American Airlines Group Inc.

americanairlines.gcs-web.com

What Do They Do?

Flies passengers on scheduled domestic and international routes and carries freight and mail for travelers and cargo shippers.

How Do They Make Money?

Passengers buy tickets for American and American Eagle travel, with fares counted when transportation is provided; cargo customers pay for freight and mail transport, counted when provided. Loyalty partners buy mileage credits under contracts, with payments generally following the month of sale.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Passenger Sold outright	91% FY2022: 91%	Sold outright
Cargo Sold outright	1.5% FY2022: 2.5%	Sold outright
Other Licensed	7.6% FY2022: 6.5%	Licensed

Who Are Their Customers?

Passengers buy tickets through American's website, app and reservations centers, or through travel agents, travel-management companies and online travel sites. Cargo customers use its freight and mail services; loyalty partners buy mileage credits under contracts.

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$680M.

Operating income, FY2025

3% of revenue

▼ −44% vs FY2024 ($2.6B, 5%)

Net income, FY2025

0% of revenue

▼ −87% vs FY2024 ($846M, 2%)

Free cash flow, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($1.3B, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +19%; vs $13.7B in Q3 FY2025
Net income: ▲ +136% (Loss); vs −$114M in Q3 FY2025

Passenger share of revenue vs 91.1% in Q3 FY2025

Jul 23, 2026 Company issues third-quarter and full-year earnings guidance Third-quarter 2026 adjusted earnings per share outlook is ($0.70) to ($0.10); full-year 2026 outlook is ($0.65) to $0.65.

Growing. Revenue grew 83% in 4 years, from $29.9B in FY2021 to $54.6B in FY2025, about 16% a year.

Business loyalty program The latest report describes AAdvantage Business as rewarding eligible companies and their travelers for booked business travel; the older report discusses AAdvantage rewards for travelers and activity with non-flight partners.

Revenue over time

Passenger Cargo Other

$100B$50B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Alaska Airlines, Allegiant Air, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, Southwest Airlines, Spirit Airlines, and United Airlines

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