American Airlines Group Inc. (AAL, parent CIK0000006201) operates a global passenger and cargo airline network, supported by American Eagle regional services and the AAdvantage loyalty program. Passenger transportation, cargo and loyalty are managed as one operating segment.
Loading the company summary…
A snapshot of what American Airlines Group Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000006201-24-000010 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000006201-25-000010 | Feb 19, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000006201-26-000014 | Feb 18, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
As of October 24, 2026, stronger pricing and premium demand were lifting American’s revenue, but fuel and other costs were consuming those gains. Third-quarter losses widened, the full-year adjusted outlook turned decisively negative, and improved year-to-date cash flow depended partly on advance collections and an unquantified one-time partner payment. Refinancing extended maturities without removing substantial debt and fleet-funding needs.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · EX-99.2 · 2026-10-22
American earns money from tickets, cargo and loyalty marketing, while mileage redemptions generate passenger revenue. Citi became its exclusive U.S. co-brand issuer in 2026. Management reported third-quarter premium revenue growth of 22.9% and managed corporate revenue growth of 27.6%; premium products generated roughly half of ticket revenue on approximately 30% of seats. These are commercial indicators, not separate segment profits. Cardholder spending, partner cash receipts and recognized loyalty revenue are also different measures. Regional capacity-purchase agreements require predetermined operating fees regardless of passenger numbers, leaving American exposed when seats go unfilled.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-10-22 · EX-99.2 · 2026-10-22
Results published October 22 show third-quarter 2026 revenue of $16.335 billion, up 19.3%, but operating income fell to $115 million from $151 million and GAAP net loss widened to $269 million from $114 million. Passenger yield rose 18.3%, while passenger miles increased only 1.0%, enplanements fell 0.6% and load factor declined to 83.4% from 86.0%. Growth therefore reflected pricing and mix much more than passenger volume. Fuel expense rose to $4.635 billion from $2.767 billion, and labor costs also increased. All-in cost per available seat mile rose to 20.10 cents from 17.49 cents; the much smaller 3.0% increase in CASM-ex excludes fuel, profit sharing and special items.
Nine-month GAAP net loss was $580 million, versus $12 million income in 2025; excluding net special items still left a $350 million non-GAAP loss, versus $131 million income. The $296 million pretax special-item total included investment marks, a $78 million Republic Airways impairment and $63 million of refinancing/extinguishment charges. Its $66 million tax offset reduced the after-tax adjustment to $230 million. Lower operating special charges, including fewer litigation and vacation-accrual adjustments, partly cushioned the comparison. The nine-month $122 million GAAP tax benefit was substantially noncash, and deferred-tax realization still requires future taxable income. Loss-period diluted EPS excludes antidilutive potential shares; changes in share denominators are not operating growth.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-22 · EX-99.2 · 2026-10-22
Nine-month operating cash flow increased to $4.541 billion from $3.373 billion. Management attributed the improvement principally to advance-ticket and loyalty collections, partly offset by lower profitability. Partner receipts of $6.3 billion included an undisclosed one-time payment for an agreement extension announced in 2025, preventing a reliable recurring-growth adjustment. Advance tickets and deferred loyalty transportation consideration carry future service obligations; however, the annual accounting policy recognizes the marketing component of partner mileage sales in other revenue in the period of mileage sale. Total partner cash receipts, recognized revenue and profit are distinct measures: cash received is not itself profit, and recognized revenue is not profit without accounting for expenses. Recurring receipts, the one-time payment’s counterparty and its undisclosed refund, durability or performance conditions cannot be inferred. Subtracting the supplied first-half cash-flow totals implies a third-quarter operating outflow of $153 million, versus $46 million in 2025; these are derived figures, not separately reported quarterly lines. Nine-month capital expenditures and aircraft deposits used $2.728 billion, versus $2.149 billion. The difference between operating cash flow and this spending is not American’s defined free cash flow or cash freely available after debt service.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-07-23 · EX-99.1 · 2026-10-22 · 10-K · 2025-12-31
At September 30, available liquidity was $11.797 billion: $1.124 billion cash, $7.163 billion short-term investments and $3.510 billion undrawn facilities. Restricted funds were separate, and borrowing capacity is not cash. Gross debt principal, excluding leases and fuel financing, rose to $29.321 billion from $28.594 billion at year-end. Company-defined total debt, including finance and operating leases and pensions, was $36.366 billion; net debt was $28.079 billion. Both exceeded March balances, despite longer-term deleveraging. These broad measures exclude the separately reported $933 million fuel-financing obligation and are not comprehensive totals of all obligations.
March 5 amendments, filed March 9, replaced revolving commitments with $3.11 billion maturing March 5, 2031; they did not supply that amount in cash. On May 29, American Airlines, Inc. replaced $1,146.8 million of term loans and incurred $703.2 million of incremental principal, maturing May 29, 2033, with a three-month SOFR option plus 3.00% and annual 1% principal amortization from May 2027. The latest 10-Q also confirms repayment of the $1 billion 8.50% notes. These transactions extend funding, not eliminate refinancing risk. Full amended collateral, guarantee, fee and covenant terms are not established by the retained disclosures, so unchanged protections, unrestricted availability and net cash retained are not assumed.
Aircraft and engine purchase commitments totaled $24.056 billion within $95.208 billion of estimated contractual cash requirements, which also include leases, interest, regional flying and other obligations and exclude certain contingent commitments. The fleet schedule includes five Airbus options exercised in October; delivery timing remains uncertain. August 2026-2 aircraft financing had funded $692 million of equipment notes by September 30, while $633 million remained in escrow for certificate holders—not American’s cash or recognized debt. Its disclosed rates were 5.70% and 6.30%, with maturities in February 2039 and August 2035; future escrow release is not guaranteed. Management reported covenant compliance at applicable measurement dates, but collateral tests, minimum liquidity and potential card-processor holdbacks constrain usable resources; exact headroom is unavailable.
Sources: 10-Q · 2026-09-30 · EX-99.2 · 2026-04-23 · EX-99.1 · 2026-10-22 · 8-K · 2026-03-05 · 8-K · 2026-05-29 · 10-K · 2025-12-31
On October 22, management forecast a full-year adjusted loss of $1.60–$1.00 per share, replacing July’s range of a $0.65 loss to $0.65 profit. Fourth-quarter adjusted loss guidance was $1.10–$0.50 despite expected revenue growth of 19.5%–22.5%. It assumes the October 19 fuel curve and approximately $4.70 per gallon; unknown special items prevent a forward GAAP reconciliation. American had no fuel hedges and expects slower network growth in 2027. Fleetwide Starlink installation, narrowbody screens from 2028, nearly $1 billion of annual run-rate savings and over $900 million of working-capital improvements remain plans or expected program outcomes—not additional achieved earnings or cash. Aircraft suppliers, labor, technology and floating interest rates remain important dependencies.
Northeast Alliance antitrust litigation remains pending, with defendants opposing class certification in October. Flight 5342 litigation was unresolved at the February 18 annual filing; no later resolution or full insurance recovery is established here. Closure of the CMA investigation did not extinguish binding commitments. American’s April 17 statement, filed April 20, expressly denied merger discussions or interest in United; its competition assessment was a company position, not a regulatory ruling. In governance, stockholders approved 16.5 million additional incentive-plan reserve shares on June 10—not actual issuance—and Stephen Johnson’s year-end retirement, notified June 14 and filed June 16, remains planned rather than completed.
Sources: EX-99.2 · 2026-07-23 · EX-99.1 · 2026-10-22 · EX-99.2 · 2026-10-22 · 10-Q · 2026-09-30 · 10-K · 2025-12-31 · 8-K · 2026-04-17 · EX-99.1 · 2026-04-17 · 8-K · 2026-06-10 · 8-K · 2026-06-14
USD 54.633 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 54.633 bn | 0.8% |
| 2024 | USD 54.211 bn | 2.7% |
| 2023 | USD 52.788 bn | — |
AAG consolidated operating revenue, including passenger, cargo and other revenue.
Sources: 10-K · 2025-12-31
USD 111 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 111 m | -86.9% |
| 2024 | USD 846 m | 2.9% |
| 2023 | USD 822 m | — |
AAG consolidated GAAP net income after income taxes.
Sources: 10-K · 2025-12-31
USD 3.099 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.099 bn | — |
AAG consolidated operating cash flow; fuel-financing proceeds and repayments are classified separately in financing.
Sources: 10-K · 2025-12-31
USD 3.983 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 3.983 bn | 4.7% |
| 2023 | USD 3.803 bn | — |
AAG consolidated operating cash flow; excludes financing cash flows.
Sources: 10-K · 2025-12-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
