AAL financial statements

The full income statement, balance sheet, and cash-flow statement for American Airlines Group Inc. (AAL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 656.7M2024-09 657.1M2024-12 657.6M2025-03 659.5M2025-06 659.8M2025-09 660.1M2025-12 660.3M2026-03 661.4M2026-06 661.9M+0.8% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	54.6B YoY+0.8%	54.2B YoY+2.7%	52.8B YoY+7.8%	49.0B YoY+63.9%	29.9B YoY+72.4%
Selling & marketing	2.00B YoY+10.2%	1.81B YoY+0.7%	1.80B YoY-0.9%	1.81B YoY+65.3%	1.10B YoY+64.9%
Amortization of intangibles	—	—	7.00M YoY-82.9%	41.0M YoY+0.0%	41.0M YoY+0.0%
Operating income	1.47B YoY-43.9%	2.61B YoY-13.8%	3.03B YoY+88.8%	1.61B YoY+251.7%	-1.06B YoY+89.8%
Interest expense	1.72B YoY-11.3%	1.93B YoY-9.8%	2.15B YoY+9.3%	1.96B YoY+9.0%	1.80B YoY+46.7%
Interest & investment income	357M YoY-23.7%	468M YoY-20.8%	591M YoY+173.6%	216M YoY+1100.0%	18.0M YoY-56.1%
Other non-operating income	82.0M YoY+1266.7%	6.00M YoY+101.7%	-359M YoY-210.5%	325M YoY+10.9%	293M YoY+90.3%
Gain (loss) on equity securities	40.0M YoY+600.0%	-8.00M YoY+90.2%	-82.0M YoY-15.5%	-71.0M YoY-129.0%	-31.0M YoY+77.0%
Pre-tax income	190M YoY-83.5%	1.15B YoY+2.9%	1.12B YoY+502.7%	186M YoY+107.3%	-2.55B YoY+77.8%
Income tax	79.0M YoY-74.4%	308M YoY+3.0%	299M YoY+406.8%	59.0M YoY+110.6%	-555M YoY+78.4%
Net income	111M YoY-86.9%	846M YoY+2.9%	822M YoY+547.2%	127M YoY+106.4%	-1.99B YoY+77.6%
	$0.17 YoY-86.3%	$1.24 YoY+2.5%	$1.21 YoY+536.8%	$0.19 YoY+106.1%	-$3.09 YoY+83.2%
EPS (basic)	$0.17 YoY-86.8%	$1.29 YoY+2.4%	$1.26 YoY+530.0%	$0.20 YoY+106.5%	-$3.09 YoY+83.2%
	660M YoY+0.5%	657M YoY+0.5%	654M YoY+0.5%	650M YoY+1.0%	644M YoY+33.1%
	661M YoY-8.4%	721M YoY+0.2%	720M YoY+9.9%	655M YoY+1.7%	644M YoY+33.1%
Dividends per share	—	—	—	—	$0.00 YoY-100.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	12.2B YoY-7.2%	13.2B YoY-3.1%	13.6B YoY-11.1%	15.3B YoY-11.9%	17.3B YoY+56.3%
Cash & equivalents	1.06B YoY+17.1%	902M YoY+32.5%	681M YoY+16.2%	586M YoY+43.6%	408M YoY+2.3%
Cash & short-term investments	—	—	—	—	12.4B YoY+79.7%
Accounts receivable	2.08B YoY+3.4%	2.01B YoY-1.0%	2.03B YoY-5.2%	2.14B YoY+42.1%	1.50B YoY+12.1%
Prepaid expenses	767M YoY-3.4%	794M YoY+20.7%	658M YoY-26.2%	892M YoY+45.0%	615M YoY-7.7%
	61.8B YoY-0.0%	61.8B YoY-2.0%	63.1B YoY-2.6%	64.7B YoY-2.6%	66.5B YoY+7.2%
Operating lease right-of-use	7.09B YoY-3.3%	7.33B YoY-7.6%	7.94B YoY-1.9%	8.09B YoY+3.1%	7.85B YoY-2.4%
Goodwill	4.09B YoY+0.0%	4.09B YoY+0.0%	4.09B YoY+0.0%	4.09B YoY+0.0%	4.09B YoY+0.0%
Intangible assets	2.07B YoY+1.1%	2.04B YoY-0.3%	2.05B YoY-0.4%	2.06B YoY+3.6%	1.99B YoY-2.0%
Deferred tax assets	2.37B YoY-4.7%	2.48B YoY-14.0%	2.89B YoY-6.8%	3.10B YoY-12.9%	3.56B YoY+9.8%
Other non-current assets	9.94B YoY-2.3%	10.2B YoY-5.7%	10.8B YoY-3.3%	11.2B YoY-5.0%	11.7B YoY+5.1%
	24.5B YoY+0.8%	24.3B YoY+10.1%	22.1B YoY+2.6%	21.5B YoY+13.1%	19.0B YoY+14.7%
Accounts payable	2.84B YoY+15.7%	2.46B YoY+4.3%	2.35B YoY+9.5%	2.15B YoY+21.3%	1.77B YoY+48.2%
Short-term & current debt	3.64B YoY-29.9%	5.20B YoY+48.4%	3.50B YoY+14.4%	3.06B YoY+32.1%	2.31B YoY-14.2%
Current lease liability	1.06B YoY-3.1%	1.09B YoY-16.6%	1.31B YoY-10.6%	1.47B YoY-2.8%	1.51B YoY-8.7%
Finance lease liability (current)	117M YoY-11.4%	132M YoY+0.8%	131M YoY-39.4%	216M YoY+24.1%	174M YoY+74.0%
Long-term debt	24.6B YoY+0.1%	24.6B YoY-14.8%	28.9B YoY-9.3%	31.8B YoY-9.0%	35.0B YoY+19.4%
Deferred revenue (non-current)	6.84B YoY+5.2%	6.50B YoY+10.6%	5.87B YoY-1.7%	5.98B YoY-4.2%	6.24B YoY-12.9%
Non-current lease liability	5.91B YoY-1.2%	5.98B YoY-7.4%	6.45B YoY-1.6%	6.56B YoY-0.8%	6.61B YoY-2.5%
Operating lease liability (total)	6.96B YoY-1.5%	7.07B YoY-8.9%	7.76B YoY-3.3%	8.02B YoY-1.1%	8.12B YoY-3.7%
Finance lease liability (total)	727M YoY+9.7%	663M YoY+31.0%	506M YoY-33.5%	761M YoY+3.3%	737M YoY+28.8%
Finance lease liability	610M YoY+14.9%	531M YoY+41.6%	375M YoY-31.2%	545M YoY-3.2%	563M YoY+19.3%
Other non-current liabilities	1.44B YoY-15.6%	1.71B YoY+9.7%	1.56B YoY+23.8%	1.26B YoY-5.3%	1.33B YoY-11.6%
Total non-current liabilities	41.0B YoY-1.1%	41.5B YoY-10.2%	46.2B YoY-5.8%	49.0B YoY-10.6%	54.8B YoY+4.8%
	-3.73B YoY+6.3%	-3.98B YoY+23.5%	-5.20B YoY+10.3%	-5.80B YoY+21.0%	-7.34B YoY-6.9%
Common stock	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+16.7%	6.00M YoY+0.0%	6.00M YoY+0.0%
Additional paid-in capital	7.39B YoY-0.5%	7.42B YoY+0.7%	7.37B YoY+1.1%	7.29B YoY+0.8%	7.23B YoY+4.9%
Retained earnings	-6.73B YoY+1.6%	-6.84B YoY+11.0%	-7.69B YoY+9.7%	-8.51B YoY+1.5%	-8.64B YoY-29.6%
Accumulated other comprehensive income	-4.39B YoY+3.9%	-4.57B YoY+6.7%	-4.89B YoY-6.7%	-4.58B YoY+22.8%	-5.94B YoY+16.3%
Total liabilities & equity	61.8B YoY-0.0%	61.8B YoY-2.0%	63.1B YoY-2.6%	64.7B YoY-2.6%	66.5B YoY+7.2%
	660M YoY+0.4%	658M YoY+0.5%	654M YoY+0.6%	651M YoY+0.5%	648M YoY+4.2%
	660M YoY+0.4%	658M YoY+0.5%	654M YoY+0.6%	651M YoY+0.5%	648M YoY+4.2%
	660M YoY+0.4%	658M YoY+0.4%	655M YoY+0.5%	651M YoY+0.3%	649M YoY+1.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.10B YoY-22.2%	3.98B YoY+4.7%	3.80B YoY+75.0%	2.17B YoY+208.7%	704M YoY+110.8%
Depreciation & amortization	2.20B YoY+0.0%	2.20B YoY-4.3%	2.30B YoY+0.0%	2.30B YoY+0.0%	2.30B YoY-4.2%
Intangible amortization	—	—	7.00M YoY-82.9%	41.0M YoY+0.0%	41.0M YoY+0.0%
Share-based compensation	57.0M YoY-38.0%	92.0M YoY-9.8%	102M YoY+30.8%	78.0M YoY-20.4%	98.0M YoY+7.7%
Deferred income taxes	79.0M YoY-74.4%	308M YoY+3.0%	299M YoY+360.0%	65.0M YoY+111.7%	-555M YoY+78.4%
Change in receivables	74.0M YoY+311.4%	-35.0M YoY+63.2%	-95.0M YoY-114.9%	637M YoY+109.5%	304M YoY+156.5%
Change in payables	335M YoY+30.4%	257M YoY+23.0%	209M YoY-41.9%	360M	—
	-1.89B YoY-95.7%	-968M YoY-92.8%	-502M YoY-178.9%	636M YoY+110.6%	-5.98B YoY-37.8%
Capital expenditure	3.78B YoY+40.8%	2.68B YoY+3.4%	2.60B YoY+2.0%	2.55B YoY+1124.0%	208M YoY-89.4%
Free cash flow	-680M YoY-152.3%	1.30B YoY+7.7%	1.21B YoY+423.6%	-373M YoY-175.2%	496M YoY+105.8%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	—	—	—	61.0M YoY-68.4%	193M YoY-45.0%
Other investing activities	-254M YoY-290.8%	-65.0M YoY+76.4%	-275M YoY-176.4%	360M YoY+90.5%	189M YoY+225.2%
	-1.05B YoY+62.4%	-2.79B YoY+12.9%	-3.21B YoY-21.9%	-2.63B YoY-149.8%	5.29B YoY-51.9%
Long-term debt issued	3.77B YoY+125.9%	1.67B YoY-65.4%	4.82B YoY+351.1%	1.07B YoY-91.2%	12.2B YoY+3.5%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00 YoY-100.0%	21.0M YoY+16.7%	18.0M YoY-89.6%
Dividends paid	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Other financing activities	-160M YoY-125.4%	-71.0M YoY+77.1%	-310M YoY-696.2%	52.0M YoY+373.7%	-19.0M YoY-121.6%
Net change in cash	154M YoY-30.3%	221M YoY+132.6%	95.0M YoY-46.6%	178M YoY+1877.8%	9.00M YoY-91.7%
Interest paid	1.70B YoY-12.3%	1.93B YoY-11.3%	2.18B YoY+17.7%	1.85B YoY+13.5%	1.63B YoY+72.9%
Income taxes paid	—	8.00M YoY+33.3%	6.00M YoY+200.0%	2.00M YoY-33.3%	3.00M YoY-50.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	10.1B YoY-11.7%	11.5B YoY+27.6%	8.98B YoY+8.6%	8.27B YoY-29.1%	11.7B YoY+15.6%
P/E	91.2× YoY+573.1%	13.5× YoY+142.3%	5.6×	—	—
P/S	0.2× YoY-12.4%	0.2× YoY+24.6%	0.2× YoY-7.2%	0.2× YoY-53.1%	0.4× YoY-32.9%
P/FCF	—	8.8× YoY+151.1%	3.5×	—	23.5×
	1.1% YoY-85.1%	7.4% YoY-58.7%	17.9%	—	—
	—	11.3% YoY-60.2%	28.5%	—	4.3%
	—	—	—	—	0.00% YoY-100.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AAL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AAL filings on SEC EDGAR → Not investment advice.