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American Airlines
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Latest analysis
Updated Oct 22, 2026
American Airlines Q3 2026: 19.3% revenue surge eclipsed by $1.9B fuel shock, capacity deceleration locked in for 2027
American Airlines delivered Q3 2026 total revenue of $16.3 billion, up 19.3% year over year and above the high end of guidance, driven by 14.5% unit revenue growth with premium unit revenue outperforming main cabin by more than 4 points. A $1.9 billion year-over-year fuel cost increase — fuel at $3.85 per gallon, up $1.48 versus the prior year — converted what management characterized as an otherwise solidly profitable quarter into an adjusted loss of $0.28 per diluted share. Management has pivoted decisively toward capacity deceleration in 2027, prioritizing yield over load factor and targeting margin recovery as the primary lever once fuel stabilizes.
Tone: mixedRevenue
$54.6B
AAL 10-K · FY 2025
Employees
139,100
Revenue FY2024
$54.2B
Founded
1934
Profile
AAL 10-K Item 1 · Feb 18, 2026American Airlines Group Inc. is a Delaware holding company whose principal subsidiary, American Airlines, Inc., operates one of the world's largest network air carriers. The company provides scheduled passenger and cargo transportation through nine domestic hubs and a global partner gateway network serving over 350 destinations. Its wholly-owned regional subsidiaries and third-party regional carriers operate under the American Eagle brand.
Read filing description ↓ Collapse description ↑
American Airlines Group Inc. (AAG), a Delaware corporation, is a holding company and its principal, wholly-owned subsidiaries are American Airlines, Inc. (American), Envoy Aviation Group Inc., PSA Airlines, Inc. (PSA) and Piedmont Airlines, Inc. (Piedmont). AAG was formed in 1982, under the name AMR Corporation (AMR), as the parent company of American, which was founded in 1934, with roots tracing back to an air mail carrier in the Midwestern United States in 1926. Together with our wholly-owned regional airline subsidiaries and third-party regional carriers operating as American Eagle, our primary business activity is the operation of a major network air carrier, providing scheduled air transportation for passengers and cargo through our hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. and partner gateways, including in London, Doha, Madrid, Seattle/Tacoma, Sydney and Tokyo (among others). We provide service to over 350 destinations around the world, and in 2025, approximately 224 million passengers boarded our flights. American is a founding member of the oneworld Alliance, which brings together a global network of 15 world-class member airlines and their affiliates, working together to provide a superior and seamless travel experience. Our AAdvantage loyalty program and co-branded credit card partnerships are described as material assets of the business. The cargo division transports approximately 1.0 billion pounds of freight and mail annually across over 20,000 unique origin and destination pairs.
Primary products
- Scheduled mainline passenger air transportation
- American Eagle regional air transportation
- Cargo and freight transportation
- AAdvantage loyalty program
- Co-branded credit cards
- Admirals Club and Flagship Lounge access
Business segments
End markets
Geographies
Named customers
Named competitors
“In general, beyond nonstop city pairs, carriers that have the greatest ability to seamlessly connect passengers to and from markets have a competitive advantage.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenues increased $422 million, or 0.8%, in 2025 as compared to 2024, driven by higher loyalty program revenue, while passenger revenue remained relatively flat.
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