美国航空集团2026年第三季度净亏损2.69亿美元，燃油成本同比增长67.5%

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM			10-Q


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2026


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From to

Commission file number 1-8400



American Airlines Group Inc.
(Exact name of registrant as specified in its charter)

Delaware

75-1825172

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1 Skyview Drive,

Fort Worth,

Texas

76155

(Address of principal executive offices)

(Zip Code)


	(682)	278-9000
(Registrant’s telephone number, including area code)

Commission file number 1-2691



American Airlines, Inc.
(Exact name of registrant as specified in its charter)

Delaware

13-1502798

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1 Skyview Drive,

Fort Worth,

Texas

76155

(Address of principal executive offices)

(Zip Code)


	(682)	278-9000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

AAL

The Nasdaq Global Select Market

Preferred Stock Purchase Rights

—

(1)

(1) Attached to the Common Stock

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

American Airlines Group Inc.

☒

Yes

☐

American Airlines, Inc.

☒

Yes

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

American Airlines Group Inc.

☒

Yes

☐

American Airlines, Inc.

☒

Yes

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

American Airlines Group Inc.

☒

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

American Airlines, Inc.

☐

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


American Airlines Group Inc.			☐
American Airlines, Inc.			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

American Airlines Group Inc.

☐

Yes

☒

American Airlines, Inc.

☐

Yes

☒

As of October 16, 2026, there were 662,618,434 shares of American Airlines Group Inc. common stock outstanding.

As of October 16, 2026, there were 1,000 shares of American Airlines, Inc. common stock outstanding, all of which were held by American Airlines Group Inc.

American Airlines Group Inc.

American Airlines, Inc.

Form 10-Q

Quarterly Period Ended September 30, 2026

Table of Contents


		Page
PART I: FINANCIAL INFORMATION
Item 1A.	Condensed Consolidated Financial Statements of American Airlines Group Inc.	6
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Income (Loss)	7
	Condensed Consolidated Balance Sheets	8
	Condensed Consolidated Statements of Cash Flows	9
	Condensed Consolidated Statements of Stockholders’ Deficit	10
	Notes to the Condensed Consolidated Financial Statements	12
Item 1B.	Condensed Consolidated Financial Statements of American Airlines, Inc.	25
	Condensed Consolidated Statements of Operations	25
	Condensed Consolidated Statements of Comprehensive Income (Loss)	26
	Condensed Consolidated Balance Sheets	27
	Condensed Consolidated Statements of Cash Flows	28
	Condensed Consolidated Statements of Stockholder’s Equity	29
	Notes to the Condensed Consolidated Financial Statements	30
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	62
Item 4.	Controls and Procedures	63
PART II: OTHER INFORMATION
Item 1.	Legal Proceedings	64
Item 1A.	Risk Factors	64

Item 5.	Other Information	64
Item 6.	Exhibits	65
SIGNATURES		67

General

This report is filed by American Airlines Group Inc. (AAG) and its wholly-owned subsidiary American Airlines, Inc. (American). References in this report to “we,” “us,” “our,” the “Company” and similar terms refer to AAG and its consolidated subsidiaries. References in this report to “mainline” refer to the operations of American only and exclude regional operations. Capitalized terms used but not defined herein shall have the meanings given to them in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K).

Note Concerning Forward-Looking Statements

Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to:

•downturns in economic conditions could adversely affect our business;

•we will need to obtain sufficient financing or other capital to operate successfully;

•our high level of debt and other obligations may limit our ability to fund general corporate requirements and obtain additional financing, may limit our flexibility in responding to competitive developments and may cause our business to be vulnerable to adverse economic and industry conditions;

•if our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity;

•the loss of key personnel whom we depend on to operate our business, or the inability to attract, develop and retain additional qualified personnel could adversely affect our business;

•our business has been and will continue to be materially affected by many changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including global events that affect travel behavior;

•the airline industry is intensely competitive and dynamic;

•union disputes, employee strikes and other labor-related disruptions may adversely affect our operations and financial performance;

•if we encounter problems with any of our third-party regional operators or third-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services;

•any damage to our reputation or brand image could adversely affect our business or financial results;

•risks of losses and adverse publicity from any public incidents involving our company, people or brand;

•changes to our business model that are designed to increase revenues and reduce costs may not be successful and may cause operational difficulties or decreased demand;

•our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results;

•we may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity;

•we rely heavily on technology and automated systems, including artificial intelligence, to operate our business, and any failures could harm our business, results of operations and financial condition;

•evolving data privacy requirements could increase our costs, and any significant cybersecurity incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition;

•we are exposed to risks from cyberattacks, and any cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners;

•we have a significant amount of goodwill, which is assessed for impairment at least annually. We may never realize the full value of our intangible or long-lived assets, causing us to record material impairment charges;

•the commercial relationships that we have with other companies, including any related equity investments, may not produce the returns or results we expect;

•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;

•our business is subject to extensive government regulation;

•we can be adversely affected by any prolonged partial or full U.S. Government shutdown;

•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;

•we may be adversely affected by conflicts overseas, terrorist attacks or other acts of violence, domestically or abroad; the travel industry continues to face ongoing security concerns;

•we are subject to risks associated with climate change, including increased regulation of our greenhouse gas emissions, changing consumer preferences and the potential for increased impacts of severe weather events on our operations and infrastructure;

•we are subject to various risks associated with environmental and social matters, and many forms of environmental and noise regulation;

•a shortage of pilots or other personnel could materially adversely affect our business;

•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;

•we rely on third-party distribution channels and must effectively manage the costs, rights and functionality of these channels;

•if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future;

•interruptions or disruptions in service at one of our key facilities;

•increases in insurance costs or reductions in insurance coverage, and heavy taxation of the airline industry;

•risks related to ownership of AAG common stock; and

other risks as described in Part I, Item 1A. Risk Factors in our 2025 Form 10-K, Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of this report and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC).

There may be other factors of which we are not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. We do not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such statements other than as required by law. Any forward-looking statements speak only as of the date of this report or as of the dates indicated in the statements.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating revenues:
Passenger	$	14,900	$	12,471	$	42,609	$	36,985
Cargo	274		212		761		612
Other	1,161		1,008		3,612		3,037
Total operating revenues	16,335		13,691		46,982		40,634
Operating expenses:
Aircraft fuel and related taxes	4,635		2,767		12,444		8,017
Salaries, wages and benefits	4,713		4,461		14,027		13,065
Regional expenses	1,449		1,370		4,288		4,053
Maintenance, materials and repairs	1,092		1,028		3,100		2,876
Other rent and landing fees	996		906		2,862		2,627
Aircraft rent	309		310		926		910
Selling expenses	553		483		1,664		1,467
Depreciation and amortization	493		474		1,446		1,418
Special items, net	9		7		29		125
Other	1,971		1,734		5,675		5,061
Total operating expenses	16,220		13,540		46,461		39,619
Operating income	115		151		521		1,015
Nonoperating income (expense):
Interest income	87		90		217		285
Interest expense, net	(435)		(432)		(1,242)		(1,294)
Other income (expense), net	(101)		49		(198)		42
Total nonoperating expense, net	(449)		(293)		(1,223)		(967)
Income (loss) before income taxes	(334)		(142)		(702)		48
Income tax provision (benefit)	(65)		(28)		(122)		36
Net income (loss)	$	(269)	$	(114)	$	(580)	$	12

Earnings (loss) per common share:
Basic	$	(0.41)	$	(0.17)	$	(0.88)	$	0.02
Diluted	$	(0.41)	$	(0.17)	$	(0.88)	$	0.02
Weighted average shares outstanding (in thousands):
Basic	662,706		660,358		662,026		659,788
Diluted	662,706		660,358		662,026		660,784


	September 30, 2026		December 31, 2025
	(Unaudited)
ASSETS
Current assets
Cash	$	1,124	$	954
Short-term investments	7,163		4,882
Restricted cash and short-term investments	555		735
Accounts receivable, net	1,928		2,075
Aircraft fuel, spare parts and supplies, net	3,171		2,792
Prepaid expenses and other	800		767
Total current assets	14,741		12,205
Operating property and equipment
Flight equipment	48,715		46,597
Ground property and equipment	10,808		10,479
Equipment purchase deposits	633		656
Total property and equipment, at cost	60,156		57,732
Less accumulated depreciation and amortization	(26,530)		(25,192)
Total property and equipment, net	33,626		32,540
Operating lease right-of-use assets	6,744		7,091
Other assets
Goodwill	4,091		4,091
Intangibles, net of accumulated amortization of $855 and $848, respectively	2,067		2,066
Deferred tax asset	2,477		2,368
Other assets	1,272		1,413
Total other assets	9,907		9,938
Total assets	$	65,018	$	61,774
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Current maturities of long-term debt and finance leases	$	3,692	$	3,753
Accounts payable	3,334		2,840
Accrued salaries and wages	2,175		2,128
Air traffic liability	9,414		7,158
Loyalty program liability	4,446		3,725
Operating lease liabilities	1,032		1,058
Fuel financing	933		914
Other accrued liabilities	2,997		2,916
Total current liabilities	28,023		24,492
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	25,943		25,254
Pension and postretirement benefits	1,099		1,568
Loyalty program liability	7,068		6,839
Operating lease liabilities	5,607		5,905
Other liabilities	1,502		1,443
Total noncurrent liabilities	41,219		41,009
Commitments and contingencies
Stockholders’ equity (deficit)
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 662,618,434 shares issued and outstanding at September 30, 2026; 660,301,080 shares issued and outstanding at December 31, 2025	7		7
Additional paid-in capital	7,424		7,387
Accumulated other comprehensive loss	(4,343)		(4,389)
Retained deficit	(7,312)		(6,732)
Total stockholders’ deficit	(4,224)		(3,727)
Total liabilities and stockholders’ equity (deficit)	$	65,018	$	61,774


Cash	$	1,124	$	835
Restricted cash included in restricted cash and short-term investments	104		103
Total cash and restricted cash	$	1,228	$	938


	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Deficit		Total
Balance at December 31, 2025	$	7	$	7,387	$	(4,389)	$	(6,732)	$	(3,727)
Net loss	—		—		—		(382)		(382)
Other comprehensive income, net	—		—		17		—		17

Issuance of 1,084,057 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	—		(7)		—		—		(7)
Share-based compensation expense	—		22		—		—		22
Balance at March 31, 2026	7		7,402		(4,372)		(7,114)		(4,077)
Net income	—		—		—		71		71
Other comprehensive income, net	—		—		15		—		15
Issuance of 551,529 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	—		(3)		—		—		(3)
Share-based compensation expense	—		22		—		—		22
Balance at June 30, 2026	7		7,421		(4,357)		(7,043)		(3,972)
Net loss	—		—		—		(269)		(269)
Other comprehensive income, net	—		—		14		—		14
Issuance of 681,768 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	—		(5)		—		—		(5)
Share-based compensation expense	—		8		—		—		8

Balance at September 30, 2026	$	7	$	7,424	$	(4,343)	$	(7,312)	$	(4,224)


	September 30, 2026		December 31, 2025
	(In millions)
Loyalty program liability	$	11,514	$	10,564
Air traffic liability	9,414		7,158
Total	$	20,928	$	17,722


Balance at December 31, 2025	$	10,564
Deferral of revenue	4,304
Recognition of revenue (1)	(3,354)
Balance at September 30, 2026 (2)	$	11,514


	September 30, 2026		December 31, 2025
Secured
2013 Term Loan Facility, variable interest rate of 5.94%, installments until due in February 2028	$	960	$	970
2014 Term Loan Facility, variable interest rate of 6.76%, installments until due in May 2033	1,850		1,159
2023 Term Loan Facility, variable interest rate of 6.09%, installments until due in June 2029	1,078		1,078


7.25% senior secured notes, interest only payments until due in February 2028	750		750
8.50% senior secured notes	—		1,000
5.50% senior secured notes (1)	—		583
5.75% senior secured notes, installments until due in April 2029 (1)	2,750		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 5.98%, installments until due in April 2028 (1)	2,247		2,264
2025 AAdvantage Term Loan Facility, variable interest rate of 6.48%, installments until due in May 2032 (1)	988		995
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.54%, maturing from 2027 to 2039	9,332		6,912
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.76%, averaging 5.65%, maturing from 2027 to 2038	4,926		4,719
Special facility revenue bonds, fixed interest rates ranging from 3.00% to 5.38%, maturing from 2031 to 2036	694		789
	25,575		24,219
Unsecured
PSP1 Promissory Note, variable interest rate of 6.09%, interest only payments until due in April 2030	1,757		1,757
PSP2 Promissory Note, variable interest rate of 6.09%, interest only payments until due in January 2031	1,030		1,030
PSP3 Promissory Note, variable interest rate of 6.09%, interest only payments until due in April 2031	959		959
Senior short-term term loan facility	—		629
	3,746		4,375
Total	29,321		28,594
Less: Total unamortized debt discount, premium and issuance costs	346		314
Less: Current maturities	3,580		3,641
Long-term debt, net of current maturities	$	25,395	$	24,639


2013 Revolving Facility	$	363
2014 Revolving Facility	1,296
2023 Revolving Facility	1,451
Other facilities (1)	400
Total	$	3,510


	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034


	2026-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$905 million	$236 million

Fixed interest rate per annum	5.25%	5.75%
Maturity date	November 2038	May 2035


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Domestic	$	10,489	$	8,723	$	30,205	$	26,010
Latin America	1,618		1,340		5,307		4,795
Atlantic	2,438		2,109		5,893		5,160
Pacific	355		299		1,204		1,020
Total passenger revenue	$	14,900	$	12,471	$	42,609	$	36,985


	2026-2 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$1.1 billion	$274 million
Remaining escrowed proceeds	$502 million	$131 million
Fixed interest rate per annum	5.70%	6.30%
Maturity date	February 2039	August 2035


	Fair Value Measurements as of September 30, 2026
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	539	$	539	$	—	$	—
Corporate obligations	3,998		—		3,998		—
Bank notes/certificates of deposit/time deposits	2,276		—		2,276		—
Repurchase agreements	350		—		350		—

	7,163		539		6,624		—
Restricted cash and short-term investments (1), (3)	555		377		178		—
Long-term investments (4)	105		105		—		—
Total	$	7,823	$	1,021	$	6,802	$	—


	September 30, 2026
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	28,975	$	28,836	$	—	$	25,278	$	3,558

	December 31, 2025
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	28,280	$	28,582	$	—	$	25,051	$	3,531


		Ownership Interest				Carrying Value (in millions)
	Accounting Treatment	September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025
Republic Holdings (1)	Equity Method	20.8	%	20.8	%	$	187	$	254
China Southern Airlines	Fair Value	1.5	%	1.5	%	104		203
Other investments (2)	Various					117		146
Total						$	408	$	603


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
Three Months Ended September 30,	2026		2025		2026		2025
Service cost	$	1	$	1	$	6	$	6
Interest cost	176		180		16		18
Expected return on assets	(230)		(232)		(2)		(2)


Amortization of:
Prior service cost	—		—		4		4
Unrecognized net loss (gain)	20		21		(5)		(6)
Net periodic benefit cost (income)	$	(33)	$	(30)	$	19	$	20

	Pension Benefits				Retiree Medical and Other Postretirement Benefits
Nine Months Ended September 30,	2026		2025		2026		2025
Service cost	$	2	$	2	$	17	$	18
Interest cost	529		547		48		53
Expected return on assets	(689)		(696)		(6)		(7)


Amortization of:
Prior service cost	—		—		13		13
Unrecognized net loss (gain)	64		68		(16)		(17)
Net periodic benefit cost (income)	$	(94)	$	(79)	$	56	$	60


	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Loss on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2025	$	(2,732)	$	—	$	(1,657)	$	(4,389)
Other comprehensive income (loss) before reclassifications	3		(4)		—		(1)
Amounts reclassified from AOCI	61		—		(14)		47
Net current-period other comprehensive income (loss)	64		(4)		(14)		46
Balance at September 30, 2026	$	(2,668)	$	(4)	$	(1,671)	$	(4,343)


	Amounts reclassified from AOCI								Affected line items on the condensed consolidated statements of operations
AOCI Components	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	3	$	3	$	10	$	10	Nonoperating other income (expense), net
Actuarial loss	12		12		37		40		Nonoperating other income (expense), net
Total reclassifications for the period, net of tax	$	15	$	15	$	47	$	50


Cash	$	1,094	$	825
Restricted cash included in restricted cash and short-term investments	104		103
Total cash and restricted cash	$	1,198	$	928


	September 30, 2026		December 31, 2025
AAG	$	12,512	$	11,938
AAG’s wholly-owned subsidiaries (1)	(2,082)		(2,042)
Total	$	10,430	$	9,896


	Three Months Ended September 30,				Increase (Decrease)		Percent Increase (Decrease)
	2026		2025
	(In millions, except percentage changes)
Passenger revenue	$	14,900	$	12,471	$	2,429	19.5
Cargo revenue	274		212		62		29.1
Other operating revenue	1,161		1,008		153		15.2
Total operating revenues	16,335		13,691		2,644		19.3
Aircraft fuel and related taxes	4,635		2,767		1,868		67.5
Salaries, wages and benefits	4,713		4,461		252		5.7
Total operating expenses	16,220		13,540		2,680		19.8
Operating income	115		151		(36)		(23.4)
Pre-tax loss	(334)		(142)		192		nm(2)
Income tax benefit	(65)		(28)		37		nm
Net loss	(269)		(114)		155		nm

Pre-tax loss – GAAP	$	(334)	$	(142)	$	192	nm
Adjusted for: pre-tax net special items (1)	112		3		109		nm
Pre-tax loss excluding net special items	$	(222)	$	(139)	$	83	60.1


	Three Months Ended September 30,				Increase		Percent Increase
	2026		2025
	(In millions, except percentage changes)
Passenger	$	14,900	$	12,471	$	2,429	19.5
Cargo	274		212		62		29.1
Other	1,161		1,008		153		15.2
Total operating revenues	$	16,335	$	13,691	$	2,644	19.3


	Three Months Ended September 30,				Decrease		Percent Increase (Decrease)
	2026		2025
	(In millions, except percentage changes)
Interest income	$	87	$	90	$	(3)	(3.8)
Interest expense, net	(435)		(432)		(3)		0.7
Other income (expense), net	(101)		49		(150)		nm
Total nonoperating expense, net	$	(449)	$	(293)	$	(156)	53.8


	AAG				American
	September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025
Cash	$	1,124	$	954	$	1,094	$	936
Short-term investments	7,163		4,882		7,159		4,880
Undrawn facilities	3,510		3,397		3,510		3,397
Total available liquidity	$	11,797	$	9,233	$	11,763	$	9,213


	Remainder of 2026	2027	2028	2029 and Thereafter	Total
Airbus
A320 Family (2)	7	27	31	100	165
Boeing
737 Family	—	—	—	115	115
787 Family	—	6	3	10	19
Embraer
E175	5	14	17	30	66


Total	12	47	51	255	365


	Payments Due by Period
	Remainder of 2026		2027		2028		2029		2030		2031 and Thereafter		Total
American
Long-term debt:
Principal amount (a), (c)	$	631	$	3,550	$	7,861	$	3,884	$	972	$	8,677	$	25,575
Interest obligations (b), (c)	361		1,431		1,117		755		604		1,683		5,951
Finance lease obligations	36		153		119		106		101		319		834
Aircraft and engine purchase commitments (d)	625		3,135		3,606		5,641		3,982		7,067		24,056
Operating lease commitments	374		1,416		1,320		1,206		1,034		3,294		8,644
Regional capacity purchase agreements (e)	296		1,178		1,107		929		489		462		4,461
Minimum pension obligations (f)	—		89		21		—		—		—		110
Retiree medical and other postretirement benefits (f)	28		113		116		115		112		588		1,072
Other purchase obligations (g)	2,899		5,786		3,258		2,514		936		4,219		19,612
Total American Contractual Obligations	5,250		16,851		18,525		15,150		8,230		26,309		90,315

AAG Parent and Other AAG Subsidiaries
Long-term debt:
Principal amount (a)	—		—		—		—		1,757		1,989		3,746
Interest obligations (b)	—		243		263		259		204		58		1,027
Finance lease obligations	—		5		5		5		2		—		17
Operating lease commitments	6		9		8		7		6		35		71
Minimum pension obligations (f)	1		1		1		1		1		1		6
Other purchase obligations	6		13		5		2		—		—		26
Total AAG Contractual Obligations	$	5,263	$	17,122	$	18,807	$	15,424	$	10,200	$	28,392	$	95,208


Exhibit Number			Description

4.1			Trust Supplement No. 2026-2A, dated as of August 10, 2026 , between American Airlines, Inc. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4.2 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.2			Trust Supplement No. 2026-2B, dated as of August 10, 2026, between American Airlines, Inc. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4.3 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.3			Intercreditor Agreement (2026-2), dated as of August 10, 2026, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2026-2A and as Trustee of the American Airlines Pass Through Trust 2026-2B, Natixis, New York Branch,as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4.4 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.4			Deposit Agreement (Class A), dated as of August 10, 2026, between Wilmington Trust, National Association, as Escrow Agent, and Sumitomo Mitsui Banking Corporation, acting through its New York Branch, as Depositary (incorporated by reference to Exhibit 4.5 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.5			Deposit Agreement (Class B), dated as of August 10, 2026, between Wilmington Trust, National Association, as Escrow Agent, and Sumitomo Mitsui Banking Corporation, acting through its New York Branch, as Depositary (incorporated by reference to Exhibit 4.6 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.6			Escrow and Paying Agent Agreement (Class A), dated as of August 10, 2026, among Wilmington Trust, National Association, as Escrow Agent, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2026-2A, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4.7 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.7			Escrow and Paying Agent Agreement (Class B), dated as of August 10, 2026, among Wilmington Trust, National Association, as Escrow Agent, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2026-2B, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4.8 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.8			Note Purchase Agreement, dated as of August 10, 2026, among American Airlines, Inc., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4.9 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.9			Form of Participation Agreement (Participation Agreement among American Airlines, Inc., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit 4.10 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.10			Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit 4.11 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.11			Form of Pass Through Trust Certificate, Series 2026-2A (incorporated by reference to Exhibit 4.12 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.12			Form of Pass Through Trust Certificate, Series 2026-2B (incorporated by reference to Exhibit 4.13 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).


Exhibit Number			Description
4.13			Revolving Credit Agreement (2026-2A), dated as of August 10, 2026, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2026-2A, as Borrower, and Natixis, New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4.14 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
4.14			Revolving Credit Agreement (2026-2B), dated as of August 10, 2026, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2026-2B, as Borrower, and Natixis, New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4.15 to American ’s Current Report on Form 8-K filed on August 12, 2026 (Commission File No. 001-02691)).
10.1			Supplemental Agreement No. 38, dated as of August 7, 2026, to Purchase Agreement No. 03735 dated as of February 1, 2013, by and between American Airlines, Inc. and The Boeing Company.*

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).



		American Airlines Group Inc.

Date: October 22, 2026	By:	/s/ Devon E. May
		Devon E. May
		Executive Vice President and Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)