American Airline Financials
This page shows American Airline (AAL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
American Airline has an operating margin of 2.7%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 28/100, suggesting thin profitability after operating expenses. This is down from 4.8% the prior year.
American Airline's revenue grew a modest 0.8% year-over-year to $54.6B. This slow but positive growth earns a score of 35/100.
American Airline's current ratio of 0.50 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 4/100, which could limit financial flexibility.
While American Airline generated $3.1B in operating cash flow, capex of $3.8B consumed most of it, leaving -$680.0M in free cash flow. This results in a low score of 22/100, reflecting heavy capital investment rather than weak cash generation.
American Airline scores 0.64, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
American Airline passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, American Airline generates $27.92 in operating cash flow ($3.1B OCF vs $111.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
American Airline earns $0.9 in operating income for every $1 of interest expense ($1.5B vs $1.7B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
American Airline generated $54.6B in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.
American Airline's EBITDA was $3.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 23.8% from the prior year.
American Airline reported $111.0M in net income in fiscal year 2025. This represents a decrease of 86.9% from the prior year.
American Airline earned $0.17 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 86.3% from the prior year.
Cash & Balance Sheet
American Airline generated -$680.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 152.3% from the prior year.
American Airline held $1.1B in cash against $24.6B in long-term debt as of fiscal year 2025.
American Airline had 660M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.
Margins & Returns
American Airline's operating margin was 2.7% in fiscal year 2025, reflecting core business profitability. This is down 2.1 percentage points from the prior year.
American Airline's net profit margin was 0.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.4 percentage points from the prior year.
Capital Allocation
American Airline invested $3.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 40.8% from the prior year.
AAL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $14.0B+2.2% | $13.7B-4.9% | $14.4B+14.7% | $12.6B-8.1% | $13.7B+0.1% | $13.6B-4.8% | $14.3B+14.0% | $12.6B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $451.0M+198.7% | $151.0M-86.7% | $1.1B+520.4% | -$270.0M-123.8% | $1.1B+1174.2% | $89.0M-93.6% | $1.4B+19671.4% | $7.0M |
| Interest Expense | $423.0M-2.1% | $432.0M-0.2% | $433.0M+1.2% | $428.0M-9.1% | $471.0M-1.9% | $480.0M-1.2% | $486.0M-2.2% | $497.0M |
| Income Tax | $43.0M+253.6% | -$28.0M-111.7% | $239.0M+236.6% | -$175.0M-185.4% | $205.0M+291.6% | -$107.0M-134.4% | $311.0M+407.9% | -$101.0M |
| Net Income | $99.0M+186.8% | -$114.0M-119.0% | $599.0M+226.6% | -$473.0M-180.2% | $590.0M+496.0% | -$149.0M-120.8% | $717.0M+329.8% | -$312.0M |
| EPS (Diluted) | N/A | $-0.17-118.7% | $0.91+226.4% | $-0.72 | N/A | $-0.23-122.8% | $1.01+310.4% | $-0.48 |
AAL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $61.8B-0.6% | $62.1B-2.4% | $63.7B+1.7% | $62.6B+1.3% | $61.8B-2.7% | $63.5B-0.9% | $64.1B-0.4% | $64.4B |
| Current Assets | $12.2B-7.9% | $13.3B-12.1% | $15.1B+10.8% | $13.6B+3.4% | $13.2B-9.0% | $14.5B-2.3% | $14.8B+1.7% | $14.5B |
| Cash & Equivalents | $1.1B+12.6% | $938.0M+0.8% | $931.0M0.0% | $931.0M+3.2% | $902.0M-3.3% | $933.0M+26.1% | $740.0M+5.3% | $703.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.1B+2.3% | $2.0B-1.4% | $2.1B+6.7% | $1.9B-3.9% | $2.0B+10.2% | $1.8B-11.9% | $2.1B-0.1% | $2.1B |
| Goodwill | $4.1B0.0% | $4.1B0.0% | $4.1B0.0% | $4.1B0.0% | $4.1B0.0% | $4.1B0.0% | $4.1B0.0% | $4.1B |
| Total Liabilities | $65.5B-0.9% | $66.1B-2.1% | $67.5B+0.6% | $67.1B+2.1% | $65.8B-3.8% | $68.4B-0.7% | $68.9B-1.4% | $69.9B |
| Current Liabilities | $24.5B-0.6% | $24.6B-4.4% | $25.8B-1.3% | $26.1B+7.5% | $24.3B-4.8% | $25.5B+3.7% | $24.6B-1.5% | $25.0B |
| Long-Term Debt | $24.6B+0.4% | $24.5B-0.7% | $24.7B+2.0% | $24.2B-1.6% | $24.6B-4.8% | $25.8B-5.0% | $27.2B-2.3% | $27.9B |
| Total Equity | -$3.7B+5.9% | -$4.0B-2.4% | -$3.9B+14.2% | -$4.5B-13.4% | -$4.0B+18.1% | -$4.9B-2.3% | -$4.7B+13.7% | -$5.5B |
| Retained Earnings | -$6.7B+1.4% | -$6.8B-1.7% | -$6.7B+8.2% | -$7.3B-6.9% | -$6.8B+7.9% | -$7.4B-2.0% | -$7.3B+9.0% | -$8.0B |
AAL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$274.0M-495.7% | -$46.0M-104.8% | $963.0M-60.8% | $2.5B+517.1% | $398.0M+43.7% | $277.0M-75.4% | $1.1B-48.3% | $2.2B |
| Capital Expenditures | $1.6B+97.3% | $826.0M+65.5% | $499.0M-39.4% | $824.0M+11.4% | $740.0M+58.1% | $468.0M-28.1% | $651.0M-21.0% | $824.0M |
| Free Cash Flow | -$1.9B-118.3% | -$872.0M-287.9% | $464.0M-71.6% | $1.6B+577.2% | -$342.0M-79.1% | -$191.0M-140.0% | $477.0M-64.8% | $1.4B |
| Investing Cash Flow | -$390.0M-140.0% | $974.0M+176.5% | -$1.3B-5.8% | -$1.2B-239.0% | $866.0M+1393.1% | $58.0M+115.4% | -$376.0M+75.2% | -$1.5B |
| Financing Cash Flow | $782.0M+184.9% | -$921.0M-396.1% | $311.0M+125.4% | -$1.2B+5.6% | -$1.3B-812.0% | -$142.0M+80.1% | -$715.0M-11.4% | -$642.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AAL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 3.2%+2.1pp | 1.1%-6.8pp | 7.9%+10.0pp | -2.1%-10.5pp | 8.3%+7.6pp | 0.7%-9.0pp | 9.7%+9.6pp | 0.1% |
| Net Margin | 0.7%+1.5pp | -0.8%-5.0pp | 4.2%+7.9pp | -3.8%-8.1pp | 4.3%+5.4pp | -1.1%-6.1pp | 5.0%+7.5pp | -2.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.2%+0.3pp | -0.2%-1.1pp | 0.9%+1.7pp | -0.8%-1.7pp | 0.9%+1.2pp | -0.2%-1.4pp | 1.1%+1.6pp | -0.5% |
| Current Ratio | 0.50-0.0 | 0.54-0.0 | 0.58+0.1 | 0.52-0.0 | 0.54-0.0 | 0.57-0.0 | 0.60+0.0 | 0.58 |
| Debt-to-Equity | -6.61-0.4 | -6.19+0.2 | -6.38-1.0 | -5.37+0.8 | -6.19-0.9 | -5.33+0.4 | -5.73-0.7 | -5.06 |
| FCF Margin | -13.6%-7.2pp | -6.4%-9.6pp | 3.2%-9.8pp | 13.0%+15.5pp | -2.5%-1.1pp | -1.4%-4.7pp | 3.3%-7.5pp | 10.8% |
Note: Shareholder equity is negative (-$3.7B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.50), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is American Airline's annual revenue?
American Airline (AAL) reported $54.6B in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is American Airline's revenue growing?
American Airline (AAL) revenue grew by 0.8% year-over-year, from $54.2B to $54.6B in fiscal year 2025.
Is American Airline profitable?
Yes, American Airline (AAL) reported a net income of $111.0M in fiscal year 2025, with a net profit margin of 0.2%.
What is American Airline's EBITDA?
American Airline (AAL) had EBITDA of $3.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does American Airline have?
As of fiscal year 2025, American Airline (AAL) had $1.1B in cash and equivalents against $24.6B in long-term debt.
What is American Airline's operating margin?
American Airline (AAL) had an operating margin of 2.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is American Airline's net profit margin?
American Airline (AAL) had a net profit margin of 0.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is American Airline's free cash flow?
American Airline (AAL) generated -$680.0M in free cash flow during fiscal year 2025. This represents a -152.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is American Airline's operating cash flow?
American Airline (AAL) generated $3.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are American Airline's total assets?
American Airline (AAL) had $61.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are American Airline's capital expenditures?
American Airline (AAL) invested $3.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is American Airline's current ratio?
American Airline (AAL) had a current ratio of 0.50 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is American Airline's debt-to-equity ratio?
American Airline (AAL) had a debt-to-equity ratio of -6.61 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is American Airline's return on assets (ROA)?
American Airline (AAL) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is American Airline's debt-to-equity ratio negative or unusual?
American Airline (AAL) has negative shareholder equity of -$3.7B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is American Airline's Altman Z-Score?
American Airline (AAL) has an Altman Z-Score of 0.64, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is American Airline's Piotroski F-Score?
American Airline (AAL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are American Airline's earnings high quality?
American Airline (AAL) has an earnings quality ratio of 27.92x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can American Airline cover its interest payments?
American Airline (AAL) has an interest coverage ratio of 0.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is American Airline?
American Airline (AAL) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.