American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — Q4 2025 Earnings Presentation
19 slides from American Airlines's earnings presentation, Jan 27, 2026
Slide 1: Fourth-Quarter & Full-Year 2025 Financial Results
American Airlines Group Inc. January 27, 2026 FOURTH-QUARTER & FULL-YEAR 2025 FINANCIAL RESULTS
Slide 2: Forward-looking statements
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 Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These
Slide 3: Fourth-quarter & full-year 2025 results
Fourth-quarter & full-year 2025 results • Record fourth-quarter revenue of $14.0 billion and record full-year revenue of $54.6 billion. • On a GAAP basis, fourth-quarter net earnings per diluted share of $0.15 and full- year net earnings per diluted share of $0.17. • Excluding net special items1, fo
Slide 4: Strategy to deliver on American's revenue potential
Strategy to deliver on American's revenue potential 1 Delivering a Consistent, Elevated Customer Experience 2 Maximizing the Power of American’s Network and Fleet 3 Building Partnerships to Deepen Loyalty and Lifetime Value 4 Advancing Sales, Distribution and Revenue Management Efforts 4
Slide 5: Delivering an elevated customer experience
Delivering an elevated customer experience Inflight Lounges • Introduced the new premium Flagship Suite® on the • Opened a new premium Flagship® lounge at PHL, Boeing 787-9s and Airbus A321XLRs, with plans to with more lounges planned for MIA and CLT to roll it out across the 777 fleet. expand the i
Slide 6: Maximizing the power of American's network and fleet
Maximizing the power of American’s network and fleet • Growing the international-capable fleet from 139 aircraft today to 200 aircraft and increasing lie- flat seats by over 50% by end of decade. • Focusing growth at key hubs such as MIA, ORD, PHL and PHX, with improved schedules and product enhance
Slide 7: Building partnerships to deepen loyalty and lifetime value
Building partnerships to deepen loyalty and lifetime value Unlocking Loyalty Partnerships Driving Value • Continued growth in AAdvantage®, the industry- • Launched the new 10-year exclusive Citi leading loyalty program, driving additional demand agreement in January 2026, expanding loyalty and for p
Slide 8: Advancing sales, distribution and revenue management efforts
Advancing sales, distribution and revenue management efforts • Fully restored historical indirect channel share exiting 2025, with continued momentum to capture greater share of high- value corporate and premium leisure customers. • Improving selling strategy through enhanced product offerings. • In
Slide 9: Moderate capex enables strong free cash flow generation
Moderate capex enables strong free cash flow generation • Anticipate taking delivery of 55 new aircraft in 2026. • Expect to generate over $2 billion of free cash flow 1 in 2026. Total Capex ($ in billions) ~ $4.5 ~ $4.0 - $4.5 $3.8 2025 2026E 2027E+ 1. Free cash flow is a non-GAAP measure. The comp
Slide 10: Accelerated long-term deleveraging path
Accelerated long-term deleveraging path • Expect total debt 1 below $35 billion in 2026, a year ahead of expectations. • Hold more than $14 billion in unencumbered assets and have more than $12 billion of additional first- lien borrowings allowable under existing financing arrangements. Total Debt (
Slide 11: Outlook
Outlook • Guidance is inclusive of the company's current estimate of the impact from Winter Storm Fern. • The company estimates the following Q1 2026 impact from the cancellations caused by the storm: • Reduced capacity by ~1.5 points. • Negatively impacted revenue by between $150 million to $200 mi
Slide 12: Thank you, #AATeam
Thank you, #AATeam 12
Slide 13: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation Reconciliation of GAAP Financial Information to Non-GAAP Financial Information American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance w
Slide 14: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation 3 Months Ended Percent 12 Months Ended Percent December 31, Increase December 31, Increase Reconciliation of Operating Income Excluding Net Special Items 2025 2024 (Decrease) 2025 2024 (Decrease) (in millions) (in millions) Operating income as reported $ 451 $ 1,134 $
Slide 15: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation 3 Months Ended Percent 12 Months Ended Percent December 31, Increase December 31, Increase Reconciliation of Net Income Excluding Net Special Items 2025 2024 (Decrease) 2025 2024 (Decrease) (in millions, except share and per share amounts) (in millions, except share a
Slide 16: Free cash flow reconciliation
Free cash flow reconciliation The Company's free cash flow summary is presented in the table below, which is a non-GAAP measure that management believes is useful information to investors and others in evaluating the Company's ability to generate cash from its core operating performance that is avai
Slide 17: Adjusted EBITDAR margin reconciliation
Adjusted EBITDAR margin reconciliation The Company's adjusted EBITDAR and adjusted EBITDAR margin are presented below, which are non-GAAP measures that management uses to evaluate the Company's current operating performance. These non-GAAP measures may not be comparable to similarly titled non-GAAP
Slide 18: Total debt and net debt reconciliation
Total debt and net debt reconciliation The Company's total debt and net debt are presented below, which are non-GAAP measures that management believes are useful for assessing the Company's debt profile. Total debt is defined as debt, finance and operating lease liabilities and pension obligations,
Slide 19: American Airlines
American®, Airlines
American Airlines Group — Q4 2025 Earnings Presentation on 6ix