Delta Air Lines, Inc. (DAL) SEC Filings & Earnings Calls

Fuel cost volatility

“Aircraft fuel and related taxes $4,351 million vs $2,570 million in prior year quarter.”

Equity investment mark-to-market losses

“Total non-operating expense was $380 million in the September 2026 quarter, compared to income of $93 million in the September 2025 quarter, primarily due to mark-to-market losses on certain of our equity investments.” · word for word

Supply chain constraints on aircraft deliveries

“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.” · word for word

Elevated fuel costs pressuring margins; $500M+ higher than guidance in Q3.

“Absorbing more than $500 million of higher fuel costs compared to our guidance in early July.” · word for word

Non-fuel cost growth (CASM +7.3% YoY) may persist as capacity normalizes.

“Non-fuel CASM was 14.03¢, an increase of 7.3 percent year-over-year.” · word for word

Fuel Cost Spike

“Aircraft fuel and related taxes $4,109 (2026) vs $2,458 (2025)”

Operating Margin Compression

“Operating Income $1,864 (2026) vs $2,102 (2025)”

High Capital Commitments

“Our future aircraft purchase commitments totaled approximately $27.6 billion at June 30, 2026.” · word for word

Equity Investment Volatility

“Gain/(loss) on investments, net $349 (2026) vs $735 (2025)”

Fuel cost headwind: adjusted fuel expense up 77% YoY, fuel price up 75% to $3.93/gal, highest quarterly fuel expense in history.

“Adjusted fuel expense of $4.4 billion was up 77 percent year-over-year; Adjusted fuel price of $3.93 per gallon increased 75 percent year-over-year; Absorbing the highest quarterly fuel expense in our history.”

Non-fuel cost inflation: non-fuel CASM up 6.8% YoY, above long-term framework of low-single-digit growth.

“Non-fuel CASM was 14.09¢, an increase of 6.8 percent year-over-year; Expects to return to low-single-digit non-fuel unit cost growth.”

No material risk signals; routine refinancing.

Debt service burden

“Interest on the 2026 Term Loan accrues on a daily basis at a rate of 12% per annum (calculated on the basis of a 360-day year for the actual number of days elapsed and compounded quarterly) on the unpaid principal balance then outstanding.” · word for word

Debt service burden

“Interest on the 2026 Term Loan accrues on a daily basis at a rate of 12% per annum (calculated on the basis of a 360-day year for the actual number of days elapsed and compounded quarterly) on the unpaid principal balance then outstanding.” · word for word

Fuel price volatility

“Delta's business is exposed to fuel price volatility, which can impact margins.”

Labor cost inflation

“Significant profit sharing ($1.3B) and wage increases (4%) represent ongoing cost pressures.”

Economic downturn sensitivity

“Airline demand is cyclical and sensitive to economic conditions.”

Operational disruption risk

“The filing mentions a challenging environment with more irregular operational days than in 2024.”

Fuel price volatility

“Aircraft fuel and related taxes increased to $2,742 million from $2,410 million, a 13.8% increase.”

Equity investment volatility

“Gain/(loss) on investments, net was ($550) million in Q1 2026 vs ($40) million in Q1 2025.”

Supply chain constraints

“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.” · word for word

Fuel cost spike pressures margins; capacity reductions and fuel recapture actions may not fully offset.

“sharp run up in March fuel prices; fuel expense increase of more than $2 billion in June quarter.” · word for word

Non-fuel unit cost growth of 6% due to lower capacity and higher crew costs.

“Non-fuel unit costs grew 6 percent over prior year, reflecting lower than planned capacity growth and higher recovery costs.” · word for word

Fuel cost pressure; capacity flexibility maintained

“Industry moving quickly to recapture higher fuel – Delta is well positioned to navigate the current environment – We are maintaining capacity flexibility if elevated fuel prices persist” · word for word

Non-fuel cost inflation from lower capacity and higher operating costs

“March quarter non-fuel unit costs expected to be up mid-single digits yr/yr, impacted by lower capacity and higher operating costs” · word for word

Transition risk from retirement of key operating officer; new CFO appointment may signal financial strategy shift.

“John E. Laughter, principal operating officer, retiring; new CFO Erik S. Snell appointed.”

Transition in key accounting role; low risk given orderly succession and appointee's experience.

“Orderly retirement and appointment with experienced successor.”

Fuel price volatility

“Our results of operations are significantly impacted by changes in the price and availability of aircraft fuel.” · word for word

Labor cost pressure

“Approximately 20% of our full-time equivalent employees were represented by unions.” · word for word

Regulatory risk - Aeromexico JV

“On September 15, 2025, the DOT issued a final order terminating the antitrust immunity for our joint cooperation agreement with Aeroméxico” · word for word

Cybersecurity risk

“We routinely experience various cybersecurity incidents, including threats to our information technology infrastructure”

Fuel cost sensitivity; geopolitical risk; labor cost pressure; competitive pressures.

“Risks include fuel cost increases, geopolitical conflict, labor disruptions, competitive conditions.”

Leadership transition risk; potential strategic shift or execution uncertainty.

“Departure of a long-tenured president; no successor named yet.”

Government shutdown creates one-time profit headwind of ~$200M in Dec quarter.

“Government shutdown expected to impact December quarter pre-tax profitability by approximately $200 million.”