DAL

• Adjusted operating revenue was $17.7 billion, adjusted operating income was $1.6 billion, and adjusted operating margin was 8.8%.
• GAAP earnings per share were $2.44; adjusted earnings per share were $1.56.
• For the September quarter, Delta expects revenue growth in the mid-teens year-over-year, operating margin of 11% to 13%, and EPS of $2.00 to $2.50.
• Full-year 2026 guidance affirmed: adjusted EPS of $6.50 to $7.50 and free cash flow of $3 to $4 billion.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• The advisory vote on executive compensation was approved with 503,418,157 votes for and 13,127,616 against.
• Shareholders ratified Ernst & Young LLP as independent auditors for 2026 with 567,469,129 votes for.
• A shareholder proposal to allow action by written consent was not approved, with 349,243,354 votes against.
• A shareholder proposal for cumulative voting in director elections was not approved, with 489,358,644 votes against.

5.07 Submission of Matters to a Vote of Security Holders

• On June 11, 2026, Delta Air Lines entered into a new credit agreement with JPMorgan Chase Bank as administrative agent, refinancing and replacing its existing credit facility dated November 6, 2023.
• Up to $250 million of each tranche can be used for letters of credit, and the facility includes an accordion feature allowing commitments to increase up to $3.65 billion under certain conditions.
• Borrowings bear interest at a variable rate based on adjusted term SOFR or another index rate plus a specified margin; undrawn letters of credit accrue fees.
• The facility includes covenants requiring a minimum fixed charge coverage ratio of 1.25:1 and a minimum asset coverage ratio of 1.25:1, and was undrawn at inception.

1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

• Adjusted operating revenue was $14.2 billion, up 9.4% year-over-year, with adjusted pre-tax income of $532 million and adjusted EPS of $0.64.
• Adjusted operating margin was 4.6%, and adjusted fuel expense was $2.6 billion, up 8% year-over-year.
• For the June quarter, Delta guides to total revenue up low-teens, operating margin of 6%-8%, and EPS of $1.00-$1.50.
• Adjusted net debt was $13.5 billion at quarter end, down $760 million from the end of 2025.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Delta executives presented at the J.P. Morgan Industrials Conference on March 17, 2026, using a furnished presentation.
• The company expects March quarter earnings within its initial guidance range, with non-fuel unit costs up mid-single digits.
• Delta highlighted 2025 free cash flow of $4.6 billion and a 12% return on invested capital.
• The presentation included forward-looking statements and non-GAAP reconciliations.

7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• John E. Laughter, EVP - Chief of Operations and President - Delta TechOps, will retire effective April 30, 2026.
• Alain Bellemare adds the role of Chairman of Delta TechOps.
• Ranjan Goswami is named Chief Marketing and Product Officer, succeeding Alicia Tillman, who is leaving Delta.
• Carter, Janki, Snell, and Goswami will report directly to CEO Ed Bastian.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits

• William C. Carroll, Delta's principal accounting officer, will retire effective March 31, 2026.
• Julia A. McConnell, age 57, will become principal accounting officer effective April 1, 2026.
• Before WestRock, McConnell held finance leadership roles at Carter's, Inc., PepsiCo, Inc., and PricewaterhouseCoopers.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements

• The agreement includes an option to purchase up to 20 additional widebody aircraft.
• Deliveries of the aircraft are scheduled to begin in 2029.
• The A330-900 will use Rolls-Royce Trent 7000 engines, and the A350-900 will use Trent XWB-84 EP engines.
• Delta has secured long-term financing for a substantial portion of the purchase price, and the order fits within its previously announced capital expenditure and capacity targets.

1.01 Entry into a Material Definitive Agreement