10-Q – 2025-10-23 – aal-20250930.htm

(a) Revenue passenger mile (RPM) – A basic measure of sales volume. One RPM represents one passenger flown one mile.
(b) Available seat mile (ASM) – A basic measure of production. One ASM represents one seat flown one mile.
(c) Passenger load factor – The percentage of available seats that are filled with revenue passengers.
(d) Yield – A measure of airline revenue derived by dividing passenger revenue by RPMs.
(e) Passenger revenue per available seat mile (PRASM) – Passenger revenue divided by ASMs.
(f) Total revenue per available seat mile (TRASM) – Total revenues divided by ASMs.
(g) Total operating cost per available seat mile (CASM) – Total operating expenses divided by ASMs.
(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 as of September 30, 2025 are aircraft in temporary storage including two mainline Airbus A321XLR aircraft as well as four regional aircraft as follows: three Bombardier CRJ900 and one Embraer ERJ145.
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Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024
Operating Revenues

  Three Months Ended
September 30, Increase
(Decrease) Percent
Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Passenger $ 12,471  $ 12,523  $ (52) (0.4)
Cargo 212  202  10  5.0
Other 1,008  922  86  9.4
Total operating revenues $ 13,691  $ 13,647  $ 44  0.3

This table presents our passenger revenue and the period-over-period change in certain operating statistics:

    Increase (Decrease)
vs. Three Months Ended September 30, 2024

  Three Months Ended
September 30, 2025 RPMs ASMs Load
Factor
Passenger
Yield
PRASM
  (In millions)          
Passenger revenue $ 12,471  1.6% 2.3% (0.6)pts (2.0)% (2.7)%

Passenger revenue decreased $52 million, or 0.4%, in the third quarter of 2025 from the third quarter of 2024. Our passenger revenue in the third quarter of 2025 was impacted by weakness in international travel, primarily in the Latin America region, offset in part by improvement in domestic revenue.
Cargo revenue increased $10 million, or 5.0%, in the third quarter of 2025 from the third quarter of 2024, primarily due to a 4.3% increase in cargo yield.
Other operating revenue increased $86 million, or 9.4%, in the third quarter of 2025 from the third quarter of 2024, driven primarily by higher revenue associated with our loyalty program. During the three months ended September 30, 2025 and 2024, cash payments from co-branded credit card and other partners were $1.5 billion and $1.4 billion, respectively.
Operating Expenses

  Three Months Ended
September 30, Increase
(Decrease) Percent
Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Aircraft fuel and related taxes $ 2,767  $ 2,874  $ (107) (3.7)
Salaries, wages and benefits 4,461  4,098  363  8.9
Regional expenses 1,370  1,264  106  8.4
Maintenance, materials and repairs 1,028  989  39  3.9
Other rent and landing fees 906  861  45  5.3
Aircraft rent 310  303  7  2.4
Selling expenses 483  468  15  3.2
Depreciation and amortization 474  479  (5) (1.1)
Mainline operating special items, net 7  554  (547) (98.7)
Other 1,734  1,668  66  4.0
Total operating expenses $ 13,540  $ 13,558  $ (18) (0.1)

Aircraft fuel and related taxes decreased $107 million, or 3.7%, in the third quarter of 2025 from the third quarter of 2024, primarily due to a 5.5% decrease in the average price per gallon of aircraft fuel including related taxes to $2.37 in the third quarter of 2025 from $2.50 in the third quarter of 2024, offset in part by a 1.9% increase in gallons of fuel consumed due to increased capacity.
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Salaries, wages and benefits increased $363 million, or 8.9%, in the third quarter of 2025 from the third quarter of 2024, primarily due to contractual wage rate increases and higher costs for benefit-related items associated with newly ratified and extended labor agreements reached in 2024, as well as annual contractual wage rate increases in our other labor agreements.
Regional expenses increased $106 million, or 8.4%, in the third quarter of 2025 from the third quarter of 2024, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 7.6% in the third quarter of 2025 from the third quarter of 2024.
Maintenance, materials and repairs increased $39 million, or 3.9%, in the third quarter of 2025 from the third quarter of 2024, primarily due to increased costs for component part repairs and airframe heavy checks driven by higher volume, offset in part by a decrease in the volume of engine overhauls.
Other rent and landing fees increased $45 million, or 5.3%, in the third quarter of 2025 from the third quarter of 2024, primarily due to rate increases at certain airports, offset in part by a decrease in leased engines.
Operating Special Items, Net

  Three Months Ended September 30,
  2025 2024
(In millions)

Severance expenses $ 3  $ — 
Labor contract expenses (1)
—  516 

Other operating special items, net 4  38 
Mainline operating special items, net $ 7  $ 554 

(1) Labor contract expenses for the three months ended September 30, 2024 included one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline flight attendants, including a one-time payment of $514 million.
Nonoperating Results

  Three Months Ended September 30, Increase
(Decrease) Percent Increase (Decrease)
  2025 2024
  (In millions, except percentage changes)
Interest income $ 90  $ 117  $ (27) (22.8)
Interest expense, net (432) (480) 48  (10.0)
Other income, net 49  18  31  nm
Total nonoperating expense, net $ (293) $ (345) $ 52  (15.3)

Interest income decreased $27 million, or 22.8%, in the third quarter of 2025 from the third quarter of 2024, primarily due to lower interest rates that reduced returns on our short-term investments. Interest expense, net decreased $48 million, or 10.0%, in the third quarter of 2025 from the third quarter of 2024, primarily due to lower interest rates on our variable-rate debt instruments and lower outstanding debt subsequent to the third quarter of 2024, as we continue our efforts to strengthen the balance sheet.
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.
In the third quarter of 2024, other nonoperating income, net primarily included $27 million of non-service related pension and other postretirement benefit plan income and $27 million of net special credits for mark-to-market net unrealized gains associated with certain equity investments, offset in part by $21 million of foreign currency losses.
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Income Taxes
In the third quarter of 2025, we recorded an income tax benefit of $28 million. Substantially all of our loss before income taxes is attributable to the United States.
See Note 6 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for additional information on income taxes.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Operating Revenues

  Nine Months Ended
September 30, Increase
(Decrease) Percent
Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Passenger $ 36,985  $ 37,184  $ (199) (0.5)
Cargo 612  584  28  4.8
Other 3,037  2,783  254  9.1
Total operating revenues $ 40,634  $ 40,551  $ 83  0.2

This table presents our passenger revenue and the period-over-period change in certain operating statistics: 

    Increase (Decrease)
vs. Nine Months Ended September 30, 2024

  Nine Months Ended
September 30, 2025 RPMs ASMs Load
Factor
Passenger
Yield
PRASM
  (In millions)          
Passenger revenue $ 36,985  0.3% 1.6% (1.1)pts (0.8)% (2.1)%

Passenger revenue decreased $199 million, or 0.5%, in the first nine months of 2025 from the first nine months of 2024. Our passenger revenue in the first nine months of 2025 was impacted by softness in domestic demand for air travel and the American Eagle Flight 5342 accident, offset in part by strength in international air travel, particularly in the Atlantic and Pacific regions.
Cargo revenue increased $28 million, or 4.8%, in the first nine months of 2025 from the first nine months of 2024, primarily due to a 4.2% increase in cargo yield.
Other operating revenue increased $254 million, or 9.1%, in the first nine months of 2025 from the first nine months of 2024, driven primarily by higher revenue associated with our loyalty program. During the nine months ended September 30, 2025 and 2024, cash payments from co-branded credit card and other partners were $4.7 billion and $4.4 billion, respectively.
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Operating Expenses

  Nine Months Ended
September 30, Increase
(Decrease) Percent
Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Aircraft fuel and related taxes $ 8,017  $ 8,916  $ (899) (10.1)
Salaries, wages and benefits 13,065  11,917  1,148  9.6
Regional expenses 4,053  3,733  320  8.6
Maintenance, materials and repairs 2,876  2,823  53  1.9
Other rent and landing fees 2,627  2,514  113  4.5
Aircraft rent 910  945  (35) (3.8)
Selling expenses 1,467  1,331  136  10.2
Depreciation and amortization 1,418  1,424  (6) (0.3)
Mainline operating special items, net 125  625  (500) (80.0)
Other 5,061  4,843  218  4.5
Total operating expenses $ 39,619  $ 39,071  $ 548  1.4

Aircraft fuel and related taxes decreased $899 million, or 10.1%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an 11.5% decrease in the average price per gallon of aircraft fuel including related taxes to $2.38 in the first nine months of 2025 from $2.68 in the first nine months of 2024, offset in part by a 1.6% increase in gallons of fuel consumed due to increased capacity.
Salaries, wages and benefits increased $1.1 billion, or 9.6%, in the first nine months of 2025 from the first nine months of 2024, primarily due to contractual wage rate increases and higher costs for benefit-related items associated with newly ratified and extended labor agreements reached in 2024, as well as annual contractual wage rate increases in our other labor agreements.
Regional expenses increased $320 million, or 8.6%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 11.3% in the first nine months of 2025 from the first nine months of 2024. In addition, higher maintenance, materials and repair costs driven by an increase in the volume of airframe heavy checks and engine overhauls also contributed to the increase in regional expenses.
Maintenance, materials and repairs increased $53 million, or 1.9%, in the first nine months of 2025 from the first nine months of 2024, primarily due to increased costs for component part repairs and airframe heavy checks driven by higher volume, offset in part by a decrease in the volume of engine overhauls.
Other rent and landing fees increased $113 million, or 4.5%, in the first nine months of 2025 from the first nine months of 2024, primarily due to rate increases at certain airports, offset in part by a decrease in leased engines.
Selling expenses increased $136 million, or 10.2%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an increase in commissions expense, driven by higher costs resulting from renegotiated agency contracts, as well as an increase in advertising expenses. Higher credit card fees driven by higher rates also contributed to the increase in selling expenses.
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Operating Special Items, Net

  Nine Months Ended September 30,
  2025 2024
  (In millions)
Litigation reserve adjustments $ 77  $ — 
Labor contract expenses (1)
31  573 
Severance expenses 8  13 

Other operating special items, net 9  39 
Mainline operating special items, net $ 125  $ 625 

(1) Labor contract expenses for the nine months ended September 30, 2025 included a one-time charge for adjustments to vacation accruals resulting from pay rate increases effective January 1, 2025, related to the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members.
Labor contract expenses for the nine months ended September 30, 2024 included one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline flight attendants, including a one-time payment of $514 million, and from the ratification of a new collective bargaining agreement with our mainline passenger service team members.
Nonoperating Results

  Nine Months Ended September 30, Increase
(Decrease) Percent Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Interest income $ 285  $ 363  $ (78) (21.5)
Interest expense, net (1,294) (1,464) 170  (11.6)
Other income (expense), net 42  (20) 62  nm
Total nonoperating expense, net $ (967) $ (1,121) $ 154  (13.7)

Interest income decreased $78 million, or 21.5%, in the first nine months of 2025 from the first nine months of 2024, primarily due to lower interest rates that reduced returns on our short-term investments. Interest expense, net decreased $170 million, or 11.6%, in the first nine months of 2025 from the first nine months of 2024, primarily due to lower interest rates on our variable-rate debt instruments and lower outstanding debt subsequent to the third quarter of 2024, as we continue our efforts to strengthen the balance sheet.
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.
In the first nine months of 2024, other nonoperating expense, net included $31 million of foreign currency losses, $30 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments and $27 million of net losses related to our equity investments accounted for under the equity method, offset in part by $76 million of non-service related pension and other postretirement benefit plan income.
Income Taxes
In the first nine months of 2025, we recorded an income tax provision of $36 million. Substantially all of our income before income taxes is attributable to the United States.
See Note 6 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for additional information on income taxes.
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American’s Results of Operations

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024
Operating Revenues

  Three Months Ended
September 30, Increase
(Decrease) Percent
Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Passenger $ 12,471  $ 12,523  $ (52) (0.4)
Cargo 212  202  10  5.0
Other 1,005  920  85  9.4
Total operating revenues $ 13,688  $ 13,645  $ 43  0.3

Passenger revenue decreased $52 million, or 0.4%, in the third quarter of 2025 from the third quarter of 2024. American’s passenger revenue in the third quarter of 2025 was impacted by weakness in international travel, primarily in the Latin America region, offset in part by improvement in domestic revenue.
Cargo revenue increased $10 million, or 5.0%, in the third quarter of 2025 from the third quarter of 2024, primarily due to an increase in cargo yield.
Other operating revenue increased $85 million, or 9.4%, in the third quarter of 2025 from the third quarter of 2024, driven primarily by higher revenue associated with American’s loyalty program. During the three months ended September 30, 2025 and 2024, cash payments from co-branded credit card and other partners were $1.5 billion and $1.4 billion, respectively.
Operating Expenses  

  Three Months Ended
September 30, Increase
(Decrease) Percent
Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Aircraft fuel and related taxes $ 2,767  $ 2,874  $ (107) (3.7)
Salaries, wages and benefits 4,459  4,096  363  8.9
Regional expenses 1,353  1,268  85  6.7
Maintenance, materials and repairs 1,028  989  39  3.9
Other rent and landing fees 906  861  45  5.3
Aircraft rent 310  303  7  2.4
Selling expenses 483  468  15  3.2
Depreciation and amortization 473  477  (4) (0.9)
Mainline operating special items, net 7  554  (547) (98.7)
Other 1,735  1,665  70  4.2
Total operating expenses $ 13,521  $ 13,555  $ (34) (0.3)

Aircraft fuel and related taxes decreased $107 million, or 3.7%, in the third quarter of 2025 from the third quarter of 2024, primarily due to a 5.5% decrease in the average price per gallon of aircraft fuel including related taxes to $2.37 in the third quarter of 2025 from $2.50 in the third quarter of 2024, offset in part by a 1.9% increase in gallons of fuel consumed due to increased capacity.
Salaries, wages and benefits increased $363 million, or 8.9%, in the third quarter of 2025 from the third quarter of 2024, primarily due to contractual wage rate increases and higher costs for benefit-related items associated with newly ratified and extended labor agreements reached in 2024, as well as annual contractual wage rate increases in American’s other labor agreements.
Regional expenses increased $85 million, or 6.7%, in the third quarter of 2025 from the third quarter of 2024, primarily due to an increase in regional flight operations and costs at American’s regional carriers.
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Maintenance, materials and repairs increased $39 million, or 3.9%, in the third quarter of 2025 from the third quarter of 2024, primarily due to increased costs for component part repairs and airframe heavy checks driven by higher volume, offset in part by a decrease in the volume of engine overhauls.
Other rent and landing fees increased $45 million, or 5.3%, in the third quarter of 2025 from the third quarter of 2024, primarily due to rate increases at certain airports, offset in part by a decrease in leased engines.
Operating Special Items, Net

Three Months Ended September 30,
2025 2024
(In millions)

Severance expenses $ 3  $ — 
Labor contract expenses (1)
—  516 

Other operating special items, net 4  38 
Mainline operating special items, net $ 7  $ 554 

(1) Labor contract expenses for the three months ended September 30, 2024 included one-time charges resulting from the ratification of a new collective bargaining agreement with American’s mainline flight attendants, including a one-time payment of $514 million.
Nonoperating Results

  Three Months Ended September 30, Increase
(Decrease) Percent
Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Interest income $ 249  $ 268  $ (19) (7.1)
Interest expense, net (450) (505) 55  (10.8)
Other income, net 49  18  31  nm
Total nonoperating expense, net $ (152) $ (219) $ 67  (30.5)

Interest income decreased $19 million, or 7.1%, in the third quarter of 2025 from the third quarter of 2024, primarily due to lower interest rates that reduced returns on American’s short-term investments. Interest expense, net decreased $55 million, or 10.8%, in the third quarter of 2025 from the third quarter of 2024, primarily due to lower interest rates on its variable-rate debt instruments and lower outstanding debt subsequent to the third quarter of 2024, as American continues its efforts to strengthen the balance sheet.
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.
In the third quarter of 2024, other nonoperating income, net primarily included $27 million of non-service related pension and other postretirement benefit plan income and $27 million of net special credits for mark-to-market net unrealized gains associated with certain equity investments, offset in part by $21 million of foreign currency losses.
Income Taxes
American is a member of AAG’s consolidated federal and certain state income tax returns.
In the third quarter of 2025, American recorded an income tax provision of $5 million. Substantially all of American’s income before income taxes is attributable to the United States.
See Note 5 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B for additional information on income taxes.
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Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Operating Revenues  

  Nine Months Ended
September 30, Increase
(Decrease) Percent
Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Passenger $ 36,985  $ 37,184  $ (199) (0.5)
Cargo 612  584  28  4.8
Other 3,031  2,778  253  9.1
Total operating revenues $ 40,628  $ 40,546  $ 82  0.2

Passenger revenue decreased $199 million, or 0.5%, in the first nine months of 2025 from the first nine months of 2024. American’s passenger revenue in the first nine months of 2025 was impacted by softness in domestic demand for air travel and the American Eagle Flight 5342 accident, offset in part by strength in international air travel, particularly in the Atlantic and Pacific regions.
Cargo revenue increased $28 million, or 4.8%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an increase in cargo yield.
Other operating revenue increased $253 million, or 9.1%, in the first nine months of 2025 from the first nine months of 2024, driven primarily by higher revenue associated with American’s loyalty program. During the nine months ended September 30, 2025 and 2024, cash payments from co-branded credit card and other partners were $4.7 billion and $4.4 billion, respectively.
Operating Expenses

  Nine Months Ended
September 30, Increase
(Decrease) Percent
Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Aircraft fuel and related taxes $ 8,017  $ 8,916  $ (899) (10.1)
Salaries, wages and benefits 13,058  11,911  1,147  9.6
Regional expenses 4,027  3,725  302  8.1
Maintenance, materials and repairs 2,876  2,823  53  1.9
Other rent and landing fees 2,627  2,514  113  4.5
Aircraft rent 910  945  (35) (3.8)
Selling expenses 1,467  1,331  136  10.2
Depreciation and amortization 1,414  1,416  (2) (0.1)
Mainline operating special items, net 125  625  (500) (80.0)
Other 5,065  4,844  221  4.6
Total operating expenses $ 39,586  $ 39,050  $ 536  1.4

Aircraft fuel and related taxes decreased $899 million, or 10.1%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an 11.5% decrease in the average price per gallon of aircraft fuel including related taxes to $2.38 in the first nine months of 2025 from $2.68 in the first nine months of 2024, offset in part by a 1.6% increase in gallons of fuel consumed due to increased capacity.
Salaries, wages and benefits increased $1.1 billion, or 9.6%, in the first nine months of 2025 from the first nine months of 2024, primarily due to contractual wage rate increases and higher costs for benefit-related items associated with newly ratified and extended labor agreements reached in 2024, as well as annual contractual wage rate increases in American’s other labor agreements.
Regional expenses increased $302 million, or 8.1%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an increase in regional flight operations and costs at American’s regional carriers.
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Maintenance, materials and repairs increased $53 million, or 1.9%, in the first nine months of 2025 from the first nine months of 2024, primarily due to increased costs for component part repairs and airframe heavy checks driven by higher volume, offset in part by a decrease in the volume of engine overhauls.
Other rent and landing fees increased $113 million, or 4.5%, in the first nine months of 2025 from the first nine months of 2024, primarily due to rate increases at certain airports, offset in part by a decrease in leased engines.
Selling expenses increased $136 million, or 10.2%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an increase in commissions expense, driven by higher costs resulting from renegotiated agency contracts, as well as an increase in advertising expenses. Higher credit card fees driven by higher rates also contributed to the increase in selling expenses.
Operating Special Items, Net

Nine Months Ended September 30,
2025 2024
(In millions)
Litigation reserve adjustments $ 77  $ — 
Labor contract expenses (1)
31  573 
Severance expenses 8  13 

Other operating special items, net 9  39 
Mainline operating special items, net $ 125  $ 625 

(1) Labor contract expenses for the nine months ended September 30, 2025 included a one-time charge for adjustments to vacation accruals resulting from pay rate increases effective January 1, 2025, related to the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members.
Labor contract expenses for the nine months ended September 30, 2024 included one-time charges resulting from the ratification of a new collective bargaining agreement with American’s mainline flight attendants, including a one-time payment of $514 million, and from the ratification of a new collective bargaining agreement with American’s mainline passenger service team members.
Nonoperating Results  

  Nine Months Ended September 30, Increase
(Decrease) Percent Increase
(Decrease)
  2025 2024
  (In millions, except percentage changes)
Interest income $ 732  $ 805  $ (73) (9.0)
Interest expense, net (1,343) (1,536) 193  (12.5)
Other income (expense), net 41  (21) 62  nm
Total nonoperating expense, net $ (570) $ (752) $ 182  (24.2)

Interest income decreased $73 million, or 9.0% in the first nine months of 2025 from the first nine months of 2024, primarily due to lower interest rates that reduced returns on American’s short-term investments. Interest expense, net decreased $193 million, or 12.5%, in the first nine months of 2025 from the first nine months of 2024, primarily due to lower interest rates on its variable-rate debt instruments and lower outstanding debt subsequent to the third quarter of 2024, as American continues its efforts to strengthen the balance sheet.
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.
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In the first nine months of 2024, other nonoperating expense, net included $31 million of foreign currency losses, $30 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments and $27 million of net losses related to American’s equity investments accounted for under the equity method, offset in part by $75 million of non-service related pension and other postretirement benefit plan income.
Income Taxes
American is a member of AAG’s consolidated federal and certain state income tax returns.
In the first nine months of 2025, American recorded an income tax provision of $128 million. Substantially all of American’s income before income taxes is attributable to the United States.
See Note 5 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B for additional information on income taxes.

Liquidity and Capital Resources
Liquidity
At September 30, 2025, AAG had $10.3 billion in total available liquidity and $760 million in restricted cash and short-term investments. Additional detail regarding our available liquidity is provided in the table below (in millions):  

  AAG American
  September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
Cash $ 835  $ 804  $ 825  $ 795 
Short-term investments 6,023  6,180  6,020  6,177 
Undrawn facilities 3,400  3,289  3,400  3,289 
Total available liquidity $ 10,258  $ 10,273  $ 10,245  $ 10,261 

In the ordinary course of our business, we or our affiliates may, at any time and from time to time, seek to prepay, retire or repurchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, prepayments, retirements or exchanges, if any, will be conducted on such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, legal and contractual restrictions and other factors. The amounts involved may be material.
Certain Covenants
Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, may restrict our ability and that of our subsidiaries to incur additional indebtedness, pay dividends or repurchase stock. Our debt agreements also contain customary change of control provisions, which may require us to repay or redeem such indebtedness upon certain events constituting a change of control under the relevant agreement, in certain cases at a premium. Additionally, certain of our debt financing agreements (including our secured notes, term loans, revolving credit facilities and spare engine EETCs) contain loan to value (LTV) or collateral coverage ratio covenants and certain agreements require us to appraise the related collateral annually or semiannually. Pursuant to such agreements, if the applicable LTV or collateral coverage ratio exceeds or falls below a specified threshold, as the case may be, we will be required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), withhold additional cash in certain accounts, or pay down such financing, in whole or in part, or the interest rate for the relevant financing will be increased. Additionally, a significant portion of our debt financing agreements contain covenants requiring us to maintain an aggregate of at least $2.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities. Our 5.50% senior secured notes due 2026, 5.75% senior secured notes due 2029 and the 2021 and 2025 AAdvantage Term Loan Facilities (collectively, the AAdvantage Financing) contain a peak debt service coverage ratio, pursuant to which failure to comply with a certain threshold may result in early repayment, in whole or in part, of the AAdvantage Financing. As of the most recent applicable measurement dates, we were in compliance with each of the foregoing covenants.
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Sources and Uses of Cash
AAG
Operating Activities
Our net cash provided by operating activities was $3.4 billion and $3.6 billion for the first nine months of 2025 and 2024, respectively, a $212 million period-over-period decrease driven primarily by lower profitability in the first nine months of 2025 as compared to the same period in 2024.
Investing Activities
Our net cash used in investing activities was $1.5 billion and $1.8 billion for the first nine months of 2025 and 2024, respectively.
Our principal investing activities in the first nine months of 2025 included $2.1 billion of capital expenditures, which primarily related to the purchase of 13 Boeing 737 MAX aircraft, six Embraer E175 aircraft, five Bombardier CRJ900 aircraft, three Boeing 787-9 aircraft, two Airbus A321XLR aircraft, one Airbus A321neo aircraft, one Airbus A320 aircraft lease repurchase and seven aircraft engines. These cash outflows were offset in part by $328 million in net proceeds from the issuance of the TMAT special facility revenue bonds and $243 million in proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at Los Angeles International Airport (LAX). Additionally, we had $143 million in net sales of short-term investments.
Our principal investing activities in the first nine months of 2024 included $1.9 billion of capital expenditures, which primarily related to the purchase of 12 Embraer E175 aircraft, three Boeing 737 MAX aircraft, three Boeing 737-800 aircraft lease repurchases, two Airbus A321neo aircraft, 39 aircraft engines and aircraft purchase deposits. Additionally, we had $627 million in net purchases of short-term investments. These cash outflows were offset in part by $598 million of proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at LAX.
Financing Activities
Our net cash used in financing activities was $1.8 billion and $1.5 billion for the first nine months of 2025 and 2024, respectively.
Our principal financing activities in the first nine months of 2025 primarily included $4.1 billion in debt and finance lease repayments, consisting of $3.3 billion in scheduled repayments, including the $1.0 billion cash settlement of AAG’s 6.50% convertible senior notes. Debt and finance lease repayments also included early repayments of $487 million for the outstanding principal amount of equipment notes issued under EETCs and $308 million toward portions of the outstanding principal amounts of the IP Notes and LGA/DCA Notes. These cash outflows were offset in part by $2.2 billion of proceeds from the issuance of long-term debt, consisting of $1.0 billion from the issuance of the 2025 AAdvantage Term Loan Facility and $1.2 billion from the issuance of equipment loans and other notes payable in connection with the financing of certain aircraft.
Our principal financing activities in the first nine months of 2024 included $2.7 billion in scheduled repayments of debt and finance lease obligations. These cash outflows were offset in part by $1.3 billion of proceeds from issuance of long-term debt, consisting of $684 million from the issuance of EETCs in connection with the financing of certain aircraft that had been previously delivered and $571 million from the issuance of equipment loans and other notes payable.
American
Operating Activities
American’s net cash provided by operating activities was $2.2 billion and $3.5 billion for the first nine months of 2025 and 2024, respectively, a $1.3 billion period-over-period decrease driven by a net increase in receivables from related parties, including the scheduled repayment of AAG’s $1.0 billion 6.50% convertible senior notes. Excluding this net increase in receivables from related parties, American’s operating cash flow decreased $198 million primarily due to lower profitability in the first nine months of 2025 as compared to the same period in 2024.
Investing Activities
American’s net cash used in investing activities was $1.5 billion and $1.8 billion for the first nine months of 2025 and 2024, respectively.
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American’s principal investing activities in the first nine months of 2025 included $2.1 billion of capital expenditures, which primarily related to the purchase of 13 Boeing 737 MAX aircraft, six Embraer E175 aircraft, five Bombardier CRJ900 aircraft, three Boeing 787-9 aircraft, two Airbus A321XLR aircraft, one Airbus A321neo aircraft, one Airbus A320 aircraft lease repurchase and seven aircraft engines. These cash outflows were offset in part by $328 million in net proceeds from the issuance of the TMAT special facility revenue bonds and $243 million in proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at LAX. Additionally, American had $143 million in net sales of short-term investments.
American’s principal investing activities in the first nine months of 2024 included $1.9 billion of capital expenditures, which primarily related to the purchase of 12 Embraer E175 aircraft, three Boeing 737 MAX aircraft, three Boeing 737-800 aircraft lease repurchases, two Airbus A321neo aircraft, 39 aircraft engines and aircraft purchase deposits. Additionally, American had $626 million in net purchases of short-term investments. These cash outflows were offset in part by $598 million of proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at LAX.
Financing Activities
American’s net cash used in financing activities was $737 million and $1.5 billion for the first nine months of 2025 and 2024, respectively.
American’s principal financing activities in the first nine months of 2025 primarily included $3.1 billion in debt and finance lease repayments, consisting of $2.3 billion in scheduled repayments and early repayments of $487 million for the outstanding principal amount of equipment notes issued under EETCs and $308 million toward portions of the outstanding principal amounts of the IP Notes and LGA/DCA Notes. These cash outflows were offset in part by $2.2 billion of proceeds from the issuance of long-term debt, consisting of $1.0 billion from the issuance of the 2025 AAdvantage Term Loan Facility and $1.2 billion from the issuance of equipment loans and other notes payable in connection with the financing of certain aircraft.
American’s principal financing activities in the first nine months of 2024 included $2.7 billion in scheduled repayments of debt and finance lease obligations. These cash outflows were offset in part by $1.3 billion of proceeds from issuance of long-term debt, consisting of $684 million from the issuance of EETCs in connection with the financing of certain aircraft that had been previously delivered and $571 million from the issuance of equipment loans and other notes payable.

Commitments
Significant Indebtedness
As of September 30, 2025, AAG had $28.4 billion in long-term debt, including current maturities of $3.5 billion. As of September 30, 2025, American had $24.6 billion in long-term debt, including current maturities of $3.5 billion. All material changes in our significant indebtedness since our 2024 Form 10-K are discussed in Note 5 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A and Note 4 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B.
Aircraft and Engine Purchase Commitments
As of September 30, 2025, we had definitive purchase agreements for the acquisition of the following new aircraft (1) :  

Remainder
of 2025 2026 2027 2028 and Thereafter Total
Airbus
A320 Family 3  21  24  104  152 
Boeing
737 Family 9  15  —  115  139 
787 Family 3  1  3  15  22 
Embraer
E175 6  16  17  47  86 

Total 21  53  44  281  399 

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(1) Delivery schedule represents our best estimate as of the date of this report as described in footnote (d) to the “Contractual Obligations” table below. Actual delivery dates are subject to change, which could be material, based on various potential factors including production delays by the manufacturer and regulatory concerns. See Part I, Item 1A. Risk Factors – “We depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition” in our 2024 Form 10-K.
In addition, we have committed to purchase seven used Bombardier CRJ900 aircraft which are scheduled to be delivered from the fourth quarter of 2025 through 2026. We also have agreements for 49 spare engines to be delivered in the fourth quarter of 2025 and beyond. The “Contractual Obligations” table below reflects these commitments.
We intend to finance future aircraft deliveries and option exercises using long-term debt.
Off-Balance Sheet Arrangements
An off-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or that engages in leasing, hedging or research and development arrangements with us.
There have been no material changes in our off-balance sheet arrangements as discussed in our 2024 Form 10-K.
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Contractual Obligations
The following table provides details of our estimated material cash requirements from contractual obligations as of September 30, 2025 (in millions). The table does not include commitments that are contingent on events or other factors that are uncertain or unknown at this time and is subject to other conventions as set forth in the applicable accompanying footnotes.

  Payments Due by Period
  Remainder
of 2025 2026 2027 2028 2029 2030 and Thereafter Total
American
Long-term debt:
Principal amount (a), (c)
$ 749  $ 3,611  $ 4,395  $ 7,264  $ 3,985  $ 4,615  $ 24,619 
Interest obligations (b), (c)
340  1,251  986  690  373  807  4,447 
Finance lease obligations 37  147  138  100  94  354  870 
Aircraft and engine purchase commitments (d)
1,280  2,891  2,784  4,057  4,252  9,847  25,111 
Operating lease commitments 412  1,572  1,413  1,283  1,175  3,773  9,628 
Regional capacity purchase agreements (e)
275  1,051  1,049  976  809  808  4,968 
Minimum pension obligations (f)
—  251  157  107  81  46  642 
Retiree medical and other postretirement benefits (f)
34  138  135  131  128  615  1,181 
Other purchase obligations (g)
1,401  3,122  1,811  1,285  424  3,824  11,867 
Total American Contractual Obligations 4,528  14,034  12,868  15,893  11,321  24,689  83,333 

AAG Parent and Other AAG Subsidiaries
Long-term debt:
Principal amount (a)
—  —  —  —  —  3,746  3,746 
Interest obligations (b)
—  172  194  198  203  214  981 
Finance lease obligations 3  —  —  —  —  —  3 
Operating lease commitments 4  14  9  8  7  40  82 
Minimum pension obligations (f)
—  2  1  1  1  2  7 
Other purchase obligations 1  14  12  5  2  —  34 
Total AAG Contractual Obligations $ 4,536  $ 14,236  $ 13,084  $ 16,105  $ 11,534  $ 28,691  $ 88,186 

(a) Amounts represent contractual amounts due. Excludes $317 million and $2 million of unamortized debt discount, premium and issuance costs as of September 30, 2025 for American and AAG Parent, respectively. For additional information, see Note 5 and Note 4 to AAG’s and American’s Condensed Consolidated Financial Statements in Part I, Items 1A and 1B, respectively.
(b) For variable-rate debt, future interest obligations are estimated using the current forward rates at September 30, 2025.
(c) Includes $6.2 billion of future principal payments and $664 million of future interest payments as of September 30, 2025, related to EETCs associated with mortgage financings of certain aircraft and spare engines.
(d) See “ Aircraft and Engine Purchase Commitments” above for additional information about the firm commitments for the acquisition of aircraft and engines, including the anticipated aircraft delivery schedule. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer and certain management assumptions. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the manufacturer and regulatory concerns.
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(e) These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American’s actual payments could differ materially. Rental payments under operating leases for certain aircraft flown under these capacity purchase agreements are reflected in the operating lease commitments line above.
(f) Represents minimum pension contributions and expected contributions to our retiree medical and other postretirement plans based on actuarially determined estimates as of December 31, 2024 and is based on estimated payments through 2034. During the first nine months of 2025, we made required contributions of $224 million to our defined benefit pension plans.
(g) Includes purchase commitments for aircraft fuel, flight equipment maintenance and information technology support and excludes obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

Capital Raising Activity and Other Possible Actions
In light of our significant financial commitments related to, among other things, the servicing and amortization of existing debt and equipment leasing arrangements and new flight equipment, we and our subsidiaries will regularly consider, and enter into negotiations related to, capital raising and liability management activity, which may include the entry into leasing transactions and future issuances of, and transactions designed to manage the timing and amount of, secured or unsecured debt obligations or additional equity or equity-linked securities in public or private offerings or otherwise. The cash available from operations (if any) and these sources, however, may not be sufficient to cover our cash obligations because economic factors may reduce the amount of cash generated by operations or increase costs. For instance, an economic downturn or general global instability caused by governmental actions, military actions, terrorism, disease outbreaks, natural disasters or other causes could reduce the demand for air travel, which would reduce the amount of cash generated by operations. See Part I, Item 1A. Risk Factors – “Downturns in economic conditions could adversely affect our business” in our 2024 Form 10-K for additional discussion. An increase in costs, either due to an increase in borrowing costs caused by a reduction in credit ratings or a general increase in interest rates, due to an increase in the cost of fuel, maintenance, aircraft, aircraft engines or parts, or due to an increase in tariffs, could decrease the amount of cash available to cover cash contractual obligations. Moreover, certain of our financing arrangements contain significant minimum cash balance or similar liquidity requirements. As a result, we cannot use all of our available cash to fund operations, capital expenditures and cash obligations without violating these requirements.
In the past, we have from time to time refinanced, redeemed or repurchased our debt and taken other steps to reduce or otherwise manage the aggregate amount and cost of our debt, lease and other obligations or otherwise improve our balance sheet. Going forward, depending on market conditions, our cash position and other considerations, we may continue to take such actions, and the amounts involved may be material.
Critical Accounting Policies and Estimates
For information regarding our critical accounting policies and estimates, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – “Critical Accounting Policies and Estimates” in our 2024 Form 10-K.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
AAG’s and American’s Market Risk Sensitive Instruments and Positions
Our primary market risk exposures include the price of aircraft fuel, foreign currency exchange rates and interest rate risk. Our exposure to these market risks has not changed materially from our exposure discussed in our 2024 Form 10-K except as updated below.
Aircraft Fuel
As of September 30, 2025, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. Based on our 2025 forecasted fuel consumption, we estimate that a one cent per gallon increase in the price of aircraft fuel would increase
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our 2025 annual fuel expense by approximately $45 million. See Part I, Item 1A. Risk Factors – “Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity” in our 2024 Form 10-K .
Foreign Currency
We are exposed to the effect of foreign exchange rate fluctuations on the U.S. dollar value of foreign currency-denominated transactions. Our largest exposure comes from the Euro, Canadian dollar, British pound sterling and various Latin American currencies (primarily the Brazilian real). We do not currently have a foreign currency hedge program.
Generally, fluctuations in foreign currencies, including devaluations, cannot be predicted by us and can significantly affect the value of our assets located outside the United States. These conditions, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect our business, results of operations and financial condition. See Part I, Item 1A. Risk Factors – “We operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control” in our 2024 Form 10-K for additional discussion of this and other currency risks.
Interest
Our earnings and cash flow are affected by changes in interest rates due to the impact those changes have on our interest expense from variable-rate debt instruments and our interest income from short-term, interest-bearing investments. If annual interest rates increase 100 basis points, based on our September 30, 2025 variable-rate debt and short-term investments balances, annual interest expense on variable rate debt would increase by approximately $130 million and annual interest income on short-term investments would increase by approximately $70 million.

ITEM 4. CONTROLS AND PROCEDURES
Management’s Evaluation of Disclosure Controls and Procedures
The term “disclosure controls and procedures” is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act). This term refers to the controls and procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and is accumulated and communicated to the company’s management, including the principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation of the effectiveness of AAG’s and American’s disclosure controls and procedures as of September 30, 2025 was performed under the supervision and with the participation of AAG’s and American’s management, including AAG’s and American’s principal executive officer, the Chief Executive Officer (CEO), and principal financial officer, the Chief Financial Officer (CFO). Based on that evaluation, AAG’s and American’s management, including AAG’s and American’s CEO and CFO, concluded that AAG’s and American’s disclosure controls and procedures were effective as of September 30, 2025 at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
During the quarter ended September 30, 2025, there have been no changes in AAG’s or American’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, AAG’s and American’s internal control over financial reporting.
Limitation on the Effectiveness of Controls
We believe that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, and, as noted above, the CEO and CFO of AAG and American believe that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2025.
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PART II: OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
See Note 12 to each of AAG and American’s Condensed Consolidated Financial Statements in Part I, Item 1A and Part I, Item 1B, respectively, for information on legal proceedings.

ITEM 1A. RISK FACTORS
There have been no material changes in our risk factors as previously disclosed in Part I, Item 1A in our 2024 Form 10-K. The risks in our 2024 Form 10-K are not the only risks facing AAG and American. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, could also materially adversely affect our business, financial condition or future results.

ITEM 5. OTHER INFORMATION
Securities Trading Plans of Directors and Executive Officers
On July 28, 2025 , David G. Seymour , Executive Vice President and Chief Operating Officer , adopted a Rule 10b5-1 trading agreement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 363,193 shares of AAG’s common stock until July 30, 2027 .
Other than noted above, during the quarter ended September 30, 2025, none of our directors or “officers” (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of AAG securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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ITEM 6. EXHIBITS
Exhibits required to be filed by Item 601 of Regulation S-K: Where the amount of securities authorized to be issued under any of our long-term debt agreements does not exceed 10% of our assets, pursuant to paragraph (b)(4) of Item 601 of Regulation S-K, in lieu of filing such as an exhibit, we hereby agree to furnish to the Commission upon request a copy of any agreement with respect to such long-term debt.

Exhibit
Number
Description

3.1 Fifth Amended and Restated Bylaws of American Airlines Group Inc. (incorporated by reference to Exhibit 3.1 to American Airlines Group Inc.’s Current Report on Form 8-K filed on August 7, 2025 (Commission File No. 1-8400)).

31.1 Certification of AAG Chief Executive Officer pursuant to Rule 13a-14(a).

31.2 Certification of AAG Chief Financial Officer pursuant to Rule 13a-14(a).

31.3 Certification of American Chief Executive Officer pursuant to Rule 13a-14(a).

31.4 Certification of American Chief Financial Officer pursuant to Rule 13a-14(a).

32.1 AAG Certification pursuant to Rule 13a-14(b) and section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code).

32.2 American Certification pursuant to Rule 13a-14(b) and section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code).

101.1 Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language).
104.1 Cover page interactive data file (formatted in Inline XBRL and contained in Exhibit 101.1).

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 

  American Airlines Group Inc.

Date: October 23, 2025 By:   /s/ Devon E. May
  Devon E. May
  Executive Vice President and Chief Financial Officer
  (Duly Authorized Officer and Principal Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 

  American Airlines, Inc.

Date: October 23, 2025 By:   /s/ Devon E. May
  Devon E. May
  Executive Vice President and Chief Financial Officer
  (Duly Authorized Officer and Principal Financial Officer)

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