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: BUDD EDWARD H (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-13	Phantom Stock Units	$0	A	464	Acquired		Common Stock (464)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12580	Direct

Footnotes

F1: Includes 10 shares accrued through reinvestment of dividends under Delta's dividend reinvestment plan.

F2: The phantom stock units were accrued under Delta's Directors' Deferred Compensation Plan. They are convertible into Delta common stock on a 1-for-1 basis. The deferral period ends December 31 of the year of the reporting person's retirement from Delta's Board of Directors and, thereafter, the deferred amounts will be paid to the reporting person in accordance with his deferral elections.