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Delta10-K: Customer concentration

American Express partnership generated $8.2B in 2025, expected to grow to $10B

Read at SEC EDGAR

What happened

The co-brand credit card relationship with American Express is a critical high-margin revenue stream, accounting for $8.2 billion in 2025. While a major strength, this represents a significant concentration risk, as any disruption to this partnership would severely impact profitability and cash flow.

Source

SEC EDGARFeb 10, 2026

Annual report (Form 10-K)

Delta 10-K for FY2025

Filing excerpt

Our most significant and valuable contract to sell miles relates to our co-brand credit card relationship with American Express.

sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htmRead the full source

Other signals in this filing (11)

Extracted by Autobound

From the Signal API record
Signal
10-K: Customer concentration

What this signalsFilings often name leadership changes, deals and spending plans.

Period
FY2025
Fiscal year end
12/31
Filed
Feb 10, 2026

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The full record

From the Signal API record

Numbers

Dollar figure
$8.2B (remuneration from American Express in 2025)

Details

CIK
27904
Accession number
0000027904-26-000013
Timeframe
Current year
Filing year
2026
Why it matters
Diversification strategy
Signal category
Market

Topics and mentions

Vendors

  • American Express

Extraction

Confidence
High
Relevance
100%
Sentiment
Neutral
Detected
Feb 17, 2026
signal_type
sec-10k
signal_subtype
customerConcentration

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This page shows a preview. The full sec-10k record in the Signal API and MCP can also have these 8 fields. Some fields are empty for some signals.

Company

  • linkedin_urlValue in the API
  • industriesValue in the API
  • employee_count_lowValue in the API
  • employee_count_highValue in the API
  • revenueValue in the API
  • descriptionValue in the API

Signal

  • signal_nameValue in the API
  • associationValue in the API
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Show the full JSONThe record on this page and the API request

GET /v1/signals/d6f9ec35-320f-4156-8252-30d48cded01b returns this record as JSON. POST /v1/companies/enrich returns every signal for delta.com.

{
  "signal_id": "d6f9ec35-320f-4156-8252-30d48cded01b",
  "signal_type": "sec-10k",
  "signal_subtype": "customerConcentration",
  "detected_at": "2026-02-17T06:32:06.387+00:00",
  "company": {
    "name": "Delta",
    "domain": "delta.com"
  },
  "data": {
    "detail": "The co-brand credit card relationship with American Express is a critical high-margin revenue stream, accounting for $8.2 billion in 2025. While a major strength, this represents a significant concentration risk, as any disruption to this partnership would severely impact profitability and cash flow.",
    "metrics": {
      "timeframe": "current_year",
      "dollar_context": "remuneration from American Express in 2025",
      "dollar_millions": 8200
    },
    "summary": "American Express partnership generated $8.2B in 2025, expected to grow to $10B",
    "excerpts": "Our most significant and valuable contract to sell miles relates to our co-brand credit card relationship with American Express.",
    "relevance": 1,
    "sentiment": "neutral",
    "confidence": "high",
    "source_url": "https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm",
    "filing_date": "2026-02-10",
    "filing_year": 2026,
    "fiscal_year_end": "12/31",
    "sales_relevance": "Diversification strategy",
    "signal_category": "market",
    "vendors_mentioned": [
      "American Express"
    ]
  }
}

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