Exhibit 99.1

Delta Air Lines Announces September Quarter 2022 Profit

Record quarterly revenue and second consecutive quarter of double-digit operating margin

Returned operations to industry-leading reliability

Expect December quarter revenue recovery to accelerate relative to 2019

On track to achieve 2024 targets of over $7 adj. EPS and $4 billion of free cash flow

ATLANTA, Oct. 13, 2022 – Delta Air Lines (NYSE:DAL) today reported financial results for the September quarter 2022 and provided its outlook for the December quarter 2022. Highlights of the September quarter 2022 results, including both GAAP and adjusted metrics, are on page five and are incorporated here.

“Thanks to the incredible work of our entire team, Delta delivered a strong September quarter with record quarterly revenues and a double-digit operating margin. The travel recovery continues as consumer spend shifts to experiences and demand improves in corporate and international,” said Ed Bastian, Delta’s chief executive officer. “In this environment, we expect December quarter revenue growth to accelerate versus 2019 with an operating margin of approximately 10 percent.”

“With strong demand and a return to best-in-class operational performance, we are ahead of our plan for the year on profitability and expect to be free cash flow positive. We’re working towards full network restoration by summer of 2023, which supports a meaningful step up in profitability and cash flow next year on our path to earn over $7 of EPS and $4 billion of free cash flow in 2024,” Bastian said.

September Quarter 2022 GAAP Financial Results

September Quarter 2022 Adjusted Financial Results

*Includes cash and cash equivalents, short-term investments and undrawn revolving credit facilities

December Quarter Outlook¹

¹ Non-GAAP measures; Refer to Non-GAAP reconciliations for 4Q19 comparison figures

² Compared to December quarter 2019

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

September Quarter Revenue Environment and Outlook

“We reached a major milestone this quarter, with adjusted revenue 3 percent higher and unit revenues up 23 percent compared to 2019, marking the highest revenue and unit revenue quarter in Delta's history. Our results reflect the strength of our brand and diverse revenue streams, with another quarter of record co-brand remuneration and continued premium product outperformance,” said Glen Hauenstein, Delta's president. “With corporate travel improving and robust domestic and international demand, we expect December quarter revenue to be up 5 to 9 percent compared to December quarter 2019.”

*Corporate sales include tickets sold to corporate contracted customers, including tickets for travel during and beyond the referenced time period

September Quarter Cost Performance and Outlook

“We delivered $1.5 billion of operating profit with a 12 percent operating margin in the September quarter despite costs related to our rebuild efforts as well as inflationary impacts felt across the industry,” said Dan Janki, Delta's chief financial officer. “With capacity expected to be 91 to 92 percent restored to 2019 in the December quarter, non-fuel unit costs are expected to be 12 to 13 percent higher, improving 10 points sequentially. Improving asset utilization and efficiency remain key priorities as we move into the final stages of rebuilding the airline and work to drive a competitive cost structure.”

September Quarter Balance Sheet, Cash and Liquidity

“We repaid $1.8 billion of debt during the quarter, bringing year-to-date debt repayment to more than $4 billion,” Janki said. “We remain committed to strengthening our balance sheet, targeting adjusted net debt of $15 billion and investment grade metrics by 2024.”

Fleet and Partner Updates

On July 18, Delta announced it had reached an agreement with The Boeing Company to purchase 100 Boeing 737-10 aircraft, with options for 30 more. Deliveries of the aircraft will begin in 2025. In addition to improved fuel efficiency, these aircraft will have higher gauge and more premium seating. Delta's 737 fleet will grow to over 300 aircraft by 2030, making it one of the company's largest fleet families. The company also announced a service agreement with CFM International to service the more sustainable next-generation LEAP engines. Delta TechOps will be one of a select few maintenance, repair and overhaul providers worldwide for the LEAP-1B engine.

On September 30, the U.S. Department of Transportation approved and granted antitrust immunity to the trans-American Joint Venture Agreement between Delta and LATAM. The carriers' deepened cooperation under the Joint Venture Agreement will improve travel options and services for customers traveling between the U.S./Canada and South America. Both airlines will work closely to deliver the customer benefits that this approval unlocks, including expanded capacity, increased routing options, superior frequent flyer benefits and shared airport facilities and amenities.

On October 11, Delta announced a strategic partnership with Joby Aviation, Inc., an all-electric vertical take-off and landing (eVTOL) innovator. Delta and Joby share a commitment to delivering a seamless, zero-operating-emission, premium customer experience for eVTOL service. The partnership will leverage Delta’s commercial and operational expertise to develop Joby’s transformational home-to-airport transportation service for Delta customers.

On October 12, Delta and Starbucks announced a new strategic loyalty partnership between Delta SkyMiles and Starbucks Rewards that allows members to link accounts and unlock more ways to earn rewards. This partnership enables more meaningful connection and gets members of both programs even closer to these brands that they love. Delta is Starbucks’ first account linking partner in the U.S., and this will be a strong membership and engagement driver for both brands.

Other September Quarter Highlights

Operational Reliability

Culture and People

Customer Experience and Loyalty

Environmental, Social and Governance

*Based on FlightStats preliminary data for Delta Air Lines for all Delta flights system wide, from September 1-30, 2022, and as compared to Delta’s competitive set (AA, UA, B6, AS, WN, and DL). On-time is defined as A0

**Non-CO2e effects which may also contribute to aviation induced warming are not included in this target. Delta Air Lines commits to publicly report on non-CO2e impacts of aviation over its target timeframe

September Quarter Results

September quarter results have been adjusted primarily for the unrealized losses on investments, loss on extinguishment of debt and third-party refinery sales as described in the reconciliations in Note A.

About Delta Air Lines More than 4,000 Delta Air Lines (NYSE: DAL) flights take off every day, connecting people across more than 275 destinations on six continents with a commitment to industry-leading customer service, safety and innovation.

More than 80,000 Delta people lead the way in delivering a world-class customer experience, and we're continuing to ensure the future of travel is personalized, enjoyable and stress-free. Our people's genuine and enduring motivation is to make every customer feel welcomed and respected across every point of their journey with us.

Delta has served as many as 200 million customers annually. Headquartered in Atlanta, Delta operates significant hubs and key markets in Amsterdam, Atlanta, Boston, Detroit, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Seattle, Seoul-Incheon and Tokyo.

Powered by innovative and strategic partnerships with Aeromexico, Air France-KLM, China Eastern, Korean Air, LATAM, Virgin Atlantic and WestJet, Delta brings more choice and competition to customers worldwide.

Delta is America's most-awarded airline thanks to the dedication, passion and professionalism of its people, recognized by Fortune, the Wall Street Journal, and Business Travel News, among many others.

Forward Looking Statements

Statements made in this press release 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 Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees or promised outcomes and should not be construed as such. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the material adverse effect that the COVID-19 pandemic has had on our business; the impact of incurring significant debt in response to the pandemic; failure to comply with the financial and other covenants in our financing agreements; the possible effects of accidents involving our aircraft or aircraft of our airline partners; breaches or lapses in the security of technology systems on which we rely and of the data stored within them, as well as compliance with ever-evolving global privacy and security regulatory obligations; disruptions in our information technology infrastructure; our dependence on technology in our operations; our commercial relationships with airlines in other parts of the world and the investments we have in certain of those airlines; the effects of a significant disruption in the operations or performance of third parties on which we rely; failure to realize the full value of intangible or long-lived assets; labor issues; the effects of weather, natural disasters and seasonality on our business; changes in the cost of aircraft fuel; extended disruptions in the supply of aircraft fuel, including from Monroe Energy, LLC (“Monroe”), a wholly-owned subsidiary of Delta; failure or inability of insurance to cover a significant liability at Monroe’s Trainer refinery; failure to comply with existing and future environmental regulations to which Monroe’s refinery operations are subject, including costs related to compliance with renewable fuel standard regulations; our ability to retain senior management and other key employees, and to maintain our company culture; significant damage to our reputation and brand, including from exposure to significant adverse publicity or inability to achieve certain sustainability goals; the effects of terrorist attacks, geopolitical conflict or security events; competitive conditions in the airline industry; extended interruptions or disruptions in service at major airports at which we operate or significant problems associated with types of aircraft or engines we operate; the effects of extensive government regulation we are subject to; the impact of environmental regulation, including but not limited to increased regulation to reduce emissions and other risks associated with climate change, and the cost of compliance with more stringent environmental regulations; and unfavorable economic or political conditions in the markets in which we operate or volatility in currency exchange rates.

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and our Quarterly Reports on Forms 10-Q for the quarterly period ended June 30, 2022. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of the date of this press release, and which we undertake no obligation to update except to the extent required by law.

DELTA AIR LINES, INC.

Consolidated Statements of Operations

(Unaudited)

DELTA AIR LINES, INC.

Passenger Revenue

(Unaudited)

DELTA AIR LINES, INC.

Other Revenue

(Unaudited)

DELTA AIR LINES, INC.

Total Revenue

(Unaudited)

DELTA AIR LINES, INC.

Statistical Summary

(Unaudited)

DELTA AIR LINES, INC.

Consolidated Statements of Cash Flows

(Unaudited)  

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above:

DELTA AIR LINES, INC.

Consolidated Balance Sheets

(Unaudited)

Note A: The following tables show reconciliations of non-GAAP financial measures. The reasons Delta uses these measures are described below. Reconciliations may not calculate due to rounding.

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 Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. The tables below show reconciliations of non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures.

Forward Looking Projections. Delta is not able to reconcile forward looking non-GAAP financial measures without unreasonable effort because the adjusting items such as those used in the reconciliations below will not be known until the end of the period and could be significant.

Adjustments. These reconciliations include certain adjustments to GAAP measures, that are directly related to the impact of COVID-19 and our response. These adjustments are made to provide comparability between the reported periods, if applicable, as indicated below:

Restructuring charges. During 2020, we recorded restructuring charges for items such as fleet impairments and voluntary early retirement and separation programs following strategic business decisions in response to the COVID-19 pandemic. In the September quarter 2022 and nine months ended September 2022, we recognized $1 million and $6 million, respectively, of net adjustments to certain of those restructuring charges, representing changes in our estimates.

Loss on extinguishment of debt. This adjustment relates to early termination of a portion of our debt.

We also regularly adjust certain GAAP measures for the following items, if applicable, for the reasons indicated below:

Third-party refinery sales. Refinery sales to third parties, and related expenses, are not related to our airline segment. Excluding these sales therefore provides a more meaningful comparison of our airline operations to the rest of the airline industry.

Delta Private Jets adjustment. Because we combined Delta Private Jets with Wheels Up in January 2020, we have excluded the impact of Delta Private Jets from 2019 results for comparability.

MTM adjustments and settlements on hedges. Mark-to-market ("MTM") adjustments are defined as fair value changes recorded in periods other than the settlement period. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period, and therefore we remove this impact to allow investors to better understand and analyze our core performance. Settlements represent cash received or paid on hedge contracts settled during the applicable period.

MTM adjustments on investments. Unrealized gains/losses result from our equity investments that are accounted for at fair value in non-operating expense. The gains/losses are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in companies without publicly-traded shares. Adjusting for these gains/losses allows investors to better understand and analyze our core operational performance in the periods shown.

Equity investment MTM adjustments. We adjust for our proportionate share of our equity method investee, Virgin Atlantic’s, hedge portfolio MTM adjustments (recorded in non-operating expense) to allow investors to understand and analyze our core operational performance in the periods shown.

Aircraft fuel and related taxes. The volatility in fuel prices impacts the comparability of year-over-year financial performance. The adjustment for aircraft fuel and related taxes allows investors to better understand and analyze our non-fuel costs and year-over-year financial performance.

Profit sharing. We adjust for profit sharing because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.

Operating Revenue, adjusted and Total Revenue Per Available Seat Mile (“TRASM”), adjusted