Delta Air Lines September 2025 Form 10-Q and Credit Agreement

The source material consists primarily of a Quarterly Report on Form 10-Q for Delta Air Lines, Inc. for the period ended September 30, 2025, along with excerpts from a related Second Amendment to a Term Loan Credit and Guaranty Agreement involving Delta and SkyMiles IP Ltd. The Form 10-Q provides unaudited condensed consolidated financial statements, including balance sheets and statements of stockholders' equity, and notes discussing accounting policies and revenue recognition, with a review completed by Ernst & Young LLP. Additionally, the document contains detailed provisions from the credit and guaranty agreement, outlining terms for $588,164,307.88 in 2025 Replacement Term Loans, which primarily involve refinancing existing debt related to the SkyMiles loyalty program and establishing conditions like the Peak Debt Service Coverage Ratio and events of default. The financial information highlights key metrics such as a decrease in Aircraft Fuel and Related Taxes due to lower market prices and detailed segment reporting for airline operations.

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