DELTA AIR LINES, INC. — Director's Dealing 2003

Oct 27, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELTA AIR LINES INC /DE/ (DAL)
CIK: 0000027904
Period of Report: 2003-10-23

Reporting Person: KILTS JAMES M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-23	Phantom Stock Units	$0	A	488	Acquired		Common Stock (488)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2402	Direct

Footnotes

F1: Includes 2 shares accrued through reinvestment of dividends under Delta's dividend reinvestment plan.

F2: The phantom stock units were accrued under Delta's Non-employee Directors' Deferred Compensation Plan in a transaction exempt under Rule 16b-3(d). They are convertible into Delta common stock on a 1-for-1 basis. The deferred amounts will be paid to the reporting person after he completes his service as a member of Delta's Board of Directors. Includes 3 shares accrued through reinvestment of dividends under this Plan.