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American Airlines Group (AAL) Q1 2026 earnings results (first quarter 2026)

10-Q filed Apr 23, 2026

American Airlines Group (AAL) reported revenue of $13.9B for the first quarter 2026 (Q1 2026), +11% from a year earlier and -0.6% from the quarter before. Operating margin was -0.3%, net loss $382M (2.7% of revenue).

Revenue$13.9B
Year over year+11%
Quarter over quarter-0.6%
Operating margin-0.3%
Net earnings−$382M

American Airlines Group, Q1 2026: revenue $13.9B (+11% year over year), operating margin -0.3%, net loss $382M, operating cash flow $4.2B. The chart follows the revenue to costs, profit and cash.

Q1 2026AmountQ/QY/Y
Revenue$13.9B-0.6%+11%
Operating profit−$41.0M-109%—
Net earnings−$382M-486%—
Operating cash flow$4.2B—+72%
Free cash flow$3.4B——

What changed

Revenue was $13.9B in Q1 2026, up 11% year over year and down 1% from the previous quarter. Passenger travel was the largest line at 83% of revenue. Passenger travel added $1.0B year over year (up 10%), 76% of the total change.

Operating costs exceeded revenue by $0.04B, an operating margin of -0.3%. Total costs grew 9% against revenue growth of 11%. The fastest-growing cost line was Sales & marketing (+13%). The quarter ended with a net loss of $0.38B, after a profit of $0.10B the previous quarter. Net interest and other expense of $0.43B was the main reason.

Operating cash flow was $4.2B (up 72% year over year). Non-cash charges added back $0.47B of depreciation and amortization. Working capital and other items added $4.1B. After adjusted net cash used in investing activities ($0.81B), free cash flow as the company reports it was $3.4B.

Questions

What was American Airlines Group's revenue in the first quarter 2026?

American Airlines Group (AAL) reported revenue of $13.9B for the first quarter 2026 (Q1 2026), +11% from a year earlier and -0.6% from the quarter before.

Was American Airlines Group profitable in the first quarter 2026?

Operating loss was $41.0M (-0.3% of revenue) and net loss $382M.

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Source: American Airlines Group 10-Q on SEC EDGAR.