8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 9, 2010

DELTA AIR LINES, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-05424	58-0218548
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

P.O. Box 20706, Atlanta, Georgia  30320-6001

(Address of principal executive offices)

Registrant’s telephone number, including area code:  (404) 715-2600

Registrant’s Web site address:    www.delta.com

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01 Regulation FD Disclosure.

Edward H. Bastian, President of Delta Air Lines, Inc. (“Delta”), today will present to the 2010 JPMorgan Aviation, Transportation & Defense Conference.  Materials to be used in conjunction with the presentation are furnished as Exhibit 99.1 to this Form 8-K.

Delta today issued an Investor Update.  The Investor Update is furnished as Exhibit 99.2 to this Form 8-K.

In accordance with general instruction B.2 of Form 8−K, the information in this report (including exhibits) that is being furnished pursuant to Item 7.01 of Form 8−K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act, as amended, or otherwise subject to liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in such filing. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

Statements in this Form 8-K and the attached exhibits that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995.  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 and strategies reflected in or suggested by the forward-looking statements.  These risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the effects of the global recession; the effects of the global financial crisis; the impact of posting collateral in connection with our fuel hedge contracts;  the impact that our indebtedness may have on our financial and operating activities and our ability to incur additional debt; the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; the ability to realize the anticipated benefits of our merger with Northwest; the integration of the Delta and Northwest workforces; interruptions or disruptions in service at one of our hub airports; our increasing dependence on technology in our operations; our ability to retain management and key employees; the ability of our credit card processors to take significant holdbacks in certain circumstances; the effects of terrorist attacks; the impact of the rapid spread of contagious illnesses; and competitive conditions in the airline industry.

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in Delta’s Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2009. Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of March 9, 2010, and which Delta has no current intention to update.

Item 9.01                      Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit 99.1  Presentation

Exhibit 99.2  Investor Update

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	DELTA AIR LINES, INC.
	By:   /s/ Hank Halter
Date:  March 9, 2010	Hank Halter         Senior Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number		Description
	Exhibit 99.1	Presentation
	Exhibit 99.2	Investor Update

EX-99.1

Exhibit 99.1

Delta: A Solid Flight Plan

Ed Bastian, President

March 9, 2010

1

This presentation contains various projections and other forward-looking statements which
represent Delta’s estimates or expectations regarding future events.All forward-looking
statements involve a number of assumptions, risks and uncertainties, many of which are
beyond Delta’s control, that could cause the actual results to differ materially from the
projected results.Factors which could cause such differences include, without limitation,
business, economic, competitive, industry, regulatory, market and financial uncertainties
and contingencies, as well as the “Risk Factors” discussed in Delta’s Form 10-K filed with
the SEC on February 24, 2010.Caution should be taken not to place undue reliance on
Delta’s forward-looking statements, which represent Delta’s views only as of the date of this
presentation, and which Delta has no current intention to update.

In this presentation, we will discuss certain non-GAAP financial measures.You can find the
reconciliations of those measures to comparable GAAP measures on our website at
delta.com.

Safe Harbor

2

Delta:A Solid Flight Plan

At market fuel prices, Delta was the only
profitable network carrier in 2009

Well positioned for 2010

Creating a financially successful
airline for the long term

Strong financial foundation, premium revenue
opportunities, low cost structure and merger
synergies position Delta to take full advantage of
economic recovery

Strong financial foundation is
unique in the industry

Minimal capital requirements enable cash
investment in product quality and in balance
sheet improvement

3

Delta’s Performance Is Distinguished From Its Peers

2009 Pre-Tax Income,
at Market Fuel Prices ($M)

2009 EBITDAR,
at Market Fuel Prices ($M)

Note:All results exclude special items.Results adjusted to a common fuel price of $1.80 per gallon.

At market fuel prices, Delta was the only profitable network carrier in 2009

Liquidity Key to Weathering the Economic Storm

Note: Liquidity balance includes cash, short term securities and revolving credit facilities.

Unrestricted Liquidity December 2008 vs. December 2009 ($B)

Unrestricted

Liquidity Balance

12/31/08

Unrestricted

Liquidity Balance

12/31/09

Net Debt

Issuance

$5.4

$5.0

$0.3

Net Investing

($1.3)

$1.4

Operating

Cash Flow

Positive free cash flow despite $6 billion revenue decline

4

5

Unit Revenue Momentum is Building

Improvement driven by prior year comparisons, capacity discipline and economic
recovery

Passenger Unit Revenue - YoY Change

(23%)

16%

Note:Forecasted value for March 2010

6

Corporate Sales Trends Improving

Ticket Volume

Revenue

MarAprMayJunJulAugSepOctNovDecJanFeb

34%

32%

200920092009200920092009200920092009200920102010

7

Delivering on Merger
Benefits

Moving Forward in 2010

$6 billion in free cash flow over next three
years to delever balance sheet

Strengthening the
Balance Sheet

Generating a Revenue
Premium

Integration substantially complete and on
track to deliver $2 billion in run-rate
synergies by the end of 2011

Drive industry-leading revenue from
superior network and product

8

•Complete rebranding of Northwest regional aircraft

•Resolve open employee representation for flight
attendants and airport workers

•Drive revenue premium

Integration Of The Airlines Substantially Complete

Remaining Integration Items

•Single operating certificate received

•Reservations system integrated

•Single revenue management system

•Frequent flyer programs integrated

•First joint cockpit crew

•Expanded trans-Atlantic joint venture with AF/KLM

•Completed airport consolidation and rebranding

Merger Accomplishments

On track to hit full synergy run-rate by end of 2011

9

Targeting $600 Million in New 2010 Synergies

Revenue - - $350 million

Cost - - $250 million

•Expand fleet movements across
network

•S-curve benefits

•Integrated revenue management
technology

•First fully coordinated schedule with Air
France/KLM

•Improved vendor terms from renegotiated
contracts

•Discontinued freighter flying

•Continued consolidation of headquarters
functions

•Elimination of duplicate technology platforms

Single operating certificate, technology integration unlock significant value

2009
Synergies

$700M

Revenue

Cost

2010
Synergies

Incremental Synergies

$250M

$350M

$1.3B

10

Delta: Generating Revenue Premium

•Optimize fleet allocations

•Integrated revenue management technology

•Corporate and agency sales contracting

•S-curve market benefits

Targeted market initiatives
provide additional revenue growth
opportunities

•New York strategy

•Pacific network restructuring

Aggressive capture of merger
synergies

•Broaden current alliance relationships

•Attract new partners

Expanding global alliances to
build out the network footprint

11

Realigning Delta’s Fleet Drives Network Synergies

SLC

MSP

A320

M90

Ability to maximize fleet allocations drives incremental value

A320s moved to
SLC hub, will allow
access to East
Coast markets

M90s moved to MSP
hub, where missions do
not require longer
range aircraft

International cross fleeting
builds on successful 2009
routes by adding:

Atlanta-Paris

Detroit-Frankfurt

New York (JFK)-Athens

New York (JFK)-Tel Aviv

Memphis-Amsterdam

12

JFK

ATL

CDG

AMS

DTW

MSP

MEM

CVG

SLC

•First fully coordinated DL/AF/KL summer
schedule will enhance JV profitability in 2010

-Fully leveraged hubs & beyond network

•Joint revenue management

•Capitalizing on point-of-sale presence in each
region

Leveraging Trans-Atlantic Joint Venture To
Maximize Profits

13

Investing in Customer Experience, Not Re-Fleeting

Operating cash funds $1B investment in customer experience and fleet efficiency

•All international widebody aircraft to
have full flat-bed seats in
BusinessElite

•Expanding in-seat audio and video on
demand for customers on all wide-
body aircraft

•Adding First Class cabins to all 70-
seat regional jets

•Completing conversions of pre-
merger Northwest aircraft to Delta
interiors

•Installing winglets on more than 170
additional aircraft to improve fuel
efficiency

•New SkyClub locations

14

Targeting Flat Unit Costs Excluding Fuel in 2010

Consolidated CASM ex Fuel (¢)

8.25

8.28

2009

2010

Key cost synergies/productivity initiatives

•Improved vendor contract terms

•Further streamlining overhead and technology

•Airport efficiencies

•Savings from grounding older, less efficient
aircraft

•Incremental benefits of 2009 actions (i.e., freighter
grounding, aligning staffing levels)

Expected cost pressures

•Engine maintenance volume

•Investments in employees

•Customer and product investment initiatives

Benefits from cost synergies and productivity offset cost pressures

Note:All figures exclude special items

Mainline CASM ex Fuel (¢)

7.40

7.40

2009

2010

Managing Fuel Price Risk Through Systematic
Hedging

Downside Participation

76%

78%

86%

91%

83%

Note:Hedging portfolio data as of March 5, 2010

•Use of call options will allow for downside price participation but will
protect against upward cost pressures

Avg. Crude Call

Projected fuel price

$2.22

$2.33

$2.43

$2.45

$2.36

15

Collars

Swaps

Call options

47%

49%

29%

20%

36%

16

Free Cash Flow Will Drive Balance Sheet Delevering

Operating Cash Flow

Capital Expenditures

$3 - $4 billion

Total Three Year Projection

2010 - - 2012

$9 - $10 billion

Adjusted Net Debt ($B)

12/31/09

12/31/12

Free Cash Flow

~$6 billion

Strong operating cash flow, coupled with minimal capital requirements

17

Revenue Strength Driving Improved March Quarter Expectations

		March quarter 2010	January 26 guidance
Operating margin		1 - 2%	Breakeven
Fuel price		$2.22	$2.22
Total unrestricted liquidity		$5.5 billion	$5.6 billion
		March quarter 2010 vs. March quarter 2009
Consolidated non-fuel unit cost		Up 1 - 2%	Flat to up 2%
System capacity		Down 4 - 5%	Down 3 - 5%
	Domestic	Down 2 - 3%	Down 1 - 3%
	International	Down 7 - 8%	Down 5 - 7%

February storms net impact expected to be $30 million for the quarter

Note:Fuel price is net ofhedge impact, and includes approximately $0.24 for taxes, transportation, and option premiums

18

Progress Being Made … More Work To Do

Encouraged with ability to withstand economic headwinds, but improvements
remain to achieve our shareholder return goals

10 - - 12% operating margin

$2.5 - - $3.0 billion in operating
cash flows

Minimize capital reinvestment
requirements

Delever the balance sheet

Generate 10% return on invested capital

Non-GAAP Financial Measures

Delta completed its merger with Northwest Airlines on October 29, 2008. Accordingly, Delta’s financial results prepared in accordance with accounting
principles generally accepted in the U.S. (GAAP) include the results of Northwest Airlines for 2009.Under GAAP, Delta does not include in its financial
results the results of Northwest Airlines prior to the completion of the merger.Accordingly, Delta’s financial results under GAAP for 2008 include the
results of Northwest Airlines for the period from October 30, 2008 through December 31, 2008.This impacts the comparability of Delta’s financial
statements under GAAP for 2009 and 2008.

Year-over-year comparisons in certain presentations assume the 2008 financial statements were prepared on a combined basis, excluding special
items.“Combined basis” means the company combines the financial results of Delta and Northwest as if the merger had occurred prior to the beginning
of the applicable period.Delta believes presenting this financial information on a combined basis provides a more meaningful basis for comparing
Delta’s year-over-year financial performance than the GAAP financial information.

Delta is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of special items cannot be estimated at this time.

Delta excludes special items and fuel hedge losses because management believes the exclusion of these items is helpful to investors to evaluate the
company's recurring operational performance.

Earnings before interest, taxes, depreciation, amortization and aircraft rent (EBITDAR) has been presented as management believes it is helpful to
investors in utilizing EBITDAR as a proxy for operating cash flow on a period over period basis.

Delta presents net investing activities and net debt issuance because management believes this metric is helpful to investors to evaluate the company's
investing and financing activities.

Delta presents consolidated and Mainline cost per available seat mile (CASM) excluding fuel expense and related taxes because management believes
the volatility in fuel prices impacts the comparability of year-over-year financial performance.Consolidated and Mainline CASM exclude ancillary
businesses not associated with the generation of a seat mile.These businesses include expenses related to Delta’s providing maintenance services
(MRO), staffing services and dedicated freight operations as well as Delta’s vacation wholesale operations.

Delta uses adjusted total debt, including aircraft rent, in addition to long-term adjusted debt and capital leases, to present estimated financial obligations.
Delta reduces adjusted total debt by cash and cash equivalents and short-term investments, to present the amount of additional assets needed to satisfy
the debt.

The non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a
substitute for or superior to GAAP results.

Pre-Tax Income

EBITDAR

Net Investing

Net Debt Issuance

Revenue

Non-Fuel CASM

Mainline Non-Fuel CASM

Adjusted Net Debt

EX-99.2

Exhibit 99.2

This investor update provides Delta’s guidance for the March quarter 20101,2.

Advance Revenue Trends

·   Projected system load factors for March 2010 and April 2010 of 84% and 82%, respectively, are expected to be 1-3 points higher than the prior year period.

·   The company expects passenger RASM to increase approximately 8% in February and 16% in March, compared to the same period last year.

·   Corporate revenue and ticket volumes have increased approximately 30% year over year for the last four weeks.

February Storm Impact

·   Delta cancelled approximately 7,000 flights, or 3.2% of system capacity, due to severe weather in February.  As a result of these cancellations, revenue declined by $65 million and costs decreased $35 million, for a net impact of $30 million.

Liquidity

·   Delta expects to end the March 2010 quarter with $5.5 billion of unrestricted liquidity.  This is lower than previous guidance due to $130 million of accelerated pension funding.

Share count

·   Delta expects approximately 832 million weighted average shares outstanding for the March quarter.

Key Financial Metrics

	Mar Qtr 2010
Operating margin	1 – 2%
Consolidated fuel price, including taxes and hedges	$ 2.22
Capital expenditures	$ 365 million
Cargo and other revenue	$1.1 billion
Non-operating expense	$325 million
	Mar Qtr 2010 vs. Mar Qtr 2009
Consolidated CASM ex-fuel	Up 1 - 2%
System capacity	Down 4 - 5%
Domestic	Down 2 - 3%
International	Down 7 - 8%
Mainline capacity	Down 4 - 5%
Domestic	Down 2 - 3%
International	Down 7 - 8%

1  

Fuel hedge update

As of 3/5/2010

	% of Projected Fuel Requirements Hedged
	Mar Qtr 2010
Call options	23%
Collars	6%
Swaps	18%
Total	47%
Projected fuel price/gallon	$2.22

Projected fuel price includes:

·   Assumed $85.90 all-in price per barrel for crude oil plus refining spread

·   Hedge gain of $0.07/gallon

·   $0.24 for taxes, transportation and hedge premiums

Notes

1 Delta excludes (a) special items because management believes the exclusion of these items is helpful to investors in evaluation of the company’s recurring operational performance and (b) out-of-period fuel hedge losses in order to present financial results related to operations in the period shown.

2 Delta is unable to reconcile forward looking projections to GAAP as the nature or amount of special items cannot be estimated at this time.

Forward Looking Statements

Statements in this Investor Update that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995.  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 and strategies reflected in or suggested by the forward-looking statements.  These risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the effects of the global recession; the effects of the global financial crisis; the impact of posting collateral in connection with our fuel hedge contracts;  the impact that our indebtedness will have on our financial and operating activities and our ability to incur additional debt; the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; the ability to realize the anticipated benefits of our merger with Northwest; the integration of the Delta and Northwest workforces; interruptions or disruptions in service at one of our hub airports; our increasing dependence on technology in our operations; our ability to retain management and key employees; the ability of our credit card processors to take significant holdbacks in certain circumstances; the effects of terrorist attacks; and competitive conditions in the airline industry.

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 Form 10-K for the year ended December 31, 2009.  Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of March 9, 2010 and which we have no current intention to update.

2