- United Airlines approached Delta about a merger in 2025.
- Delta conducted preliminary due diligence but talks went nowhere.
- The combined carrier would control approximately 35% of the domestic market.
- Delta was valued at approximately $56bn, United at about $38bn.
- Regulators would demand divestitures of gates, slots and routes.
United Airlines CEO Scott Kirby approached Delta Air Lines CEO Ed Bastian in 2025 about a merger that could have created the largest U.S. airline, controlling roughly 35% of the domestic market. Delta conducted preliminary due diligence, but talks went nowhere due to strategic and antitrust concerns. The outreach became public after Kirby pursued American Airlines, making his expansion campaign resemble a route map with the largest destinations circled.
The financial temptation behind such a massive tie-up is evident, with Delta valued at approximately $56bn, United at about $38bn, and together they produced over 90% of U.S. airline earnings in the previous year. Aviation analyst Gary Leff called the proposal “pure hubris—a desire to get bigger.” Delta commercial chief Joe Esposito stated, “Delta doesn’t need it at this point. We’re successful on our own.”
Any efficiency case would have to absorb the cost of integrating fleets, technology, employees, airport operations and loyalty programs while reconciling workplace cultures. Regulators would almost certainly demand divestitures of gates, slots and routes. The On Point Loyalty 2026 report estimated SkyMiles at $31.783bn and MileagePlus at $25.329bn. Regulatory scrutiny would also extend beyond the U.S. domestic market to international joint ventures.
Joe Esposito, Delta Commercial Chief, shared, “Delta doesn’t need it at this point. We’re successful on our own.”
