American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — Q3 2025 Earnings Presentation
15 slides from American Airlines's earnings presentation, Oct 23, 2025
Slide 1: Third Quarter 2025 Financial Results
October 23, 2025 THIRD QUARTER 2025 FINANCIAL RESULTS American Airlines Group Inc. Exhibit 99.2
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: Third-quarter 2025 results met our financial commitments
Third-quarter 2025 results met our financial commitments • Record third-quarter revenue of $13.7 billion. • On a GAAP basis, third-quarter net loss per diluted share of ($0.17). • Excluding net special items1, third-quarter net loss per diluted share of ($0.17). • Expect full-year free cash flow2 of
Slide 4: Growing our industry-leading brand loyalty program
Growing our industry-leading brand loyalty program 41. Year-to-date 2025 versus the same period in 2024. Source: Internal data. • Continued growth in active AAdvantage® accounts, driving additional demand for premium products. +7% YTD % contribution to premium revenue ~76%1~74% Active AAdvantage® Ac
Slide 5: Renewed focus on the customer experience
Renewed focus on the customer experience 5 • New elevated, premium experience of our Flagship Suite® led American’s widebody aircraft in customer satisfaction. Product to be expanded to Airbus A321 XLRs, Boeing 777-300 and Boeing 777-200. • Offer more premium lounges than any other U.S. carrier. The
Slide 6: Moderate capex enables strong free cash flow generation
$2.7 ~ $3.8 ~ $4 - $4.5 2024 2025E 2026E • Youngest fleet of the U.S. network carriers enables moderate capex profile. • Expect to generate over $1 billion of free cash flow1 for the year. Moderate capex enables strong free cash flow generation Total Capex ($ in billions) 6 1. Free cash flow is a no
Slide 7: Continued progress toward deleveraging goals
$38.6 $36.8 < $35 YE 2024 Q3 2025 YE 2027E • Ongoing commitment to take total debt1 below $35 billion by YE 2027. • Now hold ~$14 billion in unencumbered assets and have over $11 billion of additional first-lien borrowings allowable under existing financing arrangements. Continued progress toward de
Slide 8: Outlook
Outlook 1. Includes guidance on certain non-GAAP measures, which exclude, among other things, net special items. CASM-ex is cost per available seat mile excluding fuel and net special items and is a non-GAAP measure. All adjusted operating margin and adjusted earnings per diluted share guidance excl
Slide 9: Thank you, #AATeam!
Update photos Thank you, #AATeam!
Slide 10: 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 11: Reconciliation of Operating Income Excluding Net Special Items
GAAP to non-GAAP reconciliation Reconciliation of Operating Income Excluding Net Special Items 3 Months Ended September 30, Percent Increase 9 Months Ended September 30, Percent Increase 2025 2024 (Decrease) 2025 2024 (Decrease) (in millions) (in millions) Operating income as reported $ 151 $ 89 $ 1
Slide 12: Reconciliation of Net Income (Loss) Excluding Net Special Items
GAAP to non-GAAP reconciliation 3 Months Ended September 30, Percent Increase 9 Months Ended September 30, Percent Increase Reconciliation of Net Income (Loss) Excluding Net Special Items 2025 2024 (Decrease) 2025 2024 (Decrease) (in millions, except share and per share amounts) (in millions, except
Slide 13: 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 14: Total debt and net debt reconciliation
Total debt and net debt reconciliation 14 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 15: American Airlines
American®. Airlines
American Airlines Group — Q3 2025 Earnings Presentation on 6ix