DAL · 10-K filed 11 Feb 2026 · year to 31 Dec 2025

Delta Air Lines

40 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

CrowdStrike

depends onnamed as a risk

As discussed above, the faulty CrowdStrike software update significantly affected our information technology systems, disrupting our operations.Risk factors (Item 1A)

Also named by MRSH, QLYS

SkyWest Airlines

depends onnamed as a risk

SkyWest Airlines operates some flights for us under a revenue proration agreement.Business (Item 1)

Also named by UAL

Monroe Energy Trainer refinery

depends onnamed as a risk

Unplanned disruptions or interruptions of production at Monroe's refinery could have a negative impact on our ability to acquire jet fuel needed for our operations.Risk factors (Item 1A)

Republic Airways

depends onnamed as a risk

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.Business (Item 1)

Aircraft and engine manufacturers

depends onnamed as a risk

Similarly, the airline industry is heavily dependent on a limited number of aircraft and engine manufacturers whose products are subject to extensive regulatory requirements.Risk factors (Item 1A)

Partners and platforms

Aeroméxico

depends on · approximately 19% equity stakenamed as a risk

On September 15, 2025, the DOT issued a final order terminating the antitrust immunity for our joint cooperation agreement with Aeroméxico and directed us and Aeroméxico to wind down certain joint operations that were covered by the immunity by January 1, 2026.Risk factors (Item 1A)

American Express

earns from · $8.2 billion

In 2025, remuneration from American Express totaled $8.2 billion, which we expect to grow to $10 billion over the next few years.Business (Item 1)

Also named by COF, CPAY, GPGI, HLT, MA, MAR, V

Virgin Atlantic

non-controlling 49% equity stake

In addition to the joint venture, we own a non-controlling 49% equity stake in Virgin Atlantic Limited, the parent company of Virgin Atlantic Airways, and a 3% ownership stake in the parent company of Air France and KLM.Business (Item 1)

Air France-KLM

depends on · 3% ownership stake

A combined joint venture agreement with Air France, KLM and Virgin Atlantic with respect to transatlantic traffic flows.Business (Item 1)

LATAM Airlines Group

depends on · approximately 11% equity stake

We currently own an approximately 11% equity stake in LATAM.Business (Item 1)

Korean Air

depends on · just under 15%

In addition to the joint venture, we own just under 15% of the outstanding common stock of Hanjin-KAL, the largest shareholder of Korean Air.Business (Item 1)

WestJet

depends on · approximately 13% minority equity stake

In 2025, we acquired an approximately 13% minority equity stake in WestJet, with whom we have a strategic commercial cooperation agreement covering traffic flows between the U.S. and Canada.Business (Item 1)

China Eastern

depends on · 2% equity interest

For example, we own a 2% equity interest in China Eastern, with whom we have a strategic joint marketing and commercial cooperation arrangement covering traffic flows between China and the U.S.Business (Item 1)

Other companies

United Steel Workers

approximately 200 refinery employeesnamed as a risk

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.Business (Item 1)

Also named by PBF, PKG

Foreign-currency airline equity investments (Air France-KLM, China Eastern, Hanjin-KAL, LATAM)

exposed to its price · $2.9 billionnamed as a risk

As of December 31, 2025, our investments denominated in foreign currencies (Air France-KLM, China Eastern, Hanjin-KAL and LATAM) were recorded at a fair value of $2.9 billion.Market risk (Item 7A)

Air Line Pilots Association (ALPA)

17,260named as a risk

As of December 31, 2025, approximately 20% of our full-time equivalent employees were represented by unions.Business (Item 1)

U.S. air traffic control system

depends onnamed as a risk

Inefficiencies in the U.S. air traffic control system, which is regulated by the FAA, including outdated technology and inadequate staffing levels have resulted, and may in the future result, in delays and disruptions of air traffic, especially during peak travel periods in certain congested markets.Risk factors (Item 1A)

Also named by LUV, UAL

Competitors

United Airlines

competes withnamed as a risk

Our domestic operations are subject to significant competition from traditional network carriers, including American Airlines and United Airlines, national point-to-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and other discount or ultra-low-cost carriers, including Allegiant Air, Frontier Airlines and Spirit Airlines.Risk factors (Item 1A)

Also named by ALK

American Airlines

competes withnamed as a risk

Also named by ALK

Places

Amsterdam Schiphol Airport

operates innamed as a risk

For example, in 2022, the Netherlands announced a multi-phase plan to reduce noise by reducing the maximum number of flights authorized annually at Amsterdam’s Schiphol Airport.Business (Item 1)

Atlanta

concentrated in

Our domestic network is centered around core hubs in Atlanta, Detroit, Minneapolis-St. Paul and Salt Lake City.Business (Item 1)

Hazards

Severe weather

named as a risk

In addition, increases in the frequency, severity or duration of thunderstorms, hurricanes, typhoons, floods or other severe weather events, including from changes in the global climate and rising global temperatures, could result in increases in delays and cancellations, turbulence-related injuries and fuel consumption to avoid such weather, any of which could result in loss of revenue and higher costs.Risk factors (Item 1A)

Also named by BALL, DTE, EVRG, EXP, FE, NSC, OGE, WPC

Commodities and inputs

Jet fuel

exposed to its price · 17%named as a risk

Fuel costs represented 17%, 19% and 21% of our operating expense in 2025, 2024 and 2023, respectively.Risk factors (Item 1A)

Also named by AIR, ALK, CG, FDX, GE, LUV, UPS, WLFC

Jet fuel

exposed to its price · approximately $40 million of additional annual fuel expensenamed as a risk

A one cent increase in the cost of jet fuel per gallon would result in approximately $40 million of additional annual fuel expense based on annual consumption of approximately four billion gallons of jet fuel.Market risk (Item 7A)

Also named by AIR, ALK, CG, FDX, GE, LUV, UPS, WLFC

Crude oil

exposed to its pricenamed as a risk

The cost of the jet fuel we purchase under these arrangements remains subject to volatility, including from the cost of crude oil.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Renewable Identification Numbers (RINs)

exposed to its pricenamed as a risk

As a result, Monroe is exposed to the market price of RINs.Risk factors (Item 1A)

Also named by CLMT, HASI, MPC, MUSA, PSX, WM

Sustainable Aviation Fuel

depends onnamed as a risk

However, currently available SAF supply does not meet global airline demand for even one week.Business (Item 1)

Also named by ALK, CLMT, FDX, LUV, UAL, UPS

Regulators

Federal Aviation Administration

subject tonamed as a risk

We expect to continue incurring significant expenses to comply with the FAA’s regulations.Risk factors (Item 1A)

Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CCI and 27 more

U.S. Department of Transportation

subject tonamed as a risk

Each of our joint venture or joint cooperation agreements described above has been approved and granted antitrust immunity from the U.S. Department of Transportation ("DOT").Business (Item 1)

Also named by ACHR, AESI, ALK, BLDR, CHRW, CTAS, EXPE, FDX and 19 more

Transportation Security Administration

subject to

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.Cybersecurity (Item 1C)

Also named by ALK, BKH, CHRW, CP, CSX, EXC, EXPD, FDX and 13 more

Laws and programs

CORSIA

subject to · 85% of 2019named as a risk

However, compliance with CORSIA is expected to increase operating costs for airlines subject to the program that operate internationally.Risk factors (Item 1A)

Also named by ALK, FDX, LUV, UAL, UPS, WLFC

EU SAF mandate (ReFuelEU)

subject to · 2% of the jet fuel supplied in the EUnamed as a risk

This mandate has increased SAF prices in the EU for the airline industry.Risk factors (Item 1A)

Renewable Fuel Standard

subject tonamed as a risk

Because Monroe is able to blend only a small amount of renewable fuels, it must purchase the majority of its RINs obligation in the secondary market.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, CVX, DINO, DTE, ET and 13 more

Railway Labor Act

subject tonamed as a risk

Relations between air carriers and labor unions in the United States are governed by the Railway Labor Act, which provides that a collective bargaining agreement between an airline and a labor union does not expire, but instead becomes amendable as of a stated date.Risk factors (Item 1A)

Also named by ALK, CSX, FDX, LUV, UAL, UNP

EU Emissions Trading System

subject tonamed as a risk

The legislation also provides for a review of the effectiveness of CORSIA in 2026 that could, if CORSIA is not deemed sufficiently effective, lead to the application of EU ETS to all flights departing the EU and EEA, which would increase costs.Risk factors (Item 1A)

Also named by EXPD, IP, UAL, WLFC

PFAS regulation under CERCLA

subject tonamed as a risk

The ultimate impact and associated cost to Delta of these legislative and regulatory developments related to PFAS, including firefighting foam, cannot be predicted at this time.Risk factors (Item 1A)

Also named by CWST

LaGuardia and JFK slot regulation

subject tonamed as a risk

In the U.S., the FAA currently regulates the allocation of slots, slot exemptions, operating authorizations or similar capacity allocation mechanisms at Reagan National in Washington, D.C. and LaGuardia and JFK in the New York City area.Business (Item 1)

Aircraft and parts tariffs

exposed to its pricenamed as a risk

In particular, the imposition of significant new tariffs or increases in existing tariffs with respect to aircraft or related parts that we are not able to mitigate could substantially increase our costs, which in turn could have a material adverse effect on our financial results.Risk factors (Item 1A)

SkyMiles financing agreements

named as a risk

Our SkyMiles financing agreements also restrict our ability to, among other things, change the policies and procedures of the SkyMiles program in a manner that would reasonably be expected to materially impair repayment of our SkyMiles debt.Risk factors (Item 1A)

Civil Reserve Air Fleet program

subject to

We have agreed to make available under the CRAF Program a portion of our international aircraft during the contract period that ends on October 31, 2030, with the opportunity to opt in or out of the program every two years.Business (Item 1)