Delta Air Lines (DAL) AGM 2026 summary

Opening remarks and agenda

• Meeting convened with 86.38% of eligible votes present in person, virtually, or by proxy, establishing a quorum.

• Agenda included director elections, an advisory vote on 2025 executive compensation, auditor ratification, and two shareholder proposals.

Financial performance review

• FY2025 pre-tax profit was $5 billion, more than half of industry profits despite a 20% market share; free cash flow was $4.6 billion.

• Investment-grade ratings were held across all three major credit agencies, with the strongest balance sheet in history.

• Paid $1.3 billion in profit-sharing in February and announced a 4% increase for frontline groups in May.

• Received industry recognition for on-time performance, customer experience, and corporate travel for the 15th consecutive year.

Shareholder proposals

• Proposal 4 sought shareholder written-consent rights without unnecessary restrictions; the proponent cited 43% support at the 2025 AGM and argued it would enable action between annual meetings.

• The Board opposed Proposal 4, saying existing governance and shareholder-engagement practices provide sufficient protections and opportunities to raise concerns.

• Proposal 5 sought cumulative voting to allow minority shareholders to pool votes for a director nominee; the proponent cited operational, cybersecurity, compliance, and AI-pricing concerns.

• The Board opposed Proposal 5, citing majority voting as a widely accepted practice and existing governance as sufficient for shareholder representation.