Filing Flows › American Airlines Group (AAL) › Q2 2026 › vs Q1 2026
American Airlines Group (AAL) Q2 2026 vs Q1 2026 (quarter over quarter)
American Airlines Group's revenue rose $2.8B (+20%) from $13.9B in Q1 2026 to $16.7B in Q2 2026. The biggest changes: Passenger +$2.7B (+22%); Cargo +$59.0M (+28%); Other +$45.0M (+4%). Operating margin 2.7% against -0.3% (+3.0 pts).
American Airlines Group, Q2 2026: revenue $16.7B (+16% year over year), operating margin 2.7%, net earnings $71.0M, operating cash flow $471M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 2.7% | -0.3% | +3.0 pts |
| Net margin | 0.4% | -2.7% | +3.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Passenger travel | $14.1B | $11.5B | $2.6B | +22% |
| Loyalty revenue - travel | $1.1B | $980M | $139M | +14% |
| Loyalty revenue - marketing services | $1.1B | $1.0B | $31.0M | +3% |
| Other revenue | $190M | $176M | $14.0M | +8% |
| Passenger | $15.2B | $12.5B | $2.7B | +22% |
| Other | $1.2B | $1.2B | $45.0M | +4% |
| Cargo | $273M | $214M | $59.0M | +28% |
| Revenue | $16.7B | $13.9B | $2.8B | +20% |
| Operating profit | $446M | −$41.0M | $487M | — |
| Costs & expenses | $16.3B | $14.0B | $2.3B | +17% |
| Pre-tax earnings | $107M | −$476M | $583M | — |
| Other expense, net | $339M | $435M | −$96.0M | -22% |
| Sales & marketing | $603M | $507M | $96.0M | +19% |
| Other operating costs | $15.7B | $13.4B | $2.2B | +17% |
| Net earnings | $71.0M | −$382M | $453M | — |
| Income tax | $36.0M | −$94.0M | $130M | — |
| Operating cash sources | $549M | $93.0M | $456M | +490% |
| Depreciation & amortization | $478M | $475M | $3.0M | +0.6% |
| Working capital & other | $78.0M | −$4.1B | $4.2B | — |
| Operating cash flow | $471M | $4.2B | −$3.8B | -89% |
| Capital expenditures | $822M | $811M | $11.0M | +1% |
| Negative free cash flow (OCF − capex) | $351M | −$3.4B | $3.8B | — |
Questions
How much did American Airlines Group's revenue grow quarter over quarter in Q2 2026?
American Airlines Group's revenue rose $2.8B (+20%) from $13.9B in Q1 2026 to $16.7B in Q2 2026.
What drove American Airlines Group's revenue change in Q2 2026?
Passenger +$2.7B (+22%); Cargo +$59.0M (+28%); Other +$45.0M (+4%).