Revenue growth remains inconsistent with a 10.8% year-over-year increase in 2026Q1, while structural margin fragility is evidenced by gross margins that fluctuate significantly between 15.0% and 26.0%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 55.99B | 54.63B | 54.21B | 52.79B | 48.97B | 29.88B | 17.34B | 45.77B | 44.54B | 42.62B | 40.14B | 40.99B | 42.65B | 26.74B | 24.86B | 23.98B | 22.17B | 19.92B | 23.77B | 22.93B | 22.56B | 20.71B | 18.64B | 17.44B | 17.42B | 18.96B | 19.7B | 17.73B | 17.52B | 16.96B | 17.36B |
| Revenue Growth % | 3.33% | 0.78% | 2.7% | 7.79% | 63.88% | 72.36% | -62.12% | 2.75% | 4.5% | 6.18% | -2.07% | -3.89% | 59.48% | 7.6% | 3.65% | 8.16% | 11.31% | -16.2% | 3.62% | 1.65% | 8.94% | 11.09% | 6.91% | 0.11% | -8.14% | -3.76% | 11.13% | 1.22% | 3.3% | -2.34% | 2.68% |
| Cost of Goods Sold | 43.78B | 44.16B | 42.75B | 40.98B | 39.93B | 29.86B | 24.56B | 34.64B | 34.49B | 31.29B | 28.42B | 27.97B | 31.94B | 20.66B | 20.59B | 20.52B | 18.16B | 5.46B | 8.98B | 6.39B | 5.99B | 13.62B | 11.46B | 10.39B | 11.16B | 11.88B | 10.91B | 9.77B | 8.88B | 8.95B | 8.9B |
| COGS % of Revenue | - | 80.83% | 78.85% | 77.63% | 81.55% | 99.91% | 141.68% | 75.68% | 77.43% | 73.42% | 70.79% | 68.23% | 74.89% | 77.25% | 82.84% | 85.58% | 81.9% | 27.42% | 37.78% | 27.87% | 26.56% | 65.77% | 61.44% | 59.58% | 64.06% | 62.64% | 55.35% | 55.12% | 50.68% | 52.77% | 51.28% |
| Gross Profit | 12.21B | 10.47B | 11.46B | 11.81B | 9.04B | 27M | -7.23B | 11.13B | 10.05B | 11.33B | 11.73B | 13.02B | 10.71B | 6.08B | 4.27B | 3.46B | 4.01B | 14.46B | 14.79B | 16.54B | 16.57B | 7.09B | 7.19B | 7.05B | 6.26B | 7.08B | 8.8B | 7.96B | 8.64B | 8.01B | 8.46B |
| Gross Margin % | 21.8% | 19.17% | 21.15% | 22.37% | 18.45% | 0.09% | -41.68% | 24.32% | 22.57% | 26.58% | 29.21% | 31.77% | 25.11% | 22.75% | 17.16% | 14.42% | 18.1% | 72.58% | 62.22% | 72.13% | 73.44% | 34.23% | 38.56% | 40.42% | 35.94% | 37.36% | 44.65% | 44.88% | 49.32% | 47.23% | 48.72% |
| Gross Profit Growth % | - | -8.67% | -2.92% | 30.69% | 33370.37% | 100.37% | -164.91% | 10.76% | -11.29% | -3.38% | -9.96% | 21.59% | 76.02% | 42.64% | 23.37% | -13.83% | -72.24% | -2.25% | -10.61% | -0.17% | 133.72% | -1.38% | 1.99% | 12.59% | -11.62% | -19.47% | 10.54% | -7.88% | 7.88% | -5.34% | 1.56% |
| Operating Expenses | 10.51B | 9B | 8.85B | 8.78B | 7.43B | 1.09B | 3.19B | 8.07B | 7.39B | 7.1B | 6.67B | 6.82B | 6.46B | 4.69B | 4.12B | 4.5B | 3.71B | 15.46B | 16.68B | 15.58B | 15.51B | 7.18B | 7.33B | 7.89B | 9.59B | 9.55B | 7.42B | 6.8B | 6.65B | 6.08B | 6.62B |
| OpEx % of Revenue | - | 16.48% | 16.33% | 16.63% | 15.17% | 3.63% | 18.43% | 17.63% | 16.6% | 16.66% | 16.61% | 16.64% | 15.15% | 17.52% | 16.57% | 18.75% | 16.71% | 77.62% | 70.17% | 67.92% | 68.75% | 34.66% | 39.33% | 45.26% | 55.06% | 50.38% | 37.64% | 38.36% | 37.97% | 35.87% | 38.13% |
| Selling, General & Admin | 2.06B | 2B | 1.81B | 1.8B | 1.81B | 1.1B | 666M | 2B | 1.52B | 1.48B | 1.32B | 1.39B | 1.54B | 1.16B | 1.06B | 1.1B | 7.82B | 7.66B | 7.65B | 7.8B | 7.89B | 8.61B | 8.52B | 9.12B | 11.59B | 10.06B | 9.43B | 8.85B | 8.43B | 8.21B | 8.45B |
| SG&A % of Revenue | - | 3.66% | 3.34% | 3.41% | 3.71% | 3.67% | 3.84% | 4.38% | 3.41% | 3.47% | 3.3% | 3.4% | 3.62% | 4.33% | 4.26% | 4.6% | 35.29% | 38.46% | 32.2% | 34% | 34.96% | 41.56% | 45.67% | 52.32% | 66.55% | 53.04% | 47.84% | 49.94% | 48.11% | 48.39% | 48.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 7.01B | 7.04B | 6.98B | 5.62B | -12M | 2.53B | 6.06B | 5.88B | 5.62B | 5.34B | 5.42B | 4.92B | 3.53B | 3.06B | 3.39B | -4.12B | 7.8B | 9.02B | 7.78B | 7.62B | -1.43B | -1.18B | -1.23B | -2B | -504M | -2.01B | -2.05B | -1.78B | -2.12B | -1.83B |
| Operating Income | 1.7B | 1.47B | 2.61B | 3.03B | 1.61B | -1.06B | -10.42B | 3.06B | 2.66B | 4.23B | 5.06B | 6.2B | 4.25B | 1.4B | 148M | -1.04B | 308M | -1B | -1.89B | 965M | 1.06B | -89M | -144M | -844M | -3.33B | -2.47B | 1.38B | 1.16B | 1.99B | 1.93B | 1.84B |
| Operating Margin % | 3.03% | 2.69% | 4.82% | 5.75% | 3.28% | -3.54% | -60.11% | 6.7% | 5.96% | 9.93% | 12.61% | 15.14% | 9.96% | 5.23% | 0.6% | -4.32% | 1.39% | -5.04% | -7.95% | 4.21% | 4.7% | -0.43% | -0.77% | -4.84% | -19.12% | -13.03% | 7.01% | 6.52% | 11.35% | 11.36% | 10.59% |
| Operating Income Growth % | - | -43.88% | -13.84% | 88.8% | 251.75% | 89.84% | -440% | 15.4% | -37.23% | -16.38% | -18.44% | 46.01% | 203.72% | 845.27% | 114.27% | -436.69% | 130.68% | 46.85% | -295.75% | -8.96% | 1291.01% | 38.19% | 82.94% | 74.66% | -34.86% | -278.86% | 19.46% | -41.85% | 3.22% | 4.73% | 81.18% |
| EBITDA | 3.68B | 3.44B | 4.54B | 4.97B | 3.58B | 1.28B | -8.06B | 5.38B | 4.81B | 6.25B | 6.89B | 7.81B | 5.76B | -863M | 1.16B | -815M | 1.41B | -3.83B | -4.93B | 2.26B | 17.62B | 15.79B | 13.77B | 533M | 8.92B | -1.07B | 2.58B | 2.43B | 3.27B | 2.89B | 2.75B |
| EBITDA Margin % | 6.57% | 6.3% | 8.37% | 9.41% | 7.32% | 4.27% | -46.47% | 11.76% | 10.81% | 14.66% | 17.15% | 19.06% | 13.51% | -3.23% | 4.68% | -3.4% | 6.36% | -19.24% | -20.76% | 9.87% | 78.11% | 76.22% | 73.86% | 3.06% | 51.21% | -5.62% | 13.11% | 13.69% | 18.7% | 17.04% | 15.83% |
| EBITDA Growth % | -5.4% | -24.19% | -8.65% | 38.67% | 180.88% | 115.84% | -249.66% | 11.84% | -22.97% | -9.27% | -11.86% | 35.6% | 767.67% | -174.2% | 242.7% | -157.8% | 136.79% | 22.31% | -318.03% | -87.16% | 11.64% | 14.62% | 2483.86% | -94.03% | 936.87% | -141.27% | 6.43% | -25.89% | 13.32% | 5.17% | 20.84% |
| D&A (Non-Cash Add-back) | 1.98B | 1.98B | 1.93B | 1.94B | 1.98B | 2.33B | 2.37B | 2.32B | 2.16B | 2.02B | 1.83B | 1.61B | 1.51B | -2.26B | 1.01B | 222M | 1.1B | -2.83B | -3.04B | 1.3B | 16.56B | 15.88B | 13.92B | 1.38B | 12.25B | 1.4B | 1.2B | 1.27B | 1.29B | 964M | 909M |
| EBIT | 2.18B | 1.91B | 3.09B | 3.27B | 2.15B | -748M | -10.23B | 3.35B | 2.94B | 4.45B | 5.14B | 5.5B | 4.1B | -1.32B | -1.81B | -1.17B | 286M | -1.01B | -1.35B | 1.4B | 1.26B | -15.56B | -13.38B | -13.05B | -15.82B | -15.77B | -11.13B | -10.19B | -8.3B | -4.57B | -4.47B |
| Net Interest Income | -573M | -1.36B | -1.47B | -1.55B | -1.75B | -1.78B | -1.19B | -968M | -938M | -959M | -928M | -841M | -856M | -836M | -606M | -785M | -766M | -668M | -589M | -557M | -722M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 317M | 357M | 468M | 591M | 216M | 18M | 41M | 127M | 118M | 94M | 63M | 39M | 31M | 20M | 26M | 26M | 26M | 76M | 181M | 337M | 308M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 890M | 1.72B | 1.93B | 2.15B | 1.96B | 1.8B | 1.23B | 1.09B | 1.06B | 1.05B | 991M | 880M | 887M | 856M | 632M | 811M | 792M | 744M | 770M | 894M | 1.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.33B | -1.28B | -1.46B | -1.91B | -1.42B | -1.49B | -1.03B | -809M | -772M | -836M | -908M | -1.59B | -1.04B | -3.58B | -2.59B | -942M | -814M | -748M | -229M | -461M | -829M | -768M | -617M | -464M | -529M | -286M | -94M | -150M | -155M | -590M | -243M |
| Pretax Income | 362M | 190M | 1.15B | 1.12B | 186M | -2.55B | -11.45B | 2.26B | 1.88B | 3.4B | 4.15B | 4.62B | 3.21B | -2.18B | -2.44B | -1.98B | -506M | -1.75B | -2.12B | 504M | 231M | -857M | -761M | -1.31B | -3.86B | -2.76B | 1.29B | 1.01B | 1.83B | 1.34B | 1.6B |
| Pretax Margin % | 0.65% | 0.35% | 2.13% | 2.12% | 0.38% | -8.53% | -66.06% | 4.93% | 4.23% | 7.97% | 10.34% | 11.26% | 7.53% | -8.15% | -9.84% | -8.25% | -2.28% | -8.8% | -8.91% | 2.2% | 1.02% | -4.14% | -4.08% | -7.5% | -22.16% | -14.53% | 6.53% | 5.67% | 10.46% | 7.88% | 9.19% |
| Income Tax | 160M | 79M | 308M | 299M | 59M | -555M | -2.57B | 570M | 472M | 2.11B | 1.57B | -2.99B | 330M | -346M | -569M | 0 | -35M | -284M | 0 | 0 | 0 | 0 | 0 | -80M | -1.34B | -994M | 508M | 350M | 719M | 527M | 513M |
| Effective Tax Rate % | 44.2% | 41.58% | 26.69% | 26.67% | 31.72% | 21.78% | 22.42% | 25.27% | 25.05% | 62.24% | 37.76% | -64.86% | 10.27% | 15.87% | 23.27% | 0% | 6.92% | 16.21% | 0% | 0% | 0% | 0% | 0% | 6.12% | 34.64% | 36.07% | 39.47% | 34.79% | 39.23% | 39.45% | 32.14% |
| Net Income | 202M | 111M | 846M | 822M | 127M | -1.99B | -8.88B | 1.69B | 1.41B | 1.28B | 2.58B | 7.61B | 2.88B | -1.83B | -1.88B | -1.98B | -471M | -1.47B | -2.12B | 504M | 231M | -857M | -761M | -1.23B | -3.51B | -1.76B | 813M | 985M | 1.31B | 985M | 1.02B |
| Net Margin % | 0.36% | 0.2% | 1.56% | 1.56% | 0.26% | -6.67% | -51.25% | 3.68% | 3.17% | 3.01% | 6.44% | 18.57% | 6.76% | -6.86% | -7.55% | -8.25% | -2.12% | -7.37% | -8.91% | 2.2% | 1.02% | -4.14% | -4.08% | -7.04% | -20.16% | -9.29% | 4.13% | 5.56% | 7.5% | 5.81% | 5.85% |
| Net Income Growth % | -70.51% | -86.88% | 2.92% | 547.24% | 106.37% | 77.57% | -626.99% | 19.41% | 10.14% | -50.39% | -66.04% | 164.05% | 257.14% | 2.24% | 5.2% | -320.17% | 67.92% | 30.69% | -520.24% | 118.18% | 126.95% | -12.62% | 38.03% | 65.02% | -99.26% | -316.73% | -17.46% | -25.04% | 33.4% | -3.05% | 508.38% |
| Net Income (Continuing) | 202M | 111M | 846M | 822M | 127M | -1.99B | -8.88B | 1.69B | 1.41B | 1.28B | 2.58B | 7.61B | 2.88B | -1.83B | -1.88B | -1.98B | -471M | -1.47B | -2.12B | 504M | 231M | -857M | -761M | -1.23B | -2.52B | -1.76B | 779M | 656M | 1.11B | 809M | 1.08B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 329M | 0 | 176M | 22M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.31 | 0.17 | 1.24 | 1.14 | 0.19 | -3.09 | -18.36 | 3.80 | 3.03 | 3.90 | 4.81 | 11.07 | 3.93 | -17.04 | -14.99 | -15.83 | -3.79 | -13.37 | -21.41 | 4.51 | 2.34 | -13.93 | -12.69 | -20.78 | -60.46 | -30.60 | 13.47 | 16.76 | 20.13 | 14.41 | 14.78 |
| EPS Growth % | -64.77% | -86.29% | 8.77% | 500% | 106.15% | 83.17% | -583.16% | 25.41% | -22.31% | -18.92% | -56.55% | 181.68% | 123.06% | -13.68% | 5.31% | -317.68% | 71.65% | 37.55% | -574.72% | 92.73% | 116.8% | -9.77% | 38.93% | 65.63% | -97.58% | -327.17% | -19.63% | -16.74% | 39.69% | -2.5% | 500.81% |
| EPS (Basic) | - | 0.17 | 1.29 | 1.26 | 0.20 | -3.09 | -18.36 | 3.80 | 3.04 | 3.92 | 4.85 | 11.39 | 4.02 | -17.04 | -14.99 | -15.83 | -3.79 | -13.37 | -21.41 | 5.51 | 3.02 | -13.93 | -12.69 | -20.78 | -60.46 | -30.60 | 14.54 | 17.30 | 20.83 | 14.82 | 15.82 |
| Diluted Shares Outstanding | 661.18M | 661.86M | 721.3M | 719.67M | 655.12M | 644.01M | 483.89M | 444.27M | 465.66M | 491.69M | 556.1M | 687.36M | 734.02M | 107.64M | 125.12M | 124.98M | 124.38M | 109.81M | 96.74M | 111.68M | 98.6M | 61.79M | 59.96M | 59.11M | 58.08M | 57.58M | 60.37M | 58.77M | 65.26M | 68.35M | 68.72M |
| Basic Shares Outstanding | 661.18M | 660.49M | 657M | 653.61M | 650.35M | 644.01M | 483.89M | 443.36M | 464.24M | 489.16M | 552.31M | 668.39M | 717.46M | 107.64M | 125.12M | 124.98M | 124.38M | 109.81M | 96.74M | 91.51M | 76.57M | 61.79M | 59.96M | 59.11M | 58.08M | 57.58M | 55.92M | 56.95M | 63.08M | 66.48M | 64.24M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 10.56% | 13.17% | 15.44% | 8.67% | 3.65% | 5% | - | - | - | - | - | - | 305.16% | - | - | - | - | - | - | - | - | - | - | - |
High operating leverage sensitivity
As reported in recent financial filings, American Airlines' revenue growth has exhibited significant volatility, with a 10.8% year-over-year increase in 2026Q1 following several quarters of near-flat performance, suggesting that the company struggles to maintain consistent top-line expansion in a highly competitive and capacity-saturated domestic aviation market.
The erratic revenue trajectory indicates that AAL remains heavily reliant on seasonal demand spikes rather than sustained organic growth. Investors should monitor whether the recent double-digit growth in 2026Q1 represents a structural shift or merely a favorable comparison against prior period weakness.
Based on the provided income statement data, AAL's gross margins fluctuate significantly between 15.0% and 26.0%, reflecting an underlying cost structure that is highly sensitive to operational disruptions and the inability to consistently pass through inflationary pressures to the end consumer in a commoditized market.
The wide variance in gross margins suggests that the company lacks the pricing power necessary to insulate itself from fuel and labor cost volatility. This margin instability implies that even minor shifts in load factors or fuel prices can rapidly erode the company's already thin net profitability.
According to the quarterly income statements, AAL's operating income frequently swings into negative territory, such as the -$41.0 million reported in 2026Q1, demonstrating that the company's high fixed-cost base prevents efficient scaling of operating leverage during periods of even moderate revenue deceleration or cost inflation.
The inability to maintain positive operating margins during lower-revenue quarters highlights the rigidity of the company's cost structure. This operational profile suggests that AAL is structurally disadvantaged compared to peers with more flexible cost bases, leaving it vulnerable to cyclical downturns.
Analysis of the historical income statement reveals that AAL's net income is frequently negative, with losses occurring in five of the last ten quarters, which suggests that the company's business model may be fundamentally challenged by its current debt-heavy capital structure and high operating expenses.
Short-term profitability appears to be an exception rather than the rule, raising concerns about the long-term viability of the current operating model. Investors should be wary of the recurring net losses, which may indicate that the company is not generating sufficient returns to cover its substantial fixed obligations.
Quick answers to the most common questions about buying AAL stock.
For fiscal year 2025, American Airlines Group Inc. (AAL) reported total revenue of $54.63B. This represents a 214.6% increase compared to $17.36B in 1996.
American Airlines Group Inc. (AAL) is profitable, generating $111.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
American Airlines Group Inc. (AAL) reported an operating income of $1.47B, resulting in an operating profit margin of 2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
American Airlines Group Inc. (AAL) generated $10.47B in gross profit for the year, representing a gross profit margin of 19.2%. This demonstrates the company's core pricing power and production efficiency.