American Airlines Reports First-Quarter 2025 Financial Results
American Airlines (AAL) reported Q1 2025 financial results with revenue of $12.6 billion and a GAAP net loss of $473 million, or ($0.72) per share. Excluding special items, the net loss was $386 million, or ($0.59) per share.
The company's total unit revenue increased 0.7% year-over-year, with international unit revenue up 2.9%. AAdvantage® enrollments grew 6% with co-branded credit card spending up 8%. The airline generated $1.7 billion in free cash flow and reduced total debt by $1.2 billion in Q1.
For Q2 2025, AAL expects adjusted earnings per share between $0.50 and $1.00. The company has withdrawn its full-year guidance due to economic uncertainty. Total available liquidity stands at $10.8 billion, with over $10 billion in unencumbered assets.
American Airlines (AAL) ha comunicato i risultati finanziari del primo trimestre 2025 con ricavi di 12,6 miliardi di dollari e una perdita netta GAAP di 473 milioni di dollari, pari a (0,72 dollari) per azione. Escludendo voci straordinarie, la perdita netta è stata di 386 milioni di dollari, ovvero (0,59 dollari) per azione.
I ricavi unitari totali dell'azienda sono aumentati dello 0,7% su base annua, con un incremento del 2,9% nei ricavi unitari internazionali. Le iscrizioni al programma AAdvantage® sono cresciute del 6%, mentre la spesa con carte di credito co-branded è aumentata dell'8%. La compagnia ha generato 1,7 miliardi di dollari di flusso di cassa libero e ha ridotto il debito totale di 1,2 miliardi di dollari nel primo trimestre.
Per il secondo trimestre 2025, AAL prevede un utile rettificato per azione compreso tra 0,50 e 1,00 dollari. A causa dell'incertezza economica, la società ha ritirato le previsioni per l'intero anno. La liquidità disponibile totale ammonta a 10,8 miliardi di dollari, con oltre 10 miliardi di dollari in attività non vincolate.
American Airlines (AAL) reportó los resultados financieros del primer trimestre de 2025 con ingresos de 12,6 mil millones de dólares y una pérdida neta GAAP de 473 millones de dólares, o (0,72 dólares) por acción. Excluyendo partidas especiales, la pérdida neta fue de 386 millones de dólares, o (0,59 dólares) por acción.
Los ingresos unitarios totales de la compañía aumentaron un 0,7% interanual, con un incremento del 2,9% en los ingresos unitarios internacionales. Las inscripciones al programa AAdvantage® crecieron un 6%, mientras que el gasto con tarjetas de crédito co-marcadas subió un 8%. La aerolínea generó 1,7 mil millones de dólares en flujo de caja libre y redujo la deuda total en 1,2 mil millones de dólares en el primer trimestre.
Para el segundo trimestre de 2025, AAL espera ganancias ajustadas por acción entre 0,50 y 1,00 dólares. Debido a la incertidumbre económica, la compañía ha retirado su guía para todo el año. La liquidez total disponible es de 10,8 mil millones de dólares, con más de 10 mil millones en activos libres de gravamen.
아메리칸 항공(AAL)은 2025년 1분기 재무 실적을 발표했으며, 매출은 126억 달러, GAAP 기준 순손실은 4억 7,300만 달러로 주당 (0.72달러) 손실을 기록했습니다. 특별 항목을 제외한 순손실은 3억 8,600만 달러, 주당 (0.59달러) 손실이었습니다.
회사의 총 단위 수익은 전년 동기 대비 0.7% 증가했으며, 국제 단위 수익은 2.9% 상승했습니다. AAdvantage® 회원 수는 6% 증가했고, 공동 브랜드 신용카드 사용액은 8% 늘었습니다. 항공사는 17억 달러의 자유 현금 흐름을 창출하고 1분기에 총 부채를 12억 달러 줄였습니다.
2025년 2분기에는 조정 주당순이익이 0.50달러에서 1.00달러 사이일 것으로 예상합니다. 경제 불확실성으로 인해 연간 가이던스는 철회되었습니다. 총 가용 유동성은 108억 달러이며, 100억 달러 이상의 무담보 자산을 보유하고 있습니다.
American Airlines (AAL) a publié ses résultats financiers du premier trimestre 2025 avec un chiffre d'affaires de 12,6 milliards de dollars et une perte nette GAAP de 473 millions de dollars, soit (0,72 dollar) par action. Hors éléments exceptionnels, la perte nette s'élève à 386 millions de dollars, soit (0,59 dollar) par action.
Le revenu unitaire total de la société a augmenté de 0,7 % en glissement annuel, avec une hausse de 2,9 % du revenu unitaire international. Les inscriptions au programme AAdvantage® ont progressé de 6 %, tandis que les dépenses par carte de crédit co-marquée ont augmenté de 8 %. La compagnie aérienne a généré 1,7 milliard de dollars de flux de trésorerie disponible et a réduit sa dette totale de 1,2 milliard de dollars au premier trimestre.
Pour le deuxième trimestre 2025, AAL prévoit un bénéfice ajusté par action compris entre 0,50 et 1,00 dollar. En raison de l'incertitude économique, la société a retiré ses prévisions annuelles. La liquidité totale disponible s'élève à 10,8 milliards de dollars, avec plus de 10 milliards de dollars d'actifs non grevés.
American Airlines (AAL) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 12,6 Milliarden US-Dollar und einem GAAP-Nettogewinnverlust von 473 Millionen US-Dollar, bzw. (0,72 US-Dollar) pro Aktie. Ohne Sondereffekte betrug der Nettoverlust 386 Millionen US-Dollar bzw. (0,59 US-Dollar) pro Aktie.
Der gesamte Umsatz pro Einheit des Unternehmens stieg im Jahresvergleich um 0,7 %, wobei der internationale Umsatz pro Einheit um 2,9 % zunahm. Die Anmeldungen für das AAdvantage®-Programm wuchsen um 6 %, und die Ausgaben mit Co-Branding-Kreditkarten stiegen um 8 %. Die Fluggesellschaft generierte 1,7 Milliarden US-Dollar an freiem Cashflow und reduzierte die Gesamtverschuldung im ersten Quartal um 1,2 Milliarden US-Dollar.
Für das zweite Quartal 2025 erwartet AAL einen bereinigten Gewinn je Aktie zwischen 0,50 und 1,00 US-Dollar. Aufgrund wirtschaftlicher Unsicherheiten hat das Unternehmen seine Jahresprognose zurückgezogen. Die insgesamt verfügbare Liquidität beträgt 10,8 Milliarden US-Dollar, mit über 10 Milliarden US-Dollar an unbelasteten Vermögenswerten.
- Generated $1.7 billion in free cash flow
- Reduced total debt by $1.2 billion
- International unit revenue up 2.9% year-over-year
- AAdvantage enrollments increased 6% with card spending up 8%
- Expects positive Q2 2025 earnings ($0.50-$1.00 per share)
- Q1 GAAP net loss of $473 million
- Operating margin negative at -2.2%
- Withdrew full-year guidance due to economic uncertainty
- Pressured domestic leisure demand
- Impact from American Eagle Flight 5342 accident
Insights
AAL posted Q1 loss but shows financial resilience with strong cash flow, debt reduction, and expects return to profitability in Q2.
American Airlines' Q1 2025 results reveal a net loss of $473 million ($0.72 per share) on revenue of $12.6 billion. Excluding special items, the adjusted loss was $386 million ($0.59 per share), yielding a negative operating margin of 1.6%. The company cited economic uncertainty pressuring domestic leisure demand and the American Eagle Flight 5342 accident as factors impacting revenue performance.
Despite the quarterly loss, AAL demonstrated financial resilience by generating $1.7 billion in free cash flow, enabling debt reduction of $1.2 billion in Q1 alone. This continues the airline's significant deleveraging campaign, with $16.6 billion in debt eliminated since peak 2021 levels. The company maintains strong liquidity of $10.8 billion and remains committed to reducing total debt below $35 billion by year-end 2027.
AAL's revenue story shows mixed signals. Total unit revenue increased 0.7% year-over-year, with international unit revenue growing 2.9% despite slightly reduced capacity. The company's loyalty program continues to perform well, with AAdvantage enrollments up 6% and co-branded credit card spending increasing 8% year-over-year.
Looking ahead, management projects a return to profitability with Q2 2025 adjusted EPS guidance of $0.50-$1.00. However, in a cautionary move reflecting broader economic uncertainty, AAL has withdrawn its full-year guidance until "the economic outlook becomes clearer."
AAL's mixed Q1 results show long-term strategic positioning despite current headwinds with continued investment in customer experience and loyalty.
American Airlines' Q1 performance demonstrates the carrier's strategic emphasis on premium experiences and loyalty amid challenging economic conditions. While posting losses, the airline continues making targeted investments to differentiate itself in high-margin segments, evidenced by its focus on international markets where unit revenue grew 2.9% despite capacity reductions of 0.8%.
The company has established a dedicated Customer Experience organization to enhance passenger journeys and drive revenue growth. A significant initiative includes offering complimentary high-speed satellite Wi-Fi for AAdvantage members starting January 2026, sponsored by AT&T. This investment positions American to offer free inflight connectivity on more aircraft than any competitor, creating a meaningful differentiation point in the market.
American's loyalty strategy continues showing strength with AAdvantage enrollments increasing 6% and co-branded credit card spending rising 8% year-over-year. The company remains on track to implement its exclusive, expanded partnership with Citi starting in 2026, which should further monetize its loyalty program.
The carrier is making progress restoring indirect distribution channels to historical levels by year-end, which should improve revenue capture. While facing current pressures from economic uncertainty in the domestic leisure market and impacts from the American Eagle Flight 5342 accident, management expresses "extreme confidence" in navigating the current environment based on fleet modernization efforts, cost management initiatives, and balance sheet strengthening over recent years.
FORT WORTH, Texas, April 24, 2025 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its first-quarter 2025 financial results, including:
- First-quarter revenue of
$12.6 billion - First-quarter GAAP net loss of
$473 million , or ($0.72) per diluted share - Excluding net special items1, first-quarter net loss of
$386 million , or ($0.59) per diluted share - Ended the quarter with
$10.8 billion of total available liquidity
“The actions American has taken over the past several years to refresh our fleet, manage costs and strengthen our balance sheet position us well for the uncertainty our industry is facing,” said American’s CEO Robert Isom. “The resiliency of the American Airlines team, combined with the investments we have made to differentiate our network, product and customer experience, give us extreme confidence in our ability to navigate the current environment and deliver strong results for the long term.”
Revenue performance
American produced first-quarter revenue of
AAdvantage® and Citi partnership
American and Citi continue to work toward the implementation of their exclusive and expanded partnership, which starts in 2026, and American remains on track to achieve the long-term growth targets the company previously outlined. In the first quarter, AAdvantage® enrollments were up
Customer experience
American’s strong operational performance in recent years and its updated commercial strategy puts the airline in position to renew its focus on the customer experience to drive additional revenue growth. American has established a new Customer Experience organization to drive the strategy and coordinate the implementation of initiatives that define customers’ journeys with American. The company recently announced complimentary high-speed satellite Wi-Fi for AAdvantage® members beginning in January 2026, sponsored by AT&T. With this, American will offer free inflight connectivity on more aircraft than any other carrier.
Operational performance
In the first quarter, the American team continued to demonstrate its operational resilience and ability to quickly recover from disruptions. American continues to invest in its operation, team and technology to drive additional enhancements in operational reliability.
Financial performance
In the first quarter, the company produced an operating margin of (
Balance sheet and liquidity
American generated free cash flow2 of
Guidance and investor update
Based on present demand trends, the current fuel price forecast and excluding the impact of special items, the company expects its second-quarter 2025 adjusted earnings per diluted share4 to be between
For additional financial forecasting detail, please refer to the company’s investor update, furnished with this press release with the SEC 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 May 24.
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 and the calculation of free cash flow.
- The company recognized
$87 million of net special items in the first quarter after the effect of taxes, which included operating net special items of$70 million . The first quarter net special items included a one-time charge resulting from pay rate increases effective Jan. 1, 2025, related to the ratification of the contract extension reached in the fourth quarter of 2024 with the company’s mainline maintenance and fleet service team members and an adjustment to litigation reserves, as well as nonoperating net special items of$48 million related to mark-to-market net unrealized losses associated with certain equity investments as well as charges associated with debt refinancings and extinguishments. - Please see the accompanying notes for the company’s definition of free cash flow, a non-GAAP measure.
- All references to total debt include debt, finance and operating lease liabilities and pension obligations.
- 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.
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 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 AAG common stock and convertible notes; and those set forth herein as well as in the company’s Annual Report on Form 10-K for the year ended December 31, 2024 (especially in Part I, Item 1A. Risk Factors) and in the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations), 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 March 31, | Percent Increase | |||||||||
| 2025 | 2024 | (Decrease) | ||||||||
| Operating revenues: | ||||||||||
| Passenger | $ | 11,391 | $ | 11,458 | (0.6 | ) | ||||
| Cargo | 189 | 187 | 1.1 | |||||||
| Other | 971 | 925 | 5.0 | |||||||
| Total operating revenues | 12,551 | 12,570 | (0.2 | ) | ||||||
| Operating expenses: | ||||||||||
| Aircraft fuel and related taxes | 2,587 | 2,980 | (13.2 | ) | ||||||
| Salaries, wages and benefits | 4,222 | 3,867 | 9.2 | |||||||
| Regional expenses: | ||||||||||
| Regional operating expenses | 1,272 | 1,122 | 13.4 | |||||||
| Regional depreciation and amortization | 79 | 79 | 0.2 | |||||||
| Maintenance, materials and repairs | 922 | 884 | 4.2 | |||||||
| Other rent and landing fees | 826 | 819 | 0.9 | |||||||
| Aircraft rent | 297 | 328 | (9.4 | ) | ||||||
| Selling expenses | 450 | 408 | 10.1 | |||||||
| Depreciation and amortization | 468 | 470 | (0.4 | ) | ||||||
| Special items, net | 70 | 70 | 0.6 | |||||||
| Other | 1,628 | 1,536 | 6.0 | |||||||
| Total operating expenses | 12,821 | 12,563 | 2.1 | |||||||
| Operating income (loss) | (270 | ) | 7 | nm | (1) | |||||
| Nonoperating income (expense): | ||||||||||
| Interest income | 94 | 118 | (20.2 | ) | ||||||
| Interest expense, net | (428 | ) | (497 | ) | (13.8 | ) | ||||
| Other expense, net | (44 | ) | (41 | ) | 7.7 | |||||
| Total nonoperating expense, net | (378 | ) | (420 | ) | (10.0 | ) | ||||
| Loss before income taxes | (648 | ) | (413 | ) | 56.9 | |||||
| Income tax benefit | (175 | ) | (101 | ) | 73.2 | |||||
| Net loss | $ | (473 | ) | $ | (312 | ) | 51.6 | |||
| Loss per common share: | ||||||||||
| Basic and diluted | $ | (0.72 | ) | $ | (0.48 | ) | ||||
| Weighted average shares outstanding (in thousands): | ||||||||||
| Basic and diluted | 658,880 | 655,847 | ||||||||
| 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 March 31, | Increase | ||||||
| 2025 | 2024 | (Decrease) | |||||
| Revenue passenger miles (millions) | 56,356 | 57,473 | (1.9 | )% | |||
| Available seat miles (ASM) (millions) | 69,904 | 70,516 | (0.9 | )% | |||
| Passenger load factor (percent) | 80.6 | 81.5 | (0.9 | )pts | |||
| Yield (cents) | 20.21 | 19.94 | 1.4 | % | |||
| Passenger revenue per ASM (cents) | 16.30 | 16.25 | 0.3 | % | |||
| Total revenue per ASM (cents) | 17.95 | 17.83 | 0.7 | % | |||
| Cargo ton miles (millions) | 483 | 484 | (0.2 | )% | |||
| Cargo yield per ton mile (cents) | 39.14 | 38.64 | 1.3 | % | |||
| Fuel consumption (gallons in millions) | 1,042 | 1,042 | 0.1 | % | |||
| Average aircraft fuel price including related taxes (dollars per gallon) | 2.48 | 2.86 | (13.3 | )% | |||
| Operating cost per ASM (cents) | 18.34 | 17.82 | 2.9 | % | |||
| Operating cost per ASM excluding net special items (cents) | 18.24 | 17.72 | 3.0 | % | |||
| Operating cost per ASM excluding net special items and fuel (cents) | 14.54 | 13.49 | 7.8 | % | |||
| Passenger enplanements (thousands) | 51,034 | 52,766 | (3.3 | )% | |||
| Departures (thousands): | |||||||
| Mainline | 278 | 290 | (4.3 | )% | |||
| Regional | 250 | 219 | 14.3 | % | |||
| Total | 528 | 509 | 3.7 | % | |||
| Average stage length (miles): | |||||||
| Mainline | 1,176 | 1,156 | 1.8 | % | |||
| Regional | 470 | 465 | 1.3 | % | |||
| Total | 841 | 858 | (2.0 | )% | |||
| Aircraft at end of period: | |||||||
| Mainline | 985 | 967 | 1.9 | % | |||
| Regional (2) | 567 | 550 | 3.1 | % | |||
| Total | 1,552 | 1,517 | 2.3 | % | |||
| Full-time equivalent employees at end of period: | |||||||
| Mainline | 102,400 | 103,600 | (1.2 | )% | |||
| Regional (3) | 30,700 | 29,200 | 5.1 | % | |||
| Total | 133,100 | 132,800 | 0.2 | % | |||
| 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) 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 six regional aircraft in temporary storage as of March 31, 2025 as follows: four Bombardier CRJ 900 and two Embraer 145. | |||||||
| (3) 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 March 31, | Increase | |||||
| 2025 | 2024 | (Decrease) | ||||
| Domestic (1) | ||||||
| Revenue passenger miles (millions) | 37,693 | 38,812 | (2.9 | )% | ||
| Available seat miles (ASM) (millions) | 46,669 | 47,102 | (0.9 | )% | ||
| Passenger load factor (percent) | 80.8 | 82.4 | (1.6 | )pts | ||
| Passenger revenue (dollars in millions) | 8,127 | 8,262 | (1.6 | )% | ||
| Yield (cents) | 21.56 | 21.29 | 1.3 | % | ||
| Passenger revenue per ASM (cents) | 17.41 | 17.54 | (0.7 | )% | ||
| Latin America (2) | ||||||
| Revenue passenger miles (millions) | 10,022 | 10,096 | (0.7 | )% | ||
| Available seat miles (millions) | 12,004 | 11,739 | 2.3 | % | ||
| Passenger load factor (percent) | 83.5 | 86.0 | (2.5 | )pts | ||
| Passenger revenue (dollars in millions) | 1,906 | 1,902 | 0.2 | % | ||
| Yield (cents) | 19.01 | 18.84 | 0.9 | % | ||
| Passenger revenue per ASM (cents) | 15.88 | 16.20 | (2.0 | )% | ||
| Atlantic | ||||||
| Revenue passenger miles (millions) | 5,934 | 6,455 | (8.1 | )% | ||
| Available seat miles (millions) | 7,963 | 9,042 | (11.9 | )% | ||
| Passenger load factor (percent) | 74.5 | 71.4 | 3.1 | pts | ||
| Passenger revenue (dollars in millions) | 965 | 992 | (2.7 | )% | ||
| Yield (cents) | 16.27 | 15.37 | 5.9 | % | ||
| Passenger revenue per ASM (cents) | 12.12 | 10.97 | 10.5 | % | ||
| Pacific | ||||||
| Revenue passenger miles (millions) | 2,707 | 2,110 | 28.3 | % | ||
| Available seat miles (millions) | 3,268 | 2,633 | 24.1 | % | ||
| Passenger load factor (percent) | 82.8 | 80.1 | 2.7 | pts | ||
| Passenger revenue (dollars in millions) | 393 | 302 | 30.2 | % | ||
| Yield (cents) | 14.51 | 14.30 | 1.5 | % | ||
| Passenger revenue per ASM (cents) | 12.02 | 11.46 | 4.9 | % | ||
| Total International | ||||||
| Revenue passenger miles (millions) | 18,663 | 18,661 | - | % | ||
| Available seat miles (millions) | 23,235 | 23,414 | (0.8 | )% | ||
| Passenger load factor (percent) | 80.3 | 79.7 | 0.6 | pts | ||
| Passenger revenue (dollars in millions) | 3,264 | 3,196 | 2.1 | % | ||
| Yield (cents) | 17.49 | 17.13 | 2.1 | % | ||
| Passenger revenue per ASM (cents) | 14.05 | 13.65 | 2.9 | % | ||
| 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 (Loss) (GAAP measure) to Operating Income (Loss) Excluding Net Special Items (non-GAAP measure) - Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure) - Pre-Tax Loss (GAAP measure) to Pre-Tax 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 Loss (GAAP measure) to Net Loss Excluding Net Special Items (non-GAAP measure) - Basic and Diluted Loss Per Share (GAAP measure) to Basic and Diluted 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 allows management 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 allows management an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance. | ||||||||||||
| Reconciliation of Operating Income (Loss) Excluding Net Special Items | 3 Months Ended March 31, | Percent Increase | ||||||||||
| 2025 | 2024 | (Decrease) | ||||||||||
| (in millions) | ||||||||||||
| Operating income (loss) as reported | $ | (270 | ) | $ | 7 | |||||||
| Operating net special items: | ||||||||||||
| Mainline operating special items, net (1) | 70 | 70 | ||||||||||
| Operating income (loss) excluding net special items | $ | (200 | ) | $ | 77 | nm | ||||||
| Calculation of Operating Margin | ||||||||||||
| Operating income (loss) as reported | $ | (270 | ) | $ | 7 | |||||||
| Total operating revenues as reported | $ | 12,551 | $ | 12,570 | ||||||||
| Operating margin | (2.2 | %) | 0.1 | % | ||||||||
| Calculation of Operating Margin Excluding Net Special Items | ||||||||||||
| Operating income (loss) excluding net special items | $ | (200 | ) | $ | 77 | |||||||
| Total operating revenues as reported | $ | 12,551 | $ | 12,570 | ||||||||
| Operating margin excluding net special items | (1.6 | %) | 0.6 | % | ||||||||
| Reconciliation of Pre-Tax Loss Excluding Net Special Items | ||||||||||||
| Pre-tax loss as reported | $ | (648 | ) | $ | (413 | ) | ||||||
| Pre-tax net special items: | ||||||||||||
| Mainline operating special items, net (1) | 70 | 70 | ||||||||||
| Nonoperating special items, net (2) | 48 | 46 | ||||||||||
| Total pre-tax net special items | 118 | 116 | ||||||||||
| Pre-tax loss excluding net special items | $ | (530 | ) | $ | (297 | ) | 78.1 | % | ||||
| Calculation of Pre-Tax Margin | ||||||||||||
| Pre-tax loss as reported | $ | (648 | ) | $ | (413 | ) | ||||||
| Total operating revenues as reported | $ | 12,551 | $ | 12,570 | ||||||||
| Pre-tax margin | (5.2 | %) | (3.3 | %) | ||||||||
| Calculation of Pre-Tax Margin Excluding Net Special Items | ||||||||||||
| Pre-tax loss excluding net special items | $ | (530 | ) | $ | (297 | ) | ||||||
| Total operating revenues as reported | $ | 12,551 | $ | 12,570 | ||||||||
| Pre-tax margin excluding net special items | (4.2 | %) | (2.4 | %) | ||||||||
| 3 Months Ended March 31, | Percent Increase | |||||||||||
| Reconciliation of Net Loss Excluding Net Special Items | 2025 | 2024 | (Decrease) | |||||||||
| (in millions, except share and per share amounts) | ||||||||||||
| Net loss as reported | $ | (473 | ) | $ | (312 | ) | ||||||
| Net special items: | ||||||||||||
| Total pre-tax net special items (1), (2) | 118 | 116 | ||||||||||
| Net tax effect of net special items | (31 | ) | (30 | ) | ||||||||
| Net loss excluding net special items | $ | (386 | ) | $ | (226 | ) | 71.0 | % | ||||
| Reconciliation of Basic and Diluted Loss Per Share Excluding Net Special Items | ||||||||||||
| Net loss excluding net special items | $ | (386 | ) | $ | (226 | ) | ||||||
| Shares used for computation (in thousands): | ||||||||||||
| Basic and diluted | 658,880 | 655,847 | ||||||||||
| Loss per share excluding net special items: | ||||||||||||
| Basic and diluted | $ | (0.59 | ) | $ | (0.34 | ) | ||||||
| Reconciliation of Total Operating Costs per ASM Excluding Net Special Items and Fuel | ||||||||||||
| Total operating expenses as reported | $ | 12,821 | $ | 12,563 | ||||||||
| Operating net special items: | ||||||||||||
| Mainline operating special items, net (1) | (70 | ) | (70 | ) | ||||||||
| Total operating expenses excluding net special items | 12,751 | 12,493 | ||||||||||
| Aircraft fuel and related taxes | (2,587 | ) | (2,980 | ) | ||||||||
| Total operating expenses excluding net special items and fuel | $ | 10,164 | $ | 9,513 | ||||||||
| (in cents) | ||||||||||||
| Total operating expenses per ASM as reported | 18.34 | 17.82 | ||||||||||
| Operating net special items per ASM: | ||||||||||||
| Mainline operating special items, net (1) | (0.10 | ) | (0.10 | ) | ||||||||
| Total operating expenses per ASM excluding net special items | 18.24 | 17.72 | ||||||||||
| Aircraft fuel and related taxes per ASM | (3.70 | ) | (4.23 | ) | ||||||||
| Total operating expenses per ASM excluding net special items and fuel | 14.54 | 13.49 | ||||||||||
| Note: Amounts may not recalculate due to rounding. | ||||||||||||
| FOOTNOTES: | ||||||||||||
| (1) | The 2025 first quarter mainline operating special items, net 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 an adjustment to litigation reserves. The 2024 first quarter mainline operating special items, net principally included | |||||||||||
| (2) | Principally included mark-to-market net unrealized gains and losses associated with certain equity investments as well as charges associated with debt refinancings and extinguishments. | |||||||||||
| American Airlines Group Inc. | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (In millions)(Unaudited) | ||||||||||
| 3 Months Ended March 31, | ||||||||||
| 2025 | 2024 | |||||||||
| Net cash provided by operating activities | $ | 2,456 | $ | 2,180 | ||||||
| Cash flows from investing activities: | ||||||||||
| Capital expenditures and aircraft purchase deposits | (824 | ) | (824 | ) | ||||||
| Purchases of short-term investments | (1,806 | ) | (3,287 | ) | ||||||
| Sales of short-term investments | 1,349 | 2,585 | ||||||||
| Decrease in restricted short-term investments | 85 | 12 | ||||||||
| Other investing activities | (8 | ) | (2 | ) | ||||||
| Net cash used in investing activities | (1,204 | ) | (1,516 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Payments on long-term debt and finance leases | (1,362 | ) | (873 | ) | ||||||
| Proceeds from issuance of long-term debt | 325 | 248 | ||||||||
| Other financing activities | (186 | ) | (17 | ) | ||||||
| Net cash used in financing activities | (1,223 | ) | (642 | ) | ||||||
| Net increase in cash and restricted cash | 29 | 22 | ||||||||
| Cash and restricted cash at beginning of period | 902 | 681 | ||||||||
| Cash and restricted cash at end of period (1) | $ | 931 | $ | 703 | ||||||
| (1) | The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: | |||||||||
| Cash | $ | 835 | $ | 604 | ||||||
| Restricted cash included in restricted cash and short-term investments | 96 | 99 | ||||||||
| Total cash and restricted cash | $ | 931 | $ | 703 | ||||||
| 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 purchases 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. | |||||
| 3 Months Ended March 31, 2025 | |||||
| (in millions) | |||||
| Net cash provided by operating activities | |||||
| Adjusted net cash used in investing activities (1) | (745 | ) | |||
| Free cash flow | |||||
| (1) | The following table provides a reconciliation of adjusted net cash used in investing activities for the three months ended March 31, 2025 (in millions): | ||||
| Net cash used in investing activities | ) | ||||
| Adjustments: | |||||
| Net purchases of short-term investments | 457 | ||||
| Decrease in restricted cash | 2 | ||||
| Adjusted net cash used in investing activities | ) | ||||
| American Airlines Group Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In millions, except shares) | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 835 | $ | 804 | |||
| Short-term investments | 6,631 | 6,180 | |||||
| Restricted cash and short-term investments | 647 | 732 | |||||
| Accounts receivable, net | 1,928 | 2,006 | |||||
| Aircraft fuel, spare parts and supplies, net | 2,653 | 2,638 | |||||
| Prepaid expenses and other | 909 | 794 | |||||
| Total current assets | 13,603 | 13,154 | |||||
| Operating property and equipment | |||||||
| Flight equipment | 43,738 | 43,521 | |||||
| Ground property and equipment | 10,306 | 10,202 | |||||
| Equipment purchase deposits | 1,063 | 1,012 | |||||
| Total property and equipment, at cost | 55,107 | 54,735 | |||||
| Less accumulated depreciation and amortization | (23,792 | ) | (23,608 | ) | |||
| Total property and equipment, net | 31,315 | 31,127 | |||||
| Operating lease right-of-use assets | 7,442 | 7,333 | |||||
| Other assets | |||||||
| Goodwill | 4,091 | 4,091 | |||||
| Intangibles, net | 2,042 | 2,044 | |||||
| Deferred tax asset | 2,655 | 2,485 | |||||
| Other assets | 1,461 | 1,549 | |||||
| Total other assets | 10,249 | 10,169 | |||||
| Total assets | $ | 62,609 | $ | 61,783 | |||
| Liabilities and Stockholders’ Equity (Deficit) | |||||||
| Current liabilities | |||||||
| Current maturities of long-term debt and finance leases | $ | 4,729 | $ | 5,322 | |||
| Accounts payable | 3,114 | 2,455 | |||||
| Accrued salaries and wages | 1,827 | 2,150 | |||||
| Air traffic liability | 8,932 | 6,759 | |||||
| Loyalty program liability | 3,663 | 3,556 | |||||
| Operating lease liabilities | 1,096 | 1,092 | |||||
| Other accrued liabilities | 2,751 | 2,961 | |||||
| Total current liabilities | 26,112 | 24,295 | |||||
| Noncurrent liabilities | |||||||
| Long-term debt and finance leases, net of current maturities | 24,713 | 25,154 | |||||
| Pension and postretirement benefits | 1,869 | 2,128 | |||||
| Loyalty program liability | 6,708 | 6,498 | |||||
| Operating lease liabilities | 6,062 | 5,976 | |||||
| Other liabilities | 1,653 | 1,709 | |||||
| Total noncurrent liabilities | 41,005 | 41,465 | |||||
| Stockholders' equity (deficit) | |||||||
| Common stock, 659,481,003 shares outstanding at March 31, 2025 | 7 | 7 | |||||
| Additional paid-in capital | 7,348 | 7,424 | |||||
| Accumulated other comprehensive loss | (4,547 | ) | (4,565 | ) | |||
| Retained deficit | (7,316 | ) | (6,843 | ) | |||
| Total stockholders' deficit | (4,508 | ) | (3,977 | ) | |||
| Total liabilities and stockholders’ equity (deficit) | $ | 62,609 | $ | 61,783 | |||
FAQ
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