American Airlines Reports Third-Quarter 2025 Financial Results
American Airlines (NASDAQ: AAL) reported record third-quarter revenue of $13.7 billion and a third-quarter GAAP net loss of $114 million (loss of $0.17 per diluted share). Excluding net special items, adjusted third-quarter loss was $111 million (loss of $0.17 per diluted share). The company expects Q4 adjusted EPS $0.45–$0.75, full-year adjusted EPS $0.65–$0.95, and full-year free cash flow of over $1 billion. Total debt was $36.8 billion, net debt $29.9 billion, and available liquidity $10.3 billion.
Customer trends showed AAdvantage active accounts +7% YoY and co-brand card spending +9% YoY; management highlighted network, loyalty and product investments and targeted indirect revenue restoration.
American Airlines (NASDAQ: AAL) ha riportato ricavi record nel terzo trimestre di 13,7 miliardi di dollari e una perdita netta GAAP del terzo trimestre di 114 milioni di dollari (perdita di 0,17 dollari per azione diluita). Escludendo elementi netti speciali, la perdita trimestrale rettificata è stata di 111 milioni di dollari (perdita di 0,17 dollari per azione diluita). L'azienda prevede EPS rettificato Q4 0,45–0,75, EPS rettificato annuale 0,65–0,95 e flusso di cassa libero annuale superiore a 1 miliardo di dollari. Il debito totale era di 36,8 miliardi di dollari, il debito netto 29,9 miliardi e la liquidità disponibile 10,3 miliardi.
Le tendenze della clientela hanno mostrato account attivi AAdvantage in aumento del 7% YoY e spesa con carta co-branding in aumento del 7% YoY; la direzione ha sottolineato investimenti in rete, fedeltà e prodotti e una ripresa mirata dei ricavi indiretti.
American Airlines (NASDAQ: AAL) informó ingresos récord en el tercer trimestre de 13,7 mil millones de dólares y una pérdida neta GAAP del tercer trimestre de 114 millones de dólares (pérdida de 0,17 dólares por acción diluida). Excluyendo elementos netos especiales, la pérdida ajustada del tercer trimestre fue de 111 millones de dólares (pérdida de 0,17 dólares por acción diluida). La empresa espera un EPS ajustado 4T 0,45–0,75, un EPS ajustado anual 0,65–0,95 y un flujo de caja libre anual superior a 1.000 millones de dólares. La deuda total fue de 36,8 mil millones de dólares, la deuda neta 29,9 mil millones y la liquidez disponible 10,3 mil millones.
Las tendencias de clientes mostraron cuentas activas de AAdvantage +7% interanual y gasto con la tarjeta co-branding +9% interanual; la dirección destacó inversiones en red, lealtad y producto y la recuperación de ingresos indirectos objetivo.
American Airlines (NASDAQ: AAL) 는 3분기에 137억 달러의 기록적인 매출과 1.14억 달러(희석 주당 손실 0.17달러)의 GAAP 순손실을 보고했습니다. 순특수항목을 제외하면 3분기 조정 손실은 1.11억 달러(희석 주당 손실 0.17달러)였습니다. 회사는 4분기 조정 EPS 0.45–0.75, 연간 조정 EPS 0.65–0.95, 그리고 연간 자유현금흐름이 10억 달러 이상이라고 예상합니다. 총부채는 368억 달러, 순부채 299억 달러, 가용 유동성 103억 달러였습니다.
고객 트렌드는 AAdvantage 활성 계정이 연간 대비 7% 증가, 공동브랜드 카드 지출이 연간 대비 9% 증가를 보였고, 경영진은 네트워크, 로열티, 제품 투자 및 간접 매출 회복에 집중했다고 강조했습니다.
American Airlines (NASDAQ: AAL) a enregistré un chiffre d'affaires record au troisième trimestre de 13,7 milliards de dollars et une perte nette GAAP du troisième trimestre de 114 millions de dollars (perte de 0,17 dollar par action diluée). En excluant les éléments nets spéciaux, la perte du troisième trimestre ajustée était de 111 millions de dollars (perte de 0,17 dollar par action diluée). L'entreprise s'attend à un EPS ajusté T4 0,45–0,75, un EPS ajusté annuel 0,65–0,95 et à un flux de trésorerie disponible annuel supérieur à 1 milliard de dollars. La dette totale était de 36,8 milliards de dollars, la dette nette 29,9 milliards et la liquidité disponible 10,3 milliards.
Les tendances chez les clients ont montré des comptes AAdvantage actifs en hausse de 7% sur un an et des dépenses sur les cartes co-branding en hausse de 9% sur un an; la direction a mis en avant des investissements dans le réseau, la fidélité et les produits et une restauration ciblée des revenus indirects.
American Airlines (NASDAQ: AAL) meldete Rekordumsatz im dritten Quartal von 13,7 Milliarden USD und einen GAAP-Nettoverlust im dritten Quartal von 114 Millionen USD (Verlust von 0,17 USD pro verwässerter Aktie). Ausschließlich netto betriebsfremder Posten betrug der bereinigte Drittquartalsverlust 111 Millionen USD (Verlust von 0,17 USD pro verwässerter Aktie). Das Unternehmen rechnet mit Q4 bereinigtem EPS 0,45–0,75, bereinigtem Jahres-EPS 0,65–0,95 und einem jährlichen freien Cashflow von über 1 Milliarde USD. Gesamtdarlehen 36,8 Milliarden USD, Nettoschulden 29,9 Milliarden USD und verfügbare Liquidität 10,3 Milliarden USD.
Kundentrends zeigten AAdvantage aktive Konten +7% YoY und Ausgaben für Co-Brand-Karten +9% YoY; das Management hob Investitionen in Netzwerk, Loyalität und Produkt sowie gezielte indirekte Einkommenswiederherstellung hervor.
American Airlines (NASDAQ: AAL) أبلغت عن إيرادات ربع سنوية ثالثة قياسية قدرها 13.7 مليار دولار وخسارة صافية GAAP للربع الثالث قدرها 114 مليون دولار (خسارة 0.17 دولار للسهم المخفف). باستبعاد العناصر net، كانت الخسارة المعدلة للربع الثالث 111 مليون دولار (خسارة 0.17 دولار للسهم المخفف). تتوقع الشركة EPS معدّل 4T 0.45–0.75، و EPS معدّل سنوي 0.65–0.95، وتدفق نقدي حر سنوي يفوق 1 مليار دولار. الدين الإجمالي 36.8 مليار دولار، الدين الصافي 29.9 مليار دولار، والسيولة المتاحة 10.3 مليار دولار.
أظهرت اتجاهات العملاء زيادة في حسابات AAdvantage النشطة بنسبة 7% على أساس سنوي وإنفاق بطاقات الشراكة بنحو 9% على أساس سنوي؛ وأبرزت الإدارة الاستثمارات في الشبكة والولاء والمنتجات وتعافي الإيرادات غير المباشرة المستهدف.
American Airlines (NASDAQ: AAL) 报告第三季度创下纪录的收入 137亿美元，第三季度 GAAP 净亏损为 1,14亿美元（每股摊薄亏损 0.17 美元）。扣除净额特殊项后，第三季度调整亏损为 1.11亿美元（每股摊薄亏损 0.17 美元）。公司预计第四季度调整后每股收益（EPS）为 0.45–0.75 美元，全年调整后 EPS 为 0.65–0.95 美元，全年自由现金流将超过 10亿美元。总债务 368 亿美元，净债务 299 亿美元，可用流动性 103 亿美元。
客户趋势显示 AAdvantage 活跃账户同比增长 7%，联合品牌信用卡支出同比增长 9%；管理层强调在网络、忠诚度和产品方面的投资以及有针对性的间接收入恢复。
- Record third-quarter revenue of $13.7B
- Full-year free cash flow expected to be over $1B
- AAdvantage active accounts increased 7% YoY
- Co-branded card spending increased 9% YoY
- Q4 adjusted EPS guidance of $0.45–$0.75
- Third-quarter GAAP net loss of $114M
- Net debt of $29.9B
- Total debt remains high at $36.8B
Insights
Solid revenue growth but small GAAP loss; guidance and cash targets point to stabilizing finances, yet execution risks remain.
American reported a record third-quarter revenue of
Key dependencies include restoring and expanding indirect distribution share, successful rollout of the Citi co‑brand partnership in
Watch quarterly unit revenue trends and April‑to‑December booking cadence for signs the indirect revenue recovery and distribution changes are delivering value; monitor fourth‑quarter adjusted EPS guidance of
FORT WORTH, Texas, Oct. 23, 2025 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2025 financial results, including:
- Record third-quarter revenue of
$13.7 billion - Third-quarter GAAP net loss of
$114 million , or ($0.17) per diluted share - Excluding net special items1, third-quarter net loss of
$111 million , or ($0.17) per diluted share - Fourth-quarter adjusted EPS2 expected to be between
$0.45 and$0.75 with full-year adjusted EPS2 expected to be between$0.65 and$0.95 - Full-year free cash flow3 expected to be over
$1 billion
“The American Airlines team is delivering on our commitments,” said American’s CEO Robert Isom. “We’ve built a strong foundation, with best-in class cost management and a focus on strengthening the balance sheet. Looking forward, I’m confident that continued investments in our network, customer experience and loyalty program will position us well to drive revenue growth and shareholder value in 2026 and beyond.”
Revenue performance
American produced third-quarter revenue of
The company remains focused on executing its strategic priorities and delivering on its revenue potential. By the end of this year, the company expects it will have fully restored its share of indirect revenue that was impacted by its former sales strategy. American is now shifting focus to expanding its share of indirect revenue beyond historical levels, which, combined with improved distribution capabilities, is expected to produce meaningful value for the airline.
AAdvantage program and co-branded credit card performance
American continues to see strong engagement with its industry-leading AAdvantage® loyalty program, with active accounts up
Customer experience
American is elevating every step of the travel journey for its customers. The company plans to open new Flagship® lounges in Miami and Charlotte in addition to expanding the Admirals Club® lounge footprint at both airports. American’s new Flagship Suite® seats on its Boeing 787-9 aircraft led American’s widebody fleet in customer satisfaction scores during the third quarter. American’s Flagship Suite® product will expand to the airline’s transcontinental routes on its new Airbus A321XLRs. The company also announced investments to transform the onboard experience on its regional aircraft, unveiled a new coffee partnership with Lavazza, launched its first champagne partnership with Champagne Bollinger and enhanced its inflight experience with elevated amenity kits and dining options.
Operational performance
The American team delivered a resilient operation in the third quarter, despite a difficult operating environment due to significant weather events and the FAA technology outage in September and associated ATC challenges. Thanks to investments in technology and its operating systems, American quickly recovered from irregular operations in the quarter and successfully mitigated the impact to customers.
Balance sheet and liquidity
The company ended the third quarter with
Guidance and investor update
Based on its current booked revenue, expectations of future demand trends and fuel price, and excluding the impact of special items, the company expects its adjusted earnings per diluted share2 to be between
For additional financial forecasting detail, please refer to the company’s investor update, furnished, together with this press release, with the SEC on a current report on Form 8-K. This filing is also available at aa.com/investorrelations.
Conference call and webcast details
The company will conduct a live audio webcast of its financial results conference call at 7:30 a.m. CT today. The call will be available to the public on a listen-only basis at aa.com/investorrelations. An archive of the webcast will be available through Nov. 23, 2025.
Notes
See the accompanying notes in the financial tables section of this press release for further explanation, including a reconciliation of all GAAP to non-GAAP financial information.
- The company recognized
$3 million of net special items in the third quarter after the effect of taxes. - Adjusted earnings per diluted share guidance excludes the impact of net special items. The company is unable to reconcile certain forward-looking information to GAAP as the nature or amount of net special items cannot be determined at this time.
- Please see the accompanying notes for the company’s definition of free cash flow, a non-GAAP measure. The company is unable to reconcile forward-looking free cash flow to GAAP as the nature or amount of items that impact net cash provided by operating activities cannot be determined at this time.
- All references to total debt include debt, finance and operating lease liabilities and pension obligations.
- Net debt is defined as total debt net of unrestricted cash and short-term investments.
About American Airlines Group
As a leading global airline, American Airlines offers thousands of flights per day to more than 350 destinations in more than 60 countries. The airline is a founding member of the oneworld alliance, whose members serve more than 900 destinations around the globe. Shares of American Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL. Learn more about what’s happening at American by visiting news.aa.com and connect with American @AmericanAir and at Facebook.com/AmericanAirlines. To Care for People on Life’s Journey®.
Cautionary statement regarding forward-looking statements and information
Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, downturns in economic conditions; our inability to obtain sufficient financing or other capital to operate successfully; our high level of debt and other obligations; our significant pension and other postretirement benefit funding obligations; any deterioration of our financial condition; any loss of key personnel, or our inability to attract, develop and retain additional qualified personnel; changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including the recently announced tariffs and other global events that affect travel behavior; changes in current legislation, regulations and economic conditions regarding federal governmental tariffs, the implementation of federal government budget cuts, a prolonged government shutdown and the potential that any of the foregoing affects the demand for, or restricts the use of, travel by government employees and their families or private sector enterprises that contract or otherwise interface with the federal government; the intensely competitive and dynamic nature of the airline industry; union disputes, employee strikes and other labor-related disruptions; problems with any of our third-party regional operators or third-party service providers; any damage to our reputation or brand image; losses and adverse publicity stemming from any public incidents involving our company, our people or our brand; changes to our business model that may not be successful and may cause operational difficulties or decreased demand; our inability to protect our intellectual property rights, particularly our branding rights; litigation in the normal course of business or otherwise; our inability to use net operating losses and other carryforwards; any new U.S. and international tax legislation; any impairment of goodwill and intangible assets or long-lived assets; any inability of our commercial relationships with other companies to produce the returns or results we expect; our dependence on price and availability of aircraft fuel; extensive government regulation and compliance risks; economic and political instability outside of the U.S. where we have significant operations; ongoing security concerns due to conflicts, terrorist attacks or other acts of violence, domestically or abroad; climate change; environmental and social matters, and compliance risks with environmental, health and noise regulations; a shortage of pilots; our dependence on a limited number of suppliers for aircraft, aircraft engines and parts; any failure of technology and automated systems, including artificial intelligence, that we rely on to operate our business; evolving data privacy requirements, risks from cyberattacks and data privacy incidents, and compliance risks with regulations related therewith; any inability to effectively manage the costs, rights and functionality of third-party distribution channels; any inability to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots; interruptions or disruptions in service at one or more of our key facilities; increases in insurance costs or reductions in insurance coverage; heavy taxation in the airline industry; risks related to ownership of American Airlines Group Inc. common stock; and other risks set forth herein as well as in the company’s latest annual report on Form 10-K for the year ended December 31, 2024 (especially in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations) and subsequent quarterly reports on Form 10-Q (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.
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| American Airlines Group Inc. | ||||||||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||||||||
| (In millions, except share and per share amounts) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| 3 Months Ended September 30, | Percent Increase | 9 Months Ended September 30, | Percent Increase | |||||||||||||||||||
| 2025 | 2024 | (Decrease) | 2025 | 2024 | (Decrease) | |||||||||||||||||
| Operating revenues: | ||||||||||||||||||||||
| Passenger | $ | 12,471 | $ | 12,523 | (0.4 | ) | $ | 36,985 | $ | 37,184 | (0.5 | ) | ||||||||||
| Cargo | 212 | 202 | 5.0 | 612 | 584 | 4.8 | ||||||||||||||||
| Other | 1,008 | 922 | 9.4 | 3,037 | 2,783 | 9.1 | ||||||||||||||||
| Total operating revenues | 13,691 | 13,647 | 0.3 | 40,634 | 40,551 | 0.2 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||
| Aircraft fuel and related taxes | 2,767 | 2,874 | (3.7 | ) | 8,017 | 8,916 | (10.1 | ) | ||||||||||||||
| Salaries, wages and benefits | 4,461 | 4,098 | 8.9 | 13,065 | 11,917 | 9.6 | ||||||||||||||||
| Regional expenses: | ||||||||||||||||||||||
| Regional operating expenses | 1,286 | 1,184 | 8.6 | 3,809 | 3,495 | 9.0 | ||||||||||||||||
| Regional depreciation and amortization | 84 | 80 | 5.0 | 244 | 238 | 2.3 | ||||||||||||||||
| Maintenance, materials and repairs | 1,028 | 989 | 3.9 | 2,876 | 2,823 | 1.9 | ||||||||||||||||
| Other rent and landing fees | 906 | 861 | 5.3 | 2,627 | 2,514 | 4.5 | ||||||||||||||||
| Aircraft rent | 310 | 303 | 2.4 | 910 | 945 | (3.8 | ) | |||||||||||||||
| Selling expenses | 483 | 468 | 3.2 | 1,467 | 1,331 | 10.2 | ||||||||||||||||
| Depreciation and amortization | 474 | 479 | (1.1 | ) | 1,418 | 1,424 | (0.3 | ) | ||||||||||||||
| Special items, net | 7 | 554 | (98.7 | ) | 125 | 625 | (80.0 | ) | ||||||||||||||
| Other | 1,734 | 1,668 | 4.0 | 5,061 | 4,843 | 4.5 | ||||||||||||||||
| Total operating expenses | 13,540 | 13,558 | (0.1 | ) | 39,619 | 39,071 | 1.4 | |||||||||||||||
| Operating income | 151 | 89 | 69.4 | 1,015 | 1,480 | (31.4 | ) | |||||||||||||||
| Nonoperating income (expense): | ||||||||||||||||||||||
| Interest income | 90 | 117 | (22.8 | ) | 285 | 363 | (21.5 | ) | ||||||||||||||
| Interest expense, net | (432 | ) | (480 | ) | (10.0 | ) | (1,294 | ) | (1,464 | ) | (11.6 | ) | ||||||||||
| Other income (expense), net | 49 | 18 | nm | (1) | 42 | (20 | ) | nm | ||||||||||||||
| Total nonoperating expense, net | (293 | ) | (345 | ) | (15.3 | ) | (967 | ) | (1,121 | ) | (13.7 | ) | ||||||||||
| Income (loss) before income taxes | (142 | ) | (256 | ) | (44.7 | ) | 48 | 359 | (86.6 | ) | ||||||||||||
| Income tax provision (benefit) | (28 | ) | (107 | ) | (74.1 | ) | 36 | 103 | (65.4 | ) | ||||||||||||
| Net income (loss) | $ | (114 | ) | $ | (149 | ) | (23.5 | ) | $ | 12 | $ | 256 | (95.1 | ) | ||||||||
| Earnings (loss) per common share: | ||||||||||||||||||||||
| Basic | $ | (0.17 | ) | $ | (0.23 | ) | $ | 0.02 | $ | 0.39 | ||||||||||||
| Diluted | $ | (0.17 | ) | $ | (0.23 | ) | $ | 0.02 | $ | 0.39 | ||||||||||||
| Weighted average shares outstanding (in thousands): | ||||||||||||||||||||||
| Basic | 660,358 | 657,424 | 659,788 | 656,745 | ||||||||||||||||||
| Diluted | 660,358 | 657,424 | 660,784 | 658,775 | ||||||||||||||||||
| Note: Percent change may not recalculate due to rounding. | ||||||||||||||||||||||
| (1) Not meaningful or greater than | ||||||||||||||||||||||
| American Airlines Group Inc. | ||||||||||||||||
| Consolidated Operating Statistics (1) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 3 Months Ended September 30, | Increase | 9 Months Ended September 30, | Increase | |||||||||||||
| 2025 | 2024 | (Decrease) | 2025 | 2024 | (Decrease) | |||||||||||
| Revenue passenger miles (millions) | 66,580 | 65,502 | 1.6 | % | 188,698 | 188,120 | 0.3 | % | ||||||||
| Available seat miles (ASM) (millions) | 77,400 | 75,665 | 2.3 | % | 224,939 | 221,445 | 1.6 | % | ||||||||
| Passenger load factor (percent) | 86.0 | 86.6 | (0.6 | ) | pts | 83.9 | 85.0 | (1.1 | ) | pts | ||||||
| Yield (cents) | 18.73 | 19.12 | (2.0 | ) | % | 19.60 | 19.77 | (0.8 | ) | % | ||||||
| Passenger revenue per ASM (cents) | 16.11 | 16.55 | (2.7 | ) | % | 16.44 | 16.79 | (2.1 | ) | % | ||||||
| Total revenue per ASM (cents) | 17.69 | 18.04 | (1.9 | ) | % | 18.06 | 18.31 | (1.4 | ) | % | ||||||
| Cargo ton miles (millions) | 545 | 542 | 0.7 | % | 1,550 | 1,541 | 0.6 | % | ||||||||
| Cargo yield per ton mile (cents) | 38.94 | 37.33 | 4.3 | % | 39.52 | 37.92 | 4.2 | % | ||||||||
| Fuel consumption (gallons in millions) | 1,169 | 1,147 | 1.9 | % | 3,375 | 3,322 | 1.6 | % | ||||||||
| Average aircraft fuel price including related taxes (dollars per gallon) | 2.37 | 2.50 | (5.5 | ) | % | 2.38 | 2.68 | (11.5 | ) | % | ||||||
| Operating cost per ASM (cents) | 17.49 | 17.92 | (2.4 | ) | % | 17.61 | 17.64 | (0.2 | ) | % | ||||||
| Operating cost per ASM excluding net special items (cents) | 17.48 | 17.19 | 1.7 | % | 17.56 | 17.36 | 1.1 | % | ||||||||
| Operating cost per ASM excluding net special items and fuel (cents) | 13.91 | 13.39 | 3.9 | % | 13.99 | 13.34 | 4.9 | % | ||||||||
| Passenger enplanements (thousands) | 58,474 | 58,645 | (0.3 | ) | % | 168,220 | 170,599 | (1.4 | ) | % | ||||||
| Departures (thousands): | ||||||||||||||||
| Mainline | 298 | 304 | (2.1 | ) | % | 881 | 900 | (2.2 | ) | % | ||||||
| Regional | 267 | 254 | 5.3 | % | 787 | 716 | 10.0 | % | ||||||||
| Total | 565 | 558 | 1.3 | % | 1,668 | 1,616 | 3.2 | % | ||||||||
| Average stage length (miles): | ||||||||||||||||
| Mainline | 1,201 | 1,159 | 3.6 | % | 1,188 | 1,156 | 2.7 | % | ||||||||
| Regional | 464 | 456 | 1.8 | % | 465 | 459 | 1.3 | % | ||||||||
| Total | 853 | 839 | 1.6 | % | 846 | 847 | (0.1 | ) | % | |||||||
| Aircraft at end of period: | ||||||||||||||||
| Mainline (2) | 998 | 971 | 2.8 | % | 998 | 971 | 2.8 | % | ||||||||
| Regional (3) | 557 | 575 | (3.1 | ) | % | 557 | 575 | (3.1 | ) | % | ||||||
| Total | 1,555 | 1,546 | 0.6 | % | 1,555 | 1,546 | 0.6 | % | ||||||||
| Full-time equivalent employees at end of period: | ||||||||||||||||
| Mainline | 104,900 | 104,400 | 0.5 | % | 104,900 | 104,400 | 0.5 | % | ||||||||
| Regional (4) | 32,000 | 29,800 | 7.4 | % | 32,000 | 29,800 | 7.4 | % | ||||||||
| Total | 136,900 | 134,200 | 2.0 | % | 136,900 | 134,200 | 2.0 | % | ||||||||
| Note: Amounts may not recalculate due to rounding. | ||||||||||||||||
| (1) Unless otherwise noted, operating statistics include mainline and regional operations. Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers. | ||||||||||||||||
| (2) Excluded from the aircraft count above are two Airbus A321XLR mainline aircraft that are in temporary storage as of September 30, 2025. | ||||||||||||||||
| (3) Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are four regional aircraft in temporary storage as of September 30, 2025 as follows: three Bombardier CRJ900 and one Embraer ERJ145. | ||||||||||||||||
| (4) Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries. | ||||||||||||||||
| American Airlines Group Inc. | ||||||||||||||||
| Consolidated Revenue Statistics by Region | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 3 Months Ended September 30, | Increase | 9 Months Ended September 30, | Increase | |||||||||||||
| 2025 | 2024 | (Decrease) | 2025 | 2024 | (Decrease) | |||||||||||
| Domestic (1) | ||||||||||||||||
| Revenue passenger miles (millions) | 43,741 | 43,105 | 1.5 | % | 125,206 | 125,100 | 0.1 | % | ||||||||
| Available seat miles (ASM) (millions) | 51,106 | 50,040 | 2.1 | % | 149,762 | 146,755 | 2.0 | % | ||||||||
| Passenger load factor (percent) | 85.6 | 86.1 | (0.5 | ) | pts | 83.6 | 85.2 | (1.6 | ) | pts | ||||||
| Passenger revenue (dollars in millions) | 8,723 | 8,681 | 0.5 | % | 26,010 | 26,285 | (1.0 | ) | % | |||||||
| Yield (cents) | 19.94 | 20.14 | (1.0 | ) | % | 20.77 | 21.01 | (1.1 | ) | % | ||||||
| Passenger revenue per ASM (cents) | 17.07 | 17.35 | (1.6 | ) | % | 17.37 | 17.91 | (3.0 | ) | % | ||||||
| Latin America (2) | ||||||||||||||||
| Revenue passenger miles (millions) | 7,726 | 7,906 | (2.3 | ) | % | 26,106 | 26,578 | (1.8 | ) | % | ||||||
| Available seat miles (millions) | 8,832 | 8,872 | (0.5 | ) | % | 30,560 | 30,484 | 0.3 | % | |||||||
| Passenger load factor (percent) | 87.5 | 89.1 | (1.6 | ) | pts | 85.4 | 87.2 | (1.8 | ) | pts | ||||||
| Passenger revenue (dollars in millions) | 1,340 | 1,433 | (6.5 | ) | % | 4,795 | 4,897 | (2.1 | ) | % | ||||||
| Yield (cents) | 17.34 | 18.13 | (4.4 | ) | % | 18.37 | 18.43 | (0.3 | ) | % | ||||||
| Passenger revenue per ASM (cents) | 15.17 | 16.16 | (6.1 | ) | % | 15.69 | 16.07 | (2.3 | ) | % | ||||||
| Atlantic | ||||||||||||||||
| Revenue passenger miles (millions) | 12,951 | 12,412 | 4.3 | % | 30,317 | 30,394 | (0.3 | ) | % | |||||||
| Available seat miles (millions) | 14,878 | 14,329 | 3.8 | % | 36,255 | 37,001 | (2.0 | ) | % | |||||||
| Passenger load factor (percent) | 87.0 | 86.6 | 0.4 | pts | 83.6 | 82.1 | 1.5 | pts | ||||||||
| Passenger revenue (dollars in millions) | 2,109 | 2,110 | (0.1 | ) | % | 5,160 | 5,122 | 0.7 | % | |||||||
| Yield (cents) | 16.28 | 17.00 | (4.2 | ) | % | 17.02 | 16.85 | 1.0 | % | |||||||
| Passenger revenue per ASM (cents) | 14.17 | 14.73 | (3.8 | ) | % | 14.23 | 13.84 | 2.8 | % | |||||||
| Pacific | ||||||||||||||||
| Revenue passenger miles (millions) | 2,162 | 2,079 | 4.0 | % | 7,069 | 6,048 | 16.9 | % | ||||||||
| Available seat miles (millions) | 2,584 | 2,424 | 6.6 | % | 8,362 | 7,205 | 16.1 | % | ||||||||
| Passenger load factor (percent) | 83.7 | 85.8 | (2.1 | ) | pts | 84.5 | 83.9 | 0.6 | pts | |||||||
| Passenger revenue (dollars in millions) | 299 | 299 | 0.1 | % | 1,020 | 880 | 15.9 | % | ||||||||
| Yield (cents) | 13.84 | 14.37 | (3.7 | ) | % | 14.43 | 14.55 | (0.8 | ) | % | ||||||
| Passenger revenue per ASM (cents) | 11.58 | 12.33 | (6.1 | ) | % | 12.20 | 12.21 | (0.1 | ) | % | ||||||
| Total International | ||||||||||||||||
| Revenue passenger miles (millions) | 22,839 | 22,397 | 2.0 | % | 63,492 | 63,020 | 0.7 | % | ||||||||
| Available seat miles (millions) | 26,294 | 25,625 | 2.6 | % | 75,177 | 74,690 | 0.7 | % | ||||||||
| Passenger load factor (percent) | 86.9 | 87.4 | (0.5 | ) | pts | 84.5 | 84.4 | 0.1 | pts | |||||||
| Passenger revenue (dollars in millions) | 3,748 | 3,842 | (2.5 | ) | % | 10,975 | 10,899 | 0.7 | % | |||||||
| Yield (cents) | 16.41 | 17.16 | (4.4 | ) | % | 17.29 | 17.29 | - | % | |||||||
| Passenger revenue per ASM (cents) | 14.25 | 15.00 | (5.0 | ) | % | 14.60 | 14.59 | - | % | |||||||
| Note: Amounts may not recalculate due to rounding. | ||||||||||||||||
| (1) Domestic results include Canada, Puerto Rico and U.S. Virgin Islands. | ||||||||||||||||
| (2) Latin America results include the Caribbean. | ||||||||||||||||
| Reconciliation of GAAP Financial Information to Non-GAAP Financial Information | |||||||||||||||||||||||
| American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures: - Operating Income (GAAP measure) to Operating Income Excluding Net Special Items (non-GAAP measure) - Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure) - Pre-Tax Income (Loss) (GAAP measure) to Pre-Tax Income (Loss) Excluding Net Special Items (non-GAAP measure) - Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure) - Net Income (Loss) (GAAP measure) to Net Income (Loss) Excluding Net Special Items (non-GAAP measure) - Basic and Diluted Earnings (Loss) Per Share (GAAP measure) to Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items (non-GAAP measure) Management uses these non-GAAP financial measures to evaluate the Company's current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items provides management with an additional tool to understand the Company’s core operating performance. Additionally, the tables below present the reconciliations of total operating costs (GAAP measure) to total operating costs excluding net special items and fuel (non-GAAP measure) and total operating costs per ASM (CASM) to CASM excluding net special items and fuel. Management uses total operating costs excluding net special items and fuel and CASM excluding net special items and fuel to evaluate the Company's current operating performance and for period-to-period comparisons. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance. The adjustment to exclude fuel and net special items provides management with an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance. | |||||||||||||||||||||||
| Reconciliation of Operating Income Excluding Net Special Items | 3 Months Ended September 30, | Percent Increase | 9 Months Ended September 30, | Percent Increase | |||||||||||||||||||
| 2025 | 2024 | (Decrease) | 2025 | 2024 | (Decrease) | ||||||||||||||||||
| (in millions) | (in millions) | ||||||||||||||||||||||
| Operating income as reported | $ | 151 | $ | 89 | $ | 1,015 | $ | 1,480 | |||||||||||||||
| Operating net special items: | |||||||||||||||||||||||
| Mainline operating special items, net (1) | 7 | 554 | 125 | 625 | |||||||||||||||||||
| Operating income excluding net special items | $ | 158 | $ | 643 | ( | $ | 1,140 | $ | 2,105 | ( | |||||||||||||
| Calculation of Operating Margin | |||||||||||||||||||||||
| Operating income as reported | $ | 151 | $ | 89 | $ | 1,015 | $ | 1,480 | |||||||||||||||
| Total operating revenues as reported | $ | 13,691 | $ | 13,647 | $ | 40,634 | $ | 40,551 | |||||||||||||||
| Operating margin | 1.1 | % | 0.7 | % | 2.5 | % | 3.7 | % | |||||||||||||||
| Calculation of Operating Margin Excluding Net Special Items | |||||||||||||||||||||||
| Operating income excluding net special items | $ | 158 | $ | 643 | $ | 1,140 | $ | 2,105 | |||||||||||||||
| Total operating revenues as reported | $ | 13,691 | $ | 13,647 | $ | 40,634 | $ | 40,551 | |||||||||||||||
| Operating margin excluding net special items | 1.2 | % | 4.7 | % | 2.8 | % | 5.2 | % | |||||||||||||||
| Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items | |||||||||||||||||||||||
| Pre-tax income (loss) as reported | $ | (142 | ) | $ | (256 | ) | $ | 48 | $ | 359 | |||||||||||||
| Pre-tax net special items: | |||||||||||||||||||||||
| Mainline operating special items, net (1) | 7 | 554 | 125 | 625 | |||||||||||||||||||
| Nonoperating special items, net (2) | (4 | ) | (27 | ) | 28 | 30 | |||||||||||||||||
| Total pre-tax net special items | 3 | 527 | 153 | 655 | |||||||||||||||||||
| Pre-tax income (loss) excluding net special items | $ | (139 | ) | $ | 271 | nm | $ | 201 | $ | 1,014 | ( | ||||||||||||
| Calculation of Pre-Tax Margin | |||||||||||||||||||||||
| Pre-tax income (loss) as reported | $ | (142 | ) | $ | (256 | ) | $ | 48 | $ | 359 | |||||||||||||
| Total operating revenues as reported | $ | 13,691 | $ | 13,647 | $ | 40,634 | $ | 40,551 | |||||||||||||||
| Pre-tax margin | (1.0 | %) | (1.9 | %) | 0.1 | % | 0.9 | % | |||||||||||||||
| Calculation of Pre-Tax Margin Excluding Net Special Items | |||||||||||||||||||||||
| Pre-tax income (loss) excluding net special items | $ | (139 | ) | $ | 271 | $ | 201 | $ | 1,014 | ||||||||||||||
| Total operating revenues as reported | $ | 13,691 | $ | 13,647 | $ | 40,634 | $ | 40,551 | |||||||||||||||
| Pre-tax margin excluding net special items | (1.0 | %) | 2.0 | % | 0.5 | % | 2.5 | % | |||||||||||||||
| Reconciliation of Net Income (Loss) Excluding Net Special Items | 3 Months Ended September 30, | Percent Increase | 9 Months Ended September 30, | Percent Increase | |||||||||||||||||||
| 2025 | 2024 | (Decrease) | 2025 | 2024 | (Decrease) | ||||||||||||||||||
| (in millions, except share and per share amounts) | (in millions, except share and per share amounts) | ||||||||||||||||||||||
| Net income (loss) as reported | $ | (114 | ) | $ | (149 | ) | $ | 12 | $ | 256 | |||||||||||||
| Net special items: | |||||||||||||||||||||||
| Total pre-tax net special items (1), (2) | 3 | 527 | 153 | 655 | |||||||||||||||||||
| Net tax effect of net special items | - | (173 | ) | (34 | ) | (158 | ) | ||||||||||||||||
| Net income (loss) excluding net special items | $ | (111 | ) | $ | 205 | nm | $ | 131 | $ | 753 | ( | ||||||||||||
| Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items | |||||||||||||||||||||||
| Net income (loss) excluding net special items | $ | (111 | ) | $ | 205 | $ | 131 | $ | 753 | ||||||||||||||
| Shares used for computation (in thousands): | |||||||||||||||||||||||
| Basic | 660,358 | 657,424 | 659,788 | 656,745 | |||||||||||||||||||
| Diluted | 660,358 | 720,086 | 660,784 | 720,503 | |||||||||||||||||||
| Earnings (loss) per share excluding net special items: | |||||||||||||||||||||||
| Basic | $ | (0.17 | ) | $ | 0.31 | $ | 0.20 | $ | 1.15 | ||||||||||||||
| Diluted | $ | (0.17 | ) | $ | 0.30 | $ | 0.20 | $ | 1.10 | ||||||||||||||
| Reconciliation of Total Operating Costs per ASM Excluding Net Special Items and Fuel | |||||||||||||||||||||||
| Total operating expenses as reported | $ | 13,540 | $ | 13,558 | $ | 39,619 | $ | 39,071 | |||||||||||||||
| Operating net special items: | |||||||||||||||||||||||
| Mainline operating special items, net (1) | (7 | ) | (554 | ) | (125 | ) | (625 | ) | |||||||||||||||
| Total operating expenses excluding net special items | 13,533 | 13,004 | 39,494 | 38,446 | |||||||||||||||||||
| Aircraft fuel and related taxes | (2,767 | ) | (2,874 | ) | (8,017 | ) | (8,916 | ) | |||||||||||||||
| Total operating expenses excluding net special items and fuel | $ | 10,766 | $ | 10,130 | $ | 31,477 | $ | 29,530 | |||||||||||||||
| (in cents) | (in cents) | ||||||||||||||||||||||
| Total operating expenses per ASM as reported | 17.49 | 17.92 | 17.61 | 17.64 | |||||||||||||||||||
| Operating net special items per ASM: | |||||||||||||||||||||||
| Mainline operating special items, net (1) | (0.01 | ) | (0.73 | ) | (0.06 | ) | (0.28 | ) | |||||||||||||||
| Total operating expenses per ASM excluding net special items | 17.48 | 17.19 | 17.56 | 17.36 | |||||||||||||||||||
| Aircraft fuel and related taxes per ASM | (3.58 | ) | (3.80 | ) | (3.56 | ) | (4.03 | ) | |||||||||||||||
| Total operating expenses per ASM excluding net special items and fuel | 13.91 | 13.39 | 13.99 | 13.34 | |||||||||||||||||||
| Note: Amounts may not recalculate due to rounding. | |||||||||||||||||||||||
| FOOTNOTES: | |||||||||||||||||||||||
| (1) | The 2025 nine month period mainline operating special items, net principally included a one-time charge for adjustments to vacation accruals resulting from pay rate increases effective January 1, 2025, related to the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members and adjustments to litigation reserves. The 2024 third quarter mainline operating special items, net principally included | ||||||||||||||||||||||
| (2) | Principally included charges associated with debt refinancings and extinguishments as well as mark-to-market net unrealized gains and losses associated with certain equity investments. | ||||||||||||||||||||||
| American Airlines Group Inc. | |||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||
| (In millions)(Unaudited) | |||||||||
| 9 Months Ended September 30, | |||||||||
| 2025 | 2024 | ||||||||
| Net cash provided by operating activities | $ | 3,373 | $ | 3,585 | |||||
| Cash flows from investing activities: | |||||||||
| Capital expenditures and aircraft purchase deposits | (2,149 | ) | (1,943 | ) | |||||
| Proceeds from sale-leaseback transactions and sale of property and equipment | 243 | 598 | |||||||
| Sales of short-term investments | 4,944 | 5,901 | |||||||
| Purchases of short-term investments | (4,801 | ) | (6,528 | ) | |||||
| Decrease (increase) in restricted short-term investments | (20 | ) | 159 | ||||||
| Other investing activities | 279 | (21 | ) | ||||||
| Net cash used in investing activities | (1,504 | ) | (1,834 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Payments on long-term debt and finance leases | (4,087 | ) | (2,698 | ) | |||||
| Proceeds from issuance of long-term debt | 2,169 | 1,252 | |||||||
| Other financing activities | 85 | (53 | ) | ||||||
| Net cash used in financing activities | (1,833 | ) | (1,499 | ) | |||||
| Net increase in cash and restricted cash | 36 | 252 | |||||||
| Cash and restricted cash at beginning of period | 902 | 681 | |||||||
| Cash and restricted cash at end of period (1) | $ | 938 | $ | 933 | |||||
| (1) | The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: | ||||||||
| Cash | $ | 835 | $ | 834 | |||||
| Restricted cash included in restricted cash and short-term investments | 103 | 99 | |||||||
| Total cash and restricted cash | $ | 938 | $ | 933 | |||||
| Free Cash Flow | |||||
| The Company's free cash flow summary is presented in the table below, which is a non-GAAP measure that management believes is useful information to investors and others in evaluating the Company's ability to generate cash from its core operating performance that is available for use to reinvest in the business or to reduce debt. The Company defines free cash flows as net cash provided by operating activities less net cash used in investing activities, adjusted for (1) net sales of short-term investments and (2) change in restricted cash. We believe that calculating free cash flow as adjusted for these items is more useful for investors because short-term investment activity and restricted cash are not representative of activity core to our operations. This non-GAAP measure may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. Our calculation of free cash flow is not intended, and should not be used, to measure the residual cash flow available for discretionary expenditures because, among other things, it excludes mandatory debt service requirements and certain other non-discretionary expenditures. | |||||
| 9 Months Ended September 30, 2025 | |||||
| (in millions) | |||||
| Net cash provided by operating activities | $ | 3,373 | |||
| Adjusted net cash used in investing activities (1) | (1,652 | ) | |||
| Free cash flow | $ | 1,721 | |||
| (1) | The following table provides a reconciliation of adjusted net cash used in investing activities for the nine months ended September 30, 2025 (in millions): | ||||
| Net cash used in investing activities | $ | (1,504 | ) | ||
| Adjustments: | |||||
| Net sales of short-term investments | (143 | ) | |||
| Increase in restricted cash | (5 | ) | |||
| Adjusted net cash used in investing activities | $ | (1,652 | ) | ||
| American Airlines Group Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In millions, except shares) | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 835 | $ | 804 | |||
| Short-term investments | 6,023 | 6,180 | |||||
| Restricted cash and short-term investments | 760 | 732 | |||||
| Accounts receivable, net | 2,028 | 2,006 | |||||
| Aircraft fuel, spare parts and supplies, net | 2,782 | 2,638 | |||||
| Prepaid expenses and other | 822 | 794 | |||||
| Total current assets | 13,250 | 13,154 | |||||
| Operating property and equipment | |||||||
| Flight equipment | 44,994 | 43,521 | |||||
| Ground property and equipment | 10,366 | 10,202 | |||||
| Equipment purchase deposits | 850 | 1,012 | |||||
| Total property and equipment, at cost | 56,210 | 54,735 | |||||
| Less accumulated depreciation and amortization | (24,752 | ) | (23,608 | ) | |||
| Total property and equipment, net | 31,458 | 31,127 | |||||
| Operating lease right-of-use assets | 7,495 | 7,333 | |||||
| Other assets | |||||||
| Goodwill | 4,091 | 4,091 | |||||
| Intangibles, net | 2,038 | 2,044 | |||||
| Deferred tax asset | 2,435 | 2,485 | |||||
| Other assets | 1,374 | 1,549 | |||||
| Total other assets | 9,938 | 10,169 | |||||
| Total assets | $ | 62,141 | $ | 61,783 | |||
| Liabilities and Stockholders’ Equity (Deficit) | |||||||
| Current liabilities | |||||||
| Current maturities of long-term debt and finance leases | $ | 3,604 | $ | 5,322 | |||
| Accounts payable | 2,833 | 2,455 | |||||
| Accrued salaries and wages | 2,053 | 2,150 | |||||
| Air traffic liability | 8,092 | 6,759 | |||||
| Loyalty program liability | 3,699 | 3,556 | |||||
| Operating lease liabilities | 1,143 | 1,092 | |||||
| Other accrued liabilities | 3,214 | 2,961 | |||||
| Total current liabilities | 24,638 | 24,295 | |||||
| Noncurrent liabilities | |||||||
| Long-term debt and finance leases, net of current maturities | 25,113 | 25,154 | |||||
| Pension and postretirement benefits | 1,759 | 2,128 | |||||
| Loyalty program liability | 6,815 | 6,498 | |||||
| Operating lease liabilities | 6,204 | 5,976 | |||||
| Other liabilities | 1,574 | 1,709 | |||||
| Total noncurrent liabilities | 41,465 | 41,465 | |||||
| Stockholders' equity (deficit) | |||||||
| Common stock, 660,064,930 shares outstanding at September 30, 2025 | 7 | 7 | |||||
| Additional paid-in capital | 7,377 | 7,424 | |||||
| Accumulated other comprehensive loss | (4,515 | ) | (4,565 | ) | |||
| Retained deficit | (6,831 | ) | (6,843 | ) | |||
| Total stockholders' deficit | (3,962 | ) | (3,977 | ) | |||
| Total liabilities and stockholders’ equity (deficit) | $ | 62,141 | $ | 61,783 | |||
FAQ
What were American Airlines' Q3 2025 revenue and GAAP net loss (AAL)?
What is American Airlines' Q4 2025 adjusted EPS guidance (AAL)?
How much liquidity and debt did American Airlines report at Q3 2025 (AAL)?
What free cash flow guidance did American Airlines give for full-year 2025 (AAL)?
How did American's loyalty and co-brand card metrics perform in Q3 2025 (AAL)?
Did American Airlines cite operational disruptions in Q3 2025 (AAL)?
