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Airlines · Industrials · Fiscal year ends Dec 31
American Airlines reported revenue of $54.6B in the fiscal year ended Dec 2025, up 0.8% from the year before. Operating income was $1.5B, an operating margin of 2.7%, and net income was $111M. Operating cash flow of $3.1B less capital expenditure of $3.8B left free cash flow of −$680M. Net debt was $27.2B.
Ranks among the 9 airlines companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 29,882 | 48,971 | 52,788 | 54,211 | 54,633 |
| Operating income | −1,059 | 1,607 | 3,034 | 2,614 | 1,467 |
| Interest expense | 1,800 | 1,962 | 2,145 | 1,934 | 1,716 |
| Pre-tax income | −2,548 | 186 | 1,121 | 1,154 | 190 |
| Income tax | −555 | 59.0 | 299 | 308 | 79.0 |
| Net income | −1,993 | 127 | 822 | 846 | 111 |
| Diluted EPS | −3.09 | 0.19 | 1.21 | 1.24 | 0.17 |
| Diluted shares | 644 | 655 | 720 | 721 | 661 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 408 | 586 | 681 | 902 | 1,056 |
| Receivables | 1,505 | 2,138 | 2,026 | 2,006 | 2,075 |
| Current assets | 17,336 | 15,269 | 13,572 | 13,154 | 12,205 |
| Net PP&E | 29,537 | 30,200 | 30,764 | 31,127 | 32,540 |
| Goodwill | 4,091 | 4,091 | 4,091 | 4,091 | 4,091 |
| Total assets | 66,467 | 64,716 | 63,058 | 61,783 | 61,774 |
| Payables | 1,772 | 2,149 | 2,353 | 2,455 | 2,840 |
| Deferred revenue | 15,222 | 15,890 | 15,527 | 16,813 | 17,722 |
| Current liabilities | 19,006 | 21,496 | 22,062 | 24,295 | 24,492 |
| Short-term debt | 2,315 | 3,059 | 3,501 | 5,196 | 3,641 |
| Long-term debt | 35,008 | 31,844 | 28,895 | 24,617 | 24,639 |
| Total liabilities | 73,807 | 70,515 | 68,260 | 65,760 | 65,501 |
| Shareholders' equity | −7,340 | −5,799 | −5,202 | −3,977 | −3,727 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 704 | 2,173 | 3,803 | 3,983 | 3,099 |
| Capital expenditure | 208 | 2,546 | 2,596 | 2,683 | 3,779 |
| Free cash flow | 496 | −373 | 1,207 | 1,300 | −680 |
| Depreciation & amortisation | 2,300 | 2,300 | 2,300 | 2,200 | 2,200 |
| Stock-based compensation | 98.0 | 78.0 | 102 | 92.0 | 57.0 |
| Share buybacks | 18.0 | 21.0 | – | – | – |
| Dividend per share | 0.00 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 63.9% | 7.8% | 2.7% | 0.8% |
| Operating income growth (YoY) | – | – | 88.8% | −13.8% | −43.9% |
| EPS growth (YoY) | – | – | 536.8% | 2.5% | −86.3% |
| Operating margin | −3.5% | 3.3% | 5.7% | 4.8% | 2.7% |
| Net margin | −6.7% | 0.3% | 1.6% | 1.6% | 0.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.2% | 3.7% | 7.4% | 7.0% | 3.9% |
| Free cash flow margin | 1.7% | −0.8% | 2.3% | 2.4% | −1.2% |
| Cash conversion (CFO ÷ net income) | −0.35x | 17.1x | 4.63x | 4.71x | 27.9x |
| Receivable days | 18 | 16 | 14 | 14 | 14 |
| Interest cover | −0.59x | 0.82x | 1.41x | 1.35x | 0.85x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 36,915 | 34,317 | 31,715 | 28,911 | 27,224 |
| Current ratio | 0.91x | 0.71x | 0.62x | 0.54x | 0.50x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.