Filing Flows › American Airlines Group (AAL) › Q2 2025
American Airlines Group (AAL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
American Airlines Group (AAL) reported revenue of $14.4B for the second quarter 2025 (Q2 2025), +0.4% from a year earlier and +15% from the quarter before. Operating margin was 7.9%, net earnings $599M (4.2% of revenue).
American Airlines Group, Q2 2025: revenue $14.4B (+0.4% year over year), operating margin 7.9%, net earnings $599M, operating cash flow $963M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.4B | +15% | +0.4% |
| Operating profit | $1.1B | — | -18% |
| Net earnings | $599M | — | -16% |
| Operating cash flow | $963M | -61% | -15% |
| Free cash flow | $791M | — | — |
What changed
Revenue was $14.4B in Q2 2025, roughly flat year over year and up 15% from the previous quarter. Passenger travel was the largest line at 84% of revenue. Loyalty revenue - marketing services added $0.11B year over year (up 14%), 195% of the total change. Passenger travel declined 1%.
Operating profit was $1.1B, a 7.9% margin (down 1.8 points year over year). Operating profit fell $0.25B even though revenue rose $0.06B versus a year earlier, so costs grew faster than sales. Total costs grew 2% against flat revenue. The fastest-growing cost line was Sales & marketing (+17%). Net earnings were $0.60B, down 16% year over year. The effective tax rate was 28.5%.
Operating cash flow was $1.0B (down 15% year over year), 161% of net earnings. Non-cash charges added back $0.48B of depreciation and amortization. Working capital and other items used $0.11B. After adjusted net cash used in investing activities ($0.17B), free cash flow as the company reports it was $0.79B.
Questions
What was American Airlines Group's revenue in the second quarter 2025?
American Airlines Group (AAL) reported revenue of $14.4B for the second quarter 2025 (Q2 2025), +0.4% from a year earlier and +15% from the quarter before.
Was American Airlines Group profitable in the second quarter 2025?
Operating profit was $1.1B (7.9% of revenue) and net earnings $599M.