Delta Air Lines, Inc. · NYSE:DAL
Delta Air Lines — J.P. Morgan Industrials Conference 2026
16 slides from Delta Air Lines's conference presentation, Mar 17, 2026
Slide 1: Industrials Conference
INDUSTRIALS CONFERENCE March 17, 2026 1
Slide 2: Safe Harbor
Safe Harbor 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 Secu
Slide 3: Delta Is Positioned to Win
DELTA IS POSITIONED TO WIN Delta people and culture underpin enduring competitive advantages DIFFERENTIATED & Trusted consumer brand with global reach and industry-leading loyalty program DURABLE Demonstrated financial durability in 2025 against a challenging industry backdrop Financial priorities s
Slide 4: Current Environment
CURRENT ENVIRONMENT ▪ Raising revenue guidance on demand momentum – Consumer and corporate trends have accelerated into March Revenue Growth year over year1 – Strength across main, premium, loyalty and MRO revenue – Domestic & international unit revenue growing mid-single digits yr/yr ▪ Industry mov
Slide 5: Differentiated Performance in 2025
DIFFERENTIATED PERFORMANCE IN 2025 RETURN ON FREE CASH FLOW INVESTED CAPITAL DOUBLE DIGIT MARGINS $4.6B 12% INVESTMENT-GRADE Mid-single digits BALANCE SHEET <$0B STEADY Industry Peers Industry Peers DIVIDEND GROWTH (total) (avg) Source: Based on SEC filings, Free Cash Flow & ROIC aligned to Delta’s
Slide 6: Durable Earnings and Cash Flow
DURABLE EARNINGS AND CASH FLOW 2014 2023 2025 2025 performance demonstrated Delta’s % OF INDUSTRY EARNINGS 30% 40% >55% financial durability – as industry backdrop improves, Delta is positioned to win High-margin premium offerings have PREMIUM REVENUE $10B $19B $22B significant runway through produc
Slide 7: Strongest Balance Sheet in Our History
STRONGEST BALANCE SHEET IN OUR HISTORY GROSS LEVERAGE 5.0x 2.2x 2.4x 2x 1.0x 2019 2022 2025 2026E Target Net Leverage 1.9x 4.0x 1.9x ~1.5x ~0.5x FLEXIBILITY TO INCREASE SHAREHOLDER RETURNS WITH REDUCED LEVERAGE Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix 7
Slide 8: Q&A
Q&A 8
Slide 9: Non-GAAP Financial Measures
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
Slide 10: Non-GAAP Financial Measures
NON-GAAP Financial Measures Total Revenue, adjusted Three Months Ended (Projected) 1Q26 vs 1Q25% 4Q25 vs 4Q24% (in millions) March 31, 2026 December 31, 2025 March 31, 2025 December 31, 2024 change change Total revenue $ ~15,000 - 15,300 $ 16,003 $ 14,040 $ 15,559 Adjusted for: Third-party refinery
Slide 11: Non-GAAP Financial Measures
NON-GAAP Financial Measures Free Cash Flow. We present free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or general corporate initiatives. Free cash flow is also used internally
Slide 12: Non-GAAP Financial Measures
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-e
Slide 13: Non-GAAP Financial Measures
NON-GAAP Financial Measures Adjusted Debt to Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("EBITDAR"). We present adjusted debt to EBITDAR ("gross leverage") because management believes this metric is helpful to investors in assessing the company's overall debt profile. Adjus
Slide 14: Appendix
APPENDIX 14
Slide 15: Value Creation Framework
VALUE CREATION FRAMEWORK Three-to-five-year financial targets deliver sustained value creation MARGIN DURABLE EARNINGS BALANCE SHEET EXPANSION AND FREE CASH FLOW STRENGTH 10% 1x EPS Growth Mid-teens $3-5B Operating Margin Gross Leverage Free Cash Flow 15%+ RETURN ON INVESTED CAPITAL $40B+ UNENCUMBER
Slide 16: Balanced Capital Allocation
BALANCED CAPITAL ALLOCATION CONSISTENT, REDUCE FINANCIAL RISK DISCIPLINED REINVESTMENT THROUGH DEBT PAYDOWN 50% $9-11B 50% REINVEST ANNUAL OPERATING SHAREHOLDER RETURNS FOR GROWTH CASH FLOW Debt reduction, dividends, repurchases STEADY DIVIDEND INCREASE GROWTH SHAREHOLDER RETURNS 16
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