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American Airlines Group

AAL Nasdaq Passenger Airlines Financials FY2016–FY2025

American Airlines Group's revenue rose 0.8% to $54.6 billion in fiscal 2025. Its operating margin was 2.7%, down from 4.8% a year earlier. Free cash flow was −$680 million, against $1.3 billion a year earlier. The diluted share count fell 8.3%.

Last close · Oct 23, 2026

$12.11

3.9%
Value it Compare
Revenue Total sales reported in the income statement.
$54.6B
0.8% vs prior year
Operating margin Operating income as a share of revenue.
2.7%
2.1 pts
Net income Profit after all expenses, interest and tax.
$111M
86.9%
Free cash flow Cash from operations minus capital spending.
−$680M
152.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.7%
6.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What American Airlines Group does

No business description yet.

Legal name
American Airlines Group Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000006201-26-000014
0000006201

Revenue and margins

American Airlines Group had $54.6B of revenue in fiscal 2025, up 0.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −30.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$680M in fiscal 2025, −1.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

American Airlines Group returned $0.0M to shareholders in fiscal 2025. The diluted share count fell 8.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value American Airlines Group yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$19.4B and divides by 661.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably American Airlines Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $12.4B$9.1B$7.7B$7.1B$5.9B
Debt incl. finance leases $35.7B$32.6B$29.4B$25.3B$25.4B
Net debt / EBITDA 18.8x6.0x4.1x3.8x5.3x
Interest coverage −0.6x0.8x1.4x1.4x0.9x
Current ratio 0.9x0.7x0.6x0.5x0.5x
Quick ratio 0.9x0.7x0.6x0.5x0.5x
Total assets $66.5B$64.7B$63.1B$61.8B$61.8B
Total liabilities $73.8B$70.5B$68.3B$65.8B$65.5B
Shareholders' equity −$7.3B−$5.8B−$5.2B−$4.0B−$3.7B
Net debt (− = net cash) $23.3B$23.5B$21.7B$18.2B$19.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.0M

3 insiders

Of sales under plans

50%

$3.5M

DateInsiderTradeSharesPriceValueFiling
Jul 31, 2026 Angela OwensSVP Corporate Controller Sold 40,077 $15.26 $0.6M Form 4
Jul 31, 2026 Stephen L JohnsonVice Chair Sold 30,000 $15.29 $0.5M Form 4
Jul 30, 2026 Stephen L JohnsonVice Chair Sold 30,000 $15.26 $0.5M Form 4
Jul 29, 2026 Stephen L JohnsonVice Chair Sold 30,000 $15.01 $0.5M Form 4
Jul 28, 2026 Angela OwensSVP Corporate Controller Sold 39,168 $15.34 $0.6M Form 4
Jul 28, 2026 Stephen L JohnsonVice Chair Sold 30,000 $15.16 $0.5M Form 4
Jul 27, 2026 Stephen L JohnsonVice Chair Sold 30,000 $14.67 $0.4M Form 4
Jun 25, 2026 David SeymourEVP Chief Operating Officer Sold plan 56,456 $18.00 $1.0M Form 4
Jun 24, 2026 David SeymourEVP Chief Operating Officer Sold plan 69,343 $17.00 $1.2M Form 4
Dec 16, 2025 David SeymourEVP Chief Operating Officer Sold plan 25,595 $16.01 $0.4M Form 4
Dec 9, 2025 David SeymourEVP Chief Operating Officer Sold plan 62,507 $15.01 $0.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 86 / 85 / 8
Accruals ratio −4.7%−5.0%−4.8%
Altman Z'' −1.04−1.32−1.56

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
American Airlines Group AAL $8.0B 0.8% 2.7% −1.2% 5.7% — 5
United Airlines UAL $32.1B 3.5% 8.0% 4.3% 15.3% 9.0x 6 Compare →
Delta Air Lines DAL $50.6B 2.8% 9.2% 6.1% 16.0% 15.3x 7 Compare →
Southwest Airlines LUV $20.6B 2.1% 1.5% −3.0% 3.7% 20.4x 7 Compare →
Alaska Air Group ALK $3.8B 21.3% 2.1% 6.6% 2.9% — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $40.1B $42.6B $44.5B $45.8B $17.3B $29.9B $49.0B $52.8B $54.2B $54.6B
Operating income $5.1B $4.2B $2.7B $3.1B −$10.4B −$1.1B $1.6B $3.0B $2.6B $1.5B
Interest expense $991M $1.1B $1.1B $1.1B $1.2B $1.8B $2.0B $2.1B $1.9B $1.7B
Pretax income $4.2B $3.4B $1.9B $2.3B −$11.5B −$2.5B $186M $1.1B $1.2B $190M
Income tax $1.6B $2.1B $472M $570M −$2.6B −$555M $59.0M $299M $308M $79.0M
Net income $2.6B $1.3B $1.4B $1.7B −$8.9B −$2.0B $127M $822M $846M $111M
Diluted EPS $4.65 $2.61 $3.03 $3.79 −$18.36 −$3.09 $0.19 $1.21 $1.24 $0.17
Diluted shares 0.56B 0.49B 0.47B 0.44B 0.48B 0.64B 0.66B 0.72B 0.72B 0.66B
Cash flow
Cash from operations $6.5B $4.7B $3.5B $3.8B −$6.5B $704M $2.2B $3.8B $4.0B $3.1B
Capital expenditure $5.7B $6.0B $3.7B $4.3B $2.0B $208M $2.5B $2.6B $2.7B $3.8B
Free cash flow $793M −$1.2B −$212M −$453M −$8.5B $496M −$373M $1.2B $1.3B −$680M
Depreciation and amortization $1.9B $2.2B $2.4B $2.6B $2.4B $2.3B $2.3B $2.3B $2.2B $2.2B
Stock-based compensation $100M $90.0M $86.0M $94.0M $91.0M $98.0M $78.0M $102M $92.0M $57.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $4.5B $1.6B $837M $1.1B $173M $18.0M $21.0M $0.0M $0.0M $0.0M
Dividends paid $224M $198M $186M $178M $43.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $4.7B $1.8B $1.0B $1.3B $216M $18.0M $21.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $6.5B $5.2B $4.8B $3.8B $6.9B $12.4B $9.1B $7.7B $7.1B $5.9B
Total debt $24.3B $21.8B $20.6B $20.9B $29.3B $35.0B $31.8B $28.9B $24.6B $24.6B
Finance lease liabilities $0.0M $0.0M $694M $670M $572M $737M $761M $506M $663M $727M
Current assets $10.3B $9.1B $8.6B $8.2B $11.1B $17.3B $15.3B $13.6B $13.2B $12.2B
Current liabilities $13.9B $15.4B $18.1B $18.3B $16.6B $19.0B $21.5B $22.1B $24.3B $24.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $31.2B $34.2B $34.1B $35.0B $31.7B $29.5B $30.2B $30.8B $31.1B $32.5B
Total assets $51.3B $52.8B $60.6B $60.0B $62.0B $66.5B $64.7B $63.1B $61.8B $61.8B
Total liabilities $51.6B $53.6B $60.7B $60.1B $68.9B $73.8B $70.5B $68.3B $65.8B $65.5B
Shareholders' equity −$284M −$780M −$169M −$118M −$6.9B −$7.3B −$5.8B −$5.2B −$4.0B −$3.7B
Margins
Operating margin 12.6% 9.9% 6.0% 6.7% −60.1% −3.5% 3.3% 5.8% 4.8% 2.7%
EBITDA margin 17.3% 15.1% 11.4% 12.4% −46.3% 4.2% 8.0% 10.1% 8.9% 6.7%
Net margin 6.4% 3.0% 3.2% 3.7% −51.3% −6.7% 0.3% 1.6% 1.6% 0.2%
FCF margin 2.0% −2.9% −0.5% −1.0% −49.0% 1.7% −0.8% 2.3% 2.4% −1.2%
Returns
Return on capital 16.8% 12.7% 12.4% 13.5% −48.8% −5.2% 6.5% 13.0% 12.5% 5.7%
Return on capital employed 14.0% 11.3% 6.7% 7.3% −23.9% −2.3% 3.5% 7.2% 6.7% 3.9%
Return on equity 96.6% — — — — — — — — —
Return on assets 5.2% 2.5% 2.5% 2.8% −14.6% −3.1% 0.2% 1.3% 1.4% 0.2%
Growth
Revenue growth −2.1% 6.2% 4.5% 2.8% −62.1% 72.4% 63.9% 7.8% 2.7% 0.8%
Net income growth −66.0% −50.4% 10.1% 19.4% −627.0% — — 547.2% 2.9% −86.9%
EPS growth −58.0% −43.9% 16.1% 25.1% −584.4% — — 536.8% 2.5% −86.3%
FCF growth 709.2% −254.7% — — — — −175.2% — 7.7% −152.3%
Share count change −19.1% −11.6% −5.3% −4.6% 8.9% 33.1% 1.7% 9.9% 0.2% −8.4%
Financial health
Net debt / EBITDA 2.6x 2.6x 3.3x 3.1x — 18.8x 6.0x 4.1x 3.8x 5.3x
Interest coverage 5.1x 4.0x 2.5x 2.8x −8.5x −0.6x 0.8x 1.4x 1.4x 0.9x
Current ratio 0.7x 0.6x 0.5x 0.5x 0.7x 0.9x 0.7x 0.6x 0.5x 0.5x
Quick ratio 0.7x 0.6x 0.5x 0.5x 0.7x 0.9x 0.7x 0.6x 0.5x 0.5x
Capital allocation
Capex / revenue 14.3% 14.0% 8.4% 9.3% 11.3% 0.7% 5.2% 4.9% 5.0% 6.9%
Stock comp / revenue 0.3% 0.2% 0.2% 0.2% 0.5% 0.3% 0.2% 0.2% 0.2% 0.1%
Payouts / FCF 595.7% — — — — 3.6% — 0.0% 0.0% —
Quality scores
Piotroski F-score 5.0 6.0 7.0 6.0 2.0 5.0 6.0 6.0 6.0 5.0
Altman Z'' 0.3 −0.3 −0.7 −0.6 −2.2 −0.8 −1.0 −1.0 −1.3 −1.6
Accruals ratio −7.9% −6.7% −3.7% −3.5% −3.8% −4.2% −3.1% −4.7% −5.0% −4.8%

Source: SEC EDGAR XBRL filings (CIK 0000006201). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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