Today Delta Air Lines, Inc. ("Delta") announced that its Board of Directors has authorized a $1 billion share repurchase program to be completed no later than June 30, 2028. When combined with the current quarterly dividend, Delta plans to return over $2 billion to shareholders over the next three years.

This plan is consistent with the capital allocation framework introduced at Delta's November 2024 Investor Day, including a long-term gross leverage target of 1x and unencumbered assets in excess of $40 billion. Delta's capital allocation priorities remain reinvesting in the business, reducing financial risk through debt reduction and increasing shareholder returns as leverage targets are approached.

The Board of Directors is authorizing opportunistic share repurchases to enable flexibility during times of market volatility and is committed to steady dividend growth. Historically, Delta reassesses the level of its quarterly dividend payout at the June Board of Directors meeting.

The authorization reflects the Board's confidence in Delta's durable financial foundation, including strong cash flow generation and an investment-grade balance sheet that has recently achieved its highest credit ratings in the last 30 years.