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American Airlines Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
Achieved record fourth-quarter revenue of $14.0 billion and full-year revenue of $54.6 billion for 2025, despite a $325 million negative impact from a government shutdown and major operational disruption from Winter Storm Fern.
Fourth-quarter net earnings per diluted share were $0.15 GAAP and $0.16 excluding net special items; full-year net earnings per diluted share were $0.17 GAAP and $0.36 excluding net special items, both below guidance.
Reduced total debt by $2.1 billion in 2025 to $36.5 billion, with a target to fall below $35 billion by end of 2026, a year ahead of schedule.
Premium product investments, loyalty program growth, and partnerships are expected to drive revenue and margin improvements in 2026.
Investments in customer experience, network, fleet, and operational reliability position the company for significant upside in 2026.
Financial highlights
Q4 2025 adjusted EPS was $0.16; full-year adjusted EPS was $0.36, both down sharply from 2024.
Q4 operating income was $451 million, down over 57% year-over-year; full-year operating income was $1,467 million, down 50%.
Free cash flow for 2025 was negative $83 million, reflecting significant investing activities.
Premium unit revenue outpaced main cabin by seven points in Q4; managed corporate revenue rose 12% year-over-year.
Ended 2025 with $9.2 billion in liquidity and $36.5 billion in total debt.
Outlook and guidance
Q1 2026 capacity projected up 3%-5% year-over-year, with a 1.5-point negative impact from Winter Storm Fern.
Q1 2026 revenue expected to rise 7%-10% year-over-year, with a $150-$200 million revenue impact from the storm.
Q1 adjusted loss per share expected between $0.10 and $0.50; full-year adjusted EPS guidance is $1.70-$2.70.
2026 capital expenditures projected at $4-$4.5 billion; free cash flow expected to exceed $2 billion.
Expects total debt below $35 billion in 2026, a year ahead of plan.
Beyond the shutdown, what impacted Q4 PRASM?
Key drivers for 2026 adjusted EPS improvement?
DFW re-banking: expected cost efficiency impact?
DFW 13-bank structure: When will benefits show?
Debt target met early. Next steps for capital return?
Full year guidance conservatism: What drives upside?
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Next American Airlines Group earnings date
Q1 202623 Apr, 2026
American Airlines Group
Next American Airlines Group earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
American Airline
American Airlines is an American commercial airline with global operations. The company offers flights to destinations across various continents including North America, South America, Europe, Asia, and Oceania. American Airlines is the largest commercial carrier in the world when measured by scheduled passengers and offers flights to roughly 350 airports around the world. The company is headquartered in Fort Worth, Texas, and its shares are listed on the NYSE.
Founding Story and Growth
American Airlines was founded in 1930 when more than eighty small regional airlines in the US came together to form a larger entity, which is also when the company adopted its current name. In 1934 and re-organized its routes into a nationwide, connected grid of flights which would lay the groundwork for the company’s domineering domestic U.S presence it maintains to this day. The company increased its focus on international flights between the 1970s and 2000s, and now offers flights to over 45 different countries around the world. One of the most notable milestones through American Airlines history is the merger with US Airways in 2013, which made the company the largest airline in the world.
Passenger Experience
The passenger experience offered by American Airlines closely mirrors what other commercial carriers offer, and meets or exceeds what air travelers expect from a modern airline. Passengers can choose from various classes of service, including Economy, Premium Economy, Business, and First Class. In-flight entertainment options such as movies, TV shows, and music are available, alongside Wi-Fi connectivity on most flights. The airline also offers a loyalty program, AAdvantage, allowing frequent flyers to earn miles redeemable for flights, upgrades, and other benefits. Additional services include online check-in, a mobile app for managing travel, and a range of inflight food and beverage options.
The OneWorld Alliance
American Airlines is a founding member of the Oneworld alliance, established in 1999. Oneworld is a global partnership of airlines, with members including Qatar Airways, Qantas, Cathay Pacific, British Airways (owned by IAG), Finnair, Alaska Airlines, and several others. Members collaborate to offer coordinated flight schedules, shared lounges, and mutual loyalty program benefits. This alliance allows passengers to earn and redeem frequent flyer miles across member airlines, take advantage of smoother connections, and access a broader range of destinations worldwide.
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