American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — Q1 2026 Earnings Presentation
18 slides from American Airlines's earnings presentation, Apr 23, 2026
Slide 1: First-Quarter 2026 Financial Results
Exhibit 99.2 April 23, 2026 American Airlines Group Inc. FIRST-QUARTER 2026 FINANCIAL RESULTS
Slide 2: 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 forward-looking statements
Slide 3: First-quarter 2026 results
First-quarter 2026 results • Record first-quarter revenue of $13.9 billion. • On a GAAP basis, first-quarter net loss per diluted share of ($0.58). • Excluding net special items1, first-quarter net loss per diluted share of ($0.40). • Ended the quarter with total debt2 of $34.7 billion, first time u
Slide 4: Position American to win and deliver on its revenue upside
Position American to win and deliver on its revenue upside Elevate the Customer Experience Lead in Loyalty Grow the Global Network Drive Premium Revenue 4
Slide 5: Elevate the customer experience
Elevate the customer experience 5 Expand premium offerings Strengthen reliability − Continued rollout of new premium Flagship Suite® on the Boeing 787-9s and Airbus A321XLRs, with plans to extend across the Boeing 777 fleet. − Announced plans to expand Admirals Club® lounges at Austin and Nashville
Slide 6: Grow the global network
139 ~ 150 180 190 195 2025 2026E 2027E 2028E 2029E 2030E International fleet Options/Conversions Grow the global network 6 PHL: Trans-Atlantic gateway, growing to ~ 400 daily departures MIA: Latin America gateway, growing to ~ 400 daily departures PHX: Largest carrier, growing to ~ 300 daily departu
Slide 7: Drive premium revenue
Drive premium revenue 7 Source: Internal data. − Managed corporate revenue increased 13% year over year. − Premium unit revenue outperformed Main Cabin by 7 points in the first quarter. − Increased upsell through changes to product attributes.
Slide 8: Lead in loyalty
Lead in loyalty 8 Source: The Points Guy 2026 Awards Best US Airline Loyalty Program, Internal data. − 2026 enrollments on track to exceed 2025’s record levels. − Best airline loyalty program redemption value. − Exclusive redemption experiences like FIFA World Cup 26TM matches and Ryder Cup. Increas
Slide 9: Strong financial foundation
• Ended the quarter with total debt1 of $34.7 billion, first time under $35 billion since mid-2015. • Generated $3.4 billion of free cash flow2 in the first quarter. • Ended the first quarter with $10.8 billion in liquidity and holds more than $27 billion of unencumbered assets and first-lien borrow
Slide 10: Outlook
Outlook 1. Includes guidance on certain non-GAAP measures, which exclude, among other things, net special items. Cost per available seat mile (CASM) excluding net special items, fuel and profit sharing is a non-GAAP measure. All adjusted earnings (loss) per diluted share guidance excludes the impact
Slide 11: Appendix
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Slide 12: 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 13: GAAP to non-GAAP reconciliation: Operating Loss Excluding Net Special Items
GAAP to non-GAAP reconciliation Reconciliation of Operating Loss Excluding Net Special Items 3 Months Ended March 31, Percent 2026 2025 Decrease (in millions) Operating loss as reported $ (41) $ (270) Operating net special items: Mainline operating special items, net (1) 14 70 Operating loss excludi
Slide 14: GAAP to non-GAAP reconciliation: Net Loss Excluding Net Special Items
GAAP to non-GAAP reconciliation 3 Months Ended March 31, Percent Reconciliation of Net Loss Excluding Net Special Items 2026 2025 Decrease (in millions, except share and per share amounts) Net loss as reported $ (382) $ (473) Net special items: Total pre-tax net special items (1), (2) 149 118 Net ta
Slide 15: 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 16: 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 17: 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 18: American Airlines
American ®&. Airlines
American Airlines Group — Q1 2026 Earnings Presentation on 6ix