American Airlines Group (AAL) financial statements
American Airlines Group reported revenue of $54.6B in fiscal 2025, up 3.5% a year over 9 years.
Net income was $111M and the operating margin 2.7%, against 12.6% in 2016.
Free cash flow was -$680M.
The diluted share count rose 19% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Airlines Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Pre-tax 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 | $59M | $299M | $308M | $79M |
| Net income | $2.6B | $1.3B | $1.4B | $1.7B | -$8.9B | -$2.0B | $127M | $822M | $846M | $111M |
| EPS (diluted) | $4.65 | $2.61 | $3.03 | $3.79 | -$18.36 | -$3.09 | $0.19 | $1.21 | $1.24 | $0.17 |
| Diluted shares | 556M | 492M | 466M | 444M | 484M | 644M | 655M | 720M | 721M | 661M |
| Operating margin | 12.6% | 9.9% | 6.0% | 6.7% | -60.1% | -3.5% | 3.3% | 5.7% | 4.8% | 2.7% |
| Net margin | 6.4% | 3.0% | 3.2% | 3.7% | -51.2% | -6.7% | 0.3% | 1.6% | 1.6% | 0.2% |
Balance sheet
Fiscal years, from American Airlines Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6.4B | $5.1B | $4.8B | $3.8B | $6.9B | $12.4B | $9.0B | $7.6B | $7.0B | $5.8B |
| Receivables | $1.6B | $1.8B | $1.7B | $1.8B | $1.3B | $1.5B | $2.1B | $2.0B | $2.0B | $2.1B |
| Total current assets | $10.3B | $9.1B | $8.6B | $8.2B | $11.1B | $17.3B | $15.3B | $13.6B | $13.2B | $12.2B |
| Property, plant and equipment | $31.2B | $34.2B | $34.1B | $35.0B | $31.7B | $29.5B | $30.2B | $30.8B | $31.1B | $32.5B |
| Goodwill | $4.1B | $4.1B | $4.1B | $4.1B | $4.1B | $4.1B | $4.1B | $4.1B | $4.1B | $4.1B |
| Total assets | $51.3B | $52.8B | $60.6B | $60.0B | $62.0B | $66.5B | $64.7B | $63.1B | $61.8B | $61.8B |
| Total current liabilities | $13.9B | $15.4B | $18.1B | $18.3B | $16.6B | $19.0B | $21.5B | $22.1B | $24.3B | $24.5B |
| Long-term debt | $22.5B | $22.5B | $21.2B | $21.5B | $29.8B | $35.6B | $32.4B | $29.3B | $25.2B | $25.3B |
| 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 |
| Net debt | $22.2B | $24.7B | $24.1B | $23.9B | $32.2B | $37.6B | $35.0B | $32.2B | $29.5B | $27.9B |
Cash flow
Fiscal years, from American Airlines Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.5B | $4.7B | $3.5B | $3.8B | -$6.5B | $704M | $2.2B | $3.8B | $4.0B | $3.1B |
| Capital spending | $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 |
| Stock-based compensation | $100M | $90M | $86M | $94M | $91M | $98M | $78M | $102M | $92M | $57M |
| Dividends paid | $224M | $198M | $186M | $178M | $43M | — | — | — | — | — |
| Share buybacks (net) | -$4.5B | -$1.6B | -$837M | -$1.1B | -$173M | -$18M | -$21M | — | — | — |
| Net borrowing | $7.7B | $3.1B | $2.4B | $4.0B | $11.8B | $12.2B | $1.1B | $4.8B | $1.7B | $3.8B |
| Free cash flow margin | 2.0% | -2.9% | -0.5% | -1.0% | -49.0% | 1.7% | -0.8% | 2.3% | 2.4% | -1.2% |
| Dividends per share | $0.40 | $0.40 | $0.40 | $0.40 | $0.09 | — | — | — | — | — |
Questions
What was American Airlines Group's revenue in 2025?
$54.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does American Airlines Group generate?
-$680M in fiscal 2025 (operating cash flow minus capital spending).
From American Airlines Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.