AMERICAN AIRLINES, INC.
For the period ended Sep 30, 2026. Filed Oct 22, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 22, 2026
AAL$13.18+1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-23.
0000006201-26-000052
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-22.
0000006201-26-000065
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 181 previous paragraphs and 180 current paragraphs.
78 unchanged; 60 reworded; 42 added; 43 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 25 previous and 25 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (42)
Current report
AAG’s Third Quarter 2026 Results
Current report
Pre-Tax Loss and Net Loss
Current report
Cargo revenue increased $62 million, or 29.1%, in the third quarter of 2026 from the third quarter of 2025, primarily due to a 14.7% increase in cargo ton miles and a 12.6% increase in cargo yield.
Current report
Other operating revenue increased $153 million, or 15.2%, in the third quarter of 2026 from the third quarter of 2025, driven primarily by higher revenue associated with our loyalty program. During the three months ended September 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $1.7 billion and $1.5 billion, respectively.
Current report
Passenger revenue increased $2.4 billion, or 19.5%, in the third quarter of 2026 from the third quarter of 2025 with a 14.6% increase in PRASM compared to the third quarter of 2025, primarily driven by higher passenger yield, which increased 18.3% year over year. We had strong revenue performance across all regions, with domestic and international PRASM increasing by 13.6% and 16.4%, respectively, primarily driven by an increase in passenger yield of 18.0% and 18.5%, respectively.
Current report
Cargo revenue increased $62 million, or 29.1%, in the third quarter of 2026 from the third quarter of 2025, primarily due to a 14.7% increase in cargo ton miles and a 12.6% increase in cargo yield.
Current report
Other operating revenue increased $153 million, or 15.2%, in the third quarter of 2026 from the third quarter of 2025, driven primarily by higher revenue associated with our loyalty program. During the three months ended September 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $1.7 billion and $1.5 billion, respectively.
Current report
Aircraft fuel and related taxes increased $1.9 billion, or 67.5%, in the third quarter of 2026 from the third quarter of 2025, primarily due to a 62.7% increase in the average price per gallon of aircraft fuel including related taxes to $3.85 in the third quarter of 2026 compared to $2.37 in the third quarter of 2025 and a 3.0% increase in gallons of fuel consumed due to increased capacity.
Current report
Salaries, wages and benefits increased $252 million, or 5.7%, in the third quarter of 2026 from the third quarter of 2025, primarily due to annual contractual wage rate increases and a 2.7% increase in mainline full-time equivalent employees subsequent to the third quarter of 2025.
Current report
Maintenance, materials and repairs increased $64 million, or 6.2%, in the third quarter of 2026 from the third quarter of 2025, primarily due to increased costs for engine overhauls and component part repairs driven by higher volume and flight hours.
Current report
Other rent and landing fees increased $90 million, or 9.9%, in the third quarter of 2026 from the third quarter of 2025, primarily due to rate increases at certain airports.
Current report
Selling expenses increased $70 million, or 14.7%, in the third quarter of 2026 from the third quarter of 2025, primarily due to higher commissions from renegotiated agency contracts and higher credit card fees, both driven by increased passenger revenue.
Current report
In the third quarter of 2026, other nonoperating expense, net, included $95 million of net special charges, primarily related to an impairment charge associated with our equity investment in Republic Airways Holdings Inc. (Republic Holdings) and mark-to-market net unrealized losses associated with certain equity investments.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Current report
Passenger revenue increased $5.6 billion, or 15.2%, in the first nine months of 2026 from the first nine months of 2025 with a 10.5% increase in PRASM compared to the first nine months of 2025, primarily driven by higher passenger yield, which increased 12.1% year over year. We had strong revenue performance across all regions, with domestic and international PRASM both increasing by 10.4%, primarily driven by an increase in passenger yield of 12.7% and 10.6%, respectively.
Current report
Cargo revenue increased $149 million, or 24.3%, in the first nine months of 2026 from the first nine months of 2025, primarily due to a 15.5% increase in cargo ton miles and a 7.6% increase in cargo yield.
Current report
Salaries, wages and benefits increased $962 million, or 7.4%, in the first nine months of 2026 from the first nine months of 2025, primarily due to annual contractual wage rate increases and a 2.7% increase in mainline full-time equivalent employees subsequent to the first nine months of 2025.
Current report
Maintenance, materials and repairs increased $224 million, or 7.8%, in the first nine months of 2026 from the first nine months of 2025, primarily due to increased costs for engine overhauls and component part repairs driven by higher volume and flight hours.
Current report
Other rent and landing fees increased $235 million, or 9.0%, in the first nine months of 2026 from the first nine months of 2025, primarily due to rate increases at certain airports.
Current report
Selling expenses increased $197 million, or 13.4%, in the first nine months of 2026 from the first nine months of 2025, primarily due to higher commissions from renegotiated agency contracts and higher credit card fees, both driven by increased passenger revenue, as well as higher advertising expenses.
Current report
Interest income decreased $68 million, or 24.0%, in the first nine months of 2026 from the first nine months of 2025, primarily due to lower interest rates and a lower average balance of our short-term investments, resulting in reduced returns. Interest expense, net decreased $52 million, or 4.0%, in the first nine months of 2026 from the first nine months of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the third quarter of 2025 and higher interest rates on our variable-rate debt instruments.
Current report
In the first nine months of 2026, other nonoperating expense, net, included $259 million of net special charges, primarily related to mark-to-market net unrealized losses associated with certain equity investments, an impairment charge related to our equity investment in Republic Holdings and costs associated with debt refinancings and extinguishments, offset in part by $57 million of non-service-related pension and other postretirement benefit plan income.
Current report
In the first nine months of 2025, other nonoperating income, net, included $46 million of net earnings related to our equity investments accounted for under the equity method and $39 million of non-service-related pension and other postretirement benefit plan income, offset in part by $28 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments and debt refinancings and extinguishments.
Current report
Passenger revenue increased $2.4 billion, or 19.5%, in the third quarter of 2026 from the third quarter of 2025 due to strong revenue performance across all regions, with domestic and international PRASM increasing compared to the third quarter of 2025, primarily driven by higher passenger yield.
Current report
Aircraft fuel and related taxes increased $1.9 billion, or 67.5%, in the third quarter of 2026 from the third quarter of 2025, primarily due to a 62.7% increase in the average price per gallon of aircraft fuel including related taxes to $3.85 in the third quarter of 2026 compared to $2.37 in the third quarter of 2025 and a 3.0% increase in gallons of fuel consumed due to increased capacity.
Current report
Salaries, wages and benefits increased $252 million, or 5.7%, in the third quarter of 2026 from the third quarter of 2025, primarily due to annual contractual wage rate increases and a 2.7% increase in mainline full-time equivalent employees subsequent to the third quarter of 2025.
Current report
Regional expenses increased $99 million, or 7.3%, in the third quarter of 2026 from the third quarter of 2025, primarily due to an increase in regional flight operations.
Current report
Maintenance, materials and repairs increased $64 million, or 6.2%, in the third quarter of 2026 from the third quarter of 2025, primarily due to increased costs for engine overhauls and component part repairs driven by higher volume and flight hours.
Current report
Other rent and landing fees increased $90 million, or 9.9%, in the third quarter of 2026 from the third quarter of 2025, primarily due to rate increases at certain airports.
Current report
Selling expenses increased $70 million, or 14.7%, in the third quarter of 2026 from the third quarter of 2025, primarily due to higher commissions from renegotiated agency contracts and higher credit card fees, both driven by increased passenger revenue.
Current report
In the third quarter of 2026, other nonoperating expense, net, included $95 million of net special charges, primarily related to an impairment charge associated with American’s equity investment in Republic Holdings and mark-to-market net unrealized losses associated with certain equity investments.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Current report
Passenger revenue increased $5.6 billion, or 15.2%, in the first nine months of 2026 from the first nine months of 2025 due to strong revenue performance across all regions, with domestic and international PRASM increasing compared to the first nine months of 2025, primarily driven by higher passenger yield.
Current report
Salaries, wages and benefits increased $961 million, or 7.4%, in the first nine months of 2026 from the first nine months of 2025, primarily due to annual contractual wage rate increases and a 2.7% increase in mainline full-time equivalent employees subsequent to the first nine months of 2025.
Current report
Regional expenses increased $251 million, or 6.2%, in the first nine months of 2026 from the first nine months of 2025, primarily due to an increase in regional flight operations.
Current report
Maintenance, materials and repairs increased $224 million, or 7.8%, in the first nine months of 2026 from the first nine months of 2025, primarily due to increased costs for engine overhauls and component part repairs driven by higher volume and flight hours.
Current report
Other rent and landing fees increased $235 million, or 9.0%, in the first nine months of 2026 from the first nine months of 2025, primarily due to rate increases at certain airports.
Current report
Selling expenses increased $197 million, or 13.4%, in the first nine months of 2026 from the first nine months of 2025, primarily due to higher commissions from renegotiated agency contracts and higher credit card fees, both driven by increased passenger revenue, as well as higher advertising expenses.
Current report
In the first nine months of 2026, other nonoperating expense, net, included $259 million of net special charges, primarily related to mark-to-market net unrealized losses associated with certain equity investments, an impairment charge related to American’s equity investment in Republic Holdings and costs associated with debt refinancings and extinguishments, offset in part by $56 million of non-service-related pension and other postretirement benefit plan income.
Current report
In the first nine months of 2025, other nonoperating income, net, included $46 million of net earnings related to American’s equity investments accounted for under the equity method and $39 million of non-service-related pension and other postretirement benefit plan income, offset in part by $28 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments and debt refinancings and extinguishments.
Showing the first 40 of 42 passages. Open the source sections for the rest.
Removed paragraphs (43)
Previous report
AAG’s Second Quarter 2026 Results
Previous report
Pre-Tax Income and Net Income
Previous report
Cargo revenue increased $62 million, or 29.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to a 22.5% increase in cargo ton miles and a 5.8% increase in cargo yield.
Previous report
Other operating revenue increased $190 million, or 17.9%, in the second quarter of 2026 from the second quarter of 2025, driven primarily by higher revenue associated with our loyalty program. During the three months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $1.8 billion and $1.4 billion, respectively.
Previous report
•repaid all outstanding fuel financing obligations, including $914 million of repayments; and
Previous report
Passenger revenue increased $2.1 billion, or 15.9%, in the second quarter of 2026 from the second quarter of 2025, primarily due to strong domestic and international demand for air travel. PRASM increased 10.0% compared to the second quarter of 2025, primarily driven by higher passenger yield, which increased 11.9% year over year.
Previous report
Cargo revenue increased $62 million, or 29.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to a 22.5% increase in cargo ton miles and a 5.8% increase in cargo yield.
Previous report
Other operating revenue increased $190 million, or 17.9%, in the second quarter of 2026 from the second quarter of 2025, driven primarily by higher revenue associated with our loyalty program. During the three months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $1.8 billion and $1.4 billion, respectively.
Previous report
Aircraft fuel and related taxes increased $2.2 billion, or 83.3%, in the second quarter of 2026 from the second quarter of 2025, primarily due to a 77.1% increase in the average price per gallon of aircraft fuel including related taxes to $4.05 in the second quarter of 2026 compared to $2.29 in the second quarter of 2025 and a 3.5% increase in gallons of fuel consumed due to increased capacity.
Previous report
Salaries, wages and benefits increased $257 million, or 5.9%, in the second quarter of 2026 from the second quarter of 2025, primarily due to annual contractual wage rate increases and a 3.4% increase in mainline full-time equivalent employees subsequent to the second quarter of 2025.
Previous report
Maintenance, materials and repairs increased $100 million, or 10.8%, in the second quarter of 2026 from the second quarter of 2025, primarily due to increased costs for engine overhauls driven by higher volume.
Previous report
Other rent and landing fees increased $82 million, or 9.2%, in the second quarter of 2026 from the second quarter of 2025, primarily due to rate increases at certain airports.
Previous report
Selling expenses increased $68 million, or 12.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses.
Previous report
In the second quarter of 2026, other nonoperating expense, net, included $30 million of net special charges, primarily related to mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $18 million of non-service-related pension and other postretirement benefit plan income.
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Previous report
Passenger revenue increased $3.2 billion, or 13.0%, in the first six months of 2026 from the first six months of 2025, primarily due to strong domestic and international demand for air travel. PRASM increased 8.4% compared to the first six months of 2025, primarily driven by higher passenger yield, which increased 9.0% year over year.
Previous report
Cargo revenue increased $87 million, or 21.7%, in the first six months of 2026 from the first six months of 2025, primarily due to a 16.0% increase in cargo ton miles and a 4.9% increase in cargo yield.
Previous report
Salaries, wages and benefits increased $710 million, or 8.2%, in the first six months of 2026 from the first six months of 2025, primarily due to annual contractual wage rate increases and a 3.4% increase in mainline full-time equivalent employees subsequent to the first six months of 2025.
Previous report
Maintenance, materials and repairs increased $160 million, or 8.7%, in the first six months of 2026 from the first six months of 2025, primarily due to increased costs for engine overhauls, component part repairs and airframe heavy checks driven by higher volume and flight hours.
Previous report
Other rent and landing fees increased $147 million, or 8.5%, in the first six months of 2026 from the first six months of 2025, primarily due to rate increases at certain airports.
Previous report
Selling expenses increased $125 million, or 12.7%, in the first six months of 2026 from the first six months of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses.
Previous report
In the first six months of 2026, other nonoperating expense, net, included $164 million of net special charges primarily related to mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $36 million of non-service-related pension and other postretirement benefit plan income.
Previous report
In the first six months of 2025, other nonoperating expense, net, included $32 million of net special charges primarily related to costs associated with debt refinancings and extinguishments and mark-to-market net unrealized losses associated with certain equity investments, offset in part by $22 million of non-service-related pension and other postretirement benefit plan income.
Previous report
Passenger revenue increased $2.1 billion, or 15.9%, in the second quarter of 2026 from the second quarter of 2025, primarily due to strong domestic and international demand for air travel. PRASM increased compared to the second quarter of 2025, primarily driven by higher passenger yield.
Previous report
Aircraft fuel and related taxes increased $2.2 billion, or 83.3%, in the second quarter of 2026 from the second quarter of 2025, primarily due to a 77.1% increase in the average price per gallon of aircraft fuel including related taxes to $4.05 in the second quarter of 2026 compared to $2.29 in the second quarter of 2025 and a 3.5% increase in gallons of fuel consumed due to increased capacity.
Previous report
Salaries, wages and benefits increased $257 million, or 5.9%, in the second quarter of 2026 from the second quarter of 2025, primarily due to annual contractual wage rate increases and a 3.4% increase in mainline full-time equivalent employees subsequent to the second quarter of 2025.
Previous report
Regional expenses increased $101 million, or 7.6%, in the second quarter of 2026 from the second quarter of 2025, primarily due to an increase in regional flight operations and costs at American’s regional carriers.
Previous report
Maintenance, materials and repairs increased $100 million, or 10.8%, in the second quarter of 2026 from the second quarter of 2025, primarily due to increased costs for engine overhauls driven by higher volume.
Previous report
Other rent and landing fees increased $82 million, or 9.2%, in the second quarter of 2026 from the second quarter of 2025, primarily due to rate increases at certain airports.
Previous report
Selling expenses increased $68 million, or 12.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses.
Previous report
In the second quarter of 2026, other nonoperating expense, net, included $30 million of net special charges, primarily related to mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $18 million of non-service-related pension and other postretirement benefit plan income.
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Previous report
Passenger revenue increased $3.2 billion, or 13.0%, in the first six months of 2026 from the first six months of 2025, primarily due to strong domestic and international demand for air travel. PRASM increased compared to the first six months of 2025, primarily driven by higher passenger yield.
Previous report
Salaries, wages and benefits increased $709 million, or 8.2%, in the first six months of 2026 from the first six months of 2025, primarily due to annual contractual wage rate increases and a 3.4% increase in mainline full-time equivalent employees subsequent to the first six months of 2025.
Previous report
Regional expenses increased $152 million, or 5.7%, in the first six months of 2026 from the first six months of 2025, primarily due to an increase in regional flight operations and costs at American’s regional carriers.
Previous report
Maintenance, materials and repairs increased $160 million, or 8.7%, in the first six months of 2026 from the first six months of 2025, primarily due to increased costs for engine overhauls, component part repairs and airframe heavy checks driven by higher volume and flight hours.
Previous report
Other rent and landing fees increased $147 million, or 8.5%, in the first six months of 2026 from the first six months of 2025, primarily due to rate increases at certain airports.
Previous report
Selling expenses increased $125 million, or 12.7%, in the first six months of 2026 from the first six months of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses.
Previous report
Interest income decreased $75 million, or 15.6%, in the first six months of 2026 from the first six months of 2025, primarily due to a lower average balance of American’s short-term investments and lower interest rates, resulting in reduced returns. Interest expense, net decreased $90 million, or 10.0%, in the first six months of 2026 from the first six months of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the second quarter of 2025.
Previous report
In the first six months of 2026, other nonoperating expense, net, included $164 million of net special charges primarily related to mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $35 million of non-service-related pension and other postretirement benefit plan income.
Showing the first 40 of 43 passages. Open the source sections for the rest.
Reworded paragraphs (60)
Previous wording
Our operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business. Because of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of aircraft fuel can have a material effect on our operating results and liquidity. Market prices for aircraft fuel have fluctuated substantially during the first six months of 2026 and prices continue to be highly volatile, with market spot prices ranging from a low of approximately $1.86 per gallon to a high of approximately $4.78 per gallon during the first six months of 2026.
Current wording
Our operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business. Because of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of aircraft fuel can have a material effect on our operating results and liquidity. Market prices for aircraft fuel have fluctuated substantially during the first nine months of 2026 and prices continue to be highly volatile, with market spot prices ranging from a low of approximately $1.86 per gallon to a high of approximately $4.78 per gallon during this period.
Previous wording
(1)Not meaningful or greater than 100% change.
Current wording
(2)Not meaningful or greater than 100% change.
Previous wording
Pre-tax income and net income were $107 million and $71 million, respectively, in the second quarter of 2026. This compares to second quarter of 2025 pre-tax income and net income of $838 million and $599 million, respectively. Excluding the effects of pre-tax net special items, pre-tax income was $144 million and $869 million in the second quarters of 2026 and 2025, respectively.
Current wording
Pre-tax loss and net loss were $334 million and $269 million, respectively, in the third quarter of 2026. This compares to third quarter of 2025 pre-tax loss and net loss of $142 million and $114 million, respectively. Excluding the effects of pre-tax net special items, pre-tax loss was $222 million and $139 million in the third quarters of 2026 and 2025, respectively.
Previous wording
The period-over-period decrease in pre-tax income on both a GAAP basis and excluding pre-tax net special items was principally driven by increases in certain operating expenses including aircraft fuel and related taxes, salaries, wages and benefits and other operating expenses, offset in part by an increase in passenger revenue.
Current wording
The period-over-period increase in pre-tax loss on both a GAAP basis and excluding pre-tax net special items was principally driven by increases in aircraft fuel and related taxes, salaries, wages and benefits and certain other operating expenses, offset in part by an increase in passenger revenue.
Previous wording
In the second quarter of 2026, we reported total operating revenues of $16.7 billion, an increase of $2.3 billion, or 16.3%, from the second quarter of 2025. Passenger revenue was $15.2 billion in the second quarter of 2026, an increase of $2.1 billion, or 15.9%, from the second quarter of 2025. Passenger revenue performance improved in the second quarter of 2026, primarily due to strong domestic and international demand for air travel. Passenger revenue per available seat mile (PRASM) increased 10.0% compared to the second quarter of 2025, primarily driven by higher passenger yield, which increased 11.9% year over year.
Current wording
In the third quarter of 2026, we reported total operating revenues of $16.3 billion, an increase of $2.6 billion, or 19.3%, from the third quarter of 2025. Passenger revenue was $14.9 billion in the third quarter of 2026, an increase of $2.4 billion, or 19.5%, from the third quarter of 2025. Passenger revenue performance improved in the third quarter of 2026, with a 14.6% increase in PRASM compared to the third quarter of 2025, primarily driven by higher passenger yield, which increased 18.3% year over year. We had strong revenue performance across all regions with domestic and international PRASM increasing by 13.6% and 16.4%, respectively, primarily driven by an increase in passenger yield of 18.0% and 18.5%, respectively.
Previous wording
Our total revenue per available seat mile (TRASM) was 20.45 cents in the second quarter of 2026, a 10.3% increase as compared to 18.54 cents in the second quarter of 2025.
Current wording
Our total revenue per available seat mile (TRASM) was 20.25 cents in the third quarter of 2026, a 14.5% increase as compared to 17.69 cents in the third quarter of 2025.
Previous wording
Aircraft fuel and related taxes was $4.9 billion in the second quarter of 2026, which was $2.2 billion, or 83.3%, higher as compared to the second quarter of 2025. This was primarily due to a 77.1% increase in the average price per gallon of aircraft fuel including related taxes to $4.05 in the second quarter of 2026 compared to $2.29 in the second quarter of 2025 and a 3.5% increase in gallons of fuel consumed due to increased capacity.
Current wording
Aircraft fuel and related taxes was $4.6 billion in the third quarter of 2026, which was $1.9 billion, or 67.5%, higher as compared to the third quarter of 2025. This was primarily due to a 62.7% increase in the average price per gallon of aircraft fuel including related taxes to $3.85 in the third quarter of 2026 compared to $2.37 in the third quarter of 2025 and a 3.0% increase in gallons of fuel consumed due to increased capacity.
Previous wording
We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel. Additionally, we continue to focus on initiatives to reengineer our business through the use of digital solutions, process enhancements and procurement transformation and we intend to continue to invest in reengineering our business through the remainder of 2026 and beyond to build an even more efficient airline and continue to manage costs while delivering a better experience for our customers and team.
Current wording
We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel. Additionally, we continue to focus on initiatives to reengineer our business through the use of digital solutions, process enhancements and procurement transformation and we intend to continue to invest in reengineering our business through the remainder of 2026 and beyond to build an even more efficient airline and continue to manage costs while delivering a better experience for our customers and team members.
Previous wording
Our 2026 second quarter total operating cost per available seat mile (CASM) was 19.90 cents, an increase of 16.5% compared to 17.08 cents in the second quarter of 2025. The increase in CASM was primarily driven by higher costs for aircraft fuel, maintenance, materials and repairs and other operating expenses.
Current wording
Our 2026 third quarter total operating cost per available seat mile (CASM) was 20.10 cents, an increase of 14.9% compared to 17.49 cents in the third quarter of 2025. The increase in CASM was primarily driven by higher costs for aircraft fuel, salaries, wages and benefits and other operating expenses.
Previous wording
Our 2026 second quarter CASM excluding net special items, fuel and profit sharing was 13.93 cents, an increase of 2.9% compared to 13.53 cents in the second quarter of 2025, which was primarily driven by higher costs for maintenance, materials and repairs and other operating expenses.
Current wording
Our 2026 third quarter CASM excluding net special items, fuel and profit sharing was 14.34 cents, an increase of 3.0% compared to 13.92 cents in the third quarter of 2025, which was primarily driven by higher costs for salaries, wages and benefits and other operating expenses.
Previous wording
As of June 30, 2026, we had $11.3 billion in total available liquidity, consisting of $7.8 billion in unrestricted cash and short-term investments, and $3.5 billion in total undrawn capacity under revolving credit and other facilities.
Current wording
As of September 30, 2026, we had $11.8 billion in total available liquidity, consisting of $8.3 billion in unrestricted cash and short-term investments, and $3.5 billion in total undrawn capacity under revolving credit and other facilities.
Previous wording
During the first six months of 2026, we completed the following financing transactions (see Note 5 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on 2026 financing activities):
Current wording
During the first nine months of 2026, we completed the following financing transactions (see Note 5 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on 2026 financing activities):
Previous wording
•prepaid $310 million of the outstanding principal amounts of certain equipment notes issued under enhanced equipment trust certificates (EETCs);
Current wording
•prepaid $310 million of the outstanding principal amounts of certain equipment notes issued under enhanced equipment trust certificates (EETCs); and
Previous wording
•received approximately $2.7 billion in proceeds from EETCs, equipment loans and other notes payable in connection with the financing of certain aircraft and spare engines.
Current wording
•received approximately $4.1 billion in proceeds from EETCs, equipment loans and other notes payable in connection with the financing of certain aircraft and spare engines.
Previous wording
The table below sets forth selected operating data for the three and six months ended June 30, 2026 and 2025. Amounts may not recalculate due to rounding.
Current wording
The table below sets forth selected operating data for the three and nine months ended September 30, 2026 and 2025. Amounts may not recalculate due to rounding.
Previous wording
(h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are four Bombardier CRJ900 regional aircraft that are held in temporary storage as of June 30, 2026.
Current wording
(h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are two Bombardier CRJ900 regional aircraft that are held in temporary storage as of September 30, 2026.
Previous wording
Regional expenses increased $104 million, or 7.8%, in the second quarter of 2026 from the second quarter of 2025, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 9.0% in the second quarter of 2026 from the second quarter of 2025.
Current wording
Regional expenses increased $79 million, or 5.8%, in the third quarter of 2026 from the third quarter of 2025, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 7.5% in the third quarter of 2026 from the third quarter of 2025.
Previous wording
Other operating expenses increased $236 million, or 13.8%, in the second quarter of 2026 from the second quarter of 2025, primarily driven by higher costs for onboard food and catering, crew travel, international navigation fees, ground and cargo handling, Wi-Fi and certain general and administrative expenses.
Current wording
Other operating expenses increased $237 million, or 13.7%, in the third quarter of 2026 from the third quarter of 2025, primarily driven by higher costs for onboard food and catering, crew travel, ground and cargo handling, international navigation fees, airport lounge operations, Wi-Fi and certain general and administrative expenses.
Previous wording
Interest income decreased $64 million, or 33.3%, in the first six months of 2026 from the first six months of 2025, primarily due to a lower average balance of our short-term investments and lower interest rates, resulting in reduced returns. Interest expense, net decreased $54 million, or 6.4%, in the first six months of 2026 from the first six months of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the second quarter of 2025.
Current wording
Interest income decreased $3 million, or 3.8%, in the third quarter of 2026 from the third quarter of 2025, primarily due to lower interest rates resulting in reduced returns, offset in part by a higher average balance of our short-term investments. Interest expense, net increased $3 million, or 0.7%, in the third quarter of 2026 from the third quarter of 2025, primarily due to the issuance of debt subsequent to the third quarter of 2025 and higher interest rates on our variable-rate debt instruments, offset in part by repayments of higher interest debt.
Previous wording
In the second quarter of 2025, other nonoperating income, net, primarily included $16 million of net special credits and $11 million of non-service-related pension and other postretirement benefit plan income.
Current wording
In the third quarter of 2025, other nonoperating income, net, primarily included $31 million of net earnings related to our equity investments accounted for under the equity method and $17 million of non-service-related pension and other postretirement benefit plan income.
Previous wording
In the second quarter of 2026, we recorded an income tax provision of $36 million. Substantially all of our income before income taxes is attributable to the United States.
Current wording
In the third quarter of 2026, we recorded an income tax benefit of $65 million. Substantially all of our loss before income taxes is attributable to the United States.
Previous wording
Other operating revenue increased $422 million, or 20.8%, in the first six months of 2026 from the first six months of 2025, driven primarily by higher revenue associated with our loyalty program. During the six months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $4.7 billion and $3.2 billion, respectively. Cash remuneration for the first six months of 2026 included a one-time cash payment associated with the extension of a partner agreement announced in 2025.
Current wording
Other operating revenue increased $575 million, or 18.9%, in the first nine months of 2026 from the first nine months of 2025, driven primarily by higher revenue associated with our loyalty program. During the nine months ended September 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $6.3 billion and $4.7 billion, respectively. Cash payments for the first nine months of 2026 included a one-time payment associated with the extension of a partner agreement announced in 2025.
Previous wording
Aircraft fuel and related taxes increased $2.6 billion, or 48.7%, in the first six months of 2026 from the first six months of 2025, primarily due to a 44.5% increase in the average price per gallon of aircraft fuel including related taxes to $3.44 in the first six months of 2026 compared to $2.38 in the first six months of 2025 and a 2.9% increase in gallons of fuel consumed due to increased capacity.
Current wording
Aircraft fuel and related taxes increased $4.4 billion, or 55.2%, in the first nine months of 2026 from the first nine months of 2025, primarily due to a 50.8% increase in the average price per gallon of aircraft fuel including related taxes to $3.58 in the first nine months of 2026 compared to $2.38 in the first nine months of 2025 and a 2.9% increase in gallons of fuel consumed due to increased capacity.
Previous wording
Regional expenses increased $156 million, or 5.8%, in the first six months of 2026 from the first six months of 2025, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 6.8% in the first six months of 2026 from the first six months of 2025.
Current wording
Regional expenses increased $235 million, or 5.8%, in the first nine months of 2026 from the first nine months of 2025, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 7.0% in the first nine months of 2026 from the first nine months of 2025.
Previous wording
Other operating expenses increased $377 million, or 11.3%, in the first six months of 2026 from the first six months of 2025, primarily driven by higher costs for onboard food and catering, crew travel, ground and cargo handling, Wi-Fi, international navigation fees and certain general and administrative expenses.
Current wording
Other operating expenses increased $614 million, or 12.1%, in the first nine months of 2026 from the first nine months of 2025, primarily driven by higher costs for onboard food and catering, crew travel, ground and cargo handling, Wi-Fi, international navigation fees, airport lounge operations and certain general and administrative expenses.
Previous wording
(1)Labor contract expenses for the six months ended June 30, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members.
Current wording
(1)Labor contract expenses for the nine months ended September 30, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members.
Previous wording
In the first six months of 2026, we recorded an income tax benefit of $58 million. Substantially all of our loss before income taxes is attributable to the United States.
Current wording
In the first nine months of 2026, we recorded an income tax benefit of $122 million. Substantially all of our loss before income taxes is attributable to the United States.
Previous wording
Cargo revenue increased $62 million, or 29.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to an increase in cargo ton miles and cargo yield.
Current wording
Cargo revenue increased $62 million, or 29.1%, in the third quarter of 2026 from the third quarter of 2025, primarily due to an increase in cargo ton miles and cargo yield.
Previous wording
Other operating revenue increased $191 million, or 18.0%, in the second quarter of 2026 from the second quarter of 2025, driven primarily by higher revenue associated with American’s loyalty program. During the three months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $1.8 billion and $1.4 billion, respectively.
Current wording
Other operating revenue increased $155 million, or 15.4%, in the third quarter of 2026 from the third quarter of 2025, driven primarily by higher revenue associated with American’s loyalty program. During the three months ended September 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $1.7 billion and $1.5 billion, respectively.
Previous wording
Other operating expenses increased $236 million, or 13.8%, in the second quarter of 2026 from the second quarter of 2025, primarily driven by higher costs for onboard food and catering, crew travel, international navigation fees, ground and cargo handling, Wi-Fi and certain general and administrative expenses.
Current wording
Other operating expenses increased $237 million, or 13.7%, in the third quarter of 2026 from the third quarter of 2025, primarily driven by higher costs for onboard food and catering, crew travel, ground and cargo handling, international navigation fees, airport lounge operations, Wi-Fi and certain general and administrative expenses.
Previous wording
Interest income decreased $32 million, or 12.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to lower interest rates and a lower average balance of American’s short-term investments, resulting in reduced returns. Interest expense, net decreased $37 million, or 8.5%, in the second quarter of 2026 from the second quarter of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the second quarter of 2025.
Current wording
Interest income decreased $18 million, or 7.3%, in the third quarter of 2026 from the third quarter of 2025, primarily due to lower interest rates resulting in reduced returns, offset in part by a higher average balance of American’s short-term investments. Interest expense, net decreased $23 million, or 5.1%, in the third quarter of 2026 from the third quarter of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the third quarter of 2025.
Previous wording
In the second quarter of 2025, other nonoperating income, net, primarily included $16 million of net special credits and $11 million of non-service-related pension and other postretirement benefit plan income.
Current wording
In the third quarter of 2025, other nonoperating income, net, primarily included $31 million of net earnings related to American’s equity investments accounted for under the equity method and $17 million of non-service-related pension and other postretirement benefit plan income.
Previous wording
In the second quarter of 2026, American recorded an income tax provision of $70 million. Substantially all of American’s income before income taxes is attributable to the United States.
Current wording
In the third quarter of 2026, American recorded an income tax benefit of $32 million. Substantially all of American’s loss before income taxes is attributable to the United States.
Previous wording
Cargo revenue increased $87 million, or 21.7%, in the first six months of 2026 from the first six months of 2025, primarily due to an increase in cargo ton miles and cargo yield.
Current wording
Cargo revenue increased $149 million, or 24.3%, in the first nine months of 2026 from the first nine months of 2025, primarily due to an increase in cargo ton miles and cargo yield.
Previous wording
Other operating revenue increased $423 million, or 20.9%, in the first six months of 2026 from the first six months of 2025, driven primarily by higher revenue associated with American’s loyalty program. During the six months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $4.7 billion and $3.2 billion, respectively. Cash remuneration for the first six months of 2026 included a one-time cash payment associated with the extension of a partner agreement announced in 2025.
Current wording
Other operating revenue increased $578 million, or 19.1%, in the first nine months of 2026 from the first nine months of 2025, driven primarily by higher revenue associated with American’s loyalty program. During the nine months ended September 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $6.3 billion and $4.7 billion, respectively. Cash payments for the first nine months of 2026 included a one-time payment associated with the extension of a partner agreement announced in 2025.
Previous wording
Aircraft fuel and related taxes increased $2.6 billion, or 48.7%, in the first six months of 2026 from the first six months of 2025, primarily due to a 44.5% increase in the average price per gallon of aircraft fuel including related taxes to $3.44 in the first six months of 2026 compared to $2.38 in the first six months of 2025 and a 2.9% increase in gallons of fuel consumed due to increased capacity.
Current wording
Aircraft fuel and related taxes increased $4.4 billion, or 55.2%, in the first nine months of 2026 from the first nine months of 2025, primarily due to a 50.8% increase in the average price per gallon of aircraft fuel including related taxes to $3.58 in the first nine months of 2026 compared to $2.38 in the first nine months of 2025 and a 2.9% increase in gallons of fuel consumed due to increased capacity.
Previous wording
Other operating expenses increased $377 million, or 11.3%, in the first six months of 2026 from the first six months of 2025, primarily driven by higher costs for onboard food and catering, crew travel, ground and cargo handling, Wi-Fi, international navigation fees and certain general and administrative expenses.
Current wording
Other operating expenses increased $615 million, or 12.2%, in the first nine months of 2026 from the first nine months of 2025, primarily driven by higher costs for onboard food and catering, crew travel, ground and cargo handling, Wi-Fi, international navigation fees, airport lounge operations and certain general and administrative expenses.
Previous wording
(1)Labor contract expenses for the six months ended June 30, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members.
Current wording
(1)Labor contract expenses for the nine months ended September 30, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members.
Previous wording
Interest income decreased $26 million, or 25.8%, in the second quarter of 2026 from the second quarter of 2025, primarily due to lower interest rates and a lower average balance of our short-term investments, resulting in reduced returns. Interest expense, net decreased $24 million, or 5.5%, in the second quarter of 2026 from the second quarter of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the second quarter of 2025.
Current wording
Interest income decreased $93 million, or 12.8%, in the first nine months of 2026 from the first nine months of 2025, primarily due to lower interest rates and a lower average balance of American’s short-term investments, resulting in reduced returns. Interest expense, net decreased $112 million, or 8.4%, in the first nine months of 2026 from the first nine months of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the third quarter of 2025.
Previous wording
In the first six months of 2026, American recorded an income tax provision of $7 million. Substantially all of American’s loss before income taxes is attributable to the United States.
Current wording
In the first nine months of 2026, American recorded an income tax benefit of $26 million. Substantially all of American’s loss before income taxes is attributable to the United States.
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