undamentalytics Newsletter
Sign in

American Airlines Group Inc. (AAL) stock

Add to watchlist

Add holding +

NASDAQ: AAL Nasdaq Passenger Airlines Next results ~January 26, 2027

C+ Fundamentals grade

American Airlines Group Inc. is a US-listed company in the passenger airlines industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$16

Valuation models combined (3)

Base case. Range ~$10–$20. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

American Airlines Group Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds270 adding, 262 cuttingOf 64 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter American Airlines Group files

10-Q filed October 22: American Airlines

Revenue for the twelve months to September 2026 reached $61.0bn, a 12.3% increase on the prior year and an acceleration from 7.5% a quarter earlier. Profitability moved the other way. Operating margin narrowed to 1.6% from 4.0%, while free-cash-flow margin slipped to -0.1% from 1.6% a year earlier. The diluted share count fell 6.4% over the year, lifting the claim of each remaining share. Reflecting this mixed picture, the fundamentals grade improves from D to C. Our valuation models put combined value at $36.55 a share, set against a current share price of $12.60.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where American Airlines stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $58.3bn, up 7.5% on a year earlier, faster than 3.3% a quarter earlier. Free-cash-flow margin fell to 0.5% from 2.9% a year earlier. Operating margin narrowed to 1.7% from 3.8%. The diluted share count is down 6.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 4 financial-health checks. Our cash-flow model value is $-25.29 a share, against a share price of $12.23.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

American Airlines Group Inc.'s trailing-twelve-month revenue grew 12.3% year on year, with a free-cash-flow margin of -0.1%. Where it stands out: days sales outstanding of 12 days ranks 1 of 5 passenger airlines companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 12.3% (+4.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.8 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 6.4% in a year, so each share owns more of the business.

Things to watch

  • Burning cash. Free cash flow was -0.1% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 47% and a beta of 1.9 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 39.1% ranks 11 of 14 passenger airlines companies we cover (median 26.9%).
  • Heavily shorted. 15.8% of the shares available to trade are sold short (1.5 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 60.4% over 90 days.

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
-$0.28 against an average estimate of -$0.36: beat by 22.6%
Revenue
$16.34bn, up 19.3% on a year earlier
Share reaction
-1.1% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
available seat miles growth 5.5% to 6.5% (4Q 2026E (vs. 4Q 2025)); total revenue growth 19.5% to 22.5% (4Q 2026E (vs. 4Q 2025))
Next report
October 22, 2026; average EPS estimate -$0.69

American Airlines Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.8%
  • 1 week+7.2%
  • 1 month+1.1%
  • This year-14.7%
  • 1 year-0.4%
  • 5 years-36.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$61B
Operating margin
1.6%
Net margin
-0.8%
EPS (TTM, diluted)
$-0.73

Growth

Revenue growth
+12.3%
Change in growth rate
+4.8 pts
Share count change
−6.4%

Cash

Free cash flow (TTM)
-$91M
FCF margin
-0.1%

Earnings

Last results
October 22, 2026
Next results (est.)
January 26, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Partnership
  3. Announcement
  4. Partnership
  5. Our research
  6. Announcement
  7. Results
  8. Guidance
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Announcement
  15. Results
  16. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

American Airlines Group Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Our value per share comes from a discounted-cash-flow model of American Airlines Group Inc.'s free cash flow after stock-based pay ( $478M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value American Airlines Group Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$20 ~$5.2–$30 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$10 ~$8.4–$12 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$12 ~$27–$60 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$16 ~$10–$20 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare American Airlines Group Inc. with Passenger Airlines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$40.47$45.12$50.71$31.60$28.57$15.77$17.96$12.72$13.74$17.43$15.33$13.08
Market value$27.8bn$25.1bn$24.9bn$14.7bn$12.7bn$7.6bn$11.6bn$8.3bn$9.9bn$12.6bn$10.1bn$8.7bn
+ Net debt (− = net cash)$20.3bn$24.1bn$24.9bn$24.2bn$24.0bn$32.4bn$37.7bn$35.1bn$32.2bn$29.6bn$28.0bn$28.4bn
Enterprise value$48.1bn$49.2bn$49.8bn$38.9bn$36.7bn$40.0bn$49.2bn$43.4bn$42.1bn$42.1bn$38.1bn$37.1bn
Multiples
Price / sales 0.7x0.6x0.6x0.3x0.3x0.4x0.4x0.2x0.2x0.2x0.2x0.1x
Price / earnings 3.7x9.7x19.4x10.4x7.5x——65.6x12.0x14.9x91.3x—
Price / free cash flow n/m31.6x————23.3x—8.2x9.7x——
EV / EBITDA 6.1x7.1x7.7x7.7x6.5x—39.7x11.1x7.9x8.8x10.4x11.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

16 /100

Weak moat

How hard American Airlines Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.7% of total assets over 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.0%; its worst year was -29.1%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -1.5% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 2.6% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.21 −435% $63.9bn +17%
Next $0.99 +183% $68.2bn +7%

Next year's EPS estimate has moved −60.4% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −992.3% on 90 days ago. In the last 30 days, 0 analysts raised American Airlines Group Inc.'s forecast and 18 cut it.

Consensus EPS forecast American Airlines Group Inc., last 90 days
−$2.00 −$1.00 $0.00 $1.00 $2.00 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.14 Current fiscal year, 60 days ago: −$0.02 Current fiscal year, 30 days ago: −$0.32 Current fiscal year, 7 days ago: −$1.10 Current fiscal year, Now: −$1.21 −$1.21 Next fiscal year, 90 days ago: $2.51 Next fiscal year, 60 days ago: $2.32 Next fiscal year, 30 days ago: $2.03 Next fiscal year, 7 days ago: $1.32 Next fiscal year, Now: $0.99 $0.99

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.14$2.51
60 days ago −$0.02$2.32
30 days ago −$0.32$2.03
7 days ago −$1.10$1.32
Now −$1.21$0.99

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.36 −$0.28 +22.6%
Jun 2026 $0.05 $0.15 +227.6%
Mar 2026 −$0.46 −$0.40 +13.0%
Dec 2025 $0.35 $0.16 −54.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Total revenue 4Q 2026E (vs. 4Q 2025) 19.5% growth to 22.5% growth
    “Total revenue +19.5% to +22.5%” source
  • Adjusted loss per diluted share FY 2026E $-1.60 to $-1.00 Non-GAAP Lowered vs -0.65 to 0.65
    “Based on the current revenue outlook and forward fuel curve, the company now expects full-year adjusted loss per diluted share1 to be between a loss of ($1.60) and a loss of ($1.00), despite over a ~$7 billion year-over-year headwind related to higher jet fuel prices.” source
  • Adjusted loss per diluted share 4Q 2026E (vs. 4Q 2025) $-1.10 to $-0.50 Non-GAAP
    “Adjusted loss per diluted share1 ($1.10) to ($0.50)” source
  • Available seat miles 4Q 2026E (vs. 4Q 2025) 5.5% growth to 6.5% growth
    “Available seat miles +5.5% to +6.5%” source
  • CASM excluding net special items, fuel and profit sharing 4Q 2026E (vs. 4Q 2025) 2.5% growth to 3.5% growth Non-GAAP
    “CASM excluding net special items, fuel and profit sharing2 +2.5% to +3.5%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows American Airlines Group Inc.'s revenue by +11.7% next year and +7.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.1%, weight 57%) , management guidance (+21.0%, weight 18%) and the company's own record (+8.6%, weight 25%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy1248%
Hold1144%
Sell28%

Monthly trend

  1. Oct 202621011225
  2. Sep 20262101125
  3. Aug 202621011225
  4. Jul 20262101125

Counts of recommendations published by analysts covering American Airlines Group Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.8%
of tradable shares
Days to cover
1.51
at average volume
Short interest, 1 month
+14%
to October 15, 2026
Held by institutions
78%
of shares
Held by insiders
1.5%
of shares
Employees
141,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −0.4%

$13.13 on October 31, 2025 to $13.08

ThenNowEffect
Revenue (last 12 months) $54.3bn $58.3bn +7.5%
P/S multiple 0.2x 0.1x −13.2%
Share count 707m 662m +6.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +9.2%

$11.98 on November 3, 2023 to $13.08

ThenNowEffect
Revenue (last 12 months) $52.9bn $58.3bn +10.3%
P/S multiple 0.1x 0.1x −0.2%
Share count 657m 662m −0.8%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AAL+14%−29%+8%+27%−12%−15%
Industry peers (median)−3%−24%−13%+18%−16%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AAL50%50%42%50%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AAL−37%−41%−42%−41%−51%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 84% from January 12, 2018 to May 15, 2020. Getting back needed a 530% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$10.18 – $18.15
From 52-week high
−27.9%
vs 50-day average
+1.1%
vs 200-day average
−3.2%
Volatility (1 year)
47%
Beta vs S&P 500
1.91

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.8%
After a week
7 up, 5 down
typical move ±4.5%
After a month
7 up, 4 down
typical move ±9.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 −1.1% −1.7% +4.4% —
July 23, 2026 −2.1% −1.1% +4.3% −6.6%
April 23, 2026 +5.2% +0.4% +1.8% +20.4%
January 27, 2026 −7.8% +0.4% −3.8% −4.3%
October 23, 2025 +14.0% +1.4% +5.7% +6.5%
July 24, 2025 −9.3% +0.5% −9.4% +6.9%
April 24, 2025 +4.6% +2.8% +7.6% +20.1%
January 23, 2025 −9.1% +0.3% −9.4% −18.0%
October 24, 2024 +2.5% +0.2% +4.4% +12.1%
July 25, 2024 +4.4% +0.6% −0.3% +2.2%
April 25, 2024 −0.3% +0.6% −0.4% −0.6%
January 25, 2024 +8.6% +0.4% +2.9% +9.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

American Airlines Group Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) American Airlines Group Inc.
$50B $55B $60B $65B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $52.8B Revenue (TTM), FY24 Q1: $53.2B Revenue (TTM), FY24 Q2: $53.4B Revenue (TTM), FY24 Q3: $53.6B Revenue (TTM), FY24 Q4: $54.2B Revenue (TTM), FY25 Q1: $54.2B Revenue (TTM), FY25 Q2: $54.3B Revenue (TTM), FY25 Q3: $54.3B Revenue (TTM), FY25 Q4: $54.6B Revenue (TTM), FY26 Q1: $56B Revenue (TTM), FY26 Q2: $58.3B Revenue (TTM), FY26 Q3: $61B $61B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $52.8B
FY24 Q1 $53.2B
FY24 Q2 $53.4B
FY24 Q3 $53.6B
FY24 Q4 $54.2B
FY25 Q1 $54.2B
FY25 Q2 $54.3B
FY25 Q3 $54.3B
FY25 Q4 $54.6B
FY26 Q1 $56B
FY26 Q2 $58.3B
FY26 Q3 $61B
Revenue growth, TTM YoY American Airlines Group Inc.
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.8% Revenue growth, TTM YoY, FY24 Q1: 1.7% Revenue growth, TTM YoY, FY24 Q2: 1.0% Revenue growth, TTM YoY, FY24 Q3: 1.3% Revenue growth, TTM YoY, FY24 Q4: 2.7% Revenue growth, TTM YoY, FY25 Q1: 1.9% Revenue growth, TTM YoY, FY25 Q2: 1.5% Revenue growth, TTM YoY, FY25 Q3: 1.3% Revenue growth, TTM YoY, FY25 Q4: 0.8% Revenue growth, TTM YoY, FY26 Q1: 3.3% Revenue growth, TTM YoY, FY26 Q2: 7.5% Revenue growth, TTM YoY, FY26 Q3: 12.3% 12.3%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.8%
FY24 Q1 1.7%
FY24 Q2 1.0%
FY24 Q3 1.3%
FY24 Q4 2.7%
FY25 Q1 1.9%
FY25 Q2 1.5%
FY25 Q3 1.3%
FY25 Q4 0.8%
FY26 Q1 3.3%
FY26 Q2 7.5%
FY26 Q3 12.3%
Operating margin (TTM) American Airlines Group Inc.
0% 2% 4% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.7% Operating margin (TTM), FY24 Q1: 4.9% Operating margin (TTM), FY24 Q2: 3.4% Operating margin (TTM), FY24 Q3: 4.0% Operating margin (TTM), FY24 Q4: 4.8% Operating margin (TTM), FY25 Q1: 4.3% Operating margin (TTM), FY25 Q2: 3.8% Operating margin (TTM), FY25 Q3: 4.0% Operating margin (TTM), FY25 Q4: 2.7% Operating margin (TTM), FY26 Q1: 3.0% Operating margin (TTM), FY26 Q2: 1.7% Operating margin (TTM), FY26 Q3: 1.6% 1.6%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.7%
FY24 Q1 4.9%
FY24 Q2 3.4%
FY24 Q3 4.0%
FY24 Q4 4.8%
FY25 Q1 4.3%
FY25 Q2 3.8%
FY25 Q3 4.0%
FY25 Q4 2.7%
FY26 Q1 3.0%
FY26 Q2 1.7%
FY26 Q3 1.6%
FCF margin (TTM) American Airlines Group Inc.
-2% 0% 2% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 2.3% FCF margin (TTM), FY24 Q1: -0.5% FCF margin (TTM), FY24 Q2: -1.5% FCF margin (TTM), FY24 Q3: -1.0% FCF margin (TTM), FY24 Q4: 2.4% FCF margin (TTM), FY25 Q1: 2.9% FCF margin (TTM), FY25 Q2: 2.9% FCF margin (TTM), FY25 Q3: 1.6% FCF margin (TTM), FY25 Q4: -1.2% FCF margin (TTM), FY26 Q1: 2.0% FCF margin (TTM), FY26 Q2: 0.5% FCF margin (TTM), FY26 Q3: -0.1% -0.1%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 2.3%
FY24 Q1 -0.5%
FY24 Q2 -1.5%
FY24 Q3 -1.0%
FY24 Q4 2.4%
FY25 Q1 2.9%
FY25 Q2 2.9%
FY25 Q3 1.6%
FY25 Q4 -1.2%
FY26 Q1 2.0%
FY26 Q2 0.5%
FY26 Q3 -0.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 26.7 42.7 41.0 40.1 42.6 44.5 45.8 17.3 29.9 49.0 52.8 54.2 54.6 61.0
EBITDA 2.4 5.5 7.9 7.0 6.4 5.1 5.7 −8.0 1.2 3.9 5.3 4.8 3.7 3.2
Operating income 1.4 4.2 6.2 5.1 4.2 2.7 3.1 −10.4 −1.1 1.6 3.0 2.6 1.5 1.0
Net income −1.8 2.9 7.6 2.6 1.3 1.4 1.7 −8.9 −2.0 0.1 0.8 0.8 0.1 −0.5
Diluted EPS −$6.54 $3.93 $11.07 $4.65 $2.61 $3.03 $3.79 −$18.36 −$3.09 $0.19 $1.21 $1.24 $0.17 −$0.73
Growth (year on year)
Revenue — +59.5% −3.9% −2.1% +6.2% +4.5% +2.8% −62.1% +72.4% +63.9% +7.8% +2.7% +0.8% +12.3%
EBITDA — +129.2% +42.6% −11.9% −7.6% −21.4% +12.0% −241.6% — +214.8% +36.5% −9.7% −23.8% −26.3%
Operating income — +203.7% +46.0% −18.4% −16.4% −37.2% +15.4% −440.0% — — +88.8% −13.8% −43.9% −54.8%
Net income — — +164.1% −66.0% −50.4% +10.1% +19.4% −627.0% — — — — — —
Diluted EPS — — +181.7% −58.0% −43.9% +16.1% +25.1% −584.4% — — — — — —
Margins
EBITDA margin 9.0% 13.0% 19.3% 17.3% 15.1% 11.4% 12.4% −46.3% 4.2% 8.0% 10.1% 8.9% 6.7% 5.2%
Operating margin 5.2% 10.0% 15.1% 12.6% 9.9% 6.0% 6.7% −60.1% −3.5% 3.3% 5.7% 4.8% 2.7% 1.6%
Net margin −6.9% 6.8% 18.6% 6.4% 3.0% 3.2% 3.7% −51.2% −6.7% 0.3% 1.6% 1.6% 0.2% −0.8%
Free-cash-flow margin −9.1% −5.2% 0.2% 2.0% −2.9% −0.5% −1.0% −49.0% 1.7% −0.8% 2.3% 2.4% −1.2% −0.1%
Cash flow
Cash from operations 0.7 3.1 6.2 6.5 4.7 3.5 3.8 −6.5 0.7 2.2 3.8 4.0 3.1 4.3
Capital spending 3.1 5.3 6.2 5.7 6.0 3.7 4.3 2.0 0.2 2.5 2.6 2.7 3.8 4.4
Free cash flow −2.4 −2.2 0.1 0.8 −1.2 −0.2 −0.5 −8.5 0.5 −0.4 1.2 1.3 −0.7 −0.1
Stock-based pay 0.0 0.3 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 —
Free cash flow after stock pay −2.5 −2.5 −0.2 0.7 −1.3 −0.3 −0.5 −8.6 0.4 −0.5 1.1 1.2 −0.7 —
Balance sheet
Cash 1.1 — 0.5 0.4 0.4 0.3 0.3 0.4 0.4 0.6 0.7 0.9 1.1 1.2
Total debt 16.9 18.0 20.8 24.6 25.3 24.5 24.3 32.8 38.1 35.7 32.9 30.5 29.0 29.6
Net debt (negative = net cash) 15.8 — 20.3 24.1 24.9 24.2 24.0 32.4 37.7 35.1 32.2 29.6 28.0 28.4
Diluted shares 280m 734m 687m 556m 492m 466m 444m 484m 644m 655m 720m 721m 661m 663m
Returned to shareholders
Dividends — 0.1 0.3 0.2 0.2 0.2 0.2 0.0 0.0 0.0 — — — —
Buybacks — 1.1 3.8 4.5 1.6 0.8 1.1 0.2 0.0 0.0 — — — —
Total returned — 1.2 4.1 4.7 1.8 1.0 1.3 0.2 0.0 0.0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 4 checks passed · September 30, 2026
What it owns · $65.0bn
Short-term assets $14.7bnLonger-term assets $50.3bn
What it owes, and who funded it · $28.0bn
Short-term liabilities $28.0bnShareholders' equity $-4.2bn
  • Short-term assets cover short-term liabilities $14.7bn of assets due within a year against $28.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.2bn of cash against $29.0bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $4.3bn of operating cash flow against $29.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $972m against $1.7bn of interest.

From American Airlines Group Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−6.4%
year over year
Days sales outstanding
12 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in passenger airlines
Last 12 months unless stated AAL UAL DAL LUV RYAAY ALK Median
Revenue, last 12 months $61.0bn $65.6bn $71.8bn $31.5bn $18.0bn $14.8bn $5.0bn
Revenue growth, last 12 months 12.3% 12.3% 14.1% 14.5% 20.3% 9.8% 11.1%
Revenue growth, 3-year average 4.8% 7.7% 7.8% 7.4% — 12.6% 7.6%
Revenue growth, latest quarter 19.3% 17.4% 21.1% 21.2% — 9.7% 20.2%
Operating margin 1.6% 7.5% 7.4% 4.4% 15.3% −1.5% 0.0%
Operating margin, 3-year average 3.2% 8.0% 8.8% 1.4% 10.5% 2.0% −1.6%
Net margin −0.8% 5.5% 4.6% 3.3% 14.0% −1.2% 0.1%
Cash from operations / revenue 7.0% 12.4% 11.1% 8.7% 23.8% 6.9% 7.0%
Free-cash-flow margin −0.1% 1.7% 7.5% −1.4% 11.6% 5.0% −0.1%
Free-cash-flow margin, 3-year average 0.1% 2.9% 4.8% −3.2% 12.7% 4.8% −3.2%
Stock pay / revenue — 0.3% — 0.1% 0.1% 0.5% 0.4%
Change in share count −6.4% −1.3% 0.7% −13.1% −3.9% −8.4% −1.3%

Median of all 16 companies we cover in passenger airlines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 passenger airlines companies
Measure Company Peer median Rank
Revenue growth Growth 12.3% 12.2% 6 of 16
Change in growth rate Growth +4.8pp +4.8pp 8 of 16
Operating margin Profitability 1.6% 1.6% 8 of 16
Net margin Profitability -0.8% 0.9% 9 of 16
Free-cash-flow margin Cash generation -0.1% 0.0% 9 of 16
Long-term debt as % of assets Balance sheet 39.1% 26.9% 11 of 14
Change in share count Balance sheet -6.4% -1.3% 3 of 10
Days sales outstanding Balance sheet 12 days 14 days 1 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Passenger $49.6B 91.1% ▲ 0.1%
Passenger Travel $45.6B 91.9% ▼ 0.3%
Other $4.2B 8.4% ▲ 8.6%
Loyalty Program Travel Redemptions $4B 7.4% ▲ 5.0%
Cargo and Freight $839M 1.5% ▲ 4.4%

From American Airlines Group Inc.'s 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.4B
Institutions reporting
573
Shares held vs prior quarter
▲ 16.7%
Positions opened / closed
89 / 84

Top buyers and sellers, Q2 2026: 270 institutions bought and 262 sold ; the biggest buyer was Primecap Management Co (+21.7M shares) and the biggest seller UBS Group AG (−12.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Primecap Management Co $1.3B 70.7M 13.7% ▲ 44.4%
Blackrock, Inc. $1.1B 63.4M 12.2% ▲ 8.7%
Vanguard Portfolio Management LLC $540M 29.9M 5.8% ▲ 5.4%
Vanguard Capital Management LLC $532M 29.4M 5.7% ▲ 0.5%
Two Sigma Investments, LP $492M 27.2M 5.3% ▲ 92.1%
State Street Corp $354M 19.6M 3.8% ▲ 1.8%
Orbis Allan Gray Ltd $292M 16.1M 3.1% ▲ 635.1%
Geode Capital Management, LLC $247M 13.7M 2.6% ▲ 7.9%
Jane Street Group, LLC $228M 12.6M 2.4% ▲ 39.8%
Jacobs Levy Equity Management, Inc $175M 9.7M 1.9% New
UBS Group AG $155M 8.6M 1.7% ▼ 58.8%
Slate Path Capital LP $150M 8.3M 1.6% ▲ 27.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not American Airlines Group Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7M 11 trades by 3 insiders · 51% under pre-set plans
Net ▼ $7M net selling
Insider Date Trade Shares Price Value
Owens Angela SVP Corporate Controller July 31, 2026 Sell 40,077 $15.26 $611,575
Johnson Stephen L Vice Chair July 31, 2026 Sell 30,000 $15.29 $458,700
Johnson Stephen L Vice Chair July 30, 2026 Sell 30,000 $15.26 $457,800
Johnson Stephen L Vice Chair July 29, 2026 Sell 30,000 $15.01 $450,300
Owens Angela SVP Corporate Controller July 28, 2026 Sell 39,168 $15.34 $600,837
Johnson Stephen L Vice Chair July 28, 2026 Sell 30,000 $15.16 $454,800
Johnson Stephen L Vice Chair July 27, 2026 Sell 30,000 $14.67 $440,100
Seymour David EVP Chief Operating Officer June 25, 2026 Sell pre-set plan 56,456 $18.00 $1M
Seymour David EVP Chief Operating Officer June 24, 2026 Sell pre-set plan 69,343 $17.00 $1.2M
Seymour David EVP Chief Operating Officer December 16, 2025 Sell pre-set plan 25,595 $16.01 $409,776
Seymour David EVP Chief Operating Officer December 9, 2025 Sell pre-set plan 62,507 $15.01 $938,230

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 77 trades and filings

No trades in American Airlines Group Inc. disclosed in the last 12 months; 77 earlier trades on record.

  • Tim Moore(R-NC 14):Sale (full), $50,001 - $100,000, traded June 17, 2025, filed July 9, 2025
  • Tim Moore(R-NC 14):Purchase, $100,001 - $250,000, traded June 16, 2025, filed July 9, 2025
  • Tim Moore(R-NC 14):Sale (partial), $50,001 - $100,000, traded June 16, 2025, filed July 9, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • January 27, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on American Airlines Group Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

American Airlines Group Inc. in brief

What does American Airlines Group Inc. do?
American Airlines Group Inc. is a US-listed company in the passenger airlines industry. Its financial year ends in December.
What is American Airlines Group Inc.'s stock ticker?
American Airlines Group Inc. trades under the ticker AAL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is American Airlines Group Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, American Airlines Group Inc. reported revenue of $61B, 12.3% higher than a year earlier, according to its SEC filings.
What is American Airlines Group Inc.'s free cash flow?
American Airlines Group Inc.'s free-cash-flow margin is -0.1% of revenue over the trailing twelve months, ranking 9 of the 16 passenger airlines companies we cover.
Who are American Airlines Group Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Primecap Management Co, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is American Airlines Group Inc.'s market cap?
On November 2, 2026, American Airlines Group Inc.'s market capitalisation was about $8.7B and net debt of $28.4B. Market figures come from third-party market data and may be delayed.
Who are American Airlines Group Inc.'s competitors?
In our Passenger Airlines peer group, the companies closest to American Airlines Group Inc. are United Airlines Holdings, Delta Air Lines, Southwest Airlines, Ryanair Holdings PLC and Alaska AIR Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against American Airlines Group Inc.'s.
Are insiders buying or selling American Airlines Group Inc. stock?
Over the last 12 months, American Airlines Group Inc.'s directors and officers reported 0 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is American Airlines Group Inc.'s next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — American Airlines Group Inc. announces its own schedule.