DELTA AIR LINES, INC. — Director's Dealing 2004

Jul 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELTA AIR LINES INC /DE/ (DAL)
CIK: 0000027904
Period of Report: 2004-07-01

Reporting Person: BUDD EDWARD H (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-01	Phantom Stock Units	$	A	2405	Acquired		Common Stock (2405)	Direct

Footnotes

F1: 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 cash, in accordance with his deferral elections.