DAL · 10-Q · 2026Q2 · Full report

Equity Investments Exposure

DELTA AIR LINES, INC. · 2026-07-10 · Importance 71 · Surprise 60

Delta reports total equity investments carrying value of $4.041 billion at June 30, 2026, including significant positions in carriers and related businesses. Following financing transactions in 2026, Delta concluded that Wheels Up remains a variable interest entity (VIE) for which Delta is not the primary beneficiary; as a result Wheels Up is not consolidated in Delta's financial statements. Delta also extended contractual transfer restrictions on its Wheels Up investment until May 2027 and notes the Wheels Up term loan scheduled maturity date of May 29, 2029. Management flags that certain equity investments in private companies are classified Level 3 and incorporate unobservable inputs, introducing valuation sensitivity.

Key facts

• At June 30, 2026, Delta held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL. source
• Equity investments carrying value at June 30, 2026: $4,041 million. source
• Gain/(loss) on investments, net changes 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. source