Filing Flows › American Airlines Group (AAL) › Q2 2026 › vs Q2 2025
American Airlines Group (AAL) Q2 2026 vs Q2 2025 (year over year)
American Airlines Group's revenue rose $2.3B (+16%) from $14.4B in Q2 2025 to $16.7B in Q2 2026. The biggest changes: Passenger +$2.1B (+16%); Other +$190M (+18%); Cargo +$62.0M (+29%). Operating margin 2.7% against 7.9% (-5.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 2.7% | 7.9% | -5.2 pts |
| Net margin | 0.4% | 4.2% | -3.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Passenger travel | $14.1B | $12.1B | $2.0B | +16% |
| Loyalty revenue - travel | $1.1B | $997M | $122M | +12% |
| Loyalty revenue - marketing services | $1.1B | $912M | $146M | +16% |
| Other revenue | $190M | $146M | $44.0M | +30% |
| Passenger | $15.2B | $13.1B | $2.1B | +16% |
| Other | $1.2B | $1.1B | $190M | +18% |
| Cargo | $273M | $211M | $62.0M | +29% |
| Revenue | $16.7B | $14.4B | $2.3B | +16% |
| Operating profit | $446M | $1.1B | −$689M | -61% |
| Costs & expenses | $16.3B | $13.3B | $3.0B | +23% |
| Pre-tax earnings | $107M | $838M | −$731M | -87% |
| Other expense, net | $339M | $297M | $42.0M | +14% |
| Sales & marketing | $603M | $535M | $68.0M | +13% |
| Other operating costs | $15.7B | $12.7B | $3.0B | +23% |
| Net earnings | $71.0M | $599M | −$528M | -88% |
| Income tax | $36.0M | $239M | −$203M | -85% |
| Operating cash sources | $549M | $1.1B | −$526M | -49% |
| Depreciation & amortization | $478M | $476M | $2.0M | +0.4% |
| Working capital & other | $78.0M | $112M | −$34.0M | -30% |
| Operating cash flow | $471M | $963M | −$492M | -51% |
| Capital expenditures | $822M | $499M | $323M | +65% |
| Negative free cash flow (OCF − capex) | $351M | −$464M | $815M | — |
Questions
How much did American Airlines Group's revenue grow year over year in Q2 2026?
American Airlines Group's revenue rose $2.3B (+16%) from $14.4B in Q2 2025 to $16.7B in Q2 2026.
What drove American Airlines Group's revenue change in Q2 2026?
Passenger +$2.1B (+16%); Other +$190M (+18%); Cargo +$62.0M (+29%).