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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

Commission File Number 1-5424

DELTA AIR LINES, INC.

State of Incorporation: Delaware

IRS Employer Identification No.: 58-0218548

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

Telephone: (404) 715-2600

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and
(2) has been subject to such filing requirements for the past 90 days.

Yes [X]     No [   ]

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of
the Exchange Act).

Yes [X]     No [   ]

Number of shares outstanding by each class of common stock,
as of April 30, 2003:

Common Stock, $1.50 par value -123,363,018 shares outstanding

This document is also available on our web site at http://investor.delta.com/edgar.cfm.

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FORWARD-LOOKING STATEMENTS

     Statements in this Form 10-Q (or otherwise made by Delta or on Delta’s behalf) which are not historical facts, including statements about Delta’s 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. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or Delta’s present expectations. Factors that could cause these differences include, but are not limited to:

1.

the many effects on Delta and the airline industry from the terrorist attacks on the United States on September 11, 2001, including the following:

	•		the adverse impact of the terrorist attacks on the demand for air travel;
	•		the change in Delta’s operations and higher costs resulting from, and customer reaction to, new airline and airport security directives;
	•		the availability and cost of war and terrorism risk and other insurance for Delta;
	•		potential declines in the values of the aircraft in Delta’s fleet or facilities and related asset impairment charges;

	2.		the availability to Delta of financing on commercially reasonable terms, which may be influenced by, among other things, airline bankruptcies, the creditworthiness of the airline industry in general and Delta in particular, and actions by credit rating agencies;

	3.		military action in Iraq and continued geopolitical uncertainty, including additional terrorist activity;

	4.		general economic conditions, both in the United States and in our markets outside the United States;

	5.		the willingness of customers to travel generally, and with Delta specifically, which could be affected by factors such as the Severe Acute Respiratory Syndrome (SARS) outbreak and Delta’s and the industry’s safety record;

	6.		competitive factors in our industry, such as airline bankruptcies, the airline pricing environment, the growth of low cost carriers, the ability of other airlines to reduce their costs through bankruptcy or otherwise, international alliances, codesharing programs, capacity decisions by competitors and mergers and acquisitions;

	7.		outcomes of negotiations on collective bargaining agreements and other labor issues;

8.

changes in the availability or cost of aircraft fuel or fuel hedges;

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	9.		our estimated pension funding obligations which are based on various assumptions, including actual market performance of our pension plan assets and future 30-year U.S. Treasury bond yields;
	10.		disruptions to operations due to adverse weather conditions and air traffic control-related constraints;
	11.		actions by the United States or foreign governments, including the Federal Aviation Administration and other regulatory agencies; and
	12.		the outcome of Delta’s litigation.

     Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of May 14, 2003, and which Delta has no current intention to update.

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PART I. FINANCIAL INFORMATION

Item  1.   Financial Statements

DELTA AIR LINES, INC.
Consolidated Balance Sheets
(In Millions, Except Share Data)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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DELTA AIR LINES, INC.
Consolidated Balance Sheets
(In Millions, Except Share Data)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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DELTA AIR LINES, INC.
Consolidated Statements of Operations
(Unaudited)
(In Millions, Except Share and Per Share Data)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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DELTA AIR LINES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In Millions)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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DELTA AIR LINES, INC.
Statistical Summary
(Unaudited)