American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — Q3 2026 Earnings Presentation
16 slides from American Airlines's earnings presentation, Oct 22, 2026
Slide 1: Third-Quarter 2026 Financial Results
October 22, 2026 American Airlines Group Inc. THIRD-QUARTER 2026 FINANCIAL RESULTS Exhibit 99.2
Slide 2: Forward-looking statements
Certain of the statements contained in this document 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 statemen
Slide 3: Third-quarter 2026 results
Third-quarter 2026 results • Revenue of $16.3 billion, up 19.3% year over year, above the high end of the previously guided range. • American delivered the best unit cost performance among the network carriers, with CASM-ex1 up 3.0%. • Fuel expense for the quarter increased $1.9 billion, or 67.5%, y
Slide 4: Four pillars driving American's revenue upside
Four pillars driving American’s 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 and satisfaction − Installing Starlink across its entire mainline fleet, bringing the technology to more than 1,000 aircraft. − Expanding seatback entertainment to the narrowbody fleet, including screens on new deliver
Slide 6: Grow the global network
Grow the global network 6 Strengthen the network Improve connectivity and execution − During the quarter, the company announced seven new international routes for 2027. − Growth was concentrated in key hubs, particularly Chicago, Miami, Philadelphia, and Phoenix, where American is building stronger
Slide 7: Drive premium revenue
Drive premium revenue 7 Source: Internal data. − Premium revenue increased 22.9% year over year. − Premium unit revenue increased 18.5%, which outperformed Main Cabin by more than 4 points. − Managed corporate revenue increased 27.6%, marking the sixth consecutive quarter of double- digit growth. −
Slide 8: Lead in loyalty
Lead in loyalty 8 Source: Internal data. − AAdvantage® enrollments increased 27.4% year over year. − Enrollment growth of 35% to 65% in New York, Los Angeles and Chicago. Expanding loyalty ecosystem − Third-quarter card spend increased nearly 10% year- over-year, demonstrating sustained engagement a
Slide 9: Strong financial foundation
35.1 31.7 30.7 28.1 2023 2024 2025 3Q26 • Ended the quarter with $11.8 billion of total available liquidity and more than $26 billion of unencumbered assets and first-lien borrowing capacity. • Remain committed to achieving our 3.0x net debt1 to EBITDAR target. Strong financial foundation 91. Net de
Slide 10: Outlook
Outlook 1. All adjusted loss per diluted share guidance excludes the impact of net special items and is a non-GAAP measure. The guidance for loss per diluted share reflects an absolute number and is not a year-over-year comparison. The company is unable to reconcile certain forward-looking informati
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: Reconciliation of Operating Income Excluding Net Special Items
GAAP to non-GAAP reconciliation 13 Reconciliation of Operating Income Excluding Net Special Items 3 Months Ended September 30, Percent Increase 9 Months Ended September 30, Percent Increase 2026 2025 (Decrease) 2026 2025 (Decrease) (in millions) (in millions) Operating income as reported $ 115 $ 151
Slide 14: Reconciliation of Net Income (Loss) Excluding Net Special Items
GAAP to non-GAAP reconciliation 14 3 Months Ended September 30, Percent Increase 9 Months Ended September 30, Percent Increase Reconciliation of Net Income (Loss) Excluding Net Special Items 2026 2025 (Decrease) 2026 2025 (Decrease) (in millions, except share and per share amounts) (in millions, exc
Slide 15: Total debt and net debt reconciliation
Total debt and net debt reconciliation 15 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 obligation
Slide 16: American ®&.
American ®&. Airlines
American Airlines Group — Q3 2026 Earnings Presentation on 6ix