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American Airlines Group Inc.

AAL· Nasdaq· Air Transportation, Scheduled

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
-1.2%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+25.8%
We record prices for the companies we cover; AAL is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
661.1M
Revenue
$54.6B
Free cash flow
-$680.0M
Owner earnings
-$737.0M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
2.7%
Net
0.2%
Free cash flow
-1.2%
Owner earnings
-1.3%
Stock pay
0.1%

Returns

ROIC, FY2025
5.7%
ROIC, 5 yr avg
–
ROE, FY2025
–
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
3.7%
Revenue, 5 yr
25.8%
Revenue, 9 yr
3.5%
Diluted EPS, 3 yr
-3.6%
Diluted EPS, 5 yr
–
Diluted EPS, 9 yr
-30.8%
Free cash flow, 3 yr
–
Free cash flow, 5 yr
–
Free cash flow, 9 yr
–

Financial health · FY2025

Cash and investments
$5.9B
Total debt
$24.6B
Net debt
$18.7B
Debt/Equity
–
Debt/FCF
–

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
6.4%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$54.6B

+3.5% a year over 9 years

FY2016: Revenue $40.1BFY2017: Revenue $42.6BFY2018: Revenue $44.5BFY2019: Revenue $45.8BFY2020: Revenue $17.3BFY2021: Revenue $29.9BFY2022: Revenue $49.0BFY2023: Revenue $52.8BFY2024: Revenue $54.2BFY2025: Revenue $54.6B
FY2016FY2025

Margins

Operating2.7%Net0.2%

FY2025

FY2016: Operating 12.6%, Net 6.4%FY2017: Operating 9.9%, Net 3.0%FY2018: Operating 6.0%, Net 3.2%FY2019: Operating 6.7%, Net 3.7%FY2020: Operating -60.1%, Net -51.2%FY2021: Operating -3.5%, Net -6.7%FY2022: Operating 3.3%, Net 0.3%FY2023: Operating 5.7%, Net 1.6%FY2024: Operating 4.8%, Net 1.6%FY2025: Operating 2.7%, Net 0.2%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow-$680.0MOwner earnings-$737.0M

FY2025

FY2016: Free cash flow $793.0M, Owner earnings $693.0MFY2017: Free cash flow -$1.2B, Owner earnings -$1.3BFY2018: Free cash flow -$212.0M, Owner earnings -$298.0MFY2019: Free cash flow -$453.0M, Owner earnings -$547.0MFY2020: Free cash flow -$8.5B, Owner earnings -$8.6BFY2021: Free cash flow $496.0M, Owner earnings $398.0MFY2022: Free cash flow -$373.0M, Owner earnings -$451.0MFY2023: Free cash flow $1.2B, Owner earnings $1.1BFY2024: Free cash flow $1.3B, Owner earnings $1.2BFY2025: Free cash flow -$680.0M, Owner earnings -$737.0M
FY2016FY2025

Diluted shares

661.1M

+18.9% over 9 years, net dilution

FY2016: Diluted shares 556.1MFY2017: Diluted shares 491.7MFY2018: Diluted shares 465.7MFY2019: Diluted shares 444.3MFY2020: Diluted shares 483.9MFY2021: Diluted shares 644.0MFY2022: Diluted shares 655.1MFY2023: Diluted shares 719.7MFY2024: Diluted shares 721.3MFY2025: Diluted shares 661.1M
FY2016FY2025

Return on invested capital

5.7%

FY2025

FY2016: ROIC –FY2017: ROIC 10.1%FY2018: ROIC 12.7%FY2019: ROIC 13.5%FY2020: ROIC –FY2021: ROIC –FY2022: ROIC 6.5%FY2023: ROIC 13.9%FY2024: ROIC 14.1%FY2025: ROIC 5.7%
FY2016FY2025

Net debt (below zero)

-$18.7B

$18.7B more debt than cash

FY2016: Net cash –FY2017: Net cash -$16.6BFY2018: Net cash -$15.8BFY2019: Net cash -$17.1BFY2020: Net cash -$22.3BFY2021: Net cash -$22.4BFY2022: Net cash -$22.7BFY2023: Net cash -$21.2BFY2024: Net cash -$17.5BFY2025: Net cash -$18.7B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$40.1B$42.6B$44.5B$45.8B$17.3B$29.9B$49.0B$52.8B$54.2B$54.6B
Revenue growth-2.1%6.2%4.5%2.8%-62.1%72.4%63.9%7.8%2.7%0.8%
Gross margin––––––––––
Operating margin12.6%9.9%6.0%6.7%-60.1%-3.5%3.3%5.7%4.8%2.7%
Net income$2.6B$1.3B$1.4B$1.7B-$8.9B-$2.0B$127.0M$822.0M$846.0M$111.0M
Net margin6.4%3.0%3.2%3.7%-51.2%-6.7%0.3%1.6%1.6%0.2%
Diluted EPS$4.65$2.61$3.03$3.79$-18.36$-3.09$0.19$1.21$1.24$0.17
Return on invested capital?–10.1%12.7%13.5%––6.5%13.9%14.1%5.7%
Cash
Operating cash flow$6.5B$4.7B$3.5B$3.8B-$6.5B$704.0M$2.2B$3.8B$4.0B$3.1B
Capital expenditure$5.7B$6.0B$3.7B$4.3B$2.0B$208.0M$2.5B$2.6B$2.7B$3.8B
Free cash flow$793.0M-$1.2B-$212.0M-$453.0M-$8.5B$496.0M-$373.0M$1.2B$1.3B-$680.0M
Stock-based compensation$100.0M$90.0M$86.0M$94.0M$91.0M$98.0M$78.0M$102.0M$92.0M$57.0M
Owner earnings?$693.0M-$1.3B-$298.0M-$547.0M-$8.6B$398.0M-$451.0M$1.1B$1.2B-$737.0M
Free cash flow per share$1.43$-2.50$-0.46$-1.02$-17.57$0.77$-0.57$1.68$1.80$-1.03
Capital allocation
Dividends paid$224.0M$198.0M$186.0M$178.0M$43.0M–––––
Share repurchases$4.5B$1.6B$837.0M$1.1B$173.0M$18.0M$21.0M–––
Diluted shares556.1M491.7M465.7M444.3M483.9M644.0M655.1M719.7M721.3M661.1M
Share count change?-46.1%-11.6%-5.3%-4.6%8.9%33.1%1.7%9.9%0.2%-8.4%
Balance sheet
Cash and equivalents$435.0M$398.0M$286.0M$290.0M$399.0M$408.0M$586.0M$681.0M$902.0M$1.1B
Short-term investments$6.0B$4.8B$4.5B$3.5B$6.6B$12.2B$8.5B$7.0B$6.2B$4.9B
Total debt–$21.8B$20.6B$20.9B$29.3B$35.0B$31.8B$28.9B$24.6B$24.6B
Net debt–$16.6B$15.8B$17.1B$22.3B$22.4B$22.7B$21.2B$17.5B$18.7B
Shareholders' equity-$284.0M-$780.0M-$169.0M-$118.0M-$6.9B-$7.3B-$5.8B-$5.2B-$4.0B-$3.7B

Latest filings

All on EDGAR
2026-10-228-KEarnings release
2026-10-2210-QQuarterly report
2026-07-2310-QQuarterly report
2026-07-238-KEarnings release
2026-04-28DEF 14AProxy statement
2026-04-2310-QQuarterly report
2026-04-238-KEarnings release
2026-02-1810-KAnnual report
2026-01-278-KEarnings release
2025-10-2310-QQuarterly report

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