• Record September quarter revenue with earnings growth of over 30 percent year-over-year

• Expect full year adjusted revenue growth of 20 percent over 2022 with a double-digit operating margin

• Guiding full year adjusted EPS of $6.00 - $6.25 and free cash flow of $2 billion

• Balance sheet progressing toward investment grade metrics with S&P rating upgraded to BB+

Delta Air Lines (NYSE: DAL) today reported financial results for the September quarter and provided its outlook for the December quarter 2023. Highlights of the September quarter, including both GAAP and adjusted metrics, are on page five and incorporated here.

"Thanks to the outstanding work of our entire team, Delta delivered record September quarter revenue and a double-digit operating margin.  Our operational reliability continues to strengthen, thanks to our people, and I’m pleased to recognize their outstanding efforts with over $1 billion accrued year-to-date towards profit sharing," said Ed Bastian, Delta's chief executive officer.

“Delta continues to set itself apart as a trusted consumer brand delivering welcoming, caring and elevated service by the best people in the industry.  Our differentiated position supports our expectations for full year revenue growth of 20 percent over 2022, and pre-tax earnings of over $5 billion, a near doubling over prior year earnings.”

SEPTEMBER QUARTER 2023 GAAP FINANCIAL RESULTS

• Operating revenue of $15.5 billion

• Operating income of $2.0 billion with an operating margin of 12.8 percent

• Pre-tax income of $1.5 billion with a pre-tax margin of 9.8 percent

• Earnings per share of $1.72

• Operating cash flow of $1.1 billion

• Payments on debt and finance lease obligations of $724 million

• Total debt and finance lease obligations of $19.5 billion at quarter end

SEPTEMBER QUARTER 2023 ADJUSTED FINANCIAL RESULTS

• Operating revenue of $14.6 billion, 13 percent higher than the September quarter 2022

• Operating income of $2.0 billion with an operating margin of 13.5 percent

• Pre-tax income of $1.7 billion with a pre-tax margin of 11.8 percent

• Earnings per share of $2.03

• Operating cash flow of $1.1 billion

• Adjusted net debt of $20.2 billion at quarter end

DECEMBER QUARTER AND FULL YEAR OUTLOOK¹

¹ Non-GAAP measures; Refer to Non-GAAP reconciliations for comparison figures

Additional metrics for financial modeling can be found in the Supplemental Information section under Quarterly Results on ir.delta.com.