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American Express and Delta Renew Industry-Leading
Partnership, Lay Foundation to Continue Innovating
Customer Benefits
New agreement sets stage to create industry’s most valuable co-brand portfolio; extends
relationship through 2029
Co-brand credit cards, Delta Sky Club
®
access and the Membership Rewards
®
program
remain key features
NEW YORK and ATLANTA, April 2, 2019 American Express (NYSE: AXP) and Delta Air
Lines (NYSE: DAL) have signed an 11-year renewal extending their exclusive Delta SkyMiles
Credit Cards from American Express portfolio through the end of 2029.
The long-term agreement will leverage shared strengths to deliver best-in-class value to
customers, while continuing existing features, including:
o Ongoing investment in industry-leading benefits for Delta SkyMiles Credit Cards from
American Express
o Complimentary access to the award-winning network of Delta Sky Clubs around the
world for Delta Reserve Card Members and Platinum Card
®
Members from American
Express
o Delta participation in the Membership Rewards program from American Express,
allowing those points to transfer into the SkyMiles
®
Program
o Delta as an American Express Card-accepting merchant
“Delta and American Express are two great consumer brands that share a passion for service to
our customers, employees and communities. Our shared trust helps us work together to find
innovative ways to offer greater opportunity to our customers as we grow our long-term
partnership,” said Delta CEO Ed Bastian. “Enhancing customer loyalty is at the heart of our
business. Our partnership with American Express provides a competitive advantage as we
deliver substantial value to our customers and owners.”
“This is a true partnership steeped in common values, strong relationships and 23 years of
history,” said Stephen J. Squeri, Chairman and CEO of American Express. “We are thrilled to
extend our agreement in a way that combines so many of American Express’ unique assets and
capabilities with Delta's large and engaged customer base to drive growth for both companies.
We will be working together across our card, merchant and travel businesses to expand the
partnership and believe this continues to be a very attractive platform for growth that delivers
substantial benefits to our customers, our partners and our shareholders.”
As the two companies work together, Delta expects its benefit from the relationship to double to
nearly $7 billion annually by 2023, up from $3.4 billion in 2018, strengthening Delta’s
increasingly diversified revenue stream.
American Express expects attractive growth economics over the term of the agreement and
affirmed its previous guidance for 2019 of FX-adjusted revenue growth in the 8-10 percent
range and adjusted earnings per share between $7.85 and $8.35, subject to any contingencies
and legal settlements
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. The economics of the new terms are not expected to have a material
effect on the first quarter results of American Express.
Since 1996, Delta and American Express have offered a portfolio of co-branded products that
allow eligible Card Members to earn miles and receive other Delta-related benefits such as first
checked bag free, Main Cabin 1 priority boarding and Delta Sky Club access. In 2018, the
companies added 1 million new Delta SkyMiles Credit Card Members while spending across the
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card portfolio grew by double digits. Delta is the largest co-brand partner for American Express
and its only U.S. airline consumer co-brand partner.
The airline continues to invest in the SkyMiles Program, named a Best Travel Rewards program
by U.S. News & World Report for the second year, while leading the industry when it comes to
launching innovative ways to use miles on more Delta offerings, the latest of which is post-
purchase upgrades. This pairs with the increased ability to earn miles on everyday activities
through partnerships with brands customers love like Lyft and Airbnb. And, the award-winning
Delta Sky Club experience continues to be a reason travelers choose to fly Delta.
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American Express’ 2019 guidance for FX-adjusted revenue growth and adjusted EPS subject to contingencies and legal
settlements are non-GAAP measures. FX-adjusted information assumes a constant exchange rate between the periods being
compared for purposes of currency translation into U.S. dollars (i.e., assumes FY’19 foreign exchange rates will apply to FY’18
results when calculating year-over-year growth). A reconciliation to EPS guidance on a GAAP basis is not available without
unreasonable efforts.
CONTACTS:
AMERICAN EXPRESS
Elizabeth Crosta
212-640-6557
Elizabeth.Crosta@aexp.com
DELTA
Corporate Communications
404-715-2554
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company, providing customers with access to
products, insights and experiences that enrich lives and build business success. Learn more at
americanexpress.com and connect with us on facebook.com/americanexpress,
instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility information: charge and credit cards, business
credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate
card, business travel, and corporate responsibility.
ABOUT DELTA
Delta Air Lines (NYSE: DAL) is the U.S. global airline leader in products, services, innovation, reliability
and customer experience. Powered by its 80,000 people around the world, Delta continues to invest
billions in its people, improving the air travel experience and generating industry-leading shareholder
returns.
Delta serves nearly 200 million people every year, taking customers across its industry-leading global
network to more than 300 destinations in over 50 countries.
Headquartered in Atlanta, Delta offers more than 5,000 daily departures and as many as 15,000
affiliated departures including the premier SkyTeam alliance, of which Delta is a founding member.
Through its innovative alliances with Aeromexico, Air France-KLM, Alitalia, China Eastern, GOL,
Korean Air, Virgin Atlantic, Virgin Australia and WestJet, Delta is bringing more choice and
competition to customers worldwide.
Delta operates significant hubs and key markets at airports in Amsterdam, Atlanta, Boston, Detroit,
Los Angeles, Mexico City, Minneapolis/St. Paul, New York-JFK and LaGuardia, London-Heathrow,
Paris-Charles de Gaulle, Salt Lake City, São Paulo, Seattle, Seoul-Incheon and Tokyo-Narita.
Delta has been recognized as a Fortune’s top 50 Most Admired Companies in addition to being
named the most admired airline for the eighth time in nine years. Additionally, Delta has ranked No.1
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in the Business Travel News Annual Airline survey for an unprecedented eight consecutive years and
named one of Fast Company’s Most Innovative Companies Worldwide for two consecutive years.
As an employer, Delta has been regularly awarded top honors from organizations like Glassdoor and
recognized as a top workplace for women and members of the military. Delta CEO Ed Bastian was
named among the “World’s Greatest Leaders” by Fortune magazine in 2018.
More about Delta can be found on the Delta News Hub as well as delta.com, via @DeltaNewsHub on
Twitter and Facebook.com/delta.
Forward Looking Statements
This release includes forward-looking statements regarding estimates, expectations, beliefs, intentions,
projections or strategies for the future within the meaning of the Private Securities Litigation Reform Act of
1995, including Delta’s expectations regarding its total benefit from the relationship and American Express’
expectations regarding business and financial performance, including its outlook for 2019. All forward-looking
statements involve a number of risks and uncertainties that could cause actual results to differ materially from
the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the
forward-looking statements. A description of these and other risks and uncertainties can be found in Delta’s
and American Express’ respective Annual Reports on Form 10-K for the year ended December 31, 2018 and
their other reports on file with the SEC. Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of April 2, 2019. Neither Delta nor American Express undertake any
obligation to update or revise any forward-looking statements.
With respect to Delta, these risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the
availability of aircraft fuel; the impact of fuel hedging activity including rebalancing our hedge portfolio,
recording mark-to-market adjustments or posting collateral in connection with our fuel hedge contracts; the
performance of our significant investments in airlines in other parts of the world; the possible effects of
accidents involving our aircraft; breaches or security lapses in our information technology systems;
disruptions in our information technology infrastructure; our dependence on technology in our operations; the
restrictions that financial covenants in our financing agreements could have on our financial and business
operations; labor issues; the effects of weather, natural disasters and seasonality on our business; the effects
of an extended disruption in services provided by third parties; failure or inability of insurance to cover a
significant liability at Monroe’s Trainer refinery; the impact of environmental regulation on the Trainer refinery,
including costs related to renewable fuel standard regulations; our ability to retain senior management and
key employees; damage to our reputation and brand if we are exposed to significant adverse publicity through
social media; the effects of terrorist attacks or geopolitical conflict; competitive conditions in the airline
industry; interruptions or disruptions in service at major airports at which we operate; the effects of extensive
government regulation on our business; the sensitivity of the airline industry to prolonged periods of stagnant
or weak economic conditions; uncertainty in economic conditions and regulatory environment in the United
Kingdom related to the exit of the United Kingdom from the European Union; and the effects of the rapid
spread of contagious illnesses.