Filing Flows › American Airlines Group (AAL) › Q4 2025
American Airlines Group (AAL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
American Airlines Group (AAL) reported revenue of $14.0B for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +2% from the quarter before. Operating margin was 3.2%, net earnings $99.0M (0.7% of revenue).
American Airlines Group, Q4 2025: revenue $14.0B (+2% year over year), operating margin 3.2%, net earnings $99.0M, operating cash flow −$274M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.0B | +2% | +2% |
| Operating profit | $452M | +199% | -60% |
| Net earnings | $99.0M | — | -83% |
| Operating cash flow | −$274M | — | -169% |
What changed
Revenue was $14.0B in Q4 2025, up 2% year over year and up 2% from the previous quarter. Passenger travel was the largest line at 83% of revenue.
Operating profit was $0.45B, a 3.2% margin (down 5.1 points year over year). Operating profit fell $0.68B even though revenue rose $0.34B versus Q4 2024, so costs grew faster than sales. Total costs grew 8% against revenue growth of 2%. The fastest-growing cost line was Sales & marketing (+10%). Net earnings were $0.10B, down 83% year over year. The effective tax rate was 30.3%.
Operating cash flow was −$0.27B. Non-cash charges added back $0.47B of depreciation and amortization. Working capital and other items used $0.84B. Capital expenditures of $1.6B exceeded it, leaving free cash flow of −$1.9B.
Questions
What was American Airlines Group's revenue in the fourth quarter 2025?
American Airlines Group (AAL) reported revenue of $14.0B for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +2% from the quarter before.
Was American Airlines Group profitable in the fourth quarter 2025?
Operating profit was $452M (3.2% of revenue) and net earnings $99.0M.