American Airlines Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data American Airlines Group Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	40,180	42,622	44,541	45,768	17,337	29,882	48,971	52,788	54,211	54,633
Selling and marketing	1,323	1,477	1,520	2,004	666	1,098	1,815	1,799	1,812	1,997
Operating income	5,060	4,231	2,656	3,065	-10,421	-1,059	1,607	3,034	2,614	1,467
Interest expense	991	1,053	1,056	1,095	1,227	1,800	1,962	2,145	1,934	1,716
Interest income	63	94	118	127	41	18	216	591	468	357
Other non-operating income	-908	-836	-772	-809	-1,032	-1,489	-1,421	-1,913	-1,460	-1,277
Pre-tax income	4,152	3,395	1,884	2,256	-11,453	-2,548	186	1,121	1,154	190
Income tax	1,568	2,113	472	570	-2,568	-555	59	299	308	79
Net income	2,584	1,282	1,412	1,686	-8,885	-1,993	127	822	846	111
EBITDA	6,960	6,431	5,056	5,665	-8,021	1,241	3,907	5,334	4,814	3,667
EPS, basic	4.68	2.62	3.04	3.80	-18.36	-3.09	0.20	1.26	1.29	0.17
EPS, diluted	4.65	2.61	3.03	3.79	-18.36	-3.09	0.19	1.21	1.24	0.17
Shares, basic (weighted)	552	489	464	443	484	644	650	654	657	660
Shares, diluted (weighted)	556	492	466	444	484	644	655	720	721	661
Dividend per share	0.40	0.40	0.40	0.40	0.10	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	435	398	286	290	399	408	586	681	902	1,056
Short-term investments	6,037	4,771	4,485	3,546	6,619	12,158	8,525	7,000	6,180	4,882
Receivables	1,594	1,752	1,706	1,750	1,342	1,505	2,138	2,026	2,006	2,075
Other current assets	639	651	495	621	666	615	892	658	794	767
Total current assets	10,324	9,146	8,637	8,206	11,095	17,336	15,269	13,572	13,154	12,205
Property, plant and equipment	31,159	34,156	34,098	34,995	31,699	29,537	30,200	30,764	31,127	32,540
Lease right-of-use assets		0	9,151	8,737	8,039	7,850	8,094	7,939	7,333	7,091
Goodwill	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091	4,091
Intangible assets	2,173	2,203	2,137	2,084	2,029	1,988	2,059	2,051	2,044	2,066
Other non-current assets	9,791	9,483	8,694	8,057	11,175	11,744	11,153	10,783	10,169	9,938
Total assets	51,274	52,785	60,580	59,995	62,008	66,467	64,716	63,058	61,783	61,774
Accounts payable	1,592	1,688	1,773	2,062	1,196	1,772	2,149	2,353	2,455	2,840
Accrued liabilities	1,516	1,672	1,427	1,541	1,716	1,489	1,713	2,377	2,150	2,128
Short-term debt	1,855	2,476	3,213	2,749	2,697	2,315	3,059	3,501	5,196	3,641
Total current liabilities	13,872	15,358	18,096	18,311	16,569	19,006	21,496	22,062	24,295	24,492
Long-term debt	22,489	22,511	21,179	21,454	29,796	35,571	32,389	29,270	25,154	25,254
Lease liabilities		0	7,902	7,421	6,777	6,610	6,559	6,452	5,976	5,905
Other non-current liabilities	3,286	2,498	1,393	1,453	1,502	1,328	1,258	1,558	1,709	1,443
Total liabilities	51,558	53,565	60,749	60,113	68,875	73,807	70,515	68,260	65,760	65,501
Total debt	24,573	21,818	20,566	20,896	29,324	35,008	31,844	28,895	24,617	24,639
Paid-in capital	7,223	5,714	4,964	3,945	6,894	7,234	7,291	7,374	7,424	7,387
Retained earnings	1,640	-1,345	758	2,264	-6,664	-8,638	-8,511	-7,689	-6,843	-6,732
Other comprehensive income	-5,083	-5,776	-5,896	-6,331	-7,103	-5,942	-4,585	-4,894	-4,565	-4,389
Shareholders' equity	-284	-780	-169	-118	-6,867	-7,340	-5,799	-5,202	-3,977	-3,727
Total equity	-284	-780	-169	-118	-6,867	-7,340	-5,799	-5,202	-3,977	-3,727
Total liabilities and equity	51,274	52,785	60,580	59,995	62,008	66,467	64,716	63,058	61,783	61,774
Shares outstanding	507	476	461	428	621	648	651	654	658	660

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,584	1,282	1,412	1,686	-8,885	-1,993	127	822	846	111
Depreciation and amortization	1,900	2,200	2,400	2,600	2,400	2,300	2,300	2,300	2,200	2,200
Stock-based compensation	100	90	86	94	91	98	78	102	92	57
Deferred income tax	1,556	2,089	440	560	-2,568	-555	65	299	308	79
Change in receivables	-160	-190	222	73	538	-304	-637	95	35	-74
Change in payables	307	299	-147	327	-626	461	360	209	257	335
Cash from operations	6,524	4,744	3,533	3,815	-6,543	704	2,173	3,803	3,983	3,099
Capital expenditures	-5,731	-5,971	-3,745	-4,268	-1,958	-208	-2,546	-2,596	-2,683	-3,779
Purchases of investments	-6,241	-4,633	-3,412	-3,184	-5,873	-19,454	-11,257	-7,323	-7,194	-4,905
Cash from investing	-5,702	-3,636	-1,973	-2,243	-4,342	-5,983	636	-502	-968	-1,894
Debt issued	7,701	3,058	2,354	3,960	11,780	12,190	1,069	4,822	1,670	3,773
Share buybacks	-4,500	-1,615	-837	-1,097	-173	-18	-21
Dividends paid	-224	-198	-186	-178	-43	0	0
Cash from financing	-894	-1,145	-1,672	-1,568	10,994	5,288	-2,631	-3,206	-2,794	-1,051
Net change in cash		-37	-112	4	109	9	178	95	221	154
Free cash flow	793	-1,227	-212	-453	-8,501	496	-373	1,207	1,300	-680
Interest paid	964	1,040	1,091	1,111	944	1,632	1,852	2,180	1,933	1,696
Income taxes paid	16	20	18	8	6	3	2	6	8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.87 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	1.7%	Operating income / revenue.
EBITDA margin	5.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.6%	Pre-tax income / revenue.
Net margin	-0.6%	Net income / revenue.
FCF margin	0.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.5%	Cash from operations / revenue.
Return on assets (ROA)	-0.5%	Net income / average total assets.
Return on invested capital (ROIC)	4.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	7.0%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-43.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-23.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-86.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-86.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-22.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-152.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-0.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.53x	Current assets / current liabilities.
Quick ratio	0.37x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / assets	39.3%	Total debt / total assets.
Liabilities / assets	106.2%	Total liabilities / total assets.
Net debt	$17.37B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.98x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.61x	Operating income / interest expense.
Working capital	-$12.48B	Current assets - current liabilities.
Goodwill and intangibles / assets	9.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$10.13B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	1.76x	Revenue / average property, plant and equipment.
Receivables turnover	30.8x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
Capex / operating cash flow	93.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.49	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$88.04	Revenue / diluted weighted shares.
FCF per share	$0.43	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.60	Cash from operations / diluted weighted shares.
Book value per share	-$6.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$15.31	Tangible book value / shares outstanding.
Cash per share	$11.92	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$9.18B	Share price x shares outstanding.
Enterprise value	$26.55B	Market cap + total debt - cash - short-term investments.
P/S	0.16x	Market cap / revenue.
P/FCF	32.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.10x	Market cap / cash from operations, when positive.
EV/Sales	0.46x	Enterprise value / revenue.
EV/EBIT	26.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.14x	Enterprise value / EBITDA, when both are positive.
EV/FCF	93.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	-3.6%	Net income / market cap (the inverse of P/E).

What was American Airlines Group Inc.'s revenue in fiscal 2025?

American Airlines Group Inc. reported revenue of $54.63B for fiscal 2025, 0.8% higher than the year before.

Was American Airlines Group Inc. profitable in fiscal 2025?

Yes. Net income was $111.0M, a net margin of 0.2%.

How much free cash flow did American Airlines Group Inc. generate in fiscal 2025?

Cash from operations of $3.10B minus capital expenditures of $3.78B left free cash flow of -$680.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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