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American Airlines Group Inc.

AAL Industrials Airlines

American Airlines Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $54.6 billion, up 0.78% from fiscal 2024.

Revenue
+19.3%
EPS
−141.2%
Free cash flow
−43.1%
Total debt
+3.20%

Quarter to September 2026, against a year earlier

12.99 0.64 −4.70%
Market cap
$8.6B
P/E
0.0×
Fwd P/E
−9.4×
Dividend yield
—
F-score
4/9
Altman Z
0.66
Beneish M
−2.65
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Passenger travel
  • Loyalty revenue - travel
  • Loyalty revenue - marketing services
  • Cargo
  • Other revenue

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 7.02
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — — — — 1 4 — — — —
Insider Ownership 1.53%

Capital & Financial Ratios $m

Size
Market Cap 8,570.00
Revenue ttm 60,981.00
Net income ttm 111.00
Free cash flow ttm (91.00)
Net debt Q 20,793.00
Valuation
P/E 0.00
Forward P/E (9.40) (negative: loss-making)
Price / sales 0.14
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.00
Financial health
Current ratio Q 0.53 (below 1: weak)
Debt / equity Q (7.02) (negative: negative equity)
Interest coverage Q 0.26
Growth
Revenue growth Q +19.31% (above 0%: growing)
Operating income growth Q −23.84% (below 0%: shrinking)
EPS, this year −442.99% (below 0%: weak)
EPS, next year A +178.67% (at or above 15%: strong)
Revenue, next year A +16.97% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +106.83% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.8×; over the ten years it ranged from 0.5× in 2026 to 3.1× in 2021.
P/S against its own 10 years 10.78%
10-year low 10-year high
EV/Sales against its own 10 years 0.95%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.40 ’17
  2. 0.40 ’18 +0
  3. 0.40 ’19 +0
  4. 0.10 ’20 −75
  5. 0.00 ’21 −100
  6. 0.00 ’22
  7. 0.00 ’23
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,488 7,716 6,571 8,842
Receivables 2,026 2,006 2,075 1,928
Inventory 2,400 2,638 2,792 3,171
Other — — — —
13,572 13,154 12,205 14,741
2023 2024 2025 Q'26
Payables 2,353 2,455 2,840 3,334
ST’ Debt 3,632 5,322 3,753 3,692
Other 9,653 10,389 11,797 14,793
22,062 24,295 24,492 28,023

Compound Annual Growth %

10y 5y 3y
Sales 2.91% 25.80% 3.71%
Cash Flow (6.77%) 0.00% 12.56%
Earnings (34.48%) 0.00% (4.39%)
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.28 Actual −0.28

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.38 0.16 Miss by 0.22
Q1 FY26 −0.45 −0.40 Beat by 0.05
Q2 FY26 0.03 0.15 Beat by 0.12
Q3 FY26 −0.28 −0.28 Met by 0.00
Q4 FY26 −0.66 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.58) 0.11 (0.41) — —
’25 (0.72) 0.91 (0.17) 0.15 0.17
’24 (0.48) 1.01 (0.23) 0.84 1.24
’23 0.02 1.88 (0.83) 0.03 1.21
’22 (2.52) 0.68 0.69 1.14 0.19
’21 (1.97) 0.03 0.25 (1.44) (3.09)
’20 (5.26) (4.82) (4.71) (3.81) (18.36)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 13,912 16,735 16,335 — —
’25 12,551 14,392 13,691 13,999 54,633
’24 12,570 14,334 13,647 13,660 54,211
’23 12,189 14,055 13,482 13,062 52,788
’22 8,899 13,422 13,462 13,188 48,971
’21 4,008 7,478 8,969 9,427 29,882
’20 8,515 1,622 3,173 4,027 17,337
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 4,223 471 (153) — —
’25 2,456 963 (46) (274) 3,099
’24 2,180 1,128 277 398 3,983
’23 3,333 1,763 58 (1,351) 3,803
’22 1,185 1,739 (593) (158) 2,173
’21 174 3,470 (1,740) (1,200) 704
’20 (168) (908) (2,604) (2,863) (6,543)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 3,412 (351) (1,248) — —
’25 1,632 464 (872) (1,904) (680)
’24 1,356 477 (191) (342) 1,300
’23 2,828 1,024 (451) (2,194) 1,207
’22 378 1,160 (1,067) (844) (373)
’21 301 3,622 (1,863) (1,190) 870
’20 (978) (1,183) (3,078) (2,911) (8,150)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −7.4% a year for ten years. It grew −3.8% a year over the last ten.

Implied
−7.4%
10 years, reported
−3.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 40,142 42,622 44,541 45,768 17,337 29,882 48,971 52,788 54,211 54,633 60,981 +3.5% 63,902 68,272 70,494 +8.9%
Gross margin, % 33.01 30.58 22.57 28.65 (29.91) 6.85 22.49 26.04 24.70 22.63 20.68 (10.4) pt
EBT 4,152 3,395 1,884 2,256 (11,453) (2,548) 186 1,121 1,154 190 (561) (29.0%)
EBT margin, % 10.34 7.97 4.23 4.93 (66.06) (8.53) 0.38 2.12 2.13 0.35 (0.92) (10.0) pt
Net income 2,584 1,282 1,412 1,686 (8,885) (1,993) 127 822 846 111 111 (29.5%)
Per share, $
Per share, $ Revenue 72.68 87.13 95.94 103.23 35.83 46.40 75.30 80.76 82.51 82.78 92.02 +1.5%
Earnings 4.85 2.62 3.04 3.80 (18.36) (3.09) 0.20 1.26 1.29 0.17 (0.73) (31.1%)
Cash flow 11.81 9.70 7.61 8.60 (13.52) 1.09 3.34 5.82 6.06 4.70 6.44 (9.7%)
Capex (10.15) (12.01) (7.83) (9.50) (3.32) 0.26 (3.91) (3.97) (4.08) (5.73) (6.58) (6.2%)
Free cash flow 1.66 (2.32) (0.22) (0.90) (16.84) 1.35 (0.57) 1.85 1.98 (1.03) (0.14) n/m
Book value 6.85 (1.59) (0.36) (0.27) (14.19) (11.40) (8.92) (7.96) (6.05) (5.65) (6.37) n/m
Shares, m 552 489 464 443 484 644 650 654 657 660 662 +2.0%
Valuation, ×
Valuation, × P/E 9.91 21.83 10.56 7.53 0.00 0.00 70.78 10.62 13.62 90.18 0.00 23.5
P/S 0.64 0.61 0.33 0.28 0.44 0.39 0.17 0.17 0.21 0.19 0.14 0.3
P/B 6.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.7
EV/Sales 1.07 1.07 0.77 0.72 1.89 1.21 0.69 0.63 0.63 0.60 0.48 0.9
EV/FCF 46.75 (40.25) (341.24) (82.82) (4.02) 41.62 (91.12) 27.51 26.32 (47.87) (323.09) (46.5)
Cash, $m
Cash, $m Operating cash flow 6,524 4,744 3,533 3,815 (6,543) 704 2,173 3,803 3,983 3,099 4,267 (7.9%)
Capex (5,606) (5,877) (3,634) (4,214) (1,607) 166 (2,546) (2,596) (2,683) (3,779) (4,358) (4.3%)
Free cash flow 918 (1,133) (101) (399) (8,150) 870 (373) 1,207 1,300 (680) (91) n/m
Balance, $m
Balance, $m Working capital (3,548) (6,212) (9,459) (10,105) (5,474) (1,670) (6,227) (8,490) (11,141) (12,287) (13,282) +14.8%
Net debt 17,347 19,681 19,559 20,331 25,120 24,639 25,703 24,414 22,760 22,436 20,793 +2.9%
Shareholders’ equity 3,785 (780) (169) (118) (6,867) (7,340) (5,799) (5,202) (3,977) (3,727) (4,224) n/m
Returns, %
Returns, % ROA 5.18 2.46 2.49 2.80 (14.57) (3.10) 0.19 1.29 1.36 0.18 (0.76) (5.0) pt
ROIC 14.97 13.99 8.56 9.48 (35.68) (3.83) 5.05 9.87 8.70 4.90 3.66 (10.1) pt
ROE 54.86 85.32 (297.58) (1,174.91) 254.40 28.06 (1.93) (14.94) (18.43) (2.88) 11.75 (57.7) pt
People
People Employees 122,300 103,100 128,900 133,700 102,700 123,400 129,700 132,100 133,300 139,100 — +1.4%
Revenue/emp, $m 0.33 0.41 0.35 0.34 0.17 0.24 0.38 0.40 0.41 0.39 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

American Airlines Group is a holding company whose airlines provide scheduled passenger and cargo transportation. Founded in 2013, it is headquartered in Fort Worth, Texas. Robert D. Isom is its chief executive officer and president.

American flies passengers through a network of hubs, where travelers can connect between flights. Its hubs include Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. The company also works with other airlines to connect customers to destinations beyond its own network. Its cargo business transports freight and mail on that network.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Passenger travel 45,607 83.48%
Loyalty revenue - travel 4,036 7.39%
Loyalty revenue - marketing services 3,511 6.43%
Cargo 839 1.54%
Other revenue 640 1.17%
Gross margin 22.63%
Operating margin 2.69%
Pre-tax margin 0.35%

Revenue by segment since 2016

American Airlines Group Inc. vs peers in Airlines (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RYAAY Ryanair Holdings PLC $30.3B 14.3× — +2.39% (above 0%: growing) −62.31% (below 0%: shrinking) −150.18% (below 0%: shrinking) 60.67% 31.94% Compare
LUV Southwest Airlines Co. $21.8B 21.1× 17.1× +21.20% (above 0%: growing) +450.00% (above 0%: growing) +46.94% (above 0%: growing) 21.40% 4.49% Compare
LTM LATAM Airlines Group S.A. $13.5B 8.3× 8.3× +17.97% (above 0%: growing) +17.79% (above 0%: growing) −13.57% (below 0%: shrinking) 23.04% 13.14% Compare
AAL American Airlines Group Inc. $8.6B — (loss-making) — (loss-making) +19.31% (above 0%: growing) n/m −43.12% (below 0%: shrinking) 19.23% 0.70%
CPA Copa Holdings, S.A. $5.8B 9.4× 8.5× +25.72% (above 0%: growing) −53.74% (below 0%: shrinking) +207.63% (above 0%: growing) 50.85% 8.65% Compare
ALK Alaska Air Group, Inc. $4.3B — (loss-making) — (loss-making) +14.39% (above 0%: growing) n/m −16.83% (below 0%: shrinking) 100.00% 1.90% Compare
SKYW SkyWest, Inc. $3.0B 7.6× 7.7× +6.41% (above 0%: growing) +7.27% (above 0%: growing) −119.57% (below 0%: shrinking) 69.21% 15.75% Compare
ALGT Allegiant Travel Company $2.4B 61.7× 47.8× +36.86% (above 0%: growing) n/m −610.56% (below 0%: shrinking) 24.77% 2.24% Compare
AERO Grupo Aeromexico SAB DE CV - Sponsored ADR $2.1B 9.3× 71.2× +8.67% (above 0%: growing) −44.00% (below 0%: shrinking) −77.90% (below 0%: shrinking) 71.03% 11.74% Compare
Median of peers $5.1B 9.4× 12.8× +16.18% −18.36% −47.36% 55.76% 10.20%

All 19 Airlines stocks →

From the latest earnings call

Updated

  • CEO Robert Isom said higher fuel prices more than offset revenue growth, and American expects its growth rate to decelerate considerably in 2027.
  • Chief Commercial Officer Nat Pieper said American prioritized passenger yield over filling seats in the third quarter and would continue that approach in the fourth quarter.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 78.24%
Held by the ten largest 46.28%
Holder Shares Stake Change
PRIMECAP Management 70.73m 10.69% +21.74m
Vanguard 64.18m 9.70% +1.73m
BlackRock 63.35m 9.57% +5.05m
Two Sigma 27.24m 4.12% +13.06m
State Street 19.57m 2.96% +340.75k
Orbis Allan Gray Ltd 16.14m 2.44% +13.94m
Geode Capital Management 13.69m 2.07% +1.01m
Jane Street 12.60m 1.90% +3.59m
JACOBS LEVY EQUITY MANAGEMENT, INC 9.70m 1.46% +9.70m
UBS 9.16m 1.38% −12.25m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 28 April 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 8.25%
PRIMECAP Management Company 7.51%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

American Airlines Group Inc. (AAL) Latest News

4 Nov

Impact 3 · · Trefis

29 Oct

Impact 3 · · Trefis

28 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Trefis

27 Oct

Impact 4 · · Business Wire

26 Oct

Impact 4 · · Trefis

24 Oct

Impact 3 · · StockStory

23 Oct

Impact 4 · · The Motley Fool earnings
Impact 4 · · StockStory
Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 4 · · MT Newswires
Impact 4 · · Zacks
Impact 4 · · Proactive Investors
Impact 4 · · 24/7 Wall St.
Impact 4 · · Stocktwits
Impact 4 · · Investing.com
Impact 4 · · StockStory earnings
Impact 3 ·
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

21 Oct

Impact 4 · · Trefis
Impact 3 · · The Motley Fool
Impact 3 · · Benzinga

AAL metrics, ten years each

stockrow.com/AAL · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com