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American Airlines Group (AAL) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · American Airlines Group (AAL) Q3 2026 earnings results →

Q3 2026 Revenue up 19% year over year to $16.3B · 2¢ of every $1 of revenue lost · operating margin 0.7%

American Airlines Group made $16.3B in Q3 2026 (+19% Y/Y): Passenger $14.9B, Loyalty revenue - marketing services $983M, Cargo $274M. Operating margin 0.7%, net loss $269M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.

Revenue$16.3B
Year over year+19%
Operating margin0.7%
Net earnings−$269M
Operating cash flow−$153M

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American Airlines Group Q3 2026 revenue breakdown: Sankey diagram of revenue (Passenger, Loyalty revenue - marketing services, Cargo, Other revenue), costs, profit and cash flow
American Airlines Group Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $16.3B in Q3 2026, up 19% year over year and down 2% from the previous quarter. Passenger travel was the largest line at 84% of revenue. Passenger travel added $2.4B year over year (up 21%), 89% of the total change.

Operating profit was $0.12B, a 0.7% margin (down 0.4 points year over year). Operating profit fell $0.04B even though revenue rose $2.6B versus Q3 2025, so costs grew faster than sales. Total costs grew 20% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+20%). The quarter ended with a net loss of $0.27B, after a profit of $0.07B the previous quarter. Net interest and other expense of $0.45B was the main reason.

Operating cash flow was −$0.15B. Non-cash charges added back $0.49B of depreciation and amortization. Working capital and other items used $0.38B. Capital expenditures of $1.1B exceeded it, leaving free cash flow of −$1.2B.

Quarterly history

American Airlines Group revenue by quarterAmerican Airlines Group revenue by quarter$13.7BQ4 2024$14.4BQ2 2025$13.7BQ3 2025$14.0BQ4 2025$13.9BQ1 2026$16.7BQ2 2026$16.3BQ3 2026
American Airlines Group net earnings by quarterAmerican Airlines Group net earnings by quarter$590MQ4 2024$599MQ2 2025−$114MQ3 2025$99.0MQ4 2025−$382MQ1 2026$71.0MQ2 2026−$269MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 22, 2026$16.3B+19%0.7%−$269M−$153M
Q2 202610-QJul 23, 2026$16.7B+16%2.7%$71.0M$471M
Q1 202610-QApr 23, 2026$13.9B+11%-0.3%−$382M$4.2B
Q4 202510-KFeb 18, 2026$14.0B+2%3.2%$99.0M−$274M
Q3 202510-QOct 23, 2025$13.7B+0.3%1.1%−$114M−$46.0M
Q2 202510-QJul 24, 2025$14.4B+0.4%7.9%$599M$963M
Q4 202410-KFeb 19, 2025$13.7B+5%8.3%$590M$398M

Charts

American Airlines Group: revenue growth, year over year and quarter over quarterAmerican Airlines Group: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q4 2024+0%+5%Q2 2025+0%-5%Q3 2025+2%+2%Q4 2025+11%-1%Q1 2026+16%+20%Q2 2026+19%-2%Q3 2026
Latest (Q3 2026): Y/Y +19%, Q/Q -2%.
American Airlines Group: where the cash came from (+) and went (−), TTM to Q3 2026American Airlines Group: where the cash came from (+) and went (−), TTM to Q3 2026Capital spending−$4.4BOperating cash flow$4.3BOther investing−$857MNet borrowing (+) / repaid (−)$773MOther financing$465MCash drawn (+) / kept (−)−$290M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
American Airlines Group: profit against cash, quarter by quarterAmerican Airlines Group: profit against cash, quarter by quarterNet incomeOperating cash flow$590M$398MQ4 2024−$473M$2.5BQ1 2025$599M$963MQ2 2025−$114M−$46.0MQ3 2025$99.0M−$274MQ4 2025−$382M$4.2BQ1 2026$71.0M$471MQ2 2026−$269M−$153MQ3 2026
Latest (Q3 2026): Net income −$269M, Operating cash flow −$153M.
American Airlines Group: diluted shares by fiscal yearAmerican Airlines Group: diluted shares by fiscal year484MFY2020644MFY2021655MFY2022720MFY2023721MFY2024661MFY2025
+36.6% since FY2020: more shares outstanding (issuance, stock pay).
American Airlines Group: long-term debt falling due (FY2025)American Airlines Group: long-term debt falling due (FY2025)$3.6B2026$4.5B2027$7.3B2028$4.0B2029$2.5B2030$6.6BLater
Cash $954M, short-term investments $4.9B, long-term debt $24.6B at 2025-12-31.
American Airlines Group in its industry: growth against margin (13 companies, SIC 4512)American Airlines Group in its industry: growth against margin (13 companies, SIC 4512)revenue growth, year over year →↑ operating marginmedian +21%median 2%DALUnited Airlines, Inc.American Airlines, Inc.LUVALKJBLUULCCSKYWALGTRJETJETMFHarbor Diversified, Inc.AAL (+19%, 1%)
Air Transportation, Scheduled; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

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About American Airlines Group

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. AAG’s and American’s principal executive offices are located at 1 Skyview Drive, Fort Worth, Texas 76155 and their telephone number is 682-278-9000.

In its own words, from its 10-K, filed Feb 18, 2026.

American Airlines Group against its Air Transportation, Scheduled peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +19%. Operating margin: 0.7% against the peers' median 1.9%.

CompanyQuarterRevenueY/YOp. margin
AAL American Airlines GroupQ3 2026$16.3B+19%0.7%
DAL Delta Air LinesQ3 2026$20.2B+21%7.2%
United AirlinesQ3 2026$17.9B+17%8.1%
American AirlinesQ1 2025$12.6B-0.2%-2.2%
LUV Southwest AirlinesQ3 2026$8.4B+21%4.5%
ALK Alaska Air GroupQ3 2026$4.3B+14%1.9%
JBLU Jetblue AirwaysQ3 2026$2.8B+21%-5.1%
ULCC Frontier Group HoldingsQ3 2026$1.4B+53%-8.0%
SKYW SkywestQ3 2026$1.1B+6%15.8%

Source: American Airlines Group 10-Q on SEC EDGAR · CIK 6201 · Air Transportation, Scheduled

Guidance and outlook

American Airlines Group Revenue: guidance against what was reportedAmerican Airlines Group Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$54.2BQ4 2026
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
American Airlines Group GAAP operating margin: guidance against what was reportedAmerican Airlines Group GAAP operating margin: guidance against what was reportedguided rangereported (above / within / below)FY20252.7%
Met or beat 0 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
American Airlines Group: what its forward-looking statements are about (10-Q filed 2026-10-22)American Airlines Group: what its forward-looking statements are about (10-Q filed 2026-10-22)Other3Margins2Demand1The economy1Legal & regulation1Costs1
9 statements; tone +0.00 (−1 all cautious, +1 all confident); 4 hedged.
American Airlines Group: outlook statements against the filing beforeAmerican Airlines Group: outlook statements against the filing beforeConfident1Cautious1

13F: who owns AAL and who is buying

Largest holders of AAL (13F)Largest holders of AAL (13F)Primecap Management$1.3BBlackRock$1.1BVanguard Group$937MVanguard Portfolio Management LLC$540MVanguard Capital Management LLC$532MTwo Sigma Investments, LP$492MState Street$354MOrbis Allan Gray$292MGeode Capital Management, LLC$247MJane Street Group, LLC$228M
Funds' net buying of AAL by quarter (13F)Funds' net buying of AAL by quarter (13F)−$124M2024-09$351M2024-12−$82.1M2025-03−$147M2025-06$394M2025-09$127M2025-12−$326M2026-03$1.4B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AAL

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q4 2024 results

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中文版：美国航空（AAL）财报

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