DAL — what changed in the latest 10-Q
A section-by-section comparison of DAL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-10 vs the prior 10-Q · 2026-04-08
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +31 | −14 | ~32 | 31 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-10
Cash Flow. During the June 2026 quarter, operating activities generated $1.6 billion, primarily from ticket sales and the sale of SkyMiles to our partners. Remuneration from American Express was $2.4 billion in the June 2026 quarter.
Cash flows used in investing activities during the quarter totaled $1.5 billion primarily from capital expenditures. These operating and investing activities yielded free cash flow (a non-GAAP financial measure) of $209 million in the June 2026 quarter. Additionally, we had cash outflows of $536 mil…
Our cash, cash equivalents, short-term investments and aggregate undrawn principal amount available under our revolving credit facilities ("liquidity") as of June 30, 2026 was $7.7 billion.
Compared to the June 2025 quarter, total revenue increased $3.1 billion, as a result of higher pricing in response to the rapid increase in fuel costs and broad based demand strength across premium, main, corporate and loyalty. In addition, the increase in total revenue was driven by higher refinery…
Domestic passenger revenue increased 15% in the June 2026 quarter compared to the June 2025 quarter on a 2% increase in capacity. Domestic revenue increased on higher pricing in response to the rapid increase in fuel costs and broad based demand strength across premium, main, corporate and loyalty.
Text removed vs the prior filing · source: 10-Q · 2026-04-08
Cash Flow. Our cash, cash equivalents, short-term investments and aggregate undrawn principal amount available under our revolving credit facilities ("liquidity") as of March 31, 2026 was $8.1 billion.
During the March 2026 quarter, operating activities generated $2.4 billion, primarily from ticket sales and the sale of SkyMiles to our partners. Remuneration from American Express was $2.2 billion in the March 2026 quarter.
Cash flows used in investing activities during the quarter totaled $1.3 billion primarily from capital expenditures. These operating and investing activities yielded free cash flow (a non-GAAP financial measure) of $1.2 billion in the March 2026 quarter. Additionally, we had cash outflows of $1.6 bi…
Compared to the March 2025 quarter, total revenue increased $1.8 billion, due to an increase from premium products, particularly from corporate customers, loyalty travel awards, refinery sales to third parties and growth in our MRO business.
Domestic passenger revenue increased 8% in the March 2026 quarter compared to the March 2025 quarter on a 1% increase in capacity. Domestic revenue increased due to strong demand for our premium products, particularly from corporate customers.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice