American Airlines Group Inc. AAL
American Airlines Group Inc. (AAG), a Delaware corporation, is a holding company and its principal, wholly-owned subsidiaries are American Airlines, Inc. (American), Envoy Aviation Group Inc., PSA Airlines, Inc. (PSA) and Piedmont Airlines, Inc. (Piedmont). AAG was formed in 1982, under the name AMR Corporation (AMR), as the parent company of American, which was founded in 1934, with roots tracing back to an air mail carrier in the Midwestern United States in 1926.
AAG's and American's principal executive offices are located at 1 Skyview Drive, Fort Worth, Texas 76155 and their telephone number is 682-278-9000.
Together with our wholly-owned regional airline subsidiaries and third-party regional carriers operating as American Eagle, our primary business activity is the operation of a major network air carrier, providing scheduled air transportation for passengers and cargo through our hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. and partner gateways, including in London, Doha, Madrid, Seattle/Tacoma, Sydney and Tokyo (among others). We provide service to over 350 destinations around the world, and in 2025, approximately 224 million passengers boarded our flights. In 2025, we launched more than 60 new routes, including to trans-Atlantic destinations such as Spain, Italy and Greece. We also announced over 20 new routes for customers to explore in 2026, including our first trans-Atlantic route to be flown by the Airbus A321XLR from New York to Edinburgh, Scotland.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.63B | $54.21B | $52.79B | $48.97B | $29.88B | $17.34B | $45.77B | $44.54B | $42.62B | $40.14B |
| Total operating expenses | $53.17B | $51.60B | $49.75B | $47.36B | $30.94B | $27.76B | $42.70B | $41.88B | $38.39B | $35.08B |
| Operating income | $1.47B | $2.61B | $3.03B | $1.61B | -$1.06B | -$10.42B | $3.06B | $2.66B | $4.23B | $5.06B |
| Interest expense | $1.72B | $1.93B | $2.15B | $1.96B | $1.80B | $1.23B | $1.09B | $1.06B | $1.05B | $991.0M |
| Pre-tax income | $190.0M | $1.15B | $1.12B | $186.0M | -$2.55B | -$11.45B | $2.26B | $1.88B | $3.40B | $4.15B |
| Income tax | $79.0M | $308.0M | $299.0M | $59.0M | $555.0M | $2.57B | $570.0M | $472.0M | $2.11B | $1.57B |
| Net income | $111.0M | $846.0M | $822.0M | $127.0M | -$1.99B | -$8.88B | $1.69B | $1.41B | $1.28B | $2.58B |
| EPS, basic | 0.17 | 1.29 | 1.26 | 0.20 | -3.09 | -18.36 | 3.80 | 3.04 | 2.62 | 4.68 |
| EPS, diluted | 0.17 | 1.24 | 1.21 | 0.19 | -3.09 | -18.36 | 3.79 | 3.03 | 2.61 | 4.65 |
| Shares, diluted (wtd. avg.) | $661.1M | $721.3M | $719.7M | $655.1M | $644.0M | $483.9M | $444.3M | $465.7M | $491.7M | $556.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.06B | $902.0M | $681.0M | $586.0M | $408.0M | $399.0M | $290.0M | $286.0M | $398.0M | $435.0M |
| Short-term investments | $4.88B | $6.18B | $7.00B | $8.53B | $12.16B | $6.62B | $3.55B | $4.49B | $4.77B | $6.04B |
| Receivables | $2.08B | $2.01B | $2.03B | $2.14B | $1.50B | $1.34B | $1.75B | $1.71B | $1.75B | $1.59B |
| Total current assets | $12.21B | $13.15B | $13.57B | $15.27B | $17.34B | $11.10B | $8.21B | $8.64B | $9.15B | $10.32B |
| Property, plant and equipment | — | — | — | — | — | — | $34.99B | $34.10B | $34.16B | $31.16B |
| Goodwill | $4.09B | $4.09B | $4.09B | $4.09B | $4.09B | $4.09B | $4.09B | $4.09B | $4.09B | $4.09B |
| Other intangibles | $2.07B | $2.04B | $2.05B | $2.06B | $1.99B | $2.03B | $2.08B | $2.14B | $2.20B | $2.17B |
| Total assets | $61.77B | $61.78B | $63.06B | $64.72B | $66.47B | $62.01B | $59.99B | $60.58B | $52.78B | $51.27B |
| Accounts payable | $2.84B | $2.46B | $2.35B | $2.15B | $1.77B | $1.20B | $2.06B | $1.77B | $1.69B | $1.59B |
| Short-term debt | $3.64B | $5.20B | $3.50B | $3.06B | $2.31B | $2.70B | $2.75B | $3.21B | $2.48B | — |
| Total current liabilities | $24.49B | $24.30B | $22.06B | $21.50B | $19.01B | $16.57B | $18.31B | $18.10B | $15.36B | $13.87B |
| Long-term debt | $24.64B | $24.62B | $28.89B | $31.84B | $35.01B | $29.32B | $20.90B | $20.57B | $21.82B | — |
| Retained earnings | -$6.73B | -$6.84B | -$7.69B | -$8.51B | -$8.64B | -$6.66B | $2.26B | $758.0M | -$1.34B | $1.64B |
| Total equity | -$3.73B | -$3.98B | -$5.20B | -$5.80B | -$7.34B | -$6.87B | -$118.0M | -$169.0M | -$780.0M | -$284.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.10B | $3.98B | $3.80B | $2.17B | $704.0M | -$6.54B | $3.81B | $3.53B | $4.74B | $6.52B |
| Depreciation and amortisation | $2.20B | $2.20B | $2.30B | $2.30B | $2.30B | $2.40B | $2.60B | $2.40B | $2.20B | $1.90B |
| Stock-based compensation | $57.0M | $92.0M | $102.0M | $78.0M | $98.0M | $91.0M | $94.0M | $86.0M | $90.0M | $100.0M |
| Capital expenditure | $3.78B | $2.68B | $2.60B | $2.55B | $208.0M | $1.96B | $4.27B | $3.75B | $5.97B | $5.73B |
| Investing cash flow | -$1.89B | -$968.0M | -$502.0M | $636.0M | -$5.98B | -$4.34B | -$2.24B | -$1.97B | -$3.64B | -$5.70B |
| Financing cash flow | -$1.05B | -$2.79B | -$3.21B | -$2.63B | $5.29B | $10.99B | -$1.57B | -$1.67B | -$1.15B | -$894.0M |
| Dividends paid | — | — | — | — | — | $43.0M | $178.0M | $186.0M | $198.0M | $224.0M |
| Buybacks | — | — | — | $21.0M | $18.0M | $173.0M | $1.10B | $837.0M | $1.61B | $4.50B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-187096.
Others in SIC 4512
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| DAL | DELTA AIR LINES, INC. | $52.72B | 10.5x | 2.8% |
| UAL | United Airlines Holdings, Inc. | $36.15B | 10.9x | 3.5% |
| LUV | SOUTHWEST AIRLINES CO | $19.38B | 50.2x | 2.1% |
| ALK | ALASKA AIR GROUP, INC. | $4.69B | 50.7x | 21.3% |
| SKYW | SKYWEST INC | $3.85B | 9.6x | 15.0% |
| ALGT | Allegiant Travel CO | $2.14B | — | 4.8% |
| JBLU | JETBLUE AIRWAYS CORP | $1.75B | — | -2.3% |
| ULCC | Frontier Group Holdings, Inc. | $1.37B | — | -1.4% |