American Airlines Group Inc.

Listed Company

AALCIK 0000006201NasdaqLarge AcceleratedAir Transportation, ScheduledDelawareFY ends Dec 31

Period

FY 2025

Revenue

$54.63B

Net Income

$111.00M

Total Assets

$61.77B

Equity

$-3.73B

Shares Out

661.39M

Op. Cash Flow

$3.10B

+ 13F Filer

Business

American Airlines Group Inc. is a holding company whose principal subsidiaries operate a major network air carrier providing scheduled passenger and cargo air transportation. It offers mainline and regional air services under the American and American Eagle brands, freight and mail services, the AAdvantage loyalty program, and digital distribution and booking capabilities. Key business segments include mainline operations, wholly owned regional carriers (Envoy, PSA, Piedmont), third‑party regional partners, a cargo division, and marketing, alliance and joint business arrangements. The company serves over 350 destinations worldwide through hubs and partner gateways and distributes tickets via its website, mobile app, reservations centers and third‑party travel distributors.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	54,633	54,211	52,788	48,971	29,882
Aircraft fuel and related taxes	10,718	11,418	12,257	13,791	6,792
Salaries, wages and benefits	17,566	16,021	14,580	12,972	11,817
Regional expenses	5,448	5,042	4,643	4,385	3,204
Maintenance, materials and repairs	3,844	3,794	3,265	2,684	1,979
Other rent and landing fees	3,476	3,303	2,928	2,730	2,619
Aircraft rent	1,220	1,242	1,369	1,395	1,425
Selling expenses	1,997	1,812	1,799	1,815	1,098
Depreciation and amortization	1,890	1,926	1,936	1,977	2,019
Special items, net	159	610	971	193	−4,006
Other	6,848	6,429	6,006	5,422	3,994
Total operating expenses	53,166	51,597	49,754	47,364	30,941
Operating income	1,467	2,614	3,034	1,607	−1,059
Interest income	357	468	591	216	18
Interest expense, net	−1,716	−1,934	−2,145	−1,962	—
Other income (expense), net	82	6	−359	325	293
Total nonoperating expense, net	−1,277	−1,460	−1,913	−1,421	−1,489
Income before income taxes	190	1,154	1,121	186	−2,548
Income tax provision	79	308	299	59	−555
Net income	111	846	822	127	−1,993
Basic (in dollars per share)	0.17	1.29	1.26	0.2	−3.09
Diluted (in dollars per share)	0.17	1.24	1.21	0.19	−3.09
Basic (in shares)	660	657	654	650	644
Diluted (in shares)	661	721	720	655	644

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	954	804	578	440	273
Short-term investments	4,882	6,180	7,000	8,525	12,158
Restricted cash and short-term investments	735	732	910	995	990
Accounts receivable, net	2,075	2,006	2,026	2,138	—
Aircraft fuel, spare parts and supplies, net	2,792	2,638	2,400	2,279	1,795
Prepaid expenses and other	767	794	658	892	615
Total current assets	12,205	13,154	13,572	15,269	17,336
Flight equipment	46,597	43,521	41,794	39,703	—
Ground property and equipment	10,479	10,202	10,307	9,913	9,335
Equipment purchase deposits	656	1,000	760	613	517
Total property and equipment, at cost	57,732	54,735	52,861	50,229	47,708
Less accumulated depreciation and amortization	−25,192	−23,608	−22,097	−20,029	−18,171
Total property and equipment, net	32,540	31,127	30,764	30,200	29,537
Operating lease right-of-use assets	7,091	7,333	7,939	8,094	7,850
Goodwill	4,100	4,100	4,100	4,100	4,100
Intangibles, net of accumulated amortization of $848 and $841, respectively	2,066	2,044	2,051	2,059	1,988
Deferred tax asset	2,368	2,485	2,888	3,099	3,556
Other assets	1,413	1,549	1,753	1,904	2,109
Total other assets	9,938	10,169	10,783	11,153	11,744
Total assets	61,774	61,783	63,058	64,716	66,467
Current maturities of long-term debt and finance leases	3,753	5,322	3,632	3,274	2,489
Accounts payable	2,840	2,455	2,353	2,149	1,772
Accrued salaries and wages	2,128	2,150	2,377	1,713	1,489
Operating lease liabilities	1,058	1,092	1,309	1,465	1,507
Other accrued liabilities	2,916	2,887	2,738	2,981	2,766
Total current liabilities	24,492	24,295	22,062	21,496	19,006
Long-term debt and finance leases, net of current maturities	25,254	25,154	29,270	32,389	35,571
Pension and postretirement benefits	1,568	2,128	3,044	2,837	5,053
Loyalty program liability	6,839	6,498	5,874	5,976	6,239
Operating lease liabilities	5,905	5,976	6,452	6,559	6,610
Other liabilities	1,443	1,709	1,558	1,258	1,328
Total noncurrent liabilities	41,009	41,465	46,198	49,019	54,801
Commitments and contingencies (Note 11)	—	—	—	—	—
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 660,301,080 shares issued and outstanding at December 31, 2025; 657,566,166 shares issued and outstanding at December 31, 2024	7	7	7	6	6
Additional paid-in capital	7,387	7,424	7,374	7,291	7,234
Accumulated other comprehensive loss	−4,389	−4,565	−4,894	−4,585	−5,942
Retained deficit	−6,732	−6,843	−7,689	−8,511	−8,638
Total stockholders deficit	−3,727	−3,977	−5,202	−5,799	−7,340
Total liabilities and stockholders equity (deficit)	61,774	61,783	63,058	64,716	66,467

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2,219	2,245	2,254	2,298	2,335
Debt extinguishment costs	20	9	267	3	31
Special items, net non-cash	−17	−1	41	226	52
Pension and postretirement	−31	−82	−13	−405	−321
Deferred income tax provision	79	308	299	65	−555
Share-based compensation, non-cash	57	92	102	78	98
Other, net	−85	−249	−205	−37	16
Decrease (increase) in accounts receivable	−74	35	95	−637	−304
Increase in other assets	−218	−314	−11	−775	−402
Increase in accounts payable	335	257	209	360	—
Contributions to pension plans	−228	−300	−73	−5	−247
Increase (decrease) in other liabilities	22	−149	379	207	139
Net cash provided by operating activities	3,099	3,983	3,803	2,173	704
Capital expenditures and aircraft purchase deposits	−3,779	−2,683	−2,596	−2,546	−208
Proceeds from sale-leaseback transactions and sale of property and equipment	344	654	230	147	374
Sales of short-term investments	6,189	8,013	8,861	14,972	13,923
Purchases of short-term investments	−4,905	−7,194	−7,323	−11,257	−19,454
Decrease in restricted short-term investments	3	177	51	1	−401
Other investing activities	254	65	275	−360	−189
Net cash used in investing activities	−1,894	−968	−502	636	−5,983
Payments on long-term debt and finance leases	−5,504	−4,467	−7,718	−3,752	−7,343
Proceeds from issuance of long-term debt	3,773	1,670	4,822	1,069	12,190
Other financing activities	−160	−71	−310	52	−19
Net cash used in financing activities	−1,051	−2,794	−3,206	−2,631	5,288
Net increase in cash and restricted cash	154	221	95	178	9

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 1 positions

Reported AUM

$179.22M

Holdings

Top sector

$179.22M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$179.22M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
REPUBLIC AWYS HLDGS INC	—	9.76M	$179.22M	100.0%