Delta Air Lines’ latest 10-Q filing mentions Wheels Up 13 times. Here’s everything Delta said about its stake in Wheels Up.
The latest Delta Air Lines 10-Q filing with the SEC mentions Wheels Up 13 times.
The 10-Q covers Delta Air Lines’ second quarter 2026 earnings.
Its 13 references to Wheels Up are 11 more than in its Q1 2026 10-Q filing.
As of June 30, 2026, Delta Air Lines continues to hold a 36% interest in the fifth-largest private jet operator based on charter and fractional flight hours.
Delta Air Lines also has a stake in more than half a dozen other airlines.
Its 19% stake in Aeromexico is valued at $384 million.
Its 3% ownership of Air France-KLM is worth $115 million.
A 13% stake in Canada’s WestJet is valued at $248 million.
The carrying value of Delta’s interest in Wheels Up is currently $118 million.
That’s down from $136 million at the end of the first quarter.
Per the 1-Q, “During the six months ended June 30, 2026, Wheels Up drew under the terms of the revolving working capital credit facility that was entered into in 2023, and $36 million was outstanding as of June 30, 2026.”
It notes, “This facility is required to be repaid by September 20, 2028.”
The Delta filing adds, “In May 2026, Wheels Up entered into a new $100 million term loan credit agreement, of which we contributed $57 million, with other shareholders making up the remainder,” continuing, “The scheduled maturity date of the term loan is May 29, 2029.”
Per the 10-Q, and previously reported, “The term loan also has the capacity to be increased by up to an additional $100 million.”
Delta notes, “We also agreed to extend the contractual transfer restrictions on our investment in Wheels Up until May 2027 and thereafter will remain subject to certain, more limited transfer restrictions.”
The loans are reflected as an investing outflow in Delta’s cash flows statement.
Loan receivables are on its balance sheet.
In the report commentary, Delta wrote, “This new financing reflects our continued partnership with Wheels Up and provides a stronger financial foundation to support the company’s accelerated fleet and product transformation initiatives, ongoing operational improvements, and enhanced product and service offerings.”
Overall, Delta Air Lines continued its strong financial performance.
Delta CEO Ed Bastian said, “Delta is executing from a position of strength, and we expect momentum to carry into the second half with double-digit margins and a return to earnings growth.”
He added, “For the full year, we are affirming the guidance we set at the start of the year to grow earnings by 20 percent, overcoming a multi-billion-dollar fuel headwind. This reinforces Delta’s durability while positioning us to continue our momentum into 2027.”
Operating revenue of $19.8 billion with operating income of $1.9 billion.
Pre-tax income was $2.0 billion, with a pre-tax margin of 10.2 percent, and operating cash flow was $1.6 billion.
Delta’s current market cap is $57.4 billion.
DAL closed Friday at $87.39.
Its stock has ranged from $50.44 to $95.68 over the past year.
UP’s current market cap is $280.7 million.
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