DELTA AIR LINES, INC. (DAL) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that DELTA AIR LINES, INC. surfaced in its latest filing.

• Global outage caused by faulty update by cybersecurity vendor CrowdStrike in July 2024 significantly affected our information technology systems and disrupted our operations.July 2024
• On September 15, 2025, the DOT issued a final order terminating antitrust immunity for our joint cooperation agreement with Aeroméxico, requiring wind-down of certain joint operations by January 1, 2026. We petitioned the United States Court of Appeals for the Eleventh Circuit for judicial review, and on November 12, 2025, the Court granted a stay pending resolution.September 15, 2025
• As of December 31, 2025, approximately 20% of our workforce, primarily pilots, was unionized.December 31, 2025
• SkyMiles financing agreements require maintaining minimum coverage ratios, and a decline could trigger an early amortization event or require posting additional collateral. The agreements also restrict changing SkyMiles program policies in a way that would reasonably be expected to materially impair repayment of SkyMiles debt.
• We acquire a significant amount of jet fuel from Monroe. Unplanned disruptions at Monroe's refinery, including major accident or mechanical failure, interruptions of crude oil supply, work stoppages due to labor issues, or damage from severe weather or disasters could affect jet fuel supply and materially adversely affect our consolidated financial results. Monroe is also subject to significant environmental regulation and RINs market exposure.