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Quarterly Report — Q1 2025
Filed April 9, 2025
Passenger revenue remains the dominant engine, with domestic routes generating the bulk of ticket sales across Q1 2025 while international segments — Atlantic, Latin America, and Pacific — round out the geographic mix. The company continues carrying significant debt across multiple instruments (SkyMiles-backed notes, aircraft financings, unsecured notes, and facility revenue bonds), though it maintains revolving credit capacity as a liquidity backstop. Delta's loyalty program and refinery operations remain key differentiators, with the SkyMiles program generating both deferred revenue liabilities and serving as collateral for billions in secured financing.
What is Quarterly Report?
Filed after each of the first three fiscal quarters with unaudited financial statements, management discussion, and any material changes to risk factors or legal proceedings.
Quarterly financial update — tracks business trajectory between annual reports.
Extracted Milestones (4)
285 Aircraft on Order Including A321neo, A350-1000, and B737-10
As of March 31, 2025, Delta has $17.6 billion in future aircraft purchase commitments covering 285 aircraft including 82 A321-200neo, 20 A350-1000, 100 B737-10, 69 A220-300, 8 A350-900, and 6 A330-900neo, with 120 additional options.
American Express SkyMiles Cash Sales Reach $1.9B in Q1 2025, Up 13% YoY
Total cash sales from the American Express co-brand credit card partnership were $1.9 billion in Q1 2025, a 13% increase over the prior year period, driving loyalty program deferred revenue to $8.98 billion.
Certain Aircraft Deliveries Delayed from 2026 into Future Years
During the nine months ended September 30, 2025, Delta was notified that certain aircraft deliveries would be delayed from 2026 into future years, with updated delivery dates reflected in its $16 billion future purchase commitment schedule covering 263 aircraft (66 A220-300, 71 A321-200neo, 6 A350-900, 20 A350-1000, 100 B737-10).
Moody's Upgrades Delta to Investment Grade (Baa2)
In February 2025, Moody's upgraded Delta's credit rating to Baa2, an investment grade rating, reflecting the company's debt reduction progress.
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