American Airlines Group (AAL) Financials

$12.71 +0.02 (+0.16%)

Closing price 05/13/2026 04:00 PM Eastern

Extended Trading

$12.78 +0.07 (+0.55%)

As of 05:10 AM Eastern

Annual Income Statements for American Airlines Group

This table shows American Airlines Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	7,610	2,584	1,282	1,412	1,686	-8,885	-1,993	127	822	846	111
Consolidated Net Income / (Loss)	7,610	2,584	1,282	1,412	1,686	-8,885	-1,993	127	822	846	111
Net Income / (Loss) Continuing Operations	7,610	2,584	1,282	1,412	1,686	-8,885	-1,993	127	822	846	111
Total Pre-Tax Income	4,616	4,152	3,395	1,884	2,256	-11,453	-2,548	186	1,121	1,154	190
Total Operating Income	6,204	5,060	4,231	2,656	3,065	-10,421	-1,059	1,607	3,034	2,614	1,467
Total Gross Profit	16,118	15,023	14,838	13,790	15,786	-3,182	4,665	13,744	16,674	16,694	15,837
Total Revenue	40,990	40,142	42,622	44,541	45,768	17,337	29,882	48,971	52,788	54,211	54,633
Operating Revenue	36,272	40,142	42,622	44,541	45,768	17,337	29,882	48,971	52,788	54,211	54,633
Total Cost of Revenue	24,872	25,119	27,784	30,751	29,982	20,519	25,217	35,227	36,114	37,517	38,796
Operating Cost of Revenue	24,872	25,119	27,784	30,751	29,982	20,519	25,217	35,227	36,114	37,517	38,796
Total Operating Expenses	9,914	9,963	10,607	11,134	12,721	7,239	5,724	12,137	13,640	14,080	14,370
Selling, General & Admin Expense	4,374	4,634	4,910	5,088	5,428	3,186	3,994	5,422	6,006	6,429	6,848
Marketing Expense	1,394	1,323	1,477	1,520	2,004	666	1,098	1,815	1,799	1,812	1,997
Depreciation Expense	1,364	1,525	1,702	1,839	1,982	2,040	2,019	1,977	1,936	1,926	1,890
Other Operating Expenses / (Income)	1,731	1,772	2,518	1,900	2,672	2,004	2,619	2,730	2,928	3,303	3,476
Other Special Charges / (Income)	1,051	709	-	787	635	-657	-4,006	193	971	610	159
Total Other Income / (Expense), net	-1,588	-908	-836	-772	-809	-1,032	-1,489	-1,421	-1,913	-1,460	-1,277
Interest Expense	880	991	1,053	1,056	1,095	1,227	1,800	1,962	2,145	1,934	1,716
Interest & Investment Income	39	63	94	118	127	41	18	216	591	468	357
Other Income / (Expense), net	-747	20	123	166	159	154	293	325	-359	6.00	82
Income Tax Expense	-2,994	1,568	2,113	472	570	-2,568	-555	59	299	308	79
Basic Earnings per Share	$11.39	$4.68	$2.62	$3.04	$3.80	($18.36)	($3.09)	$0.20	$1.26	$1.29	$0.17
Weighted Average Basic Shares Outstanding	668.39M	552.31M	489.16M	464.24M	443.36M	483.89M	644.02M	650.35M	653.61M	657.00M	659.96M
Diluted Earnings per Share	$11.07	$4.65	$2.61	$3.03	$3.79	($18.36)	($3.09)	$0.19	$1.21	$1.24	$0.17
Weighted Average Diluted Shares Outstanding	687.40M	556.10M	491.69M	465.66M	444.27M	483.89M	644.02M	655.12M	719.67M	721.30M	661.05M
Weighted Average Basic & Diluted Shares Outstanding	668.10M	551.80M	489.50M	449.06M	426.06M	639.68M	649.16M	651.43M	654.76M	657.58M	660.31M

This table shows American Airlines Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-545	19	-312	717	-149	590	-473	599	-114	99	-382
Consolidated Net Income / (Loss)	-545	19	-312	717	-149	590	-473	599	-114	99	-382
Net Income / (Loss) Continuing Operations	-545	19	-312	717	-149	590	-473	599	-114	99	-382
Total Pre-Tax Income	-690	31	-413	1,028	-256	795	-648	838	-142	142	-476
Total Operating Income	-223	656	7.00	1,384	89	1,134	-270	1,135	151	451	-41
Total Gross Profit	3,919	3,820	3,310	4,788	4,119	4,477	3,172	4,786	3,755	4,124	3,615
Total Revenue	13,482	13,062	12,570	14,334	13,647	13,660	12,551	14,392	13,691	13,999	13,912
Operating Revenue	13,482	13,062	12,570	14,334	13,647	13,660	12,551	14,392	13,691	13,999	13,912
Total Cost of Revenue	9,563	9,242	9,260	9,546	9,528	9,183	9,379	9,606	9,936	9,875	10,297
Operating Cost of Revenue	9,563	9,242	9,260	9,546	9,528	9,183	9,379	9,606	9,936	9,875	10,297
Total Operating Expenses	4,142	3,164	3,303	3,404	4,030	3,343	3,442	3,651	3,604	3,673	3,656
Selling, General & Admin Expense	1,531	1,520	1,536	1,640	1,668	1,585	1,628	1,699	1,734	1,787	1,770
Marketing Expense	430	442	408	456	468	480	450	535	483	529	507
Depreciation Expense	487	480	470	474	479	503	468	476	474	472	475
Other Operating Expenses / (Income)	745	713	819	834	861	789	826	894	906	850	890
Other Special Charges / (Income)	949	9.00	70	0.00	554	-14	70	47	7.00	35	14
Total Other Income / (Expense), net	-467	-625	-420	-356	-345	-339	-378	-297	-293	-309	-435
Interest Expense	537	520	497	486	480	471	428	433	432	423	397
Interest & Investment Income	168	136	118	128	117	105	94	100	90	73	55
Other Income / (Expense), net	-98	-241	-41	2.00	18	27	-44	36	49	41	-93
Income Tax Expense	-145	12	-101	311	-107	205	-175	239	-28	43	-94
Basic Earnings per Share	($0.83)	$0.02	($0.48)	$1.09	($0.23)	$0.91	($0.72)	$0.91	($0.17)	$0.15	($0.58)
Weighted Average Basic Shares Outstanding	654.12M	653.61M	655.85M	656.97M	657.42M	657.00M	658.88M	660.13M	660.36M	659.96M	661.18M
Diluted Earnings per Share	($0.83)	$0.14	($0.48)	$1.01	($0.23)	$0.94	($0.72)	$0.91	($0.17)	$0.15	($0.58)
Weighted Average Diluted Shares Outstanding	654.12M	719.67M	655.85M	720.30M	657.42M	721.30M	658.88M	660.37M	660.36M	661.05M	661.18M
Weighted Average Basic & Diluted Shares Outstanding	653.54M	654.76M	656.09M	656.70M	657.13M	657.58M	659.51M	659.83M	660.09M	660.31M	661.39M

This table details how cash moves in and out of American Airlines Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-604	-72	-2,072	-112	4.00	109	9.00	178	95	221	154
Net Cash From Operating Activities	6,249	6,524	-4,744	3,533	3,815	-6,543	704	2,173	3,803	3,983	3,099
Net Cash From Continuing Operating Activities	2,554	8,638	2,709	3,533	3,815	-6,543	704	2,173	3,803	3,983	3,116
Net Income / (Loss) Continuing Operations	7,610	5,273	1,282	1,412	1,686	-8,885	-1,993	127	822	846	111
Consolidated Net Income / (Loss)	7,610	5,273	1,282	1,412	1,686	-8,885	-1,993	127	822	846	111
Depreciation Expense	1,609	1,818	-	2,159	2,318	2,370	2,335	2,298	2,254	2,245	2,219
Non-Cash Adjustments To Reconcile Net Income	352	284	-184	88	118	1,323	-124	-135	192	-231	-39
Changes in Operating Assets and Liabilities, net	-6,895	1,382	1,611	-126	-307	-1,351	486	-117	535	1,123	825
Net Cash From Investing Activities	-5,594	-5,702	-3,636	-1,973	-2,243	-4,342	-5,983	636	-502	-968	-1,894
Net Cash From Continuing Investing Activities	-5,594	-5,702	-3,636	-1,973	-2,243	-4,342	-5,983	636	-502	-968	-1,894
Purchase of Property, Plant & Equipment	-6,151	-5,731	-5,971	-3,745	-4,268	-1,958	-208	-2,546	-2,596	-2,683	-3,779
Purchase of Investments	-8,126	-6,241	-4,633	-3,412	-3,187	-6,181	-19,855	-11,256	-7,272	-7,194	-4,905
Sale of Property, Plant & Equipment	35	125	94	111	54	351	-	-	-	654	344
Sale and/or Maturity of Investments	8,648	6,145	6,768	3,984	4,144	2,803	13,923	14,972	8,861	8,190	6,192
Other Investing Activities, net	-	0.00	309	1,089	1,014	643	157	-534	505	65	254
Net Cash From Financing Activities	-1,259	-894	-1,145	-1,672	-1,568	10,994	5,288	-2,631	-3,206	-2,794	-1,051
Net Cash From Continuing Financing Activities	-1,259	-894	-1,145	-1,672	-1,568	10,994	5,288	-2,631	-3,206	-2,794	-1,051
Repayment of Debt	-2,144	-3,904	-2,417	-3,003	-4,253	-3,540	-7,343	-3,700	-8,028	-4,538	-5,664
Issuance of Debt	5,009	7,734	3,085	2,354	3,960	11,780	12,171	1,069	4,822	1,670	3,773
Other Financing Activities, net	-	-	-	-	-	-	-	-	-	74	840

This table details how cash moves in and out of American Airlines Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-150	5,148	-2,158	-1,091	-84	3,554	-2,427	-963	53	3,491	-4,277
Net Cash From Operating Activities	-	3,803	0.00	-	-	3,983	0.00	-	-	3,099	0.00
Net Cash From Continuing Operating Activities	58	-1,351	2,180	1,128	277	398	2,456	963	-46	-257	4,223
Net Income / (Loss) Continuing Operations	-	822	0.00	-	-	846	0.00	-	-	111	0.00
Net Cash From Investing Activities	1,084	2,159	-1,516	-376	58	866	-1,204	-1,274	974	-390	-2,328
Net Cash From Continuing Investing Activities	1,084	2,159	-1,516	-376	58	866	-1,204	-1,274	974	-390	-2,328
Purchase of Property, Plant & Equipment	-509	-843	-824	-651	-468	-740	-824	-499	-826	-1,630	-811
Purchase of Investments	-736	1,051	-3,287	-1,427	-1,814	-489	-1,806	-2,874	-121	-104	-2,773
Sale and/or Maturity of Investments	2,207	1,965	2,597	1,352	2,111	1,953	1,434	1,612	1,878	1,268	1,278
Other Investing Activities, net	86	205	-2.00	-3.00	-16	740	-8.00	287	-	-25	-22
Net Cash From Financing Activities	-1,234	-814	-642	-715	-142	-1,295	-1,223	311	-921	782	-1,949
Net Cash From Continuing Financing Activities	-1,234	-814	-642	-715	-142	-1,295	-1,223	311	-921	782	-1,949
Repayment of Debt	-1,378	-3,404	-873	-963	-862	-1,769	-1,362	-1,003	-1,722	-1,577	-2,324
Issuance of Debt	144	2,590	231	248	720	474	213	1,314	801	1,519	929
Other Financing Activities, net	-	-	-	-	-	-	-74	-	-	-	-554
Cash Interest Paid	684	-	557	422	533	-	524	308	492	-	454

This table presents American Airlines Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	48,415	51,274	52,785	60,580	59,995	62,008	66,467	64,716	63,058	61,783	61,774
Total Current Assets	9,985	10,324	9,146	8,637	8,206	11,095	17,336	15,269	13,572	13,154	12,205
Cash & Equivalents	390	322	295	275	280	245	273	440	578	804	954
Restricted Cash	695	638	318	154	158	609	990	995	910	732	735
Short-Term Investments	5,864	6,037	4,771	4,485	3,546	6,619	12,158	8,525	7,000	6,180	4,882
Accounts Receivable	1,425	1,594	1,752	1,706	1,750	1,342	1,505	2,138	2,026	2,006	2,075
Inventories, net	863	1,094	1,359	1,522	1,851	1,614	1,795	2,279	2,400	2,638	2,792
Prepaid Expenses	748	639	651	495	621	666	615	892	658	794	767
Plant, Property, & Equipment, net	27,510	31,159	34,156	34,098	34,995	31,699	29,537	30,200	30,764	31,127	32,540
Plant, Property & Equipment, gross	80,241	45,353	49,802	51,541	53,654	48,456	47,708	50,229	52,861	54,735	57,732
Accumulated Depreciation	13,144	14,194	15,646	17,443	18,659	16,757	18,171	20,029	22,097	23,608	25,192
Total Noncurrent Assets	22,907	9,791	9,483	17,845	16,794	19,214	19,594	19,247	18,722	17,502	17,029
Goodwill	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091
Intangible Assets	2,249	2,173	2,203	2,137	2,084	2,029	1,988	2,059	2,051	2,044	2,066
Noncurrent Deferred & Refundable Income Taxes	2,477	1,498	1,816	1,145	645	3,239	3,556	3,099	2,888	2,485	2,368
Other Noncurrent Operating Assets	14,090	2,029	1,373	10,472	9,974	9,855	9,959	9,998	9,692	8,882	8,504
Total Liabilities & Shareholders' Equity	48,415	51,274	52,785	60,580	59,995	62,008	66,467	64,716	63,058	61,783	61,774
Total Liabilities	42,780	47,489	53,565	60,749	60,113	68,875	73,807	70,515	68,260	65,760	65,501
Total Current Liabilities	13,605	13,872	15,358	18,096	18,311	16,569	19,006	21,496	22,062	24,295	24,492
Short-Term Debt	2,231	1,855	2,554	3,294	2,861	2,797	2,489	3,274	3,632	5,396	4,667
Accounts Payable	1,563	1,592	1,688	1,773	2,062	1,196	1,772	2,149	2,353	2,455	2,840
Accrued Expenses	2,334	2,208	2,281	2,342	2,138	2,419	2,766	2,981	2,738	2,887	2,916
Current Deferred Revenue	-	-	7,163	7,606	8,001	6,790	8,983	9,914	9,653	10,315	10,883
Current Employee Benefit Liabilities	1,205	1,516	1,672	1,427	1,541	1,716	1,489	1,713	2,377	2,150	2,128
Other Current Liabilities	6,272	6,701	0.00	1,654	1,708	1,651	1,507	1,465	1,309	1,092	1,058
Total Noncurrent Liabilities	29,175	33,617	38,207	42,653	41,802	52,306	54,801	49,019	46,198	41,465	41,009
Long-Term Debt	18,330	22,489	22,511	21,179	21,454	29,796	35,571	32,389	29,270	25,154	25,254
Noncurrent Employee Benefit Liabilities	7,450	7,842	7,497	6,907	6,052	7,069	5,053	2,837	3,044	2,128	1,568
Other Noncurrent Operating Liabilities	2,728	3,286	8,199	14,567	14,296	15,441	14,177	13,793	13,884	14,183	14,187
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,635	3,785	-780	-169	-118	-6,867	-7,340	-5,799	-5,202	-3,977	-3,727
Total Preferred & Common Equity	5,635	3,785	-780	-169	-118	-6,867	-7,340	-5,799	-5,202	-3,977	-3,727
Total Common Equity	5,635	3,785	-780	-169	-118	-6,867	-7,340	-5,799	-5,202	-3,977	-3,727
Common Stock	11,597	7,228	5,719	4,969	3,949	6,900	7,240	7,297	7,381	7,431	7,394
Retained Earnings	-1,230	1,640	-1,345	758	2,264	-6,664	-8,638	-8,511	-7,689	-6,843	-6,732
Accumulated Other Comprehensive Income / (Loss)	-4,732	-5,083	-5,154	-5,896	-6,331	-7,103	-5,942	-4,585	-4,894	-4,565	-4,389

This table presents American Airlines Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	67,260	65,711	63,058	64,384	64,125	63,528	61,783	62,609	63,667	62,141	63,738
Total Current Assets	18,220	16,708	13,572	14,542	14,795	14,456	13,154	13,603	15,068	13,250	13,984
Cash & Equivalents	614	577	578	604	605	834	804	835	833	835	903
Restricted Cash	984	925	910	895	875	752	732	647	807	760	717
Short-Term Investments	11,447	10,005	7,000	7,696	7,841	7,638	6,180	6,631	7,740	6,023	6,391
Accounts Receivable	2,073	2,021	2,026	2,070	2,067	1,820	2,006	1,928	2,057	2,028	2,008
Inventories, net	2,280	2,461	2,400	2,500	2,575	2,582	2,638	2,653	2,776	2,782	3,131
Prepaid Expenses	822	719	658	777	832	830	794	909	855	822	834
Plant, Property, & Equipment, net	30,271	30,318	30,764	31,157	31,044	30,846	31,127	31,315	31,201	31,458	32,825
Plant, Property & Equipment, gross	51,333	51,889	52,861	53,597	54,002	54,313	54,735	55,107	55,499	56,210	58,500
Accumulated Depreciation	21,062	21,571	22,097	22,440	22,958	23,467	23,608	23,792	24,298	24,752	25,675
Total Noncurrent Assets	18,769	18,685	18,722	18,685	18,286	18,226	17,502	17,691	17,398	17,433	16,929
Goodwill	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091
Intangible Assets	2,055	2,053	2,051	2,049	2,047	2,046	2,044	2,042	2,040	2,038	2,064
Noncurrent Deferred & Refundable Income Taxes	2,660	2,875	2,888	2,986	2,668	2,768	2,485	2,655	2,411	2,435	2,457
Other Noncurrent Operating Assets	9,963	9,666	9,692	9,559	9,480	9,321	8,882	8,903	8,856	8,869	8,317
Total Liabilities & Shareholders' Equity	67,260	65,711	63,058	64,384	64,125	63,528	61,783	62,609	63,667	62,141	63,738
Total Liabilities	71,645	70,847	68,260	69,884	68,871	68,382	65,760	67,117	67,537	66,103	67,815
Total Current Liabilities	24,316	24,380	22,062	24,993	24,610	25,532	24,295	26,112	25,771	24,638	28,406
Short-Term Debt	3,874	3,767	3,632	4,102	4,120	5,384	5,322	4,729	4,605	3,604	4,555
Accounts Payable	2,406	2,123	2,353	2,927	3,016	2,623	2,455	3,114	3,130	2,833	3,610
Accrued Expenses	2,860	2,677	2,738	2,821	2,849	2,733	2,961	2,751	3,110	3,214	2,978
Current Deferred Revenue	12,022	11,164	9,653	12,144	11,649	11,135	10,315	12,595	11,906	11,791	14,241
Current Employee Benefit Liabilities	1,723	3,262	2,377	1,726	1,767	2,484	2,150	1,827	1,900	2,053	1,969
Other Current Liabilities	1,431	1,387	1,309	1,273	1,209	1,173	1,092	1,096	1,120	1,143	1,053
Total Noncurrent Liabilities	47,329	46,467	46,198	44,891	44,261	42,850	41,465	41,005	41,766	41,465	39,409
Long-Term Debt	30,772	29,722	29,270	28,228	27,636	26,268	25,154	24,713	25,276	25,113	23,522
Noncurrent Employee Benefit Liabilities	2,694	2,929	3,044	2,709	2,652	2,568	2,128	1,869	1,814	1,759	1,219
Other Noncurrent Operating Liabilities	13,863	13,816	13,884	13,954	13,973	14,014	14,183	14,423	14,676	14,593	14,668
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-4,385	-5,136	-5,202	-5,500	-4,746	-4,854	-3,977	-4,508	-3,870	-3,962	-4,077
Total Preferred & Common Equity	-4,385	-5,136	-5,202	-5,500	-4,746	-4,854	-3,977	-4,508	-3,870	-3,962	-4,077
Total Common Equity	-4,385	-5,136	-5,202	-5,500	-4,746	-4,854	-3,977	-4,508	-3,870	-3,962	-4,077
Common Stock	7,328	7,360	7,381	7,378	7,396	7,414	7,431	7,355	7,377	7,384	7,409
Retained Earnings	-7,163	-7,708	-7,689	-8,001	-7,284	-7,433	-6,843	-7,316	-6,717	-6,831	-7,114
Accumulated Other Comprehensive Income / (Loss)	-4,550	-4,788	-4,894	-4,877	-4,858	-4,835	-4,565	-4,547	-4,530	-4,515	-4,372

This table displays calculated financial ratios and metrics derived from American Airlines Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.89%	-2.07%	6.18%	4.50%	2.75%	-62.12%	72.36%	63.88%	7.79%	2.70%	0.78%
EBITDA Growth	28.35%	-2.38%	-10.67%	-17.75%	11.26%	-242.49%	119.87%	169.60%	16.52%	-1.30%	-22.55%
EBIT Growth	34.14%	-6.91%	-14.29%	-35.19%	14.25%	-418.46%	92.54%	352.22%	38.46%	-2.06%	-40.88%
NOPAT Growth	168.28%	-69.21%	-49.27%	24.59%	15.07%	-418.46%	89.84%	248.02%	102.76%	-13.86%	-55.28%
Net Income Growth	164.05%	-66.04%	-50.39%	10.14%	19.41%	-626.99%	77.57%	106.37%	547.24%	2.92%	-86.88%
EPS Growth	181.68%	-57.99%	-43.87%	16.09%	25.08%	-584.43%	83.17%	106.15%	536.84%	2.48%	-86.29%
Operating Cash Flow Growth	102.89%	4.40%	-172.72%	174.47%	7.98%	-271.51%	110.76%	208.66%	75.01%	4.73%	-22.19%
Free Cash Flow Firm Growth	-190.71%	244.03%	-74.86%	-60.78%	-2.26%	-463.50%	103.99%	-808.86%	293.45%	-19.59%	-95.99%
Invested Capital Growth	167.63%	-36.38%	-10.56%	2.59%	4.24%	-9.70%	-5.23%	15.06%	-3.48%	-2.23%	4.06%
Revenue Q/Q Growth	-1.28%	0.30%	2.06%	0.74%	0.83%	-19.17%	8.05%	8.32%	-0.24%	1.12%	0.62%
EBITDA Q/Q Growth	-2.43%	5.33%	1.88%	7.00%	11.22%	-83.40%	127.70%	130.14%	-12.61%	28.81%	-8.96%
EBIT Q/Q Growth	-5.42%	2.50%	1.47%	-0.77%	6.02%	-138.43%	86.48%	943.67%	-27.59%	39.81%	-30.16%
NOPAT Q/Q Growth	71.00%	-59.77%	-37.41%	175.19%	2.53%	-142.01%	81.31%	381.93%	-22.61%	27.23%	-44.18%
Net Income Q/Q Growth	54.52%	-54.41%	-37.83%	180.16%	5.57%	-128.17%	64.66%	107.90%	-48.82%	207.64%	-81.56%
EPS Q/Q Growth	57.47%	-48.84%	-38.00%	156.78%	7.06%	-32.47%	41.25%	107.45%	-49.79%	181.82%	-82.29%
Operating Cash Flow Q/Q Growth	-51.85%	62.41%	-249.89%	139.03%	1,099.69%	-295.31%	173.41%	281.08%	75.01%	4.73%	-22.19%
Free Cash Flow Firm Q/Q Growth	-209.58%	202.84%	-57.48%	-87.95%	8.14%	-277.49%	117.72%	2.36%	1.10%	201.40%	-95.38%
Invested Capital Q/Q Growth	125.34%	-43.47%	-38.89%	1.04%	0.73%	-1.15%	10.18%	18.08%	14.04%	6.88%	14.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.32%	37.42%	34.81%	30.96%	34.49%	-18.35%	15.61%	28.07%	31.59%	30.79%	28.99%
EBITDA Margin	16.94%	16.89%	14.21%	11.18%	12.11%	-45.55%	5.25%	8.64%	9.34%	8.97%	6.90%
Operating Margin	15.14%	12.61%	9.93%	5.96%	6.70%	-60.11%	-3.54%	3.28%	5.75%	4.82%	2.69%
EBIT Margin	13.31%	12.66%	10.22%	6.34%	7.04%	-59.22%	-2.56%	3.95%	5.07%	4.83%	2.84%
Profit (Net Income) Margin	18.57%	6.44%	3.01%	3.17%	3.68%	-51.25%	-6.67%	0.26%	1.56%	1.56%	0.20%
Tax Burden Percent	164.86%	62.24%	37.76%	74.95%	74.73%	77.58%	78.22%	68.28%	73.33%	73.31%	58.42%
Interest Burden Percent	84.59%	81.73%	77.97%	66.76%	69.98%	111.55%	332.64%	9.63%	41.91%	44.05%	12.27%
Effective Tax Rate	-64.86%	37.76%	62.24%	25.05%	25.27%	0.00%	0.00%	31.72%	26.67%	26.69%	41.58%
Return on Invested Capital (ROIC)	44.83%	11.59%	7.98%	10.40%	11.57%	-37.93%	-4.17%	5.90%	11.38%	10.09%	4.45%
ROIC Less NNEP Spread (ROIC-NNEP)	31.04%	9.07%	6.28%	7.45%	8.54%	-44.93%	-9.20%	2.04%	5.78%	5.55%	1.22%
Return on Net Nonoperating Assets (RNNOA)	153.96%	43.27%	77.34%	-307.97%	-1,186.48%	292.33%	32.23%	-7.83%	-26.32%	-28.52%	-7.34%
Return on Equity (ROE)	198.80%	54.86%	85.32%	-297.58%	-1,174.91%	254.40%	28.06%	-1.93%	-14.94%	-18.43%	-2.88%
Cash Return on Invested Capital (CROIC)	-46.36%	56.06%	19.13%	7.84%	7.41%	-27.74%	1.20%	-8.11%	14.91%	12.35%	0.47%
Operating Return on Assets (OROA)	11.91%	10.19%	8.37%	4.98%	5.35%	-16.83%	-1.19%	2.95%	4.19%	4.20%	2.51%
Return on Assets (ROA)	16.61%	5.18%	2.46%	2.49%	2.80%	-14.57%	-3.10%	0.19%	1.29%	1.36%	0.18%
Return on Common Equity (ROCE)	198.80%	54.86%	85.32%	-297.58%	-1,174.91%	254.40%	28.06%	-1.93%	-14.94%	-18.43%	-2.88%
Return on Equity Simple (ROE_SIMPLE)	135.05%	68.27%	-164.36%	-835.50%	-1,428.81%	129.39%	27.15%	-2.19%	-15.80%	-21.27%	0.00%
Net Operating Profit after Tax (NOPAT)	10,228	3,149	1,598	1,991	2,291	-7,295	-741	1,097	2,225	1,916	857
NOPAT Margin	24.95%	7.84%	3.75%	4.47%	5.00%	-42.08%	-2.48%	2.24%	4.21%	3.53%	1.57%
Net Nonoperating Expense Percent (NNEP)	13.79%	2.52%	1.71%	2.95%	3.03%	7.00%	5.03%	3.85%	5.60%	4.54%	3.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.67%	8.03%	7.23%	3.27%
Cost of Revenue to Revenue	60.68%	62.58%	65.19%	69.04%	65.51%	118.35%	84.39%	71.93%	68.41%	69.21%	71.01%
SG&A Expenses to Revenue	10.67%	11.54%	11.52%	11.42%	11.86%	18.38%	13.37%	11.07%	11.38%	11.86%	12.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.19%	24.82%	24.89%	25.00%	27.79%	41.75%	19.16%	24.78%	25.84%	25.97%	26.30%
Earnings before Interest and Taxes (EBIT)	5,457	5,080	4,354	2,822	3,224	-10,267	-766	1,932	2,675	2,620	1,549
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6,944	6,779	6,056	4,981	5,542	-7,897	1,569	4,230	4,929	4,865	3,768
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.53	6.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.62	0.58	0.57	0.33	0.27	0.46	0.39	0.17	0.17	0.21	0.19
Price to Earnings (P/E)	3.35	9.05	18.93	10.31	7.42	0.00	0.00	65.09	10.92	13.54	91.16
Dividend Yield	0.99%	0.89%	0.79%	1.27%	1.40%	2.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	29.83%	11.05%	5.28%	9.70%	13.47%	0.00%	0.00%	1.54%	9.15%	7.39%	1.10%
Enterprise Value to Invested Capital (EV/IC)	1.18	1.93	2.33	1.76	1.63	1.82	2.10	1.71	1.74	1.82	1.71
Enterprise Value to Revenue (EV/Rev)	0.95	1.01	1.03	0.77	0.72	1.91	1.21	0.69	0.63	0.63	0.61
Enterprise Value to EBITDA (EV/EBITDA)	5.63	6.01	7.26	6.85	5.93	0.00	23.12	8.03	6.77	7.03	8.88
Enterprise Value to EBIT (EV/EBIT)	7.17	8.02	10.09	12.09	10.19	0.00	0.00	17.58	12.48	13.06	21.61
Enterprise Value to NOPAT (EV/NOPAT)	3.83	12.93	27.51	17.14	14.34	0.00	0.00	30.96	15.01	17.85	39.05
Enterprise Value to Operating Cash Flow (EV/OCF)	6.26	6.24	0.00	9.66	8.61	0.00	51.52	15.63	8.78	8.59	10.80
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.67	11.48	22.72	22.38	0.00	170.51	0.00	11.45	14.59	367.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.65	6.43	-32.13	-144.81	-206.06	-4.75	-5.19	-6.15	-6.32	-7.66	-8.03
Long-Term Debt to Equity	3.25	5.94	-28.86	-125.32	-181.81	-4.34	-4.85	-5.59	-5.63	-6.32	-6.78
Financial Leverage	4.96	4.77	12.32	-41.35	-138.99	-6.51	-3.50	-3.83	-4.56	-5.14	-5.99
Leverage Ratio	11.97	10.58	34.63	-119.46	-420.12	-17.47	-9.04	-9.98	-11.61	-13.60	-16.04
Compound Leverage Factor	10.13	8.65	27.00	-79.75	-293.98	-19.48	-30.08	-0.96	-4.87	-5.99	-1.97
Debt to Total Capital	78.49%	86.54%	103.21%	100.70%	100.49%	126.69%	123.89%	119.42%	118.78%	115.01%	114.23%
Short-Term Debt to Total Capital	8.52%	6.59%	10.52%	13.55%	11.82%	10.87%	8.10%	10.96%	13.11%	20.08%	17.82%
Long-Term Debt to Total Capital	69.97%	79.95%	92.70%	87.14%	88.66%	115.82%	115.79%	108.46%	105.67%	94.92%	96.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	21.51%	13.46%	-3.21%	-0.70%	-0.49%	-26.69%	-23.89%	-19.42%	-18.78%	-15.01%	-14.23%
Debt to EBITDA	2.96	3.59	4.14	4.91	4.39	-4.13	24.26	8.43	6.68	6.26	7.94
Net Debt to EBITDA	1.96	2.56	3.25	3.93	3.67	-3.18	15.70	6.08	4.95	4.68	6.20
Long-Term Debt to EBITDA	2.64	3.32	3.72	4.25	3.87	-3.77	22.67	7.66	5.94	5.17	6.70
Debt to NOPAT	2.01	7.73	15.69	12.29	10.62	-4.47	-51.34	32.50	14.79	15.90	34.91
Net Debt to NOPAT	1.33	5.51	12.32	9.83	8.88	-3.44	-33.24	23.42	10.97	11.88	27.25
Long-Term Debt to NOPAT	1.79	7.14	14.09	10.64	9.37	-4.08	-47.98	29.52	13.16	13.13	29.47
Altman Z-Score	1.45	1.37	1.17	0.86	0.92	-0.45	0.29	0.63	0.72	0.75	0.67
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.73	0.74	0.60	0.48	0.45	0.67	0.91	0.71	0.62	0.54	0.50
Quick Ratio	0.56	0.57	0.44	0.36	0.30	0.50	0.73	0.52	0.44	0.37	0.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-10,576	15,232	3,829	1,502	1,468	-5,335	213	-1,508	2,917	2,345	91
Operating Cash Flow to CapEx	102.17%	116.38%	-80.72%	97.22%	90.53%	-407.16%	338.46%	85.35%	146.49%	148.45%	90.22%
Free Cash Flow to Firm to Interest Expense	-12.02	15.37	3.64	1.42	1.34	-4.35	0.12	-0.77	1.36	1.21	0.05
Operating Cash Flow to Interest Expense	7.10	6.58	-4.51	3.35	3.48	-5.33	0.39	1.11	1.77	2.06	1.81
Operating Cash Flow Less CapEx to Interest Expense	0.15	0.93	-10.09	-0.10	-0.36	-6.64	0.28	-0.19	0.56	0.67	-0.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.81	0.82	0.79	0.76	0.28	0.47	0.75	0.83	0.87	0.88
Accounts Receivable Turnover	25.65	26.59	25.48	25.76	26.49	11.21	20.99	26.89	25.35	26.89	26.77
Inventory Turnover	26.64	25.67	22.65	21.35	17.78	11.84	14.79	17.29	15.44	14.89	14.29
Fixed Asset Turnover	1.62	1.37	1.31	1.31	1.32	0.52	0.98	1.64	1.73	1.75	1.72
Accounts Payable Turnover	16.92	15.92	16.94	17.77	15.64	12.60	16.99	17.97	16.04	15.61	14.65
Days Sales Outstanding (DSO)	14.23	13.73	14.33	14.17	13.78	32.55	17.39	13.58	14.40	13.57	13.63
Days Inventory Outstanding (DIO)	13.70	14.22	16.11	17.10	20.53	30.82	24.67	21.11	23.65	24.51	25.54
Days Payable Outstanding (DPO)	21.57	22.92	21.54	20.54	23.34	28.98	21.48	20.31	22.75	23.39	24.91
Cash Conversion Cycle (CCC)	6.36	5.02	8.89	10.73	10.97	34.39	20.58	14.37	15.29	14.69	14.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	33,215	21,132	18,901	19,390	20,213	18,253	17,299	19,904	19,212	18,783	19,623
Invested Capital Turnover	1.80	1.48	2.13	2.33	2.31	0.90	1.68	2.63	2.70	2.85	2.84
Increase / (Decrease) in Invested Capital	20,804	-12,083	-2,231	489	823	-1,960	-954	2,605	-692	-429	766
Enterprise Value (EV)	39,122	40,724	43,947	34,113	32,848	33,141	36,268	33,970	33,394	34,214	33,469
Market Capitalization	25,510	23,377	24,266	14,554	12,517	8,021	11,629	8,267	8,980	11,454	10,119
Book Value per Share	$8.94	$7.31	($1.63)	($0.37)	($0.27)	($13.50)	($11.34)	($8.92)	($7.96)	($6.05)	($5.65)
Tangible Book Value per Share	($1.12)	($4.78)	($14.78)	($13.89)	($14.37)	($25.53)	($20.72)	($18.39)	($17.36)	($15.39)	($14.97)
Total Capital	26,196	28,129	24,285	24,304	24,197	25,726	30,720	29,864	27,700	26,499	26,194
Total Debt	20,561	24,344	25,065	24,473	24,315	32,593	38,060	35,663	32,902	30,476	29,921
Total Long-Term Debt	18,330	22,489	22,511	21,179	21,454	29,796	35,571	32,389	29,270	25,154	25,254
Net Debt	13,612	17,347	19,681	19,559	20,331	25,120	24,639	25,703	24,414	22,760	23,350
Capital Expenditures (CapEx)	6,116	5,606	5,877	3,634	4,214	1,607	208	2,546	2,596	2,683	3,435
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8,338	-8,690	-9,042	-11,079	-11,228	-10,150	-12,602	-12,913	-13,346	-13,535	-14,191
Debt-free Net Working Capital (DFNWC)	-1,389	-1,693	-3,658	-6,165	-7,244	-2,677	819	-2,953	-4,858	-5,819	-7,620
Net Working Capital (NWC)	-3,620	-3,548	-6,212	-9,459	-10,105	-5,474	-1,670	-6,227	-8,490	-11,141	-12,287
Net Nonoperating Expense (NNE)	2,618	565	316	579	605	1,590	1,252	970	1,403	1,070	746
Net Nonoperating Obligations (NNO)	27,580	17,347	19,681	19,559	20,331	25,120	24,639	25,703	24,414	22,760	23,350
Total Depreciation and Amortization (D&A)	1,487	1,699	1,702	2,159	2,318	2,370	2,335	2,298	2,254	2,245	2,219
Debt-free, Cash-free Net Working Capital to Revenue	-20.34%	-21.65%	-21.21%	-24.87%	-24.53%	-58.55%	-42.17%	-26.37%	-25.28%	-24.97%	-25.98%
Debt-free Net Working Capital to Revenue	-3.39%	-4.22%	-8.58%	-13.84%	-15.83%	-15.44%	2.74%	-6.03%	-9.20%	-10.73%	-13.95%
Net Working Capital to Revenue	-8.83%	-8.84%	-14.57%	-21.24%	-22.08%	-31.57%	-5.59%	-12.72%	-16.08%	-20.55%	-22.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$11.39	$4.85	$3.92	$3.04	$3.80	($18.36)	($3.09)	$0.20	$1.26	$1.29	$0.17
Adjusted Weighted Average Basic Shares Outstanding	668.39M	552.31M	489.16M	464.24M	443.36M	483.89M	644.02M	650.35M	653.61M	657.00M	659.96M
Adjusted Diluted Earnings per Share	$11.07	$4.81	$3.90	$3.03	$3.79	($18.36)	($3.09)	$0.19	$1.21	$1.24	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	687.36M	556.10M	491.69M	465.66M	444.27M	483.89M	644.02M	655.12M	719.67M	721.30M	661.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	603.02M	504.16M	473.14M	449.06M	426.06M	639.68M	649.16M	651.43M	654.76M	657.58M	660.31M
Normalized Net Operating Profit after Tax (NOPAT)	5,079	3,590	2,962	2,580	2,765	-7,755	-3,546	1,229	2,937	2,364	950
Normalized NOPAT Margin	12.39%	8.94%	6.95%	5.79%	6.04%	-44.73%	-11.87%	2.51%	5.56%	4.36%	1.74%
Pre Tax Income Margin	11.26%	10.34%	7.97%	4.23%	4.93%	-66.06%	-8.53%	0.38%	2.12%	2.13%	0.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.20	5.13	4.13	2.67	2.94	-8.37	-0.43	0.98	1.25	1.35	0.90
NOPAT to Interest Expense	11.62	3.18	1.52	1.89	2.09	-5.95	-0.41	0.56	1.04	0.99	0.50
EBIT Less CapEx to Interest Expense	-0.75	-0.53	-1.45	-0.77	-0.90	-9.68	-0.54	-0.31	0.04	-0.03	-1.10
NOPAT Less CapEx to Interest Expense	4.67	-2.48	-4.06	-1.56	-1.76	-7.25	-0.53	-0.74	-0.17	-0.40	-1.50
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.65%	8.67%	15.44%	13.17%	10.56%	-0.48%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	54.19%	182.82%	141.42%	72.45%	75.62%	-2.43%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from American Airlines Group's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	660,305,573.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	660,305,573.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.58
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.15%	-0.96%	3.13%	1.99%	1.22%	4.58%	-0.15%	0.40%	0.32%	2.48%	10.84%
EBITDA Growth	-89.48%	-53.48%	-52.51%	-29.33%	253.01%	85.92%	-64.68%	-11.45%	15.02%	-42.07%	121.43%
EBIT Growth	-129.53%	-71.06%	-107.87%	-35.50%	133.33%	179.76%	-823.53%	-15.51%	86.92%	-57.62%	57.32%
NOPAT Growth	-122.87%	-63.40%	-98.10%	-41.20%	139.91%	109.32%	-3,957.14%	-15.95%	69.66%	-62.64%	84.81%
Net Income Growth	-212.84%	-97.63%	-3,220.00%	-46.41%	72.66%	3,005.26%	-51.60%	-16.46%	23.49%	-83.22%	19.24%
EPS Growth	-220.29%	-89.55%	-2,500.00%	-46.28%	72.29%	571.43%	-50.00%	-9.90%	26.09%	-84.04%	19.44%
Operating Cash Flow Growth	0.00%	75.01%	0.00%	0.00%	0.00%	4.73%	0.00%	0.00%	0.00%	-22.19%	0.00%
Free Cash Flow Firm Growth	69.07%	172.62%	43.99%	210.28%	-355.65%	16.13%	191.36%	279.71%	181.52%	-137.74%	28.53%
Invested Capital Growth	-0.06%	-3.48%	4.07%	2.75%	4.32%	-2.23%	-4.62%	-5.98%	-2.49%	4.06%	-4.95%
Revenue Q/Q Growth	-4.08%	-3.12%	-3.77%	14.03%	-4.79%	0.10%	-8.12%	14.67%	-4.87%	2.25%	-0.62%
EBITDA Q/Q Growth	-93.69%	439.16%	-51.28%	326.61%	-68.49%	183.96%	-90.75%	969.48%	-59.08%	43.03%	-64.63%
EBIT Q/Q Growth	-114.94%	229.28%	-108.19%	4,176.47%	-92.28%	985.05%	-127.05%	472.93%	-82.92%	146.00%	-127.24%
NOPAT Q/Q Growth	-109.51%	357.57%	-98.78%	19,599.99%	-93.55%	1,250.86%	-122.46%	529.26%	-86.97%	197.47%	-109.13%
Net Income Q/Q Growth	-140.73%	103.49%	-1,742.11%	329.81%	-120.78%	495.97%	-180.17%	226.64%	-119.03%	186.84%	-485.86%
EPS Q/Q Growth	-144.15%	116.87%	-442.86%	310.42%	-122.77%	508.70%	-176.60%	226.39%	-118.68%	188.24%	-486.67%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%
Free Cash Flow Firm Q/Q Growth	67.27%	848.85%	-162.53%	171.96%	-235.22%	290.86%	-50.81%	199.09%	-70.97%	-183.21%	277.89%
Invested Capital Q/Q Growth	-2.15%	14.04%	-8.21%	0.31%	-0.65%	6.88%	-10.45%	-1.13%	3.04%	14.51%	-18.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.07%	29.25%	26.33%	33.40%	30.18%	32.77%	25.27%	33.25%	27.43%	29.46%	25.98%
EBITDA Margin	1.23%	6.85%	3.47%	12.98%	4.29%	12.18%	1.23%	11.44%	4.92%	6.89%	2.45%
Operating Margin	-1.65%	5.02%	0.06%	9.66%	0.65%	8.30%	-2.15%	7.89%	1.10%	3.22%	-0.29%
EBIT Margin	-2.38%	3.18%	-0.27%	9.67%	0.78%	8.50%	-2.50%	8.14%	1.46%	3.51%	-0.96%
Profit (Net Income) Margin	-4.04%	0.15%	-2.48%	5.00%	-1.09%	4.32%	-3.77%	4.16%	-0.83%	0.71%	-2.75%
Tax Burden Percent	78.99%	61.29%	75.54%	69.75%	58.20%	74.21%	72.99%	71.48%	80.28%	69.72%	80.25%
Interest Burden Percent	214.95%	7.47%	1,214.71%	74.17%	-239.25%	68.48%	206.37%	71.56%	-71.00%	28.86%	355.22%
Effective Tax Rate	0.00%	38.71%	0.00%	30.25%	0.00%	25.79%	0.00%	28.52%	0.00%	30.28%	0.00%
Return on Invested Capital (ROIC)	-3.64%	8.31%	0.12%	20.62%	1.42%	17.58%	-4.74%	17.82%	2.42%	6.38%	-0.70%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.30%	6.78%	-1.26%	19.50%	0.47%	16.51%	-6.01%	16.83%	1.41%	5.45%	-2.41%
Return on Net Nonoperating Assets (RNNOA)	19.01%	-30.88%	5.14%	-94.02%	-2.09%	-84.87%	26.72%	-83.88%	-6.94%	-32.64%	11.63%
Return on Equity (ROE)	15.37%	-22.58%	5.26%	-73.40%	-0.67%	-67.29%	21.98%	-66.06%	-4.53%	-26.26%	10.92%
Cash Return on Invested Capital (CROIC)	17.12%	14.91%	6.91%	4.61%	4.52%	12.35%	14.84%	15.63%	11.36%	0.47%	10.84%
Operating Return on Assets (OROA)	-1.90%	2.63%	-0.22%	7.87%	0.65%	7.38%	-2.14%	6.91%	1.26%	3.11%	-0.85%
Return on Assets (ROA)	-3.23%	0.12%	-2.01%	4.07%	-0.91%	3.75%	-3.22%	3.53%	-0.72%	0.63%	-2.43%
Return on Common Equity (ROCE)	15.37%	-22.58%	5.26%	-73.40%	-0.67%	-67.29%	21.98%	-66.06%	-4.53%	-26.26%	10.92%
Return on Equity Simple (ROE_SIMPLE)	-31.27%	0.00%	-9.09%	2.55%	-5.67%	0.00%	-15.20%	-14.65%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-156	402	4.90	965	62	842	-189	811	106	314	-29
NOPAT Margin	-1.16%	3.08%	0.04%	6.73%	0.46%	6.16%	-1.51%	5.64%	0.77%	2.25%	-0.21%
Net Nonoperating Expense Percent (NNEP)	1.66%	1.53%	1.38%	1.13%	0.95%	1.07%	1.28%	0.99%	1.01%	0.93%	1.71%
Return On Investment Capital (ROIC_SIMPLE)	-	1.45%	-	-	-	3.18%	-0.76%	3.12%	0.43%	1.20%	-0.12%
Cost of Revenue to Revenue	70.93%	70.75%	73.67%	66.60%	69.82%	67.23%	74.73%	66.75%	72.57%	70.54%	74.02%
SG&A Expenses to Revenue	11.36%	11.64%	12.22%	11.44%	12.22%	11.60%	12.97%	11.81%	12.67%	12.77%	12.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.72%	24.22%	26.28%	23.75%	29.53%	24.47%	27.42%	25.37%	26.32%	26.24%	26.28%
Earnings before Interest and Taxes (EBIT)	-321	415	-34	1,386	107	1,161	-314	1,171	200	492	-134
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	166	895	436	1,860	586	1,664	154	1,647	674	964	341
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.16	0.17	0.19	0.14	0.14	0.21	0.13	0.14	0.14	0.19	0.13
Price to Earnings (P/E)	5.21	10.92	20.06	0.00	26.84	13.54	10.13	13.05	12.32	91.16	35.11
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	19.19%	9.15%	4.98%	0.00%	3.73%	7.39%	9.87%	7.66%	8.12%	1.10%	2.85%
Enterprise Value to Invested Capital (EV/IC)	1.80	1.74	1.88	1.69	1.70	1.82	1.68	1.68	1.66	1.71	1.70
Enterprise Value to Revenue (EV/Rev)	0.57	0.63	0.62	0.56	0.56	0.63	0.52	0.51	0.53	0.61	0.49
Enterprise Value to EBITDA (EV/EBITDA)	5.38	6.77	8.03	8.90	7.89	7.03	6.63	6.89	6.89	8.88	7.49
Enterprise Value to EBIT (EV/EBIT)	8.22	12.48	15.01	20.66	15.91	13.06	12.08	13.13	12.86	21.61	15.71
Enterprise Value to NOPAT (EV/NOPAT)	10.56	15.01	17.61	23.39	19.79	17.85	16.23	17.18	18.57	39.05	28.70
Enterprise Value to Operating Cash Flow (EV/OCF)	13.97	8.78	8.72	7.85	7.84	8.59	7.10	7.01	7.16	10.80	8.76
Enterprise Value to Free Cash Flow (EV/FCFF)	10.52	11.45	27.77	37.16	38.31	14.59	11.06	10.40	14.46	367.64	15.27
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-6.52	-6.32	-5.88	-6.69	-6.52	-7.66	-6.53	-7.72	-7.25	-8.03	-6.89
Long-Term Debt to Equity	-5.79	-5.63	-5.13	-5.82	-5.41	-6.32	-5.48	-6.53	-6.34	-6.78	-5.77
Financial Leverage	-3.59	-4.56	-4.07	-4.82	-4.45	-5.14	-4.44	-4.98	-4.94	-5.99	-4.82
Leverage Ratio	-10.16	-11.61	-11.64	-14.39	-12.94	-13.60	-12.69	-14.83	-14.25	-16.04	-14.72
Compound Leverage Factor	-21.84	-0.87	-141.37	-10.67	30.95	-9.31	-26.19	-10.61	10.12	-4.63	-52.28
Debt to Total Capital	118.11%	118.78%	120.50%	117.57%	118.11%	115.01%	118.08%	114.88%	116.00%	114.23%	116.99%
Short-Term Debt to Total Capital	13.29%	13.11%	15.29%	15.25%	20.09%	20.08%	18.97%	17.70%	14.56%	17.82%	18.98%
Long-Term Debt to Total Capital	104.83%	105.67%	105.21%	102.32%	98.02%	94.92%	99.11%	97.17%	101.45%	96.41%	98.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-18.11%	-18.78%	-20.50%	-17.57%	-18.11%	-15.01%	-18.08%	-14.88%	-16.00%	-14.23%	-16.99%
Debt to EBITDA	5.94	6.68	7.83	9.46	8.38	6.26	6.90	7.38	6.94	7.94	7.74
Net Debt to EBITDA	3.90	4.95	5.60	6.68	5.94	4.68	5.00	5.06	5.10	6.20	5.53
Long-Term Debt to EBITDA	5.27	5.94	6.84	8.23	6.95	5.17	5.80	6.24	6.07	6.70	6.49
Debt to NOPAT	11.65	14.79	17.16	24.87	21.02	15.90	16.90	18.40	18.70	34.91	29.67
Net Debt to NOPAT	7.65	10.97	12.28	17.57	14.89	11.88	12.24	12.62	13.74	27.25	21.20
Long-Term Debt to NOPAT	10.34	13.16	14.99	21.64	17.44	13.13	14.19	15.56	16.36	29.47	24.85
Altman Z-Score	0.56	0.61	0.54	0.63	0.54	0.67	0.51	0.63	0.58	0.61	0.51
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.69	0.62	0.58	0.60	0.57	0.54	0.52	0.58	0.54	0.50	0.49
Quick Ratio	0.52	0.44	0.41	0.43	0.40	0.37	0.36	0.41	0.36	0.32	0.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-146	1,094	-684	492	-666	1,271	625	1,869	543	-452	803
Operating Cash Flow to CapEx	0.00%	451.13%	0.00%	0.00%	0.00%	538.24%	0.00%	0.00%	0.00%	202.68%	0.00%
Free Cash Flow to Firm to Interest Expense	-0.27	2.10	-1.38	1.01	-1.39	2.70	1.46	4.32	1.26	-1.07	2.02
Operating Cash Flow to Interest Expense	0.00	7.31	0.00	0.00	0.00	8.46	0.00	0.00	0.00	7.33	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	5.69	-1.66	0.00	0.00	6.89	-1.93	0.00	0.00	3.71	-2.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.80	0.83	0.81	0.81	0.83	0.87	0.85	0.85	0.86	0.88	0.89
Accounts Receivable Turnover	26.38	25.35	26.20	25.82	27.92	26.89	27.11	26.31	28.22	26.77	28.45
Inventory Turnover	15.25	15.44	15.28	15.49	14.90	14.89	14.61	14.09	14.21	14.29	13.73
Fixed Asset Turnover	1.75	1.73	1.73	1.74	1.75	1.75	1.73	1.74	1.74	1.72	1.75
Accounts Payable Turnover	16.82	16.04	13.65	13.87	15.83	15.61	12.46	12.27	13.97	14.65	11.81
Days Sales Outstanding (DSO)	13.84	14.40	13.93	14.14	13.07	13.57	13.46	13.87	12.93	13.63	12.83
Days Inventory Outstanding (DIO)	23.93	23.65	23.89	23.56	24.49	24.51	24.99	25.91	25.69	25.54	26.58
Days Payable Outstanding (DPO)	21.70	22.75	26.74	26.31	23.05	23.39	29.29	29.76	26.13	24.91	30.90
Cash Conversion Cycle (CCC)	16.07	15.29	11.08	11.38	14.52	14.69	9.16	10.02	12.49	14.27	8.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,846	19,212	17,635	17,689	17,574	18,783	16,821	16,631	17,137	19,623	15,989
Invested Capital Turnover	3.14	2.70	3.08	3.06	3.12	2.85	3.15	3.16	3.13	2.84	3.41
Increase / (Decrease) in Invested Capital	-10	-692	689	473	728	-429	-814	-1,058	-437	766	-832
Enterprise Value (EV)	30,352	33,394	33,167	29,869	29,809	34,214	28,266	27,901	28,515	33,469	27,158
Market Capitalization	8,370	8,980	10,032	7,434	7,381	11,454	6,937	7,400	7,416	10,119	7,092
Book Value per Share	($7.86)	($7.96)	($8.39)	($7.23)	($7.39)	($6.05)	($6.86)	($5.87)	($6.00)	($5.65)	($6.17)
Tangible Book Value per Share	($17.26)	($17.36)	($17.75)	($16.59)	($16.74)	($15.39)	($16.18)	($15.16)	($15.29)	($14.97)	($15.50)
Total Capital	28,353	27,700	26,830	27,010	26,798	26,499	24,934	26,011	24,755	26,194	24,000
Total Debt	33,489	32,902	32,330	31,756	31,652	30,476	29,442	29,881	28,717	29,921	28,077
Total Long-Term Debt	29,722	29,270	28,228	27,636	26,268	25,154	24,713	25,276	25,113	25,254	23,522
Net Debt	21,982	24,414	23,135	22,435	22,428	22,760	21,329	20,501	21,099	23,350	20,066
Capital Expenditures (CapEx)	473	843	824	651	223	740	824	499	783	1,529	811
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15,412	-13,346	-15,544	-15,016	-14,916	-13,535	-15,893	-15,478	-15,402	-14,191	-17,878
Debt-free Net Working Capital (DFNWC)	-3,905	-4,858	-6,349	-5,695	-5,692	-5,819	-7,780	-6,098	-7,784	-7,620	-9,867
Net Working Capital (NWC)	-7,672	-8,490	-10,451	-9,815	-11,076	-11,141	-12,509	-10,703	-11,388	-12,287	-14,422
Net Nonoperating Expense (NNE)	389	383	317	248	211	252	284	212	220	215	353
Net Nonoperating Obligations (NNO)	21,982	24,414	23,135	22,435	22,428	22,760	21,329	20,501	21,099	23,350	20,066
Total Depreciation and Amortization (D&A)	487	480	470	474	479	503	468	476	474	472	475
Debt-free, Cash-free Net Working Capital to Revenue	-29.13%	-25.28%	-29.24%	-28.09%	-27.82%	-24.97%	-29.33%	-28.53%	-28.37%	-25.98%	-31.93%
Debt-free Net Working Capital to Revenue	-7.38%	-9.20%	-11.94%	-10.66%	-10.62%	-10.73%	-14.36%	-11.24%	-14.34%	-13.95%	-17.62%
Net Working Capital to Revenue	-14.50%	-16.08%	-19.66%	-18.36%	-20.66%	-20.55%	-23.08%	-19.73%	-20.97%	-22.49%	-25.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.83)	$0.02	($0.48)	$1.09	($0.23)	$0.91	($0.72)	$0.91	($0.17)	$0.15	($0.58)
Adjusted Weighted Average Basic Shares Outstanding	654.12M	653.61M	655.85M	656.97M	657.42M	657.00M	658.88M	660.13M	660.36M	659.96M	661.18M
Adjusted Diluted Earnings per Share	($0.83)	$0.14	($0.48)	$1.01	($0.23)	$0.94	($0.72)	$0.91	($0.17)	$0.15	($0.58)
Adjusted Weighted Average Diluted Shares Outstanding	654.12M	719.67M	655.85M	720.30M	657.42M	721.30M	658.88M	660.37M	660.36M	661.05M	661.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	653.54M	654.76M	656.09M	656.70M	657.13M	657.58M	659.51M	659.83M	660.09M	660.31M	661.39M
Normalized Net Operating Profit after Tax (NOPAT)	508	408	54	965	450	831	-140	845	111	339	-19
Normalized NOPAT Margin	3.77%	3.12%	0.43%	6.73%	3.30%	6.08%	-1.12%	5.87%	0.81%	2.42%	-0.14%
Pre Tax Income Margin	-5.12%	0.24%	-3.29%	7.17%	-1.88%	5.82%	-5.16%	5.82%	-1.04%	1.01%	-3.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.60	0.80	-0.07	2.85	0.22	2.47	-0.73	2.70	0.46	1.16	-0.34
NOPAT to Interest Expense	-0.29	0.77	0.01	1.99	0.13	1.79	-0.44	1.87	0.24	0.74	-0.07
EBIT Less CapEx to Interest Expense	-1.48	-0.82	-1.73	1.51	-0.24	0.89	-2.66	1.55	-1.35	-2.45	-2.38
NOPAT Less CapEx to Interest Expense	-1.17	-0.85	-1.65	0.65	-0.33	0.22	-2.37	0.72	-1.57	-2.87	-2.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

MarketBeat analyzed American Airlines Group Inc. (AAL) quarterly financials from 2022 through 2025 to identify notable trends across income statements, cash flows, and balance sheets. Below are the most important points for retail investors to consider, with positives listed first, then neutral items, then negatives.

Revenue recovery in 2025 observations: Operating revenue moved from about $12.6B in Q1 2025 to roughly $14.3B in Q2 2025, and stayed around $14.0B in later 2025 quarters (Q4 2025 ~ $13.99B), signaling a rebound from pandemic-era lows.
Positive quarterly net income in select quarters: Net income from continuing operations was about $0.60B in Q2 2025, and net income attributable to common shareholders was about $0.10B in Q4 2025, showing periods of profitability amid volatility.
Strong free cash flow in several quarters: Free cash flow (approximate CFO minus capex) hovered around $1.6B in Q1 2025 and about $1.47B in Q4 2025, with other quarters also contributing positively, highlighting cash-generation potential even as revenue fluctuates.
Solid operating cash flow in late 2024–2025: Cash from operating activities was strong in Q4 2025 (~$3.10B) and remained robust in early 2025 (~$2.46B in Q1 2025), supporting liquidity during a period of continued capex and debt activity.
Fleet modernization continues alongside elevated capex: Capex remained elevated in 2025, with Q4 2025 capex around $1.63B, indicating ongoing fleet investments and capacity expansion which can affect near-term cash flow.
Persistent liquidity and working-capital pressures: Across several periods, total current liabilities exceeded total current assets (for example, Q3 2025: ~$24.64B current liabilities vs ~$13.25B current assets; similar patterns appear in other 2023–2025 quarters), signaling liquidity risk that investors should watch.
Negative balance-sheet equity in multiple periods: Several quarters show negative total equity (approximate references around -$3.9B to -$4.5B in mid-2020s), indicating high leverage or accounting restatements that can affect perceived financial strength.
Quarterly losses in some periods: Net income declined into negative territory in several quarters (e.g., Q1 2025 net income -$0.473B; Q3 2025 net income -$0.114B), underscoring ongoing profitability volatility.
Gross margin volatility (notably weak in some quarters): For example, Q3 2025 shows a relatively low gross margin (about 11%), with gross profit around $1.5B on ~$13.7B revenue, suggesting cost pressures in that quarter.
High liabilities relative to assets and equity risk: Total liabilities hovered in the $66–70B range in mid-2020s with negative or minimal equity, implying a high leverage position that could amplify sensitivity to cash-flow swings and interest costs.

05/14/26 02:17 AM ETAI Generated. May Contain Errors.

American Airlines Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American Airlines Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

American Airlines Group's net income appears to be on a downward trend, with a most recent value of $111 million in 2025, falling from $7.61 billion in 2015. The previous period was $846 million in 2024. See American Airlines Group's forecast for analyst expectations on what's next for the company.

American Airlines Group's total operating income in 2025 was $1.47 billion, based on the following breakdown:

Total Gross Profit: $15.84 billion
Total Operating Expenses: $14.37 billion

Over the last 10 years, American Airlines Group's total revenue changed from $40.99 billion in 2015 to $54.63 billion in 2025, a change of 33.3%.

American Airlines Group's total liabilities were at $65.50 billion at the end of 2025, a 0.4% decrease from 2024, and a 53.1% increase since 2015.

In the past 10 years, American Airlines Group's cash and equivalents has ranged from $245 million in 2020 to $954 million in 2025, and is currently $954 million as of their latest financial filing in 2025.

Over the last 10 years, American Airlines Group's book value per share changed from 8.94 in 2015 to -5.65 in 2025, a change of -163.2%.

Related Companies

Financial statements for NASDAQ:AAL last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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American Airlines Group (AAL) Financials

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American Airlines Group (AAL) Financials

Annual Income Statements for American Airlines Group

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Quarterly Cash Flow Statements for American Airlines Group

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Financials Breakdown Chart

Key Financial Trends

American Airlines Group Financials - Frequently Asked Questions

When does American Airlines Group's fiscal year end?

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What is American Airlines Group's operating income?

How has American Airlines Group's revenue changed over the last 10 years?

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How has American Airlines Group's book value per share changed over the last 10 years?

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