{"schemaVersion":1,"research":true,"symbol":"dal","name":"Delta Air Lines","topic":"moat","path":"/stock/dal/moat","status":"published","version":5,"updatedAt":"2026-10-18T15:58:36.536Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Delta has a narrow moat from its service reputation, operational reliability and monetized loyalty brand. Repeated operating leadership, customer recognition and growing American Express remuneration support current differentiation. Pricing power is demonstrated by higher realized pricing in June 2026, but operating income declined in both June and September as costs rose. The passages do not establish durable network effects, strong customer lock-in, protected route economics or a structural cost advantage.","advantages":[{"mechanism":"intangible_assets","claim":"Delta's operating reliability and service reputation support customer preference and a commercially valuable loyalty brand. American Express remuneration of $8.2 billion in 2025, up approximately 11%, demonstrates monetization beyond management's brand assertions.","durability":"Operating leadership across 2023–2025 and 15 consecutive years of corporate customer survey recognition support persistence. Continued investment and reliable service remain necessary; exceptional long-term durability is not established.","risks":"Named carriers compete on fares, reliability, service and loyalty programs. The 2024 outage demonstrated operational vulnerability. Higher pricing has not fully protected earnings against rising costs, and loyalty benefits do not establish customer exclusivity.","invalidation":"The thesis would weaken materially if Delta lost its relative reliability and service standing over successive annual periods while loyalty monetization and premium demand also deteriorated. Persistent inability to sustain pricing without losing demand would undermine the economic value of the brand.","competitors":["American Airlines","United Airlines","Alaska Airlines","JetBlue Airways","Southwest Airlines","Allegiant Air","Frontier Airlines","Spirit Airlines"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Business — 2023 operational reliability","excerpt":"We remain committed to industry-leading reliability and are consistently among the industry's best performers, delivering the best on-time arrival among our network carrier peers in 2023."},{"id":"e2","sourceId":"filing-2","location":"Business — 2024 operational reliability","excerpt":"We are consistently among the industry's best performers, delivering the best on-time arrival and completion factor among our network carrier peers in 2024."},{"id":"e3","sourceId":"filing-1","location":"Business — 2025 operational reliability","excerpt":"We are consistently among the industry's best performers, delivering the best completion factor and on-time departures and arrivals among our network carrier competitors in 2025."},{"id":"e4","sourceId":"filing-6","location":"Competitive Advantages and Brand Strength — customer recognition","excerpt":"In 2025, we were recognized as the Best Airline Staff Service in North America at the Skytrax World Airline Awards based on customer feedback, and named the best airline by corporate travel customers in the annual Business Travel News Airline Survey for the 15th year in a row."},{"id":"e5","sourceId":"filing-1","location":"MD&A — American Express remuneration in 2025","excerpt":"Remuneration from American Express related to the SkyMiles program were $8.2 billion during 2025, an increase of approximately 11% compared to 2024."},{"id":"e6","sourceId":"filing-1","location":"MD&A — 2025 revenue and premium and loyalty demand","excerpt":"Revenue. Compared to 2024, our 2025 operating revenue increased $1.7 billion, or 3%, primarily due to a 3% increase in capacity driven by continued strength in demand for premium products, particularly from corporate customers, growth in loyalty travel awards, increased refinery sales to third parties and growth of our Delta TechOps third-party maintenance, repair and overhaul (\"MRO\") business."},{"id":"e7","sourceId":"filing-5","location":"MD&A — June 2026 passenger revenue and higher pricing","excerpt":"Passenger revenue increased $1.7 billion compared to the June 2025 quarter on higher pricing in response to the rapid increase in fuel costs and broad based demand strength across premium, main, corporate and loyalty."},{"id":"e8","sourceId":"filing-4","location":"MD&A — September 2026 domestic revenue on flat capacity","excerpt":"Domestic passenger revenue increased 16% in the September 2026 quarter compared to the September 2025 quarter on flat capacity."},{"id":"e9","sourceId":"filing-1","location":"Business — named domestic competitors","excerpt":"Our domestic operations are subject to significant competition from traditional network carriers, including American Airlines and United Airlines, national point-to-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and other discount or ultra-low-cost carriers, including Allegiant Air, Frontier Airlines and Spirit Airlines."},{"id":"e10","sourceId":"filing-1","location":"Business — dimensions of airline competition","excerpt":"The airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), operational reliability, services, products, customer service and loyalty programs."},{"id":"e11","sourceId":"filing-1","location":"MD&A — realized 2024 outage and revenue impact","excerpt":"In addition, revenue increased year over year due to the Crowdstrike-caused outage in 2024, which led to a direct revenue impact of approximately $380 million related to approximately 7,000 flight cancellations over five days."},{"id":"e12","sourceId":"filing-1","location":"Risk factors — historical inability to fully offset fuel increases through fares","excerpt":"At times in the past, we often were not able to increase our fares to offset fully the effect of increases in fuel costs, and we may not be able to do so in the future."},{"id":"e13","sourceId":"filing-5","location":"MD&A — June 2026 operating income decline","excerpt":"Our operating income for the June 2026 quarter was $1.9 billion, a decrease of $238 million compared to the June 2025 quarter."},{"id":"e14","sourceId":"filing-4","location":"MD&A — September 2026 operating income decline","excerpt":"Our operating income for the September 2026 quarter was $1.5 billion, a decrease of $230 million compared to the September 2025 quarter."},{"id":"e15","sourceId":"filing-1","location":"Accounting policies — mileage earning by loyalty status, fare class and ticket price","excerpt":"When traveling, customers earn miles primarily based on the passenger's loyalty program status, fare class and ticket price."},{"id":"e16","sourceId":"filing-1","location":"Accounting policies — mileage redemption benefits","excerpt":"Miles are redeemable by customers for air travel on Delta and other participating airlines, access to Delta Sky Clubs, and other program awards."},{"id":"e17","sourceId":"filing-3","location":"Regulation — ticket pricing discretion and price competition","excerpt":"Airlines set ticket prices in all domestic and most international city-pairs with minimal governmental regulation, and the industry is characterized by significant price competition."},{"id":"e18","sourceId":"filing-2","location":"Business — contractual control of regional flight pricing and inventory","excerpt":"Our contractual agreements with regional carriers are primarily capacity purchase arrangements, under which we control the scheduling, pricing, reservations, ticketing and seat inventories for the regional carriers' flights operating under our \"DL\" designator code."},{"id":"e19","sourceId":"filing-1","location":"Debt notes — restrictions on changes to SkyMiles terms","excerpt":"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."},{"id":"e20","sourceId":"filing-4","location":"MD&A — September 2026 adjusted operating expense growth","excerpt":"Total operating expense, adjusted (a non-GAAP financial measure, which primarily excludes expenses related to refinery sales to third parties) in the September 2026 quarter increased $2.4 billion, or 18%, compared to the September 2025 quarter."},{"id":"e21","sourceId":"filing-1","location":"MD&A — 2025 operating cash generation","excerpt":"Cash Flow. During 2025, operating activities generated $8.3 billion, primarily from ticket sales and the sale of SkyMiles to our partners."},{"id":"e22","sourceId":"filing-5","location":"Liquidity — first-half operating cash flows","excerpt":"We generated cash flows from operations of $4.0 billion and $4.2 billion in the six months ended June 30, 2026 and 2025, respectively."},{"id":"e23","sourceId":"filing-4","location":"Liquidity — actual nine-month capital expenditures","excerpt":"Capital Expenditures. Our capital expenditures were $4.1 billion and $3.6 billion for the nine months ended September 30, 2026 and 2025, respectively."},{"id":"e24","sourceId":"filing-4","location":"Liquidity — actual debt and finance lease repayments","excerpt":"Debt and Finance Leases. In the nine months ended September 30, 2026, we had cash outflows of $3.3 billion related to repayments of our debt and finance lease obligations."},{"id":"e25","sourceId":"filing-5","location":"Commitments — aircraft purchase obligations at June 30, 2026","excerpt":"Our future aircraft purchase commitments totaled approximately $27.6 billion at June 30, 2026."},{"id":"e26","sourceId":"filing-4","location":"Liquidity — Wheels Up working capital facility exposure","excerpt":"Wheels Up. During the nine months ended September 30, 2026, Wheels Up drew under the terms of the revolving working capital credit facility that was entered into in 2023, and $83 million was outstanding as of September 30, 2026."},{"id":"e27","sourceId":"filing-4","location":"Liquidity — additional Wheels Up term loan contribution","excerpt":"In May 2026, Wheels Up entered into a new $100 million term loan credit agreement, of which we contributed $57 million and other shareholders contributed the remainder."},{"id":"e28","sourceId":"filing-1","location":"Equity compensation — outstanding performance restricted share awards","excerpt":"(1)Includes a maximum of 5,421,161 shares of common stock that may be issued upon the achievement of certain performance conditions under outstanding performance restricted share awards as of December 31, 2025."},{"id":"e29","sourceId":"filing-6","location":"Executive compensation — ownership and retention guidelines","excerpt":"policies for officers; (2) stock ownership and retention guidelines for executive officers; (3) incentive compensation"},{"id":"e30","sourceId":"filing-6","location":"Executive compensation — payout caps and longer-term compensation","excerpt":"capped at specified levels; (4) an emphasis on longer-term compensation; (5) use of multiple performance measures, both"},{"id":"e31","sourceId":"filing-6","location":"Executive compensation — multiple performance measures and anti-hedging policy","excerpt":"annual and long-term; and (6) an anti-hedging and anti-pledging policy for all employees."},{"id":"e32","sourceId":"filing-6","location":"Audit Committee report — independent directors","excerpt":"The Audit Committee consists of independent directors"},{"id":"e33","sourceId":"filing-6","location":"Audit Committee report — appointment and oversight of auditors","excerpt":"In addition, the Committee appoints, oversees and reviews the performance of the"},{"id":"e34","sourceId":"filing-6","location":"Audit Committee report — auditors report directly to committee","excerpt":"independent auditors, who report directly to the Committee."},{"id":"e35","sourceId":"filing-1","location":"Regulation — generally unrestricted domestic route entry with airport exceptions","excerpt":"Since the passage of the Airline Industry Deregulation Act in 1978, airlines have generally been free to launch or terminate service to U.S airports without restriction, except with respect to certain slot-controlled and schedule-facilitated airports, as well as certain constraints related to service to small communities governed by the \"Essential Air Services\" program."},{"id":"e36","sourceId":"filing-1","location":"Business — management belief that investment supports a sustained revenue premium","excerpt":"We believe our investment in customer service and experience, operations, product, airports, and technology strengthens customer perception of our brand, builds loyalty, and supports a sustained revenue premium."}],"changes":["Retained the previous narrow verdict, supported by operating reliability, customer recognition and demonstrated loyalty monetization.","Removed the previous claim of a 12% June 2026 yield increase because that statistic is absent from the supplied passages. Higher pricing is explicitly disclosed, and September domestic revenue increased 16% on flat capacity.","Added September 2026 evidence: demand remained strong, but operating income declined and adjusted operating expenses grew faster than adjusted revenue.","Added assessments of actual compensation arrangements, governance disclosures, capital spending, debt repayments and additional Wheels Up financing."],"limitations":["The analysis uses only supplied filings. Dates are filing dates, retaining dateKind filed; they are not treated as publication or retrieval dates.","Operating comparisons and external awards are reported by Delta. They support demonstrated differentiation but are not independently verified here.","Named domestic competitors are disclosed, but the passages do not provide comparable carrier economics, customer retention or route-level market shares.","American Express remuneration growth demonstrates loyalty monetization, not a disclosed renewal rate, exclusive customer relationship or independently established pricing premium.","Management's sustained revenue premium assertion is identified as a belief. September revenue growth on flat capacity does not isolate fare changes from load factor or mix.","The passages do not establish strong switching costs, network effects, structural cost superiority or protected route profitability. Airport entry exceptions alone do not establish efficient scale.","Compensation policies and outstanding performance awards are disclosed, but complete ownership compliance, award economics and governance outcomes are not established. Proposed meeting items are not treated as adopted changes."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Repeated relative operational leadership, customer recognition and substantial growing loyalty monetization support an intangible brand advantage. This does not establish protected routes or a cost advantage.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Multi-year reliability and longstanding corporate customer recognition support persistence, but service and loyalty remain competitive dimensions and domestic route entry is generally open. Exceptional durability is unproven.","evidenceIds":["e1","e2","e3","e4","e10","e35"]},{"criterion":"customer_dependency","grade":2,"rationale":"Status-based mileage earning and redemption benefits encourage repeat use, with growing loyalty remuneration supporting engagement indirectly. Customers are not shown to depend exclusively on Delta or face substantial switching costs.","evidenceIds":["e5","e6","e15","e16","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Reliability leadership persisted into 2025 and pricing and demand strengthened in 2026. However, the realized outage and two quarterly operating income declines demonstrate limits to resilience.","evidenceIds":["e3","e7","e8","e11","e13","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"June 2026 passenger revenue explicitly benefited from higher pricing alongside broad demand strength. September domestic revenue growth on flat capacity corroborates revenue strength, although mix and load factor effects are not separated and a durable relative premium is not independently established.","evidenceIds":["e7","e8","e36"]},{"criterion":"retention","grade":2,"rationale":"Growing American Express remuneration, loyalty travel awards and continued customer recognition provide indirect operating evidence of engagement and repeat preference. No customer retention rate or exclusive relationship is disclosed.","evidenceIds":["e4","e5","e6","e15","e16"]},{"criterion":"margin_resilience","grade":1,"rationale":"Delta remained profitable, but higher pricing did not prevent operating income declines in June and September 2026. September adjusted expenses grew 18%, exceeding adjusted revenue growth of 16%; historical incomplete fuel-cost recovery further limits pricing protection.","evidenceIds":["e12","e13","e14","e20","e7"]},{"criterion":"contractual_freedom","grade":3,"rationale":"Disclosures establish broad ticket-pricing discretion and contractual control over pricing on regional capacity-purchase flights. Significant price competition constrains economic freedom, and financing covenants restrict certain SkyMiles changes.","evidenceIds":["e17","e18","e19"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual operating cash generation and $3.3 billion of nine-month 2026 debt and finance lease repayments demonstrate discipline. Rising capital spending, $27.6 billion of aircraft commitments at June 2026 and further Wheels Up funding create substantial commitments without demonstrated investment returns in these passages.","evidenceIds":["e21","e22","e23","e24","e25","e26","e27"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing performance-conditioned awards, executive ownership and retention guidelines, payout caps, longer-term compensation and multiple performance measures provide concrete alignment mechanisms. Their existence does not establish ownership compliance or exceptional realized alignment.","evidenceIds":["e28","e29","e30","e31"]},{"criterion":"execution","grade":3,"rationale":"Repeated relative reliability leadership, growing loyalty remuneration and realized pricing support strong execution from operating evidence. Management attribution is indirect; the 2024 outage and subsequent earnings pressure prevent an exceptional grade.","evidenceIds":["e1","e2","e3","e5","e7","e11","e14"]},{"criterion":"governance","grade":2,"rationale":"An independent Audit Committee with direct auditor oversight and executive compensation safeguards establishes functioning governance mechanisms. These disclosures provide limited evidence of their effectiveness in contested decisions or protection of shareholder rights.","evidenceIds":["e32","e33","e34","e29","e30","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"ebc89001d355b7e417dbd2aae55a551d04f87ae81294e67a4934dcb59525a267","updatedAt":"2026-10-18T15:58:36.536Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm","publishedAt":"2026-02-11","sha256":"a81f08dae7e6c8e315e7f09fc7cce2aeff935b94ebb108a18f4f8745a9ddf67b","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790425000004/dal-20241231.htm","publishedAt":"2025-02-11","sha256":"1116b950605a80be01ff7c49ba0938a93802532bd9692d6e9a557163a118b766","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790424000003/dal-20231231.htm","publishedAt":"2024-02-12","sha256":"8a79d26cfd0052144b8fa1c3bd5664b18347087fa776906bac2645797a12d12e","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000038/dal-20260930.htm","publishedAt":"2026-10-09","sha256":"b9e665b3510fd013b985ae9b5ff054585256328ea1b6b0b4d8f322c4fa3d7f0f","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000031/dal-20260630.htm","publishedAt":"2026-07-10","sha256":"a5a27c5de54548a179ef3d2eb7ebdf802399acac73e50e27dc02cd84bbbfc296","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/27904/000130817926000345/dal014970-def14a.htm","publishedAt":"2026-04-24","sha256":"c361631964bddcd16c9d23eefb1dd3762a11610d68ff49060a32ac02e4cf1dad","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:97522c36faac0b34d97502a951fdce0068a7dc8a584f1f43b2039e2c9b8c6512","usage":{"input_tokens":82667,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3944,"reasoning_output_tokens":156}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":6.307903274357002,"roic":5.8634237962537945,"fcf_margin":0.05685808889929429,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":7.23775256019928,"roic":10.243811823909626,"fcf_margin":-0.005930963583883594,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":9.511094266813672,"roic":16.571097942138653,"fcf_margin":1.9656146637265712,"sbc_revenue":null},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":9.725354054799409,"roic":15.656532103803608,"fcf_margin":4.680174553477281,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":9.188182564232056,"roic":15.950619228218526,"fcf_margin":6.0649580203269995,"sbc_revenue":null},"issues":{"sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm","publishedAt":"2026-02-11","sha256":"a81f08dae7e6c8e315e7f09fc7cce2aeff935b94ebb108a18f4f8745a9ddf67b","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790425000004/dal-20241231.htm","publishedAt":"2025-02-11","sha256":"1116b950605a80be01ff7c49ba0938a93802532bd9692d6e9a557163a118b766","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790424000003/dal-20231231.htm","publishedAt":"2024-02-12","sha256":"8a79d26cfd0052144b8fa1c3bd5664b18347087fa776906bac2645797a12d12e","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000038/dal-20260930.htm","publishedAt":"2026-10-09","sha256":"b9e665b3510fd013b985ae9b5ff054585256328ea1b6b0b4d8f322c4fa3d7f0f","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/27904/000002790426000031/dal-20260630.htm","publishedAt":"2026-07-10","sha256":"a5a27c5de54548a179ef3d2eb7ebdf802399acac73e50e27dc02cd84bbbfc296","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/27904/000130817926000345/dal014970-def14a.htm","publishedAt":"2026-04-24","sha256":"c361631964bddcd16c9d23eefb1dd3762a11610d68ff49060a32ac02e4cf1dad","dateKind":"filed"}],"history":[{"version":5,"updatedAt":"2026-10-18T16:59:46.476Z","verdict":"narrow","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}