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American Airlines Group (AAL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

INDUSTRIALS · AIRLINES · DATA UPDATED 2026-07-31

American Airlines Group (AAL) operates in the AIRLINES industry and is headquartered in Fort Worth, United States with about 143,400 employees. Its market capitalization is roughly $9 billion. In the fiscal year ended 2025-12-31, AAL reported $54.6B in revenue and $111M in net income.

American Airlines Group Inc., through its subsidiaries, operates as a network air carrier in the United States, Latin America, Atlantic, and Pacific.

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AAL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$58.3B	$54.6B	$54.2B	$52.8B	$49.0B	$29.9B	$17.3B	$45.8B	$44.5B	$42.6B	$40.1B	$41.0B	$42.6B	$26.7B	$24.9B	$24.0B	$22.2B	$19.9B	$23.8B	$22.9B	$22.6B
Gross Profit	$12.3B	$10.5B	$11.5B	$11.8B	$9.0B	$27M	($7.2B)	$11.1B	$10.1B	$11.3B	$11.7B	$13.0B	$10.7B	$6.1B	$4.3B	$3.5B	$4.0B	$14.5B	$14.8B	$16.5B	$16.6B
Gross Margin %	21.0%	19.2%	21.1%	22.4%	18.4%	0.1%	-41.7%	24.3%	22.6%	26.6%	29.2%	31.8%	25.1%	22.8%	17.2%	14.4%	18.1%	72.6%	62.2%	72.1%	73.4%
Operating Income (EBIT)	$1.0B	$1.5B	$2.6B	$3.0B	$1.6B	($1.1B)	($10.4B)	$3.1B	$2.7B	$4.2B	$5.1B	$6.2B	$4.2B	$1.4B	$148M	($1.0B)	$308M	($1.0B)	($1.9B)	$965M	$1.1B
Operating Margin %	1.7%	2.7%	4.8%	5.8%	3.3%	-3.5%	-60.1%	6.7%	6.0%	9.9%	12.6%	15.1%	10.0%	5.2%	0.6%	-4.3%	1.4%	-5.0%	-8.0%	4.2%	4.7%
Net Income	($326M)	$111M	$846M	$822M	$127M	($2.0B)	($8.9B)	$1.7B	$1.4B	$1.3B	$2.6B	$7.6B	$2.9B	($1.8B)	($1.9B)	($2.0B)	($471M)	($1.5B)	($2.1B)	$504M	$231M
Net Margin %	-0.6%	0.2%	1.6%	1.6%	0.3%	-6.7%	-51.2%	3.7%	3.2%	3.0%	6.4%	18.6%	6.8%	-6.9%	-7.5%	-8.2%	-2.1%	-7.4%	-8.9%	2.2%	1.0%
EBITDA	$3.3B	$3.9B	$5.0B	$5.2B	$4.1B	$1.6B	($7.9B)	$5.7B	$5.1B	$6.5B	$7.0B	$7.1B	$5.6B	($303M)	($798M)	($946M)	$1.4B	$96M	($141M)	$2.7B	$17.8B
Earnings Per Share (EPS)	$-0.49	$0.17	$1.17	$1.14	$0.19	$-3.09	$-18.36	$3.79	$3.03	$2.61	$4.65	$11.07	$3.93	$-17.04	$-14.99	$-15.83	$-3.79	$-13.37	$-21.89	$4.51	$2.34
Shares Outstanding (M)	663M	662M	721M	720M	655M	644M	484M	444M	466M	492M	556M	687M	734M	108M	125M	125M	124M	110M	97M	112M	99M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AAL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$16.7B	$13.9B	$14.0B	$13.7B	$14.4B	$12.6B	$13.7B	$13.6B
Gross Profit	$3.5B	$3.6B	$2.8B	$2.4B	$3.4B	$1.9B	$3.2B	$2.8B
Gross Margin %	20.7%	26.0%	20.0%	17.3%	23.7%	15.0%	23.3%	20.4%
Operating Income (EBIT)	$446M	($41M)	$452M	$151M	$1.1B	($270M)	$1.1B	$89M
Operating Margin %	2.7%	-0.3%	3.2%	1.1%	7.9%	-2.1%	8.3%	0.7%
Net Income	$71M	($382M)	$99M	($114M)	$599M	($473M)	$590M	($149M)
Net Margin %	0.4%	-2.8%	0.7%	-0.8%	4.2%	-3.8%	4.3%	-1.1%
EBITDA	$924M	$527M	$1.1B	$764M	$1.7B	$248M	$1.8B	$703M
Earnings Per Share (EPS)	$0.11	$-0.58	$0.15	$-0.17	$0.91	$-0.72	$0.82	$-0.23
Shares Outstanding (M)	663M	661M	662M	660M	660M	659M	721M	657M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AAL Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$4.4B	$3.1B	$4.0B	$3.8B	$2.2B	$704M	($6.5B)	$3.8B	$3.5B	$4.7B	$6.5B	$6.2B	$3.1B	$675M	$1.3B	$680M	$1.2B	$930M	($1.4B)	$1.9B	$1.9B
Capital Expenditures (CapEx)	$4.1B	$3.8B	$2.7B	$2.6B	$2.9B	$208M	$2.0B	$4.3B	$3.7B	$6.0B	$5.7B	$6.2B	$5.3B	$3.1B	$1.9B	$1.6B	$2.0B	$1.5B	$876M	$714M	$530M
Free Cash Flow (FCF)	$285M	($680M)	$1.3B	$1.2B	($733M)	$496M	($8.5B)	($453M)	($212M)	($1.2B)	$793M	$98M	($2.2B)	($2.4B)	($603M)	($934M)	($721M)	($591M)	($2.3B)	$1.2B	$1.4B
FCF Margin %	0.5%	-1.2%	2.4%	2.3%	-1.5%	1.7%	-49.0%	-1.0%	-0.5%	-2.9%	2.0%	0.2%	-5.2%	-9.1%	-2.4%	-3.9%	-3.2%	-3.0%	-9.6%	5.3%	6.2%
Dividends Paid	—	—	—	—	$3.5B	$12.2B	$43M	$178M	$186M	$198M	$224M	$278M	$144M	$1.1B	$970M	$2.2B	$302M	$3.1B	$1.6B	$1.5B	$2.9B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AAL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$471M	$4.2B	($274M)	($46M)	$963M	$2.5B	$398M	$277M
Capital Expenditures (CapEx)	$822M	$811M	$1.6B	$826M	$499M	$824M	$740M	$468M
Free Cash Flow (FCF)	($351M)	$3.4B	($1.9B)	($872M)	$464M	$1.6B	($342M)	($191M)
FCF Margin %	-2.1%	24.5%	-13.6%	-6.4%	3.2%	13.0%	-2.5%	-1.4%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AAL Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$64.2B	$61.8B	$61.8B	$63.1B	$64.7B	$66.5B	$62.0B	$60.0B	$60.6B	$52.8B	$51.3B	$48.4B	$43.2B	$42.3B	$23.5B	$23.8B	$25.1B	$25.4B	$25.2B	$28.6B	$29.1B
Cash & Cash Equivalents	$1.0B	$1.7B	$804M	$578M	$440M	$273M	$245M	$280M	$275M	$295M	$322M	$390M	$994M	$1.1B	$480M	$283M	$168M	$153M	$191M	$148M	$121M
Total Liabilities	$68.2B	$65.5B	$65.8B	$68.3B	$70.5B	$73.8B	$68.9B	$60.1B	$60.7B	$53.6B	$47.5B	$42.8B	$41.2B	$45.0B	$31.5B	$31.0B	$29.0B	$28.9B	$28.1B	$25.9B	$29.8B
Total Debt (Short + Long-Term)	$30.0B	$30.1B	$31.6B	$34.2B	$37.1B	$39.6B	$34.2B	$26.0B	$26.1B	$25.1B	$24.3B	$20.6B	$17.7B	$16.8B	$8.6B	$8.2B	$10.6B	$11.1B	$14.1B	$14.4B	$12.6B
Total Shareholders' Equity	($4.0B)	($3.7B)	($4.0B)	($5.2B)	($5.8B)	($7.3B)	($6.9B)	($118M)	($169M)	($780M)	$3.8B	$5.6B	$2.0B	($2.7B)	($8.0B)	($7.1B)	($3.9B)	($3.5B)	($2.9B)	$2.7B	($606M)

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive AAL viewer.

AAL Metric Deep Dives

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