American Airlines Group, Inc. · NASDAQ:AAL
American Airlines — Q2 2025 Earnings Presentation
20 slides from American Airlines's earnings presentation, Jul 24, 2025
Slide 1: Second-Quarter 2025 Financial Results
July 24, 2025 SECOND- 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: Commercial update
Commercial update
Slide 4: Sales and distribution progress
(11%) (10%) (9%) (7%) (3%) ~ (2%) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025E Sales and distribution progress Indirect Channel Flown Revenue Performance1 4 • Revenue share in indirect channels showed continued progress in Q2 2025, with share coming in ahead of forecast at down 3%. • We continue
Slide 5: Growing our industry-leading brand loyalty program
2023 2024 2025 YTD Q2 Growing our industry-leading brand loyalty program 51. 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 ~77%1~74%
Slide 6: Renewed focus on the customer experience
Renewed focus on the customer experience 6 • Introduced Flagship Suite® to offer a private premium experience with a privacy door in addition to chaise lounge seating and more personal storage space. • Offers more premium lounges than any other U.S. carrier. Opened ninth premium lounge in Philadelph
Slide 7: Financial update
Financial update
Slide 8: Second-quarter 2025 results
Second-quarter 2025 results • Record quarterly revenue of $14.4 billion. • Second-quarter GAAP earnings per diluted share of $0.91. • Excluding net special items1, second-quarter earnings per diluted share of $0.95. • Generated $3.4 billion in operating cash flow and free cash flow2 of $2.5 billion
Slide 9: Second-quarter financial results
Second-quarter financial results Note: May not recalculate due to rounding. 1. See GAAP to non-GAAP reconciliation at the end of this presentation. Source: Airline financials. GAAP Non-GAAP1 (in millions, except share and per share amounts) Q2 2025 Q2 2024 Q2 2025 Q2 2024 Operating income $1,135 $1,
Slide 10: Moderate capex enables strong free cash flow generation
$1.9 ~$2.5 - $3 ~ $3.5 2024 2025E Avg 2025E - 2029E • Young fleet enables moderate capex profile. • Generated $2.5 billion of free cash flow1 in the first half of 2025. Moderate capex enables strong free cash flow generation Total Aircraft Capex ($ in billions) 10 1. Free cash flow is a non-GAAP mea
Slide 11: Continued progress toward deleveraging goals
$39 $38 < $35 YE 2024 Q2 2025 YE 2027E • Ended the second quarter with approximately $29 billion in net debt1. • Cash settled $1 billion 6.5% convertible note on July 1, 2025. • Ongoing commitment to take total debt2 below $35 billion by YE 2027. • Now hold $11 billion in unencumbered assets and hav
Slide 12: 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 (loss) per diluted share guidan
Slide 13: Update photos
Update photos Thank you, #AATeam!
Slide 14: 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 15: GAAP to non-GAAP reconciliation: Operating Income
GAAP to non-GAAP reconciliation Reconciliation of Operating Income Excluding Net Special Items 3 Months Ended June 30, Percent Increase 6 Months Ended June 30, Percent Increase 2025 2024 (Decrease) 2025 2024 (Decrease) (in millions) (in millions) Operating income as reported $ 1,135 $ 1,384 $ 864 $
Slide 16: GAAP to non-GAAP reconciliation: Net Income and EPS
GAAP to non-GAAP reconciliation 3 Months Ended June 30, Percent Increase 6 Months Ended June 30, Percent 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 and per sh
Slide 17: 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 18: 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 19: 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 20: American Airlines
American®. Airlines
American Airlines Group — Q2 2025 Earnings Presentation on 6ix