0001019687-15-000768.txt : 201503030001019687-15-000768.hdr.sgml : 2015030320150303084535ACCESSION NUMBER:0001019687-15-000768CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:25CONFORMED PERIOD OF REPORT:20150303ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20150303DATE AS OF CHANGE:20150303

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:DELTA AIR LINES INC /DE/CENTRAL INDEX KEY:0000027904STANDARD INDUSTRIAL CLASSIFICATION:AIR TRANSPORTATION, SCHEDULED [4512]IRS NUMBER:580218548STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-05424FILM NUMBER:15667142

BUSINESS ADDRESS:STREET 1:HARTSFIELD ATLANTA INTL AIRPORTSTREET 2:1030 DELTA BLVDCITY:ATLANTASTATE:GAZIP:30354-1989BUSINESS PHONE:4047152600

MAIL ADDRESS:STREET 1:P.O. BOX 20706STREET 2:DEPT 981CITY:ATLANTASTATE:GAZIP:30320-6001

FORMER COMPANY:FORMER CONFORMED NAME:DELTA AIR CORPDATE OF NAME CHANGE:19660908

8-K1delta_8k.htmCURRENT REPORT ON FORM 8-K

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 3, 2015

DELTA AIR LINES, INC.

(Exact nameof 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)

Registrants telephone number, includingarea code: (404) 715-2600

Registrants Web site address: www.delta.com

Check the appropriate box below if the Form 8-K filing is intendedto simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General InstructionA.2. below):

[_]Written communicationspursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_]Soliciting materialpursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_]Pre-commencementcommunications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_]Pre-commencementcommunications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01Regulation FD Disclosure.

Edward H. Bastian, President of Delta Air Lines,Inc. (Delta), today will present to the 2015 J.P. Morgan Aviation, Transportation and & Industrials Conference.Materials to be used in conjunction with that presentation are furnished as Exhibit 99.1 to this Form 8-K.

Delta also issued today a press release reportingFebruary 2015 financial and operating results. The press release is attached as Exhibit 99.2 to this Form 8-K.

In accordance with general instruction B.2of Form 8K, the information in this report (including the exhibits) that is being furnished pursuant to Item 7.01 of Form8K 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 theSecurities Act of 1933, as amended, except as expressly set forth in such filing. This report will not be deemed an admission asto the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

Statements in this Form 8-K and the attachedexhibits that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projectionsor strategies for the future, may be forward-looking statements as defined in the Private Securities Litigation ReformAct of 1995.All forward-looking statements involve a number of risks and uncertainties that could cause actual resultsto differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggestedby the forward-looking statements. These risks and uncertainties include, but are not limited to, the cost of aircraft fuel;the availability of aircraft fuel; the impact of rebalancing our hedge portfolio, recording mark-to-market adjustments or postingcollateral in connection with our fuel hedge contracts; the possible effects of accidents involving our aircraft; the restrictionsthat financial covenants in our financing agreements will have on our financial and business operations; labor issues; interruptionsor disruptions in service at one of our hub or gateway airports; disruptions or security breaches of our information technologyinfrastructure; our dependence on technology in our operations; the effects of weather, natural disasters and seasonality on ourbusiness; the effects of an extended disruption in services provided by third party regional carriers; failure or inability ofinsurance to cover a significant liability at Monroes Trainer refinery; the impact of environmental regulation on the Trainerrefinery, including costs related to renewable fuel standard regulations; our ability to retain management and key employees; competitiveconditions in the airline industry; the effects of extensive government regulation on our business; the sensitivity of the airlineindustry to prolonged periods of stagnant or weak economic conditions; the effects of terrorist attacks or geopolitical conflict;and the effects of the rapid spread of contagious illnesses.

Additional information concerning risksand uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securitiesand Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2014. Cautionshould be taken not to place undue reliance on our forward-looking statements, which represent our views only as of March 3, 2015,and which we have no current intention to update.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99.1 Presentation

Exhibit 99.2 Press Release dated March 3, 2015 titled Delta Reports Financial and Operating Performance for February 2015

2

SIGNATURES

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalfby the undersigned hereunto duly authorized.

DELTA AIR LINES, INC.

By:/s/ Paul A. Jacobson

Date:March 3, 2015 Paul A. Jacobson
Executive Vice President and Chief Financial Officer

3

EXHIBIT INDEX

Exhibit Number Description

Exhibit 99.1 Presentation

Exhibit 99.2 Press Release dated March 3, 2015 titled Delta Reports Financial and Operating Performance for February 2015

4

EX-99.12delta_8k-ex9901.htmPRESENTATION

Exhibit 99.1

Delta: Delivering Growing Value J.P. Morgan Aviation, Transportation and Industrials Conference March 3, 2015

This presentation contains various projections and other forward - looking statements which represent Deltas estimates or expectations regarding future events. All forward - looking statements involve a number of assumptions, risks and uncertainties, many of which are beyond Deltas control, that could cause the actual results to differ materially from the projected results. Factors which could cause such differences include, without limitation, business, economic, competitive, industry, regulatory, market and financial uncertainties and contingencies, as well as the Risk Factors discussed in Deltas SEC filings. Caution should be taken not to place undue reliance on Deltas forward - looking statements, which represent Deltas views only as of the date of this presentation, and which Delta has no current intention to update. In this presentation, we will discuss certain non - GAAP financial measures. You can find the reconciliations of those measures to comparable GAAP measures on our website at delta.com. Safe Harbor 2

Delivering Growing Value Significant Opportunity in 2015 Continuing To Expand Margins Balanced Capital Deployment Building on our strengths to expand margins and cash flow in order to reduce debt, return capital to shareholders and invest in our future Stable revenue environment and lower fuel prices, coupled with Delta - specific initiatives, are expected to produce margin improvement and increased free cash flow in 2015 Balanced capital allocation drives value to shareholders by continuing to de - risk the enterprise and accelerating return of cash to shareholders Strategic growth , pricing enhancements, cost productivity and low fuel environment combine to generate long - term revenue growth, margin expansion and greater cash generation 3

Generated more than $4.5 billion in pre - tax income in 2014, almost $1.9 billion higher than 2013 $3.7 billion of free cash flow, $7.3 billion of adjusted net debt, $900 million contributed to the pension plans, and more than $1.3 billion returned to shareholders Industry - leading operational reliability with the highest customer satisfaction of the network carriers 2014 Pre - Tax Income ($M) Record 2014 Excludes special items $4,536 $4,164 $2,233 $1,973 $922 $382 Outpacing The Airline Industry 4

The Backdrop For 2015 Improving on all aspects of our financial performance in 2015 as a solid revenue environment, lower fuel prices and Delta - specific initiatives produce another record year Across The Industry At Delta Modest economic growth globally, with strength in North America Continuing international headwinds from weakening currencies and Asian capacity growth in excess of demand Solid corporate travel environment with Global Business Travel Association expecting 6 % increase in overall corporate travel spend Market fuel prices of $1.95 - $2.05 per gallon 90 lower than 2014 representing a ~$3.5 billion run - rate savings in the future for Delta Increasingly rational industry structure as merger integrations progress Disciplined approach to capacity modest system capacity growth of 2%, with domestic up 3% and international up less than 1% Focus on bringing fuel savings to the bottom line at current market prices, Deltas net fuel benefit is $1.8 billion for the year Further margin expansion through top line growth, lower fuel costs and continued non - fuel cost productivity Upgauging and other cost initiatives keep non - fuel cost growth below 2% Significant cash flow generation enables improved capital returns 5

Restructured Hedge Book 6 2H15 hedge book has been restructured to balance exposure while maintaining longer - term upside protection Took advantage of rebound in market prices during the quarter to restructure 2015 - 16 hedge book 2H15 hedge book is now better positioned for current market conditions Early settled one - third of exposure for $300M loss in March quarter, monetizing market contango Deferred one - third of exposure into 2016, providing more time for market to stabilize Maintained one - third of exposure so 2H15 will be hedged at ~20%, with total losses of $200 - $300 million for prices between $45 - $75 per barrel Excluding early settlements, March quarter fuel price ~$0.40 lower year over year, driving $400 million lower fuel expense Continuing to expand margins, even inclusive of early settlement expense All - in fuel prices are expected to be in line with industry average starting July 1 $1.87 - $ 1.92 $0.81 ($0.08) $2.60 - $2.65 $0.33 $2.92 - $2.97 Market Price Hedge Loss Refinery Profit DL Price ex. Hedge Restructure Hedge Restructure DL Fuel Price 1Q15E Delta Fuel Price Includes taxes and transportation charges 1

Solid March Quarter Performance 7 Operating margin - excluding hedge restructuring 8% - 9% ~11% Fuel Price - excluding hedge restructuring $2.92 - $2.97 $2.60 - $2.65 Passenger unit revenue change year over year Down ~1% CASM ex fuel change year over year Flat System capacity change year over year Up ~5 % Free cash flow $800 - 900 million Cash returned to shareholders $500 million Note: Fuel price includes taxes, settled hedges, refinery contribution and excludes MTM adjustments; Fuel price also includes $300 million of expense ($0.33/gal) associated with the early settlement of hedges. CASM ex - fuel excludes special items and profit sharing. Business continues to produce top line growth, margin expansion and strong free cash flow March Quarter 2015 Forecast Excluding impact of hedge restructuring, March quarter margin forecast is at the low end of original guidance range from January on slightly lower unit revenue and 15 cents higher fuel price Business producing pre - tax margin expansion year - over - year on a fuel - neutral basis

A High - Quality Company 11 - 14% operating margins 2014: 13.1% Operating Margin Annual EPS growth of 10% - 15% after 2014 2014: 70% on a pre - tax basis EPS Growth 15 - 18% return on invested capital 2014: 20.7% ROIC $6 billion annual operating cash flow and $3 billion free cash flow 2014: $5.8 billion operating cash flow and $3.7 billion free cash flow Cash Flow $5 billion adjusted net debt by 2016 and pension at 80% funded status by 2020 2014: $7.3 billion adj. net debt at year end Balance Sheet Long - Term Goals Long - term goals guide the business toward generating solid margins and cash flow, achieving an investment grade - quality balance sheet and delivering sustainable shareholder returns 10 - 15% 11.6% 14.5% 15 - 18% Return on Invested Capital EPS Growth 12.3% 10 - 15% Delta - Goal Delta - Goal S&P 500 Industrials 2014 - 16 consensus S&P 500 Industrials 2014 - 16 consensus Note: All results exclude special items ; Delta ROIC reflects benefits of NOLs 8

Continuing To Drive Margin Expansion Disciplined Capacity Growth Drive capacity growth through better utilization of assets, producing more seat departures and higher capacity on a smaller fleet Focus capacity growth on high - revenue, restricted/constrained markets Pricing Improvements Investments in network, product and service producing sustainable revenue gains Next phase of revenue initiatives focus on better customer segmentation and improved offerings for high - value customers Cost Productivity Maximizing the benefits of scale throughout the network to improve cost efficiency Focus on bringing fuel benefit to the bottom line Leveraging supply chain, technology and maintenance expertise to improve productivity Disciplined capacity growth, pricing improvement and cost productivity combine to generate long - term revenue growth, margin expansion and greater cash generation 9

Corporate Customers Are Choosing Delta Running a high - quality, customer - focused airline Produces strong gains in corporate revenues Momentum continues as corporate revenues have increased by 6% this year 10 6 7 7 6 6 5 5 4 1 1 1 1 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Business Travel News Survey 13% 8% 5% 5% 5% 4% 3% 5% 6% Financial Services Transportation Defense Technology Automotive Media Manufacturing Other Total 1Q15 Ticketed Revenue vs Prior Year

Higher Revenue Through Better Customer Segmentation Industry - leading consumer products in each of four Branded F are categories, allowing customers to tailor their travel experience Delta One / First Class Delta Comfort+ Main Cabin Basic Economy Delta One / First Class Main Cabin / Basic Economy Delta Comfort+ Delta One / First Class Best - in - class product that includes a spacious seat, pillow and blanket, food options, premium entertainment and priority boarding Delta Comfort+ A distinctive product designed for travelers who desire an elevated experience, including an upgraded snack basket, complimentary alcohol, early boarding, additional leg room, dedicated overhead bin space and free premium entertainment Main Cabin Best - in - market core product, including advance seat selection, access to Wi - Fi, snacks, complimentary entertainment, full Medallion benefits and premium cabin upgradability Basic Economy Best - in - class transportation targeted at price conscious consumers who are indifferent to flexibility or seat selection (and often buy at OTAs) Total Branded Fares opportunity estimated at $1.5 billion+ annually by 2018 11

Enhanced Agreement With American Express Partnering with American Express since 1996 to create the worlds most valuable airline co - brand portfolio New, multi - year contract with American Express continues growth momentum of Deltas $2 billion co - brand revenue stream Significantly improved economics achieved across multiple business lines including co - brand card, Membership Rewards, Sky Club, and Merchant Services Early renewal increased effective rate by 15% in 2015 and 20% over the new contract period New agreement will double benefits to Delta over the next five years Leveraging American Express unique position as both credit card provider and largest global travel agency 12

Domestic Refleeting Improves Asset Utilization Higher domestic capacity levels on a lower capital base produce improvements in ROIC 2015 domestic capacity growth driven by higher gauge and better asset utilization 3% higher capacity on flat departures and 10 fewer aircraft Increasing average seats per departure by 15% between 2012 and 2017: Upgauging: Using 717, 737 - 900, and A321 deliveries to retire smaller gauge, less efficient aircraft Modifications: Projects on over 110 aircraft in 2015 add average of nine seats per plane; over 450 aircraft already modified since 2007 More efficient capacity generation drives margin expansion, cost productivity and better returns on invested capital Mix of new and used aircraft keeps ownership costs low, allows flexibility to quickly and efficiently adjust capacity levels Lowest ownership cost in the industry with lowest maintenance unit costs and best reliability Post - Merger Domestic Fleet Trends 80 90 100 110 120 Merger Close 2009 2010 2011 2012 2013 2014 2015 Note: Margin data Profit Margin Capacity Aircraft Quantity 114 86 99 Index value at merger close = 100 13

International Revenues Face Headwinds Strong dollar puts pressure on revenue and RASM but is margin accretive Re - evaluating post - summer capacity plans in Atlantic, Pacific, and Brazil in light of continued currency headwinds West Coast Atlantic Pacific Latin Redeployment of capacity with Virgin Atlantic is providing the foundation for long - term success in a key business corridor Continuing to benefit from strong relationship with Air France / KLM Africa, the Middle East, and Russia remain challenging markets despite 2014 capacity adjustments Continue to develop Seattle hub as part of Pacific restructuring strategy intra - west network now serves 95%+ of US/Canada West Coast to Asia demand Restructuring of the region and realignment of the Narita hub remain top priority Foreign currency depreciation and declining fuel surcharges represent significant headwinds in the region Completing major capacity investment in Latin America with profitability and margins improving as additions mature Growth in 2015 is front loaded and focused on Mexico, Brazil and Caribbean, with entity growth nearly flat for the second half of the year Evaluating tactical capacity adjustments in line with country - specific economic growth 14

Balanced Capital Deployment Drives Value Reinvest In The Business ~50% of operating cash flow to be reinvested in the business Plan to invest $2 - $3 billion annually into fleet, products, facilities and technology Strengthen The Balance Sheet Nearly $10 billion in debt reduction in last five years Committed to ~$1 billion per year in pension funding Progress toward investment grade metrics evident in three S&P upgrades in last 18 months Current ratings two notches away from investment grade Return Cash To Shareholders Returned over $2 billion since starting program less than two years ago On track to complete $2 billion repurchase authorization by end of 2015, one year ahead of expiration Balanced approach to capital deployment has driven significant value for shareholders 15

Paying Down Debt Remains A Priority Clear path to achieve $5 billion debt target in 2016, resulting in $1 billion of run - rate interest savings versus 2009 $ 17.0B $ 15.0B $ 12.9B $ 11.7B $ 9.4B $ 7.3B < $6.0B 2009 2010 2011 2012 2013 2014 2015E Adjusted Net Debt Interest $1.3B $1.2B $1.1B $1.0B $850M $650M $475M Expense 16

is now competing on capital returns Delta has returned over $2 billion to owners in less than two years 17% 37% 2013 2014 Strong Commitment To Returning Cash To Shareholders Capital Returns As A Percentage Of Free Cash Flow Cash Returned To Shareholders $ 100M $ 250M $ 250M $ 1,100M 2013 2014 2015 minimum Dividends Share Repurchases $350M $1,350M On track to return $2.2 billion to shareholders since starting program in mid - 2013, including $500 million in March quarter $425 million returned through dividends Over $1.75 billion returned by repurchasing 45+ million shares Minimum of $1.5 billion to be returned in 2015 Plan to complete remainder of $2 billion authorization by end of 2015, one year ahead of schedule Next phase of capital allocation plans to be announced in May 17 $1,500M

The Path To Value Creation Delta S&P Industrials Free Cash Flow Delta S&P Industrials EPS Growth Note: S&P Industrials are 2014 - 16 consensus estimates obtained from FactSet. Delta P/E reflects benefit of NOLs. Delta S&P Industrials Forward Price/Earnings Delta S&P Industrials Free Cash Flow Yield Achieving our long - term goals and lowering risk across the business should result in improved valuation Delta S&P Industrials ROIC 10 - 15% 12.3% 15 - 18% 14.5% $3B+ $1.7B 9.6x 17.1x 10% 5.5% 18

19

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 principlesgenerally accepted in the U.S. (GAAP). Under the U.S. Securities and Exchange Commission rules, non-GAAP financialmeasures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute foror superior to GAAP results. The tables below show reconciliations of non-GAAP financial measures used in this presentation tothe most directly comparable GAAP financial measures.

Forward Looking Projections. Delta is unable to reconcilecertain forward-looking projections to GAAP as the nature or amount of special items cannot be estimated at this time.

20

Pre-TaxIncome, excluding special items

Delta excludes special items from pre-tax income becausemanagement believes the exclusion of these items is helpful to investors to evaluate the company's recurring core operational performancein the periods shown. Therefore, we adjust for these amounts to arrive at more meaningful financial measures. Special items excludedin the tables below showing the reconciliation of pre-tax income are:

Mark-to-market adjustments for fuel hedges recordedin periods other than the settlement period ("MTM adjustments"). MTM adjustments are based on market prices at theend of the reporting period for contracts settling in future periods. Such market prices are not necessarily indicative of theactual future value of the underlying hedge in the contract settlement period. Therefore, excluding these adjustments allows investorsto better understand and analyze the company's core operational performance in the periods shown.

Restructuring and other. Because of the variabilityin restructuring and other, the exclusion of this item is helpful to investors to analyze our recurring core operational performancein the periods shown.

Loss on extinguishment of debt. Because of thevariability in loss on extinguishment of debt, the exclusion of this item is helpful to investors to analyze the companysrecurring core operational performance in the periods shown.

Virgin Atlantic MTM Adjustments. We record ourproportionate share of earnings from our equity investment in Virgin Atlantic in other expense. We exclude Virgin Atlantic's MTMadjustments to allow investors to better understand and analyze the companys financial performance in the periods shown.

Year Ended December 31,

(in millions) 2014 2013

Pre-tax income $1,072 $2,527

Items excluded:

MTM adjustments 2,346 (276)

Restructuring and other 716 424

Loss on extinguishment of debt 268

Virgin Atlantic MTM adjustments 134

Pre-tax income, excluding special items $4,536 $2,675

Year Ended December 31,

(in millions, except per share data) 2014 2013 Change

Pre-tax income, excluding special items $4,536 $2,675

Weighted average diluted shares 845 858

Pre-tax income per diluted share $5.37 $3.12 70%

21

Free Cash Flow

Delta presents free cash flow because management believes this metricis helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or generalcorporate initiatives. This metric is adjusted for the posting of hedge margin as we believe this inclusion removes the impactof current market volatility on our unsettled hedges and allows investors to better understand and analyze the companyscore operational performance in the periods shown.

Year Ended December 31,

(in billions) 2014 2013

Net cash provided by operating activities $4.9 $4.5

Net cash used in investing activities (2.5) (2.7)

Adjustments:

Net purchases of short-term investments and other 0.4

Hedge margin 0.9

SkyMiles used pursuant to advance purchase under AMEX agreement 0.3

Total free cash flow $3.7 $2.1

Capital Returns $1.35 $0.35

Capital Returns as a % of free cash flow 37% 17%

Adjusted Net Debt

Delta uses adjusted total debt, including aircraft rent, in additionto long-term adjusted debt and capital leases, to present estimated financial obligations. Delta reduces adjusted debt by cash,cash equivalents and short-term investments and hedge margin receivable, resulting in adjusted net debt, to present the amountof assets needed to satisfy the debt. Management believes this metric is helpful to investors in assessing the companysoverall debt profile. Management has reduced adjusted debt by the amount of hedge margin receivable, which reflects cash postedto counterparties, as we believe this removes the impact of current market volatility on our unsettled hedges and is a better representationof the continued progress we have made on our debt initiatives.

(in billions) December 31, 2014 December 31, 2013 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009

Debt and capital lease obligations $9.8 $11.3 $12.7 $13.8 $15.3 $17.2

Plus: unamortized discount, net from purchase accounting and fresh start reporting 0.1 0.4 0.5 0.6 0.6 1.1

Adjusted debt and capital lease obligations $9.9 $11.7 $13.2 $14.4 $15.9 $18.3

Plus: 7x last twelve months' aircraft rent 1.6 1.5 1.9 2.1 2.7 3.4

Adjusted total debt 11.5 13.2 15.1 16.5 18.6 21.7

Less: cash, cash equivalents and short-term investments (3.3) (3.8) (3.4) (3.6) (3.6) (4.7)

Less: hedge margin receivable (0.9)

Adjusted net debt $7.3 $9.4 $11.7 $12.9 $15.0 $17.0

22

Operating Margin, adjusted

Delta excludes MTM adjustments and restructuring and other fromoperating margin for the reasons described above under the heading Pre-Tax Income, excluding special items.

Year Ended

December 31, 2014

Operating margin 5.5%

Items excluded:

MTM adjustments 5.8%

Restructuring and other 1.8%

Operating margin, adjusted 13.1%

Return on Invested Capital

Delta presents return on invested capital as management believesthis metric is helpful to investors in assessing the companys ability to generate returns using its invested capital andas a measure against the industry. Return on invested capital is adjusted total operating income divided by average invested capital.

Year Ended

(in billions, except % of return) December 31, 2014

Adjusted book value of equity $18.5

Average adjusted net debt 8.2

Average invested capital $26.7

Adjusted total operating income $5.5

Return on invested capital 20.7%

23

Operating Cash Flow, adjusted

Delta presents operating cash flow, adjusted because managementbelieves adjusting for these amounts provides a more meaningful financial measure for investors. This metric is adjusted for theposting of hedge margin as we believe this inclusion removes the impact of current market volatility on our unsettled hedges andallows investors to better understand and analyze the companys core operational performance in the period shown. Managementbelieves investors should be informed that reimbursements related to build-to-suit leased facilities and other effectively reducenet cash provided by operating activities and related capital expenditures.

Year Ended

(in millions) December 31, 2014

Net cash provided by operating activities (GAAP) $4,947

Adjustments:

Hedge margin 925

Reimbursements related to build-to-suit leased facilities and other (92)

Operating cash flow, adjusted $5,780

24

Delta restructured its fuel hedge portfolio by early settling certainof its 2015 hedges and deferring the settlement of a portion of its remaining positions. A portion of contracts originally scheduledto expire in the second half of 2015 were early settled in cash, resulting in the acceleration of losses totaling $300 millionto the March 2015 quarter. Additionally, Delta deferred a portion of its hedge portfolio until 2016 by entering into fuel derivativetransactions that will provide $300 million in cash receipts (excluding market movements) during the second half of 2015 and $300million in cash payments (excluding market movements) in 2016. These cash settlements will be reflected in the reported hedge resultsin the respective periods. By deferring settlement of a portion of the original derivative transactions, the restructured hedgeportfolio provides additional time for the fuel market to stabilize.

Three Months Ending
March 31, 2015

(in millions, except fuel price) Hedge Results Price Impact

Hedge loss before restructuring $750 0.81

Effect of hedge restructuring 300 0.33

Estimated hedge loss $1,050 $1.14

25

EX-99.23delta_8k-ex9902.htmPRESS RELEASE

Exhibit 99.2

CONTACT:Corporate Communications

404-715-2554

news archive at news.delta.com

Investor Relations

404-715-2170

Delta Reports Financial and Operating Performancefor February 2015

ATLANTA, March 3, 2015 Delta Air Lines (NYSE: DAL) today reported financial and operating performance for February 2015.

Consolidated passenger unit revenue (PRASM) for the month ofFebruary decreased 1.5 percent year over year, driven by 1.5 points of continuing foreign exchange pressure on internationalresults and 0.5 point from the impact of lapping prior years winter storms. Continuing strength in the domestic entityand corporate revenue gains offset a portion of this months international PRASM pressure. System capacity increased 6%for the month which includes 2 points of capacity growth from prior years winter storms.

The companys financial and operating performance is detailedbelow.

Preliminary Financial and Operating Results

February consolidated PRASM change year over year (1.5)%

February mainline completion factor 97.5%

February on-time performance (preliminary DOT A14) 78.0%

Delta Air Lines serves more than 170 million customers each year.Delta was named to FORTUNE magazines top 50 Worlds Most Admired Companies in addition to being named the most admiredairline for the fourth time in five years. Additionally, Delta has ranked No.1 in the Business Travel News Annual Airline surveyfor four consecutive years, a first for any airline. With an industry-leading global network, Delta and the Delta Connection carriersoffer service to 326 destinations in 59 countries on six continents. Headquartered in Atlanta, Delta employs nearly 80,000 employeesworldwide and operates a mainline fleet of more than 700 aircraft. The airline is a founding member of the SkyTeam global allianceand participates in the industrys leading trans-Atlantic joint venture with Air France-KLM and Alitalia as well as a newlyformed joint venture with Virgin Atlantic. Including its worldwide alliance partners, Delta offers customers more than 15,000 dailyflights, with key hubs and markets including Amsterdam, Atlanta, Boston, Detroit, Los Angeles, Minneapolis/St. Paul, New York-JFK,New York-LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Seattle and Tokyo-Narita. Delta has invested billions of dollars inairport facilities, global products, services and technology to enhance the customer experience in the air and on the ground. Additionalinformation is available on delta.com, Twitter @Delta, Google.com/+Delta, Facebook.com/delta and Deltas blog takingoff.delta.com.

Monthly Traffic Results (a)

Year to Date Traffic Results (a)

Feb 2015 Feb 2014 Change Feb 2015 Feb 2014 Change

RPMs (000):

Domestic 8,403,572 7,836,619 7.2% 17,138,955 16,193,806 5.8%

Delta Mainline 6,961,524 6,379,808 9.1% 14,161,088 13,177,387 7.5%

Regional 1,442,048 1,456,811 (1.0%) 2,977,867 3,016,419 (1.3%)

International 5,256,516 5,160,223 1.9% 11,535,505 11,291,514 2.2%

Latin America 1,576,165 1,421,242 10.9% 3,420,152 3,001,894 13.9%

Delta Mainline 1,548,222 1,394,222 11.0% 3,360,367 2,943,288 14.2%

Regional 27,943 27,020 3.4% 59,785 58,606 2.0%

Atlantic 1,928,204 1,980,969 (2.7%) 4,385,272 4,465,959 (1.8%)

Pacific 1,752,147 1,758,012 (0.3%) 3,730,080 3,823,661 (2.4%)

Total System 13,660,088 12,996,842 5.1% 28,674,460 27,485,320 4.3%

ASMs (000):

Domestic 10,120,483 9,445,107 7.2% 21,183,672 19,865,021 6.6%

Delta Mainline 8,241,578 7,538,762 9.3% 17,158,725 15,838,539 8.3%

Regional 1,878,905 1,906,345 (1.4%) 4,024,947 4,026,482 (0.0%)

International 6,895,643 6,560,228 5.1% 14,781,597 13,981,487 5.7%

Latin America 1,962,492 1,724,185 13.8% 4,204,952 3,577,167 17.5%

Delta Mainline 1,922,345 1,685,062 14.1% 4,120,874 3,495,740 17.9%

Regional 40,147 39,123 2.6% 84,078 81,427 3.3%

Atlantic 2,832,239 2,731,145 3.7% 6,052,133 5,877,372 3.0%

Pacific 2,100,913 2,104,898 (0.2%) 4,524,512 4,526,948 (0.1%)

Total System 17,016,127 16,005,335 6.3% 35,965,269 33,846,508 6.3%

Load Factor:

Domestic 83.0% 83.0% 0.0 pts 80.9% 81.5% (0.6) pts

Delta Mainline 84.5% 84.6% (0.1) pts 82.5% 83.2% (0.7) pts

Regional 76.7% 76.4% 0.3 pts 74.0% 74.9% (0.9) pts

International 76.2% 78.7% (2.5) pts 78.0% 80.8% (2.8) pts

Latin America 80.3% 82.4% (2.1) pts 81.3% 83.9% (2.6) pts

Delta Mainline 80.5% 82.7% (2.2) pts 81.5% 84.2% (2.7) pts

Regional 69.6% 69.1% 0.5 pts 71.1% 72.0% (0.9) pts

Atlantic 68.1% 72.5% (4.4) pts 72.5% 76.0% (3.5) pts

Pacific 83.4% 83.5% (0.1) pts 82.4% 84.5% (2.1) pts

Total System 80.3% 81.2% (0.9) pts 79.7% 81.2% (1.5) pts

Mainline Completion Factor 97.5% 95.5% 2.0 pts

Passengers Boarded 11,992,657 11,241,780 6.7% 24,550,008 23,180,582 5.9%

Cargo Ton Miles (000): 178,003 161,919 9.9% 350,426 329,211 6.4%

(a)Results include flights operated under contract carrier arrangements.

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