American Airlines Group Inc. (AAL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.05	$0.15	+200.0%	—	—	—
Q3 26	-$0.46	-$0.4	+13.0%	—	—	—
Q2 26	-$0.28	-$0.17	+39.3%	—	—	—
Q1 26	$0.77	$0.95	+23.4%	—	—	—
Q4 25	-$0.67	-$0.59	+11.9%	—	—	—
Q3 25	$0.66	$0.86	+30.3%	—	—	—
Q2 25	$0.17	$0.3	+76.5%	—	—	—
Q1 25	$1.05	$1.09	+3.8%	—	—	—
Q4 24	-$0.29	-$0.34	-17.2%	—	—	—
Q3 24	$0.08	$0.29	+262.5%	—	—	—
Q2 24	$0.25	$0.38	+52.0%	—	—	—
Q1 24	$1.59	$1.92	+20.8%	—	—	—
Q4 23	$0.03	$0.05	+66.7%	—	—	—
Q3 23	$1.08	$1.17	+8.3%	—	—	—
Q2 23	$0.56	$0.69	+23.2%	—	—	—
Q1 23	$0.74	$0.76	+2.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.17	—	—	$54.6B	—
FY24	—	$1.29	—	—	$54.2B	—
FY23	—	$1.26	—	—	$52.8B	—
FY22	—	$0.2	—	—	$49B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$40.1B	$42.6B	$44.5B	$45.8B	$17.3B	$29.9B	$49B	$52.8B	$54.2B	$54.6B
YoY change	-2.07%	+6.18%	+4.5%	+2.75%	-62.1%	+72.4%	+63.9%	+7.79%	+2.7%	+0.78%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	40.1B	42.6B	44.5B	45.8B	17.3B	29.9B	49B	52.8B	54.2B	54.6B
Cost of revenue	28.4B	31.3B	34.5B	34.6B	24.6B	29.9B	39.9B	41B	42.7B	44.2B
Gross profit	11.7B	11.3B	10.1B	11.1B	-7.2B	27M	9B	11.8B	11.5B	10.5B
Gross margin	29.2%	26.6%	22.6%	24.3%	-41.7%	0.09%	18.5%	22.4%	21.1%	19.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.3B	1.5B	1.5B	2B	666M	1.1B	1.8B	1.8B	1.8B	2B
Operating expenses	6B	6.4B	6.6B	7.4B	3.9B	5.1B	7.2B	7.8B	8.2B	8.8B
Operating income	5.8B	4.8B	3.4B	3.7B	-11.1B	-5.1B	1.8B	4B	3.2B	1.6B
Operating margin	14.4%	11.3%	7.73%	8.08%	-63.9%	-17%	3.68%	7.59%	5.95%	2.98%
Non-operating income, net	-689M	-466M	-621M	-476M	811M	4.3B	132M	-1.3B	-604M	-77M
Pretax income	4.2B	3.4B	1.9B	2.3B	-11.5B	-2.5B	186M	1.1B	1.2B	190M
Income tax	1.6B	2.1B	472M	570M	-2.6B	-555M	59M	299M	308M	79M
Net income	2.6B	1.3B	1.4B	1.7B	-8.9B	-2B	127M	822M	846M	111M
Net margin	6.44%	3.01%	3.17%	3.68%	-51.2%	-6.67%	0.26%	1.56%	1.56%	0.2%
EBITDA	7.7B	7.1B	5.9B	6.3B	-8.5B	-2.4B	4.6B	6.5B	5.9B	4.3B
EPS	4.68	2.62	3.04	3.8	-18.4	-3.09	0.2	1.26	1.29	0.17
Diluted EPS	4.65	2.61	3.03	3.79	-18.4	-3.09	0.19	1.21	1.24	0.17

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	13.5B	13.1B	12.6B	14.3B	13.6B	13.7B	12.6B	14.4B	13.7B	14B	13.9B	16.7B
Cost of revenue	10.8B	10.4B	10.5B	10.9B	10.9B	10.5B	10.7B	11B	11.3B	11.2B	11.7B	13.7B
Gross profit	2.7B	2.6B	2B	3.5B	2.8B	3.2B	1.9B	3.4B	2.4B	2.8B	2.3B	3B
Gross margin	19.9%	20.1%	16.1%	24.3%	20.4%	23.3%	15%	23.7%	17.3%	20%	16.2%	17.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	430M	442M	408M	456M	468M	481M	450M	535M	483M	530M	507M	603M
Operating expenses	2B	2B	1.9B	2.1B	2.1B	2.1B	2.1B	2.2B	2.2B	2.3B	2.3B	2.5B
Operating income	726M	665M	77M	1.4B	643M	1.1B	-200M	1.2B	158M	486M	-27M	453M
Operating margin	5.38%	5.09%	0.61%	9.66%	4.71%	8.19%	-1.59%	8.21%	1.15%	3.47%	-0.19%	2.71%
Non-operating income, net	-1B	-249M	-111M	2M	-536M	41M	-114M	-11M	42M	6M	-107M	-11M
Pretax income	-690M	32M	-413M	1B	-256M	795M	-648M	838M	-142M	142M	-476M	107M
Income tax	-145M	13M	-101M	311M	-107M	205M	-175M	239M	-28M	43M	-94M	36M
Net income	-545M	19M	-312M	717M	-149M	590M	-473M	599M	-114M	99M	-382M	71M
Net margin	-4.04%	0.15%	-2.48%	5%	-1.09%	4.32%	-3.77%	4.16%	-0.83%	0.71%	-2.75%	0.42%
EBITDA	796M	560M	154M	1.5B	778M	1.3B	-150M	1.3B	297M	598M	-65M	523M
EPS	-0.83	0.03	-0.48	1.09	-0.23	0.9	-0.72	0.91	-0.17	0.15	-0.58	0.11
Diluted EPS	-0.83	0.03	-0.48	1.01	-0.23	0.84	-0.72	0.91	-0.17	0.15	-0.58	0.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	14.9B	12.7B	7.6B	—	8.3B	9B	11.5B	10.1B	8.9B
Enterprise value	—	—	44.2B	42.3B	41.8B	—	43B	42.1B	42B	41.2B	36.5B
Shares outstanding	552.3M	489.2M	464.2M	443.4M	483.9M	644M	650.3M	653.6M	657M	660M	660M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	10.6	7.54	—	—	65.1	10.9	13.5	91.1	43.7
P/S	—	—	0.33	0.28	0.44	—	0.17	0.17	0.21	0.19	0.15
P/B	—	—	-88.2	-107.8	-1.11	—	-1.43	-1.73	-2.88	-2.71	-2.25
EV/EBITDA	—	—	7.51	6.72	-4.91	—	9.27	6.48	7.07	9.61	10.8
EV/Sales	—	—	0.99	0.92	2.41	—	0.88	0.8	0.77	0.75	0.63
Earnings yield	—	—	9.47%	13.3%	—	—	1.54%	9.15%	7.39%	1.1%	2.29%
FCF yield	—	—	-1.42%	-4.33%	-113.7%	—	-4.51%	13.4%	11.4%	-6.72%	5.8%
PEG	—	—	—	—	—	—	—	—	—	—	-0.5

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	29.2%	26.6%	22.6%	24.3%	-41.7%	0.09%	18.5%	22.4%	21.1%	19.2%	17.9%
Operating margin	14.4%	11.3%	7.73%	8.08%	-63.9%	-17%	3.68%	7.59%	5.95%	2.98%	2.81%
Net margin	6.44%	3.01%	3.17%	3.68%	-51.2%	-6.67%	0.26%	1.56%	1.56%	0.2%	-0.56%
ROE	68.3%	-164.4%	-835.5%	-1.4K%	129.4%	27.2%	-2.19%	-15.8%	-21.3%	-2.98%	-2.98%
ROA	5.04%	2.43%	2.33%	2.81%	-14.3%	-3%	0.2%	1.3%	1.37%	0.18%	1.12%
ROIC	16.5%	9.47%	8.87%	9.37%	-40.6%	-19.2%	4.25%	10.5%	8.89%	3.48%	4.46%
Return on tangible assets	6.67%	3.19%	2.93%	3.54%	-17.9%	-3.67%	0.24%	1.62%	1.71%	0.22%	-0.63%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.74	0.6	0.48	0.45	0.67	0.91	0.71	0.62	0.54	0.5	0.53
Quick ratio	0.67	0.51	0.39	0.35	0.57	0.82	0.6	0.51	0.43	0.38	0.42
Debt / equity	6.43	-32.1	-201.4	-283.4	-5.97	-6.29	-7.53	-7.82	-9.44	-9.9	-0.09
Debt / assets	0.47	0.47	0.56	0.56	0.66	0.69	0.68	0.64	0.61	0.6	0.56
Net debt / EBITDA	2.34	2.84	4.97	4.7	-4.01	-14	7.48	5.1	5.14	7.25	20.7
Interest coverage	5.19	4.22	2.78	3.06	-8.33	-0.42	1.09	1.52	1.6	1.11	0.78
Effective tax rate	37.8%	62.2%	25.1%	25.3%	0%	0%	31.7%	26.7%	26.7%	41.6%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	72.7	87.1	95.9	103.2	35.8	46.4	75.3	80.8	82.5	82.8	88.2
EPS (basic)	4.68	2.62	3.04	3.8	-18.4	-3.09	0.2	1.26	1.29	0.17	0.17
EPS (diluted)	4.65	2.61	3.03	3.79	-18.4	-3.09	0.19	1.21	1.24	0.17	-0.49
Book value per share	6.85	-1.59	-0.36	-0.27	-14.2	-11.4	-8.92	-7.96	-6.05	-5.65	-6
FCF per share	1.44	-2.51	-0.46	-1.24	-17.9	0.77	-0.57	1.85	1.98	-1.03	0.43
Cash per share	11.5	10.4	10.3	8.63	14.2	19.3	13.8	11.6	10.6	8.84	12.6
Capex per share	0.23	1.94	2.6	1.82	1.74	0.58	0.23	0.35	1	5.73	6.17

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.31%	2.22%	2.71%	1.76%	4.86%	1.25%	0.3%	0.44%	1.21%	6.92%	7.01%
Capex / operating cash flow	1.99%	20.6%	29.9%	21.3%	-15.3%	70.2%	7.39%	8.59%	16.1%	121.9%	93.5%
Payout ratio	8.67%	15.4%	13.2%	10.6%	-0.48%	0%	0%	—	—	—	0%
Dividend yield	—	—	1.25%	1.4%	0.56%	—	0%	—	—	—	2.96%

Yield

2.96%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.10

ex-dividend Feb 4, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Feb 4, 2020	$0.10
Nov 5, 2019	$0.10
Aug 6, 2019	$0.10
May 7, 2019	$0.10
Feb 5, 2019	$0.10
Nov 5, 2018	$0.10
Aug 6, 2018	$0.10
May 7, 2018	$0.10

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$13.5B	$13.1B	$12.6B	$14.3B	$13.6B	$13.7B	$12.6B	$14.4B	$13.7B	$14B	$13.9B	$16.7B
YoY change	+0.15%	-0.96%	+3.13%	+1.99%	+1.22%	+4.58%	-0.15%	+0.4%	+0.32%	+2.48%	+10.8%	+16.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	6.4B	5.1B	4.8B	3.8B	6.9B	12.4B	9B	7.6B	7B	5.8B
Receivables	1.6B	1.8B	1.7B	1.8B	1.3B	1.5B	2.1B	2B	2B	2.1B
Inventory	1.1B	1.4B	1.5B	1.9B	1.6B	1.8B	2.3B	2.4B	2.6B	2.8B
Total current assets	10.3B	9.1B	8.6B	8.2B	11.1B	17.3B	15.3B	13.6B	13.2B	12.2B
Property, plant & equipment	2.5B	3.3B	3B	2.9B	1.9B	-469M	8.5B	-11B	-5.1B	-7B
Goodwill & intangibles	12.5B	12.6B	12.5B	12.3B	12.2B	12.2B	12.3B	12.3B	12.3B	12.3B
Total assets	51.3B	52.8B	60.6B	60B	62B	66.5B	64.7B	63.1B	61.8B	61.8B
Accounts payable	1.6B	1.7B	1.8B	2.1B	1.2B	1.8B	2.1B	2.4B	2.5B	2.8B
Short-term debt	1.9B	2.6B	4.9B	4.6B	4.4B	4B	4.7B	4.9B	6.4B	5.7B
Total current liabilities	13.9B	15.4B	18.1B	18.3B	16.6B	19B	21.5B	22.1B	24.3B	24.5B
Long-term debt	22.5B	22.5B	29.1B	28.9B	36.6B	42.2B	38.9B	35.7B	31.1B	31.2B
Total liabilities	47.5B	53.6B	60.7B	60.1B	68.9B	73.8B	70.5B	68.3B	65.8B	65.5B
Shareholders' equity	3.8B	-780M	-169M	-118M	-6.9B	-7.3B	-5.8B	-5.2B	-4B	-3.7B
Total debt	24.3B	25.1B	34B	33.4B	41B	46.2B	43.7B	40.7B	37.5B	36.9B
Net debt	24B	24.8B	33.8B	33.2B	40.8B	45.9B	43.2B	40.1B	36.7B	35.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	10.6B	7.6B	8.3B	8.4B	8.5B	7B	7.5B	8.6B	6.9B	5.8B	7.3B	7.8B
Receivables	2B	2B	2.1B	2.1B	1.8B	2B	1.9B	2.1B	2B	2.1B	2B	1.9B
Inventory	2.5B	2.4B	2.5B	2.6B	2.6B	2.6B	2.7B	2.8B	2.8B	2.8B	3.1B	3.1B
Total current assets	16.7B	13.6B	14.5B	14.8B	14.5B	13.2B	13.6B	15.1B	13.3B	12.2B	14B	14.3B
Property, plant & equipment	-2.7B	-11B	-3B	-3.8B	-4.6B	-5.1B	-5B	-5.5B	-6B	-7B	-7.5B	-7.9B
Goodwill & intangibles	12.3B	12.3B	12.3B	12.3B	12.3B	12.3B	12.3B	12.3B	12.3B	12.3B	12.3B	12.3B
Total assets	65.7B	63.1B	64.4B	64.1B	63.5B	61.8B	62.6B	63.7B	62.1B	61.8B	63.7B	64.2B
Accounts payable	2.1B	2.4B	2.9B	3B	2.6B	2.5B	3.1B	3.1B	2.8B	2.8B	3.6B	3.6B
Short-term debt	5.2B	4.9B	5.4B	5.3B	6.6B	6.4B	5.8B	5.7B	4.7B	5.7B	5.6B	4.1B
Total current liabilities	24.4B	22.1B	25B	24.6B	25.5B	24.3B	26.1B	25.8B	24.6B	24.5B	28.4B	26.8B
Long-term debt	36.1B	35.7B	34.7B	34.1B	32.6B	31.1B	30.8B	31.5B	31.3B	31.2B	29.3B	31.6B
Total liabilities	70.8B	68.3B	69.9B	68.9B	68.4B	65.8B	67.1B	67.5B	66.1B	65.5B	67.8B	68.2B
Shareholders' equity	-5.1B	-5.2B	-5.5B	-4.7B	-4.9B	-4B	-4.5B	-3.9B	-4B	-3.7B	-4.1B	-4B
Total debt	41.2B	40.7B	40.1B	39.4B	39.2B	37.5B	36.6B	37.2B	36.1B	36.9B	34.9B	35.7B
Net debt	40.6B	40.1B	39.5B	38.8B	38.3B	36.7B	35.8B	36.4B	35.2B	35.9B	34B	34.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.6B	1.3B	1.4B	1.7B	-8.9B	-2B	127M	822M	846M	111M
Depreciation & amortization	1.8B	2B	2.2B	2.3B	2.4B	2.3B	2.3B	2.3B	2.2B	2.2B
Stock-based compensation	100M	90M	86M	94M	91M	98M	78M	102M	92M	57M
Change in working capital	94M	-1B	-419M	-1.2B	1.8B	580M	-767M	-637M	815M	974M
Operating cash flow	6.3B	4.6B	4B	3.8B	-5.5B	533M	2B	2.7B	4.1B	3.1B
Capital expenditure	125M	947M	1.2B	806M	843M	374M	147M	230M	654M	-3.8B
Investing cash flow	29M	2.7B	1.8B	2B	-2.4B	-5.8B	3.2B	2.1B	1.7B	-2.2B
Dividends paid	-224M	-198M	-186M	-178M	-43M	0	0	—	—	—
Share repurchases	-4.5B	-1.6B	-837M	-1.1B	-173M	-18M	-21M	—	—	—
Financing cash flow	-894M	-1.1B	-1.7B	-1.6B	11B	5.3B	-2.7B	-3.2B	-2.8B	-1.1B
Net change in cash	5.4B	6.1B	4.1B	4.2B	3.1B	28M	2.5B	1.6B	3B	-190M
Free cash flow	793M	-1.2B	-212M	-551M	-8.7B	496M	-373M	1.2B	1.3B	-680M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	—	-46M	-274M	4.2B	471M
Capital expenditure	36M	11M	—	—	245M	56M	—	—	-826M	-1.6B	-811M	-822M
Investing cash flow	1.6B	3B	-692M	-78M	526M	1.6B	-380M	-975M	931M	-491M	-2.3B	-1.2B
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-1.2B	-814M	-642M	-715M	-142M	-1.3B	-1.2B	311M	-921M	-58M	-2.5B	424M
Net change in cash	359M	2.2B	-1.3B	-793M	384M	311M	-1.6B	-664M	-36M	-823M	-608M	-276M
Free cash flow	-451M	-2.2B	1.4B	477M	-191M	-342M	1.6B	464M	-872M	-1.9B	3.4B	-351M

American Airlines Group Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement