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Quarterly Report — Q2 2025
Filed July 10, 2025
Revenue and profit momentum carried into Q2 2025, with passenger revenue — Delta's core engine — driving the bulk of a top line that spans domestic, Atlantic, Latin America, and Pacific routes. The company continued chipping away at its debt stack, repaying portions of its Payroll Support Program loans and unsecured notes, while maintaining undrawn revolving credit facilities as a liquidity cushion. Delta is also investing heavily in its future fleet, with firm orders across seven aircraft types including A220-300s, A321neos, A350s, and 737-10s, signaling a long-term capacity and efficiency upgrade cycle.
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 (2)
$2 Billion Unsecured Notes Issued to Refinance PSP1 Loan
In June 2025, Delta issued $2.0 billion in unsecured notes ($1.0B at 4.95% due 2028 and $1.0B at 5.25% due 2030), using proceeds to repay the higher-rate Payroll Support Program loan due 2030.
View full milestone →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).