At a glance
American Airlines Group is worth $8.34B, about 74 times its fiscal 2025 earnings. Revenue grew 0.8% to $54.63B in fiscal 2025, with 0.2% kept as profit; over 5 years it has grown 25.8% a year. It pays no dividend; it spent $39.0M buying back its shares over FY2021–FY2025. The stock returned −1.0% over the past year with dividends reinvested and −8.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.0% in the 2020 crash (S&P 500: 33.7%) and 41.3% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
American Airlines Group owns American Airlines, a major network carrier that flies leisure and business travelers, plus cargo, through hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. In 2025, about 224 million passengers boarded its flights to more than 350 destinations. As of December 31, 2025, it flew 1,013 mainline (full-size) jets. Its Envoy, PSA and Piedmont units and partners such as Republic and SkyWest flew another 567 smaller American Eagle aircraft, feeding travelers from small markets into its hubs.
Ticket sales dominate. Of $54.6 billion in 2025 revenue, passenger travel brought in $45.6 billion, or 83.5%. The AAdvantage loyalty program added two lines: flights redeemed with miles (7.4%) and marketing services sold to partners (6.4%). The co-branded credit cards are a key asset: cash from card and other partners reached $6.2 billion in 2025. Cargo made up 1.5% and other revenue 1.2%.
Partnerships extend the network. American is a founding member of the oneworld alliance, a group of 15 airlines that link routes and loyalty programs. It also runs joint businesses, which pool certain revenues and costs on shared routes, with British Airways, Aer Lingus, Iberia and Finnair across the Atlantic, Japan Airlines across the Pacific, and Qantas to Australia and New Zealand.
Price history
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AAL -1.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Passenger travel | $45.61B | 83.5% |
| Loyalty revenue - travel | $4.04B | 7.4% |
| Loyalty revenue - marketing services | $3.51B | 6.4% |
| Cargo | $839.0M | 1.5% |
| Other revenue | $640.0M | 1.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $16.34B, up 19.3% from a year earlier, and net income was $-269.0M.
- For fiscal 2025, revenue was $54.63B (+0.8% year over year; +25.8% a year from FY2020 to FY2025) with a 0.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.8% good |
|---|---|
| Operating margin | 2.7% weak |
| Free cash flow margin | -1.2% weak |
| Return on assets (FY2025) | 0.2% weak |
| Net cash (cash minus debt) | $-17.00B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $17.34B | $-8.88B | $-8.50B |
| FY2021 | $29.88B | $-1.99B | $496.0M |
| FY2022 | $48.97B | $127.0M | $-373.0M |
| FY2023 | $52.79B | $822.0M | $1.21B |
| FY2024 | $54.21B | $846.0M | $1.30B |
| FY2025 | $54.63B | $111.0M | $-680.0M |
Valuation snapshot
| Market value | $8.34B |
|---|---|
| P/E ratio | 74 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
American Airlines Group’s market value went from $24.19B at the end of 2016 to $8.34B on Oct 28, 2026, down 66%; since the end of 2025 it is down 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.34B | -17.6% |
| 2025 | $10.12B | -11.7% |
| 2024 | $11.45B | +27.6% |
| 2023 | $8.98B | +8.6% |
| 2022 | $8.27B | -28.9% |
| 2021 | $11.63B | +45.0% |
| 2020 | $8.02B | -36.2% |
| 2019 | $12.56B | -15.0% |
| 2018 | $14.79B | -40.6% |
| 2017 | $24.90B | +2.9% |
| 2016 | $24.19B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AAL price data to Oct 28, 2026 | -17.9% | -1.0% | +4.8% | -8.1% | -10.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -17.9% |
| 2025 | -12.1% |
| 2024 | +26.9% |
| 2023 | +8.0% |
| 2022 | -29.2% |
| 2021 | +13.9% |
| 2020 | -44.8% |
| 2019 | -9.6% |
| 2018 | -37.7% |
| 2017 | +12.4% |
| 2016 | +11.5% |
| 2015 | -20.4% |
| 2014 | +113.5% |
| 2013 | +87.0% |
| 2012 | +166.3% |
| 2011 | -49.4% |
| 2010 | +106.8% |
| 2009 | -37.4% |
| 2008 | -47.5% |
| 2007 | -72.7% |
| 2006 | +45.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 93.6% over that stretch · deepest drop along the way 94.4%, back to its old high 66.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 63.8% over that stretch · deepest drop along the way 64%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.3% over that stretch · deepest drop along the way 41.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 9 sales ($5.7M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 24, 2026 | David Seymour EVP Chief Operating Officer | sell (plan) | $1.2M |
| Jun 25, 2026 | David Seymour EVP Chief Operating Officer | sell (plan) | $1.0M |
| Jul 31, 2026 | Angela Owens SVP Corporate Controller | sell | $612K |
| Jul 28, 2026 | Angela Owens SVP Corporate Controller | sell | $601K |
| Jul 31, 2026 | Stephen L Johnson Vice Chair | sell | $459K |
Who owns it
Large shareholders (13G filings)
| PRIMECAP MANAGEMENT CO/CA/ | 10.46% | May 31, 2026 |
| BlackRock, Inc. | 9.4% | Sep 30, 2026 |
| Vanguard Capital Management | 5.11% | Mar 31, 2026 |
ETFs with the most weight in AAL
| JETS U.S. Global Jets ETF | 10.54% |
| FTXR First Trust Nasdaq Transportation ETF | 3.19% |
| AIRL Themes Airlines ETF | 2.9% |
| XTN SPDR S&P Transportation ETF | 2.77% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 2.4% |
| IYT iShares US Transportation ETF | 1.24% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.11% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.56% |
What could go wrong
- Debt load heavier than rivals'. As of September 30, 2026, total debt was about $25.4 billion against $8.4 billion in cash and investments, and liabilities exceeded assets. The 10-K says its obligations generally exceed competitors'.
- Big aircraft bills, weak credit rating. Aircraft and engine commitments for 2026 through 2030 total about $17.5 billion. Its credit rating is below investment grade, signaling higher risk to lenders, so financing could be costly or hard to get.
- Heavy reliance on AAdvantage and Citibank. The loyalty program and co-branded cards are major assets; card and other partners paid $6.2 billion in 2025. With Citibank the sole US card issuer from 2026, much rides on one bank.
- Labor disputes and a pilot shortage. Strikes or union disputes could disrupt flights and raise costs. Pilot retirements, stricter duty-time rules and fewer military pilots have caused a shortage that could limit how much the airline can fly.
- Fuel price spikes and supply disruptions. The 10-K calls the business very dependent on the price and availability of jet fuel. Sharp price swings or supply shortages could cut demand, profits and available cash.
- Travel demand falls when economies weaken. Leisure and business trips are optional spending, so revenue tracks the economy. Margins are thin: operating profit was 2.7% of revenue in 2025, leaving little cushion if demand weakens.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
American Airlines Group pays no dividend; its yield was 0% as of October 28, 2026. It paid $0.10 per share in 2020 and nothing from 2021 through 2025. Free cash flow, the cash left after capital spending, was negative $680 million in 2025, leaving nothing spare to pay out. An income investor would depend entirely on the share price for returns. Buybacks, where a company repurchases its own stock, totaled just $39 million over 2021–2025, and the share count rose about 2.1% between February 2022 and October 2026.
The stock has fallen hard in past downturns. It dropped 94.4% in the 2008 financial crisis and did not regain that peak until January 2014. It fell 64% in the 2020 COVID crash and 41.3% in the 2022 bear market (a prolonged market decline), recovering from neither as of October 28, 2026. Single stocks, especially airline stocks, carry more risk than diversified funds.
Questions investors ask
How does American Airlines make money?
Mostly from plane tickets. Passenger travel brought in $45.6 billion, or 83.5% of its $54.6 billion in revenue for 2025. The AAdvantage loyalty program added 7.4% from flights redeemed with miles and 6.4% from marketing services sold to partners such as co-branded credit card issuers. Cargo contributed 1.5% and other revenue 1.2%. Cash payments from card and other partners totaled $6.2 billion in 2025, and Citibank became the exclusive US card issuer starting in 2026.
Does American Airlines pay a dividend?
No. American Airlines Group's dividend yield was 0% as of October 28, 2026. It paid $0.10 per share in 2020 and nothing from 2021 through 2025. With free cash flow (cash left after capital spending) of negative $680 million in 2025 and about $25.4 billion of debt as of September 30, 2026, there has been little spare cash to return to shareholders. Buybacks were also small, totaling $39 million over 2021–2025.
How much debt does American Airlines have?
American Airlines had about $25.4 billion of total debt as of September 30, 2026, against $8.4 billion in cash and investments. That leaves net debt (debt minus cash) of about $17.0 billion. Liabilities exceeded assets on the books by $4.2 billion. The 10-K says its debt and other obligations are generally greater than its competitors', and that a very significant portion of its assets is pledged as collateral. It also has about $17.5 billion of planned aircraft and engine purchases for 2026 through 2030.
Is American Airlines profitable?
Only just. In 2025 it earned $111 million, down 86.9% from $846 million in 2024, on $54.6 billion of revenue, a net margin (profit as a share of revenue) of 0.2%. That worked out to $0.17 per share. In the quarter ended September 30, 2026, revenue rose 19.3% from a year earlier to $16.3 billion, but the company posted a net loss of $269 million. The price-to-earnings ratio (share price divided by earnings per share) was 74 as of October 28, 2026, based on 2025 earnings.
How has American Airlines stock performed over the long term?
It has lost ground over longer periods. As of October 28, 2026, the shares returned an average of -8.1% a year over five years and -10.6% a year over ten years, cumulative losses of 34% and 67%. The three-year return was 4.8% a year. The stock is also volatile: its beta, a gauge of swings relative to the overall market, was 1.9 over one year, and its largest peak-to-trough fall in about 21 years of price history was 97.2%.