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United Airlines explored a merger with Delta Air Lines last year, signalling potential consolidation in the US carrier market

Executive summary: United Airlines approached Delta Air Lines about a possible merger in 2025, according to a Wall Street Journal report. The discussions highlight ongoing consolidation pressure among major US carriers and could raise antitrust concerns if pursued further.

Who is involved: United Airlines, Delta Air Lines, and their respective executive teams and boards.

Likely next: Any definitive agreement would trigger regulatory review by the US Department of Justice and Department of Transportation; otherwise talks may remain exploratory.

According to the Wall Street Journal, United Airlines initiated discussions with Delta Air Lines about a possible merger during 2025. The talks did not result in a definitive agreement but reflect ongoing pressure on major carriers to achieve scale amid fluctuating demand and cost challenges. A combination of the two largest US airlines would raise significant antitrust concerns and likely trigger a thorough review by the Department of Transportation and Justice Department. Market participants are watching for any renewed negotiations or regulatory developments.

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