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American Airlines Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.2B in Q3 2026 · −$91.0M over twelve months

Operating cash flow−$153M
Capital spending−$1.1B
Free cash flow−$1.2B

Analysis

In Q3 2026, American Airlines Group generated −$153M of operating cash flow and spent $1.1B on capital projects, leaving free cash flow of −$1.2B. That is $376M less than in Q3 2025 (−$872M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.3B; the largest uses were capital spending ($4.4B), other investing ($857M); besides operations, cash came from net borrowing (+) / repaid (−) ($773M), other financing ($465M); the cash balance rose by $290M.

Operating cash flow was −$153M against net income of −$269M. The largest differences: depreciation & amortization +$493M.

Free cash flow

American Airlines Group: free cash flow by quarterAmerican Airlines Group: free cash flow by quarter−$342MQ4 2024$1.6BQ1 2025$464MQ2 2025−$872MQ3 2025−$1.9BQ4 2025$3.4BQ1 2026−$351MQ2 2026−$1.2BQ3 2026
Operating cash flow less capital spending.
American Airlines Group: operating cash flow against capital spendingAmerican Airlines Group: operating cash flow against capital spendingOperating cash flowCapital spending$398M$740MQ4 2024$2.5B$824MQ1 2025$963M$499MQ2 2025−$46.0M$826MQ3 2025−$274M$1.6BQ4 2025$4.2B$811MQ1 2026$471M$822MQ2 2026−$153M$1.1BQ3 2026
Latest (Q3 2026): Operating cash flow −$153M, Capital spending $1.1B.

Capital allocation, year by year

American Airlines Group: where the cash came from (up) and went (down), by fiscal yearAmerican Airlines Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $704MFY2021: Net borrowing $4.7BFY2021: Shares issued $460MFY2021: Asset sales $193MFY2021: Capital spending −$208MFY2021: Buybacks −$18.0M$6.1BFY2021FY2022: Operating cash flow $2.2BFY2022: Net borrowing −$2.9BFY2022: Asset sales $61.0MFY2022: Capital spending −$2.5BFY2022: Buybacks −$21.0M$2.2BFY2022FY2023: Operating cash flow $3.8BFY2023: Net borrowing −$2.9BFY2023: Capital spending −$2.6B$3.8BFY2023FY2024: Operating cash flow $4.0BFY2024: Net borrowing −$2.9BFY2024: Capital spending −$2.7B$4.0BFY2024FY2025: Operating cash flow $3.1BFY2025: Net borrowing −$1.9BFY2025: Capital spending −$3.8B$3.1BFY2025
Over these 5 years operating cash flow totalled $13.8B; the largest uses were capital spending ($11.8B) and net borrowing ($10.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.3B
Debt$25.4B
Net debt$17.1B
Due within a year$3.6B
Cash runway20 months

American Airlines Group is burning cash: its operations consume cash, a free cash flow of −$5.0B a year at the current rate against $8.3B of cash and investments: a runway of about 20 months; $3.6B of debt also comes due within a year, which would need refinancing or new money before any new financing.

American Airlines Group: debt maturities by year (FY2025)American Airlines Group: debt maturities by year (FY2025)$3.6BYear 1$4.5BYear 2$7.3BYear 3$4.0BYear 4$2.5BYear 5$6.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $8.3B of cash and investments now.

Where the cash came from and went

American Airlines Group: sources (+) and uses (−) of cash, Q3 2026American Airlines Group: sources (+) and uses (−) of cash, Q3 2026Capital spending−$1.1BOther financing$902MNet borrowing (+) / repaid (−)$719MOther investing−$291MOperating cash flow−$153MCash drawn (+) / kept (−)−$82.0M
American Airlines Group: sources (+) and uses (−) of cash, TTM to Q3 2026American Airlines Group: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$4.4BOperating cash flow$4.3BOther investing−$857MNet borrowing (+) / repaid (−)$773MOther financing$465MCash drawn (+) / kept (−)−$290M

From profit to cash

American Airlines Group: net income to operating cash flow, Q3 2026American Airlines Group: net income to operating cash flow, Q3 2026Net income−$269MDepreciation & amortization$493MOperating cash flow−$153M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$153M−$1.1B$719M−$82.0M−$1.2B
Q2 2026$471M−$822M$1.2B−$144M−$351M
Q1 2026$4.2B−$811M−$1.3B$54.0M$3.4B
Q4 2025−$274M−$1.6B$187M−$118M−$1.9B
Q3 2025−$46.0M−$826M−$1.2B−$7.0M−$872M
Q2 2025$963M−$499M$331M—$464M
Q1 2025$2.5B−$824M−$1.0B−$29.0M$1.6B
Q4 2024$398M−$740M−$1.4B$31.0M−$342M

American Airlines Group: income statement and cash flow

American Airlines Group, Q3 2026: revenue $16.3B (+19% year over year), operating margin 0.7%. The chart follows the revenue to costs, profit and cash.

American Airlines Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.