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Quarterly Report — Q3 2025
Filed October 9, 2025
Q3 2025 passenger revenue powered the quarter, with strong performance across all geographic regions — domestic, Atlantic, Latin America, and Pacific routes all contributing. Delta continued chipping away at its debt stack, repaying Payroll Support Program loans and refinancing its SkyMiles credit facility in September, while maintaining undrawn revolving credit lines as a liquidity backstop. The company also resumed shareholder returns with dividends initiated in Q2 2025, signaling management's confidence in the durability of the earnings recovery from pandemic-era lows.
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 (3)
SkyMiles Credit Facility Refinanced and Extended to October 2028
In September 2025, Delta amended its SkyMiles term loan credit facility, refinancing existing term loans at a reduced margin of 1.50% per annum, extending maturity from October 2027 to October 2028, and reducing principal amortization from 20% to 1% per year.
PAFCA Dispatcher Collective Bargaining Agreement Amended
During the September 2025 quarter, Delta amended its collective bargaining agreement with approximately 500 flight dispatchers represented by PAFCA, with the new agreement becoming amendable beginning August 1, 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).