NASDAQ : AAL
American Airlines Group Inc. — Financial statements
Industrials · Airlines · United States
Last price 12.6 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 8.35B
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Financial statements
American Airlines Group Inc. (AAL) reported revenue of 60.98B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 56.26B | 50.48B | 50.39B | 49.32B | 45.80B | 27.38B |
| Other Revenue | 4.73B | 4.15B | 3.82B | 3.46B | 3.17B | 2.50B |
| Revenue | 60.98B | 54.63B | 54.21B | 52.79B | 48.97B | 29.88B |
| Cost of Revenue | 48.28B | 42.21B | 40.67B | 39.03B | 37.95B | 28.29B |
| Gross Profit | 12.70B | 12.42B | 13.54B | 13.75B | 11.02B | 1.60B |
| Selling, General & Admin | 2.19B | 2.00B | 1.81B | 1.80B | 1.81B | 1.10B |
| Other Operating Expenses | 7.46B | 6.85B | 6.43B | 6.01B | 5.42B | 3.99B |
| Operating Expenses | 11.57B | 10.73B | 10.17B | 9.74B | 9.21B | 7.11B |
| Operating Income | 1.12B | 1.69B | 3.37B | 4.01B | 1.80B | -5.51B |
| Interest Expense | -1.66B | -1.72B | -1.93B | -2.15B | -1.96B | -1.80B |
| Interest & Investment Income | 289.00M | 357.00M | 468.00M | 591.00M | 216.00M | 18.00M |
| Currency Exchange Gain (Loss) | -15.00M | -15.00M | -48.00M | -30.00M | -38.00M | -4.00M |
| Other Non Operating Income (Expenses) | -5.00M | 22.00M | -35.00M | 33.00M | 437.00M | 357.00M |
| EBT Excluding Unusual Items | -273.00M | 334.00M | 1.82B | 2.46B | 458.00M | -6.94B |
| Merger & Restructuring Charges | -44.00M | -44.00M | -13.00M | -23.00M | -170.00M | |
| Gain (Loss) on Sale of Investments | -131.00M | 40.00M | -8.00M | -82.00M | -71.00M | -31.00M |
| Asset Writedown | -149.00M | -27.00M | ||||
| Legal Settlements | -18.00M | -77.00M | -37.00M | 19.00M | ||
| Other Unusual Items | -94.00M | -63.00M | -646.00M | -1.24B | -15.00M | 4.60B |
| Pretax Income | -560.00M | 190.00M | 1.15B | 1.12B | 186.00M | -2.55B |
| Income Tax Expense | -79.00M | 79.00M | 308.00M | 299.00M | 59.00M | -555.00M |
| Net Income | -481.00M | 111.00M | 846.00M | 822.00M | 127.00M | -1.99B |
| Net Income to Common | -481.00M | 111.00M | 846.00M | 822.00M | 127.00M | -1.99B |
| Shares Outstanding (Basic) | 661.64M | 659.96M | 657.00M | 653.61M | 650.35M | 644.01M |
| Shares Outstanding (Diluted) | 661.64M | 661.05M | 721.30M | 719.67M | 655.12M | 644.01M |
| EPS (Basic) | -0.73 | 0.17 | 1.29 | 1.26 | 0.20 | -3.09 |
| EPS (Diluted) | -0.73 | 0.17 | 1.24 | 1.21 | 0.19 | -3.09 |
| Free Cash Flow | -91.00M | -680.00M | 1.30B | 1.21B | -373.00M | 496.00M |
| Free Cash Flow Per Share | -0.14 | -1.03 | 1.80 | 1.68 | -0.57 | 0.77 |
| Gross Margin | 20.82% | 22.73% | 24.97% | 26.05% | 22.50% | 5.34% |
| Operating Margin | 1.84% | 3.09% | 6.22% | 7.60% | 3.69% | -18.45% |
| Profit Margin | -0.79% | 0.20% | 1.56% | 1.56% | 0.26% | -6.67% |
| Free Cash Flow Margin | -0.15% | -1.24% | 2.40% | 2.29% | -0.76% | 1.66% |
| EBITDA | 3.40B | 3.90B | 5.62B | 6.27B | 4.10B | -3.18B |
| EBITDA Margin | 5.58% | 7.15% | 10.36% | 11.87% | 8.38% | -10.64% |
| D&A For EBITDA | 2.28B | 2.22B | 2.25B | 2.25B | 2.30B | 2.33B |
| EBIT | 1.12B | 1.69B | 3.37B | 4.01B | 1.80B | -5.51B |
| EBIT Margin | 1.84% | 3.09% | 6.22% | 7.60% | 3.69% | -18.45% |
| Effective Tax Rate | 41.58% | 26.69% | 26.67% | 31.72% | ||
| Revenue as Reported | 60.98B | 54.63B | 54.21B | 52.79B | 48.97B | 29.88B |
| Advertising Expenses | 200.00M | 143.00M | 114.00M | 105.00M | 105.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.12B | 954.00M | 804.00M | 578.00M | 440.00M | 273.00M |
| Short-Term Investments | 7.61B | 5.51B | 6.81B | 7.81B | 9.37B | 13.01B |
| Cash & Short-Term Investments | 8.74B | 6.47B | 7.62B | 8.38B | 9.81B | 13.29B |
| Receivables | 1.93B | 2.08B | 2.01B | 2.03B | 2.14B | 1.50B |
| Inventory | 3.17B | 2.79B | 2.64B | 2.40B | 2.28B | 1.79B |
| Prepaid Expenses | 800.00M | 767.00M | 794.00M | 658.00M | 892.00M | 615.00M |
| Restricted Cash | 104.00M | 102.00M | 98.00M | 103.00M | 146.00M | 135.00M |
| Total Current Assets | 14.74B | 12.21B | 13.15B | 13.57B | 15.27B | 17.34B |
| Property, Plant & Equipment | 39.74B | 38.98B | 37.45B | 37.94B | 37.68B | 36.87B |
| Long-Term Investments | 408.00M | 603.00M | 515.00M | 541.00M | 610.00M | 239.00M |
| Goodwill | 4.09B | 4.09B | 4.09B | 4.09B | 4.09B | 4.09B |
| Other Intangible Assets | 2.07B | 2.07B | 2.04B | 2.05B | 2.06B | 1.99B |
| Long-Term Deferred Tax Assets | 2.48B | 2.37B | 2.48B | 2.89B | 3.10B | 3.56B |
| Other Long-Term Assets | 1.50B | 1.47B | 2.05B | 1.97B | 1.91B | 2.39B |
| Total Assets | 65.02B | 61.77B | 61.78B | 63.06B | 64.72B | 66.47B |
| Accounts Payable | 3.33B | 2.84B | 2.46B | 2.35B | 2.15B | 1.77B |
| Accrued Expenses | 5.17B | 5.04B | 5.04B | 5.12B | 4.69B | 4.25B |
| Short-Term Debt | 933.00M | 914.00M | 74.00M | |||
| Current Portion of Long-Term Debt | 3.58B | 3.64B | 5.19B | 3.50B | 3.06B | 2.31B |
| Current Portion of Leases | 1.14B | 1.18B | 1.22B | 1.44B | 1.68B | 1.68B |
| Current Unearned Revenue | 13.86B | 10.88B | 10.31B | 9.65B | 9.91B | 8.98B |
| Total Current Liabilities | 28.02B | 24.49B | 24.30B | 22.06B | 21.50B | 19.01B |
| Long-Term Debt | 25.39B | 24.64B | 24.62B | 28.89B | 31.84B | 35.01B |
| Long-Term Leases | 6.16B | 6.51B | 6.51B | 6.83B | 7.10B | 7.17B |
| Long-Term Unearned Revenue | 7.07B | 6.84B | 6.50B | 5.87B | 5.98B | 6.24B |
| Pension & Post-Retirement Benefits | 1.10B | 1.57B | 2.13B | 3.04B | 2.84B | 5.05B |
| Other Long-Term Liabilities | 1.50B | 1.44B | 1.71B | 1.56B | 1.26B | 1.33B |
| Total Liabilities | 69.24B | 65.50B | 65.76B | 68.26B | 70.52B | 73.81B |
| Common Stock | 7.00M | 7.00M | 7.00M | 7.00M | 6.00M | 6.00M |
| Additional Paid-In Capital | 7.42B | 7.39B | 7.42B | 7.37B | 7.29B | 7.23B |
| Retained Earnings | -7.31B | -6.73B | -6.84B | -7.69B | -8.51B | -8.64B |
| Comprehensive Income & Other | -4.34B | -4.39B | -4.57B | -4.89B | -4.58B | -5.94B |
| Shareholders' Equity | -4.22B | -3.73B | -3.98B | -5.20B | -5.80B | -7.34B |
| Total Liabilities & Equity | 65.02B | 61.77B | 61.78B | 63.06B | 64.72B | 66.47B |
| Total Debt | 37.21B | 36.88B | 37.62B | 40.66B | 43.69B | 46.18B |
| Net Cash (Debt) | -28.47B | -30.41B | -30.00B | -32.28B | -33.87B | -32.89B |
| Net Cash Per Share | -43.03 | -46.01 | -41.59 | -44.85 | -51.70 | -51.07 |
| Filing Date Shares Outstanding | 662.62M | 660.30M | 657.58M | 654.76M | 651.43M | 649.16M |
| Total Common Shares Outstanding | 662.62M | 660.30M | 657.57M | 654.27M | 650.64M | 647.73M |
| Working Capital | -13.28B | -12.29B | -11.14B | -8.49B | -6.23B | -1.67B |
| Book Value Per Share | -6.37 | -5.64 | -6.05 | -7.95 | -8.91 | -11.33 |
| Tangible Book Value | -10.38B | -9.88B | -10.11B | -11.34B | -11.95B | -13.42B |
| Tangible Book Value Per Share | -15.67 | -14.97 | -15.38 | -17.34 | -18.36 | -20.72 |
| Machinery | 48.72B | 46.60B | 43.52B | 41.79B | 39.70B | 37.86B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -481.00M | 111.00M | 846.00M | 822.00M | 127.00M | -1.99B |
| Depreciation & Amortization | 2.28B | 2.22B | 2.25B | 2.25B | 2.30B | 2.33B |
| Stock-Based Compensation | 57.00M | 57.00M | 92.00M | 102.00M | 78.00M | 98.00M |
| Other Operating Activities | 1.67B | -34.00M | -15.00M | 389.00M | -148.00M | -777.00M |
| Change in Accounts Receivable | -74.00M | -74.00M | 35.00M | 95.00M | -637.00M | -304.00M |
| Change in Accounts Payable | 335.00M | 335.00M | 257.00M | 209.00M | 360.00M | 461.00M |
| Change in Unearned Revenue | 909.00M | 909.00M | 1.29B | -363.00M | 668.00M | 1.39B |
| Change in Other Net Operating Assets | -424.00M | -424.00M | -763.00M | 295.00M | -573.00M | -510.00M |
| Operating Cash Flow | 4.27B | 3.10B | 3.98B | 3.80B | 2.17B | 704.00M |
| Capital Expenditures | -4.36B | -3.78B | -2.68B | -2.60B | -2.55B | -208.00M |
| Sale of Property, Plant & Equipment | 374.00M | |||||
| Investment in Securities | -1.13B | 1.28B | 819.00M | 1.54B | 3.39B | -5.56B |
| Other Investing Activities | 277.00M | 601.00M | 896.00M | 556.00M | -212.00M | -590.00M |
| Investing Cash Flow | -5.21B | -1.89B | -968.00M | -502.00M | 636.00M | -5.98B |
| Short-Term Debt Issued | 840.00M | 74.00M | ||||
| Long-Term Debt Issued | 3.77B | 1.67B | 4.82B | 1.07B | 12.19B | |
| Total Debt Issued | 8.38B | 4.61B | 1.74B | 4.82B | 1.07B | 12.19B |
| Long-Term Debt Repaid | -5.50B | -4.47B | -7.72B | -3.75B | -7.34B | |
| Net Debt Issued (Repaid) | 1.61B | -891.00M | -2.72B | -2.90B | -2.68B | 4.85B |
| Issuance of Common Stock | 460.00M | |||||
| Other Financing Activities | -375.00M | -160.00M | -71.00M | -310.00M | 52.00M | -19.00M |
| Financing Cash Flow | 1.24B | -1.05B | -2.79B | -3.21B | -2.63B | 5.29B |
| Net Cash Flow | 290.00M | 154.00M | 221.00M | 95.00M | 178.00M | 9.00M |
| Free Cash Flow | -91.00M | -680.00M | 1.30B | 1.21B | -373.00M | 496.00M |
| Free Cash Flow Margin | -0.15% | -1.24% | 2.40% | 2.29% | -0.76% | 1.66% |
| Free Cash Flow Per Share | -0.14 | -1.03 | 1.80 | 1.68 | -0.57 | 0.77 |
| Levered Free Cash Flow | 29.25M | -706.75M | 926.50M | 1.56B | 73.88M | 723.75M |
| Unlevered Free Cash Flow | 1.07B | 365.75M | 2.14B | 2.90B | 1.30B | 1.85B |
| Cash Income Tax Paid | 2.00M | 3.00M | ||||
| Change in Working Capital | 746.00M | 746.00M | 815.00M | 236.00M | -182.00M | 1.04B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.35B | 10.12B | 11.45B | 8.98B | 8.27B | 11.63B |
| Enterprise Value | 36.82B | 38.80B | 41.68B | 39.60B | 41.72B | 43.75B |
| Last Close Price | 12.60 | 15.33 | 17.43 | 13.74 | 12.72 | 17.96 |
| PE Ratio | 91.16 | 13.54 | 10.92 | 65.09 | ||
| Forward PE | 9.50 | 7.20 | 9.97 | 7.73 | 3.57 | |
| PS Ratio | 0.14 | 0.18 | 0.21 | 0.17 | 0.17 | 0.39 |
| PB Ratio | -2.71 | -2.88 | -1.73 | -1.43 | -1.58 | |
| P/FCF Ratio | 8.81 | 7.44 | 23.45 | |||
| P/OCF Ratio | 1.96 | 3.27 | 2.88 | 2.36 | 3.80 | 16.52 |
| PEG Ratio | 0.74 | 1.34 | 0.12 | 0.68 | 0.68 | |
| EV/Sales Ratio | 0.60 | 0.71 | 0.77 | 0.75 | 0.85 | 1.46 |
| EV/EBITDA Ratio | 10.83 | 9.94 | 7.42 | 6.32 | 10.17 | |
| EV/EBIT Ratio | 32.81 | 23.01 | 12.37 | 9.87 | 23.11 | |
| EV/FCF Ratio | 32.06 | 32.81 | 88.20 | |||
| Debt / Equity Ratio | -8.81 | -9.90 | -9.46 | -7.82 | -7.53 | -6.29 |
| Debt / EBITDA Ratio | 4.38 | 4.21 | 3.65 | 3.79 | 5.17 | 41.45 |
| Debt / FCF Ratio | 28.94 | 33.69 | 93.10 | |||
| Net Debt / Equity Ratio | -6.74 | -8.16 | -7.54 | -6.21 | -5.84 | -4.48 |
| Net Debt / EBITDA Ratio | 8.37 | 7.79 | 5.34 | 5.15 | 8.26 | -10.35 |
| Net Debt / FCF Ratio | -312.85 | -44.73 | 23.08 | 26.74 | -90.81 | 66.31 |
| Asset Turnover | 0.96 | 0.88 | 0.87 | 0.83 | 0.75 | 0.47 |
| Inventory Turnover | 16.22 | 15.55 | 16.15 | 16.68 | 18.63 | 16.59 |
| Quick Ratio | 0.38 | 0.35 | 0.40 | 0.47 | 0.56 | 0.78 |
| Current Ratio | 0.53 | 0.50 | 0.54 | 0.61 | 0.71 | 0.91 |
| Return on Assets (ROA) | 1.10% | 1.71% | 3.37% | 3.93% | 1.72% | -5.37% |
| Return on Invested Capital (ROIC) | 3.01% | 2.63% | 6.30% | 6.99% | 2.72% | -11.87% |
| Return on Capital Employed (ROCE) | 3.00% | 4.50% | 9.00% | 9.80% | 4.20% | -11.60% |
| Earnings Yield | -5.80% | 1.10% | 7.39% | 9.15% | 1.54% | -17.14% |
| FCF Yield | -1.09% | -6.72% | 11.35% | 13.44% | -4.51% | 4.26% |
| Buyback Yield / Dilution | 8.46% | 8.35% | -0.23% | -9.85% | -1.73% | -33.09% |
| Total Shareholder Return | 8.46% | 8.35% | -0.23% | -9.85% | -1.73% | -33.09% |