American Airlines Group Inc. (AAL) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 4.22B | -274M | -46M | 963M | 2.46B | 398M | 277M | 1.13B | 2.18B | -1.35B | 58M | 1.76B | 3.33B | -158M | -593M | 1.74B | 1.19B | -1.2B | -1.74B | 3.47B |
| Operating CF Margin % | 30.36% | -1.96% | -0.34% | 6.69% | 19.57% | 2.91% | 2.03% | 7.87% | 17.34% | -10.34% | 0.43% | 12.54% | 27.34% | -1.2% | -4.41% | 12.96% | 13.32% | -12.73% | -19.4% | 46.4% |
| Operating CF Growth % | 71.95% | -168.84% | -116.61% | -14.63% | 12.66% | 129.46% | 377.59% | -36.02% | -34.59% | -755.06% | 109.78% | 1.38% | 181.27% | 86.83% | 65.92% | -49.88% | 581.03% | 58.09% | 33.18% | 482.16% |
| Net Income | 0 | 99M | -114M | 599M | -473M | 590M | -149M | 717M | -312M | 19M | -545M | 1.34B | 10M | 803M | 483M | 476M | -1.64B | -932M | 169M | 19M |
| Depreciation & Amortization | 0 | 557M | 474M | 476M | 468M | 583M | 718M | 474M | 470M | 559M | 726M | 483M | 486M | 572M | 731M | 503M | 492M | 660M | 716M | 481M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 130M | 0 | 0 | 0 | 102M | 0 | 0 | 0 | 78M | 0 | 0 | 0 | 98M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 308M | 0 | 0 | 0 | 299M | 0 | 0 | 0 | 65M | 0 | 0 | 0 | -555M | 0 | 0 |
| Other Non-Cash Items | 4.22B | -930M | -406M | -112M | 2.46B | -485M | -292M | -63M | 2.02B | -2.72B | -123M | -58M | 2.84B | -241M | -1.81B | 760M | 2.33B | 343M | -2.63B | 2.97B |
| Working Capital Changes | 0 | 0 | 0 | 0 | 0 | -728M | 0 | 0 | 0 | 390M | 0 | 0 | 0 | -1.44B | 0 | 0 | 0 | -814M | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 35M | 0 | 0 | 0 | 95M | 0 | 0 | 0 | -637M | 0 | 0 | 0 | -304M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.33B | -390M | 974M | -1.27B | -1.2B | 866M | 58M | -376M | -1.52B | 2.16B | 1.08B | -949M | -2.8B | 1.55B | 784M | -929M | -771M | 1.74B | 3.31B | -3.88B |
| Capital Expenditures | 0 | -1.63B | -826M | -499M | -824M | -740M | -468M | -651M | -824M | -843M | -509M | -739M | -505M | -1.05B | -455M | -598M | -807M | -387M | -33M | -35M |
| CapEx % of Revenue | - | 11.64% | 6.03% | 3.47% | 6.57% | 5.42% | 3.43% | 4.54% | 6.56% | 6.45% | 3.78% | 5.26% | 4.14% | 7.93% | 3.38% | 4.46% | 9.07% | 4.11% | 0.37% | 0.47% |
| Acquisitions | 0 | 0 | 43M | 200M | 0 | 56M | 245M | 353M | 0 | 11M | 36M | 183M | 0 | 64M | 64M | 11M | 8M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -818M | 76M | 0 | 287M | -8M | 86M | -16M | -3M | -2M | -25M | 86M | 69M | 145M | 274M | -118M | -94M | -62M | 37M | -440M | 416M |
| Cash from Financing | -1.95B | 782M | -921M | 311M | -1.22B | -1.29B | -142M | -715M | -642M | -814M | -1.23B | -619M | -539M | -1.28B | -252M | -785M | -310M | -561M | -1.61B | 445M |
| Debt Issued (Net) | 0 | 187M | -1.21B | 331M | -1.04B | -1.35B | -137M | -684M | -625M | -596M | -1.2B | -601M | -502M | -1.35B | -256M | -791M | -294M | -643M | -1.61B | 245M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5M | 0 | -2M | -14M | -5M | 0 | 144M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5M | 0 | -2M | -14M | -5M | 0 | 0 |
| Other Financing | -1.95B | 595M | 291M | -20M | -186M | 56M | -5M | -31M | -17M | -218M | -37M | -18M | -37M | 67M | 4M | 8M | -2M | 87M | 0 | 56M |
| Net Change in Cash | -54M | -298M | -578M | 851M | 132M | -784M | 591M | -74M | 350M | -447M | -2.24B | 304M | 2.56B | -248M | -46M | -188M | 1.28B | -1.64B | -3.15B | -2.44B |
| Free Cash Flow | 4.22B | -1.9B | -872M | 464M | 1.63B | -342M | -191M | 477M | 1.36B | -2.19B | -451M | 1.02B | 2.83B | -1.2B | -1.05B | 1.14B | 378M | -1.59B | -1.8B | 3.44B |
| FCF Margin % | 30.36% | -13.6% | -6.37% | 3.22% | 13% | -2.5% | -1.4% | 3.33% | 10.79% | -16.8% | -3.35% | 7.29% | 23.2% | -9.13% | -7.78% | 8.5% | 4.25% | -16.83% | -20.05% | 45.93% |
| FCF Growth % | 158.76% | -456.73% | -356.54% | -2.73% | 20.35% | 84.41% | 57.65% | -53.42% | -52.05% | -82.23% | 56.97% | -10.25% | 648.15% | 24.13% | 41.71% | -66.78% | 186.36% | 47.29% | 43.48% | 365.05% |
| FCF per Share | 6.39 | -2.88 | -1.32 | 0.70 | 2.48 | -0.47 | -0.29 | 0.66 | 2.07 | -3.34 | -0.69 | 1.42 | 4.31 | -1.68 | -1.46 | 1.59 | 0.58 | -2.45 | -2.49 | 5.23 |
| FCF Conversion (FCF/Net Income) | -11.05x | -2.77x | 0.40x | 1.61x | -5.19x | 0.67x | -1.86x | 1.57x | -6.99x | -71.11x | -0.11x | 1.32x | 333.30x | -0.20x | -1.23x | 3.65x | -0.72x | 1.29x | -10.30x | 182.63x |
| Interest Paid | 0 | 0 | 492M | 308M | 0 | 421M | 0 | 422M | 557M | 0 | 684M | 381M | 646M | 0 | 0 | 0 | 0 | 0 | 619M | 208M |
| Taxes Paid | 0 | 0 | 3M | 6M | 4M | 2M | 0 | 1M | 5M | 0 | 1M | 2M | 1M | 0 | 0 | 0 | 0 | 0 | 1M | 1M |