent Liabilities:    
Debt and finance leases 11,076 12,507
Noncurrent operating leases 5,298 5,353
Pension, postretirement and related benefits 3,115 3,156
Deferred income taxes, net 3,496 3,444
Other noncurrent liabilities 3,923 3,994
Total noncurrent liabilities 31,356 32,840
Commitments and Contingencies
Stockholders' Equity:    
Common stock at $0.0001 par value; 1,500,000,000 shares authorized, 665,722,376 and 659,669,346 shares issued 0 0
Additional paid-in capital 11,944 11,883
Retained earnings 12,931 13,343
Accumulated other comprehensive loss (4,106) (4,135)
Treasury stock, at cost, 8,728,264 and 6,498,109 shares (393) (238)
Total stockholders' equity 20,376 20,853
Total liabilities and stockholders' equity 84,431 81,317
Air traffic liability    
Current Liabilities:    
Deferred revenue liability, current 10,742 7,157
Loyalty program deferred revenue    
Current Liabilities:    
Deferred revenue liability, current 5,010 4,876
Noncurrent Liabilities:    
Loyalty program deferred revenue $ 4,448 $ 4,386
v3.26.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Allowance for uncollectible accounts $ 13 $ 13
Allowance for obsolescence 132 124
Noncurrent Assets:    
Accumulated depreciation and amortization 25,439 24,719
Accumulated amortization $ 930 $ 928
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) 665,722,376 659,669,346
Treasury stock, at cost (shares) 8,728,264 6,498,109
v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Revenue:    
Total operating revenue $ 15,854 $ 14,040
Operating Expense:    
Salaries and related costs 4,541 4,083
Aircraft fuel and related taxes 2,742 2,410
Refinery expense 1,654 1,062
Contracted services 1,190 1,121
Landing fees and other rents 913 851
Aircraft maintenance materials and outside repairs 709 646
Regional carrier expense 649 613
Depreciation and amortization 635 607
Passenger commissions and other selling expenses 590 552
Passenger service 428 430
MRO expense 328 140
Profit sharing 165 124
Aircraft rent 143 137
Other 666 695
Total operating expense 15,353 13,471
Operating income (loss) 501 569
Non-Operating Expense:    
Interest expense, net (151) (179)
Gain/(loss) on investments, net (550) (40)
Loss on extinguishment of debt (4) 0
Miscellaneous, net (10) (30)
Total non-operating expense, net (715) (249)
Income/(loss) before income taxes (214) 320
Income Tax Provision (75) (80)
Net (Loss)/Income $ (289) $ 240
Basic (Loss)/Earnings Per Share (USD per share) $ (0.44) $ 0.37
Diluted (Loss)/Earnings Per Share (USD per share) $ (0.44) $ 0.37
Comprehensive (Loss)/Income $ (260) $ 281
Passenger    
Operating Revenue:    
Total operating revenue 12,302 11,480
Cargo    
Operating Revenue:    
Total operating revenue 226 208
Other    
Operating Revenue:    
Total operating revenue $ 3,326 $ 2,352
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Cash Provided by Operating Activities    
Net Cash Provided by Operating Activities $ 2,432 $ 2,378
Property and equipment additions:    
Flight equipment, including advance payments (1,000) (987)
Ground property and equipment, including technology (200) (237)
Acquisition of strategic investments and related (54) 0
Other, net (9) 0
Net cash used in investing activities (1,263) (1,224)
Cash Flows from Financing Activities:    
Proceeds from short-term obligations 1,250 0
Payments on debt and finance lease obligations (1,564) (531)
Cash dividends (129) (99)
Other, net 8 (4)
Net cash used in financing activities (435) (634)
Net Increase in Cash, Cash Equivalents and Restricted Cash Equivalents 734 520
Cash, cash equivalents and restricted cash equivalents at beginning of period 4,501 3,421
Cash, cash equivalents and restricted cash equivalents at end of period 5,235 3,941
Non-Cash Transactions:    
Operating leases converted to finance leases 359 149
Right-of-use assets acquired or modified under operating leases 179 75
Flight and ground equipment acquired or modified under finance leases 1 0
Current assets:    
Cash and cash equivalents 5,053 3,711
Restricted cash included in prepaid expenses and other 144 89
Noncurrent Assets:    
Restricted cash included in other noncurrent assets 38 141
Total cash, cash equivalents and restricted cash equivalents $ 5,235 $ 3,941
v3.26.1
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance (shares) at Dec. 31, 2024   655,000,000        
Beginning balance at Dec. 31, 2024 $ 15,293 $ 0 $ 11,740 $ 8,783 $ (4,979) $ (251)
Beginning balance, treasury (shares) at Dec. 31, 2024           8,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss)/income 240     240    
Dividends declared (98)     (98)    
Other comprehensive income 41       41  
Common stock issued for employee equity awards (shares) [1]           (1,000,000)
Common stock issued for employee equity awards [1] (38)   (51)     $ 13
Stock options exercised 9   9      
Warrants exercised (in shares)   5,000,000        
Ending balance (shares) at Mar. 31, 2025   660,000,000        
Ending balance at Mar. 31, 2025 15,447 $ 0 11,698 8,925 (4,938) $ (238)
Ending balance, treasury (shares) at Mar. 31, 2025           7,000,000
Beginning balance (shares) at Dec. 31, 2025   660,000,000        
Beginning balance at Dec. 31, 2025 $ 20,853 $ 0 11,883 13,343 (4,135) $ (238)
Beginning balance, treasury (shares) at Dec. 31, 2025 6,498,109         6,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss)/income $ (289)     (289)    
Dividends declared (123)     (123)    
Other comprehensive income 29       29  
Common stock issued for employee equity awards (shares)   5,000,000 [1]       2,000,000 [2]
Common stock issued for employee equity awards [2] (118)   37     $ (155)
Stock options exercised (in shares)   1,000,000        
Stock options exercised 24   24      
Warrants exercised (in shares)   1,000,000        
Ending balance (shares) at Mar. 31, 2026   666,000,000        
Ending balance at Mar. 31, 2026 $ 20,376 $ 0 $ 11,944 $ 12,931 $ (4,106) $ (393)
Ending balance, treasury (shares) at Mar. 31, 2026 8,728,264         9,000,000
[1] Treasury shares were withheld for payment of taxes, at a weighted average price per share of $67.95 in the March 2025 quarter. Share counts in the table above may not calculate exactly due to rounding.
[2]
(1)Treasury shares were withheld for payment of taxes, at a weighted average price per share of $69.41 in the March 2026 quarter. Share counts in the table above may not calculate exactly due to rounding.
v3.26.1
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared (USD per share) $ 0.1875 $ 0.15
Treasury shares withheld for payment of taxes, weighted average price per share (USD per share) $ 69.41 $ 67.95
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2025.

Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented.

Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three months ended March 31, 2026 are not necessarily indicative of operating results for the entire year.

We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.
v3.26.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Passenger Revenue
Three Months Ended March 31,
(in millions)20262025
Ticket$10,767 $10,068 
Loyalty travel awards1,029 940 
Travel-related services506 472 
Passenger revenue$12,302 $11,480 

Ticket

We recognized approximately $4.3 billion and $4.1 billion in passenger revenue during the three months ended March 31, 2026 and 2025, respectively, that had been recorded in our air traffic liability balance at the beginning of those periods.

Loyalty Travel Awards

Loyalty travel awards revenue is related to the redemption of mileage credits ("miles") for air travel. Our SkyMiles loyalty program allows customers to earn miles by flying on Delta, Delta Connection and other airlines that participate in the loyalty program. Customers can also earn miles through participating companies, such as credit card, retail, ridesharing, car rental and hotel companies, who purchase miles from us. Our most significant contract to sell miles relates to our co-brand credit card relationship with American Express. During the three months ended March 31, 2026 and 2025, total cash sales from marketing agreements related to our loyalty program were $2.1 billion and $1.9 billion, respectively, which are allocated to travel and other performance obligations.

Current Activity of the Loyalty Program. Miles are combined in one homogeneous pool and are not separately identifiable. Therefore, 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 timing of mile redemptions can vary widely; however, the majority of miles have historically been redeemed within two years of being earned.
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)20262025
Balance at January 1$9,262 $8,826 
Miles earned1,282 1,152 
Miles redeemed for air travel(1,029)(940)
Miles redeemed for non-air travel and other(57)(60)
Balance at March 31
$9,458 $8,978 

Travel-Related Services

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

Other Revenue
Three Months Ended March 31,
(in millions)20262025
Refinery$1,654 $1,062 
Loyalty and related1,221 1,082 
MRO380 151 
Miscellaneous71 57 
Other revenue$3,326 $2,352 

Refinery. This represents refinery sales to third parties. See Note 9, "Segments," for more information on revenue recognition within our refinery segment.

Loyalty and Related. This primarily relates to revenues from brand usage by third parties embedded in miles sold, which is included within the total cash sales from marketing agreements, discussed above. Loyalty and related also includes the redemption of miles for non-travel awards, our vacation package operations, lounge access (including access provided to certain American Express cardholders) and travel products (e.g., car rentals or hotels booked with our commercial partners).

MRO. This represents revenue from our Delta TechOps third-party maintenance, repair and overhaul ("MRO") business.

Miscellaneous. This is primarily composed of revenues related to 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 portion of the refinery segment's revenues consists of fuel sales to the airline, which is eliminated in the Condensed 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 is summarized in the following tables:

Passenger revenue by geographic region
Three Months Ended March 31,
(in millions)20262025
Domestic$8,717 $8,101 
Atlantic1,517 1,372 
Latin America1,328 1,334 
Pacific740 673 
Total$12,302 $11,480 

Operating revenue by geographic region
Three Months Ended March 31,
(in millions)20262025
Domestic$11,502 $10,055 
Atlantic1,867 1,646 
Latin America1,560 1,523 
Pacific925 816 
Total$15,854 $14,040 
v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Assets/(Liabilities) Measured at Fair Value on a Recurring Basis
(in millions)March 31,
2026		Level 1Level 2Level 3
Cash equivalents$3,468 $3,468 $— $— 
Restricted cash equivalents181 181 — — 
Long-term investments and related3,162 2,871 264 27 
Fuel hedge contracts(48)— (48)— 

(in millions)December 31,
2025		Level 1Level 2Level 3
Cash equivalents$2,868 $2,868 $— $— 
Restricted cash equivalents191 191 — — 
Long-term investments and related3,644 3,366 217 61 
Fuel hedge contracts1 — 1 — 

Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit. Restricted cash equivalents primarily relate to certain self-insurance obligations, debt related reserves and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets on our Consolidated Balance Sheet ("balance sheet"). 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 sheet. Our 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 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. See Note 4, "Investments," for further information on our equity investments.

Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe"). We recognized a loss of $468 million on our fuel hedge contracts in aircraft fuel and related taxes on our Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income ("income statement") for the three months ended March 31, 2026, compared to a loss of $20 million for the three months ended March 31, 2025. The loss recognized during the first three months of 2026 was composed of $49 million of mark-to-market losses and $419 million of settlement losses on contracts. Gains and losses on settled contracts are reflected within Monroe's operating results. See Note 9, "Segments," for further information on our refinery segment.
v3.26.1
INVESTMENTS
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Air France-KLMFair Value3 %3 %$73 $100 
China EasternFair Value2 %2 %207 319 
Grupo AeroméxicoEquity Method19 %19 %395 377 
Hanjin KAL
Fair Value(1)
15 %15 %707 861 
LATAMFair Value11 %11 %1,494 1,644 
Republic AirwaysFair Value14 %14 %121 124 
Unifi AviationEquity Method20 %20 %48 51 
WestJetFair Value13 %13 %248 248 
Wheels Up
Fair Value(2)
36 %36 %136 173 
Other investmentsVarious267 325 
Equity investments$3,696 $4,222 
(1)At March 31, 2026, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(2)Our voting rights with respect to Wheels Up are capped at 29.9%.
v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Summary of outstanding debt by category
(in millions)Maturity Dates
Interest Rate(s) Per
Annum at
March 31, 2026
March 31,
2026
December 31,
2025
Unsecured Notes2028to20303.75%to5.25%$2,884 $2,884 
Unsecured Payroll Support Program Loans(1)
20311.00%891 1,848 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2026to20284.75%3,137 3,422 
SkyMiles Term Loan(2)(3)
2026to20285.17%587 588 
NYTDC Special Facilities Revenue Bonds(2)
2026to20454.00%to6.00%3,448 3,522 
2026 Term Loan(2)
20264.80%1,250 — 
Financing arrangements secured by aircraft:
Certificates(2)
2026to20282.00%to8.00%886 894 
Notes(2)(3)
2026to20335.92%to5.94%75 78 
Other financings20305.00%66 66 
Corporate Revolving Credit Facility(3)
2026to2028Undrawn— — 
Other revolving credit facilities(3)
2026Undrawn— — 
Total secured and unsecured debt$13,224 $13,302 
Unamortized (discount)/premium and debt issue cost, net and other11 6 
Total debt$13,235 $13,308 
Less: current maturities(2,627)(1,372)
Total long-term debt$10,608 $11,936 
(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 rate will begin to adjust for the outstanding loan in 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.

2026 Term Loan

In January 2026, we entered into a $1.25 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 Payroll Support Program loans due 2031 (included in Unsecured Payroll Support Program Loans in the table above) and for general corporate purposes.

Availability Under Revolving Credit Facilities

As of March 31, 2026, 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 2 within the fair value hierarchy.

Fair value of outstanding debt
(in millions)March 31,
2026		December 31,
2025
Net carrying amount$13,235 $13,308 
Fair value$13,200 $13,400 
Covenants

Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at March 31, 2026.
v3.26.1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2026
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.

Employee benefit plans net periodic (benefit)/cost
Pension Benefits(1)
Other Postretirement and Postemployment Benefits
(in millions)2026202520262025
Three Months Ended March 31,
Service cost$6 $4 $36 $33 
Interest cost202 208 43 45 
Expected return on plan assets(289)(267)(1)— 
Amortization of prior service credit— — (1)(1)
Recognized net actuarial loss35 50 8 5 
Net periodic (benefit)/cost$(46)$(5)$85 $82 
(1)Service cost 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 our income statement, while all other components are recorded within miscellaneous, net under non-operating expense.

We also sponsor defined benefit pension plans for eligible employees in certain foreign countries which have immaterial obligations. These plans are not included in the net periodic cost table above.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Aircraft Purchase Commitments

Our future aircraft purchase commitments totaled approximately $28.5 billion at March 31, 2026.

Aircraft purchase commitments(1)
(in millions)Total
Nine months ending December 31, 2026$3,130 
20276,150 
20284,430 
20294,440 
20302,190 
Thereafter8,140 
Total$28,480 
(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 March 31, 2026:

Aircraft purchase commitments by fleet type
Aircraft TypePurchase Commitments
A220-30062 
A321-200neo96 
A330-900neo16 
A350-90019 
A350-100020 
B-737-10100 
B-787-1030 
Total343 

Aircraft Orders

In January 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. Deliveries of the B-787-10 aircraft are scheduled to begin in 2031.

In January 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. Deliveries of the aircraft are scheduled to begin in 2029.

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

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 Condensed Consolidated Financial Statements.
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE LOSS
 3 Months Ended
Mar. 31, 2026
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 Benefit LiabilitiesOtherTax EffectTotal
Balance at January 1, 2026
$(4,459)$42 $282 $(4,135)
Changes in value— (3)— (3)
Reclassifications into earnings(1)
42 — (10)32 
Balance at March 31, 2026
$(4,417)$39 $272 $(4,106)
Balance at January 1, 2025
$(5,557)$42 $536 $(4,979)
Changes in value— 1 — 1 
Reclassifications into earnings(1)
52 — (12)40 
Balance at March 31, 2025
$(5,505)$43 $524 $(4,938)
(1)Amounts reclassified from accumulated other comprehensive loss for pension and other benefit liabilities are recorded in miscellaneous, net in non-operating expense in our income statement.
v3.26.1
SEGMENTS
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Refinery Operations

The refinery operated by Monroe primarily produces gasoline, diesel and jet fuel and operates for the benefit of the airline segment by providing jet fuel to the airline. Monroe sells or exchanges its non-jet fuel production to third parties, which enables us to procure additional jet fuel for consumption in our airline operations.

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.

Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Three Months Ended March 31, 2026
Operating revenue$14,200 $2,038 $(384)
(1)
$15,854 
Airline salaries and related costs4,541 
Aircraft fuel and related costs2,742 
Refinery cost of goods sold(2)
1,923 
Depreciation and amortization635 28 
Other segment items(3)
5,742 126 
Operating income/(loss)(4)
540 (39)501 
Interest expense/(income), net151 (1)1 151 
Other non-operating expense564 564 
Loss before income taxes(175)(38)(1)(214)
Total assets, end of period81,617 2,859 (45)84,431 
Capital expenditures1,183 17 1,200 
Three Months Ended March 31, 2025
Operating revenue$12,978 $1,698 $(636)
(1)
$14,040 
Airline salaries and related costs4,083 
Aircraft fuel and related costs2,410 
Refinery cost of goods sold(2)
1,562 
Depreciation and amortization607 28 
Other segment items(3)
5,308 109 
Operating income/(loss)(4)
570 (1)569 
Interest expense, net179 1 (1)179 
Other non-operating expense70 70 
Income/(loss) before income taxes321 (2)1 320 
Total assets, end of period75,043 2,359 (60)77,342 
Capital expenditures1,187 37 1,224 
(1)Represents sales to the airline segment and products delivered under our exchange agreements as discussed above. During the three months ended March 31, 2026 and 2025, sales to the airline segment were $384 million and $260 million, respectively. Sales to the airline segment represent 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)Refinery cost of goods sold are included within aircraft fuel and related taxes and refinery expense in our income statement.
(3)The nature of other segment items for the airline segment are shown on our 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.
v3.26.1
(LOSS)/EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
(LOSS)/EARNINGS PER SHARE EARNINGS PER SHARE
We calculate basic (loss)/earnings per share and diluted (loss) per share by dividing net (loss)/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.

During the March 2026 quarter, the remaining 1.9 million warrants related to the Payroll Support Program were exercised and settled in a net share settlement. No warrants are outstanding as of March 31, 2026.

The following table shows the computation of basic and diluted (loss)/earnings per share:

Basic and diluted (loss)/earnings per share
Three Months Ended March 31,
(in millions, except per share data)20262025
Net (loss)/income$(289)$240 
Basic weighted average shares outstanding652 644 
Dilutive effect of share-based instruments— 8 
Diluted weighted average shares outstanding652 652 
Basic (loss)/earnings per share$(0.44)$0.37 
Diluted (loss)/earnings per share$(0.44)$0.37 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Delta Air Lines, Inc. and our consolidated subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information. Consistent with these requirements, this Form 10-Q does not include all the information required by GAAP for complete financial statements. As a result, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Form 10-K for the year ended December 31, 2025.

Management believes the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including normal recurring items, considered necessary for a fair statement of results for the interim periods presented.

Due to seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three months ended March 31, 2026 are not necessarily indicative of operating results for the entire year.

We reclassified certain prior period amounts to conform to the current period presentation. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.
Cash Equivalents and Restricted Cash Equivalents
Cash Equivalents and Restricted Cash Equivalents. Cash equivalents generally consist of money market funds. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit. Restricted cash equivalents primarily relate to certain self-insurance obligations, debt related reserves and airport commitments. Restricted cash equivalents are recorded in prepaid expenses and other and other noncurrent assets on our Consolidated Balance Sheet ("balance sheet"). 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 sheet. Our 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 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. See Note 4, "Investments," for further information on our equity investments.
Fuel Hedge Contracts Fuel Hedge Contracts. Our derivative contracts to hedge the financial risk from changing fuel prices are related to inventory at our wholly-owned subsidiary, Monroe Energy, LLC ("Monroe").
v3.26.1
REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Passenger Revenue
Three Months Ended March 31,
(in millions)20262025
Ticket$10,767 $10,068 
Loyalty travel awards1,029 940 
Travel-related services506 472 
Passenger revenue$12,302 $11,480 
Other Revenue
Three Months Ended March 31,
(in millions)20262025
Refinery$1,654 $1,062 
Loyalty and related1,221 1,082 
MRO380 151 
Miscellaneous71 57 
Other revenue$3,326 $2,352 
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)20262025
Balance at January 1$9,262 $8,826 
Miles earned1,282 1,152 
Miles redeemed for air travel(1,029)(940)
Miles redeemed for non-air travel and other(57)(60)
Balance at March 31
$9,458 $8,978 
Schedule of Revenue by Geographic Region Our passenger and operating revenue by geographic region is summarized in the following tables:
Passenger revenue by geographic region
Three Months Ended March 31,
(in millions)20262025
Domestic$8,717 $8,101 
Atlantic1,517 1,372 
Latin America1,328 1,334 
Pacific740 673 
Total$12,302 $11,480 

Operating revenue by geographic region
Three Months Ended March 31,
(in millions)20262025
Domestic$11,502 $10,055 
Atlantic1,867 1,646 
Latin America1,560 1,523 
Pacific925 816 
Total$15,854 $14,040 
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
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
(in millions)March 31,
2026		Level 1Level 2Level 3
Cash equivalents$3,468 $3,468 $— $— 
Restricted cash equivalents181 181 — — 
Long-term investments and related3,162 2,871 264 27 
Fuel hedge contracts(48)— (48)— 

(in millions)December 31,
2025		Level 1Level 2Level 3
Cash equivalents$2,868 $2,868 $— $— 
Restricted cash equivalents191 191 — — 
Long-term investments and related3,644 3,366 217 61 
Fuel hedge contracts1 — 1 — 
v3.26.1
INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Equity Investments Ownership and Carrying Value - Fair Value
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Air France-KLMFair Value3 %3 %$73 $100 
China EasternFair Value2 %2 %207 319 
Grupo AeroméxicoEquity Method19 %19 %395 377 
Hanjin KAL
Fair Value(1)
15 %15 %707 861 
LATAMFair Value11 %11 %1,494 1,644 
Republic AirwaysFair Value14 %14 %121 124 
Unifi AviationEquity Method20 %20 %48 51 
WestJetFair Value13 %13 %248 248 
Wheels Up
Fair Value(2)
36 %36 %136 173 
Other investmentsVarious267 325 
Equity investments$3,696 $4,222 
(1)At March 31, 2026, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(2)Our voting rights with respect to Wheels Up are capped at 29.9%.
Schedule of Equity Investments Ownership and Carrying Value - Equity Method
Equity investments ownership interest and carrying value
Accounting TreatmentOwnership InterestCarrying Value
(in millions)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Air France-KLMFair Value3 %3 %$73 $100 
China EasternFair Value2 %2 %207 319 
Grupo AeroméxicoEquity Method19 %19 %395 377 
Hanjin KAL
Fair Value(1)
15 %15 %707 861 
LATAMFair Value11 %11 %1,494 1,644 
Republic AirwaysFair Value14 %14 %121 124 
Unifi AviationEquity Method20 %20 %48 51 
WestJetFair Value13 %13 %248 248 
Wheels Up
Fair Value(2)
36 %36 %136 173 
Other investmentsVarious267 325 
Equity investments$3,696 $4,222 
(1)At March 31, 2026, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.
(2)Our voting rights with respect to Wheels Up are capped at 29.9%.
v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Summary of outstanding debt by category
(in millions)Maturity Dates
Interest Rate(s) Per
Annum at
March 31, 2026
March 31,
2026
December 31,
2025
Unsecured Notes2028to20303.75%to5.25%$2,884 $2,884 
Unsecured Payroll Support Program Loans(1)
20311.00%891 1,848 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2026to20284.75%3,137 3,422 
SkyMiles Term Loan(2)(3)
2026to20285.17%587 588 
NYTDC Special Facilities Revenue Bonds(2)
2026to20454.00%to6.00%3,448 3,522 
2026 Term Loan(2)
20264.80%1,250 — 
Financing arrangements secured by aircraft:
Certificates(2)
2026to20282.00%to8.00%886 894 
Notes(2)(3)
2026to20335.92%to5.94%75 78 
Other financings20305.00%66 66 
Corporate Revolving Credit Facility(3)
2026to2028Undrawn— — 
Other revolving credit facilities(3)
2026Undrawn— — 
Total secured and unsecured debt$13,224 $13,302 
Unamortized (discount)/premium and debt issue cost, net and other11 6 
Total debt$13,235 $13,308 
Less: current maturities(2,627)(1,372)
Total long-term debt$10,608 $11,936 
(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 rate will begin to adjust for the outstanding loan in 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 Estimated Fair Value of Debt Instruments 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 2 within the fair value hierarchy.
Fair value of outstanding debt
(in millions)March 31,
2026		December 31,
2025
Net carrying amount$13,235 $13,308 
Fair value$13,200 $13,400 
v3.26.1
EMPLOYEE BENEFIT PLANS (Tables)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Net Periodic Cost
Employee benefit plans net periodic (benefit)/cost
Pension Benefits(1)
Other Postretirement and Postemployment Benefits
(in millions)2026202520262025
Three Months Ended March 31,
Service cost$6 $4 $36 $33 
Interest cost202 208 43 45 
Expected return on plan assets(289)(267)(1)— 
Amortization of prior service credit— — (1)(1)
Recognized net actuarial loss35 50 8 5 
Net periodic (benefit)/cost$(46)$(5)$85 $82 
(1)Service cost relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans.
v3.26.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Aircraft Purchase Commitments
Our future aircraft purchase commitments totaled approximately $28.5 billion at March 31, 2026.

Aircraft purchase commitments(1)
(in millions)Total
Nine months ending December 31, 2026$3,130 
20276,150 
20284,430 
20294,440 
20302,190 
Thereafter8,140 
Total$28,480 
(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 March 31, 2026:

Aircraft purchase commitments by fleet type
Aircraft TypePurchase Commitments
A220-30062 
A321-200neo96 
A330-900neo16 
A350-90019 
A350-100020 
B-737-10100 
B-787-1030 
Total343 
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 3 Months Ended
Mar. 31, 2026
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 Benefit LiabilitiesOtherTax EffectTotal
Balance at January 1, 2026
$(4,459)$42 $282 $(4,135)
Changes in value— (3)— (3)
Reclassifications into earnings(1)
42 — (10)32 
Balance at March 31, 2026
$(4,417)$39 $272 $(4,106)
Balance at January 1, 2025
$(5,557)$42 $536 $(4,979)
Changes in value— 1 — 1 
Reclassifications into earnings(1)
52 — (12)40 
Balance at March 31, 2025
$(5,505)$43 $524 $(4,938)
(1)Amounts reclassified from accumulated other comprehensive loss for pension and other benefit liabilities are recorded in miscellaneous, net in non-operating expense in our income statement.
v3.26.1
SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Three Months Ended March 31, 2026
Operating revenue$14,200 $2,038 $(384)
(1)
$15,854 
Airline salaries and related costs4,541 
Aircraft fuel and related costs2,742 
Refinery cost of goods sold(2)
1,923 
Depreciation and amortization635 28 
Other segment items(3)
5,742 126 
Operating income/(loss)(4)
540 (39)501 
Interest expense/(income), net151 (1)1 151 
Other non-operating expense564 564 
Loss before income taxes(175)(38)(1)(214)
Total assets, end of period81,617 2,859 (45)84,431 
Capital expenditures1,183 17 1,200 
Three Months Ended March 31, 2025
Operating revenue$12,978 $1,698 $(636)
(1)
$14,040 
Airline salaries and related costs4,083 
Aircraft fuel and related costs2,410 
Refinery cost of goods sold(2)
1,562 
Depreciation and amortization607 28 
Other segment items(3)
5,308 109 
Operating income/(loss)(4)
570 (1)569 
Interest expense, net179 1 (1)179 
Other non-operating expense70 70 
Income/(loss) before income taxes321 (2)1 320 
Total assets, end of period75,043 2,359 (60)77,342 
Capital expenditures1,187 37 1,224 
(1)Represents sales to the airline segment and products delivered under our exchange agreements as discussed above. During the three months ended March 31, 2026 and 2025, sales to the airline segment were $384 million and $260 million, respectively. Sales to the airline segment represent 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)Refinery cost of goods sold are included within aircraft fuel and related taxes and refinery expense in our income statement.
(3)The nature of other segment items for the airline segment are shown on our 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.
v3.26.1
(LOSS)/EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share
The following table shows the computation of basic and diluted (loss)/earnings per share:

Basic and diluted (loss)/earnings per share
Three Months Ended March 31,
(in millions, except per share data)20262025
Net (loss)/income$(289)$240 
Basic weighted average shares outstanding652 644 
Dilutive effect of share-based instruments— 8 
Diluted weighted average shares outstanding652 652 
Basic (loss)/earnings per share$(0.44)$0.37 
Diluted (loss)/earnings per share$(0.44)$0.37 
v3.26.1
REVENUE RECOGNITION - Passenger Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Passenger revenue $ 15,854 $ 14,040
Passenger    
Disaggregation of Revenue [Line Items]    
Passenger revenue 12,302 11,480
Ticket    
Disaggregation of Revenue [Line Items]    
Passenger revenue 10,767 10,068
Loyalty travel awards    
Disaggregation of Revenue [Line Items]    
Passenger revenue 1,029 940
Travel-related services    
Disaggregation of Revenue [Line Items]    
Passenger revenue $ 506 $ 472
v3.26.1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Billions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Revenue recognized that was previously deferred $ 4.3 $ 4.1
Cash sales of mileage credits $ 2.1 $ 1.9
Redemption period for majority of new miles (in years) 2 years  
v3.26.1
REVENUE RECOGNITION - Loyalty Program Liability (Details) - Loyalty and related - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Loyalty program activity    
Current and noncurrent deferred revenue, beginning $ 9,262 $ 8,826
Miles earned 1,282 1,152
Miles redeemed for air travel (1,029) (940)
Miles redeemed for non-air travel and other (57) (60)
Current and noncurrent deferred revenue, ending $ 9,458 $ 8,978
v3.26.1
REVENUE RECOGNITION - Other Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Operating revenue $ 15,854 $ 14,040
Other    
Disaggregation of Revenue [Line Items]    
Operating revenue 3,326 2,352
Refinery    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,654 1,062
Loyalty and related    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,221 1,082
MRO    
Disaggregation of Revenue [Line Items]    
Operating revenue 380 151
Miscellaneous    
Disaggregation of Revenue [Line Items]    
Operating revenue $ 71 $ 57
v3.26.1
REVENUE RECOGNITION - Revenue by Geographic Region (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Operating revenue $ 15,854 $ 14,040
Domestic    
Disaggregation of Revenue [Line Items]    
Operating revenue 11,502 10,055
Atlantic    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,867 1,646
Latin America    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,560 1,523
Pacific    
Disaggregation of Revenue [Line Items]    
Operating revenue 925 816
Passenger    
Disaggregation of Revenue [Line Items]    
Operating revenue 12,302 11,480
Passenger | Domestic    
Disaggregation of Revenue [Line Items]    
Operating revenue 8,717 8,101
Passenger | Atlantic    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,517 1,372
Passenger | Latin America    
Disaggregation of Revenue [Line Items]    
Operating revenue 1,328 1,334
Passenger | Pacific    
Disaggregation of Revenue [Line Items]    
Operating revenue $ 740 $ 673
v3.26.1
FAIR VALUE MEASUREMENTS - Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value    
Cash equivalents $ 3,468 $ 2,868
Restricted cash equivalents 181 191
Long-term investments and related 3,162 3,644
Fuel hedge contracts (48) 1
Level 1    
Fair Value    
Cash equivalents 3,468 2,868
Restricted cash equivalents 181 191
Long-term investments and related 2,871 3,366
Fuel hedge contracts 0 0
Level 2    
Fair Value    
Cash equivalents 0 0
Restricted cash equivalents 0 0
Long-term investments and related 264 217
Fuel hedge contracts (48) 1
Level 3    
Fair Value    
Cash equivalents 0 0
Restricted cash equivalents 0 0
Long-term investments and related 27 61
Fuel hedge contracts $ 0 $ 0
v3.26.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - Fuel hedge contracts - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Losses on derivatives recognized $ 468 $ 20
Mark-to-Market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loss on derivative 49  
Settlement Losses on Contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loss on derivative $ 419  
v3.26.1
INVESTMENTS - Equity Investments Ownership and Carrying Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments [Line Items]    
Equity investments $ 3,696 $ 4,222
Grupo Aeroméxico    
Investments [Line Items]    
Ownership interest (percent) 19.00% 19.00%
Carrying Value $ 395 $ 377
Unifi Aviation    
Investments [Line Items]    
Ownership interest (percent) 20.00% 20.00%
Carrying Value $ 48 $ 51
Air France-KLM    
Investments [Line Items]    
Ownership interest (percent) 3.00% 3.00%
Carrying Value $ 73 $ 100
China Eastern    
Investments [Line Items]    
Ownership interest (percent) 2.00% 2.00%
Carrying Value $ 207 $ 319
Hanjin KAL    
Investments [Line Items]    
Ownership interest (percent) 15.00% 15.00%
Carrying Value $ 707 $ 861
Hanjin KAL | Common and Preferred Shares    
Investments [Line Items]    
Ownership interest (percent) 14.80%  
Hanjin KAL | Common Stock    
Investments [Line Items]    
Ownership interest (percent) 14.90%  
LATAM    
Investments [Line Items]    
Ownership interest (percent) 11.00% 11.00%
Carrying Value $ 1,494 $ 1,644
Republic Airways    
Investments [Line Items]    
Ownership interest (percent) 14.00% 14.00%
Carrying Value $ 121 $ 124
WestJet    
Investments [Line Items]    
Ownership interest (percent) 13.00% 13.00%
Carrying Value $ 248 $ 248
Wheels Up    
Investments [Line Items]    
Ownership interest (percent) 36.00% 36.00%
Carrying Value $ 136 $ 173
Voting rights, shares held threshold 29.90%  
Other investments    
Investments [Line Items]    
Carrying Value $ 267 $ 325
v3.26.1
DEBT - Schedule of Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total secured and unsecured debt $ 13,224 $ 13,302
Unamortized (discount)/premium and debt issue cost, net and other 11 6
Total debt 13,235 13,308
Less: current maturities (2,627) (1,372)
Total long-term debt $ 10,608 11,936
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 2,884
Unsecured Notes | Unsecured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum 3.75%  
Unsecured Notes | Unsecured debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum 5.25%  
Unsecured Payroll Support Program Loans | Unsecured debt    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2031  
Interest rate per annum 1.00%  
Total secured and unsecured debt $ 891 1,848
Debt instrument term 5 years  
Margin on 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 $ 3,137 3,422
SkyMiles Notes | Secured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum 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 5.17%  
Total secured and unsecured debt $ 587 588
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 $ 3,448 3,522
NYTDC Special Facilities Revenue Bonds | Bonds | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum 4.00%  
NYTDC Special Facilities Revenue Bonds | Bonds | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum 6.00%  
2026 Term Loan | Secured debt    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2026  
Interest rate per annum 4.80%  
Total secured and unsecured debt $ 1,250 0
Financing 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 $ 886 894
Financing secured by aircraft - Certificates | Secured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum 2.00%  
Financing secured by aircraft - Certificates | Secured debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum 8.00%  
Financing 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 $ 75 78
Financing secured by aircraft - Notes | Secured debt | Minimum    
Debt Instrument [Line Items]    
Interest rate per annum 5.92%  
Financing secured by aircraft - Notes | Secured debt | Maximum    
Debt Instrument [Line Items]    
Interest rate per annum 5.94%  
Other financings | Secured and unsecured debt    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2030  
Interest rate per annum 5.00%  
Total secured and unsecured debt $ 66 66
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
v3.26.1
DEBT - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2026
Mar. 31, 2026
Revolving credit facility    
Debt Instrument [Line Items]    
Undrawn credit facilities   $ 3,100
Secured debt | 2026 Term Loan    
Debt Instrument [Line Items]    
Debt instrument amount $ 1,250  
Unsecured debt | Unsecured Payroll Support Program Loans    
Debt Instrument [Line Items]    
Repayment of PSP loans due 2031 $ 957  
v3.26.1
DEBT - Fair Value of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt    
Net carrying amount $ 13,235 $ 13,308
Fair value $ 13,200 $ 13,400
v3.26.1
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pension Benefits    
Defined Benefit Plan Disclosure    
Service cost $ 6 $ 4
Interest cost 202 208
Expected return on plan assets (289) (267)
Amortization of prior service credit 0 0
Recognized net actuarial loss 35 50
Net periodic (benefit)/cost (46) (5)
Other Postretirement and Postemployment Benefits    
Defined Benefit Plan Disclosure    
Service cost 36 33
Interest cost 43 45
Expected return on plan assets (1) 0
Amortization of prior service credit (1) (1)
Recognized net actuarial loss 8 5
Net periodic (benefit)/cost $ 85 $ 82
v3.26.1
COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Year (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Future aircraft purchase commitments:  
Total $ 28,500
Aircraft purchase commitments  
Future aircraft purchase commitments:  
Nine months ending December 31, 2026 3,130
2027 6,150
2028 4,430
2029 4,440
2030 2,190
Thereafter 8,140
Total $ 28,480
v3.26.1
COMMITMENTS AND CONTINGENCIES - Aircraft Commitments by Fleet Type (Details) - Aircraft purchase commitments - aircraft
Mar. 31, 2026
Feb. 28, 2026
Jan. 31, 2026
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required 343    
A220-300      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required 62    
A321-200neo      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required 96    
A330-900neo      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required 16    
A350-900      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required 19    
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    
B-787-10      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required 30    
Boeing 787-10      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required     30
Airbus A330-900 Aircraft      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required     16
Airbus A350-900 Aircraft      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required     15
Widebody Aircraft      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required     20
Airbus A321neo Aircraft      
Future Purchase Commitments      
Aircraft purchase commitments, minimum quantity required   34  
Aircraft purchase commitments, maximum quantity required   36  
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax    
Beginning balance, tax effect $ 282 $ 536
Beginning balance 20,853 15,293
Changes in value, tax effect 0 0
Changes in value, net (3) 1
Reclassifications into earnings, tax effect (10) (12)
Reclassifications into earnings, net 32 40
Ending balance, tax effect 272 524
Ending balance 20,376 15,447
Accumulated Other Comprehensive Loss    
AOCI Attributable to Parent, Net of Tax    
Beginning balance (4,135) (4,979)
Ending balance (4,106) (4,938)
Pension and Other Benefit Liabilities    
AOCI Attributable to Parent, Net of Tax    
Beginning balance, AOCI before tax (4,459) (5,557)
Changes in value 0 0
Reclassifications into earnings 42 52
Ending balance, AOCI before tax (4,417) (5,505)
Other    
AOCI Attributable to Parent, Net of Tax    
Beginning balance, AOCI before tax 42 42
Changes in value (3) 1
Reclassifications into earnings 0 0
Ending balance, AOCI before tax $ 39 $ 43
v3.26.1
SEGMENTS - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Number of reportable segments not disclosed flag Segment
v3.26.1
SEGMENTS - Segment Reporting (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information, Profit (Loss)      
Operating revenue $ 15,854 $ 14,040  
Airline salaries and related costs 4,541 4,083  
Aircraft fuel and related costs 2,742 2,410  
Depreciation and amortization 635 607  
Operating income (loss) 501 569  
Interest expense/(income), net 151 179  
Other non-operating expense 564 70  
Income/(loss) before income taxes (214) 320  
Total assets, end of period 84,431 77,342 $ 81,317
Capital expenditures 1,200 1,224  
Operating Segments | Airline      
Segment Reporting Information, Profit (Loss)      
Operating revenue 14,200 12,978  
Airline salaries and related costs 4,541 4,083  
Aircraft fuel and related costs 2,742 2,410  
Depreciation and amortization 635 607  
Other segment items 5,742 5,308  
Operating income (loss) 540 570  
Interest expense/(income), net 151 179  
Other non-operating expense 564 70  
Income/(loss) before income taxes (175) 321  
Total assets, end of period 81,617 75,043  
Capital expenditures 1,183 1,187  
Operating Segments | Refinery      
Segment Reporting Information, Profit (Loss)      
Operating revenue 2,038 1,698  
Refinery cost of goods sold 1,923 1,562  
Depreciation and amortization 28 28  
Other segment items 126 109  
Operating income (loss) (39) (1)  
Interest expense/(income), net (1) 1  
Income/(loss) before income taxes (38) (2)  
Total assets, end of period 2,859 2,359  
Capital expenditures 17 37  
Intersegment Sales/Other      
Segment Reporting Information, Profit (Loss)      
Operating revenue (384) (636)  
Interest expense/(income), net 1 (1)  
Income/(loss) before income taxes (1) 1  
Total assets, end of period (45) (60)  
Intersegment Sales/Other | Sales to airline segment      
Segment Reporting Information, Profit (Loss)      
Operating revenue $ (384) $ (260)  
v3.26.1
(LOSS)/EARNINGS PER SHARE - Narrative (Details) - Payroll Support Program 3 (PSP3)
shares in Millions
 1 Months Ended
Mar. 31, 2026
shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]  
Class of warrant or right, exercised (in shares) 1.9
Number of warrants (in shares) 0.0
v3.26.1
(LOSS)/EARNINGS PER SHARE - Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net (loss)/income $ (289) $ 240
Basic weighted average shares outstanding (shares) 652 644
Dilutive effect of share-based instruments (shares) 0 8
Diluted weighted average shares outstanding (shares) 652 652
Basic earnings per share (USD per share) $ (0.44) $ 0.37
Diluted earnings per share (USD per share) $ (0.44) $ 0.37