American Airlines Reports Fourth-Quarter and Full-Year 2024 Financial Results
American Airlines (NASDAQ: AAL) reported strong financial results for Q4 and full-year 2024, achieving record quarterly revenue of $13.7 billion and record annual revenue of $54.2 billion. The company posted Q4 GAAP net income of $590 million ($0.84 per share) and full-year net income of $846 million ($1.24 per share).
Key highlights include generating $4 billion in operating cash flow and record free cash flow of $2.2 billion for 2024. AAL achieved its total debt reduction goal of $15 billion from peak levels a year ahead of schedule. The airline announced an exclusive 10-year co-branded credit card partnership with Citi, with cash remuneration from partnerships increasing 17% to $6.1 billion in 2024.
For 2025, AAL expects Q1 adjusted loss per share between ($0.20) to ($0.40) and full-year adjusted earnings per share between $1.70 to $2.70.
American Airlines (NASDAQ: AAL) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, raggiungendo un fatturato trimestrale record di 13,7 miliardi di dollari e un fatturato annuale record di 54,2 miliardi di dollari. L'azienda ha registrato un reddito netto GAAP di 590 milioni di dollari nel quarto trimestre (0,84 dollari per azione) e un reddito netto annuale di 846 milioni di dollari (1,24 dollari per azione).
Tra i principali punti salienti vi è la generazione di 4 miliardi di dollari in flusso di cassa operativo e un flusso di cassa gratuito record di 2,2 miliardi di dollari per il 2024. AAL ha raggiunto il suo obiettivo di riduzione del debito totale di 15 miliardi di dollari dai livelli massimi con un anno di anticipo. La compagnia aerea ha annunciato una partnership esclusiva con Citi per una carta di credito co-branded della durata di 10 anni, con un aumento del 17% della remunerazione in contante derivante dalle partnership, che è arrivata a 6,1 miliardi di dollari nel 2024.
Per il 2025, AAL prevede una perdita rettificata per azione nel primo trimestre compresa tra (-0,20) e (-0,40) dollari e utili rettificati per azione compresi tra 1,70 e 2,70 dollari per l'intero anno.
American Airlines (NASDAQ: AAL) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, logrando ingresos trimestrales récord de 13,7 mil millones de dólares y ingresos anuales récord de 54,2 mil millones de dólares. La compañía reportó un ingreso neto GAAP de 590 millones de dólares en el cuarto trimestre (0,84 dólares por acción) y un ingreso neto anual de 846 millones de dólares (1,24 dólares por acción).
Los aspectos destacados incluyen la generación de 4 mil millones de dólares en flujo de efectivo operativo y un flujo de caja libre récord de 2,2 mil millones de dólares para 2024. AAL logró su objetivo de reducción de deuda total de 15 mil millones de dólares desde los niveles máximos un año antes de lo previsto. La aerolínea anunció una asociación exclusiva de tarjeta de crédito co-branded de 10 años con Citi, con una remuneración en efectivo de las asociaciones que aumentó un 17% a 6,1 mil millones de dólares en 2024.
Para 2025, AAL espera una pérdida ajustada por acción en el primer trimestre entre (-0,20) y (-0,40) dólares y ganancias ajustadas por acción entre 1,70 y 2,70 dólares para el año completo.
아메리칸 항공 (NASDAQ: AAL)은 2024년 4분기와 전체 연도의 강력한 재무 결과를 보고하며 13.7억 달러의 분기 매출 기록과 54.2억 달러의 연간 매출 기록을 달성했습니다. 회사는 4분기 GAAP 순이익으로 5억 9천만 달러(주당 0.84 달러)와 전체 연도 순이익으로 8억 4천6백만 달러(주당 1.24 달러)를 게시했습니다.
주요 하이라이트로는 40억 달러의 운영 현금 흐름 생성과 2024년을 위한 22억 달러의 자유 현금 흐름 기록이 포함됩니다. AAL은 최고 수준에서 150억 달러의 총 부채 감소 목표를 일년 일찍 달성했습니다. 항공사는 Citi와 함께 10년 동안의 독점 공동 브랜드 신용 카드 파트너십을 발표했으며, 파트너십에서 발생한 현금 보상이 2024년에 61억 달러로 17% 증가했습니다.
2025년에는 AAL이 1분기에 주당 조정 손실을 (-0.20)에서 (-0.40) 사이로 예상하고, 전체 연도에는 조정된 주당 수익을 1.70에서 2.70 달러 사이로 예상하고 있습니다.
American Airlines (NASDAQ: AAL) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024, atteignant un chiffre d'affaires trimestriel record de 13,7 milliards de dollars et un chiffre d'affaires annuel record de 54,2 milliards de dollars. L'entreprise a affiché un revenu net GAAP de 590 millions de dollars au quatrième trimestre (0,84 dollar par action) et un revenu net pour l'année complète de 846 millions de dollars (1,24 dollar par action).
Les points forts incluent la génération de 4 milliards de dollars de flux de trésorerie d'exploitation et un flux de trésorerie disponible record de 2,2 milliards de dollars pour 2024. AAL a atteint son objectif de réduction de la dette totale de 15 milliards de dollars par rapport aux niveaux les plus élevés un an avant le calendrier prévu. La compagnie aérienne a annoncé un partenariat exclusif de carte de crédit co-marquée de 10 ans avec Citi, avec une rémunération en espèces provenant des partenariats augmentant de 17 % pour atteindre 6,1 milliards de dollars en 2024.
Pour 2025, AAL s'attend à une perte ajustée par action au premier trimestre comprise entre (-0,20) et (-0,40) dollars et à un bénéfice ajusté par action pour l'année complète compris entre 1,70 et 2,70 dollars.
American Airlines (NASDAQ: AAL) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit einem Rekordumsatz von 13,7 Milliarden Dollar im Quartal und einem Rekordumsatz von 54,2 Milliarden Dollar im Jahr. Das Unternehmen meldete einen GAAP-Nettoeinkommen von 590 Millionen Dollar im vierten Quartal (0,84 Dollar pro Aktie) und ein Nettoeinkommen von 846 Millionen Dollar im gesamten Jahr (1,24 Dollar pro Aktie).
Zu den wichtigsten Highlights gehören die Generierung von 4 Milliarden Dollar an operativem Cashflow und ein Rekord an freiem Cashflow von 2,2 Milliarden Dollar für 2024. AAL erreichte sein Ziel der Reduzierung der Gesamtschulden um 15 Milliarden Dollar von Höchstständen ein Jahr früher als geplant. Die Fluggesellschaft kündigte eine exklusive 10-jährige Co-Branding-Kreditkartenpartnerschaft mit Citi an, wobei die Barauszahlungen aus Partnerschaften im Jahr 2024 um 17 % auf 6,1 Milliarden Dollar stiegen.
Für 2025 erwartet AAL einen ajustierten Verlust pro Aktie im ersten Quartal zwischen (-0,20) und (-0,40) Dollar und ajustierte Erträge pro Aktie zwischen 1,70 und 2,70 Dollar für das gesamte Jahr.
- Record Q4 revenue of $13.7B and full-year revenue of $54.2B
- Q4 GAAP net income of $590M and full-year net income of $846M
- Record free cash flow of $2.2B in 2024
- Achieved $15B debt reduction goal ahead of schedule
- 17% increase in credit card partnership revenue to $6.1B
- Projected Q1 2025 loss between ($0.20) to ($0.40) per share
- $33M non-cash write down from parking 43 Embraer 145 aircraft
- $643M in special items charges related to new labor agreements
Insights
American Airlines' Q4 results demonstrate remarkable financial resilience and strategic execution. The record revenue of $13.7B represents more than just a top-line achievement - it validates the carrier's capacity management strategy and pricing power in a competitive market. The 2.0% unit revenue growth is particularly impressive, leading U.S. network carriers across all key geographic segments.
The debt reduction achievement of $15B from peak levels marks a pivotal moment in AAL's financial transformation. This milestone, reached a year ahead of schedule, significantly improves the carrier's financial flexibility and reduces interest burden. The robust free cash flow of $2.2B provides ample resources for future strategic initiatives and potential shareholder returns.
The new Citi partnership is a game-changer. The 17% increase in credit card cash remuneration to $6.1B in 2024 underscores the growing importance of loyalty programs as a high-margin revenue stream. This exclusive 10-year agreement positions AAL to capture increased wallet share and enhance customer loyalty through an expanded rewards ecosystem.
However, the Q1 2025 guidance of an expected loss raises some concerns. This projection, combined with the relatively modest full-year EPS guidance of $1.70-$2.70, suggests potential challenges from fuel costs, labor expenses and competitive pressures. The 8.4% adjusted operating margin in Q4 shows room for improvement compared to historical industry benchmarks.
The operational metrics are encouraging, with AAL ranking second in completion factor and on-time departures among major U.S. carriers. This operational excellence, coupled with the strengthened balance sheet ($10.3B in total liquidity), positions the airline well for navigating potential industry headwinds in 2025.
FORT WORTH, Texas, Jan. 23, 2025 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its fourth-quarter and full-year 2024 financial results, including:
- Record fourth-quarter revenue of
$13.7 billion and record full-year revenue of$54.2 billion - Fourth-quarter and full-year GAAP net income of
$590 million and$846 million , or$0.84 and$1.24 per diluted share, respectively - Excluding net special items1, fourth-quarter and full-year net income of
$609 million and$1.4 billion , or$0.86 and$1.96 per diluted share, respectively - Generated
$4 billion in full-year operating cash flow and record full-year free cash flow2 of$2.2 billion - Announced an exclusive 10-year co-branded credit card partnership with Citi, which is expected to unlock even more value for AAdvantage® co-branded and Citi-branded cardmembers
- Achieved total debt3 reduction goal of
$15 billion from peak levels — a full year ahead of schedule
“The American Airlines team achieved a number of important objectives in 2024,” said American’s CEO Robert Isom. “We continue to run a reliable operation, and we are reengineering the business to build an even more efficient airline. That, coupled with our commercial actions, resulted in strong financial performance in the fourth quarter. As we look ahead to this year, American remains well-positioned because of the strength of our network, loyalty and co-branded credit card programs, fleet and operational reliability, and the tremendous work of our team.”
Revenue performance
American produced record fourth-quarter and full-year revenue of
Citi partnership
In December, American and Citi announced a new 10-year agreement, with Citi becoming the exclusive issuer of the AAdvantage® co-branded credit card portfolio in the U.S. starting in 2026. The new agreement is expected to drive incremental value for both companies and produce a significantly expanded loyalty and rewards ecosystem for AAdvantage® members and Citi-branded cardmembers alike. Cash remuneration from co-branded credit cards and other partners was
Operational performance
The American Airlines team continues to deliver strong operational results, despite the extreme weather and other challenges the airline faced in the quarter and throughout the year. In the fourth quarter, American ranked second in completion factor and on-time departures among the four largest U.S. carriers. For the year, American achieved its second-best completion factor since the merger of American and US Airways, on its largest volume of passengers ever. The team continues to demonstrate its operational resilience and ability to recover from disruptions. Continued investment in the operation and technology that supports it will drive further improvements in the company’s operating reliability and resiliency.
Financial performance
American delivered fourth-quarter and full-year earnings results ahead of its prior guidance. On a GAAP basis, the company produced an operating margin of
Balance sheet and liquidity
In 2024, American generated record 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 first-quarter 2025 adjusted loss 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 Feb. 23.
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
$19 million of net special items in the fourth quarter after the effect of taxes, which included a$33 million non-cash write down of regional aircraft resulting from the decision to permanently park 43 Embraer 145 aircraft. The company recognized$516 million of net special items in 2024 after the effect of taxes, which included operating net special items of$643 million principally related to one-time charges resulting from the ratifications of new collective bargaining agreements with the airline’s mainline flight attendants and passenger service team members. - 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, those set forth herein as well as in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.
| American Airlines Group Inc. | ||||||||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||||||||
| (In millions, except share and per share amounts) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| 3 Months Ended December 31, | Percent Increase | 12 Months Ended December 31, | Percent Increase | |||||||||||||||||||
| 2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | |||||||||||||||||
| Operating revenues: | ||||||||||||||||||||||
| Passenger | $ | 12,402 | $ | 12,010 | 3.3 | $ | 49,586 | $ | 48,512 | 2.2 | ||||||||||||
| Cargo | 220 | 199 | 10.5 | 804 | 812 | (0.9 | ) | |||||||||||||||
| Other | 1,038 | 853 | 21.8 | 3,821 | 3,464 | 10.3 | ||||||||||||||||
| Total operating revenues | 13,660 | 13,062 | 4.6 | 54,211 | 52,788 | 2.7 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||
| Aircraft fuel and related taxes | 2,502 | 3,159 | (20.8 | ) | 11,418 | 12,257 | (6.8 | ) | ||||||||||||||
| Salaries, wages and benefits | 4,104 | 3,689 | 11.2 | 16,021 | 14,580 | 9.9 | ||||||||||||||||
| Regional expenses: | ||||||||||||||||||||||
| Regional operating expenses | 1,228 | 1,101 | 11.5 | 4,723 | 4,325 | 9.2 | ||||||||||||||||
| Regional depreciation and amortization | 81 | 79 | 2.0 | 319 | 318 | 0.3 | ||||||||||||||||
| Maintenance, materials and repairs | 971 | 875 | 10.9 | 3,794 | 3,265 | 16.2 | ||||||||||||||||
| Other rent and landing fees | 789 | 714 | 10.5 | 3,303 | 2,928 | 12.8 | ||||||||||||||||
| Aircraft rent | 297 | 338 | (12.2 | ) | 1,242 | 1,369 | (9.2 | ) | ||||||||||||||
| Selling expenses | 480 | 443 | 8.7 | 1,812 | 1,799 | 0.7 | ||||||||||||||||
| Depreciation and amortization | 503 | 480 | 4.7 | 1,926 | 1,936 | (0.5 | ) | |||||||||||||||
| Special items, net | (14 | ) | 9 | nm | (1) | 610 | 971 | (37.2 | ) | |||||||||||||
| Other | 1,585 | 1,519 | 4.4 | 6,429 | 6,006 | 7.0 | ||||||||||||||||
| Total operating expenses | 12,526 | 12,406 | 1.0 | 51,597 | 49,754 | 3.7 | ||||||||||||||||
| Operating income | 1,134 | 656 | 72.7 | 2,614 | 3,034 | (13.9 | ) | |||||||||||||||
| Nonoperating income (expense): | ||||||||||||||||||||||
| Interest income | 106 | 136 | (22.2 | ) | 468 | 591 | (20.8 | ) | ||||||||||||||
| Interest expense, net | (470 | ) | (519 | ) | (9.5 | ) | (1,934 | ) | (2,145 | ) | (9.9 | ) | ||||||||||
| Other income (expense), net | 25 | (241 | ) | nm | 6 | (359 | ) | nm | ||||||||||||||
| Total nonoperating expense, net | (339 | ) | (624 | ) | (45.7 | ) | (1,460 | ) | (1,913 | ) | (23.7 | ) | ||||||||||
| Income before income taxes | 795 | 32 | nm | 1,154 | 1,121 | 2.9 | ||||||||||||||||
| Income tax provision | 205 | 13 | nm | 308 | 299 | 2.9 | ||||||||||||||||
| Net income | $ | 590 | $ | 19 | nm | $ | 846 | $ | 822 | 2.9 | ||||||||||||
| Earnings per common share: | ||||||||||||||||||||||
| Basic | $ | 0.90 | $ | 0.03 | $ | 1.29 | $ | 1.26 | ||||||||||||||
| Diluted | $ | 0.84 | $ | 0.03 | $ | 1.24 | $ | 1.21 | ||||||||||||||
| Weighted average shares outstanding (in thousands): | ||||||||||||||||||||||
| Basic | 657,746 | 654,725 | 656,996 | 653,612 | ||||||||||||||||||
| Diluted | 723,690 | 657,079 | 721,300 | 719,669 | ||||||||||||||||||
| 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 December 31, | Increase | 12 Months Ended December 31, | Increase | |||||||||||
| 2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | |||||||||
| Revenue passenger miles (millions) | 60,676 | 58,331 | 4.0 | % | 248,795 | 231,926 | 7.3 | % | ||||||
| Available seat miles (ASM) (millions) | 71,503 | 69,773 | 2.5 | % | 292,948 | 277,723 | 5.5 | % | ||||||
| Passenger load factor (percent) | 84.9 | 83.6 | 1.3 | pts | 84.9 | 83.5 | 1.4 | pts | ||||||
| Yield (cents) | 20.44 | 20.59 | (0.7 | )% | 19.93 | 20.92 | (4.7 | )% | ||||||
| Passenger revenue per ASM (cents) | 17.34 | 17.21 | 0.8 | % | 16.93 | 17.47 | (3.1 | )% | ||||||
| Total revenue per ASM (cents) | 19.10 | 18.72 | 2.0 | % | 18.51 | 19.01 | (2.6 | )% | ||||||
| Cargo ton miles (millions) | 526 | 501 | 5.0 | % | 2,067 | 1,840 | 12.3 | % | ||||||
| Cargo yield per ton mile (cents) | 41.85 | 39.74 | 5.3 | % | 38.92 | 44.13 | (11.8 | )% | ||||||
| Fuel consumption (gallons in millions) | 1,070 | 1,033 | 3.6 | % | 4,391 | 4,140 | 6.1 | % | ||||||
| Average aircraft fuel price including related taxes (dollars per gallon) | 2.34 | 3.06 | (23.5 | )% | 2.60 | 2.96 | (12.2 | )% | ||||||
| Operating cost per ASM (cents) | 17.52 | 17.78 | (1.5 | )% | 17.61 | 17.92 | (1.7 | )% | ||||||
| Operating cost per ASM excluding net special items (cents) | 17.49 | 17.77 | (1.6 | )% | 17.39 | 17.56 | (1.0 | )% | ||||||
| Operating cost per ASM excluding net special items and fuel (cents) | 13.99 | 13.24 | 5.7 | % | 13.50 | 13.15 | 2.6 | % | ||||||
| Passenger enplanements (thousands) | 55,806 | 53,567 | 4.2 | % | 226,405 | 210,692 | 7.5 | % | ||||||
| Departures (thousands): | ||||||||||||||
| Mainline | 291 | 285 | 1.9 | % | 1,191 | 1,145 | 4.0 | % | ||||||
| Regional | 256 | 222 | 15.1 | % | 972 | 855 | 13.6 | % | ||||||
| Total | 547 | 507 | 7.7 | % | 2,163 | 2,000 | 8.1 | % | ||||||
| Average stage length (miles): | ||||||||||||||
| Mainline | 1,147 | 1,157 | (0.9 | )% | 1,154 | 1,147 | 0.6 | % | ||||||
| Regional | 461 | 458 | 0.6 | % | 459 | 463 | (0.7 | )% | ||||||
| Total | 826 | 851 | (3.0 | )% | 842 | 855 | (1.5 | )% | ||||||
| Aircraft at end of period: | ||||||||||||||
| Mainline | 977 | 965 | 1.2 | % | 977 | 965 | 1.2 | % | ||||||
| Regional (2) | 585 | 556 | 5.2 | % | 585 | 556 | 5.2 | % | ||||||
| Total | 1,562 | 1,521 | 2.7 | % | 1,562 | 1,521 | 2.7 | % | ||||||
| Full-time equivalent employees at end of period: | ||||||||||||||
| Mainline | 102,700 | 103,200 | (0.5 | )% | 102,700 | 103,200 | (0.5 | )% | ||||||
| Regional (3) | 30,600 | 28,900 | 5.9 | % | 30,600 | 28,900 | 5.9 | % | ||||||
| Total | 133,300 | 132,100 | 0.9 | % | 133,300 | 132,100 | 0.9 | % | ||||||
| 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 seven regional aircraft in temporary storage as of December 31, 2024 as follows: five Embraer 145 and two Bombardier CRJ 900. | ||||||||||||||
| (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 December 31, | Increase | 12 Months Ended December 31, | Increase | ||||||||||||
| 2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | ||||||||||
| Domestic (1) | |||||||||||||||
| Revenue passenger miles (millions) | 41,203 | 39,610 | 4.0 | % | 166,302 | 155,374 | 7.0 | % | |||||||
| Available seat miles (ASM) (millions) | 48,495 | 46,805 | 3.6 | % | 195,250 | 185,206 | 5.4 | % | |||||||
| Passenger load factor (percent) | 85.0 | 84.6 | 0.4 | pts | 85.2 | 83.9 | 1.3 | pts | |||||||
| Passenger revenue (dollars in millions) | 9,051 | 8,744 | 3.5 | % | 35,336 | 34,592 | 2.1 | % | |||||||
| Yield (cents) | 21.97 | 22.08 | (0.5 | )% | 21.25 | 22.26 | (4.6 | )% | |||||||
| Passenger revenue per ASM (cents) | 18.66 | 18.68 | (0.1 | )% | 18.10 | 18.68 | (3.1 | )% | |||||||
| Latin America (2) | |||||||||||||||
| Revenue passenger miles (millions) | 8,860 | 8,570 | 3.4 | % | 35,438 | 33,337 | 6.3 | % | |||||||
| Available seat miles (millions) | 10,405 | 9,950 | 4.6 | % | 40,889 | 38,531 | 6.1 | % | |||||||
| Passenger load factor (percent) | 85.2 | 86.1 | (0.9 | )pts | 86.7 | 86.5 | 0.2 | pts | |||||||
| Passenger revenue (dollars in millions) | 1,662 | 1,674 | (0.7 | )% | 6,560 | 6,719 | (2.4 | )% | |||||||
| Yield (cents) | 18.76 | 19.53 | (3.9 | )% | 18.51 | 20.16 | (8.2 | )% | |||||||
| Passenger revenue per ASM (cents) | 15.98 | 16.82 | (5.0 | )% | 16.04 | 17.44 | (8.0 | )% | |||||||
| Atlantic | |||||||||||||||
| Revenue passenger miles (millions) | 8,013 | 8,307 | (3.5 | )% | 38,407 | 36,581 | 5.0 | % | |||||||
| Available seat miles (millions) | 9,573 | 10,728 | (10.8 | )% | 46,574 | 46,056 | 1.1 | % | |||||||
| Passenger load factor (percent) | 83.7 | 77.4 | 6.3 | pts | 82.5 | 79.4 | 3.1 | pts | |||||||
| Passenger revenue (dollars in millions) | 1,324 | 1,330 | (0.5 | )% | 6,445 | 6,205 | 3.9 | % | |||||||
| Yield (cents) | 16.52 | 16.02 | 3.1 | % | 16.78 | 16.96 | (1.1 | )% | |||||||
| Passenger revenue per ASM (cents) | 13.82 | 12.40 | 11.5 | % | 13.84 | 13.47 | 2.7 | % | |||||||
| Pacific | |||||||||||||||
| Revenue passenger miles (millions) | 2,600 | 1,844 | 41.0 | % | 8,648 | 6,634 | 30.4 | % | |||||||
| Available seat miles (millions) | 3,030 | 2,290 | 32.3 | % | 10,235 | 7,930 | 29.1 | % | |||||||
| Passenger load factor (percent) | 85.8 | 80.5 | 5.3 | pts | 84.5 | 83.7 | 0.8 | pts | |||||||
| Passenger revenue (dollars in millions) | 365 | 262 | 39.4 | % | 1,245 | 996 | 25.0 | % | |||||||
| Yield (cents) | 14.03 | 14.19 | (1.1 | )% | 14.39 | 15.00 | (4.1 | )% | |||||||
| Passenger revenue per ASM (cents) | 12.04 | 11.43 | 5.3 | % | 12.16 | 12.55 | (3.1 | )% | |||||||
| Total International | |||||||||||||||
| Revenue passenger miles (millions) | 19,473 | 18,721 | 4.0 | % | 82,493 | 76,552 | 7.8 | % | |||||||
| Available seat miles (millions) | 23,008 | 22,968 | 0.2 | % | 97,698 | 92,517 | 5.6 | % | |||||||
| Passenger load factor (percent) | 84.6 | 81.5 | 3.1 | pts | 84.4 | 82.7 | 1.7 | pts | |||||||
| Passenger revenue (dollars in millions) | 3,351 | 3,266 | 2.6 | % | 14,250 | 13,920 | 2.4 | % | |||||||
| Yield (cents) | 17.21 | 17.45 | (1.4 | )% | 17.27 | 18.18 | (5.0 | )% | |||||||
| Passenger revenue per ASM (cents) | 14.56 | 14.22 | 2.4 | % | 14.59 | 15.05 | (3.1 | )% | |||||||
| Note: Amounts may not recalculate due to rounding. | |||||||||||||||
| (1) Domestic results include Canada, Puerto Rico and U.S. Virgin Islands. | |||||||||||||||
| (2) Latin America results include the Caribbean. | |||||||||||||||
| Reconciliation of GAAP Financial Information to Non-GAAP Financial Information | |||||||||||||||||||||||
| American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures: - Operating Income (GAAP measure) to Operating Income Excluding Net Special Items (non-GAAP measure) - Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure) - Pre-Tax Income (GAAP measure) to Pre-Tax Income Excluding Net Special Items (non-GAAP measure) - Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure) - Net Income (GAAP measure) to Net Income Excluding Net Special Items (non-GAAP measure) - Basic and Diluted Earnings Per Share (GAAP measure) to Basic and Diluted Earnings 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 Excluding Net Special Items | 3 Months Ended December 31, | Percent Increase | 12 Months Ended December 31, | Percent Increase | |||||||||||||||||||
| 2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | ||||||||||||||||||
| (in millions) | (in millions) | ||||||||||||||||||||||
| Operating income as reported | $ | 1,134 | $ | 656 | $ | 2,614 | $ | 3,034 | |||||||||||||||
| Operating net special items: | |||||||||||||||||||||||
| Mainline operating special items, net (1) | (14 | ) | 9 | 610 | 971 | ||||||||||||||||||
| Regional operating special items, net (2) | 33 | - | 33 | 8 | |||||||||||||||||||
| Operating income excluding net special items | $ | 1,153 | $ | 665 | 73.3 | % | $ | 3,257 | $ | 4,013 | (18.8 | %) | |||||||||||
| Calculation of Operating Margin | |||||||||||||||||||||||
| Operating income as reported | $ | 1,134 | $ | 656 | $ | 2,614 | $ | 3,034 | |||||||||||||||
| Total operating revenues as reported | $ | 13,660 | $ | 13,062 | $ | 54,211 | $ | 52,788 | |||||||||||||||
| Operating margin | 8.3 | % | 5.0 | % | 4.8 | % | 5.7 | % | |||||||||||||||
| Calculation of Operating Margin Excluding Net Special Items | |||||||||||||||||||||||
| Operating income excluding net special items | $ | 1,153 | $ | 665 | $ | 3,257 | $ | 4,013 | |||||||||||||||
| Total operating revenues as reported | $ | 13,660 | $ | 13,062 | $ | 54,211 | $ | 52,788 | |||||||||||||||
| Operating margin excluding net special items | 8.4 | % | 5.1 | % | 6.0 | % | 7.6 | % | |||||||||||||||
| Reconciliation of Pre-Tax Income Excluding Net Special Items | |||||||||||||||||||||||
| Pre-tax income as reported | $ | 795 | $ | 32 | $ | 1,154 | $ | 1,121 | |||||||||||||||
| Pre-tax net special items: | |||||||||||||||||||||||
| Mainline operating special items, net (1) | (14 | ) | 9 | 610 | 971 | ||||||||||||||||||
| Regional operating special items, net (2) | 33 | - | 33 | 8 | |||||||||||||||||||
| Nonoperating special items, net (3) | (6 | ) | 216 | 24 | 362 | ||||||||||||||||||
| Total pre-tax net special items | 13 | 225 | 667 | 1,341 | |||||||||||||||||||
| Pre-tax income excluding net special items | $ | 808 | $ | 257 | nm | $ | 1,821 | $ | 2,462 | (26.0 | %) | ||||||||||||
| Calculation of Pre-Tax Margin | |||||||||||||||||||||||
| Pre-tax income as reported | $ | 795 | $ | 32 | $ | 1,154 | $ | 1,121 | |||||||||||||||
| Total operating revenues as reported | $ | 13,660 | $ | 13,062 | $ | 54,211 | $ | 52,788 | |||||||||||||||
| Pre-tax margin | 5.8 | % | 0.2 | % | 2.1 | % | 2.1 | % | |||||||||||||||
| Calculation of Pre-Tax Margin Excluding Net Special Items | |||||||||||||||||||||||
| Pre-tax income excluding net special items | $ | 808 | $ | 257 | $ | 1,821 | $ | 2,462 | |||||||||||||||
| Total operating revenues as reported | $ | 13,660 | $ | 13,062 | $ | 54,211 | $ | 52,788 | |||||||||||||||
| Pre-tax margin excluding net special items | 5.9 | % | 2.0 | % | 3.4 | % | 4.7 | % | |||||||||||||||
| 3 Months Ended December 31, | Percent Increase | 12 Months Ended December 31, | Percent Increase | ||||||||||||||||||||
| Reconciliation of Net Income Excluding Net Special Items | 2024 | 2023 | (Decrease) | 2024 | 2023 | (Decrease) | |||||||||||||||||
| (in millions, except share and per share amounts) | (in millions, except share and per share amounts) | ||||||||||||||||||||||
| Net income as reported | $ | 590 | $ | 19 | $ | 846 | $ | 822 | |||||||||||||||
| Net special items: | |||||||||||||||||||||||
| Total pre-tax net special items (1), (2), (3) | 13 | 225 | 667 | 1,341 | |||||||||||||||||||
| Net tax effect of net special items | 6 | (52 | ) | (151 | ) | (304 | ) | ||||||||||||||||
| Net income excluding net special items | $ | 609 | $ | 192 | nm | $ | 1,362 | $ | 1,859 | (26.7 | %) | ||||||||||||
| Reconciliation of Basic and Diluted Earnings Per Share Excluding Net Special Items | |||||||||||||||||||||||
| Net income excluding net special items | $ | 609 | $ | 192 | $ | 1,362 | $ | 1,859 | |||||||||||||||
| Shares used for computation (in thousands): | |||||||||||||||||||||||
| Basic | 657,746 | 654,725 | 656,996 | 653,612 | |||||||||||||||||||
| Diluted | 723,690 | 718,807 | 721,300 | 719,669 | |||||||||||||||||||
| Earnings per share excluding net special items: | |||||||||||||||||||||||
| Basic | $ | 0.93 | $ | 0.29 | $ | 2.07 | $ | 2.84 | |||||||||||||||
| Diluted (4) | $ | 0.86 | $ | 0.29 | $ | 1.96 | $ | 2.65 | |||||||||||||||
| Reconciliation of Total Operating Costs per ASM Excluding Net Special Items and Fuel | |||||||||||||||||||||||
| Total operating expenses as reported | $ | 12,526 | $ | 12,406 | $ | 51,597 | $ | 49,754 | |||||||||||||||
| Operating net special items: | |||||||||||||||||||||||
| Mainline operating special items, net (1) | 14 | (9 | ) | (610 | ) | (971 | ) | ||||||||||||||||
| Regional operating special items, net (2) | (33 | ) | - | (33 | ) | (8 | ) | ||||||||||||||||
| Total operating expenses excluding net special items | 12,507 | 12,397 | 50,954 | 48,775 | |||||||||||||||||||
| Aircraft fuel and related taxes | (2,502 | ) | (3,159 | ) | (11,418 | ) | (12,257 | ) | |||||||||||||||
| Total operating expenses excluding net special items and fuel | $ | 10,005 | $ | 9,238 | $ | 39,536 | $ | 36,518 | |||||||||||||||
| (in cents) | (in cents) | ||||||||||||||||||||||
| Total operating expenses per ASM as reported | 17.52 | 17.78 | 17.61 | 17.92 | |||||||||||||||||||
| Operating net special items per ASM: | |||||||||||||||||||||||
| Mainline operating special items, net (1) | 0.02 | (0.01 | ) | (0.21 | ) | (0.35 | ) | ||||||||||||||||
| Regional operating special items, net (2) | (0.05 | ) | - | (0.01 | ) | - | |||||||||||||||||
| Total operating expenses per ASM excluding net special items | 17.49 | 17.77 | 17.39 | 17.56 | |||||||||||||||||||
| Aircraft fuel and related taxes per ASM | (3.50 | ) | (4.53 | ) | (3.90 | ) | (4.41 | ) | |||||||||||||||
| Total operating expenses per ASM excluding net special items and fuel | 13.99 | 13.24 | 13.50 | 13.15 | |||||||||||||||||||
| Note: Amounts may not recalculate due to rounding. | |||||||||||||||||||||||
| FOOTNOTES: | |||||||||||||||||||||||
| (1) | The 2024 twelve month period mainline operating special items, net included The 2023 twelve month period mainline operating special items, net principally included | ||||||||||||||||||||||
| (2) | The 2024 three and twelve month period regional operating special items, net included a | ||||||||||||||||||||||
| (3) | Principally included charges associated with debt refinancings and extinguishments as well as mark-to-market net unrealized gains and losses associated with certain equity investments. | ||||||||||||||||||||||
| (4) | The 2024 three and twelve month period diluted earnings per share gives effect to, among other things, the Company's outstanding The 2023 three and twelve month period diluted earnings per share gives effect to, among other things, the Company's outstanding | ||||||||||||||||||||||
| American Airlines Group Inc. | ||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (In millions)(Unaudited) | ||||||||||
| Year Ended December 31, | ||||||||||
| 2024 | 2023 | |||||||||
| Net cash provided by operating activities | $ | 3,983 | $ | 3,803 | ||||||
| Cash flows from investing activities: | ||||||||||
| Capital expenditures and aircraft purchase deposits | (2,683 | ) | (2,596 | ) | ||||||
| Proceeds from sale-leaseback transactions and sale of property and equipment | 654 | 230 | ||||||||
| Sales of short-term investments | 8,013 | 8,861 | ||||||||
| Purchases of short-term investments | (7,194 | ) | (7,323 | ) | ||||||
| Decrease in restricted short-term investments | 177 | 51 | ||||||||
| Other investing activities | 65 | 275 | ||||||||
| Net cash used in investing activities | (968 | ) | (502 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Payments on long-term debt and finance leases | (4,467 | ) | (7,718 | ) | ||||||
| Proceeds from issuance of long-term debt | 1,670 | 4,822 | ||||||||
| Other financing activities | 3 | (310 | ) | |||||||
| Net cash used in financing activities | (2,794 | ) | (3,206 | ) | ||||||
| Net increase in cash and restricted cash | 221 | 95 | ||||||||
| Cash and restricted cash at beginning of year | 681 | 586 | ||||||||
| Cash and restricted cash at end of year (1) | $ | 902 | $ | 681 | ||||||
| (1) | The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: | |||||||||
| Cash | $ | 804 | $ | 578 | ||||||
| Restricted cash included in restricted cash and short-term investments | 98 | 103 | ||||||||
| Total cash and restricted cash | $ | 902 | $ | 681 | ||||||
| Free Cash Flow | |||||||
| The Company's free cash flow summary is presented in the table below, which is a non-GAAP measure that management believes is useful information to investors and others in evaluating the Company's ability to generate cash from its core operating performance that is available for use to reinvest in the business or to reduce debt. The Company defines free cash flows as net cash provided by operating activities less net cash used in investing activities, adjusted for (1) net sales of short-term investments and (2) change in restricted cash. We believe that calculating free cash flow as adjusted for these items is more useful for investors because short-term investment activity and restricted cash are not representative of activity core to our operations. This non-GAAP measure may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. Our calculation of free cash flow is not intended, and should not be used, to measure the residual cash flow available for discretionary expenditures because, among other things, it excludes mandatory debt service requirements and certain other non-discretionary expenditures. | |||||||
| Year Ended December 31, 2024 | |||||||
| (in millions) | |||||||
| Net cash provided by operating activities | $ | 3,983 | |||||
| Adjusted net cash used in investing activities (1) | (1,782 | ) | |||||
| Free cash flow | $ | 2,201 | |||||
| (1) | The following table provides a reconciliation of adjusted net cash used in investing activities for the year ended December 31, 2024 (in millions): | ||||||
| Net cash used in investing activities | $ | (968 | ) | ||||
| Adjustments: | |||||||
| Net sales of short-term investments | (819 | ) | |||||
| Decrease in restricted cash | 5 | ||||||
| Adjusted net cash used in investing activities | $ | (1,782 | ) | ||||
| American Airlines Group Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In millions, except shares) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 804 | $ | 578 | |||
| Short-term investments | 6,180 | 7,000 | |||||
| Restricted cash and short-term investments | 732 | 910 | |||||
| Accounts receivable, net | 2,006 | 2,026 | |||||
| Aircraft fuel, spare parts and supplies, net | 2,638 | 2,400 | |||||
| Prepaid expenses and other | 794 | 658 | |||||
| Total current assets | 13,154 | 13,572 | |||||
| Operating property and equipment | |||||||
| Flight equipment | 43,521 | 41,794 | |||||
| Ground property and equipment | 10,202 | 10,307 | |||||
| Equipment purchase deposits | 1,012 | 760 | |||||
| Total property and equipment, at cost | 54,735 | 52,861 | |||||
| Less accumulated depreciation and amortization | (23,608 | ) | (22,097 | ) | |||
| Total property and equipment, net | 31,127 | 30,764 | |||||
| Operating lease right-of-use assets | 7,333 | 7,939 | |||||
| Other assets | |||||||
| Goodwill | 4,091 | 4,091 | |||||
| Intangibles, net | 2,044 | 2,051 | |||||
| Deferred tax asset | 2,485 | 2,888 | |||||
| Other assets | 1,549 | 1,753 | |||||
| Total other assets | 10,169 | 10,783 | |||||
| Total assets | $ | 61,783 | $ | 63,058 | |||
| Liabilities and Stockholders’ Equity (Deficit) | |||||||
| Current liabilities | |||||||
| Current maturities of long-term debt and finance leases | $ | 5,014 | $ | 3,632 | |||
| Accounts payable | 2,455 | 2,353 | |||||
| Accrued salaries and wages | 2,150 | 2,377 | |||||
| Air traffic liability | 6,759 | 6,200 | |||||
| Loyalty program liability | 3,556 | 3,453 | |||||
| Operating lease liabilities | 1,092 | 1,309 | |||||
| Other accrued liabilities | 2,961 | 2,738 | |||||
| Total current liabilities | 23,987 | 22,062 | |||||
| Noncurrent liabilities | |||||||
| Long-term debt and finance leases, net of current maturities | 25,462 | 29,270 | |||||
| Pension and postretirement benefits | 2,128 | 3,044 | |||||
| Loyalty program liability | 6,498 | 5,874 | |||||
| Operating lease liabilities | 5,976 | 6,452 | |||||
| Other liabilities | 1,709 | 1,558 | |||||
| Total noncurrent liabilities | 41,773 | 46,198 | |||||
| Stockholders' equity (deficit) | |||||||
| Common stock, 657,566,166 shares outstanding at December 31, 2024 | 7 | 7 | |||||
| Additional paid-in capital | 7,424 | 7,374 | |||||
| Accumulated other comprehensive loss | (4,565 | ) | (4,894 | ) | |||
| Retained deficit | (6,843 | ) | (7,689 | ) | |||
| Total stockholders' deficit | (3,977 | ) | (5,202 | ) | |||
| Total liabilities and stockholders’ equity (deficit) | $ | 61,783 | $ | 63,058 | |||
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FAQ
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