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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 10, 2025
DELTA AIR LINES,
INC.
(Exact name of
registrant as specified in its charter)
| Delaware | |
001-05424 | |
58-0218548 |
(State or other jurisdiction
of incorporation) | |
(Commission
File Number) | |
(IRS Employer
Identification No.) |
P.O. Box 20706, Atlanta, Georgia 30320-6001
(Address of principal executive offices)
Registrant’s telephone number, including
area code: (404) 715-2600
Registrant’s Website address: www.delta.com
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
☐ Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered
pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol |
Name of each exchange on which registered |
| Common Stock, par value $0.0001 per share |
DAL |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17
CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD Disclosure. |
As previously announced, executives of Delta Air Lines, Inc. (“Delta”)
are presenting at the J.P. Morgan Industrials Conference on March 11, 2025 at 7:30 a.m. ET. The presentation to be used in conjunction
with the event is furnished as Exhibit 99.1 to this Form 8-K.
Ahead of this presentation, Delta is revising its March quarter outlook,
previously provided on January 10, 2025, as set forth below.
Delta expects to deliver total revenue growth for the March
quarter of 3 to 4 percent year-over-year. The outlook has been impacted by the recent reduction in consumer and corporate confidence
caused by increased macro uncertainty, driving softness in Domestic demand. Premium, international and loyalty revenue growth trends
are consistent with expectations and reflect the resilience of Delta’s diversified revenue base.
| |
1Q25 Forecast |
Initial Guidance |
| Total Revenue YoY |
Up 3% - 4% |
Up 7% - 9% |
| Operating Margin |
4% - 5% |
6% - 8% |
| Earnings Per Share |
$0.30 - $0.50 |
$0.70 - $1.00 |
Reconciliation of Non-GAAP Financial Measures
The financial measures included above (“non-GAAP financial measures”)
are derived from Delta’s Consolidated Financial Statements, but are not presented in accordance with accounting principles generally
accepted in the U.S. (“GAAP”). Under the U.S. Securities and Exchange Commission rules, non-GAAP financial measures may be
considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP
results.
Included below are reconciliations of certain non-GAAP financial measures
to the most directly comparable GAAP financial measures. Reconciliations below may not calculate exactly due to rounding. The following
adjustments are made to provide comparability between the reported periods, if applicable, and for the reasons indicated below:
Third-party refinery sales. Refinery sales to third
parties, and related expenses, are not related to our airline segment. Excluding these sales therefore provides a more meaningful comparison
of our airline operations to the rest of the airline industry.
MTM adjustments on investments. Mark-to-market (“MTM”)
adjustments are defined as fair value changes recorded in periods other than the settlement period. Unrealized gains/losses result from
our equity investments that are accounted for at fair value in non-operating expense. The gains/losses are driven by changes in stock
prices, foreign currency fluctuations and other valuation techniques for investments in certain companies, particularly those without
publicly-traded shares. Adjusting for these gains/losses allows investors to better understand and analyze our core operational performance
in the periods shown.
Total Revenue, adjusted
| | |
Three Months Ended | |
| | |
(Projected) | |
| |
| (in billions) | |
March 31, 2025 | | |
March 31, 2024 | |
| Total revenue | |
$ | 13.9 - 14.1 | | |
$ | 13.7 | |
| Adjusted for: | |
| | | |
| | |
| Third-party refinery sales | |
| ~ (1.0 | ) | |
| (1.2 | ) |
| Total revenue, adjusted | |
$ | 12.9 - 13.1 | | |
$ | 12.6 | |
Operating Margin, adjusted
| |
Three Months Ended |
| |
(Projected) |
| |
March 31, 2025 |
| Operating margin |
3 - 4 |
% |
| Adjusted for: |
|
|
| Third-party refinery sales |
~ 1 |
|
| Operating margin, adjusted |
4 - 5 |
% |
Pre-Tax Income, Net Income, and Diluted
Earnings per Share, adjusted
| | |
Three Months Ended | | |
Three Months Ended | |
| | |
(Projected) | | |
(Projected) | |
| |
March 31, 2025 | | |
March 31, 2025 | |
| | |
Pre-Tax | | |
Income | | |
Net | | |
Earnings | |
| (in billions, except per share data) | |
Income | | |
Tax | | |
Income | | |
Per Diluted Share | |
| GAAP | |
$ | 0.4 - 0.5 | | |
$ | ~ (0.1 | ) | |
$ | 0.3 - 0.4 | | |
$ | 0.40 - 0.60 | |
| Adjusted for: | |
| | | |
| | | |
| | | |
| | |
| MTM adjustments on investments | |
| ~ (0.1 | ) | |
| | | |
| | | |
| | |
| Non-GAAP | |
$ | 0.3 - 0.4 | | |
$ | ~ (0.1 | ) | |
$ | 0.2 - 0.3 | | |
$ | 0.30 - 0.50 | |
In accordance with general instruction B.2 of Form 8-K, the information
in this report (including Exhibit 99.1) that is being furnished pursuant to Item 7.01 of Form 8-K shall not be deemed to be “filed”
for the purposes of Section 18 of the Securities Exchange Act, as amended, or otherwise subject to liabilities of that section, nor shall
they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in
such filing. This report will not be deemed an admission as to the materiality of any information in the report that is required to be
disclosed solely by Regulation FD.
Forward Looking Statements
Statements made in this Form 8-K that are not historical facts,
including statements regarding our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies
for the future, should be considered “forward-looking statements” under the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees or promised
outcomes and should not be construed as such. All forward-looking statements involve a number of risks and uncertainties that could cause
actual results to differ materially from the estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments
and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited
to, the possible effects of serious accidents involving our aircraft or aircraft of our airline partners; breaches or lapses in the security
of technology systems we use and rely on, which could compromise the data stored within them, as well as failure to comply with evolving
global privacy and security regulatory obligations or adequately address increasing customer focus on privacy issues and data security;
disruptions in our information technology infrastructure; our dependence on technology in our operations; increases in the cost of aircraft
fuel; extended disruptions in the supply of aircraft fuel, including from Monroe Energy, LLC (“Monroe”), a wholly-owned subsidiary
of Delta that operates the Trainer refinery; failure to receive the expected results or returns from our commercial relationships with
airlines in other parts of the world and the investments we have in certain of those airlines; the effects of a significant disruption
in the operations or performance of third parties on which we rely; failure to comply with the financial and other covenants in our financing
agreements; labor-related disruptions; the effects on our business of seasonality and other factors beyond our control, such as changes
in value in our equity investments, severe weather conditions, natural disasters or other environmental events, including from the impact
of climate change; failure or inability of insurance to cover a significant liability at Monroe’s refinery; failure to comply with
existing and future environmental regulations to which Monroe’s refinery operations are subject, including costs related to compliance
with renewable fuel standard regulations; significant damage to our reputation and brand, including from exposure to significant adverse
publicity or inability to achieve certain sustainability goals; our ability to retain senior management and other key employees, and to
maintain our company culture; disease outbreaks or other public health threats, and measures implemented to combat them; the effects of
terrorist attacks, geopolitical conflict or security events; competitive conditions in the airline industry; extended interruptions or
disruptions in service at major airports at which we operate or significant problems associated with types of aircraft or engines we operate;
the effects of extensive regulatory and legal compliance requirements we are subject to; the impact of environmental regulation, including
but not limited to regulation of hazardous substances, increased regulation to reduce emissions and other risks associated with climate
change, and the cost of compliance with more stringent environmental regulations; and unfavorable economic or political conditions in
the markets in which we operate or volatility in currency exchange rates.
Additional information concerning risks and uncertainties that could
cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission (SEC) filings,
including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other filings filed with the SEC from time to
time. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of the
date of this Form 8-K, and which we undertake no obligation to update except to the extent required by law.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| |
Exhibit 99.1 |
Presentation |
| |
|
|
| |
Exhibit 104 |
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
DELTA AIR LINES, INC. |
| |
|
|
| |
|
|
| |
|
|
| |
By: |
/s/ Daniel C. Janki |
| |
|
Daniel C. Janki |
| |
|
Executive Vice President & Chief Financial Officer |
March 10, 2025
Exhibit 99.1
Industrials Conference March 11, 2025
Statements made in this presentation that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies for the future, should be considered “forward - looking statements” under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees or promised outcomes and should not be construed as such. All forward - looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments and strategies reflected in or suggested by the forward - looking statements. These risks and uncertainties include, but are not limited to, the possible effects of serious accidents involving our aircraft or aircraft of our airline partners; breaches or lapses in the security of technology systems we use and rely on, which could compromise the data stored within them, as well as failure to comply with evolving global privacy and security regulatory obligations or adequately address increasing customer focus on privacy issues and data security; disruptions in our information technology infrastructure; our dependence on technology in our operations; increases in the cost of aircraft fuel; extended disruptions in the supply of aircraft fuel, including from Monroe Energy, LLC ( “Monroe”), a wholly - owned subsidiary of Delta that operates the Trainer refinery; failure to receive the expected results or returns from our commercial relationships with airlines in other parts of the world and the investments we have in certain of those airlines; the effects of a significant disruption in the operations or performance of third parties on which we rely; failure to comply with the financial and other covenants in our financing agreements; labor - related disruptions; the effects on our business of seasonality and other factors beyond our control, such as changes in value in our equity investments, severe weather conditions, natural disasters or other environmental events, including from the impact of climate change; failure or inability of insurance to cover a significant liability at Monroe’s refinery; failure to comply with existing and future environmental reg ula tions to which Monroe’s refinery operations are subject, including costs related to compliance with renewable fuel standard regulations; significant damage to our reputation and brand, including from exposure to significant adverse publicity or inability to achieve certain sustainability goals; our ability to retain senior management and other key employees, and to maintain our company culture; disease outbreaks or other public health threats, and measures implemented to combat them; the effects of terrorist attacks, geopolitical conflict or security events; competitive conditions in the airline industry; extended interruptions or disruptions in service at major airports at which we operate or significant problems associated with types of aircraft or engines we operate; the effects of extensive regulatory and legal compliance requirements we are subject to; the impact of environmental regulation, including but not limited to regulation of hazardous substances, increased regulation to reduce emissions and other risks associated with climate change, and the cost of compliance with more stringent environmental regulations; and unfavorable economic or political conditions in the markets in which we operate or volatility in currency exchange rates. Additional information concerning risks and uncertainties that could cause differences between actual results and forward - looking statements is contained in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10 - K for the fiscal year ended December 31, 2024 and other filings filed with the SEC from time to time. Caution should be taken not to place undue reliance on our forward - looking statements, which represent our views only as of the date of this presentation, and which we undertake no obligation to update except to the extent required by law. 2 SAFE HARBOR
CURRENT ENVIRONMENT EVOLVING March Quarter outlook impacted by increased macro uncertainty SOLIDLY PROFITABLE MARCH QUARTER REFLECTS DELTA’S DURABILITY 3 ▪ Consumer & corporate confidence ▪ Softer close - in demand ▪ Oil prices have declined $10 per barrel from peak levels in the quarter What has changed What has not changed ▪ Constructive industry structure with increased focus on financial health ▪ Strength in premium, loyalty, Transatlantic & Pacific revenue ▪ Industry - leading operational & cost execution
EPS growth: Average annual; Free Cash Flow: Annual VALUE CREATION FRAMEWORK Three - to - five - year financial targets deliver sustained value creation MARGIN EXPA N SION Note: Adjusted for special items; historical non - GAAP financial measures reconciled in Appendix DURABLE EARNINGS AND FREE CASH FLOW BALANCE SHEET STRENGTH Mid - teens Operating Margin 1x Gross Leverage 10% EPS Growth $3 - 5B Free Cash Flow 15%+ RETURN ON INVESTED CAPITAL $40B+ UNENCUMBERED ASSETS 4
D e lta 2024 L on g - T erm Target MARGIN EXPANS I O N DURABLE EARNINGS AND FREE CASH FLOW BALANCE SHEET STRENGTH PRIORITIZING RETURN ON INVESTED CAPITAL Delivering returns that are in the upper half of the S&P 500 I n dus t ry 2024 RETURN ON INVESTED CAPITAL 15% 13% DAL WACC 8% Note: Adjusted for special items; historical non - GAAP financial measures reconciled in Appendix
BALANCED CAPITAL ALLOCATION $9 - 11B ANNUAL OPERATING CASH FLOW 50% SHAREHOLDER RETURNS Debt reduction, dividends, repurchases 50% REI N V E S T FOR GROWTH CONSISTENT, DISCIPLINED REINVESTMENT REDUCE FINANCIAL RISK THROUGH DEBT PAYDOWN STEADY DIVIDEND GROWTH INCREASE SHAREHOLDER RETURNS
7 Q&A
Non-GAAP Financial Measures
Delta sometimes uses information ("non-GAAP financial measures") that is derived from the Consolidated Financial Statements, but that
is not presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Under the U.S. Securities
and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP,
but should not be considered a substitute for or superior to GAAP results. The table below shows a reconciliation of the non-GAAP financial
measure used in this presentation to the most directly comparable GAAP financial measure. The reconciliation may not calculate due to
rounding.
Delta is not able to reconcile certain forward looking non-GAAP financial measures used in this presentation without unreasonable
effort because the adjusting items such as those used in the reconciliations below will not be known until the end of the indicated future
periods and could be significant.
Non-GAAP Financial Measures
After-tax Return on Invested Capital ("ROIC"). We present after-tax return on invested capital as management
believes this metric is helpful to investors in assessing the company's ability to generate returns using its invested capital. Return
on invested capital is tax-effected adjusted operating income (using our effective tax rate for each respective period) divided by average
adjusted invested capital. Average stockholders' equity and average adjusted gross debt are calculated using amounts as of the end of
the current period and comparable period in the prior year. All adjustments to calculate ROIC are intended to provide a more meaningful
comparison of our results to comparable companies.
MTM adjustments and settlements on hedges. Mark-to-market ("MTM") adjustments are defined as fair value changes
recorded in periods other than the settlement period. MTM fair value changes are not necessarily indicative of the actual settlement
value of the underlying hedge in the contract settlement period. Settlements represent cash received or paid on hedge contracts settled
during the applicable period.
Interest expense included in aircraft rent. This adjustment relates to interest expense related to operating
lease financing transactions. Adjusting for these results allows investors to better understand our core operational performance in the
periods shown as it neutralizes the effect of lease financing structure.
| | |
Year Ended | |
| (in millions) | |
December 31, 2024 | |
| Operating income | |
$ | 5,995 | |
| Adjusted for: | |
| | |
| MTM adjustments and settlements on hedges | |
| 21 | |
| Interest expense included in aircraft rent | |
| 165 | |
| Adjusted operating income | |
$ | 6,181 | |
| Tax effect | |
| (1,442 | ) |
| Tax-effected adjusted operating income | |
$ | 4,739 | |
| | |
| | |
| Average stockholders' equity | |
$ | 13,186 | |
| Average adjusted gross debt | |
| 23,590 | |
| Averaged adjusted invested capital | |
$ | 36,776 | |
| | |
| | |
| After-tax Return on Invested Capital | |
| 12.9% | |
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