Delta Air Lines, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,314 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Holdings side is unusually rich for an S&P 500 industrial and is the interesting part of this file, exactly as the brief anticipated. Delta's Q2 2026 Form 10-Q, Note 4 'Investments,' discloses a table of nine NAMED equity investees, each with its own ownership-interest percentage and its own carrying value, plus a residual 'Other investments' line of $277 million (30 Jun 2026) / $325 million (31 Dec 2025) that is explicitly unnamed and not attributable to any single investee. Because each of the nine named investees carries its own individually disclosed figure, none of them falls into the combined-balance trap the brief warns about; only the 'Other investments' bucket does, and it is excluded from holdings and recorded here and in unknowns rather than assigned to any investee.
• None of the nine holdings carries a disclosed share count, only an ownership percentage and a fair-value or equity-method carrying value in Delta's own filings. Per the brief's preference for share counts, this was actively searched for (10-K, 10-Q, and a web search for each investee's own recent public filings/investor materials) but not found within the time budget for any of the nine; every holdings row therefore has shares: null and value_price_per_share: null rather than a derived number, with the sourced ownership percentage carried in pct_of_target.
• pct_of_target values are copied directly from Delta's own stated ownership percentages (e.g. 19 for Grupo Aeromexico's 19% stake, not 0.19), checked against this file's own method_note text for each row per the brief's specific warning about this exact error, which the brief calls out as concentrated in joint-venture and minority-stake holdings like these.
• Two holdings needed a rounding correction versus the headline table: Hanjin KAL is shown as 15% (rounded) in Delta's summary table, but footnote (1) gives the precise figures of 14.8% of all outstanding shares (common plus preferred) and 14.9% of common shares alone; 14.9 is used as pct_of_target with 14.8 recorded in pct_denominator, both sourced directly from the footnote text rather than the rounded headline.
• Wheels Up's 36% ownership interest is a fair-value-option equity stake, not a controlling position: Delta's own 10-K states its voting rights are capped at 29.9% and that Delta is not the primary beneficiary of Wheels Up, which Delta concluded is a variable interest entity, so Wheels Up is not consolidated into Delta's financial statements despite the 36% economic interest.
• Two of the nine holdings changed materially between 31 Dec 2025 and 30 Jun 2026 per the two filings compared here: Unifi Aviation's ownership fell from 49% to 20% (Delta sold a portion to Argenbright Holdings for $80 million in Dec 2025, per the 10-K) while its carrying value barely moved ($51m to $48m), and Republic Airways fell from 17% to 14% when Republic merged with the publicly traded Mesa Air Group in Nov 2025 to form Republic Airways Holdings, Inc. (NASDAQ: RJET), diluting Delta's stake. Both are reported at their current 30 Jun 2026 figures.
• Target public/private status and tickers for the nine holdings were sourced two ways: five (Air France-KLM, China Eastern, Grupo Aeromexico, Hanjin KAL, LATAM) are long-standing, well-documented public listings confirmed via a web search of each company's own exchange listing; Republic Airways Holdings' new NASDAQ ticker RJET (effective 25 Nov 2025, post Mesa merger) and Wheels Up's continued NYSE listing under UP (as of a Dec 2025 compliance notice, not delisted) were confirmed via web search of recent news coverage since neither appears with a ticker in Delta's own filings; WestJet and Unifi Aviation were confirmed private (WestJet owned by Onex Corporation since 2019; Unifi Aviation part of the privately held Argenbright Group) via the same method. None of this identity-level information changes any sourced dollar figure or percentage, all of which come from Delta's own 10-Q/10-K.
• Register: institutional/13F rows are computed against 657,623,030 shares outstanding as of 30 Jun 2026 (the Q2 2026 10-Q cover page), matching the 13F 'as of' date. Delta's 2026 proxy separately reports the record-date share count as 656,994,340 (as of 17 Apr 2026) and states its own only 5%+ beneficial owner from a stale Schedule 13G/A is BlackRock at 43,050,757 shares (6.6%, as of 31 Dec 2023); Vanguard was explicitly removed from that proxy table because a Jan 2026 internal realignment caused certain Vanguard subsidiaries to begin reporting beneficial ownership on a disaggregated basis. This register instead uses each manager's current Q2 2026 Form 13F-HR, which is both more current and, for Vanguard, consistent with the same disaggregation the proxy describes (hence the Vanguard successor-entity roll-up used here).
• Vanguard Group Inc's parent CIK (0000102909) filed Form 13F-NT (a notice carrying no holdings) for Q2 2026, confirmed directly from its EDGAR submissions feed. Per the project's rule for this case, the parent's position is reported entirely by its successor entities, which were summed rather than substituted with a single row: Vanguard Capital Management LLC and Vanguard Portfolio Management LLC, 67,636,259 shares combined. This is the largest register position by shares.
• Capital Group family checked across all three required CIKs: Capital International Investors (0001562230) and Capital World Investors (0001422849) both hold DAL and were summed into one 'Capital Group' row; Capital Research Global Investors (0001422848) was checked and confirmed to hold zero DAL shares by CUSIP absence, consistent with the brief's warning that the family holds in every combination and every entity must be checked individually.
• Both T. Rowe Price CIKs checked as required: T. Rowe Price Associates, Inc. (0000080255) holds 1,186,018 DAL shares (thousands-convention correction applied, see the row's method_note); T. Rowe Price Investment Management, Inc. (0001897612), the separate registrant, was checked and confirmed to hold zero DAL shares by CUSIP absence.
• No dedicated ESOP or employee stock ownership trust appears as a distinct 5%+ or otherwise separately sized holder in Delta's proxy or 13F register. Delta's profit-sharing program (a $1.3 billion cash payment to employees in Feb 2026, described extensively in the 2026 proxy) is a cash program, not an equity-holding vehicle. The proxy does identify Fidelity Management Trust Company as trustee for Delta's 401(k) Retirement Plan (including separate plans for Pilots and Ready Reserves), which offers Delta common stock as a participant-directed investment option, but no share count specific to that trust was disclosed anywhere searched, and it is unclear whether/how much of it is already folded into the FMR LLC 13F total above; per the brief, this stays a null/unknown rather than an invented esop_trust row.
• Self-gate, computed exactly as the register chart computes it: 14 register rows summing to 299,744,228 shares against 657,623,030 shares outstanding, or 45.58 per cent. Berkshire Hathaway's 57,320,000 shares were added after the initial file was committed: this register originally omitted them and read 36.86 per cent. The omission was caught by scripts/crosscheck.py, which reported that berkshire.json asserted a Delta holding absent from this register, and the figure was then verified directly against Berkshire's own Q2 2026 13F information table.