v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The following table summarizes our debt as of the dates indicated below:

Summary of outstanding debt by category
Maturity Dates
Interest Rate(s) Per Annum at December 31, 2025
December 31,
(in millions)20252024
Unsecured notes2028to20303.75%to5.30%$2,884 $1,575 
Unsecured Payroll Support Program Loans(1)
20311.00%1,848 3,496 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2026to20284.75%3,422 3,970 
SkyMiles Term Loan(2)(3)
2026to20285.38%588 784 
NYTDC Special Facilities Revenue Bonds(2)
2026to20454.00%to6.00%3,522 3,591 
Financing arrangements secured by aircraft:
Certificates(2)
2026to20282.00%to8.00%894 992 
Notes(2)(3)
2026to20335.96%to7.18%78 87 
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes2025—%— 812 
Other financings(2)
20305.00%66 66 
Corporate Revolving Credit Facility2026to2028Undrawn— — 
Other revolving credit facilities(3)
2026Undrawn— — 
Total secured and unsecured debt13,302 15,373 
Unamortized (discount)/premium and debt issuance cost, net and other6 (26)
Total debt13,308 15,347 
Less: current maturities(1,372)(1,801)
Total long-term debt$11,936 $13,546 
(1)Interest rates on the Payroll Support Program ("PSP") loans are 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The applicable interest rates will begin to adjust for each loan in January 2026 and April 2026.
(2)Due in installments during the years shown above.
(3)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate plus a specified margin.
2025 Unsecured Notes

In June 2025, we issued $2.0 billion in aggregate principal amounts of unsecured notes, consisting of $1.0 billion of 4.95% Notes due 2028 and $1.0 billion of 5.25% Notes due 2030 (collectively, the "Notes"). The Notes are included in Unsecured notes in the table above. The net proceeds from the offering of the Notes were used to repay the Payroll Support Program ("PSP") loan due 2030 included in Unsecured Payroll Support Program Loans in the table above and for general corporate purposes.

SkyMiles Credit Facility

In September 2025, we and our indirect wholly-owned subsidiary SkyMiles IP Ltd. entered into an amendment to the SkyMiles Term Loan credit and guaranty agreement (the "SkyMiles Credit Facility"). This amendment, among other things, (i) refinanced the existing term loans with the proceeds of replacement term loans bearing interest at a variable rate equal to an adjusted term SOFR, plus a reduced margin of 1.50% per annum, payable quarterly; (ii) extended the scheduled maturity from October 2027 to October 2028; (iii) reduced the principal amortization payments from 20% to 1% per year, payable quarterly; and (iv) added a prepayment premium of 1.00% payable in connection with a Repricing Event (as defined in the amended SkyMiles Credit Facility) occurring within six months following September 30, 2025. No such repricing event has occurred as of December 31, 2025.

2026 Term Loan

In January 2026, we entered into a $1.3 billion term loan issued by a group of lenders due December 2026. The proceeds of the term loan were used to repay $957 million of the PSP loans due 2031 included in Unsecured Payroll Support Program Loans in the table above and for general corporate purposes.

Availability Under Revolving Facilities

As of December 31, 2025, we had approximately $3.1 billion undrawn and available under our revolving credit facilities.

Fair Value of Debt

Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 1 or Level 2 within the fair value hierarchy.

Fair value of outstanding debt
(in millions)December 31, 2025December 31, 2024
Net carrying amount$13,308 $15,347 
Fair value$13,400 $15,300 

Covenants

Our debt agreements contain various affirmative, negative and financial covenants. For example, certain credit facilities, including our SkyMiles financing agreements, contain, among other things, minimum coverage ratios. Our SkyMiles financing agreements also include a minimum liquidity covenant which requires us to maintain at least $2.0 billion of liquidity (defined as cash, cash equivalents, short-term investments and aggregate principal amount committed and available to be drawn under our revolving credit facilities). In addition, the SkyMiles financing agreements restrict our ability to, among other things, (1) modify the terms of the SkyMiles program, or otherwise change the policies and procedures of the SkyMiles program, in a manner that would reasonably be expected to materially impair repayment of the SkyMiles Debt, (2) sell pre-paid miles in excess of $550 million in the aggregate and (3) terminate or materially modify the intercompany arrangements governing the relationship between Delta and SkyMiles IP Ltd. with respect to the SkyMiles program. Certain of our debt agreements limit our ability to (1) incur liens under certain circumstances, (2) dispose of collateral and (3) engage in mergers and consolidations or transfer all or substantially all of our assets.

Each of these restrictions is subject to certain exceptions and qualifications that are set forth in these debt agreements. We were in compliance with the covenants in our debt agreements at December 31, 2025.
Future Maturities

The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2025:

Future debt maturities
(in millions)Total DebtAmortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other
2026$1,367 $(2)
20271,878 2 
20283,460 (1)
2029621 4 
20301,222 5 
Thereafter4,754 (2)
Total$13,302 $6 $13,308