10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2026

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From                     to

Commission file number 1-8400

American Airlines Group Inc.

(Exact name of registrant as specified in its charter)

Delaware			75-1825172
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1 Skyview Drive,	Fort Worth,	Texas	76155
(Address of principal executive offices)			(Zip Code)

	(682)	278-9000
(Registrant’s telephone number, including area code)

Commission file number 1-2691

American Airlines, Inc.

(Exact name of registrant as specified in its charter)

Delaware			13-1502798
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1 Skyview Drive,	Fort Worth,	Texas	76155
(Address of principal executive offices)			(Zip Code)

	(682)	278-9000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	AAL	The Nasdaq Global Select Market
Preferred Stock Purchase Rights	—	(1)

(1) Attached to the Common Stock

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

American Airlines Group Inc.	☒	Yes	☐	No
American Airlines, Inc.	☒	Yes	☐	No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 

American Airlines Group Inc.	☒	Yes	☐	No
American Airlines, Inc.	☒	Yes	☐	No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

American Airlines Group Inc.	☒	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company
American Airlines, Inc.	☐	Large accelerated filer	☐	Accelerated filer	☒	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

American Airlines Group Inc.	☐
American Airlines, Inc.	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

American Airlines Group Inc.	☐	Yes	☒	No
American Airlines, Inc.	☐	Yes	☒	No

As of April 17, 2026, there were 661,385,137 shares of American Airlines Group Inc. common stock outstanding.

As of April 17, 2026, there were 1,000 shares of American Airlines, Inc. common stock outstanding, all of which were held by American Airlines Group Inc.

American Airlines Group Inc.

American Airlines, Inc.

Form 10-Q

Quarterly Period Ended March 31, 2026

Table of Contents

		Page
PART I: FINANCIAL INFORMATION
Item 1A.	Condensed Consolidated Financial Statements of American Airlines Group Inc.	6
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Loss	7
	Condensed Consolidated Balance Sheets	8
	Condensed Consolidated Statements of Cash Flows	9
	Condensed Consolidated Statements of Stockholders’ Deficit	10
	Notes to the Condensed Consolidated Financial Statements	11
Item 1B.	Condensed Consolidated Financial Statements of American Airlines, Inc.	22
	Condensed Consolidated Statements of Operations	22
	Condensed Consolidated Statements of Comprehensive Loss	23
	Condensed Consolidated Balance Sheets	24
	Condensed Consolidated Statements of Cash Flows	25
	Condensed Consolidated Statements of Stockholder’s Equity	26
	Notes to the Condensed Consolidated Financial Statements	27
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	51
Item 4.	Controls and Procedures	52
PART II: OTHER INFORMATION
Item 1.	Legal Proceedings	53
Item 1A.	Risk Factors	53
Item 5.	Other Information	53
Item 6.	Exhibits	54
SIGNATURES		55

1

General

This report is filed by American Airlines Group Inc. (AAG) and its wholly-owned subsidiary American Airlines, Inc. (American). References in this report to “we,” “us,” “our,” the “Company” and similar terms refer to AAG and its consolidated subsidiaries. References in this report to “mainline” refer to the operations of American only and exclude regional operations. Capitalized terms used but not defined herein shall have the meanings given to them in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K).

Note Concerning Forward-Looking Statements

Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to:

•downturns in economic conditions could adversely affect our business;

•we will need to obtain sufficient financing or other capital to operate successfully;

•our high level of debt and other obligations may limit our ability to fund general corporate requirements and obtain additional financing, may limit our flexibility in responding to competitive developments and may cause our business to be vulnerable to adverse economic and industry conditions;

•if our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity;

•the loss of key personnel whom we depend on to operate our business, or the inability to attract, develop and retain additional qualified personnel could adversely affect our business;

•our business has been and will continue to be materially affected by many changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including global events that affect travel behavior;

•the airline industry is intensely competitive and dynamic;

•union disputes, employee strikes and other labor-related disruptions may adversely affect our operations and financial performance;

•if we encounter problems with any of our third-party regional operators or third-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services;

•any damage to our reputation or brand image could adversely affect our business or financial results;

•risks of losses and adverse publicity from any public incidents involving our company, people or brand;

•changes to our business model that are designed to increase revenues and reduce costs may not be successful and may cause operational difficulties or decreased demand;

•our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results;

2

•we may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity;

•we rely heavily on technology and automated systems, including artificial intelligence, to operate our business, and any failures could harm our business, results of operations and financial condition;

•evolving data privacy requirements could increase our costs, and any significant cybersecurity incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition;

•we are exposed to risks from cyberattacks, and any cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners;

•we have a significant amount of goodwill, which is assessed for impairment at least annually. We may never realize the full value of our intangible or long-lived assets, causing us to record material impairment charges;

•the commercial relationships that we have with other companies, including any related equity investments, may not produce the returns or results we expect;

•our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity;

•our business is subject to extensive government regulation;

•we can be adversely affected by any prolonged partial or full U.S. Government shutdown;

•we operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control;

•we may be adversely affected by conflicts overseas, terrorist attacks or other acts of violence, domestically or abroad; the travel industry continues to face ongoing security concerns;

•we are subject to risks associated with climate change, including increased regulation of our greenhouse gas emissions, changing consumer preferences and the potential for increased impacts of severe weather events on our operations and infrastructure;

•we are subject to various risks associated with environmental and social matters, and many forms of environmental and noise regulation;

•a shortage of pilots or other personnel could materially adversely affect our business;

•we depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition;

•we rely on third-party distribution channels and must effectively manage the costs, rights and functionality of these channels;

•if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future;

3

•interruptions or disruptions in service at one of our key facilities;

•increases in insurance costs or reductions in insurance coverage, and heavy taxation of the airline industry;

•risks related to ownership of AAG common stock; and

other risks as described in Part I, Item 1A. Risk Factors in our 2025 Form 10-K, Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of this report and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC).

There may be other factors of which we are not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. We do not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such statements other than as required by law. Any forward-looking statements speak only as of the date of this report or as of the dates indicated in the statements.

4

PART I: FINANCIAL INFORMATION

This report on Form 10-Q is filed by both AAG and American and includes the Condensed Consolidated Financial Statements of each company in Item 1A and Item 1B, respectively.

5

ITEM 1A. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

AMERICAN AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share and per share amounts)(Unaudited)

	Three Months Ended March 31,
	2026		2025
Operating revenues:
Passenger	$	12,495	$	11,391
Cargo	214		189
Other	1,203		971
Total operating revenues	13,912		12,551
Operating expenses:
Aircraft fuel and related taxes	2,928		2,587
Salaries, wages and benefits	4,674		4,222
Regional expenses	1,404		1,351
Maintenance, materials and repairs	982		922
Other rent and landing fees	890		826
Aircraft rent	309		297
Selling expenses	507		450
Depreciation and amortization	475		468
Special items, net	14		70
Other	1,770		1,628
Total operating expenses	13,953		12,821
Operating loss	(41)		(270)
Nonoperating income (expense):
Interest income	55		94
Interest expense, net	(397)		(428)
Other expense, net	(93)		(44)
Total nonoperating expense, net	(435)		(378)
Loss before income taxes	(476)		(648)
Income tax benefit	(94)		(175)
Net loss	$	(382)	$	(473)
Loss per common share:
Basic and diluted	$	(0.58)	$	(0.72)
Weighted average shares outstanding (in thousands):
Basic and diluted	661,181		658,880

See accompanying notes to condensed consolidated financial statements.

6

AMERICAN AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In millions)(Unaudited)

	Three Months Ended March 31,
	2026		2025
Net loss	$	(382)	$	(473)
Other comprehensive income (loss), net of tax:
Pension, retiree medical and other postretirement benefits	19		18
Investments	(2)		—
Total other comprehensive income, net of tax	17		18
Total comprehensive loss	$	(365)	$	(455)

See accompanying notes to condensed consolidated financial statements.

7

AMERICAN AIRLINES GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except share and par value amounts)

	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Current assets
Cash	$	903	$	954
Short-term investments	6,391		4,882
Restricted cash and short-term investments	717		735
Accounts receivable, net	2,008		2,075
Aircraft fuel, spare parts and supplies, net	3,131		2,792
Prepaid expenses and other	834		767
Total current assets	13,984		12,205
Operating property and equipment
Flight equipment	47,303		46,597
Ground property and equipment	10,605		10,479
Equipment purchase deposits	592		656
Total property and equipment, at cost	58,500		57,732
Less accumulated depreciation and amortization	(25,675)		(25,192)
Total property and equipment, net	32,825		32,540
Operating lease right-of-use assets	6,943		7,091
Other assets
Goodwill	4,091		4,091
Intangibles, net of accumulated amortization of $850 and $848, respectively	2,064		2,066
Deferred tax asset	2,457		2,368
Other assets	1,374		1,413
Total other assets	9,986		9,938
Total assets	$	63,738	$	61,774
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Current maturities of long-term debt and finance leases	$	4,195	$	3,753
Accounts payable	3,610		2,840
Accrued salaries and wages	1,969		2,128
Air traffic liability	10,031		7,158
Loyalty program liability	4,210		3,725
Operating lease liabilities	1,053		1,058
Fuel financing	360		914
Other accrued liabilities	2,978		2,916
Total current liabilities	28,406		24,492
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	23,522		25,254
Pension and postretirement benefits	1,219		1,568
Loyalty program liability	7,376		6,839
Operating lease liabilities	5,762		5,905
Other liabilities	1,530		1,443
Total noncurrent liabilities	39,409		41,009
Commitments and contingencies
Stockholders’ equity (deficit)
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 661,385,137 shares issued and outstanding at March 31, 2026; 660,301,080 shares issued and outstanding at December 31, 2025	7		7
Additional paid-in capital	7,402		7,387
Accumulated other comprehensive loss	(4,372)		(4,389)
Retained deficit	(7,114)		(6,732)
Total stockholders’ deficit	(4,077)		(3,727)
Total liabilities and stockholders’ equity (deficit)	$	63,738	$	61,774

See accompanying notes to condensed consolidated financial statements.

8

AMERICAN AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)(Unaudited)

	Three Months Ended March 31,
	2026		2025
Net cash provided by operating activities	$	4,223	$	2,456
Cash flows from investing activities:
Capital expenditures and aircraft purchase deposits	(811)		(824)
Purchases of short-term investments	(2,773)		(1,806)
Sales of short-term investments	1,263		1,349
Decrease in restricted short-term investments	15		85
Other investing activities	(22)		(8)
Net cash used in investing activities	(2,328)		(1,204)
Cash flows from financing activities:
Payments on long-term debt and finance leases	(2,324)		(1,362)
Proceeds from issuance of long-term debt	997		325
Net payments on fuel financing	(554)		(74)
Other financing activities	(68)		(112)
Net cash used in financing activities	(1,949)		(1,223)
Net increase (decrease) in cash and restricted cash	(54)		29
Cash and restricted cash at beginning of period	1,056		902
Cash and restricted cash at end of period (1)	$	1,002	$	931
Non-cash transactions:
Right-of-use (ROU) assets acquired through operating leases	$	124	$	350
Property and equipment acquired through finance leases and other	154		73
Finance leases converted to operating leases	39		45
Supplemental information:
Interest paid, net	454		524

(1)The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:

Cash	$	903	$	835
Restricted cash included in restricted cash and short-term investments	99		96
Total cash and restricted cash	$	1,002	$	931

See accompanying notes to condensed consolidated financial statements.

9

AMERICAN AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(In millions, except share amounts)(Unaudited)

	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Deficit		Total
Balance at December 31, 2025	$	7	$	7,387	$	(4,389)	$	(6,732)	$	(3,727)
Net loss	—		—		—		(382)		(382)
Other comprehensive income, net	—		—		17		—		17
Issuance of 1,084,057 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	—		(7)		—		—		(7)
Share-based compensation expense	—		22		—		—		22
Balance at March 31, 2026	$	7	$	7,402	$	(4,372)	$	(7,114)	$	(4,077)

	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Deficit		Total
Balance at December 31, 2024	$	7	$	7,424	$	(4,565)	$	(6,843)	$	(3,977)
Net loss	—		—		—		(473)		(473)
Other comprehensive income, net	—		—		18		—		18
Settlement of warrants	—		(79)		—		—		(79)
Issuance of 1,914,837 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	—		(13)		—		—		(13)
Share-based compensation expense	—		16		—		—		16
Balance at March 31, 2025	$	7	$	7,348	$	(4,547)	$	(7,316)	$	(4,508)

See accompanying notes to condensed consolidated financial statements.

10

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of American Airlines Group Inc. (we, us, our and similar terms, or AAG) should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2025. The accompanying unaudited condensed consolidated financial statements include the accounts of AAG and its wholly-owned subsidiaries. AAG’s principal subsidiary is American Airlines, Inc. (American). All significant intercompany transactions have been eliminated.

Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits.

2. Special Items, Net

Special items, net in the condensed consolidated statements of operations consisted of the following (in millions):

	Three Months Ended March 31,
	2026		2025
Litigation reserve adjustments	$	12	$	30
Labor contract expenses (1)	2		31
Other operating special items, net	—		9
Mainline operating special items, net	14		70
Mark-to-market adjustments on equity investments, net (2)	72		29
Debt refinancing and extinguishment	54		19
Other nonoperating special items, net	9		—
Nonoperating special items, net	135		48

(1)Labor contract expenses for the three months ended March 31, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members.

(2)Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments.

3. Loss Per Common Share

The following table provides the computation of basic and diluted loss per common share (EPS) (in millions, except share and per share amounts):

	Three Months Ended March 31,
	2026		2025
Basic and diluted EPS:
Net loss	$	(382)	$	(473)
Weighted average common shares outstanding (in thousands)	661,181		658,880
Basic and diluted EPS	$	(0.58)	$	(0.72)

11

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):

	Three Months Ended March 31,
	2026	2025
Restricted stock unit awards	1,625	1,836
6.50% convertible senior notes (1)	—	61,728

(1)On March 27, 2025, we provided notice to the holders of our 6.50% convertible senior notes due 2025 (Convertible Notes) that we would settle our Convertible Notes at their maturity in cash on July 1, 2025. As a result, we have excluded the Convertible Notes from the calculation of diluted EPS for the quarterly periods ended after March 31, 2025.

In addition, for the three months ended March 31, 2026, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2 Warrants) and the payroll support program established under the American Rescue Plan Act of 2021 (PSP3 Warrants).

During the first three months of 2026, 2.8 million shares of PSP2 Warrants were exercised at an exercise price of $15.66 per share and net settled in cash for a nominal amount, reflected within other financing activities in the condensed consolidated statement of cash flows. Additionally, 2.9 million shares of PSP2 Warrants expired during the first quarter of 2026.

The table below provides a summary of the warrants outstanding as of March 31, 2026:

Warrants	Warrants Issued (shares, in thousands) (1)	Exercise Price ($)	Expiration
PSP2 Warrants	883	15.66	April 2026
PSP3 Warrants	4,407	21.75	April 2026 to June 2026

(1)The PSP2 Warrants and PSP3 Warrants are subject to certain anti-dilution provisions, do not have any voting rights and are freely transferable, with registration rights. Each warrant is exercisable either through net share settlement or cash, at our option. The warrants were issued solely as compensation to the U.S. Government related to entry into the payroll support program agreements. No separate proceeds (apart from the financial assistance previously received in 2021) were received upon issuance of the warrants or will be received upon exercise thereof.

12

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

4. Revenue Recognition

Revenue

The following are the significant categories comprising our operating revenues (in millions):

	Three Months Ended March 31,
	2026		2025
Passenger revenue:
Passenger travel	$	11,515	$	10,475
Loyalty revenue - travel (1)	980		916
Total passenger revenue	12,495		11,391
Cargo	214		189
Other:
Loyalty revenue - marketing services	1,027		823
Other revenue	176		148
Total other revenue	1,203		971
Total operating revenues	$	13,912	$	12,551

(1)Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners.

The following is our total passenger revenue by geographic region (in millions):

	Three Months Ended March 31,
	2026		2025
Domestic	$	8,990	$	8,127
Latin America	1,963		1,906
Atlantic	1,102		965
Pacific	440		393
Total passenger revenue	$	12,495	$	11,391

We attribute passenger revenue by geographic region based upon the origin and destination of each flight segment.

Contract Balances

Our significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future air travel, non-air travel and other awards, reported as loyalty program liability on the condensed consolidated balance sheets; and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on the condensed consolidated balance sheets.

	March 31, 2026		December 31, 2025
	(In millions)
Loyalty program liability	$	11,586	$	10,564
Air traffic liability	10,031		7,158
Total	$	21,617	$	17,722

13

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

The balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue). Changes in loyalty program liability are as follows (in millions):

Balance at December 31, 2025	$	10,564
Deferral of revenue	2,020
Recognition of revenue (1)	(998)
Balance at March 31, 2026 (2)	$	11,586

(1)Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period.

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of March 31, 2026, our current loyalty program liability was $4.2 billion and represents our current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

Additionally, as of March 31, 2026, our loyalty program liability includes a one-time cash payment associated with the extension of a partner agreement announced in 2025.

The air traffic liability principally represents tickets sold for future travel on American, American Eagle and partner airlines. The balance in our air traffic liability also fluctuates with seasonal travel patterns. The contract duration of passenger tickets is generally one year. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12 months. For the three months ended March 31, 2026, $4.2 billion of revenue was recognized in passenger revenue that was included in our air traffic liability at December 31, 2025.

14

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

5. Debt

Debt included in the condensed consolidated balance sheets consisted of (in millions):

	March 31, 2026		December 31, 2025
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028	$	970	$	970
2014 Term Loan Facility, variable interest rate of 5.52%, installments until due in January 2027	1,147		1,159
2023 Term Loan Facility, variable interest rate of 5.91%, installments until due in June 2029	1,078		1,078
7.25% senior secured notes, interest only payments until due in February 2028	750		750
8.50% senior secured notes	—		1,000
5.50% senior secured notes, installments until due in April 2026 (1)	292		583
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 5.92%, installments until due in April 2028 (1)	2,258		2,264
2025 AAdvantage Term Loan Facility, variable interest rate of 6.42%, installments until due in May 2032 (1)	993		995
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.15%, maturing from 2026 to 2038	7,755		6,912
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.29%, averaging 5.45%, maturing from 2027 to 2037	4,527		4,719
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		789
	23,559		24,219
Unsecured
PSP1 Promissory Note, variable interest rate of 5.57%, interest only payments until due in April 2030	1,757		1,757
PSP2 Promissory Note, variable interest rate of 5.57%, interest only payments until due in January 2031	1,030		1,030
PSP3 Promissory Note, interest only payments until due in April 2031 (2)	959		959
Senior short-term term loan facility	—		629
	3,746		4,375
Total	27,305		28,594
Less: Total unamortized debt discount, premium and issuance costs	288		314
Less: Current maturities	4,083		3,641
Long-term debt, net of current maturities	$	22,934	$	24,639

(1)Collectively referred to as the AAdvantage Financing.

(2)The PSP3 Promissory Note bears interest at a fixed interest rate of 1.00% until the second quarter of 2026. Thereafter, the note bears interest at 2.00% plus an interest rate based on the Secured Overnight Financing Rate (SOFR).

As of March 31, 2026, the maximum availability under our revolving credit and other facilities is as follows (in millions):

2013 Revolving Facility	$	363
2014 Revolving Facility	1,296
2023 Revolving Facility	1,451
Other facilities (1)	400
Total	$	3,510

15

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

(1)Includes a revolving credit facility that provides for borrowing capacity of up to $350 million. In March 2026, American elected to exercise its option to extend the maturity date of the revolving credit facility by an additional year to March 2028. Additionally, American currently has $50 million of available borrowing capacity under a cargo receivables facility that is scheduled to expire in December 2026. There are no amounts drawn under these facilities.

Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.

2026 Financing Activities

2013 Credit Facilities – 2013 Revolving Facility

In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015 (as amended, the 2013 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments available under the 2013 Credit Agreement and established new revolving commitments in an aggregate amount of $363 million and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $155 million (the newly established revolving commitments, the 2013 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2013 Revolving Facility are substantially similar to the prior revolving commitments.

2014 Credit Facilities – 2014 Revolving Facility

In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015 (as amended, the 2014 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments available under the 2014 Credit Agreement and established new revolving commitments in an aggregate amount of approximately $1.3 billion and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $195 million (the newly established revolving commitments, the 2014 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2014 Revolving Facility are substantially similar to the prior revolving commitments.

2023 Credit Facilities – 2023 Revolving Facility

In March 2026, American and AAG entered into the Fourth Amendment to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement, dated as of December 4, 2023 (as amended, the 2023 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments available under the 2023 Credit Agreement and established new revolving commitments in an aggregate amount of approximately $1.5 billion (the newly established revolving commitments, the 2023 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2023 Revolving Facility are substantially similar to the prior revolving commitments.

2025 AAdvantage Term Loan Facility

In February 2026, American and AAdvantage Loyalty IP Ltd., a Cayman Islands exempted company incorporated with limited liability and an indirect wholly-owned subsidiary of American (together with American, the AAdvantage Issuers) entered into a fourth amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the Fourth Amendment). As a result of the Fourth Amendment, the term loans outstanding under the 2025 AAdvantage Term Loan Facility were replaced with new term loans in the same principal amount. Pursuant to the Fourth Amendment, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 1.75% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 2.75% per annum. All other terms of the 2025 AAdvantage Term Loan Facility remain substantially similar.

2026-1 Class (B)R Aircraft EETCs

In March 2026, American entered into agreements under which it borrowed $870 million in connection with the financing of certain aircraft that had been previously delivered. Debt incurred under these agreements is junior to existing equipment notes secured by such previously delivered aircraft, matures in 2028 through 2029 and bears interest at a fixed rate of 5.61%.

16

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

2025-1 Aircraft EETCs

In November 2025, American created two pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2025-1 Class A and Class B EETCs (the 2025-1 Aircraft EETCs) in connection with the financing of 25 aircraft delivered to American from October 2025 through March 2026 (the 2025-1 Aircraft). In 2025, $978 million of the proceeds were used to purchase equipment notes issued by American in connection with the financing of 21 of the 2025-1 Aircraft. In March 2026, approximately $127 million of proceeds were used to purchase equipment notes issued by American in connection with the financing of the four remaining 2025-1 Aircraft. As of March 31, 2026, there are no remaining proceeds held in escrow, and all proceeds have been used to purchase equipment notes issued by American. Interest and principal payments on equipment notes issued in connection with the 2025-1 Aircraft EETCs are payable semi-annually in May and November each year, with interest payments scheduled to begin in May 2026 and principal payments scheduled to begin in November 2026.

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of March 31, 2026, is set forth in the table below:

	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

Other Financing Activities

In the first quarter of 2026, American paid in full the $629 million of the outstanding principal amount of the senior short-term term loan facility due January 2026. Additionally, American prepaid in full the $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes.

6. Income Taxes

At December 31, 2025, we had approximately $11.9 billion of gross federal net operating losses (NOLs) and $6.0 billion of other carryforwards available to reduce future federal taxable income, of which $1.6 billion will expire beginning in 2033 if unused and $16.3 billion can be carried forward indefinitely. We also had approximately $5.0 billion of NOL carryforwards to reduce future state taxable income at December 31, 2025, which will expire in taxable years 2025 through 2045 if unused.

Our ability to use our NOLs and other carryforwards depends on the amount of taxable income generated in future periods. We provide a valuation allowance for our deferred tax assets, which include our NOLs and other carryforwards, when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. We have determined that positive factors outweigh negative factors in the determination of the realizability of our deferred tax assets.

We have used the discrete method to calculate income taxes for the three months ended March 31, 2026. At this time, we believe that the use of the discrete method is more appropriate than the estimated annual effective tax rate method due to the fact that small changes in projected full year income could cause material fluctuations in our annual effective tax rate applied during each quarter.

During the three months ended March 31, 2026, we recorded an income tax benefit of $94 million, which was substantially non-cash due to the utilization of the NOLs described above. Substantially all of our loss before income taxes is attributable to the United States.

17

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

7. Fair Value Measurements

Assets Measured at Fair Value on a Recurring Basis

We utilize the market approach to measure the fair value of our financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Our short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2026.

Assets measured at fair value on a recurring basis are summarized below (in millions):

	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	608	$	608	$	—	$	—
Corporate obligations	3,736		—		3,736		—
Bank notes/certificates of deposit/time deposits	1,947		—		1,947		—
Repurchase agreements	100		—		100		—
	6,391		608		5,783		—
Restricted cash and short-term investments (1), (3)	717		411		306		—
Long-term investments (4)	137		137		—		—
Total	$	7,245	$	1,156	$	6,089	$	—

(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.

(2)Our short-term investments mature in one year or less.

(3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport. Restricted short-term investments principally mature in one year or less.

(4)Long-term investments primarily include our equity investment in China Southern Airlines Company Limited (China Southern Airlines). See Note 8 for further information on our equity investments.

Fair Value of Debt

The fair value of our long-term debt was estimated using quoted market prices or discounted cash flow analyses based on our current estimated incremental borrowing rates for similar types of borrowing arrangements.

The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions):

	March 31, 2026
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	27,017	$	26,955	$	—	$	23,455	$	3,500
	December 31, 2025
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	28,280	$	28,582	$	—	$	25,051	$	3,531

18

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

8. Investments

To help expand our network and as part of our ongoing commitment to sustainability, we enter into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies. Our equity investments are reflected in other assets on our condensed consolidated balance sheets. Our share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other expense, net on the condensed consolidated statements of operations.

Our equity investment ownership interests and carrying values are as follows:

		Ownership Interest				Carrying Value (in millions)
	Accounting Treatment	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Republic Airways Holdings Inc.	Equity Method	20.8	%	20.8	%	$	253	$	254
China Southern Airlines	Fair Value	1.5	%	1.5	%	135		203
Other investments (1)	Various					144		146
Total						$	532	$	603

(1)Primarily includes our investment in JetSMART Holdings Limited, which is accounted for under the equity method.

9. Employee Benefit Plans

The following table provides the components of net periodic benefit cost (income) (in millions):

	Pension Benefits				Retiree Medical and Other Postretirement Benefits
Three Months Ended March 31,	2026		2025		2026		2025
Service cost	$	1	$	1	$	6	$	6
Interest cost	177		183		16		18
Expected return on assets	(230)		(232)		(2)		(2)
Amortization of:
Prior service cost	—		—		4		4
Unrecognized net loss (gain)	22		24		(5)		(6)
Net periodic benefit cost (income)	$	(30)	$	(24)	$	19	$	20

Effective November 1, 2012, substantially all of our defined benefit pension plans were frozen.

The service cost component of net periodic benefit cost (income) is included in operating expenses and the other components of net periodic benefit cost (income) are included in nonoperating other expense, net in the condensed consolidated statements of operations.

During the first three months of 2026, we made required contributions of $236 million and supplemental contributions of $50 million to our defined benefit pension plans.

10. Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):

	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Loss on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2025	$	(2,732)	$	—	$	(1,657)	$	(4,389)
Other comprehensive income (loss) before reclassifications	3		(2)		—		1
Amounts reclassified from AOCI	21		—		(5)		16
Net current-period other comprehensive income (loss)	24		(2)		(5)		17
Balance at March 31, 2026	$	(2,708)	$	(2)	$	(1,662)	$	(4,372)

19

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

(1)Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net loss until the obligations are fully extinguished. Amounts reclassified from AOCI are recognized within the income tax benefit on the condensed consolidated statements of operations.

Reclassifications out of AOCI are as follows (in millions):

	Amounts reclassified from AOCI				Affected line items on the condensed consolidated statements of operations
AOCI Components	Three Months Ended March 31,
	2026		2025
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	3	$	4	Nonoperating other expense, net
Actuarial loss	13		14		Nonoperating other expense, net
Total reclassifications for the period, net of tax	$	16	$	18

11. Regional Expenses

Our regional carriers provide scheduled air transportation under the brand name “American Eagle.” The American Eagle carriers include our wholly-owned regional carriers as well as third-party regional carriers. Our regional carrier arrangements are principally in the form of capacity purchase agreements. Expenses, excluding fuel expense, associated with American Eagle operations are classified as regional expenses on the condensed consolidated statements of operations.

Regional expenses for the three months ended March 31, 2026 and 2025 include $91 million and $79 million of depreciation and amortization, respectively, and each include $2 million of aircraft rent.

During the three months ended March 31, 2026 and 2025, we recognized $177 million and $168 million, respectively, of expense under our capacity purchase agreement with Republic Airways Inc. (Republic). We hold a 20.8% equity interest in Republic Airways Holdings Inc., the parent company of Republic.

12. Legal Proceedings

Private Party Antitrust Actions Related to the Northeast Alliance (NEA). On December 5, 2022 and December 7, 2022, two private party plaintiffs filed putative class action antitrust complaints against AAG and JetBlue Airways Corporation (JetBlue) in the U.S. District Court for the Eastern District of New York alleging that AAG and JetBlue violated U.S. antitrust law in connection with the previously disclosed NEA. These actions were consolidated on January 10, 2023. The private party plaintiffs filed an amended consolidated complaint on February 3, 2023. On February 2, 2023 and February 15, 2023, private party plaintiffs filed two additional putative class action antitrust complaints against AAG and JetBlue in the U.S. District Court for the District of Massachusetts and the U.S. District Court for the Eastern District of New York, respectively. In March 2023, AAG filed a motion in the U.S. District Court for the District of Massachusetts case asking to transfer the case to the U.S. District Court for the Eastern District of New York and consolidate it with the cases pending in that venue. The U.S. District Court for the District of Massachusetts granted that motion. The remaining cases were consolidated with the other actions in the Eastern District of New York. In June 2023, the private party plaintiffs filed a second amended consolidated complaint, followed by a third amended complaint filed in August 2023. In September 2023, AAG, together with JetBlue, filed a motion to dismiss the third amended complaint. In September 2024, the court denied that motion. AAG and JetBlue filed answers to the private party plaintiffs’ third amended complaint in October 2024. We believe these lawsuits are without merit and are defending against them vigorously.

American Eagle Flight 5342 Accident Litigation. On January 29, 2025, American Eagle flight 5342 was involved in a fatal accident in Washington, D.C. The Bombardier CRJ700 aircraft operated by PSA Airlines, Inc. (PSA) was en route to Washington, D.C. from Wichita, Kansas when it was involved in a midair collision near Ronald Reagan Washington National Airport. Beginning on September 24, 2025, multiple wrongful death and survival actions have been filed in the U.S. District Court for the District of Columbia related to the accident. We expect additional actions will continue to be filed. All cases have been assigned to the same judge and are subject to streamlined pleading and discovery procedures. The court required plaintiffs to file a single consolidated Master Complaint (MC), with later joining plaintiffs to file short form complaints adopting the MC and adding any plaintiff-specific information. The MC alleges that the U.S. Government, American and PSA negligently caused or contributed to the accident. Defendants’ respective deadlines to respond to the MC were in December 2025. The U.S. Government filed an answer to the MC admitting liability only as to claims that the

20

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.

(Unaudited)

helicopter pilots were negligent in failing to see and avoid Flight 5342. American and PSA filed motions to dismiss asserting federal preemption and related failure to state a claim grounds. The airlines’ motions to dismiss were denied without prejudice on February 27, 2026. Plaintiffs filed an amended complaint on March 27, 2026. Discovery is ongoing pursuant to an expedited 18-month discovery and pre-trial calendar, which sets the trial date for April 12, 2027. We believe these lawsuits are without merit as to both American and PSA and are defending against them vigorously.

General. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material.

21

ITEM 1B. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

AMERICAN AIRLINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions)(Unaudited)

	Three Months Ended March 31,
	2026		2025
Operating revenues:
Passenger	$	12,495	$	11,391
Cargo	214		189
Other	1,202		969
Total operating revenues	13,911		12,549
Operating expenses:
Aircraft fuel and related taxes	2,928		2,587
Salaries, wages and benefits	4,672		4,220
Regional expenses	1,399		1,349
Maintenance, materials and repairs	982		922
Other rent and landing fees	890		826
Aircraft rent	309		297
Selling expenses	507		450
Depreciation and amortization	475		467
Special items, net	14		70
Other	1,771		1,629
Total operating expenses	13,947		12,817
Operating loss	(36)		(268)
Nonoperating income (expense):
Interest income	192		236
Interest expense, net	(400)		(452)
Other expense, net	(94)		(44)
Total nonoperating expense, net	(302)		(260)
Loss before income taxes	(338)		(528)
Income tax benefit	(64)		(144)
Net loss	$	(274)	$	(384)

See accompanying notes to condensed consolidated financial statements.

22

AMERICAN AIRLINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In millions)(Unaudited)

	Three Months Ended March 31,
	2026		2025
Net loss	$	(274)	$	(384)
Other comprehensive income (loss), net of tax:
Pension, retiree medical and other postretirement benefits	19		18
Investments	(2)		—
Total other comprehensive income, net of tax	17		18
Total comprehensive loss	$	(257)	$	(366)

See accompanying notes to condensed consolidated financial statements.

23

AMERICAN AIRLINES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except share and par value amounts)

	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Current assets
Cash	$	889	$	936
Short-term investments	6,388		4,880
Restricted cash and short-term investments	717		735
Accounts receivable, net	1,975		2,041
Receivables from related parties, net	10,067		9,896
Aircraft fuel, spare parts and supplies, net	2,923		2,596
Prepaid expenses and other	711		645
Total current assets	23,670		21,729
Operating property and equipment
Flight equipment	46,920		46,226
Ground property and equipment	10,058		9,954
Equipment purchase deposits	592		656
Total property and equipment, at cost	57,570		56,836
Less accumulated depreciation and amortization	(25,097)		(24,621)
Total property and equipment, net	32,473		32,215
Operating lease right-of-use assets	6,893		7,038
Other assets
Goodwill	4,091		4,091
Intangibles, net of accumulated amortization of $850 and $848, respectively	2,064		2,066
Deferred tax asset	1,891		1,832
Other assets	1,229		1,276
Total other assets	9,275		9,265
Total assets	$	72,311	$	70,247
LIABILITIES AND STOCKHOLDER’S EQUITY
Current liabilities
Current maturities of long-term debt and finance leases	$	4,189	$	3,750
Accounts payable	3,479		2,717
Accrued salaries and wages	1,781		1,957
Air traffic liability	10,031		7,158
Loyalty program liability	4,210		3,725
Operating lease liabilities	1,044		1,048
Fuel financing	360		914
Other accrued liabilities	2,853		2,768
Total current liabilities	27,947		24,037
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	19,765		21,509
Pension and postretirement benefits	1,217		1,566
Loyalty program liability	7,376		6,839
Operating lease liabilities	5,719		5,860
Other liabilities	1,494		1,408
Total noncurrent liabilities	35,571		37,182
Commitments and contingencies
Stockholder’s equity
Common stock, $1.00 par value; 1,000 shares authorized, issued and outstanding	—		—
Additional paid-in capital	17,490		17,468
Accumulated other comprehensive loss	(4,490)		(4,507)
Retained deficit	(4,207)		(3,933)
Total stockholder’s equity	8,793		9,028
Total liabilities and stockholder’s equity	$	72,311	$	70,247

See accompanying notes to condensed consolidated financial statements.

24

AMERICAN AIRLINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)(Unaudited)

	Three Months Ended March 31,
	2026		2025
Net cash provided by operating activities	$	4,196	$	2,348
Cash flows from investing activities:
Capital expenditures and aircraft purchase deposits	(788)		(805)
Purchases of short-term investments	(2,773)		(1,806)
Sales of short-term investments	1,263		1,349
Decrease in restricted short-term investments	15		85
Other investing activities	(22)		(8)
Net cash used in investing activities	(2,305)		(1,185)
Cash flows from financing activities:
Payments on long-term debt and finance leases	(2,324)		(1,362)
Proceeds from issuance of long-term debt	997		325
Net payments on fuel financing	(554)		(74)
Other financing activities	(60)		(20)
Net cash used in financing activities	(1,941)		(1,131)
Net increase (decrease) in cash and restricted cash	(50)		32
Cash and restricted cash at beginning of period	1,038		893
Cash and restricted cash at end of period (1)	$	988	$	925
Non-cash transactions:
Right-of-use (ROU) assets acquired through operating leases	$	124	$	349
Property and equipment acquired through finance leases and other	137		71
Finance leases converted to operating leases	39		45
Supplemental information:
Interest paid, net	382		473

(1)The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:

Cash	$	889	$	829
Restricted cash included in restricted cash and short-term investments	99		96
Total cash and restricted cash	$	988	$	925

See accompanying notes to condensed consolidated financial statements.

25

AMERICAN AIRLINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

(In millions)(Unaudited)

	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Deficit		Total
Balance at December 31, 2025	$	—	$	17,468	$	(4,507)	$	(3,933)	$	9,028
Net loss	—		—		—		(274)		(274)
Other comprehensive income, net	—		—		17		—		17
Share-based compensation expense	—		22		—		—		22
Balance at March 31, 2026	$	—	$	17,490	$	(4,490)	$	(4,207)	$	8,793

	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Deficit		Total
Balance at December 31, 2024	$	—	$	17,408	$	(4,677)	$	(4,497)	$	8,234
Net loss	—		—		—		(384)		(384)
Other comprehensive income, net	—		—		18		—		18
Share-based compensation expense	—		15		—		—		15
Intercompany equity transfer	—		1		—		—		1
Balance at March 31, 2025	$	—	$	17,424	$	(4,659)	$	(4,881)	$	7,884

See accompanying notes to condensed consolidated financial statements.

26

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of American Airlines, Inc. (American) should be read in conjunction with the consolidated financial statements contained in American’s Annual Report on Form 10-K for the year ended December 31, 2025. American is the principal wholly-owned subsidiary of American Airlines Group Inc. (AAG). All significant intercompany transactions have been eliminated.

Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits.

2. Special Items, Net

Special items, net in the condensed consolidated statements of operations consisted of the following (in millions):

	Three Months Ended March 31,
	2026		2025
Litigation reserve adjustments	$	12	$	30
Labor contract expenses (1)	2		31
Other operating special items, net	—		9
Mainline operating special items, net	14		70
Mark-to-market adjustments on equity investments, net (2)	72		29
Debt refinancing and extinguishment	54		19
Other nonoperating special items, net	9		—
Nonoperating special items, net	135		48

(1)Labor contract expenses for the three months ended March 31, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members.

(2)Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments.

27

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

3. Revenue Recognition

Revenue

The following are the significant categories comprising American’s operating revenues (in millions):

	Three Months Ended March 31,
	2026		2025
Passenger revenue:
Passenger travel	$	11,515	$	10,475
Loyalty revenue - travel (1)	980		916
Total passenger revenue	12,495		11,391
Cargo	214		189
Other:
Loyalty revenue - marketing services	1,027		823
Other revenue	175		146
Total other revenue	1,202		969
Total operating revenues	$	13,911	$	12,549

(1)Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners.

The following is American’s total passenger revenue by geographic region (in millions):

	Three Months Ended March 31,
	2026		2025
Domestic	$	8,990	$	8,127
Latin America	1,963		1,906
Atlantic	1,102		965
Pacific	440		393
Total passenger revenue	$	12,495	$	11,391

American attributes passenger revenue by geographic region based upon the origin and destination of each flight segment.

Contract Balances

American’s significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future air travel, non-air travel and other awards, reported as loyalty program liability on the condensed consolidated balance sheets; and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on the condensed consolidated balance sheets.

	March 31, 2026		December 31, 2025
	(In millions)
Loyalty program liability	$	11,586	$	10,564
Air traffic liability	10,031		7,158
Total	$	21,617	$	17,722

28

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

The balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue). Changes in loyalty program liability are as follows (in millions):

Balance at December 31, 2025	$	10,564
Deferral of revenue	2,020
Recognition of revenue (1)	(998)
Balance at March 31, 2026 (2)	$	11,586

(1)Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period.

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of March 31, 2026, American’s current loyalty program liability was $4.2 billion and represents American’s current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

Additionally, as of March 31, 2026, American’s loyalty program liability includes a one-time cash payment associated with the extension of a partner agreement announced in 2025.

The air traffic liability principally represents tickets sold for future travel on American, American Eagle and partner airlines. The balance in American’s air traffic liability also fluctuates with seasonal travel patterns. The contract duration of passenger tickets is generally one year. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12 months. For the three months ended March 31, 2026, $4.2 billion of revenue was recognized in passenger revenue that was included in American’s air traffic liability at December 31, 2025.

29

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

4. Debt

Debt included in the condensed consolidated balance sheets consisted of (in millions):

	March 31, 2026		December 31, 2025
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028	$	970	$	970
2014 Term Loan Facility, variable interest rate of 5.52%, installments until due in January 2027	1,147		1,159
2023 Term Loan Facility, variable interest rate of 5.91%, installments until due in June 2029	1,078		1,078
7.25% senior secured notes, interest only payments until due in February 2028	750		750
8.50% senior secured notes	—		1,000
5.50% senior secured notes, installments until due in April 2026 (1)	292		583
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 5.92%, installments until due in April 2028 (1)	2,258		2,264
2025 AAdvantage Term Loan Facility, variable interest rate of 6.42%, installments until due in May 2032 (1)	993		995
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.15%, maturing from 2026 to 2038	7,755		6,912
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.29%, averaging 5.45%, maturing from 2027 to 2037	4,527		4,719
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		789
	23,559		24,219
Unsecured
Senior short-term term loan facility	—		629
Total	23,559		24,848
Less: Total unamortized debt discount, premium and issuance costs	286		313
Less: Current maturities	4,083		3,641
Long-term debt, net of current maturities	$	19,190	$	20,894

(1)Collectively referred to as the AAdvantage Financing.

As of March 31, 2026, the maximum availability under American’s revolving credit and other facilities is as follows (in millions):

2013 Revolving Facility	$	363
2014 Revolving Facility	1,296
2023 Revolving Facility	1,451
Other facilities (1)	400
Total	$	3,510

(1)Includes a revolving credit facility that provides for borrowing capacity of up to $350 million. In March 2026, American elected to exercise its option to extend the maturity date of the revolving credit facility by an additional year to March 2028. Additionally, American currently has $50 million of available borrowing capacity under a cargo receivables facility that is scheduled to expire in December 2026. There are no amounts drawn under these facilities.

Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.

30

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

2026 Financing Activities

2013 Credit Facilities – 2013 Revolving Facility

In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015 (as amended, the 2013 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments available under the 2013 Credit Agreement and established new revolving commitments in an aggregate amount of $363 million and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $155 million (the newly established revolving commitments, the 2013 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2013 Revolving Facility are substantially similar to the prior revolving commitments.

2014 Credit Facilities – 2014 Revolving Facility

In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015 (as amended, the 2014 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments available under the 2014 Credit Agreement and established new revolving commitments in an aggregate amount of approximately $1.3 billion and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $195 million (the newly established revolving commitments, the 2014 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2014 Revolving Facility are substantially similar to the prior revolving commitments.

2023 Credit Facilities – 2023 Revolving Facility

In March 2026, American and AAG entered into the Fourth Amendment to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement, dated as of December 4, 2023 (as amended, the 2023 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments available under the 2023 Credit Agreement and established new revolving commitments in an aggregate amount of approximately $1.5 billion (the newly established revolving commitments, the 2023 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2023 Revolving Facility are substantially similar to the prior revolving commitments.

2025 AAdvantage Term Loan Facility

In February 2026, American and AAdvantage Loyalty IP Ltd., a Cayman Islands exempted company incorporated with limited liability and an indirect wholly-owned subsidiary of American (together with American, the AAdvantage Issuers) entered into a fourth amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the Fourth Amendment). As a result of the Fourth Amendment, the term loans outstanding under the 2025 AAdvantage Term Loan Facility were replaced with new term loans in the same principal amount. Pursuant to the Fourth Amendment, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 1.75% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 2.75% per annum. All other terms of the 2025 AAdvantage Term Loan Facility remain substantially similar.

2026-1 Class (B)R Aircraft EETCs

In March 2026, American entered into agreements under which it borrowed $870 million in connection with the financing of certain aircraft that had been previously delivered. Debt incurred under these agreements is junior to existing equipment notes secured by such previously delivered aircraft, matures in 2028 through 2029 and bears interest at a fixed rate of 5.61%.

2025-1 Aircraft EETCs

In November 2025, American created two pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2025-1 Class A and Class B EETCs (the 2025-1 Aircraft EETCs) in connection with the financing of 25 aircraft delivered to American from October 2025 through March 2026 (the 2025-1 Aircraft). In 2025, $978 million of the proceeds were used to purchase equipment notes issued by American in connection with the financing of 21 of the 2025-1 Aircraft. In March 2026, approximately $127 million of proceeds were used to purchase equipment notes issued by American in connection with the financing of the four remaining 2025-1 Aircraft. As of March 31, 2026, there are no remaining proceeds held in escrow, and all proceeds have been used to purchase equipment notes issued by American.

31

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

Interest and principal payments on equipment notes issued in connection with the 2025-1 Aircraft EETCs are payable semi-annually in May and November each year, with interest payments scheduled to begin in May 2026 and principal payments scheduled to begin in November 2026.

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of March 31, 2026, is set forth in the table below:

	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

Other Financing Activities

In the first quarter of 2026, American paid in full the $629 million of the outstanding principal amount of the senior short-term term loan facility due January 2026. Additionally, American prepaid in full the $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes.

5. Income Taxes

At December 31, 2025, American had approximately $11.7 billion of gross federal net operating losses (NOLs) and $3.8 billion of other carryforwards available to reduce future federal taxable income, of which $1.8 billion will expire beginning in 2033 if unused and $13.7 billion can be carried forward indefinitely. American is a member of AAG’s consolidated federal and certain state income tax returns. American also had approximately $4.7 billion of NOL carryforwards to reduce future state taxable income at December 31, 2025, which will expire in taxable years 2025 through 2045 if unused.

American’s ability to use its NOLs and other carryforwards depends on the amount of taxable income generated in future periods. American provides a valuation allowance for its deferred tax assets, which include its NOLs and other carryforwards, when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets. Many factors are considered that impact American’s assessment of future profitability, including conditions which are beyond its control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. American has determined that positive factors outweigh negative factors in the determination of the realizability of its deferred tax assets.

American has used the discrete method to calculate income taxes for the three months ended March 31, 2026. At this time, American believes that the use of the discrete method is more appropriate than the estimated annual effective tax rate method due to the fact that small changes in projected full year income could cause material fluctuations in American’s annual effective tax rate applied during each quarter.

During the three months ended March 31, 2026, American recorded an income tax benefit of $64 million, which was substantially non-cash due to the utilization of the NOLs described above. Substantially all of American’s loss before income taxes is attributable to the United States.

32

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

6. Fair Value Measurements

Assets Measured at Fair Value on a Recurring Basis

American utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. American’s short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2026.

Assets measured at fair value on a recurring basis are summarized below (in millions):

	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	606	$	606	$	—	$	—
Corporate obligations	3,736		—		3,736		—
Bank notes/certificates of deposit/time deposits	1,946		—		1,946		—
Repurchase agreements	100		—		100		—
	6,388		606		5,782		—
Restricted cash and short-term investments (1), (3)	717		411		306		—
Long-term investments (4)	137		137		—		—
Total	$	7,242	$	1,154	$	6,088	$	—

(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.

(2)American’s short-term investments mature in one year or less.

(3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport. Restricted short-term investments principally mature in one year or less.

(4)Long-term investments primarily include American’s equity investment in China Southern Airlines Company Limited (China Southern Airlines). See Note 7 for further information on American’s equity investments.

Fair Value of Debt

The fair value of American’s long-term debt was estimated using quoted market prices or discounted cash flow analyses based on American’s current estimated incremental borrowing rates for similar types of borrowing arrangements.

The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions):

	March 31, 2026
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	23,273	$	23,455	$	—	$	23,455	$	—
	December 31, 2025
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	24,535	$	25,051	$	—	$	25,051	$	—

33

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

7. Investments

To help expand American’s network and as part of its ongoing commitment to sustainability, American enters into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies. American’s equity investments are reflected in other assets on its condensed consolidated balance sheets. American’s share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other expense, net on the condensed consolidated statements of operations.

American’s equity investment ownership interests and carrying values are as follows:

		Ownership Interest				Carrying Value (in millions)
	Accounting Treatment	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Republic Airways Holdings Inc.	Equity Method	20.8	%	20.8	%	$	253	$	254
China Southern Airlines	Fair Value	1.5	%	1.5	%	135		203
Other investments (1)	Various					144		146
Total						$	532	$	603

(1)Primarily includes American’s investment in JetSMART Holdings Limited, which is accounted for under the equity method.

8. Employee Benefit Plans

The following table provides the components of net periodic benefit cost (income) (in millions):

	Pension Benefits				Retiree Medical and Other Postretirement Benefits
Three Months Ended March 31,	2026		2025		2026		2025
Service cost	$	1	$	1	$	6	$	6
Interest cost	175		182		16		18
Expected return on assets	(228)		(231)		(2)		(2)
Amortization of:
Prior service cost	—		—		4		4
Unrecognized net loss (gain)	22		24		(5)		(6)
Net periodic benefit cost (income)	$	(30)	$	(24)	$	19	$	20

Effective November 1, 2012, substantially all of American’s defined benefit pension plans were frozen.

The service cost component of net periodic benefit cost (income) is included in operating expenses and the other components of net periodic benefit cost (income) are included in nonoperating other expense, net in the condensed consolidated statements of operations.

During the first three months of 2026, American made required contributions of $236 million and supplemental contributions of $50 million to its defined benefit pension plans.

34

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

9. Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):

	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Loss on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2025	$	(2,742)	$	—	$	(1,765)	$	(4,507)
Other comprehensive income (loss) before reclassifications	3		(2)		—		1
Amounts reclassified from AOCI	21		—		(5)		16
Net current-period other comprehensive income (loss)	24		(2)		(5)		17
Balance at March 31, 2026	$	(2,718)	$	(2)	$	(1,770)	$	(4,490)

(1)Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net loss until the obligations are fully extinguished. Amounts reclassified from AOCI are recognized within the income tax benefit on the condensed consolidated statements of operations.

Reclassifications out of AOCI are as follows (in millions):

	Amounts reclassified from AOCI				Affected line items on the condensed consolidated statements of operations
AOCI Components	Three Months Ended March 31,
	2026		2025
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	3	$	4	Nonoperating other expense, net
Actuarial loss	13		14		Nonoperating other expense, net
Total reclassifications for the period, net of tax	$	16	$	18

10. Regional Expenses

American’s regional carriers provide scheduled air transportation under the brand name “American Eagle.” The American Eagle carriers include AAG’s wholly-owned regional carriers as well as third-party regional carriers. American’s regional carrier arrangements are principally in the form of capacity purchase agreements. Expenses, excluding fuel expense, associated with American Eagle operations are classified as regional expenses on the condensed consolidated statements of operations.

Regional expenses for the three months ended March 31, 2026 and 2025 include $77 million and $70 million of depreciation and amortization, respectively, and each include $2 million of aircraft rent.

During the three months ended March 31, 2026 and 2025, American recognized $177 million and $168 million, respectively, of expense under its capacity purchase agreement with Republic Airways Inc. (Republic). American holds a 20.8% equity interest in Republic Airways Holdings Inc., the parent company of Republic.

11. Transactions with Related Parties

The following represents the net receivables (payables) from or to related parties (in millions):

	March 31, 2026		December 31, 2025
AAG	$	12,146	$	11,938
AAG’s wholly-owned subsidiaries (1)	(2,079)		(2,042)
Total	$	10,067	$	9,896

(1)The net payable to AAG’s wholly-owned subsidiaries consists primarily of amounts due under regional capacity purchase agreements with AAG’s wholly-owned regional airlines operating under the brand name of American Eagle.

35

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC.

(Unaudited)

12. Legal Proceedings

Private Party Antitrust Actions Related to the Northeast Alliance (NEA). On December 5, 2022 and December 7, 2022, two private party plaintiffs filed putative class action antitrust complaints against AAG and JetBlue Airways Corporation (JetBlue) in the U.S. District Court for the Eastern District of New York alleging that AAG and JetBlue violated U.S. antitrust law in connection with the previously disclosed NEA. These actions were consolidated on January 10, 2023. The private party plaintiffs filed an amended consolidated complaint on February 3, 2023. On February 2, 2023 and February 15, 2023, private party plaintiffs filed two additional putative class action antitrust complaints against AAG and JetBlue in the U.S. District Court for the District of Massachusetts and the U.S. District Court for the Eastern District of New York, respectively. In March 2023, AAG filed a motion in the U.S. District Court for the District of Massachusetts case asking to transfer the case to the U.S. District Court for the Eastern District of New York and consolidate it with the cases pending in that venue. The U.S. District Court for the District of Massachusetts granted that motion. The remaining cases were consolidated with the other actions in the Eastern District of New York. In June 2023, the private party plaintiffs filed a second amended consolidated complaint, followed by a third amended complaint filed in August 2023. In September 2023, AAG, together with JetBlue, filed a motion to dismiss the third amended complaint. In September 2024, the court denied that motion. AAG and JetBlue filed answers to the private party plaintiffs’ third amended complaint in October 2024. AAG believes these lawsuits are without merit and is defending against them vigorously.

American Eagle Flight 5342 Accident Litigation. On January 29, 2025, American Eagle flight 5342 was involved in a fatal accident in Washington, D.C. The Bombardier CRJ700 aircraft operated by PSA Airlines, Inc. (PSA) was en route to Washington, D.C. from Wichita, Kansas when it was involved in a midair collision near Ronald Reagan Washington National Airport. Beginning on September 24, 2025, multiple wrongful death and survival actions have been filed in the U.S. District Court for the District of Columbia related to the accident. AAG expects additional actions will continue to be filed. All cases have been assigned to the same judge and are subject to streamlined pleading and discovery procedures. The court required plaintiffs to file a single consolidated Master Complaint (MC), with later joining plaintiffs to file short form complaints adopting the MC and adding any plaintiff-specific information. The MC alleges that the U.S. Government, American and PSA negligently caused or contributed to the accident. Defendants’ respective deadlines to respond to the MC were in December 2025. The U.S. Government filed an answer to the MC admitting liability only as to claims that the helicopter pilots were negligent in failing to see and avoid Flight 5342. American and PSA filed motions to dismiss asserting federal preemption and related failure to state a claim grounds. The airlines’ motions to dismiss were denied without prejudice on February 27, 2026. Plaintiffs filed an amended complaint on March 27, 2026. Discovery is ongoing pursuant to an expedited 18-month discovery and pre-trial calendar, which sets the trial date for April 12, 2027. American believes these lawsuits are without merit as to both American and PSA and is defending against them vigorously.

General. In addition to the specifically identified legal proceedings, American and its subsidiaries are also engaged in other legal proceedings from time to time. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within American’s control. Therefore, although American will vigorously defend itself in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on American are uncertain but could be material.

36

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Part I, Item 2 of this report should be read in conjunction with Part II, Item 7 of AAG’s and American’s Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Form 10-K). The information contained herein is not a comprehensive discussion and analysis of the financial condition and results of operations of AAG and American, but rather updates disclosures made in the 2025 Form 10-K.

Financial Overview

Business and Macroeconomic Conditions

Worldwide macroeconomic, political and military events, including war, terrorist activity, and conflict in the Middle East (particularly if it intensifies or is prolonged) and in Ukraine, have contributed, and are likely to continue to contribute, to oil and natural gas price volatility. These factors, along with changes in U.S. or international trade policies and continued uncertainty surrounding such policies, could lead to weakened business conditions for the transportation industry, which may adversely impact our operations through increased supply chain challenges, commodity price volatility and a decline in discretionary spending and consumer confidence, among others.

Our operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business. Because of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of aircraft fuel can have a material effect on our operating results and liquidity. Market prices for aircraft fuel have fluctuated substantially over the first quarter of 2026 and prices continue to be highly volatile, with market spot prices ranging from a low of approximately $1.86 per gallon to a high of approximately $4.75 per gallon during the first quarter of 2026.

AAG’s First Quarter 2026 Results

The selected financial data presented below is derived from AAG’s unaudited condensed consolidated financial statements included in Part I, Item 1A of this report and should be read in conjunction with those financial statements and the related notes thereto.

	Three Months Ended March 31,				Increase (Decrease)		Percent Increase (Decrease)
	2026		2025
	(In millions, except percentage changes)
Passenger revenue	$	12,495	$	11,391	$	1,104	9.7
Cargo revenue	214		189		25		12.9
Other operating revenue	1,203		971		232		23.9
Total operating revenues	13,912		12,551		1,361		10.8
Aircraft fuel and related taxes	2,928		2,587		341		13.2
Salaries, wages and benefits	4,674		4,222		452		10.7
Total operating expenses	13,953		12,821		1,132		8.8
Operating loss	(41)		(270)		(229)		(85.0)
Pre-tax loss	(476)		(648)		(172)		(26.6)
Income tax benefit	(94)		(175)		(81)		(46.7)
Net loss	(382)		(473)		(91)		(19.2)
Pre-tax loss – GAAP	$	(476)	$	(648)	$	(172)	(26.6)
Adjusted for: pre-tax net special items (1)	149		118		31		25.0
Pre-tax loss excluding net special items	$	(327)	$	(530)	$	(203)	(38.2)

(1)See “Reconciliation of GAAP to Non-GAAP Financial Measures” below and Note 2 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for details on the components of net special items.

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Pre-Tax Loss and Net Loss

Pre-tax loss and net loss were $476 million and $382 million, respectively, in the first quarter of 2026. This compares to first quarter of 2025 pre-tax loss and net loss of $648 million and $473 million, respectively. Excluding the effects of pre-tax net special items, pre-tax loss was $327 million and $530 million in the first quarters of 2026 and 2025, respectively.

The period-over-period decrease in pre-tax loss on both a GAAP basis and excluding pre-tax net special items was principally driven by an increase in passenger revenue, offset in part by increases in certain operating expenses including salaries, wages, and benefits, aircraft fuel and related taxes and other operating expenses.

Revenue

In the first quarter of 2026, we reported total operating revenues of $13.9 billion, an increase of $1.4 billion, or 10.8%, from the first quarter of 2025. Passenger revenue was $12.5 billion in the first quarter of 2026, an increase of $1.1 billion, or 9.7%, from the first quarter of 2025. Passenger revenue performance improved in the first quarter of 2026, primarily due to higher domestic and international demand for air travel with passenger revenue per available seat mile (PRASM) increasing 6.5% compared to the first quarter of 2025. This increase was primarily driven by a 5.6% increase in passenger yield, while load factor increased 0.7pts compared to the first quarter of 2025.

Cargo revenue increased $25 million, or 12.9%, in the first quarter of 2026 from the first quarter of 2025, primarily due to a 9.0% increase in cargo ton miles and a 3.6% increase in cargo yield.

Other operating revenue increased $232 million, or 23.9%, in the first quarter of 2026 from the first quarter of 2025, driven primarily by higher revenue associated with our loyalty program. During the three months ended March 31, 2026 and 2025, cash payments from co-branded credit card and other partners were $2.9 billion and $1.8 billion, respectively. Cash remuneration for the first quarter of 2026 included a one-time cash payment associated with the extension of a partner agreement announced in 2025.

Our total revenue per available seat mile (TRASM) was 19.32 cents in the first quarter of 2026, a 7.6% increase as compared to 17.95 cents in the first quarter of 2025.

Fuel

Aircraft fuel and related taxes was $2.9 billion in the first quarter of 2026, which was $341 million, or 13.2%, higher as compared to the first quarter of 2025. This was primarily due to a 10.7% increase in the average price per gallon of aircraft fuel including related taxes to $2.75 in the first quarter of 2026 from $2.48 in the first quarter of 2025 and a 2.3% increase in gallons of fuel consumed due to increased capacity.

As of March 31, 2026, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. See Part I, Item 1A. Risk Factors – “Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity” in our 2025 Form 10-K.

Other Costs

We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel. Additionally, we continue to focus on initiatives to reengineer our business through the use of digital solutions, process enhancements and procurement transformation and we intend to continue to invest in reengineering our business through the remainder of 2026 and beyond to build an even more efficient airline and continue to manage costs while delivering a better experience for our customers and team.

Our 2026 first quarter total operating cost per available seat mile (CASM) was 19.38 cents, an increase of 5.6% from 18.34 cents in the first quarter of 2025. The increase in CASM was primarily driven by higher costs for salaries, wages and benefits, aircraft fuel and other operating expenses, offset in part by a decrease in mainline operating special items, net.

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Our 2026 first quarter CASM excluding net special items, fuel and profit sharing was 15.29 cents, an increase of 5.2% from 14.54 cents in the first quarter of 2025, which was primarily driven by higher costs for salaries, wages and benefits and other operating expenses.

For a reconciliation of CASM to CASM excluding net special items, fuel and profit sharing see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

Liquidity

As of March 31, 2026, we had $10.8 billion in total available liquidity, consisting of $7.3 billion in unrestricted cash and short-term investments, and $3.5 billion in total undrawn capacity under revolving credit and other facilities.

During the first three months of 2026, we completed the following financing transactions (see Note 5 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on 2026 financing activities):

•repaid in full $629 million of the outstanding principal amount of the senior short-term term loan facility;

•prepaid in full $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes;

•amended the 2025 AAdvantage Term Loan Facility to reduce the applicable interest rate margin;

•increased the aggregate revolving commitments under the 2013, 2014 and 2023 Revolving Facilities from $3.0 billion to $3.1 billion and extended the maturity of each facility from June 4, 2029 to March 5, 2031;

•received approximately $870 million and $127 million in proceeds from enhanced equipment trust certificates (EETCs) under the 2026-1 Class (B)R Aircraft EETCs and the 2025-1 Class A and B EETCs, respectively, in connection with the financing of certain aircraft;

•extended the maturity date of a revolving credit facility that provides for borrowing capacity of up to $350 million by an additional year to March 2028; and

•incurred $554 million in net payments on fuel financing transactions.

Reconciliation of GAAP to Non-GAAP Financial Measures

We sometimes use financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with accounting principles generally accepted in the U.S. (GAAP) to understand and evaluate our current operating performance and to allow for period-to-period comparisons. We believe these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. We are providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.

The following table presents the reconciliation of pre-tax loss (GAAP measure) to pre-tax loss excluding net special items (non-GAAP measure). Management uses this non-GAAP financial measure to evaluate our current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items provides management with an additional tool to understand our core operating performance.

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	Three Months Ended March 31,
	2026		2025
	(In millions)
Reconciliation of Pre-Tax Loss Excluding Net Special Items:
Pre-tax loss – GAAP	$	(476)	$	(648)
Pre-tax net special items (1):
Mainline operating special items, net	14		70
Nonoperating special items, net	135		48
Total pre-tax net special items	149		118
Pre-tax loss excluding net special items	$	(327)	$	(530)

(1)See Note 2 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items.

Additionally, the table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding net special items, fuel and profit sharing (non-GAAP measure) and CASM to CASM excluding net special items, fuel and profit sharing. Management uses total operating costs excluding net special items, fuel and profit sharing and CASM excluding net special items, fuel and profit sharing to evaluate our current operating performance and for period-to-period comparisons. The price of fuel, over which we have no control, impacts the comparability of period-to-period financial performance. Additionally, we exclude profit sharing to allow investors to better understand and analyze our operating cost performance and to provide a more meaningful comparison of our core operating costs to the airline industry. The adjustment to exclude net special items, fuel and profit sharing provides management with an additional tool to understand and analyze our non-fuel costs and core operating performance. Amounts may not recalculate due to rounding.

	Three Months Ended March 31,
	2026		2025
Reconciliation of CASM Excluding Net Special Items, Fuel and Profit Sharing:
(In millions)
Total operating expenses – GAAP	$	13,953	$	12,821
Operating net special items (1):
Mainline operating special items, net	(14)		(70)
Aircraft fuel and related taxes	(2,928)		(2,587)
Profit sharing	—		—
Total operating expenses, excluding net special items, fuel and profit sharing	$	11,011	$	10,164
Total available seat miles (ASM)	72,009		69,904
(In cents)
CASM	19.38		18.34
Operating net special items per ASM (1):
Mainline operating special items, net	(0.02)		(0.10)
Aircraft fuel and related taxes per ASM	(4.07)		(3.70)
Profit sharing per ASM	—		—
CASM, excluding net special items, fuel and profit sharing	15.29		14.54

(1)See Note 2 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items.

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AAG’s Results of Operations

Operating Statistics

The table below sets forth selected operating data for the three months ended March 31, 2026 and 2025. Amounts may not recalculate due to rounding.

	Three Months Ended March 31,		Increase
	2026	2025
Revenue passenger miles (millions) (a)	58,551	56,356	3.9%
Available seat miles (millions) (b)	72,009	69,904	3.0%
Passenger load factor (percent) (c)	81.3	80.6	0.7pts
Yield (cents) (d)	21.34	20.21	5.6%
Passenger revenue per available seat mile (cents) (e)	17.35	16.30	6.5%
Total revenue per available seat mile (cents) (f)	19.32	17.95	7.6%
Fuel consumption (gallons in millions)	1,066	1,042	2.3%
Average aircraft fuel price including related taxes (dollars per gallon)	2.75	2.48	10.7%
Total operating cost per available seat mile (cents) (g)	19.38	18.34	5.6%
Aircraft at end of period (h)	1,594	1,552	2.7%
Full-time equivalent employees at end of period	138,900	133,100	4.4%

(a)Revenue passenger mile (RPM) – A basic measure of sales volume. One RPM represents one passenger flown one mile.

(b)Available seat mile (ASM) – A basic measure of production. One ASM represents one seat flown one mile.

(c)Passenger load factor – The percentage of available seats that are filled with revenue passengers.

(d)Yield – A measure of airline revenue derived by dividing passenger revenue by RPMs.

(e)Passenger revenue per available seat mile (PRASM) – Passenger revenue divided by ASMs.

(f)Total revenue per available seat mile (TRASM) – Total revenues divided by ASMs.

(g)Total operating cost per available seat mile (CASM) – Total operating expenses divided by ASMs.

(h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above as of March 31, 2026 are three Airbus A321XLR mainline aircraft and two Bombardier CRJ900 regional aircraft held in temporary storage.

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Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Operating Revenues

	Three Months Ended March 31,				Increase		Percent Increase
	2026		2025
	(In millions, except percentage changes)
Passenger	$	12,495	$	11,391	$	1,104	9.7
Cargo	214		189		25		12.9
Other	1,203		971		232		23.9
Total operating revenues	$	13,912	$	12,551	$	1,361	10.8

This table presents our passenger revenue and the period-over-period change in certain operating statistics:

			Increase vs. Three Months Ended March 31, 2025
	Three Months Ended March 31, 2026		RPMs	ASMs	Load Factor	Passenger Yield	PRASM
	(In millions)
Passenger revenue	$	12,495	3.9%	3.0%	0.7pts	5.6%	6.5%

Passenger revenue increased $1.1 billion, or 9.7%, in the first quarter of 2026 from the first quarter of 2025, primarily due to higher domestic and international demand for air travel with PRASM increasing 6.5% compared to the first quarter of 2025. This increase was primarily driven by a 5.6% increase in passenger yield, while load factor increased 0.7pts compared to the first quarter of 2025.

Cargo revenue increased $25 million, or 12.9%, in the first quarter of 2026 from the first quarter of 2025, primarily due to a 9.0% increase in cargo ton miles and a 3.6% increase in cargo yield.

Other operating revenue increased $232 million, or 23.9%, in the first quarter of 2026 from the first quarter of 2025, driven primarily by higher revenue associated with our loyalty program. During the three months ended March 31, 2026 and 2025, cash payments from co-branded credit card and other partners were $2.9 billion and $1.8 billion, respectively. Cash remuneration for the first quarter of 2026 included a one-time cash payment associated with the extension of a partner agreement announced in 2025.

Operating Expenses

	Three Months Ended March 31,				Increase (Decrease)		Percent Increase (Decrease)
	2026		2025
	(In millions, except percentage changes)
Aircraft fuel and related taxes	$	2,928	$	2,587	$	341	13.2
Salaries, wages and benefits	4,674		4,222		452		10.7
Regional expenses	1,404		1,351		53		3.9
Maintenance, materials and repairs	982		922		60		6.5
Other rent and landing fees	890		826		64		7.7
Aircraft rent	309		297		12		3.9
Selling expenses	507		450		57		12.8
Depreciation and amortization	475		468		7		1.6
Mainline operating special items, net	14		70		(56)		(80.6)
Other	1,770		1,628		142		8.7
Total operating expenses	$	13,953	$	12,821	$	1,132	8.8

Aircraft fuel and related taxes increased $341 million, or 13.2%, in the first quarter of 2026 from the first quarter of 2025, primarily due to a 10.7% increase in the average price per gallon of aircraft fuel including related taxes to $2.75 in the first quarter of 2026 from $2.48 in the first quarter of 2025 and a 2.3% increase in gallons of fuel consumed due to increased capacity.

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Salaries, wages and benefits increased $452 million, or 10.7%, in the first quarter of 2026 from the first quarter of 2025, primarily due to annual contractual wage rate increases and a 3.9% increase in mainline full-time equivalent employees subsequent to the first quarter of 2025.

Maintenance, materials and repairs increased $60 million, or 6.5%, in the first quarter of 2026 from the first quarter of 2025, primarily due to increased costs for airframe heavy checks, component part repairs and engine overhauls driven by higher volume and cost of materials.

Other rent and landing fees increased $64 million, or 7.7%, in the first quarter of 2026 from the first quarter of 2025, primarily due to rate increases at certain airports.

Selling expenses increased $57 million, or 12.8%, in the first quarter of 2026 from the first quarter of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses.

Other operating expenses increased $142 million, or 8.7%, in the first quarter of 2026 from the first quarter of 2025, primarily driven by increased costs for crew travel, onboard food and catering, Wi-Fi, ground and cargo handling, passenger accommodation and certain general and administrative expenses.

Operating Special Items, Net

	Three Months Ended March 31,
	2026		2025
	(In millions)
Litigation reserve adjustments	$	12	$	30
Labor contract expenses (1)	2		31
Other operating special items, net	—		9
Mainline operating special items, net	$	14	$	70

(1)Labor contract expenses for the three months ended March 31, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members.

Nonoperating Results

	Three Months Ended March 31,				Increase (Decrease)		Percent Increase (Decrease)
	2026		2025
	(In millions, except percentage changes)
Interest income	$	55	$	94	$	(39)	(41.3)
Interest expense, net	(397)		(428)		31		(7.3)
Other expense, net	(93)		(44)		(49)		nm(1)
Total nonoperating expense, net	$	(435)	$	(378)	$	(57)	15.1

(1)Not meaningful or greater than 100% change.

Interest income decreased $39 million, or 41.3%, in the first quarter of 2026 from the first quarter of 2025, primarily due to a decrease in the average balance of our short-term investments and lower interest rates, resulting in reduced returns. Interest expense, net decreased $31 million, or 7.3%, in the first quarter of 2026 from the first quarter of 2025, primarily due to lower interest rates on our variable-rate debt instruments and lower outstanding debt subsequent to the first quarter of 2025, as we continue our efforts to strengthen the balance sheet.

In the first quarter of 2026, other nonoperating expense, net included $135 million of net special items primarily for mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $18 million of non-service-related pension and other postretirement benefit plan income.

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In the first quarter of 2025, other nonoperating expense, net primarily included $48 million of net special charges for mark-to-market net unrealized losses associated with certain equity investments and debt refinancings and extinguishments, as well as $11 million of foreign currency losses, offset in part by $11 million of non-service-related pension and other postretirement benefit plan income.

Income Taxes

In the first quarter of 2026, we recorded an income tax benefit of $94 million. Substantially all of our loss before income taxes is attributable to the United States.

See Note 6 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for additional information on income taxes.

American’s Results of Operations

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Operating Revenues

	Three Months Ended March 31,				Increase		Percent Increase
	2026		2025
	(In millions, except percentage changes)
Passenger	$	12,495	$	11,391	$	1,104	9.7
Cargo	214		189		25		12.9
Other	1,202		969		233		24.1
Total operating revenues	$	13,911	$	12,549	$	1,362	10.9

Passenger revenue increased $1.1 billion, or 9.7%, in the first quarter of 2026 from the first quarter of 2025, primarily due to higher domestic and international demand for air travel with PRASM increasing compared to the first quarter of 2025. This increase was primarily driven by an increase in passenger yield, while load factor increased compared to the first quarter of 2025.

Cargo revenue increased $25 million, or 12.9%, in the first quarter of 2026 from the first quarter of 2025, primarily due to an increase in cargo ton miles and cargo yield.

Other operating revenue increased $233 million, or 24.1%, in the first quarter of 2026 from the first quarter of 2025, driven primarily by higher revenue associated with American’s loyalty program. During the three months ended March 31, 2026 and 2025, cash payments from co-branded credit card and other partners were $2.9 billion and $1.8 billion, respectively. Cash remuneration for the first quarter of 2026 included a one-time cash payment associated with the extension of a partner agreement announced in 2025.

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Operating Expenses 

	Three Months Ended March 31,				Increase (Decrease)		Percent Increase (Decrease)
	2026		2025
	(In millions, except percentage changes)
Aircraft fuel and related taxes	$	2,928	$	2,587	$	341	13.2
Salaries, wages and benefits	4,672		4,220		452		10.7
Regional expenses	1,399		1,349		50		3.7
Maintenance, materials and repairs	982		922		60		6.5
Other rent and landing fees	890		826		64		7.7
Aircraft rent	309		297		12		3.9
Selling expenses	507		450		57		12.8
Depreciation and amortization	475		467		8		1.7
Mainline operating special items, net	14		70		(56)		(80.6)
Other	1,771		1,629		142		8.7
Total operating expenses	$	13,947	$	12,817	$	1,130	8.8

Aircraft fuel and related taxes increased $341 million, or 13.2%, in the first quarter of 2026 from the first quarter of 2025, primarily due to a 10.7% increase in the average price per gallon of aircraft fuel including related taxes to $2.75 in the first quarter of 2026 from $2.48 in the first quarter of 2025 and a 2.3% increase in gallons of fuel consumed due to increased capacity.

Salaries, wages and benefits increased $452 million, or 10.7%, in the first quarter of 2026 from the first quarter of 2025, primarily due to annual contractual wage rate increases and a 3.9% increase in mainline full-time equivalent employees subsequent to the first quarter of 2025.

Maintenance, materials and repairs increased $60 million, or 6.5%, in the first quarter of 2026 from the first quarter of 2025, primarily due to increased costs for airframe heavy checks, component part repairs and engine overhauls driven by higher volume and cost of materials.

Other rent and landing fees increased $64 million, or 7.7%, in the first quarter of 2026 from the first quarter of 2025, primarily due to rate increases at certain airports.

Selling expenses increased $57 million, or 12.8%, in the first quarter of 2026 from the first quarter of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses.

Other operating expenses increased $142 million, or 8.7%, in the first quarter of 2026 from the first quarter of 2025, primarily driven by increased costs for crew travel, onboard food and catering, ground and cargo handling, Wi-Fi, passenger accommodation and certain general and administrative expenses.

Operating Special Items, Net

	Three Months Ended March 31,
	2026		2025
	(In millions)
Litigation reserve adjustments	$	12	$	30
Labor contract expenses (1)	2		31
Other operating special items, net	—		9
Mainline operating special items, net	$	14	$	70

(1)Labor contract expenses for the three months ended March 31, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members.

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Nonoperating Results

	Three Months Ended March 31,				Increase (Decrease)		Percent Increase (Decrease)
	2026		2025
	(In millions, except percentage changes)
Interest income	$	192	$	236	$	(44)	(18.6)
Interest expense, net	(400)		(452)		52		(11.5)
Other expense, net	(94)		(44)		(50)		nm
Total nonoperating expense, net	$	(302)	$	(260)	$	(42)	16.0

Interest income decreased $44 million, or 18.6%, in the first quarter of 2026 from the first quarter of 2025, primarily due to a decrease in the average balance of American’s short-term investments and lower interest rates, resulting in reduced returns. Interest expense, net decreased $52 million, or 11.5%, in the first quarter of 2026 from the first quarter of 2025, primarily due to lower interest rates on its variable-rate debt instruments and lower outstanding debt subsequent to the first quarter of 2025, as American continues its efforts to strengthen the balance sheet.

In the first quarter of 2026, other nonoperating expense, net included $135 million of net special items primarily for mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $18 million of non-service-related pension and other postretirement benefit plan income.

In the first quarter of 2025, other nonoperating expense, net primarily included $48 million of net special charges for mark-to-market net unrealized losses associated with certain equity investments and debt refinancings and extinguishments, as well as $11 million of foreign currency losses, offset in part by $11 million of non-service-related pension and other postretirement benefit plan income.

Income Taxes

American is a member of AAG’s consolidated federal and certain state income tax returns.

In the first quarter of 2026, American recorded an income tax benefit of $64 million. Substantially all of American’s loss before income taxes is attributable to the United States.

See Note 5 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B for additional information on income taxes.

Liquidity and Capital Resources

Liquidity

At March 31, 2026, AAG had $10.8 billion in total available liquidity and $717 million in restricted cash and short-term investments. Additional detail regarding our available liquidity is provided in the table below (in millions): 

	AAG				American
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Cash	$	903	$	954	$	889	$	936
Short-term investments	6,391		4,882		6,388		4,880
Undrawn facilities	3,510		3,397		3,510		3,397
Total available liquidity	$	10,804	$	9,233	$	10,787	$	9,213

In the ordinary course of our business, we or our affiliates may, at any time and from time to time, seek to prepay, retire or repurchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, prepayments, retirements or exchanges, if any, will be conducted on such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, legal and contractual restrictions and other factors. The amounts involved may be material.

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Certain Covenants

Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, may restrict our ability and that of our subsidiaries to incur additional indebtedness, pay dividends or repurchase stock. Our debt agreements also contain customary change of control provisions, which may require us to repay or redeem such indebtedness upon certain events constituting a change of control under the relevant agreement, in certain cases at a premium. Additionally, certain of our debt financing agreements (including our secured notes, term loans, revolving credit facilities and spare engine EETCs) contain loan to value (LTV) or collateral coverage ratio covenants and certain agreements require us to appraise the related collateral annually or semiannually. Pursuant to such agreements, if the applicable LTV or collateral coverage ratio exceeds or falls below a specified threshold, as the case may be, we will be required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), withhold additional cash in certain accounts, or pay down such financing, in whole or in part, or the interest rate for the relevant financing will be increased. Additionally, a significant portion of our debt financing agreements contain covenants requiring us to maintain an aggregate of at least $2.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities. The AAdvantage Financing contains a peak debt service coverage ratio, pursuant to which failure to comply with a certain threshold may result in early repayment, in whole or in part, of the AAdvantage Financing. As of the most recent applicable measurement dates, we were in compliance with each of the foregoing covenants.

Sources and Uses of Cash

AAG

Operating Activities

Our net cash provided by operating activities was $4.2 billion and $2.5 billion for the first quarter of 2026 and 2025, respectively, a $1.8 billion period-over-period increase driven primarily by working capital increases principally in our air traffic liability and loyalty program deferred revenue.

Investing Activities

Our net cash used in investing activities was $2.3 billion and $1.2 billion for the first quarter of 2026 and 2025, respectively.

Our principal investing activities in the first quarter of 2026 included $1.5 billion in net purchases of short-term investments and $811 million of capital expenditures, which primarily related to the purchase of nine Boeing 737 MAX aircraft, two Embraer E175 aircraft, one Bombardier CRJ900 aircraft and six aircraft engines.

Our principal investing activities in the first quarter of 2025 included $824 million of capital expenditures, which primarily related to the purchase of seven Boeing 737 MAX aircraft, two Embraer E175 aircraft, two Bombardier CRJ900 aircraft, one Airbus A321neo aircraft and four aircraft engines. Additionally, we had $457 million in net purchases of short-term investments.

Financing Activities

Our net cash used in financing activities was $1.9 billion and $1.2 billion for the first quarter of 2026 and 2025, respectively.

Our principal financing activities in the first quarter of 2026 included $2.3 billion in long-term debt and finance lease repayments, consisting of the $1.0 billion early repayment on the outstanding principal amount of the 8.50% senior secured notes and $1.3 billion in scheduled repayments, including the outstanding principal amount of the senior short-term term loan facility. Additionally, we incurred $554 million in net payments on fuel financing transactions. These cash outflows were offset in part by $997 million of proceeds from the issuance of EETCs in connection with the financing of certain aircraft.

Our principal financing activities in the first quarter of 2025 primarily included $1.4 billion in long-term debt and finance lease repayments, consisting of $910 million in scheduled repayments, $308 million of early repayments toward portions of the outstanding principal amounts of the 10.75% senior secured IP notes and 10.75% senior secured LGA/DCA notes and $144 million of early repayments for the outstanding principal amount of equipment notes issued under an EETC. These cash outflows were offset in part by $325 million of proceeds from the issuance of long-term debt, primarily from the issuance of equipment loans and other notes payable in connection with the financing of certain aircraft.

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American

Operating Activities

American’s net cash provided by operating activities was $4.2 billion and $2.3 billion for the first quarter of 2026 and 2025, respectively, a $1.8 billion period-over-period increase driven primarily by working capital increases principally in American’s air traffic liability and loyalty program deferred revenue.

Investing Activities

American’s net cash used in investing activities was $2.3 billion and $1.2 billion for the first quarter of 2026 and 2025, respectively.

American’s principal investing activities in the first quarter of 2026 included $1.5 billion in net purchases of short-term investments and $788 million of capital expenditures, which primarily related to the purchase of nine Boeing 737 MAX aircraft, two Embraer E175 aircraft, one Bombardier CRJ900 aircraft and six aircraft engines.

American’s principal investing activities in the first quarter of 2025 included $805 million of capital expenditures, which primarily related to the purchase of seven Boeing 737 MAX aircraft, two Embraer E175 aircraft, two Bombardier CRJ900 aircraft, one Airbus A321neo aircraft and four aircraft engines. Additionally, American had $457 million in net purchases of short-term investments.

Financing Activities

American’s net cash used in financing activities was $1.9 billion and $1.1 billion for the first quarter of 2026 and 2025, respectively.

American’s principal financing activities in the first quarter of 2026 included $2.3 billion in long-term debt and finance lease repayments, consisting of the $1.0 billion early repayment on the outstanding principal amount of the 8.50% senior secured notes and $1.3 billion in scheduled repayments, including the outstanding principal amount of the senior short-term term loan facility. Additionally, American incurred $554 million in net payments on fuel financing transactions. These cash outflows were offset in part by $997 million of proceeds from the issuance of EETCs in connection with the financing of certain aircraft.

American’s principal financing activities in the first quarter of 2025 primarily included $1.4 billion in long-term debt and finance lease repayments, consisting of $909 million in scheduled repayments, $308 million of early repayments toward portions of the outstanding principal amounts of the 10.75% senior secured IP notes and 10.75% senior secured LGA/DCA notes and $144 million of early repayments for the outstanding principal amount of equipment notes issued under an EETC. These cash outflows were offset in part by $325 million of proceeds from the issuance of long-term debt, primarily from the issuance of equipment loans and other notes payable in connection with the financing of certain aircraft.

Commitments

Significant Indebtedness

As of March 31, 2026, AAG had $27.3 billion in long-term debt, including current maturities of $4.1 billion. As of March 31, 2026, American had $23.6 billion in long-term debt, including current maturities of $4.1 billion. All material changes in our significant indebtedness since our 2025 Form 10-K are discussed in Note 5 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A and Note 4 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B.

48

Aircraft and Engine Purchase Commitments

As of March 31, 2026, we had definitive purchase agreements for the acquisition of the following new aircraft (1): 

	Remainder of 2026	2027	2028	2029 and Thereafter	Total
Airbus
A320 Family(2)	15	23	48	75	161
Boeing
737 Family	5	—	—	115	120
787 Family	1	3	5	10	19
Embraer
E175	17	14	17	30	78
Total	38	40	70	230	378

(1)Delivery schedule represents our best estimate as of the date of this report as described in footnote (d) to the “Contractual Obligations” table below. Actual delivery dates are subject to change, which could be material, based on various potential factors including production delays by the manufacturer and regulatory concerns. See Part I, Item 1A. Risk Factors – “We depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition” in our 2025 Form 10-K.

(2)The table above and the “Contractual Obligations” table below reflect our exercise of purchase options for six Airbus A320 Family aircraft in April 2026.

In addition, we have committed to purchase three used Bombardier CRJ900 aircraft which are scheduled to be delivered in 2026. We also have agreements for 42 spare engines to be delivered in the second quarter of 2026 and beyond. The “Contractual Obligations” table below reflects these commitments.

We intend to finance future aircraft deliveries and option exercises using long-term debt.

Off-Balance Sheet Arrangements

An off-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or that engages in leasing, hedging or research and development arrangements with us.

There have been no material changes in our off-balance sheet arrangements as discussed in our 2025 Form 10-K.

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Contractual Obligations

The following table provides details of our estimated material cash requirements from contractual obligations as of March 31, 2026 (in millions). The table does not include commitments that are contingent on events or other factors that are uncertain or unknown at this time and is subject to other conventions as set forth in the applicable accompanying footnotes.

	Payments Due by Period
	Remainder of 2026		2027		2028		2029		2030		2031 and Thereafter		Total
American
Long-term debt:
Principal amount (a), (c)	$	2,360	$	4,463	$	7,611	$	3,644	$	737	$	4,744	$	23,559
Interest obligations (b), (c)	893		1,042		715		415		299		785		4,149
Finance lease obligations	107		147		112		104		102		319		891
Aircraft and engine purchase commitments (d)	1,978		2,672		4,585		4,640		3,436		6,744		24,055
Operating lease commitments	1,114		1,373		1,257		1,148		965		3,078		8,935
Regional capacity purchase agreements (e)	869		1,153		1,080		898		457		398		4,855
Minimum pension obligations (f)	—		89		21		—		—		—		110
Retiree medical and other postretirement benefits (f)	83		113		116		115		112		588		1,127
Other purchase obligations (g)	6,346		2,992		2,593		999		625		3,772		17,327
Total American Contractual Obligations	13,750		14,044		18,090		11,963		6,733		20,428		85,008
AAG Parent and Other AAG Subsidiaries
Long-term debt:
Principal amount (a)	—		—		—		—		1,757		1,989		3,746
Interest obligations (b)	104		213		208		208		170		49		952
Finance lease obligations	4		5		5		5		2		—		21
Operating lease commitments	11		9		8		7		6		35		76
Minimum pension obligations (f)	1		1		1		1		1		1		6
Other purchase obligations	11		13		5		2		—		—		31
Total AAG Contractual Obligations	$	13,881	$	14,285	$	18,317	$	12,186	$	8,669	$	22,502	$	89,840

(a)Amounts represent contractual amounts due. Excludes $286 million and $2 million of unamortized debt discount, premium and issuance costs as of March 31, 2026 for American and AAG Parent, respectively. For additional information, see Note 5 and Note 4 to AAG’s and American’s Condensed Consolidated Financial Statements in Part I, Items 1A and 1B, respectively.

(b)For variable-rate debt, future interest obligations are estimated using the current forward rates at March 31, 2026.

(c)Includes $7.8 billion of future principal payments and $1.1 billion of future interest payments as of March 31, 2026, related to EETCs associated with mortgage financings of certain aircraft and spare engines.

(d)See “Aircraft and Engine Purchase Commitments” above for additional information about the firm commitments for the acquisition of aircraft and engines, including the anticipated aircraft delivery schedule. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer and certain management assumptions. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the equipment manufacturers and regulatory concerns.

(e)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American’s actual payments could differ materially.

50

(f)Represents minimum pension contributions and expected contributions to our retiree medical and other postretirement plans based on actuarially determined estimates as of December 31, 2025 and is based on estimated payments through 2035. During the first three months of 2026, we made required contributions of $236 million and supplemental contributions of $50 million to our defined benefit pension plans.

(g)Includes purchase commitments for aircraft fuel, flight equipment maintenance and information technology support and excludes obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

Capital Raising Activity and Other Possible Actions

In light of our significant financial commitments related to, among other things, the servicing and amortization of existing debt and equipment leasing arrangements and new flight equipment, we and our subsidiaries will regularly consider, and enter into negotiations related to, capital raising and liability management activity, which may include the entry into leasing transactions and future issuances of, and transactions designed to manage the timing and amount of, secured or unsecured debt obligations or additional equity or equity-linked securities in public or private offerings or otherwise. The cash available from operations (if any) and these sources, however, may not be sufficient to cover our cash obligations because economic factors may reduce the amount of cash generated by operations or increase costs. For instance, an economic downturn or general global instability caused by governmental actions, military actions, terrorism, disease outbreaks, natural disasters or other causes could reduce the demand for air travel, which would reduce the amount of cash generated by operations. See Part I, Item 1A. Risk Factors – “Downturns in economic conditions could adversely affect our business” in our 2025 Form 10-K for additional discussion. An increase in costs, either due to an increase in borrowing costs caused by a reduction in credit ratings or a general increase in interest rates, due to an increase in the cost of fuel, maintenance, aircraft, aircraft engines or parts, or due to an increase in tariffs, could decrease the amount of cash available to cover cash contractual obligations. Moreover, certain of our financing arrangements contain significant minimum cash balance or similar liquidity requirements. As a result, we cannot use all of our available cash to fund operations, capital expenditures and cash obligations without violating these requirements.

In the past, we have from time to time refinanced, redeemed or repurchased our debt and taken other steps to reduce or otherwise manage the aggregate amount and cost of our debt, lease and other obligations or otherwise improve our balance sheet. Going forward, depending on market conditions, our cash position and other considerations, we may continue to take such actions, and the amounts involved may be material.

Critical Accounting Policies and Estimates

For information regarding our critical accounting policies and estimates, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – “Critical Accounting Policies and Estimates” in our 2025 Form 10-K.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

AAG’s and American’s Market Risk Sensitive Instruments and Positions

Our primary market risk exposures include the price of aircraft fuel, foreign currency exchange rates and interest rate risk. Our exposure to these market risks has not changed materially from our exposure discussed in our 2025 Form 10-K except as updated below.

Aircraft Fuel

As of March 31, 2026, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. Based on our 2026 forecasted fuel consumption, we estimate that a one cent per gallon increase in the price of aircraft fuel would increase our 2026 annual fuel expense by approximately $45 million. See Part I, Item 1A. Risk Factors – “Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity” in our 2025 Form 10-K.

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Foreign Currency

We are exposed to the effect of foreign exchange rate fluctuations on the U.S. dollar value of foreign currency-denominated transactions. Our largest exposure comes from the Euro, Canadian dollar, British pound sterling and various Latin American currencies (primarily the Brazilian real). We do not currently have a foreign currency hedge program.

Generally, fluctuations in foreign currencies, including devaluations, cannot be predicted by us and can significantly affect the value of our assets located outside the United States. These conditions, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect our business, results of operations and financial condition. See Part I, Item 1A. Risk Factors – “We operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control” in our 2025 Form 10-K for additional discussion of this and other currency risks.

Interest

Our earnings and cash flow are affected by changes in interest rates due to the impact those changes have on our interest expense from variable-rate debt instruments and our interest income from short-term, interest-bearing investments. If annual interest rates increase 100 basis points, based on our March 31, 2026 variable-rate debt and short-term investments balances, annual interest expense on variable rate debt would increase by approximately $140 million and annual interest income on short-term investments would increase by approximately $70 million.

ITEM 4. CONTROLS AND PROCEDURES

Management’s Evaluation of Disclosure Controls and Procedures

The term “disclosure controls and procedures” is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act). This term refers to the controls and procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and is accumulated and communicated to the company’s management, including the principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation of the effectiveness of AAG’s and American’s disclosure controls and procedures as of March 31, 2026 was performed under the supervision and with the participation of AAG’s and American’s management, including AAG’s and American’s principal executive officer, the Chief Executive Officer (CEO), and principal financial officer, the Chief Financial Officer (CFO). Based on that evaluation, AAG’s and American’s management, including AAG’s and American’s CEO and CFO, concluded that AAG’s and American’s disclosure controls and procedures were effective as of March 31, 2026 at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

During the quarter ended March 31, 2026, there have been no changes in AAG’s or American’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, AAG’s and American’s internal control over financial reporting.

Limitation on the Effectiveness of Controls

We believe that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, and, as noted above, the CEO and CFO of AAG and American believe that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2026.

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PART II: OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 12 to each of AAG and American’s Condensed Consolidated Financial Statements in Part I, Item 1A and Part I, Item 1B, respectively, for information on legal proceedings.

ITEM 1A. RISK FACTORS

There have been no material changes in our risk factors as previously disclosed in Part I, Item 1A in our 2025 Form 10-K. The risks in our 2025 Form 10-K are not the only risks facing AAG and American. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, could also materially adversely affect our business, financial condition or future results.

ITEM 5. OTHER INFORMATION

Securities Trading Plans of Directors and Executive Officers

During the quarter ended March 31, 2026, none of our directors or “officers” (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of AAG securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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ITEM 6. EXHIBITS

Exhibits required to be filed by Item 601 of Regulation S-K: Where the amount of securities authorized to be issued under any of our long-term debt agreements does not exceed 10% of our assets, pursuant to paragraph (b)(4) of Item 601 of Regulation S-K, in lieu of filing such as an exhibit, we hereby agree to furnish to the Commission upon request a copy of any agreement with respect to such long-term debt.

Exhibit Number	Description
10.1	Severance Agreement and Restrictive Covenants Agreement, dated as of January 5, 2026, among American Airlines Group Inc., American Airlines, Inc. and Nathaniel Pieper (incorporated by reference to Exhibit 10.153 to American Airlines Group Inc.’s Annual Report on Form 10-K filed on February 18, 2026 (Commission File No. 1-8400)). †
10.2	Eleventh Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of March 5, 2026, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc., American Airlines Group Inc., the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10.1 to American Airlines Group Inc.’s Current Report on Form 8-K filed on March 9, 2026 (Commission File No. 1-8400)).*
10.3	Eleventh Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of March 5, 2026, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc., American Airlines Group Inc., the lenders from time to time party thereto and Barclays Bank PLC, as administrative agent (incorporated by reference to Exhibit 10.2 to American Airlines Group Inc.’s Current Report on Form 8-K filed on March 9, 2026 (Commission File No. 1-8400)).*
10.4	Fourth Amendment to Credit and Guaranty Agreement, dated as of March 5, 2026, amending the Credit and Guaranty Agreement, dated as of December 4, 2023, among American Airlines, Inc., as the borrower, American Airlines Group Inc., as parent and guarantor, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, and certain other parties from time to time party thereto (incorporated by reference to Exhibit 10.3 to American Airlines Group Inc.’s Current Report on Form 8-K filed on March 9, 2026 (Commission File No. 1-8400)).*
10.5	Supplemental Agreement No. 37, dated as of January 14, 2026, to Purchase Agreement No. 03735 dated as of February 1, 2013, by and between American Airlines, Inc. and The Boeing Company.*
31.1	Certification of AAG Chief Executive Officer pursuant to Rule 13a-14(a).
31.2	Certification of AAG Chief Financial Officer pursuant to Rule 13a-14(a).
31.3	Certification of American Chief Executive Officer pursuant to Rule 13a-14(a).
31.4	Certification of American Chief Financial Officer pursuant to Rule 13a-14(a).
32.1	AAG Certification pursuant to Rule 13a-14(b) and section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code).
32.2	American Certification pursuant to Rule 13a-14(b) and section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code).
101.1	Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language).
104.1	Cover page interactive data file (formatted in Inline XBRL and contained in Exhibit 101.1).

†	Management contract or compensatory plan or arrangement.
*	Portions of this exhibit have been omitted in accordance with Item 601(b)(10) of Regulation S-K.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		American Airlines Group Inc.
Date: April 23, 2026	By:	/s/ Devon E. May
		Devon E. May
		Executive Vice President and Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		American Airlines, Inc.
Date: April 23, 2026	By:	/s/ Devon E. May
		Devon E. May
		Executive Vice President and Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

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EX-10.5

    Exhibit 10.5

Certain information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

SUPPLEMENTAL AGREEMENT NO. 37

to

PURCHASE AGREEMENT NO. 03735

between

THE BOEING COMPANY

and

AMERICAN AIRLINES, INC.

Relating to Boeing Model 737 MAX Aircraft

This SUPPLEMENTAL AGREEMENT No. 37 (SA-37) To PURCHASE AGREEMENT NO. 03735, entered into as of January 14 , 2026 (Effective Date), by and between THE BOEING COMPANY, a Delaware corporation with offices in Seattle, Washington (Boeing) and AMERICAN AIRLINES, INC. a Delaware corporation with offices in Fort Worth, Texas, together with its successors and permitted assigns (Customer);

WHEREAS, Boeing and Customer entered into Purchase Agreement No. 03735 dated February 1, 2013 relating to Boeing Model 737 MAX Aircraft, as amended and supplemented (Purchase Agreement) and capitalized terms used herein without definitions shall have the meanings specified therefore in such Purchase Agreement;

    WHEREAS, Boeing provided to Customer notice No. AAL-NM-2506297, dated December 1, 2025, [****] to Customer for [****] Aircraft, each capitalized term as defined in Letter Agreement No. AAL-PA-3735-LA-2306984 entitled “[****]” (the [****]);

WHEREAS, Customer provided notice to Boeing, on December 16, 2025, [****] Aircraft and Boeing and Customer agree to [****] such [****] Aircraft (now a [****] Aircraft (as defined in the [****])) to the following [****] (as defined in the [****]) as shown below:

[****]	[****]	[****]
[****]	[****]	[****]

PA 03735    SA-37

    Page 1

BOEING AND AMERICAN PROPRIETARY

[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]

    WHEREAS, Customer and Boeing agree to [****], as defined in Letter Agreement No. AAL-PA-03735-LA-1106651R16 entitled “[****]” (the [****]), for [****] ([****]) [****] Aircraft, (as defined in the [****]) listed in Attachment B of the [****], to the [****] as shown below:

[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]

;and

    NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties agree that the Purchase Agreement is amended and supplemented as set forth below and otherwise agree as follows:

1.Table of Contents.

The “Table of Contents” to the Purchase Agreement referencing SA-36 in the footer is deleted in its entirety and is replaced with the new “Table of Contents” (attached hereto) referencing SA-37 in the footer to reflect changes made to the Purchase Agreement by this SA-37. Such new Table of Contents is hereby incorporated into the Purchase Agreement in replacement of its predecessor.

2.Tables.

Table 1-7.     Table 1-7 of the Purchase Agreement titled “[****] Aircraft Delivery Description, Price and Advance Payments,” is hereby deleted in its entirety and

PA 03735    SA-37

    Page 2

BOEING PROPRIETARY

replaced with a new Table 1-7 titled “[****] Aircraft Delivery Description, Price and Advance Payments,” attached hereto, referencing SA-37 in the footer.1

3.Letter Agreement.

3.1[****]. Letter Agreement No. AAL-PA-03735-LA-2306975R2 is hereby deleted in its entirety and replaced with Letter Agreement No. AAL-PA-03735-LA-2306975R3 (attached hereto) entitled “[****]”, (Revised [****] Letter Agreement), referencing SA-37 in the footer, to [****] (as defined in the [****]) for each of the [****] Aircraft listed in the table above and to memorialize the parties [****] in Section 2.2(iii) of the [****] related to the [****] for the [****] Aircraft. The Revised [****] Letter Agreement is hereby incorporated into the Purchase Agreement.

3.2[****]. Letter Agreement No. AAL-PA-03735-LA-110665R16 is hereby deleted in its entirety and replaced with Letter Agreement No. AAL-PA-03735-LA-1106651R17 (attached hereto) entitled “[****]”, (Revised [****]t Letter Agreement), referencing SA-37 in the footer, to reflect the [****] of [****] ([****]) [****] in Attachment B of the Revised [****] Letter Agreement. The Revised [****] Letter Agreement is hereby incorporated into the Purchase Agreement.

3.3[****]. Letter Agreement No. AAL-PA-03735-LA-2306974 is hereby deleted in its entirety and replaced with Letter Agreement No. AAL-PA-03735-LA-2306974R1 (attached hereto) entitled “[****]”, (Revised [****] Letter Agreement), referencing SA-37 in the footer, to reflect an administrative update. The Revised[****] Letter Agreement is hereby incorporated into the Purchase Agreement.

3.4[****]. Letter Agreement No. AAL-PA-03735-LA-1801206 is hereby deleted in its entirety and replaced with Letter Agreement No. AAL-PA-03735-LA-1801206R1 (attached hereto) entitled “[****]” (Revised [****] Letter Agreement), referencing SA-37 in the footer, to reflect an administrative update. The Revised [****] Agreement is hereby incorporated into the Purchase Agreement.

4.[****].

Upon execution of this SA-37, [****]. [****] for the [****] Aircraft, [****] in this SA-37, will be [****] with the [****].

5.Miscellaneous.

5.1    The Purchase Agreement is amended and supplemented as set forth above by the revised Table of Contents, Revised [****] Letter Agreement, Revised [****] Agreement, Revised [****], Revised [****] Letter Agreement and the new Table 1-7. All other terms and conditions of the Purchase Agreement remain unchanged and are in full force and effect.

5.2    References in the Purchase Agreement and any supplemental agreements and associated letter agreements to the letter agreement listed in the left column of the below table shall be deemed to refer to the corresponding revised

1 The parties note that the prior convention for updating tables has been for each new version to be labeled Table 1-XXRX; however, for ease of reference, the parties have decided to no longer add the RX to the end of the Table reference.

PA 03735    SA-37

    Page 3

BOEING PROPRIETARY

versions of the supplemental exhibits and letter agreement listed in the right column of the below table.

Reference	Replacement Reference
Letter Agreement No. AAL-PA-03735-LA- AAL-PA-03735-LA-2306975R2	Letter Agreement No. AAL-PA-03735-LA-2306975R3
Letter Agreement No. AAL-PA-03735-LA-1106651R16	Letter Agreement No. AAL-PA-03735-LA-1106651R17
Letter Agreement No. AAL-PA-03735-LA-2306974	Letter Agreement No. AAL-PA-03735-LA-2306974R1
Letter Agreement No. AAL-PA-03735-LA-1801206	Letter Agreement No. AAL-PA-03735-LA-1801206R1

5.3    If Boeing or Customer determines that references described in Section 5.2 of this SA-37 should be further amended or other references in the Purchase Agreement and any supplemental agreements and associated letter agreements need to be amended as a result of this SA-37, then Boeing and Customer will work together for a mutually agreeable solution.

PA 03735    SA-37

    Page 4

BOEING PROPRIETARY

AGREED AND ACCEPTED this
14 January 2026
Date
THE BOEING COMPANY	AMERICAN AIRLINES, INC.
/s/ The Boeing Company	/s/ American Airlines, Inc.
Signature	Signature
The Boeing Company	American Airlines, Inc.
Printed name	Printed name
Attorney-in-Fact	VP, Financial Planning & Analysis
Title	Title

PA 03735    SA-37

    Page 5

BOEING PROPRIETARY

Table 1-7 To

Purchase Agreement No. PA-03735

[****] Aircraft Delivery, Description, Price and Advance Payments

TABLE OF CONTENTS

ARTICLES		SA NUMBER
Article 1.	Quantity, Model and Description
Article 2.	Delivery Schedule
Article 3.	Price
Article 4.	Payment
Article 5.	Additional Terms
Article 6.	Confidentiality
TABLE
1R12 1-2R1 1-3R6 1-4R7 1-5R3 1-6 1-7	Aircraft Information Table [****] Aircraft Information Table [****] Aircraft Delivery, Description, Price, and Advance Payments 737-8 [****] Aircraft Delivery, Description, Price, and Advance Payments [****] 737-8 [****] Aircraft Delivery, Description, Price, and Advance Payments [****] Aircraft Delivery, Description, Price, and Advance Payments [****] Aircraft Delivery, Description, Price, and Advance Payments	19 32 19 29 32 32 37
EXHIBITS
AR1 A2 A3 A4	Aircraft Configuration [****] Delivery Aircraft Configuration [****] Delivery Aircraft Configuration [****] Aircraft Configuration	6 9 29 32
B.	Aircraft Delivery Requirements and Responsibilities
C.	Definitions
SUPPLEMENTAL EXHIBITS
AE1.	[****]
BFE1. BFE2.	BFE Variables – [****] BFE Variables – [****]	32
CS1R1. CS1-2.	Customer Support Variables Customer Support Variables [****]	4 33
EE1. EE1-2.	[****] [****]	33
SLP1.	[****]

PA-03735        Page 1 of 3

SA-37

BOEING AND AMERICAN PROPRIETARY

LETTER AGREEMENTS		SA NUMBER
LA-1106648R1	Special Matters	6
LA-1106649	[****]
LA-1106650R8	[****]	32
LA-1106651R17	[****]	37
LA-1106652R3	[****]	32
LA-1106654R2	[****]	36
LA-1106655	Open Matters – 737 MAX Withdrawn	6
LA-1106656R1	[****]	1
LA-1106657R1	[****]	2
LA-1106663 R1	[****]	2
LA-1106664 R1	[****]	2
LA-1106658	[****]
LA-1106659R4	[****]	32
LA-1106660R1	Spare Parts Initial Provisioning	33
LA-1106661R2	[****]	2
LA-1106667	[****]
LA-1106668R1	[****]	8
LA-1106669	[****]
LA-1106670R1	Confidentiality	32
LA-1106671R2	Miscellaneous Commitments	32
LA-1106672	Extended Warranty Option
LA-1106673R1*	[****]	4
LA-1106677	[****]
LA-1600073	[****]	4
LA-1600852	[****]
LA-1603773	[****]	5
LA-1605402R1	[****]	23
LA-1700919	[****]	7
LA-1801206R1	[****]	37
LA-2002704	[****]	11
LA-2002743	[****]	11
LA-2003342	[****]	11
LA-2003486	[****]	14
LA-2204032R1	[****]	32
LA-2306974R1	[****]	37
LA-2306975R3	[****]	37
LA-2306976	[****]	32
LA-2306977	[****]	32

PA-03735        Page 2 of 3

SA-37

BOEING AND AMERICAN PROPRIETARY

LETTER AGREEMENTS, continued		SA NUMBER
LA-2306978	[****]	32
LA-2306979	[****]	32
LA-2306980	[****]	32
LA-2306981	[****]	32
LA-2306982	[****]	32
LA-2306983R1	[****]	34
LA-2306984	[****]	32
LA-2306985	[****]	32
LA-2306986	[****]	32
LA-2402910	[****]	33

* - This is an intended gap as there are no Letter Agreements LA-1106674 through LA-1106676 incorporated by the Purchase Agreement.

PA-03735        Page 3 of 3

SA-37

BOEING AND AMERICAN PROPRIETARY

Airframe Model/MTOW:		737-10	[****] pounds	Detail Specification:	[****]
Engine Model/Thrust:	CFMLEAP-1B27		[****]pounds	Airframe Price Base Year/Escalation Formula:			[****]	[****]
Airframe Price:			$[****]	Engine Price Base Year/Escalation Formula:
Optional Features:			$[****]
Sub-Total of Airframe and Features:			$[****]	Airframe Escalation Data:
Engine Price (Per Aircraft):			$[****]			[****]
Aircraft Basic Price (Excluding BFE/SPE):			$[****]	Base Year Index (ECI):
Buyer Furnished Equipment (BFE) Estimate:			$[****]	Base Year Index (ECI):			[****]
In-Flight Entertainment (IFE) Estimate:			$[****]
LIFT Seats Provided by Boeing (Estimate):			$[****]
Deposit per Aircraft:			$[****]

	[****] (if Applicable)^	Number	Escalation		Nominal	Escalation Estimate	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery)*:
Delivery		of	Factor	Notes	Delivery	Adv Payment Base	At Signing	[****]	[****]	Total
Date		Aircraft	(Airframe)		Month	Price Per A/P	[****]	[****]	[****]	[****]
[****]-2028		1	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028		2	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028		3	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028		3	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]

	[****] (if Applicable)^	Number	Escalation		Nominal	Escalation Estimate	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery)*:
Delivery		of	Factor	Notes	Delivery	Adv Payment Base	At Signing	[****]	[****]	Total
Date		Aircraft	(Airframe)		Month	Price Per A/P	[****]	[****]	[****]	[****]
[****]-2028		2	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028		3	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028		3	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028		3	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2028		2	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]	1	[****]	1	No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029		1	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]

	[****] (if Applicable)^	Number	Escalation		Nominal	Escalation Estimate	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery)*:
Delivery		of	Factor	Notes	Delivery	Adv Payment Base	At Signing	[****]	[****]	Total
Date		Aircraft	(Airframe)		Month	Price Per A/P	[****]	[****]	[****]	[****]
[****]-2029	[****]-[****]	2	[****]	1	No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029		2	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029		1	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]	3	[****]	1	No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029		2	[****]	2	No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]	3	[****]	1, 2	No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029		1	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]

	[****] (if Applicable)^	Number	Escalation		Nominal	Escalation Estimate	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery)*:
Delivery		of	Factor	Notes	Delivery	Adv Payment Base	At Signing	[****]	[****]	Total
Date		Aircraft	(Airframe)		Month	Price Per A/P	[****]	[****]	[****]	[****]
[****]-2029	[****]-[****]	2	[****]	1	No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029		1	[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029			[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]	3	[****]	1	No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]	3	[****]	1	No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]	3	[****]	1	No	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		Yes	$[****]	$[****]	$[****]	$[****]	$[****]
[****]-2029	[****]-[****]		[****]		No	$[****]	$[****]	$[****]	$[****]	$[****]
Total:		30
*[****]
^[****]
Notes:
1 - [****]
2 – [****]

The Boeing Company
P.O. Box 3707
Seattle, WA 98124-2207

AAL-PA-03735-LA-1106651R17    

American Airlines, Inc.

P.O. Box 619616

Dallas-Fort Worth Airport, Texas 75261-9616    

Subject:    [****]

Reference:    Purchase Agreement No. 03735 (Purchase Agreement) between The Boeing Company (Boeing) and American Airlines, Inc. (Customer) relating to Model 737 MAX aircraft (Aircraft)

This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

1.Right to Purchase [****].

Subject to the terms and conditions contained in this Letter Agreement, in addition to the Aircraft described in [****] to the Purchase Agreement as of the date of execution of this Letter Agreement, [****] ([****]) and [****] ([****]). As of the Effective Date (as defined in Supplemental Agreement No. 34 to the Purchase Agreement (SA-34)) of SA-34 to the Purchase Agreement, there are [****].

2.[****].

2.1Intentionally Omitted.

2.2Intentionally Omitted.

2.3[****]. The [****] with [****] ([****]) in [****] ([****]) [****] for each [****] are listed in Attachment B to this Letter Agreement. No later than [****] to the [****] in each calendar [****] for years [****], Boeing will provide written notice setting forth [****] with a [****] in such calendar [****] ([****]). However, [****], the [****] for such [****] will be [****]. Such notice will constitute an amendment to Attachment B to this Letter Agreement.

3.[****].

3.1Subject to the provisions of Section 3.2 below, the [****] the Detail Specification for the Aircraft [****] at the time of [****] (as defined in Section 8 below). Such Detail Specification will be revised to include:

3.1.1.1.1[****],

3.1.1.1.2[****], and

3.1.1 (iii)     [****].

AAL-PA-03735-LA-1106651R17    SA-37

[****]    Page 1 of 3

BOEING AND AMERICAN PROPRIETARY

3.2[****] the right to [****] the [****] starting from a [****]; [****] which would result pursuant to the provisions of Section 3.1 above.

4.[****].

4.1The [****] for each of the [****] to this Letter Agreement.

4.2The [****] for each of the [****] shall be [****] ([****]) [****].

4.3The [****] shall be developed in accordance with the terms of the Purchase Agreement and determined at the time of [****].

5.[****].

5.1[****].

5.2[****].

5.3[****].

6.Reserved.

7.[****].

7.1Customer may [****] to Boeing [****] ([****]):

7.1.1Intentionally Omitted.

7.1.2[****].

7.2Reserved.

8.[****].

8.1[****]t.

8.2Reserved.

8.2.1Reserved.

8.2.2    Reserved.

8.3     Reserved.

    8.3.1    Reserved.

9.Assignment.

Notwithstanding any other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or, in part, without the prior written consent of Boeing.

AAL-PA-03735-LA-1106651R17    SA-37

[****]    Page 2 of 3

BOEING AND AMERICAN PROPRIETARY

10.Confidential Treatment.

The information contained herein represents confidential business information and has value precisely because it is not available generally or to other parties. This Letter Agreement shall be subject to the terms and conditions of Letter Agreement No. AAL-PA-03735-LA-1106670R1 entitled “Confidentiality”.

Very truly yours,

THE BOEING COMPANY
By:	/s/ The Boeing Company
Its:	Attorney-In-Fact
ACCEPTED AND AGREED TO this
Date:		14 January 2026
AMERICAN AIRLINES, INC.
By:	/s/ American Airlines, Inc.
Its:	VP, Financial Planning & Analysis

Attachments:

Attachment A – Intentionally Omitted.

Attachment B – 737-10 [****] Aircraft

AAL-PA-03735-LA-1106651R17    SA-37

[****]    Page 3 of 3

BOEING AND AMERICAN PROPRIETARY

Attachment B To

Letter Agreement No. AAL-PA-03735-LA-1106651R15

737-10 [****] Aircraft Delivery, Description, Price and Advance Payments

Airframe Model/MTOW:	737-10	[****]	Configuration Specification:	[****]
Engine Model/Thrust:	CFMLEAP-1B27	[****]	Airframe Price Base Year/Escalation Formula:	[****]	[****]
Airframe Price:		$[****]	Engine Price Base Year/Escalation Formula:
Optional Features Estimate:		$[****]
Sub-Total of Airframe and Features:		$[****]	Airframe Escalation Data:
Engine Price (Per Aircraft):		$[****]	Base Year Index (ECI):		[****]
Aircraft Basic Price (Excluding BFE/SPE):		$[****]	Base Year Index (CPI):		[****]
Buyer Furnished Equipment (BFE) Estimate:		$[****]
Seller Purchased Equipment (SPE)/In-Flight Entert		$[****]
Non-Refundable Deposit/Aircraft:		$[****]

Delivery	Number of	Nominal Delivery
Date	Aircraft	Month
[****]-2029	2	No
[****]-2029		Yes
[****]-2029		No
[****]-2029	1	No
[****]-2029		Yes
[****]-2029		No
[****]-2030	2	No
[****]-2030		Yes
[****]-2030		No
[****]-2030	1	No
[****]-2030		Yes
[****]-2030		No
[****]-2030	2	No
[****]-2030		Yes
[****]-2030		No
[****]-2030	1	No
[****]-2030		Yes
[****]-2030		No
[****]-2030	1	No
[****]-2030		Yes
[****]-2030		No
[****]-2030	1	No
[****]-2030		Yes
[****]-2030		No

AAL-PA-03735-LA-1106651R17 122666-1O.txt

Attachment B - [****] Aircraft

SA-37

Page 1

Boeing and American Proprietary

Attachment B To

Letter Agreement No. AAL-PA-03735-LA-1106651R15

737-10 [****] Aircraft Delivery, Description, Price and Advance Payments

Delivery	Number of	Nominal Delivery
Date	Aircraft	Month
[****]-2030	1	No
[****]-2030		Yes
[****]-2030		No
[****]-2030	2	No
[****]-2030		Yes
[****]-2030		No
[****]-2030	1	No
[****]-2030		Yes
[****]-2030		No
[****]-2031	3	No
[****]-2031		Yes
[****]-2031		No
[****]-2031	1	No
[****]-2031		Yes
[****]-2031		No
[****]-2031	3	No
[****]-2031		Yes
[****]-2031		No
[****]-2031	1	No
[****]-2031		Yes
[****]-2031		No
[****]-2031	2	No
[****]-2031		Yes
[****]-2031		No
[****]-2031	1	No
[****]-2031		Yes
[****]-2031		No
[****]-2031	1	No
[****]-2031		Yes
[****]-2031		No
[****]-2031	2	No
[****]-2031		Yes
[****]-2031		No
[****]-2031	1	No
[****]-2031		Yes
[****]-2031		No

AAL-PA-03735-LA-1106651R17 122666-1O.txt

Attachment B - [****] Aircraft

SA-37

Page 2

Boeing and American Proprietary

Attachment B To

Letter Agreement No. AAL-PA-03735-LA-1106651R15

737-10 [****] Aircraft Delivery, Description, Price and Advance Payments

Delivery	Number of	Nominal Delivery
Date	Aircraft	Month
[****]-2032	2	No
[****]-2032		Yes
[****]-2032		No
[****]-2032	2	No
[****]-2032		Yes
[****]-2032		No
[****]-2032	4	No
[****]-2032		Yes
[****]-2032		No
[****]-2032	3	No
[****]-2032		Yes
[****]-2032		No
[****]-2032	2	No
[****]-2032		Yes
[****]-2032		No
[****]-2032	2	No
[****]-2032		Yes
[****]-2032		No
[****]-2032	1	No
[****]-2032		Yes
[****]-2032		No
[****]-2032	1	No
[****]-2032		Yes
[****]-2032		No
[****]-2032	1	No
[****]-2032		Yes
[****]-2032		No
[****]-2032	1	No
[****]-2032		Yes
[****]-2033		No
[****]-2033	1	No
[****]-2033		Yes
[****]-2033		No
[****]-2033	1	No
[****]-2033		Yes
[****]-2033		No

AAL-PA-03735-LA-1106651R17 122666-1O.txt

Attachment B - [****] Aircraft

SA-37

Page 3

Boeing and American Proprietary

Attachment B To

Letter Agreement No. AAL-PA-03735-LA-1106651R15

737-10 [****] Aircraft Delivery, Description, Price and Advance Payments

Delivery	Number of	Nominal Delivery
Date	Aircraft	Month
[****]-2033	1	No
[****]-2033		Yes
[****]-2033		No
[****]-2033	1	No
[****]-2033		Yes
[****]-2033		No
[****]-2033	2	No
[****]-2033		Yes
[****]-2033		No
[****]-2033	1	No
[****]-2033		Yes
[****]-2033		No
[****]-2033	2	No
[****]-2033		Yes
[****]-2033		No
[****]-2033	1	No
[****]-2033		Yes
[****]-2033		No
[****]-2033	2	No
[****]-2033		Yes
[****]-2033		No
[****]-2033	1	No
[****]-2033		Yes
[****]-2034		No
[****]-2034	2	No
[****]-2034		Yes
[****]-2034		No
[****]-2034	1	No
[****]-2034		Yes
[****]-2034		No
[****]-2034	1	No
[****]-2034		Yes
[****]-2034		No
[****]-2034	1	No
[****]-2034		Yes
[****]-2034		No

AAL-PA-03735-LA-1106651R17 122666-1O.txt

Attachment B - [****] Aircraft

SA-37

Page 4

Boeing and American Proprietary

Attachment B To

Letter Agreement No. AAL-PA-03735-LA-1106651R15

737-10 [****] Aircraft Delivery, Description, Price and Advance Payments

Delivery	Number of	Nominal Delivery
Date	Aircraft	Month
[****]-2034	1	No
[****]-2034		Yes
[****]-2034		No
[****]-2034	2	No
[****]-2034		Yes
[****]-2034		No
[****]-2034	1	No
[****]-2034		Yes
[****]-2034		No
[****]-2034	1	No
[****]-2034		Yes
[****]-2034		No
[****]-2034	1	No
[****]-2035		Yes
[****]-2035		No
[****]-2035	1	No
[****]-2035		Yes
[****]-2035		No
[****]-2035	2	No
[****]-2035		Yes
[****]-2035		No
[****]-2035	1	No
[****]-2035		Yes
[****]-2035		No
[****]-2035	2	No
[****]-2035		Yes
[****]-2035		No
[****]-2035	1	No
[****]-2035		Yes
[****]-2035		No
[****]-2035	3	No
[****]-2035		Yes
[****]-2035		No
[****]-2035	2	No
[****]-2035		Yes
[****]-2035		No

AAL-PA-03735-LA-1106651R17 122666-1O.txt

Attachment B - [****] Aircraft

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Boeing and American Proprietary

Attachment B To

Letter Agreement No. AAL-PA-03735-LA-1106651R15

737-10 [****] Aircraft Delivery, Description, Price and Advance Payments

Delivery	Number of	Nominal Delivery
Date	Aircraft	Month
[****]-2035	2	No
[****]-2035		Yes
[****]-2035		No
Total:	87

Note: [****] to Letter Agreement No. AAL-PA-3735-11066508R8

AAL-PA-03735-LA-1106651R17 122666-1O.txt

Attachment B - [****] Aircraft

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Page 6

Boeing and American Proprietary

The Boeing Company

P.O. Box 3707

Seattle, WA 98124 22

AAL-PA-03735-LA-2306975R3

American Airlines, Inc.

P.O. Box 619616

Dallas-Fort Worth Airport, Texas 75261-9616

Subject:    [****]

Reference:    Purchase Agreement No. 03735 (PurchaseAgreement) between The Boeing Company (Boeing) and American Airlines, Inc. (Customer) relating to Model 737 MAX aircraft (Aircraft)

This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement will have the same meaning as in the Purchase Agreement.

1.Definitions.

[****] means [****] ([****]) and [****] pursuant to Letter Agreement No. AAL-PA-03735-LA-1106651R17 entitled “[****]”.

[****] means [****] pursuant to Letter Agreement No. AAL-PA-03735-LA-2306978 entitled “[****]”.

[****] means [****] to the Purchase Agreement as of the date of this Letter Agreement.

2.[****]. [****] Section 2.1 of the Purchase Agreement, Boeing will [****], [****], or [****]. However, if Boeing [****], or [****] as set forth in the proceeding sentence, the [****], [****], or [****].

3.[****].

3.1[****]. [****], Boeing will [****]:

3.1.1[****]. A [****] ([****]) in the [****] ([****]). The [****] ([****]) and will be [****].

3.1.2[****]. A [****] ([****]) in the [****] ([****]). Customer [****].

3.1.3[****]. A [****] ([****]) in the [****] ([****]), [****] (MTOW) of [****] [****]) of [****], and [****] ([****]) of [****], in [****]. The [****] ([****]) [****] to the Purchase Agreement in accordance with the terms and conditions of the Purchase Agreement. The [****] to the Purchase Agreement in accordance with the terms and conditions of the Purchase Agreement [****]. In the event Customer [****].

3.1.4[****]. An [****] ([****]) in the [****] ([****]). The [****].

3.1.5[****]. For [****] noted in [****] (as defined in the [****] LA, as defined below), Boeing will [****] in accordance with and as described in [****] of Letter

AAL-PA-03735-LA-2306975R3    SA-37

[****]    Page 1

BOEING AND AMERICAN PROPRIETARY

Agreement No. AAL-PA-3735-2306984, as amended, entitled “[****]” (the [****] LA) in the [****] ([****]) on [****] (as defined in the [****] LA) as shown below:

[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]
[****]	[****]

3.1.6[****]. The [****] for any and all [****] will be [****] in accordance with Article 2.2(iii) of the [****] LA.

4.[****] – [****]

4.1[****]. At the [****], Boeing will [****]:

4.1.1[****]. An [****] ([****]) in the [****] ([****]). The [****] ([****]) and will be [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.1.2[****]. An [****] ([****]) in the [****] ([****]), [****], [****], [****]. The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****]. The [****], [****], and [****] ([****]) [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****]. In the event [****], [****] and [****], the [****].

4.1.3[****]. A [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

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BOEING AND AMERICAN PROPRIETARY

4.1.4[****]. A [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.1.5[****]. In [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.1.6[****]. In [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.1.7[****]. A [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.2[****]. At the [****], Boeing [****]:

4.2.1[****]. [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.2.2[****]. [****] ([****]) in the [****] ([****]), [****], and [****], in [****]. The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****]. The [****], the [****], and the [****] ([****]) [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement. In the event [****], [****] and [****], the [****].

4.2.3[****]. A [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.2.4[****]. A [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the for the [****].

4.2.5[****]. In [****], a [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.2.6[****]. A [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.3[****]. At the [****], Boeing will [****]:

4.3.1[****]. A [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.3.2[****]. A [****] ([****]) in the [****] ([****]), [****], [****], and [****], in [****]. The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****]. In the event [****], [****] and [****], the [****]. The [****], the [****], and the [****] ([****]) [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

4.3.3[****]. A [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

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BOEING AND AMERICAN PROPRIETARY

4.3.4[****]. A [****] ([****]) in the [****] ([****]). The [****] set forth in the Purchase Agreement and in accordance with the terms and conditions of the Purchase Agreement for the [****].

5.[****].

5.1If [****] of the following [****] Aircraft that is to be delivered by Boeing to Customer, [****] Aircraft [****], Boeing [****] ([****]) in the [****] ([****]):

i)[****]; and

ii)[****]; and

iii)[****].

5.2The [****] [****]).

6.[****]. [****], [****] ([****]) in the [****] ([****]). Customer [****] for [****].

7.[****].

8.    Unless otherwise noted above, [****] pursuant to Article 3, Article 4, and Article 5 above may, [****], be [****] (i) [****], or (ii) [****] ([****]). For the avoidance of doubt and notwithstanding the foregoing, the [****] described in Article 3.1.5, above, [****]. Assignment.

The Credit Memoranda described in this Letter Agreement are provided as a financial accommodation to Customer and in consideration of Customer becoming the operator of the Aircraft. This Letter Agreement cannot be assigned, in whole or in part, without the prior written consent of Boeing.

9.Confidentiality.

The information contained herein represents confidential business information and has value precisely because it is not available generally or to other parties. This Letter Agreement shall be subject to the terms and conditions of Letter Agreement No. AAL-PA-03735-LA-1106670R1 entitled “Confidentiality”.

[Intentionally Left Blank]

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BOEING AND AMERICAN PROPRIETARY

ACCEPTED AND AGREED TO this
Date:	14 January 2026
AMERICAN AIRLINES, INC.		THE BOEING COMPANY
By:	/s/ American Airlines, Inc.	By:	/s/ The Boeing Company
Name:	American Airlines, Inc.	Name:	The Boeing Company
Title:	VP, Financial Planning & Analysis	Title:	Attorney-In-Fact

AAL-PA-03735-LA-2306975R3                                  SA-37

[****]    Page 5

BOEING AND AMERICAN PROPRIETARY

The Boeing Company P.O.

P.O. Box 3707

Seattle, WA 98124 2207

AAL-PA-03735-LA-2306974R1

American Airlines, Inc.

P.O. Box 619616

Dallas-Fort Worth Airport, Texas 75261-9616

Subject:    [****]

Reference:    Purchase Agreement No. 03735 (Purchase Agreement) between The Boeing Company (Boeing) and American Airlines, Inc. (Customer) relating to model 737-10 MAX aircraft (Aircraft)

This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement will have the same meaning as in the Purchase Agreement.

1.Definitions.

Airframe [****]means the airframe [****] to the Purchase Agreement and subject to the terms and conditions of the Purchase Agreement.

[****] means the [****] and [****].

[****]meansthe [****] in [****] and [****] that is [****] in accordance to the [****]set forth in [****] to the Purchase Agreement where the [****] such as, but not limited to [****].

[****] means the [****] from Boeing to Customer in accordance with Article 3 of this Letter Agreement.

[****] means the [****] for a [****] as [****] in accordance with the terms and conditions of the Purchase Agreement [****] are defined in [****] to the Purchase Agreement.

[****]will have the meaning specified in Letter Agreement Number AAL-PA-03735-LA-1106651R14 relating to [****].

[****] means each [****].

[****]means the [****].

[****] means [****] as defined in Letter Agreement No. AAL-PA-03735-LA-2306978 entitled “[****]”.

[****] means, for the [****] of a [****], the [****] listed under the [****] column as set forth in Attachment B to this Letter Agreement.

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BOEING AND AMERICAN PROPRIETARY

[****]means, for the [****] of a [****], the [****] listed under the [****] as set forth in Attachment B to this Letter Agreement.

2.Applicability.

Notwithstanding any other provision of the Purchase Agreement, the [****] for each [****] with a [****] during the [****] will be determined in accordance with this Letter Agreement.

3.[****].

3.1Boeing [****] and [****] to Customer the [****] for [****] as set forth in Attachment A to this Letter Agreement.

3.2If the [****] that the [****] will be [****] the [****] for the [****] of a [****]t (an “[****]”), then [****] will [****] Customer with an [****] in accordance with the "[****]" listed in Attachment A to this Letter Agreement. The [****] will, in [****], either:

3.2.1[****] that Boeing will [****] the [****] in the [****] of the [****] for such [****] in lieu of the [****]; or

3.2.2[****] Customer with the [****]:

(i)[****]; or

(ii)[****].

3.3If Boeing [****] Customer the [****] described in Article 3.2.2 above, then Customer [****] Boeing in [****] of its [****] ([****]) [****] ([****]).

3.3.1If Customer [****] described in Article 3.2.2(ii) above, then the [****] ([****]) [****] from the [****] ([****]). If the [****] to [****] to an [****], then [****] ([****]). If [****] to [****] in accordance with this Article 3.3.1 ([****]), then:

(i)[****].

3.3.2[****].

3.3.3[****] under Section 3.3.1 of this Letter Agreement, and [****] in accordance with Article 3.2.2(i) above [****].

3.4If the [****] that the [****] for the [****] of a [****], then an [****] at the [****] with Article 4 of this Letter Agreement.

4.[****].

If an [****] is [****] to Article 3.4 of this Letter Agreement, then the [****] as follows:

4.1[****]. If the [****] as follows:

4.1.1[****]. If the [****].

4.1.2[****]. If the [****].

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BOEING AND AMERICAN PROPRIETARY

4.2[****]. If the [****].

5.[****].

If any [****] terms and conditions set forth in the Purchase Agreement and [****] per the terms of the Purchase Agreement, then the [****].

6.[****].

The [****] in the Purchase Agreement as [****], will, subject to the terms and conditions of the Purchase Agreement, be [****].

7.Assignment.

Notwithstanding any other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer in consideration of Customer becoming the operator of the Aircraft and cannot be assigned, in whole or in part, without the prior written consent of Boeing.

8.Confidentiality.

The information contained herein represents confidential business information and has value precisely because it is not available generally or to other parties. This Letter Agreement shall be subject to the terms and conditions of Letter Agreement No. AAL-PA-03735-LA-1106670R1 entitled “Confidentiality”.

ACCEPTED AND AGREED TO this
Date:	14 January 2026
AMERICAN AIRLINES, INC.		THE BOEING COMPANY
By:	/s/ American Airlines, Inc.	By:	/s/ The Boeing Company
Name:	American Airlines, Inc.	Name:	The Boeing Company
Title:	VP, Financial Planning & Analysis	Title:	Attorney-In-Fact

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BOEING AND AMERICAN PROPRIETARY

ATTACHMENT A

[****]

[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]

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BOEING AND AMERICAN PROPRIETARY

ATTACHMENT B

[****]

[****]

[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]

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BOEING AND AMERICAN PROPRIETARY

[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]

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BOEING AND AMERICAN PROPRIETARY

[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]

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BOEING AND AMERICAN PROPRIETARY

[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]
[****]	[****]	[****]

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BOEING AND AMERICAN PROPRIETARY

The Boeing Company

P.O. Box 3707

Seattle, WA 98124 2207

AAL-PA-03735-LA-1801206R1

American Airlines, Inc.

P.O. Box 619616

Dallas-Fort Worth Airport, Texas 75261-9616

Subject:    [****]

Reference:    Purchase Agreement No. PA-3735 (Purchase Agreement) between The Boeing Company (Boeing) and American Airlines, Inc. (Customer) relating to Model 737-8 aircraft (Aircraft)

This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement will have the same meaning as in the Purchase Agreement.

    The terms and conditions described in this Letter Agreement are applicable only to the aircraft described in Section 1 below.

1.[****] Delivery Schedule.

This Letter Agreement [****] the Scheduled Delivery Month of [****] ([****])Aircraft currently scheduled to deliver in calendar years [****] ([****] Delivery Aircraft) and [****] the Scheduled Delivery Months to calendar years [****]. For avoidance of doubt, [****] Delivery Aircraftremain Aircraft under the Purchase Agreement. Attachment A of this Letter Agreement identifies the [****] Delivery Aircraft by the [****] delivery month ([****] Delivery Month) and sets forth the [****] delivery month ([****] Delivery Month) for the [****] Delivery Aircraft. Additionally, Table 1-2R1 of the Purchase Agreement includes the [****] Delivery Aircraft per the revisions of this Letter Agreement.

2.[****].

Boeing agrees that it is [****] the delivery schedule of the [****] Delivery Aircraft.

3.Delivery [****].

3.1    The Aircraft Basic Price for each of the [****] Delivery Aircraft [****]. For the avoidance of doubt, Boeing agrees to [****] the Aircraft Basic Price for [****].

3.2    If the delivery of the [****] Delivery Aircraft [****] in the [****] Delivery Month, then [****] in accordance with and subject to the terms and conditions of the Purchase Agreement (that is, if the Purchase Agreement [****]).

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[****]    Page 1 of 3

BOEING PROPRIETARY

3.3.    The delivery [****] for the [****] Delivery Aircraft will [****] the Aircraft Basic Price in accordance with Sections 3.1 and 3.2, above.

4.Advance Payments.

Advance Payments for the [****] Delivery Aircraft are [****] Letter Agreement AAL-PA-03735-LA-1106650R8 entitled “[****]”. The Advance Payments for the [****] Delivery Aircraft will be paid per the Advance Payment Base Price as found on Table 1-2R1 [****] as set forth in Section 3.1 of this Letter Agreement.

5.Confidentiality.

The information contained herein represents confidential business information and has value precisely because it is not available generally or to other parties. This Letter Agreement shall be subject to the terms and conditions of Letter Agreement No. AAL-PA-03735-LA-1106670R1, as may be amended from time to time, entitled “Confidentiality”.

6.Assignment.

Notwithstanding any other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned, in whole or in part, without the prior written consent of Boeing, except to the extent permissible under the terms of the AGTA.

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[****]    Page 2 of 3

BOEING PROPRIETARY

Very truly yours,

THE BOEING COMPANY
By	/s/ The Boeing Company
Its	Attorney-In-Fact
ACCEPTED AND AGREED TO this
Date:		14 January 2026
AMERICAN AIRLINES, INC.
By	/s/ American Airlines
Its	VP, Financial Planning & Analysis

AAL-PA-03735-LA-1801206R1    SA-37

[****]    Page 3 of 3

BOEING PROPRIETARY

Attachment A to AAL-PA-03735-LA-1801206R1
	[****] Delivery Month	[****] Delivery Month (Nominal Delivery Month)
1	[****]	[****]
2	[****]	[****]
3	[****]	[****]
4	[****]	[****]
5	[****]	[****]
6	[****]	[****]
7	[****]	[****]
8	[****]	[****]
9	[****]	[****]
10	[****]	[****]

PA No. 3219        SA-37

Attachment A to AAL-PA-03735-LA-1801206R1

BOEING PROPRIETARY

EX-31.1

Exhibit 31.1

CEO CERTIFICATION

I, Robert D. Isom, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of American Airlines Group Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 23, 2026

/s/ Robert D. Isom

Name: Robert D. Isom

Title:    Chief Executive Officer and President

EX-31.2

Exhibit 31.2

CFO CERTIFICATION

I, Devon E. May, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of American Airlines Group Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:April 23, 2026

/s/ Devon E. May
Name:	Devon E. May
Title:	Executive Vice President and Chief Financial Officer

EX-31.3

Exhibit 31.3

CEO CERTIFICATION

I, Robert D. Isom, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of American Airlines, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 23, 2026

/s/ Robert D. Isom

Name: Robert D. Isom

Title: Chief Executive Officer and President

EX-31.4

Exhibit 31.4

CFO CERTIFICATION

I, Devon E. May, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of American Airlines, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 23, 2026

/s/ Devon E. May
Name:	Devon E. May
Title:	Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of CEO and CFO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of American Airlines Group Inc. (the “Company”) for the quarterly period ended March 31, 2026 (the “Report”), Robert D. Isom, as Chief Executive Officer and President of the Company, and Devon E. May, as Executive Vice President and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Robert D. Isom

Name: Robert D. Isom

Title: Chief Executive Officer and President

Date: April 23, 2026

/s/ Devon E. May              

Name: Devon E. May

Title: Executive Vice President and
Chief Financial Officer

Date: April 23, 2026

This certification is being furnished to accompany the Report pursuant to 18 U.S.C. § 1350 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2

Exhibit 32.2

Certification of CEO and CFO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of American Airlines, Inc. (the “Company”) for the quarterly period ended March 31, 2026 (the “Report”), Robert D. Isom, as Chief Executive Officer and President of the Company, and Devon E. May, as Executive Vice President and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Robert D. Isom

Name: Robert D. Isom

Title: Chief Executive Officer and President

Date: April 23, 2026

/s/ Devon E. May

Name: Devon E. May

Title: Executive Vice President and
Chief Financial Officer

Date: April 23, 2026

This certification is being furnished to accompany the Report pursuant to 18 U.S.C. § 1350 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

XML

Cover - shares	3 Months Ended
	Mar. 31, 2026	Apr. 17, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-8400
Entity Registrant Name	American Airlines Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-1825172
Entity Address, Address Line One	1 Skyview Drive,
Entity Address, City or Town	Fort Worth,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76155
City Area Code	(682)
Local Phone Number	278-9000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		661,385,137
Entity Central Index Key	0000006201
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AAL
Security Exchange Name	NASDAQ
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
American Airlines, Inc.
Document Information [Line Items]
Entity File Number	1-2691
Entity Registrant Name	American Airlines, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-1502798
Entity Address, Address Line One	1 Skyview Drive,
Entity Address, City or Town	Fort Worth,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76155
City Area Code	(682)
Local Phone Number	278-9000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000
Entity Central Index Key	0000004515

XML

Condensed Consolidated Statements of Operations - American Airlines Group Inc. - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating revenues:
Total operating revenues	$ 13,912	$ 12,551
Operating expenses:
Aircraft fuel and related taxes	2,928	2,587
Salaries, wages and benefits	4,674	4,222
Regional expenses	1,404	1,351
Maintenance, materials and repairs	982	922
Other rent and landing fees	890	826
Aircraft rent	309	297
Selling expenses	507	450
Depreciation and amortization	475	468
Special items, net	14	70
Other	1,770	1,628
Total operating expenses	13,953	12,821
Operating loss	(41)	(270)
Nonoperating income (expense):
Interest income	55	94
Interest expense, net	(397)	(428)
Other expense, net	(93)	(44)
Total nonoperating expense, net	(435)	(378)
Loss before income taxes	(476)	(648)
Income tax benefit	(94)	(175)
Net loss	$ (382)	$ (473)
Loss per common share:
Basic (in dollars per share)	$ (0.58)	$ (0.72)
Diluted (in dollars per share)	$ (0.58)	$ (0.72)
Weighted average shares outstanding (in thousands):
Basic (in shares)	661,181	658,880
Diluted (in shares)	661,181	658,880
Passenger
Operating revenues:
Total operating revenues	$ 12,495	$ 11,391
Cargo
Operating revenues:
Total operating revenues	214	189
Other
Operating revenues:
Total operating revenues	$ 1,203	$ 971

XML

Condensed Consolidated Statements of Operations - American Airlines, Inc. - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating revenues:
Total operating revenues	$ 13,912	$ 12,551
Operating expenses:
Aircraft fuel and related taxes	2,928	2,587
Salaries, wages and benefits	4,674	4,222
Regional expenses	1,404	1,351
Maintenance, materials and repairs	982	922
Other rent and landing fees	890	826
Aircraft rent	309	297
Selling expenses	507	450
Depreciation and amortization	475	468
Special items, net	14	70
Other	1,770	1,628
Total operating expenses	13,953	12,821
Operating loss	(41)	(270)
Nonoperating income (expense):
Interest income	55	94
Interest expense, net	(397)	(428)
Other expense, net	(93)	(44)
Total nonoperating expense, net	(435)	(378)
Loss before income taxes	(476)	(648)
Income tax benefit	(94)	(175)
Net loss	(382)	(473)
Passenger
Operating revenues:
Total operating revenues	12,495	11,391
Cargo
Operating revenues:
Total operating revenues	214	189
Other
Operating revenues:
Total operating revenues	1,203	971
American Airlines, Inc.
Operating revenues:
Total operating revenues	13,911	12,549
Operating expenses:
Aircraft fuel and related taxes	2,928	2,587
Salaries, wages and benefits	4,672	4,220
Regional expenses	1,399	1,349
Maintenance, materials and repairs	982	922
Other rent and landing fees	890	826
Aircraft rent	309	297
Selling expenses	507	450
Depreciation and amortization	475	467
Special items, net	14	70
Other	1,771	1,629
Total operating expenses	13,947	12,817
Operating loss	(36)	(268)
Nonoperating income (expense):
Interest income	192	236
Interest expense, net	(400)	(452)
Other expense, net	(94)	(44)
Total nonoperating expense, net	(302)	(260)
Loss before income taxes	(338)	(528)
Income tax benefit	(64)	(144)
Net loss	(274)	(384)
American Airlines, Inc. | Passenger
Operating revenues:
Total operating revenues	12,495	11,391
American Airlines, Inc. | Cargo
Operating revenues:
Total operating revenues	214	189
American Airlines, Inc. | Other
Operating revenues:
Total operating revenues	$ 1,202	$ 969

XML

Condensed Consolidated Statements of Comprehensive Loss - American Airlines Group Inc. - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (382)	$ (473)
Other comprehensive income (loss), net of tax:
Pension, retiree medical and other postretirement benefits	19	18
Investments	(2)	0
Total other comprehensive income, net of tax	17	18
Total comprehensive loss	$ (365)	$ (455)

XML

Condensed Consolidated Statements of Comprehensive Loss - American Airlines, Inc. - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net loss	$ (382)	$ (473)
Other comprehensive income (loss), net of tax:
Pension, retiree medical and other postretirement benefits	19	18
Investments	(2)	0
Total other comprehensive income, net of tax	17	18
Total comprehensive loss	(365)	(455)
American Airlines, Inc.
Net loss	(274)	(384)
Other comprehensive income (loss), net of tax:
Pension, retiree medical and other postretirement benefits	19	18
Investments	(2)	0
Total other comprehensive income, net of tax	17	18
Total comprehensive loss	$ (257)	$ (366)

XML

Condensed Consolidated Balance Sheets - American Airlines Group Inc. - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash	$ 903	$ 954	$ 835
Short-term investments	6,391	4,882
Restricted cash and short-term investments	717	735
Accounts receivable, net	2,008	2,075
Aircraft fuel, spare parts and supplies, net	3,131	2,792
Prepaid expenses and other	834	767
Total current assets	13,984	12,205
Operating property and equipment
Flight equipment	47,303	46,597
Ground property and equipment	10,605	10,479
Equipment purchase deposits	592	656
Total property and equipment, at cost	58,500	57,732
Less accumulated depreciation and amortization	(25,675)	(25,192)
Total property and equipment, net	32,825	32,540
Operating lease right-of-use assets	6,943	7,091
Other assets
Goodwill	4,091	4,091
Intangibles, net of accumulated amortization of $850 and $848, respectively	2,064	2,066
Deferred tax asset	2,457	2,368
Other assets	1,374	1,413
Total other assets	9,986	9,938
Total assets	63,738	61,774
Current liabilities
Current maturities of long-term debt and finance leases	4,195	3,753
Accounts payable	3,610	2,840
Accrued salaries and wages	1,969	2,128
Operating lease liabilities	1,053	1,058
Fuel financing	360	914
Other accrued liabilities	2,978	2,916
Total current liabilities	28,406	24,492
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	23,522	25,254
Pension and postretirement benefits	1,219	1,568
Loyalty program liability	7,376	6,839
Operating lease liabilities	5,762	5,905
Other liabilities	1,530	1,443
Total noncurrent liabilities	39,409	41,009
Commitments and contingencies
Stockholder’s equity
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 661,385,137 shares issued and outstanding at March 31, 2026; 660,301,080 shares issued and outstanding at December 31, 2025	7	7
Additional paid-in capital	7,402	7,387
Accumulated other comprehensive loss	(4,372)	(4,389)
Retained deficit	(7,114)	(6,732)
Total stockholders' equity (deficit)	(4,077)	(3,727)	$ (4,508)	$ (3,977)
Total liabilities and stockholders’ equity (deficit)	63,738	61,774
Air traffic liability
Current liabilities
Deferred revenue, current	10,031	7,158
Loyalty program liability
Current liabilities
Deferred revenue, current	$ 4,210	$ 3,725

XML

Condensed Consolidated Balance Sheets - American Airlines Group Inc. (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Accumulated amortization of intangibles	$ 850	$ 848
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,750,000,000	1,750,000,000
Common stock, shares issued (in shares)	661,385,137	660,301,080
Common stock, shares outstanding (in shares)	661,385,137	660,301,080

XML

Condensed Consolidated Balance Sheets - American Airlines, Inc. - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash	$ 903	$ 954
Short-term investments	6,391	4,882
Restricted cash and short-term investments	717	735
Accounts receivable, net	2,008	2,075
Aircraft fuel, spare parts and supplies, net	3,131	2,792
Prepaid expenses and other	834	767
Total current assets	13,984	12,205
Operating property and equipment
Flight equipment	47,303	46,597
Ground property and equipment	10,605	10,479
Equipment purchase deposits	592	656
Total property and equipment, at cost	58,500	57,732
Less accumulated depreciation and amortization	(25,675)	(25,192)
Total property and equipment, net	32,825	32,540
Operating lease right-of-use assets	6,943	7,091
Other assets
Goodwill	4,091	4,091
Intangibles, net of accumulated amortization of $850 and $848, respectively	2,064	2,066
Deferred tax asset	2,457	2,368
Other assets	1,374	1,413
Total other assets	9,986	9,938
Total assets	63,738	61,774
Current liabilities
Current maturities of long-term debt and finance leases	4,195	3,753
Accounts payable	3,610	2,840
Accrued salaries and wages	1,969	2,128
Operating lease liabilities	1,053	1,058
Fuel financing	360	914
Other accrued liabilities	2,978	2,916
Total current liabilities	28,406	24,492
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	23,522	25,254
Pension and postretirement benefits	1,219	1,568
Loyalty program liability	7,376	6,839
Operating lease liabilities	5,762	5,905
Other liabilities	1,530	1,443
Total noncurrent liabilities	39,409	41,009
Commitments and contingencies
Stockholder’s equity
Common stock, $1.00 par value; 1,000 shares authorized, issued and outstanding	7	7
Additional paid-in capital	7,402	7,387
Accumulated other comprehensive loss	(4,372)	(4,389)
Retained deficit	(7,114)	(6,732)
Total stockholders' equity (deficit)	(4,077)	(3,727)
Total liabilities and stockholders’ equity (deficit)	63,738	61,774
Air traffic liability
Current liabilities
Deferred revenue, current	10,031	7,158
Loyalty program liability
Current liabilities
Deferred revenue, current	4,210	3,725
American Airlines, Inc.
Current assets
Cash	889	936
Short-term investments	6,388	4,880
Restricted cash and short-term investments	717	735
Accounts receivable, net	1,975	2,041
Receivables from related parties, net	10,067	9,896
Aircraft fuel, spare parts and supplies, net	2,923	2,596
Prepaid expenses and other	711	645
Total current assets	23,670	21,729
Operating property and equipment
Flight equipment	46,920	46,226
Ground property and equipment	10,058	9,954
Equipment purchase deposits	592	656
Total property and equipment, at cost	57,570	56,836
Less accumulated depreciation and amortization	(25,097)	(24,621)
Total property and equipment, net	32,473	32,215
Operating lease right-of-use assets	6,893	7,038
Other assets
Goodwill	4,091	4,091
Intangibles, net of accumulated amortization of $850 and $848, respectively	2,064	2,066
Deferred tax asset	1,891	1,832
Other assets	1,229	1,276
Total other assets	9,275	9,265
Total assets	72,311	70,247
Current liabilities
Current maturities of long-term debt and finance leases	4,189	3,750
Accounts payable	3,479	2,717
Accrued salaries and wages	1,781	1,957
Operating lease liabilities	1,044	1,048
Fuel financing	360	914
Other accrued liabilities	2,853	2,768
Total current liabilities	27,947	24,037
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	19,765	21,509
Pension and postretirement benefits	1,217	1,566
Loyalty program liability	7,376	6,839
Operating lease liabilities	5,719	5,860
Other liabilities	1,494	1,408
Total noncurrent liabilities	35,571	37,182
Commitments and contingencies
Stockholder’s equity
Common stock, $1.00 par value; 1,000 shares authorized, issued and outstanding	0	0
Additional paid-in capital	17,490	17,468
Accumulated other comprehensive loss	(4,490)	(4,507)
Retained deficit	(4,207)	(3,933)
Total stockholders' equity (deficit)	8,793	9,028
Total liabilities and stockholders’ equity (deficit)	72,311	70,247
American Airlines, Inc. | Air traffic liability
Current liabilities
Deferred revenue, current	10,031	7,158
American Airlines, Inc. | Loyalty program liability
Current liabilities
Deferred revenue, current	$ 4,210	$ 3,725

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Condensed Consolidated Balance Sheets - American Airlines, Inc. (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accumulated amortization of intangibles	$ 850	$ 848
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,750,000,000	1,750,000,000
Common stock, shares outstanding (in shares)	661,385,137	660,301,080
Common stock, shares issued (in shares)	661,385,137	660,301,080
American Airlines, Inc.
Accumulated amortization of intangibles	$ 850	$ 848
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000

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Condensed Consolidated Statements of Cash Flows - American Airlines Group Inc. - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Mar. 31, 2026		Mar. 31, 2025		Dec. 31, 2025
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 4,223		$ 2,456
Cash flows from investing activities:
Capital expenditures and aircraft purchase deposits	(811)		(824)
Purchases of short-term investments	(2,773)		(1,806)
Sales of short-term investments	1,263		1,349
Decrease in restricted short-term investments	15		85
Other investing activities	(22)		(8)
Net cash used in investing activities	(2,328)		(1,204)
Cash flows from financing activities:
Payments on long-term debt and finance leases	(2,324)		(1,362)
Proceeds from issuance of long-term debt	997		325
Net payments on fuel financing	(554)		(74)
Other financing activities	(68)		(112)
Net cash used in financing activities	(1,949)		(1,223)
Net increase (decrease) in cash and restricted cash	(54)		29
Cash and restricted cash at beginning of period	1,056		902		$ 902
Cash and restricted cash at end of period	1,002	[1]	931	[1]	$ 1,056
Non-cash transactions:
Right-of-use (ROU) assets acquired through operating leases	124		350
Property and equipment acquired through finance leases and other	154		73
Finance leases converted to operating leases	39		45
Supplemental information:
Interest paid, net	$ 454		$ 524

[1] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash$903 $835 Restricted cash included in restricted cash and short-term investments99 96 Total cash and restricted cash$1,002 $931 

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Condensed Consolidated Statements of Cash Flows - American Airlines Group Inc. (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026		Dec. 31, 2025	Mar. 31, 2025		Dec. 31, 2024
Statement of Cash Flows [Abstract]
Cash	$ 903		$ 954	$ 835
Restricted cash included in restricted cash and short-term investments	99			96
Total cash and restricted cash	$ 1,002	[1]	$ 1,056	$ 931	[1]	$ 902

[1] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash$903 $835 Restricted cash included in restricted cash and short-term investments99 96 Total cash and restricted cash$1,002 $931 

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Condensed Consolidated Statements of Cash Flows - American Airlines, Inc. - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2026	Mar. 31, 2025
Net cash provided by operating activities		$ 4,223	$ 2,456
Cash flows from investing activities:
Capital expenditures and aircraft purchase deposits		(811)	(824)
Purchases of short-term investments		(2,773)	(1,806)
Sales of short-term investments		1,263	1,349
Decrease in restricted short-term investments		15	85
Other investing activities		(22)	(8)
Net cash used in investing activities		(2,328)	(1,204)
Cash flows from financing activities:
Payments on long-term debt and finance leases		(2,324)	(1,362)
Proceeds from issuance of long-term debt		997	325
Net payments on fuel financing		(554)	(74)
Other financing activities		(68)	(112)
Net cash used in financing activities		(1,949)	(1,223)
Net increase (decrease) in cash and restricted cash		(54)	29
Cash and restricted cash at beginning of period		1,056	902
Cash and restricted cash at end of period	[1]	1,002	931
Non-cash transactions:
Right-of-use (ROU) assets acquired through operating leases		124	350
Property and equipment acquired through finance leases and other		154	73
Finance leases converted to operating leases		39	45
Supplemental information:
Interest paid, net		454	524
American Airlines, Inc.
Net cash provided by operating activities		4,196	2,348
Cash flows from investing activities:
Capital expenditures and aircraft purchase deposits		(788)	(805)
Purchases of short-term investments		(2,773)	(1,806)
Sales of short-term investments		1,263	1,349
Decrease in restricted short-term investments		15	85
Other investing activities		(22)	(8)
Net cash used in investing activities		(2,305)	(1,185)
Cash flows from financing activities:
Payments on long-term debt and finance leases		(2,324)	(1,362)
Proceeds from issuance of long-term debt		997	325
Other financing activities		(60)	(20)
Net cash used in financing activities		(1,941)	(1,131)
Net increase (decrease) in cash and restricted cash		(50)	32
Cash and restricted cash at beginning of period		1,038	893
Cash and restricted cash at end of period	[2]	988	925
Non-cash transactions:
Right-of-use (ROU) assets acquired through operating leases		124	349
Property and equipment acquired through finance leases and other		137	71
Finance leases converted to operating leases		39	45
Supplemental information:
Interest paid, net		$ 382	$ 473

[1] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash$903 $835 Restricted cash included in restricted cash and short-term investments99 96 Total cash and restricted cash$1,002 $931 

[2] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash$889 $829 Restricted cash included in restricted cash and short-term investments99 96 Total cash and restricted cash$988 $925 

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Condensed Consolidated Statements of Cash Flows - American Airlines, Inc. (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026		Dec. 31, 2025	Mar. 31, 2025		Dec. 31, 2024
Cash	$ 903		$ 954	$ 835
Restricted cash included in restricted cash and short-term investments	99			96
Total cash and restricted cash	1,002	[1]	1,056	931	[1]	$ 902
American Airlines, Inc.
Cash	889		936	829
Restricted cash included in restricted cash and short-term investments	99			96
Total cash and restricted cash	$ 988	[2]	$ 1,038	$ 925	[2]	$ 893

[1] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash$903 $835 Restricted cash included in restricted cash and short-term investments99 96 Total cash and restricted cash$1,002 $931 

[2] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash$889 $829 Restricted cash included in restricted cash and short-term investments99 96 Total cash and restricted cash$988 $925 

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Condensed Consolidated Statements of Stockholders' Deficit - American Airlines Group Inc. - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Deficit
Beginning balance at Dec. 31, 2024	$ (3,977)	$ 7	$ 7,424	$ (4,565)	$ (6,843)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(473)				(473)
Other comprehensive income (loss), net	18			18
Settlement of warrants	(79)		(79)
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	(13)		(13)
Share-based compensation expense	16		16
Ending balance at Mar. 31, 2025	(4,508)	7	7,348	(4,547)	(7,316)
Beginning balance at Dec. 31, 2025	(3,727)	7	7,387	(4,389)	(6,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(382)				(382)
Other comprehensive income (loss), net	17			17
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	(7)		(7)
Share-based compensation expense	22		22
Ending balance at Mar. 31, 2026	$ (4,077)	$ 7	$ 7,402	$ (4,372)	$ (7,114)

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Condensed Consolidated Statements of Stockholders' Deficit - American Airlines Group Inc. (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Issuance of shares of AAG common stock pursuant to employee stock plans (in shares)	1,084,057	1,914,837

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Condensed Consolidated Statements of Stockholder's Equity - American Airlines, Inc. - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Deficit	American Airlines, Inc.	American Airlines, Inc. Common Stock	American Airlines, Inc. Additional Paid-in Capital	American Airlines, Inc. Accumulated Other Comprehensive Loss	American Airlines, Inc. Retained Deficit
Beginning balance at Dec. 31, 2024	$ (3,977)	$ 7	$ 7,424	$ (4,565)	$ (6,843)	$ 8,234	$ 0	$ 17,408	$ (4,677)	$ (4,497)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(473)				(473)	(384)				(384)
Other comprehensive income, net	18			18		18			18
Share-based compensation expense	16		16			15		15
Intercompany equity transfer						1		1
Ending balance at Mar. 31, 2025	(4,508)	7	7,348	(4,547)	(7,316)	7,884	0	17,424	(4,659)	(4,881)
Beginning balance at Dec. 31, 2025	(3,727)	7	7,387	(4,389)	(6,732)	9,028	0	17,468	(4,507)	(3,933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(382)				(382)	(274)				(274)
Other comprehensive income, net	17			17		17			17
Share-based compensation expense	22		22			22		22
Ending balance at Mar. 31, 2026	$ (4,077)	$ 7	$ 7,402	$ (4,372)	$ (7,114)	$ 8,793	$ 0	$ 17,490	$ (4,490)	$ (4,207)

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Basis of Presentation

3 Months Ended

Mar. 31, 2026

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of American Airlines Group Inc. (we, us, our and similar terms, or AAG) should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2025. The accompanying unaudited condensed consolidated financial statements include the accounts of AAG and its wholly-owned subsidiaries. AAG’s principal subsidiary is American Airlines, Inc. (American). All significant intercompany transactions have been eliminated.

Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits.

American Airlines, Inc.

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of American Airlines, Inc. (American) should be read in conjunction with the consolidated financial statements contained in American’s Annual Report on Form 10-K for the year ended December 31, 2025. American is the principal wholly-owned subsidiary of American Airlines Group Inc. (AAG). All significant intercompany transactions have been eliminated.

Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits.

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Special Items, Net

3 Months Ended

Mar. 31, 2026

Restructuring Cost and Reserve [Line Items]

Special Items, Net

Special Items, Net

Special items, net in the condensed consolidated statements of operations consisted of the following (in millions):

	Three Months Ended March 31,
	2026		2025
Litigation reserve adjustments	$	12	$	30
Labor contract expenses (1)	2		31
Other operating special items, net	—		9
Mainline operating special items, net	14		70
Mark-to-market adjustments on equity investments, net (2)	72		29
Debt refinancing and extinguishment	54		19
Other nonoperating special items, net	9		—
Nonoperating special items, net	135		48

(1)Labor contract expenses for the three months ended March 31, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members.

(2)Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments.

American Airlines, Inc.

Restructuring Cost and Reserve [Line Items]

Special Items, Net

Special Items, Net

Special items, net in the condensed consolidated statements of operations consisted of the following (in millions):

	Three Months Ended March 31,
	2026		2025
Litigation reserve adjustments	$	12	$	30
Labor contract expenses (1)	2		31
Other operating special items, net	—		9
Mainline operating special items, net	14		70
Mark-to-market adjustments on equity investments, net (2)	72		29
Debt refinancing and extinguishment	54		19
Other nonoperating special items, net	9		—
Nonoperating special items, net	135		48

(1)Labor contract expenses for the three months ended March 31, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members.

(2)Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments.

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Loss Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Loss Per Common Share

Loss Per Common Share

The following table provides the computation of basic and diluted loss per common share (EPS) (in millions, except share and per share amounts):

	Three Months Ended March 31,
	2026		2025
Basic and diluted EPS:
Net loss	$	(382)	$	(473)
Weighted average common shares outstanding (in thousands)	661,181		658,880
Basic and diluted EPS	$	(0.58)	$	(0.72)

The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):

	Three Months Ended March 31,
	2026	2025
Restricted stock unit awards	1,625	1,836
6.50% convertible senior notes (1)	—	61,728

(1)On March 27, 2025, we provided notice to the holders of our 6.50% convertible senior notes due 2025 (Convertible Notes) that we would settle our Convertible Notes at their maturity in cash on July 1, 2025. As a result, we have excluded the Convertible Notes from the calculation of diluted EPS for the quarterly periods ended after March 31, 2025.

In addition, for the three months ended March 31, 2026, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2 Warrants) and the payroll support program established under the American Rescue Plan Act of 2021 (PSP3 Warrants).

During the first three months of 2026, 2.8 million shares of PSP2 Warrants were exercised at an exercise price of $15.66 per share and net settled in cash for a nominal amount, reflected within other financing activities in the condensed consolidated statement of cash flows. Additionally, 2.9 million shares of PSP2 Warrants expired during the first quarter of 2026.

The table below provides a summary of the warrants outstanding as of March 31, 2026:

Warrants	Warrants Issued (shares, in thousands) (1)	Exercise Price ($)	Expiration
PSP2 Warrants	883	15.66	April 2026
PSP3 Warrants	4,407	21.75	April 2026 to June 2026

(1)The PSP2 Warrants and PSP3 Warrants are subject to certain anti-dilution provisions, do not have any voting rights and are freely transferable, with registration rights. Each warrant is exercisable either through net share settlement or cash, at our option. The warrants were issued solely as compensation to the U.S. Government related to entry into the payroll support program agreements. No separate proceeds (apart from the financial assistance previously received in 2021) were received upon issuance of the warrants or will be received upon exercise thereof.

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Revenue Recognition

3 Months Ended

Mar. 31, 2026

Entity Information [Line Items]

Revenue Recognition

Revenue Recognition

Revenue

The following are the significant categories comprising our operating revenues (in millions):

	Three Months Ended March 31,
	2026		2025
Passenger revenue:
Passenger travel	$	11,515	$	10,475
Loyalty revenue - travel (1)	980		916
Total passenger revenue	12,495		11,391
Cargo	214		189
Other:
Loyalty revenue - marketing services	1,027		823
Other revenue	176		148
Total other revenue	1,203		971
Total operating revenues	$	13,912	$	12,551

(1)Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners.

The following is our total passenger revenue by geographic region (in millions):

	Three Months Ended March 31,
	2026		2025
Domestic	$	8,990	$	8,127
Latin America	1,963		1,906
Atlantic	1,102		965
Pacific	440		393
Total passenger revenue	$	12,495	$	11,391

We attribute passenger revenue by geographic region based upon the origin and destination of each flight segment.

Contract Balances

Our significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future air travel, non-air travel and other awards, reported as loyalty program liability on the condensed consolidated balance sheets; and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on the condensed consolidated balance sheets.

	March 31, 2026		December 31, 2025
	(In millions)
Loyalty program liability	$	11,586	$	10,564
Air traffic liability	10,031		7,158
Total	$	21,617	$	17,722

The balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue). Changes in loyalty program liability are as follows (in millions):

Balance at December 31, 2025	$	10,564
Deferral of revenue	2,020
Recognition of revenue (1)	(998)
Balance at March 31, 2026 (2)	$	11,586

(1)Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period.

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of March 31, 2026, our current loyalty program liability was $4.2 billion and represents our current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

Additionally, as of March 31, 2026, our loyalty program liability includes a one-time cash payment associated with the extension of a partner agreement announced in 2025.

The air traffic liability principally represents tickets sold for future travel on American, American Eagle and partner airlines. The balance in our air traffic liability also fluctuates with seasonal travel patterns. The contract duration of passenger tickets is generally one year. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12 months. For the three months ended March 31, 2026, $4.2 billion of revenue was recognized in passenger revenue that was included in our air traffic liability at December 31, 2025.

American Airlines, Inc.

Entity Information [Line Items]

Revenue Recognition

Revenue Recognition

Revenue

The following are the significant categories comprising American’s operating revenues (in millions):

	Three Months Ended March 31,
	2026		2025
Passenger revenue:
Passenger travel	$	11,515	$	10,475
Loyalty revenue - travel (1)	980		916
Total passenger revenue	12,495		11,391
Cargo	214		189
Other:
Loyalty revenue - marketing services	1,027		823
Other revenue	175		146
Total other revenue	1,202		969
Total operating revenues	$	13,911	$	12,549

(1)Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners.

The following is American’s total passenger revenue by geographic region (in millions):

	Three Months Ended March 31,
	2026		2025
Domestic	$	8,990	$	8,127
Latin America	1,963		1,906
Atlantic	1,102		965
Pacific	440		393
Total passenger revenue	$	12,495	$	11,391

American attributes passenger revenue by geographic region based upon the origin and destination of each flight segment.

Contract Balances

American’s significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future air travel, non-air travel and other awards, reported as loyalty program liability on the condensed consolidated balance sheets; and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on the condensed consolidated balance sheets.

	March 31, 2026		December 31, 2025
	(In millions)
Loyalty program liability	$	11,586	$	10,564
Air traffic liability	10,031		7,158
Total	$	21,617	$	17,722

The balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue). Changes in loyalty program liability are as follows (in millions):

Balance at December 31, 2025	$	10,564
Deferral of revenue	2,020
Recognition of revenue (1)	(998)
Balance at March 31, 2026 (2)	$	11,586

(1)Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period.

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of March 31, 2026, American’s current loyalty program liability was $4.2 billion and represents American’s current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

Additionally, as of March 31, 2026, American’s loyalty program liability includes a one-time cash payment associated with the extension of a partner agreement announced in 2025.

The air traffic liability principally represents tickets sold for future travel on American, American Eagle and partner airlines. The balance in American’s air traffic liability also fluctuates with seasonal travel patterns. The contract duration of passenger tickets is generally one year. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12 months. For the three months ended March 31, 2026, $4.2 billion of revenue was recognized in passenger revenue that was included in American’s air traffic liability at December 31, 2025.

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Debt

3 Months Ended

Mar. 31, 2026

Debt Instrument [Line Items]

Debt

Debt

Debt included in the condensed consolidated balance sheets consisted of (in millions):

	March 31, 2026		December 31, 2025
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028	$	970	$	970
2014 Term Loan Facility, variable interest rate of 5.52%, installments until due in January 2027	1,147		1,159
2023 Term Loan Facility, variable interest rate of 5.91%, installments until due in June 2029	1,078		1,078
7.25% senior secured notes, interest only payments until due in February 2028	750		750
8.50% senior secured notes	—		1,000
5.50% senior secured notes, installments until due in April 2026 (1)	292		583
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 5.92%, installments until due in April 2028 (1)	2,258		2,264
2025 AAdvantage Term Loan Facility, variable interest rate of 6.42%, installments until due in May 2032 (1)	993		995
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.15%, maturing from 2026 to 2038	7,755		6,912
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.29%, averaging 5.45%, maturing from 2027 to 2037	4,527		4,719
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		789
	23,559		24,219
Unsecured
PSP1 Promissory Note, variable interest rate of 5.57%, interest only payments until due in April 2030	1,757		1,757
PSP2 Promissory Note, variable interest rate of 5.57%, interest only payments until due in January 2031	1,030		1,030
PSP3 Promissory Note, interest only payments until due in April 2031 (2)	959		959
Senior short-term term loan facility	—		629
	3,746		4,375
Total	27,305		28,594
Less: Total unamortized debt discount, premium and issuance costs	288		314
Less: Current maturities	4,083		3,641
Long-term debt, net of current maturities	$	22,934	$	24,639

(1)Collectively referred to as the AAdvantage Financing.

(2)The PSP3 Promissory Note bears interest at a fixed interest rate of 1.00% until the second quarter of 2026. Thereafter, the note bears interest at 2.00% plus an interest rate based on the Secured Overnight Financing Rate (SOFR).

As of March 31, 2026, the maximum availability under our revolving credit and other facilities is as follows (in millions):

2013 Revolving Facility	$	363
2014 Revolving Facility	1,296
2023 Revolving Facility	1,451
Other facilities (1)	400
Total	$	3,510

(1)Includes a revolving credit facility that provides for borrowing capacity of up to $350 million. In March 2026, American elected to exercise its option to extend the maturity date of the revolving credit facility by an additional year to March 2028. Additionally, American currently has $50 million of available borrowing capacity under a cargo receivables facility that is scheduled to expire in December 2026. There are no amounts drawn under these facilities.

Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.

2026 Financing Activities

2013 Credit Facilities – 2013 Revolving Facility

In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015 (as amended, the 2013 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments available under the 2013 Credit Agreement and established new revolving commitments in an aggregate amount of $363 million and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $155 million (the newly established revolving commitments, the 2013 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2013 Revolving Facility are substantially similar to the prior revolving commitments.

2014 Credit Facilities – 2014 Revolving Facility

In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015 (as amended, the 2014 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments available under the 2014 Credit Agreement and established new revolving commitments in an aggregate amount of approximately $1.3 billion and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $195 million (the newly established revolving commitments, the 2014 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2014 Revolving Facility are substantially similar to the prior revolving commitments.

2023 Credit Facilities – 2023 Revolving Facility

In March 2026, American and AAG entered into the Fourth Amendment to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement, dated as of December 4, 2023 (as amended, the 2023 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments available under the 2023 Credit Agreement and established new revolving commitments in an aggregate amount of approximately $1.5 billion (the newly established revolving commitments, the 2023 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2023 Revolving Facility are substantially similar to the prior revolving commitments.

2025 AAdvantage Term Loan Facility

In February 2026, American and AAdvantage Loyalty IP Ltd., a Cayman Islands exempted company incorporated with limited liability and an indirect wholly-owned subsidiary of American (together with American, the AAdvantage Issuers) entered into a fourth amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the Fourth Amendment). As a result of the Fourth Amendment, the term loans outstanding under the 2025 AAdvantage Term Loan Facility were replaced with new term loans in the same principal amount. Pursuant to the Fourth Amendment, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 1.75% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 2.75% per annum. All other terms of the 2025 AAdvantage Term Loan Facility remain substantially similar.

2026-1 Class (B)R Aircraft EETCs

In March 2026, American entered into agreements under which it borrowed $870 million in connection with the financing of certain aircraft that had been previously delivered. Debt incurred under these agreements is junior to existing equipment notes secured by such previously delivered aircraft, matures in 2028 through 2029 and bears interest at a fixed rate of 5.61%.

2025-1 Aircraft EETCs

In November 2025, American created two pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2025-1 Class A and Class B EETCs (the 2025-1 Aircraft EETCs) in connection with the financing of 25 aircraft delivered to American from October 2025 through March 2026 (the 2025-1 Aircraft). In 2025, $978 million of the proceeds were used to purchase equipment notes issued by American in connection with the financing of 21 of the 2025-1 Aircraft. In March 2026, approximately $127 million of proceeds were used to purchase equipment notes issued by American in connection with the financing of the four remaining 2025-1 Aircraft. As of March 31, 2026, there are no remaining proceeds held in escrow, and all proceeds have been used to purchase equipment notes issued by American. Interest and principal payments on equipment notes issued in connection with the 2025-1 Aircraft EETCs are payable semi-annually in May and November each year, with interest payments scheduled to begin in May 2026 and principal payments scheduled to begin in November 2026.

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of March 31, 2026, is set forth in the table below:

	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

Other Financing Activities

In the first quarter of 2026, American paid in full the $629 million of the outstanding principal amount of the senior short-term term loan facility due January 2026. Additionally, American prepaid in full the $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes.

American Airlines, Inc.

Debt Instrument [Line Items]

Debt

Debt

Debt included in the condensed consolidated balance sheets consisted of (in millions):

	March 31, 2026		December 31, 2025
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028	$	970	$	970
2014 Term Loan Facility, variable interest rate of 5.52%, installments until due in January 2027	1,147		1,159
2023 Term Loan Facility, variable interest rate of 5.91%, installments until due in June 2029	1,078		1,078
7.25% senior secured notes, interest only payments until due in February 2028	750		750
8.50% senior secured notes	—		1,000
5.50% senior secured notes, installments until due in April 2026 (1)	292		583
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 5.92%, installments until due in April 2028 (1)	2,258		2,264
2025 AAdvantage Term Loan Facility, variable interest rate of 6.42%, installments until due in May 2032 (1)	993		995
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.15%, maturing from 2026 to 2038	7,755		6,912
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.29%, averaging 5.45%, maturing from 2027 to 2037	4,527		4,719
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		789
	23,559		24,219
Unsecured
Senior short-term term loan facility	—		629
Total	23,559		24,848
Less: Total unamortized debt discount, premium and issuance costs	286		313
Less: Current maturities	4,083		3,641
Long-term debt, net of current maturities	$	19,190	$	20,894

(1)Collectively referred to as the AAdvantage Financing.

As of March 31, 2026, the maximum availability under American’s revolving credit and other facilities is as follows (in millions):

2013 Revolving Facility	$	363
2014 Revolving Facility	1,296
2023 Revolving Facility	1,451
Other facilities (1)	400
Total	$	3,510

(1)Includes a revolving credit facility that provides for borrowing capacity of up to $350 million. In March 2026, American elected to exercise its option to extend the maturity date of the revolving credit facility by an additional year to March 2028. Additionally, American currently has $50 million of available borrowing capacity under a cargo receivables facility that is scheduled to expire in December 2026. There are no amounts drawn under these facilities.

Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.

2026 Financing Activities

2013 Credit Facilities – 2013 Revolving Facility

In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015 (as amended, the 2013 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments available under the 2013 Credit Agreement and established new revolving commitments in an aggregate amount of $363 million and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $155 million (the newly established revolving commitments, the 2013 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2013 Revolving Facility are substantially similar to the prior revolving commitments.

2014 Credit Facilities – 2014 Revolving Facility

In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015 (as amended, the 2014 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments available under the 2014 Credit Agreement and established new revolving commitments in an aggregate amount of approximately $1.3 billion and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $195 million (the newly established revolving commitments, the 2014 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2014 Revolving Facility are substantially similar to the prior revolving commitments.

2023 Credit Facilities – 2023 Revolving Facility

In March 2026, American and AAG entered into the Fourth Amendment to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement, dated as of December 4, 2023 (as amended, the 2023 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments available under the 2023 Credit Agreement and established new revolving commitments in an aggregate amount of approximately $1.5 billion (the newly established revolving commitments, the 2023 Revolving Facility), which have a maturity date of March 5, 2031. All other terms of the 2023 Revolving Facility are substantially similar to the prior revolving commitments.

2025 AAdvantage Term Loan Facility

In February 2026, American and AAdvantage Loyalty IP Ltd., a Cayman Islands exempted company incorporated with limited liability and an indirect wholly-owned subsidiary of American (together with American, the AAdvantage Issuers) entered into a fourth amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the Fourth Amendment). As a result of the Fourth Amendment, the term loans outstanding under the 2025 AAdvantage Term Loan Facility were replaced with new term loans in the same principal amount. Pursuant to the Fourth Amendment, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 1.75% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 2.75% per annum. All other terms of the 2025 AAdvantage Term Loan Facility remain substantially similar.

2026-1 Class (B)R Aircraft EETCs

In March 2026, American entered into agreements under which it borrowed $870 million in connection with the financing of certain aircraft that had been previously delivered. Debt incurred under these agreements is junior to existing equipment notes secured by such previously delivered aircraft, matures in 2028 through 2029 and bears interest at a fixed rate of 5.61%.

2025-1 Aircraft EETCs

In November 2025, American created two pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2025-1 Class A and Class B EETCs (the 2025-1 Aircraft EETCs) in connection with the financing of 25 aircraft delivered to American from October 2025 through March 2026 (the 2025-1 Aircraft). In 2025, $978 million of the proceeds were used to purchase equipment notes issued by American in connection with the financing of 21 of the 2025-1 Aircraft. In March 2026, approximately $127 million of proceeds were used to purchase equipment notes issued by American in connection with the financing of the four remaining 2025-1 Aircraft. As of March 31, 2026, there are no remaining proceeds held in escrow, and all proceeds have been used to purchase equipment notes issued by American.

Interest and principal payments on equipment notes issued in connection with the 2025-1 Aircraft EETCs are payable semi-annually in May and November each year, with interest payments scheduled to begin in May 2026 and principal payments scheduled to begin in November 2026.

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of March 31, 2026, is set forth in the table below:

	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

Other Financing Activities

In the first quarter of 2026, American paid in full the $629 million of the outstanding principal amount of the senior short-term term loan facility due January 2026. Additionally, American prepaid in full the $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes.

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Income Taxes

3 Months Ended

Mar. 31, 2026

Income Taxes [Line Items]

Income Taxes

Income Taxes

At December 31, 2025, we had approximately $11.9 billion of gross federal net operating losses (NOLs) and $6.0 billion of other carryforwards available to reduce future federal taxable income, of which $1.6 billion will expire beginning in 2033 if unused and $16.3 billion can be carried forward indefinitely. We also had approximately $5.0 billion of NOL carryforwards to reduce future state taxable income at December 31, 2025, which will expire in taxable years 2025 through 2045 if unused.

Our ability to use our NOLs and other carryforwards depends on the amount of taxable income generated in future periods. We provide a valuation allowance for our deferred tax assets, which include our NOLs and other carryforwards, when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. We have determined that positive factors outweigh negative factors in the determination of the realizability of our deferred tax assets.

We have used the discrete method to calculate income taxes for the three months ended March 31, 2026. At this time, we believe that the use of the discrete method is more appropriate than the estimated annual effective tax rate method due to the fact that small changes in projected full year income could cause material fluctuations in our annual effective tax rate applied during each quarter.

During the three months ended March 31, 2026, we recorded an income tax benefit of $94 million, which was substantially non-cash due to the utilization of the NOLs described above. Substantially all of our loss before income taxes is attributable to the United States.

American Airlines, Inc.

Income Taxes [Line Items]

Income Taxes

Income Taxes

At December 31, 2025, American had approximately $11.7 billion of gross federal net operating losses (NOLs) and $3.8 billion of other carryforwards available to reduce future federal taxable income, of which $1.8 billion will expire beginning in 2033 if unused and $13.7 billion can be carried forward indefinitely. American is a member of AAG’s consolidated federal and certain state income tax returns. American also had approximately $4.7 billion of NOL carryforwards to reduce future state taxable income at December 31, 2025, which will expire in taxable years 2025 through 2045 if unused.

American’s ability to use its NOLs and other carryforwards depends on the amount of taxable income generated in future periods. American provides a valuation allowance for its deferred tax assets, which include its NOLs and other carryforwards, when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets. Many factors are considered that impact American’s assessment of future profitability, including conditions which are beyond its control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. American has determined that positive factors outweigh negative factors in the determination of the realizability of its deferred tax assets.

American has used the discrete method to calculate income taxes for the three months ended March 31, 2026. At this time, American believes that the use of the discrete method is more appropriate than the estimated annual effective tax rate method due to the fact that small changes in projected full year income could cause material fluctuations in American’s annual effective tax rate applied during each quarter.

During the three months ended March 31, 2026, American recorded an income tax benefit of $64 million, which was substantially non-cash due to the utilization of the NOLs described above. Substantially all of American’s loss before income taxes is attributable to the United States.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

Assets Measured at Fair Value on a Recurring Basis

We utilize the market approach to measure the fair value of our financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Our short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2026.

Assets measured at fair value on a recurring basis are summarized below (in millions):

	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	608	$	608	$	—	$	—
Corporate obligations	3,736		—		3,736		—
Bank notes/certificates of deposit/time deposits	1,947		—		1,947		—
Repurchase agreements	100		—		100		—
	6,391		608		5,783		—
Restricted cash and short-term investments (1), (3)	717		411		306		—
Long-term investments (4)	137		137		—		—
Total	$	7,245	$	1,156	$	6,089	$	—

(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.

(2)Our short-term investments mature in one year or less.

(3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport. Restricted short-term investments principally mature in one year or less.

(4)Long-term investments primarily include our equity investment in China Southern Airlines Company Limited (China Southern Airlines). See Note 8 for further information on our equity investments.

Fair Value of Debt

The fair value of our long-term debt was estimated using quoted market prices or discounted cash flow analyses based on our current estimated incremental borrowing rates for similar types of borrowing arrangements.

The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions):

	March 31, 2026
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	27,017	$	26,955	$	—	$	23,455	$	3,500
	December 31, 2025
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	28,280	$	28,582	$	—	$	25,051	$	3,531

American Airlines, Inc.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

Assets Measured at Fair Value on a Recurring Basis

American utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. American’s short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2026.

Assets measured at fair value on a recurring basis are summarized below (in millions):

	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	606	$	606	$	—	$	—
Corporate obligations	3,736		—		3,736		—
Bank notes/certificates of deposit/time deposits	1,946		—		1,946		—
Repurchase agreements	100		—		100		—
	6,388		606		5,782		—
Restricted cash and short-term investments (1), (3)	717		411		306		—
Long-term investments (4)	137		137		—		—
Total	$	7,242	$	1,154	$	6,088	$	—

(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.

(2)American’s short-term investments mature in one year or less.

(3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport. Restricted short-term investments principally mature in one year or less.

(4)Long-term investments primarily include American’s equity investment in China Southern Airlines Company Limited (China Southern Airlines). See Note 7 for further information on American’s equity investments.

Fair Value of Debt

The fair value of American’s long-term debt was estimated using quoted market prices or discounted cash flow analyses based on American’s current estimated incremental borrowing rates for similar types of borrowing arrangements.

The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions):

	March 31, 2026
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	23,273	$	23,455	$	—	$	23,455	$	—
	December 31, 2025
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	24,535	$	25,051	$	—	$	25,051	$	—

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Investments

3 Months Ended

Mar. 31, 2026

Schedule of Investments [Line Items]

Investments

Investments

To help expand our network and as part of our ongoing commitment to sustainability, we enter into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies. Our equity investments are reflected in other assets on our condensed consolidated balance sheets. Our share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other expense, net on the condensed consolidated statements of operations.

Our equity investment ownership interests and carrying values are as follows:

		Ownership Interest				Carrying Value (in millions)
	Accounting Treatment	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Republic Airways Holdings Inc.	Equity Method	20.8	%	20.8	%	$	253	$	254
China Southern Airlines	Fair Value	1.5	%	1.5	%	135		203
Other investments (1)	Various					144		146
Total						$	532	$	603

(1)Primarily includes our investment in JetSMART Holdings Limited, which is accounted for under the equity method.

American Airlines, Inc.

Schedule of Investments [Line Items]

Investments

Investments

To help expand American’s network and as part of its ongoing commitment to sustainability, American enters into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies. American’s equity investments are reflected in other assets on its condensed consolidated balance sheets. American’s share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other expense, net on the condensed consolidated statements of operations.

American’s equity investment ownership interests and carrying values are as follows:

		Ownership Interest				Carrying Value (in millions)
	Accounting Treatment	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Republic Airways Holdings Inc.	Equity Method	20.8	%	20.8	%	$	253	$	254
China Southern Airlines	Fair Value	1.5	%	1.5	%	135		203
Other investments (1)	Various					144		146
Total						$	532	$	603

(1)Primarily includes American’s investment in JetSMART Holdings Limited, which is accounted for under the equity method.

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Employee Benefit Plans

3 Months Ended

Mar. 31, 2026

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

The following table provides the components of net periodic benefit cost (income) (in millions):

	Pension Benefits				Retiree Medical and Other Postretirement Benefits
Three Months Ended March 31,	2026		2025		2026		2025
Service cost	$	1	$	1	$	6	$	6
Interest cost	177		183		16		18
Expected return on assets	(230)		(232)		(2)		(2)
Amortization of:
Prior service cost	—		—		4		4
Unrecognized net loss (gain)	22		24		(5)		(6)
Net periodic benefit cost (income)	$	(30)	$	(24)	$	19	$	20

Effective November 1, 2012, substantially all of our defined benefit pension plans were frozen.

The service cost component of net periodic benefit cost (income) is included in operating expenses and the other components of net periodic benefit cost (income) are included in nonoperating other expense, net in the condensed consolidated statements of operations.

During the first three months of 2026, we made required contributions of $236 million and supplemental contributions of $50 million to our defined benefit pension plans.

American Airlines, Inc.

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

The following table provides the components of net periodic benefit cost (income) (in millions):

	Pension Benefits				Retiree Medical and Other Postretirement Benefits
Three Months Ended March 31,	2026		2025		2026		2025
Service cost	$	1	$	1	$	6	$	6
Interest cost	175		182		16		18
Expected return on assets	(228)		(231)		(2)		(2)
Amortization of:
Prior service cost	—		—		4		4
Unrecognized net loss (gain)	22		24		(5)		(6)
Net periodic benefit cost (income)	$	(30)	$	(24)	$	19	$	20

Effective November 1, 2012, substantially all of American’s defined benefit pension plans were frozen.

The service cost component of net periodic benefit cost (income) is included in operating expenses and the other components of net periodic benefit cost (income) are included in nonoperating other expense, net in the condensed consolidated statements of operations.

During the first three months of 2026, American made required contributions of $236 million and supplemental contributions of $50 million to its defined benefit pension plans.

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2026

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):

	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Loss on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2025	$	(2,732)	$	—	$	(1,657)	$	(4,389)
Other comprehensive income (loss) before reclassifications	3		(2)		—		1
Amounts reclassified from AOCI	21		—		(5)		16
Net current-period other comprehensive income (loss)	24		(2)		(5)		17
Balance at March 31, 2026	$	(2,708)	$	(2)	$	(1,662)	$	(4,372)

(1)Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net loss until the obligations are fully extinguished. Amounts reclassified from AOCI are recognized within the income tax benefit on the condensed consolidated statements of operations.

Reclassifications out of AOCI are as follows (in millions):

	Amounts reclassified from AOCI				Affected line items on the condensed consolidated statements of operations
AOCI Components	Three Months Ended March 31,
	2026		2025
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	3	$	4	Nonoperating other expense, net
Actuarial loss	13		14		Nonoperating other expense, net
Total reclassifications for the period, net of tax	$	16	$	18

American Airlines, Inc.

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):

	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Loss on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2025	$	(2,742)	$	—	$	(1,765)	$	(4,507)
Other comprehensive income (loss) before reclassifications	3		(2)		—		1
Amounts reclassified from AOCI	21		—		(5)		16
Net current-period other comprehensive income (loss)	24		(2)		(5)		17
Balance at March 31, 2026	$	(2,718)	$	(2)	$	(1,770)	$	(4,490)

(1)Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net loss until the obligations are fully extinguished. Amounts reclassified from AOCI are recognized within the income tax benefit on the condensed consolidated statements of operations.

Reclassifications out of AOCI are as follows (in millions):

	Amounts reclassified from AOCI				Affected line items on the condensed consolidated statements of operations
AOCI Components	Three Months Ended March 31,
	2026		2025
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	3	$	4	Nonoperating other expense, net
Actuarial loss	13		14		Nonoperating other expense, net
Total reclassifications for the period, net of tax	$	16	$	18

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Regional Expenses

3 Months Ended

Mar. 31, 2026

Regional Expenses [Line Items]

Regional Expenses

Regional Expenses

Our regional carriers provide scheduled air transportation under the brand name “American Eagle.” The American Eagle carriers include our wholly-owned regional carriers as well as third-party regional carriers. Our regional carrier arrangements are principally in the form of capacity purchase agreements. Expenses, excluding fuel expense, associated with American Eagle operations are classified as regional expenses on the condensed consolidated statements of operations.

Regional expenses for the three months ended March 31, 2026 and 2025 include $91 million and $79 million of depreciation and amortization, respectively, and each include $2 million of aircraft rent.

During the three months ended March 31, 2026 and 2025, we recognized $177 million and $168 million, respectively, of expense under our capacity purchase agreement with Republic Airways Inc. (Republic). We hold a 20.8% equity interest in Republic Airways Holdings Inc., the parent company of Republic.

American Airlines, Inc.

Regional Expenses [Line Items]

Regional Expenses

Regional Expenses

American’s regional carriers provide scheduled air transportation under the brand name “American Eagle.” The American Eagle carriers include AAG’s wholly-owned regional carriers as well as third-party regional carriers. American’s regional carrier arrangements are principally in the form of capacity purchase agreements. Expenses, excluding fuel expense, associated with American Eagle operations are classified as regional expenses on the condensed consolidated statements of operations.

Regional expenses for the three months ended March 31, 2026 and 2025 include $77 million and $70 million of depreciation and amortization, respectively, and each include $2 million of aircraft rent.

During the three months ended March 31, 2026 and 2025, American recognized $177 million and $168 million, respectively, of expense under its capacity purchase agreement with Republic Airways Inc. (Republic). American holds a 20.8% equity interest in Republic Airways Holdings Inc., the parent company of Republic.

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Transactions with Related Parties

3 Months Ended

Mar. 31, 2026

American Airlines, Inc.

Entity Information [Line Items]

Transactions with Related Parties

Transactions with Related Parties

The following represents the net receivables (payables) from or to related parties (in millions):

	March 31, 2026		December 31, 2025
AAG	$	12,146	$	11,938
AAG’s wholly-owned subsidiaries (1)	(2,079)		(2,042)
Total	$	10,067	$	9,896

(1)The net payable to AAG’s wholly-owned subsidiaries consists primarily of amounts due under regional capacity purchase agreements with AAG’s wholly-owned regional airlines operating under the brand name of American Eagle.

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Legal Proceedings

3 Months Ended

Mar. 31, 2026

Long-term Purchase Commitment [Line Items]

Legal Proceedings

Legal Proceedings

Private Party Antitrust Actions Related to the Northeast Alliance (NEA). On December 5, 2022 and December 7, 2022, two private party plaintiffs filed putative class action antitrust complaints against AAG and JetBlue Airways Corporation (JetBlue) in the U.S. District Court for the Eastern District of New York alleging that AAG and JetBlue violated U.S. antitrust law in connection with the previously disclosed NEA. These actions were consolidated on January 10, 2023. The private party plaintiffs filed an amended consolidated complaint on February 3, 2023. On February 2, 2023 and February 15, 2023, private party plaintiffs filed two additional putative class action antitrust complaints against AAG and JetBlue in the U.S. District Court for the District of Massachusetts and the U.S. District Court for the Eastern District of New York, respectively. In March 2023, AAG filed a motion in the U.S. District Court for the District of Massachusetts case asking to transfer the case to the U.S. District Court for the Eastern District of New York and consolidate it with the cases pending in that venue. The U.S. District Court for the District of Massachusetts granted that motion. The remaining cases were consolidated with the other actions in the Eastern District of New York. In June 2023, the private party plaintiffs filed a second amended consolidated complaint, followed by a third amended complaint filed in August 2023. In September 2023, AAG, together with JetBlue, filed a motion to dismiss the third amended complaint. In September 2024, the court denied that motion. AAG and JetBlue filed answers to the private party plaintiffs’ third amended complaint in October 2024. We believe these lawsuits are without merit and are defending against them vigorously.

American Eagle Flight 5342 Accident Litigation. On January 29, 2025, American Eagle flight 5342 was involved in a fatal accident in Washington, D.C. The Bombardier CRJ700 aircraft operated by PSA Airlines, Inc. (PSA) was en route to Washington, D.C. from Wichita, Kansas when it was involved in a midair collision near Ronald Reagan Washington National Airport. Beginning on September 24, 2025, multiple wrongful death and survival actions have been filed in the U.S. District Court for the District of Columbia related to the accident. We expect additional actions will continue to be filed. All cases have been assigned to the same judge and are subject to streamlined pleading and discovery procedures. The court required plaintiffs to file a single consolidated Master Complaint (MC), with later joining plaintiffs to file short form complaints adopting the MC and adding any plaintiff-specific information. The MC alleges that the U.S. Government, American and PSA negligently caused or contributed to the accident. Defendants’ respective deadlines to respond to the MC were in December 2025. The U.S. Government filed an answer to the MC admitting liability only as to claims that the

helicopter pilots were negligent in failing to see and avoid Flight 5342. American and PSA filed motions to dismiss asserting federal preemption and related failure to state a claim grounds. The airlines’ motions to dismiss were denied without prejudice on February 27, 2026. Plaintiffs filed an amended complaint on March 27, 2026. Discovery is ongoing pursuant to an expedited 18-month discovery and pre-trial calendar, which sets the trial date for April 12, 2027. We believe these lawsuits are without merit as to both American and PSA and are defending against them vigorously.

General. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material.

American Airlines, Inc.

Long-term Purchase Commitment [Line Items]

Legal Proceedings

Legal Proceedings

Private Party Antitrust Actions Related to the Northeast Alliance (NEA). On December 5, 2022 and December 7, 2022, two private party plaintiffs filed putative class action antitrust complaints against AAG and JetBlue Airways Corporation (JetBlue) in the U.S. District Court for the Eastern District of New York alleging that AAG and JetBlue violated U.S. antitrust law in connection with the previously disclosed NEA. These actions were consolidated on January 10, 2023. The private party plaintiffs filed an amended consolidated complaint on February 3, 2023. On February 2, 2023 and February 15, 2023, private party plaintiffs filed two additional putative class action antitrust complaints against AAG and JetBlue in the U.S. District Court for the District of Massachusetts and the U.S. District Court for the Eastern District of New York, respectively. In March 2023, AAG filed a motion in the U.S. District Court for the District of Massachusetts case asking to transfer the case to the U.S. District Court for the Eastern District of New York and consolidate it with the cases pending in that venue. The U.S. District Court for the District of Massachusetts granted that motion. The remaining cases were consolidated with the other actions in the Eastern District of New York. In June 2023, the private party plaintiffs filed a second amended consolidated complaint, followed by a third amended complaint filed in August 2023. In September 2023, AAG, together with JetBlue, filed a motion to dismiss the third amended complaint. In September 2024, the court denied that motion. AAG and JetBlue filed answers to the private party plaintiffs’ third amended complaint in October 2024. AAG believes these lawsuits are without merit and is defending against them vigorously.

American Eagle Flight 5342 Accident Litigation. On January 29, 2025, American Eagle flight 5342 was involved in a fatal accident in Washington, D.C. The Bombardier CRJ700 aircraft operated by PSA Airlines, Inc. (PSA) was en route to Washington, D.C. from Wichita, Kansas when it was involved in a midair collision near Ronald Reagan Washington National Airport. Beginning on September 24, 2025, multiple wrongful death and survival actions have been filed in the U.S. District Court for the District of Columbia related to the accident. AAG expects additional actions will continue to be filed. All cases have been assigned to the same judge and are subject to streamlined pleading and discovery procedures. The court required plaintiffs to file a single consolidated Master Complaint (MC), with later joining plaintiffs to file short form complaints adopting the MC and adding any plaintiff-specific information. The MC alleges that the U.S. Government, American and PSA negligently caused or contributed to the accident. Defendants’ respective deadlines to respond to the MC were in December 2025. The U.S. Government filed an answer to the MC admitting liability only as to claims that the helicopter pilots were negligent in failing to see and avoid Flight 5342. American and PSA filed motions to dismiss asserting federal preemption and related failure to state a claim grounds. The airlines’ motions to dismiss were denied without prejudice on February 27, 2026. Plaintiffs filed an amended complaint on March 27, 2026. Discovery is ongoing pursuant to an expedited 18-month discovery and pre-trial calendar, which sets the trial date for April 12, 2027. American believes these lawsuits are without merit as to both American and PSA and is defending against them vigorously.

General. In addition to the specifically identified legal proceedings, American and its subsidiaries are also engaged in other legal proceedings from time to time. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within American’s control. Therefore, although American will vigorously defend itself in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on American are uncertain but could be material.

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2026

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of American Airlines Group Inc. (we, us, our and similar terms, or AAG) should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2025. The accompanying unaudited condensed consolidated financial statements include the accounts of AAG and its wholly-owned subsidiaries. AAG’s principal subsidiary is American Airlines, Inc. (American). All significant intercompany transactions have been eliminated.

Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits.

American Airlines, Inc.

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of American Airlines, Inc. (American) should be read in conjunction with the consolidated financial statements contained in American’s Annual Report on Form 10-K for the year ended December 31, 2025. American is the principal wholly-owned subsidiary of American Airlines Group Inc. (AAG). All significant intercompany transactions have been eliminated.

Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits.

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Special Items, Net (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring Cost and Reserve [Line Items]

Schedule of Special Items, Net in Condensed Consolidated Statements of Operations

Special items, net in the condensed consolidated statements of operations consisted of the following (in millions):

	Three Months Ended March 31,
	2026		2025
Litigation reserve adjustments	$	12	$	30
Labor contract expenses (1)	2		31
Other operating special items, net	—		9
Mainline operating special items, net	14		70
Mark-to-market adjustments on equity investments, net (2)	72		29
Debt refinancing and extinguishment	54		19
Other nonoperating special items, net	9		—
Nonoperating special items, net	135		48

(1)Labor contract expenses for the three months ended March 31, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members.

(2)Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments.

American Airlines, Inc.

Restructuring Cost and Reserve [Line Items]

Schedule of Special Items, Net in Condensed Consolidated Statements of Operations

Special items, net in the condensed consolidated statements of operations consisted of the following (in millions):

	Three Months Ended March 31,
	2026		2025
Litigation reserve adjustments	$	12	$	30
Labor contract expenses (1)	2		31
Other operating special items, net	—		9
Mainline operating special items, net	14		70
Mark-to-market adjustments on equity investments, net (2)	72		29
Debt refinancing and extinguishment	54		19
Other nonoperating special items, net	9		—
Nonoperating special items, net	135		48

(1)Labor contract expenses for the three months ended March 31, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members.

(2)Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments.

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Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted

The following table provides the computation of basic and diluted loss per common share (EPS) (in millions, except share and per share amounts):

	Three Months Ended March 31,
	2026		2025
Basic and diluted EPS:
Net loss	$	(382)	$	(473)
Weighted average common shares outstanding (in thousands)	661,181		658,880
Basic and diluted EPS	$	(0.58)	$	(0.72)

Schedule of Anti-Dilutive Securities Excluded From Calculation of Diluted EPS

The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):

	Three Months Ended March 31,
	2026	2025
Restricted stock unit awards	1,625	1,836
6.50% convertible senior notes (1)	—	61,728

(1)On March 27, 2025, we provided notice to the holders of our 6.50% convertible senior notes due 2025 (Convertible Notes) that we would settle our Convertible Notes at their maturity in cash on July 1, 2025. As a result, we have excluded the Convertible Notes from the calculation of diluted EPS for the quarterly periods ended after March 31, 2025.

In addition, for the three months ended March 31, 2026, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2 Warrants) and the payroll support program established under the American Rescue Plan Act of 2021 (PSP3 Warrants).

Schedule of PSP Warrants

The table below provides a summary of the warrants outstanding as of March 31, 2026:

Warrants	Warrants Issued (shares, in thousands) (1)	Exercise Price ($)	Expiration
PSP2 Warrants	883	15.66	April 2026
PSP3 Warrants	4,407	21.75	April 2026 to June 2026

(1)The PSP2 Warrants and PSP3 Warrants are subject to certain anti-dilution provisions, do not have any voting rights and are freely transferable, with registration rights. Each warrant is exercisable either through net share settlement or cash, at our option. The warrants were issued solely as compensation to the U.S. Government related to entry into the payroll support program agreements. No separate proceeds (apart from the financial assistance previously received in 2021) were received upon issuance of the warrants or will be received upon exercise thereof.

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Entity Information [Line Items]

Schedule of Revenue

The following are the significant categories comprising our operating revenues (in millions):

	Three Months Ended March 31,
	2026		2025
Passenger revenue:
Passenger travel	$	11,515	$	10,475
Loyalty revenue - travel (1)	980		916
Total passenger revenue	12,495		11,391
Cargo	214		189
Other:
Loyalty revenue - marketing services	1,027		823
Other revenue	176		148
Total other revenue	1,203		971
Total operating revenues	$	13,912	$	12,551

(1)Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners.

The following is our total passenger revenue by geographic region (in millions):

	Three Months Ended March 31,
	2026		2025
Domestic	$	8,990	$	8,127
Latin America	1,963		1,906
Atlantic	1,102		965
Pacific	440		393
Total passenger revenue	$	12,495	$	11,391

Schedule of Contract Liabilities

	March 31, 2026		December 31, 2025
	(In millions)
Loyalty program liability	$	11,586	$	10,564
Air traffic liability	10,031		7,158
Total	$	21,617	$	17,722

Changes in loyalty program liability are as follows (in millions):

Balance at December 31, 2025	$	10,564
Deferral of revenue	2,020
Recognition of revenue (1)	(998)
Balance at March 31, 2026 (2)	$	11,586

(1)Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period.

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of March 31, 2026, our current loyalty program liability was $4.2 billion and represents our current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

American Airlines, Inc.

Entity Information [Line Items]

Schedule of Revenue

The following are the significant categories comprising American’s operating revenues (in millions):

	Three Months Ended March 31,
	2026		2025
Passenger revenue:
Passenger travel	$	11,515	$	10,475
Loyalty revenue - travel (1)	980		916
Total passenger revenue	12,495		11,391
Cargo	214		189
Other:
Loyalty revenue - marketing services	1,027		823
Other revenue	175		146
Total other revenue	1,202		969
Total operating revenues	$	13,911	$	12,549

(1)Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners.

The following is American’s total passenger revenue by geographic region (in millions):

	Three Months Ended March 31,
	2026		2025
Domestic	$	8,990	$	8,127
Latin America	1,963		1,906
Atlantic	1,102		965
Pacific	440		393
Total passenger revenue	$	12,495	$	11,391

Schedule of Contract Liabilities

	March 31, 2026		December 31, 2025
	(In millions)
Loyalty program liability	$	11,586	$	10,564
Air traffic liability	10,031		7,158
Total	$	21,617	$	17,722

The balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue). Changes in loyalty program liability are as follows (in millions):

Balance at December 31, 2025	$	10,564
Deferral of revenue	2,020
Recognition of revenue (1)	(998)
Balance at March 31, 2026 (2)	$	11,586

(1)Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period.

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of March 31, 2026, American’s current loyalty program liability was $4.2 billion and represents American’s current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

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Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Instrument [Line Items]

Schedule of Debt

Debt included in the condensed consolidated balance sheets consisted of (in millions):

	March 31, 2026		December 31, 2025
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028	$	970	$	970
2014 Term Loan Facility, variable interest rate of 5.52%, installments until due in January 2027	1,147		1,159
2023 Term Loan Facility, variable interest rate of 5.91%, installments until due in June 2029	1,078		1,078
7.25% senior secured notes, interest only payments until due in February 2028	750		750
8.50% senior secured notes	—		1,000
5.50% senior secured notes, installments until due in April 2026 (1)	292		583
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 5.92%, installments until due in April 2028 (1)	2,258		2,264
2025 AAdvantage Term Loan Facility, variable interest rate of 6.42%, installments until due in May 2032 (1)	993		995
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.15%, maturing from 2026 to 2038	7,755		6,912
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.29%, averaging 5.45%, maturing from 2027 to 2037	4,527		4,719
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		789
	23,559		24,219
Unsecured
PSP1 Promissory Note, variable interest rate of 5.57%, interest only payments until due in April 2030	1,757		1,757
PSP2 Promissory Note, variable interest rate of 5.57%, interest only payments until due in January 2031	1,030		1,030
PSP3 Promissory Note, interest only payments until due in April 2031 (2)	959		959
Senior short-term term loan facility	—		629
	3,746		4,375
Total	27,305		28,594
Less: Total unamortized debt discount, premium and issuance costs	288		314
Less: Current maturities	4,083		3,641
Long-term debt, net of current maturities	$	22,934	$	24,639

(1)Collectively referred to as the AAdvantage Financing.

(2)The PSP3 Promissory Note bears interest at a fixed interest rate of 1.00% until the second quarter of 2026. Thereafter, the note bears interest at 2.00% plus an interest rate based on the Secured Overnight Financing Rate (SOFR).

Schedule of Revolving Credit and Other Facilities

As of March 31, 2026, the maximum availability under our revolving credit and other facilities is as follows (in millions):

2013 Revolving Facility	$	363
2014 Revolving Facility	1,296
2023 Revolving Facility	1,451
Other facilities (1)	400
Total	$	3,510

(1)Includes a revolving credit facility that provides for borrowing capacity of up to $350 million. In March 2026, American elected to exercise its option to extend the maturity date of the revolving credit facility by an additional year to March 2028. Additionally, American currently has $50 million of available borrowing capacity under a cargo receivables facility that is scheduled to expire in December 2026. There are no amounts drawn under these facilities.

2025-1 Aircraft EETC Equipment Notes

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of March 31, 2026, is set forth in the table below:

	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

American Airlines, Inc.

Debt Instrument [Line Items]

Schedule of Debt

Debt included in the condensed consolidated balance sheets consisted of (in millions):

	March 31, 2026		December 31, 2025
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028	$	970	$	970
2014 Term Loan Facility, variable interest rate of 5.52%, installments until due in January 2027	1,147		1,159
2023 Term Loan Facility, variable interest rate of 5.91%, installments until due in June 2029	1,078		1,078
7.25% senior secured notes, interest only payments until due in February 2028	750		750
8.50% senior secured notes	—		1,000
5.50% senior secured notes, installments until due in April 2026 (1)	292		583
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 5.92%, installments until due in April 2028 (1)	2,258		2,264
2025 AAdvantage Term Loan Facility, variable interest rate of 6.42%, installments until due in May 2032 (1)	993		995
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.15%, maturing from 2026 to 2038	7,755		6,912
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.29%, averaging 5.45%, maturing from 2027 to 2037	4,527		4,719
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		789
	23,559		24,219
Unsecured
Senior short-term term loan facility	—		629
Total	23,559		24,848
Less: Total unamortized debt discount, premium and issuance costs	286		313
Less: Current maturities	4,083		3,641
Long-term debt, net of current maturities	$	19,190	$	20,894

(1)Collectively referred to as the AAdvantage Financing.

Schedule of Revolving Credit and Other Facilities

As of March 31, 2026, the maximum availability under American’s revolving credit and other facilities is as follows (in millions):

2013 Revolving Facility	$	363
2014 Revolving Facility	1,296
2023 Revolving Facility	1,451
Other facilities (1)	400
Total	$	3,510

(1)Includes a revolving credit facility that provides for borrowing capacity of up to $350 million. In March 2026, American elected to exercise its option to extend the maturity date of the revolving credit facility by an additional year to March 2028. Additionally, American currently has $50 million of available borrowing capacity under a cargo receivables facility that is scheduled to expire in December 2026. There are no amounts drawn under these facilities.

2025-1 Aircraft EETC Equipment Notes

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of March 31, 2026, is set forth in the table below:

	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below (in millions):

	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	608	$	608	$	—	$	—
Corporate obligations	3,736		—		3,736		—
Bank notes/certificates of deposit/time deposits	1,947		—		1,947		—
Repurchase agreements	100		—		100		—
	6,391		608		5,783		—
Restricted cash and short-term investments (1), (3)	717		411		306		—
Long-term investments (4)	137		137		—		—
Total	$	7,245	$	1,156	$	6,089	$	—

(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.

(2)Our short-term investments mature in one year or less.

(3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport. Restricted short-term investments principally mature in one year or less.

(4)Long-term investments primarily include our equity investment in China Southern Airlines Company Limited (China Southern Airlines). See Note 8 for further information on our equity investments.

Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities

The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions):

	March 31, 2026
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	27,017	$	26,955	$	—	$	23,455	$	3,500
	December 31, 2025
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	28,280	$	28,582	$	—	$	25,051	$	3,531

American Airlines, Inc.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below (in millions):

	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	606	$	606	$	—	$	—
Corporate obligations	3,736		—		3,736		—
Bank notes/certificates of deposit/time deposits	1,946		—		1,946		—
Repurchase agreements	100		—		100		—
	6,388		606		5,782		—
Restricted cash and short-term investments (1), (3)	717		411		306		—
Long-term investments (4)	137		137		—		—
Total	$	7,242	$	1,154	$	6,088	$	—

(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.

(2)American’s short-term investments mature in one year or less.

(3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport. Restricted short-term investments principally mature in one year or less.

(4)Long-term investments primarily include American’s equity investment in China Southern Airlines Company Limited (China Southern Airlines). See Note 7 for further information on American’s equity investments.

Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities

The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions):

	March 31, 2026
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	23,273	$	23,455	$	—	$	23,455	$	—
	December 31, 2025
			Fair Value
	Carrying Value		Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	24,535	$	25,051	$	—	$	25,051	$	—

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Investments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Investments [Line Items]

Schedule of Equity Investment Ownership Interests and Carrying Values

Our equity investment ownership interests and carrying values are as follows:

		Ownership Interest				Carrying Value (in millions)
	Accounting Treatment	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Republic Airways Holdings Inc.	Equity Method	20.8	%	20.8	%	$	253	$	254
China Southern Airlines	Fair Value	1.5	%	1.5	%	135		203
Other investments (1)	Various					144		146
Total						$	532	$	603

(1)Primarily includes our investment in JetSMART Holdings Limited, which is accounted for under the equity method.

American Airlines, Inc.

Schedule of Investments [Line Items]

Schedule of Equity Investment Ownership Interests and Carrying Values

American’s equity investment ownership interests and carrying values are as follows:

		Ownership Interest				Carrying Value (in millions)
	Accounting Treatment	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Republic Airways Holdings Inc.	Equity Method	20.8	%	20.8	%	$	253	$	254
China Southern Airlines	Fair Value	1.5	%	1.5	%	135		203
Other investments (1)	Various					144		146
Total						$	532	$	603

(1)Primarily includes American’s investment in JetSMART Holdings Limited, which is accounted for under the equity method.

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Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2026

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Periodic Benefit Cost (Income)

The following table provides the components of net periodic benefit cost (income) (in millions):

	Pension Benefits				Retiree Medical and Other Postretirement Benefits
Three Months Ended March 31,	2026		2025		2026		2025
Service cost	$	1	$	1	$	6	$	6
Interest cost	177		183		16		18
Expected return on assets	(230)		(232)		(2)		(2)
Amortization of:
Prior service cost	—		—		4		4
Unrecognized net loss (gain)	22		24		(5)		(6)
Net periodic benefit cost (income)	$	(30)	$	(24)	$	19	$	20

American Airlines, Inc.

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Periodic Benefit Cost (Income)

The following table provides the components of net periodic benefit cost (income) (in millions):

	Pension Benefits				Retiree Medical and Other Postretirement Benefits
Three Months Ended March 31,	2026		2025		2026		2025
Service cost	$	1	$	1	$	6	$	6
Interest cost	175		182		16		18
Expected return on assets	(228)		(231)		(2)		(2)
Amortization of:
Prior service cost	—		—		4		4
Unrecognized net loss (gain)	22		24		(5)		(6)
Net periodic benefit cost (income)	$	(30)	$	(24)	$	19	$	20

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2026

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):

	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Loss on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2025	$	(2,732)	$	—	$	(1,657)	$	(4,389)
Other comprehensive income (loss) before reclassifications	3		(2)		—		1
Amounts reclassified from AOCI	21		—		(5)		16
Net current-period other comprehensive income (loss)	24		(2)		(5)		17
Balance at March 31, 2026	$	(2,708)	$	(2)	$	(1,662)	$	(4,372)

(1)Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net loss until the obligations are fully extinguished. Amounts reclassified from AOCI are recognized within the income tax benefit on the condensed consolidated statements of operations.

Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of AOCI are as follows (in millions):

	Amounts reclassified from AOCI				Affected line items on the condensed consolidated statements of operations
AOCI Components	Three Months Ended March 31,
	2026		2025
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	3	$	4	Nonoperating other expense, net
Actuarial loss	13		14		Nonoperating other expense, net
Total reclassifications for the period, net of tax	$	16	$	18

American Airlines, Inc.

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):

	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Loss on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2025	$	(2,742)	$	—	$	(1,765)	$	(4,507)
Other comprehensive income (loss) before reclassifications	3		(2)		—		1
Amounts reclassified from AOCI	21		—		(5)		16
Net current-period other comprehensive income (loss)	24		(2)		(5)		17
Balance at March 31, 2026	$	(2,718)	$	(2)	$	(1,770)	$	(4,490)

(1)Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net loss until the obligations are fully extinguished. Amounts reclassified from AOCI are recognized within the income tax benefit on the condensed consolidated statements of operations.

Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of AOCI are as follows (in millions):

	Amounts reclassified from AOCI				Affected line items on the condensed consolidated statements of operations
AOCI Components	Three Months Ended March 31,
	2026		2025
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	3	$	4	Nonoperating other expense, net
Actuarial loss	13		14		Nonoperating other expense, net
Total reclassifications for the period, net of tax	$	16	$	18

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Transactions with Related Parties (Tables)

3 Months Ended

Mar. 31, 2026

American Airlines, Inc.

Entity Information [Line Items]

Schedule of Net Receivables (Payables) to Related Parties

The following represents the net receivables (payables) from or to related parties (in millions):

	March 31, 2026		December 31, 2025
AAG	$	12,146	$	11,938
AAG’s wholly-owned subsidiaries (1)	(2,079)		(2,042)
Total	$	10,067	$	9,896

(1)The net payable to AAG’s wholly-owned subsidiaries consists primarily of amounts due under regional capacity purchase agreements with AAG’s wholly-owned regional airlines operating under the brand name of American Eagle.

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Special Items, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Mark-to-market adjustments on equity investments, net	$ 72	$ 29
Debt refinancing and extinguishment	54	19
Other nonoperating special items, net	9	0
Nonoperating special items, net	135	48
American Airlines, Inc.
Restructuring Cost and Reserve [Line Items]
Mark-to-market adjustments on equity investments, net	72	29
Debt refinancing and extinguishment	54	19
Other nonoperating special items, net	9	0
Nonoperating special items, net	135	48
Mainline operating special items, net
Restructuring Cost and Reserve [Line Items]
Litigation reserve adjustments	12	30
Labor contract expenses	2	31
Other operating special items, net	0	9
Operating special items, net	14	70
Mainline operating special items, net | American Airlines, Inc.
Restructuring Cost and Reserve [Line Items]
Litigation reserve adjustments	12	30
Labor contract expenses	2	31
Other operating special items, net	0	9
Operating special items, net	$ 14	$ 70

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Loss Per Common Share - Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic and diluted EPS:
Net loss	$ (382)	$ (473)
Weighted average common shares outstanding (in thousands), basic (in shares)	661,181	658,880
Weighted average common shares outstanding (in thousands), diluted (in shares)	661,181	658,880
Basic EPS (in dollars per share)	$ (0.58)	$ (0.72)
Diluted EPS (in dollars per share)	$ (0.58)	$ (0.72)

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Loss Per Common Share - Anti-Dilutive Securities Excluded From Calculation of Diluted EPS (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 27, 2025
6.50% Senior Notes | Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate	6.50%		6.50%
Restricted stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,625	1,836
6.50% convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	61,728

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Loss Per Common Share - Narrative (Details) - PSP2 Warrants shares in Millions	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Class of Warrant or Right [Line Items]
Exercises in period (in shares)	2.8
Exercise price of warrants (in dollars per share) | $ / shares	$ 15.66
Expirations in the period (in shares)	2.9

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Loss Per Common Share - Schedule of PSP Warrants (Details) shares in Thousands	Mar. 31, 2026 $ / shares shares
PSP2 Warrants
Class of Warrant or Right [Line Items]
Warrants Issued (in shares) | shares	883
Exercise price of warrants (in dollars per share) | $ / shares	$ 15.66
PSP3 Warrants
Class of Warrant or Right [Line Items]
Warrants Issued (in shares) | shares	4,407
Exercise price of warrants (in dollars per share) | $ / shares	$ 21.75

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Revenue Recognition - Significant Categories of Reported Operating Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from External Customer [Line Items]
Total operating revenues	$ 13,912	$ 12,551
American Airlines, Inc.
Revenue from External Customer [Line Items]
Total operating revenues	13,911	12,549
Passenger
Revenue from External Customer [Line Items]
Total operating revenues	12,495	11,391
Passenger | American Airlines, Inc.
Revenue from External Customer [Line Items]
Total operating revenues	12,495	11,391
Passenger travel
Revenue from External Customer [Line Items]
Total operating revenues	11,515	10,475
Passenger travel | American Airlines, Inc.
Revenue from External Customer [Line Items]
Total operating revenues	11,515	10,475
Loyalty revenue - travel
Revenue from External Customer [Line Items]
Total operating revenues	980	916
Loyalty revenue - travel | American Airlines, Inc.
Revenue from External Customer [Line Items]
Total operating revenues	980	916
Cargo
Revenue from External Customer [Line Items]
Total operating revenues	214	189
Cargo | American Airlines, Inc.
Revenue from External Customer [Line Items]
Total operating revenues	214	189
Other
Revenue from External Customer [Line Items]
Total operating revenues	1,203	971
Other | American Airlines, Inc.
Revenue from External Customer [Line Items]
Total operating revenues	1,202	969
Loyalty revenue - marketing services
Revenue from External Customer [Line Items]
Total operating revenues	1,027	823
Loyalty revenue - marketing services | American Airlines, Inc.
Revenue from External Customer [Line Items]
Total operating revenues	1,027	823
Other revenue
Revenue from External Customer [Line Items]
Total operating revenues	176	148
Other revenue | American Airlines, Inc.
Revenue from External Customer [Line Items]
Total operating revenues	$ 175	$ 146

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Revenue Recognition - Passenger Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Airline Destination Disclosure [Line Items]
Total passenger revenue	$ 13,912	$ 12,551
American Airlines, Inc.
Airline Destination Disclosure [Line Items]
Total passenger revenue	13,911	12,549
Passenger
Airline Destination Disclosure [Line Items]
Total passenger revenue	12,495	11,391
Passenger | American Airlines, Inc.
Airline Destination Disclosure [Line Items]
Total passenger revenue	12,495	11,391
Passenger | Domestic
Airline Destination Disclosure [Line Items]
Total passenger revenue	8,990	8,127
Passenger | Domestic | American Airlines, Inc.
Airline Destination Disclosure [Line Items]
Total passenger revenue	8,990	8,127
Passenger | Latin America
Airline Destination Disclosure [Line Items]
Total passenger revenue	1,963	1,906
Passenger | Latin America | American Airlines, Inc.
Airline Destination Disclosure [Line Items]
Total passenger revenue	1,963	1,906
Passenger | Atlantic
Airline Destination Disclosure [Line Items]
Total passenger revenue	1,102	965
Passenger | Atlantic | American Airlines, Inc.
Airline Destination Disclosure [Line Items]
Total passenger revenue	1,102	965
Passenger | Pacific
Airline Destination Disclosure [Line Items]
Total passenger revenue	440	393
Passenger | Pacific | American Airlines, Inc.
Airline Destination Disclosure [Line Items]
Total passenger revenue	$ 440	$ 393

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Revenue Recognition - Significant Contract Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Total	$ 21,617	$ 17,722
American Airlines, Inc.
Disaggregation of Revenue [Line Items]
Total	21,617	17,722
Loyalty program liability
Disaggregation of Revenue [Line Items]
Total	11,586	10,564
Loyalty program liability | American Airlines, Inc.
Disaggregation of Revenue [Line Items]
Total	11,586	10,564
Air traffic liability
Disaggregation of Revenue [Line Items]
Total	10,031	7,158
Air traffic liability | American Airlines, Inc.
Disaggregation of Revenue [Line Items]
Total	$ 10,031	$ 7,158

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Revenue Recognition - Changes in Loyalty Program Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Movement In Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 17,722
Ending balance	21,617
American Airlines, Inc.
Movement In Contract With Customer, Liability [Roll Forward]
Beginning balance	17,722
Ending balance	21,617
Loyalty program liability
Movement In Contract With Customer, Liability [Roll Forward]
Beginning balance	10,564
Deferral of revenue	2,020
Recognition of revenue	(998)
Ending balance	$ 11,586
Inactive period before expiration of mileage credits (in months)	24 months
Deferred revenue, current	$ 4,210	$ 3,725
Revenue recognition term (in months)	12 months
Loyalty program liability | American Airlines, Inc.
Movement In Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 10,564
Deferral of revenue	2,020
Recognition of revenue	(998)
Ending balance	$ 11,586
Inactive period before expiration of mileage credits (in months)	24 months
Deferred revenue, current	$ 4,210	$ 3,725
Revenue recognition term (in months)	12 months

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Revenue Recognition - Narrative (Details) - Air traffic liability $ in Billions	3 Months Ended
	Mar. 31, 2026 USD ($)
Disaggregation of Revenue [Line Items]
Contract term (in years)	1 year
Revenue recognition term (in months)	12 months
Recognition of revenue	$ 4.2
American Airlines, Inc.
Disaggregation of Revenue [Line Items]
Contract term (in years)	1 year
Revenue recognition term (in months)	12 months
Recognition of revenue	$ 4.2

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Debt - Components of Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total	$ 27,305	$ 28,594
Less: Total unamortized debt discount, premium and issuance costs	288	314
Less: Current maturities	4,083	3,641
Long-term debt, net of current maturities	22,934	24,639
Unsecured Debt
Debt Instrument [Line Items]
Total	3,746	4,375
American Airlines, Inc.
Debt Instrument [Line Items]
Total	23,559	24,848
Less: Total unamortized debt discount, premium and issuance costs	286	313
Less: Current maturities	4,083	3,641
Long-term debt, net of current maturities	19,190	20,894
Senior Unsecured Short Term Loan Facility | Unsecured Debt
Debt Instrument [Line Items]
Short-term debt	0	629
Senior Unsecured Short Term Loan Facility | American Airlines, Inc. | Unsecured Debt
Debt Instrument [Line Items]
Short-term debt	0	629
Secured Debt
Debt Instrument [Line Items]
Long-term debt	23,559	24,219
Secured Debt | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	23,559	24,219
Secured Debt | 2013 Revolving Facility
Debt Instrument [Line Items]
Long-term debt	$ 970	970
Variable interest rate	6.00%
Secured Debt | 2013 Revolving Facility | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 970	970
Variable interest rate	6.00%
Secured Debt | 2014 Revolving Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,147	1,159
Variable interest rate	5.52%
Secured Debt | 2014 Revolving Facility | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 1,147	1,159
Variable interest rate	5.52%
Secured Debt | 2023 Revolving Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,078	1,078
Variable interest rate	5.91%
Secured Debt | 2023 Revolving Facility | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 1,078	1,078
Variable interest rate	5.91%
Secured Debt | 7.25% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 750	750
Interest rate	7.25%
Secured Debt | 7.25% Senior Notes | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 750	750
Interest rate	7.25%
Secured Debt | 8.50% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 1,000
Interest rate		8.50%
Secured Debt | 8.50% Senior Notes | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 1,000
Interest rate	8.50%	8.50%
Secured Debt | 5.50% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 292	$ 583
Interest rate	5.50%
Secured Debt | 5.50% Senior Notes | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 292	583
Interest rate	5.50%
Secured Debt | 5.75% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 3,000	3,000
Interest rate	5.75%
Secured Debt | 5.75% Senior Notes | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 3,000	3,000
Interest rate	5.75%
Secured Debt | 2021 AAdvantage Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	$ 2,258	2,264
Variable interest rate	5.92%
Secured Debt | 2021 AAdvantage Term Loan Facility | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 2,258	2,264
Variable interest rate	5.92%
Secured Debt | 2025 AAdvantage Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	$ 993	995
Variable interest rate	6.42%
Secured Debt | 2025 AAdvantage Term Loan Facility | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 993	995
Variable interest rate	6.42%
Secured Debt | Enhanced Equipment Trust Certificates (EETC)
Debt Instrument [Line Items]
Long-term debt	$ 7,755	6,912
Average interest rate	4.15%
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 7,755	6,912
Average interest rate	4.15%
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Minimum
Debt Instrument [Line Items]
Interest rate	2.88%
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Minimum | American Airlines, Inc.
Debt Instrument [Line Items]
Interest rate	2.88%
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Maximum
Debt Instrument [Line Items]
Interest rate	7.15%
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Maximum | American Airlines, Inc.
Debt Instrument [Line Items]
Interest rate	7.15%
Secured Debt | Equipment Loans and Other Notes Payable
Debt Instrument [Line Items]
Long-term debt	$ 4,527	4,719
Average interest rate	5.45%
Secured Debt | Equipment Loans and Other Notes Payable | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 4,527	4,719
Average interest rate	5.45%
Secured Debt | Equipment Loans and Other Notes Payable | Minimum
Debt Instrument [Line Items]
Interest rate	2.55%
Secured Debt | Equipment Loans and Other Notes Payable | Minimum | American Airlines, Inc.
Debt Instrument [Line Items]
Interest rate	2.55%
Secured Debt | Equipment Loans and Other Notes Payable | Maximum
Debt Instrument [Line Items]
Interest rate	6.29%
Secured Debt | Equipment Loans and Other Notes Payable | Maximum | American Airlines, Inc.
Debt Instrument [Line Items]
Interest rate	6.29%
Secured Debt | Special Facility Revenue Bonds
Debt Instrument [Line Items]
Long-term debt	$ 789	789
Secured Debt | Special Facility Revenue Bonds | American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 789	789
Secured Debt | Special Facility Revenue Bonds | Minimum
Debt Instrument [Line Items]
Interest rate	2.25%
Secured Debt | Special Facility Revenue Bonds | Minimum | American Airlines, Inc.
Debt Instrument [Line Items]
Interest rate	2.25%
Secured Debt | Special Facility Revenue Bonds | Maximum
Debt Instrument [Line Items]
Interest rate	5.38%
Secured Debt | Special Facility Revenue Bonds | Maximum | American Airlines, Inc.
Debt Instrument [Line Items]
Interest rate	5.38%
Unsecured Debt | Payroll Support Program Promissory Note One, CARES Act
Debt Instrument [Line Items]
Long-term debt	$ 1,757	1,757
Variable interest rate	5.57%
Unsecured Debt | Payroll Support Program Promissory Note Two, CARES Act
Debt Instrument [Line Items]
Long-term debt	$ 1,030	1,030
Variable interest rate	5.57%
Unsecured Debt | Payroll Support Program Promissory Note Three, CARES Act
Debt Instrument [Line Items]
Long-term debt	$ 959	$ 959
Interest rate	1.00%
Basis spread on variable rate	2.00%

XML

Debt - Schedule of Line of Credit (Details) - Revolving Credit Facility $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
Total	$ 3,510
2013 Revolving Facility
Debt Instrument [Line Items]
Total	363
2014 Revolving Facility
Debt Instrument [Line Items]
Total	1,296
2023 Revolving Facility
Debt Instrument [Line Items]
Total	1,451
Other facilities
Debt Instrument [Line Items]
Total	400
American Airlines, Inc.
Debt Instrument [Line Items]
Total	3,510
American Airlines, Inc. | 2013 Revolving Facility
Debt Instrument [Line Items]
Total	363
American Airlines, Inc. | 2014 Revolving Facility
Debt Instrument [Line Items]
Total	1,296
American Airlines, Inc. | 2023 Revolving Facility
Debt Instrument [Line Items]
Total	1,451
American Airlines, Inc. | Other facilities
Debt Instrument [Line Items]
Total	400
American Airlines, Inc. | Other Revolving Facility
Debt Instrument [Line Items]
Line of credit facility, aggregate commitments	350
American Airlines, Inc. | Other Revolving Facility | Secured Debt
Debt Instrument [Line Items]
Amount drawn	0
American Airlines, Inc. | Cargo Receivable Facility
Debt Instrument [Line Items]
Total	$ 50

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Debt - Narrative (Details) $ in Millions	1 Months Ended			3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) aircraft	Feb. 28, 2026	Nov. 30, 2025 USD ($) aircraft pass_through_trust	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) aircraft
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt				$ 997	$ 325
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	$ 3,510			3,510
American Airlines, Inc.
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt				997	$ 325
American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	3,510			3,510
Other Revolving Facility | American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, aggregate commitments	350			350
Other Revolving Facility | Secured Debt | American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Amount drawn				0
Cargo Receivable Facility | American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	50			50
2013 Revolving Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	363			363
2013 Revolving Facility | American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	363			363
2013 Revolving Facility | Line of Credit | American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, aggregate commitments	363			363
2013 Revolving Facility | Line of Credit | American Airlines, Inc. | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, aggregate commitments	155			155
2014 Revolving Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	1,296			1,296
2014 Revolving Facility | American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	1,296			1,296
2014 Revolving Facility | Line of Credit | American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, aggregate commitments	1,300			1,300
2014 Revolving Facility | Line of Credit | American Airlines, Inc. | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, aggregate commitments	195			195
2023 Revolving Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	1,451			1,451
2023 Revolving Facility | American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	1,451			1,451
2023 Revolving Facility | Line of Credit | American Airlines, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, aggregate commitments	$ 1,500			$ 1,500
AAdvantage Term Loan Facility, Fourth Amendment | Line of Credit | American Airlines, Inc. | Base Rate | Secured Debt
Debt Instrument [Line Items]
Floor interest rate		0.00%
Debt instrument, basis spread on variable rate, interest rate margin		1.75%
AAdvantage Term Loan Facility, Fourth Amendment | Line of Credit | American Airlines, Inc. | SOFR | Secured Debt
Debt Instrument [Line Items]
Floor interest rate		0.00%
Debt instrument, basis spread on variable rate, interest rate margin		2.75%
2026-1 Aircraft Enhanced Equipment Trust Certificate ("EETCs") | Enhanced Equipment Trust Certificates (EETC) | American Airlines, Inc.
Debt Instrument [Line Items]
Interest rate	5.61%			5.61%
Proceeds from issuance of long-term debt	$ 870
2025-1 Aircraft Enhanced Equipment Trust Certificate ("EETCs") | Enhanced Equipment Trust Certificates (EETC) | American Airlines, Inc.
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,100
Number of pass through trusts | pass_through_trust			2
Number of aircraft delivered or to be delivered | aircraft			25
Proceeds from issuance of long-term debt	$ 127					$ 978
Number of aircrafts financed | aircraft	4					21
8.50% Senior Notes | Secured Debt
Debt Instrument [Line Items]
Interest rate						8.50%
8.50% Senior Notes | Secured Debt | American Airlines, Inc.
Debt Instrument [Line Items]
Interest rate	8.50%			8.50%		8.50%
Repayments of long-term debt				$ 1,000
Senior Unsecured Short Term Loan Facility | American Airlines, Inc. | Unsecured Debt
Debt Instrument [Line Items]
Prepayment of short-term term loan facility				$ 629

XML

Debt - Summary of EETCs (Details) - American Airlines, Inc. - Enhanced Equipment Trust Certificates (EETC) $ in Millions	Mar. 31, 2026 USD ($)
2025-1 Aircraft EETCs, Series A
Debt Instrument [Line Items]
Aggregate principal amount	$ 884
Average interest rate	4.90%
2025-1 Aircraft EETCs, Series B
Debt Instrument [Line Items]
Aggregate principal amount	$ 221
Average interest rate	5.65%

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Tax Credit Carryforward [Line Items]
Other carryforwards			$ 6,000
Income tax benefit	$ 94	$ 175
American Airlines, Inc.
Tax Credit Carryforward [Line Items]
Other carryforwards			3,800
Income tax benefit	$ 64	$ 144
Federal
Tax Credit Carryforward [Line Items]
NOL carryforwards			11,900
Operating loss carryforwards and other carryforwards, subject to expiration			1,600
Operating loss carryforwards and other carryforwards, not subject to expiration			16,300
Federal | American Airlines, Inc.
Tax Credit Carryforward [Line Items]
NOL carryforwards			11,700
Operating loss carryforwards and other carryforwards, subject to expiration			1,800
Operating loss carryforwards and other carryforwards, not subject to expiration			13,700
State
Tax Credit Carryforward [Line Items]
NOL carryforwards			5,000
State | American Airlines, Inc.
Tax Credit Carryforward [Line Items]
NOL carryforwards			$ 4,700

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Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 6,391	$ 4,882
Restricted cash and short-term investments	717
Long-term investments	137
Total	7,245
American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	6,388	$ 4,880
Restricted cash and short-term investments	717
Long-term investments	137
Total	7,242
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	608
Money market funds | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	606
Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,736
Corporate obligations | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,736
Bank notes/certificates of deposit/time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,947
Bank notes/certificates of deposit/time deposits | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,946
Repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	100
Repurchase agreements | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	100
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	608
Restricted cash and short-term investments	411
Long-term investments	137
Total	1,156
Level 1 | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	606
Restricted cash and short-term investments	411
Long-term investments	137
Total	1,154
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	608
Level 1 | Money market funds | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	606
Level 1 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 1 | Corporate obligations | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 1 | Bank notes/certificates of deposit/time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 1 | Bank notes/certificates of deposit/time deposits | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 1 | Repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 1 | Repurchase agreements | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	5,783
Restricted cash and short-term investments	306
Long-term investments	0
Total	6,089
Level 2 | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	5,782
Restricted cash and short-term investments	306
Long-term investments	0
Total	6,088
Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 2 | Money market funds | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 2 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,736
Level 2 | Corporate obligations | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,736
Level 2 | Bank notes/certificates of deposit/time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,947
Level 2 | Bank notes/certificates of deposit/time deposits | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,946
Level 2 | Repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	100
Level 2 | Repurchase agreements | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	100
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Restricted cash and short-term investments	0
Long-term investments	0
Total	0
Level 3 | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Restricted cash and short-term investments	0
Long-term investments	0
Total	0
Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 3 | Money market funds | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 3 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 3 | Corporate obligations | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 3 | Bank notes/certificates of deposit/time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 3 | Bank notes/certificates of deposit/time deposits | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 3 | Repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 3 | Repurchase agreements | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 0

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Fair Value Measurements - Narrative (Details) - Fair Value - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 26,955	$ 28,582
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 23,455	$ 25,051

XML

Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	$ 27,017	$ 28,280
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	26,955	28,582
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	23,455	25,051
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	3,500	3,531
American Airlines, Inc. | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	23,273	24,535
American Airlines, Inc. | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	23,455	25,051
American Airlines, Inc. | Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	0	0
American Airlines, Inc. | Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	23,455	25,051
American Airlines, Inc. | Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	$ 0	$ 0

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Investments - Schedule of Equity Investments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 144	$ 146
American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	144	146
Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	532	603
Equity Securities | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 532	$ 603
China Southern Airlines
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest, fair value method investments	1.50%	1.50%
Carrying value, fair value method investments	$ 135	$ 203
China Southern Airlines | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest, fair value method investments	1.50%	1.50%
Carrying value, fair value method investments	$ 135	$ 203
Republic Airways Holdings Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest, equity method investments	20.80%	20.80%
Carrying value, equity method investments	$ 253	$ 254
Republic Airways Holdings Inc. | American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest, equity method investments	20.80%	20.80%
Carrying value, equity method investments	$ 253	$ 254

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Employee Benefit Plans - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	177	183
Expected return on assets	(230)	(232)
Amortization of:
Prior service cost	0	0
Unrecognized net loss (gain)	22	24
Net periodic benefit cost (income)	(30)	(24)
Pension Benefits | American Airlines, Inc.
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1
Interest cost	175	182
Expected return on assets	(228)	(231)
Amortization of:
Prior service cost	0	0
Unrecognized net loss (gain)	22	24
Net periodic benefit cost (income)	(30)	(24)
Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	6	6
Interest cost	16	18
Expected return on assets	(2)	(2)
Amortization of:
Prior service cost	4	4
Unrecognized net loss (gain)	(5)	(6)
Net periodic benefit cost (income)	19	20
Retiree Medical and Other Postretirement Benefits | American Airlines, Inc.
Defined Benefit Plan Disclosure [Line Items]
Service cost	6	6
Interest cost	16	18
Expected return on assets	(2)	(2)
Amortization of:
Prior service cost	4	4
Unrecognized net loss (gain)	(5)	(6)
Net periodic benefit cost (income)	$ 19	$ 20

XML

Employee Benefit Plans - Narrative (Details) - Pension Benefits $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributed amount	$ 236
Supplemental contributions	50
American Airlines, Inc.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributed amount	236
Supplemental contributions	$ 50

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Accumulated Other Comprehensive Loss - Components of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Tax
Beginning balance, tax	$ (1,657)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from AOCI	(5)
Net current-period other comprehensive income (loss)	(5)
Ending balance, tax	(1,662)
Net of tax
Beginning balance	(3,727)	$ (3,977)
Other comprehensive income (loss) before reclassifications	1
Amounts reclassified from AOCI	16
Total other comprehensive income, net of tax	17	18
Ending balance	(4,077)	(4,508)
American Airlines, Inc.
Tax
Beginning balance, tax	(1,765)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from AOCI	(5)
Net current-period other comprehensive income (loss)	(5)
Ending balance, tax	(1,770)
Net of tax
Beginning balance	9,028	8,234
Other comprehensive income (loss) before reclassifications	1
Amounts reclassified from AOCI	16
Total other comprehensive income, net of tax	17	18
Ending balance	8,793	7,884
Accumulated Other Comprehensive Loss
Net of tax
Beginning balance	(4,389)	(4,565)
Total other comprehensive income, net of tax	17	18
Ending balance	(4,372)	(4,547)
Accumulated Other Comprehensive Loss | American Airlines, Inc.
Net of tax
Beginning balance	(4,507)	(4,677)
Total other comprehensive income, net of tax	17	18
Ending balance	(4,490)	$ (4,659)
Pension, Retiree Medical and Other Postretirement Benefits
Before tax
Beginning balance, before tax	(2,732)
Amounts reclassified from AOCI	21
Net current-period other comprehensive income (loss)	24
Ending balance, before tax	(2,708)
Net of tax
Other comprehensive income (loss) before reclassifications	3
Pension, Retiree Medical and Other Postretirement Benefits | American Airlines, Inc.
Before tax
Beginning balance, before tax	(2,742)
Amounts reclassified from AOCI	21
Net current-period other comprehensive income (loss)	24
Ending balance, before tax	(2,718)
Net of tax
Other comprehensive income (loss) before reclassifications	3
Unrealized Loss on Investments
Before tax
Beginning balance, before tax	0
Amounts reclassified from AOCI	0
Net current-period other comprehensive income (loss)	(2)
Ending balance, before tax	(2)
Net of tax
Other comprehensive income (loss) before reclassifications	(2)
Unrealized Loss on Investments | American Airlines, Inc.
Before tax
Beginning balance, before tax	0
Amounts reclassified from AOCI	0
Net current-period other comprehensive income (loss)	(2)
Ending balance, before tax	(2)
Net of tax
Other comprehensive income (loss) before reclassifications	$ (2)

XML

Accumulated Other Comprehensive Loss - Reclassifications out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Nonoperating other expense, net	$ 435	$ 378
Total reclassifications for the period, net of tax	382	473
American Airlines, Inc.
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Nonoperating other expense, net	302	260
Total reclassifications for the period, net of tax	274	384
Amounts reclassified from AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	16	18
Amounts reclassified from AOCI | American Airlines, Inc.
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	16	18
Amounts reclassified from AOCI | Prior service cost
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Nonoperating other expense, net	3	4
Amounts reclassified from AOCI | Prior service cost | American Airlines, Inc.
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Nonoperating other expense, net	3	4
Amounts reclassified from AOCI | Actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Nonoperating other expense, net	13	14
Amounts reclassified from AOCI | Actuarial loss | American Airlines, Inc.
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Nonoperating other expense, net	$ 13	$ 14

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Regional Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Regional Expenses [Line Items]
Depreciation and amortization	$ 475	$ 468
Aircraft rent	309	297
Regional expenses	1,404	1,351
American Airlines, Inc.
Regional Expenses [Line Items]
Depreciation and amortization	475	467
Aircraft rent	309	297
Regional expenses	$ 1,399	1,349
Republic Airways Holdings, Inc.
Regional Expenses [Line Items]
Ownership percentage	20.80%
Republic Airways Holdings, Inc. | American Airlines, Inc.
Regional Expenses [Line Items]
Ownership percentage	20.80%
Regional operating special items, net
Regional Expenses [Line Items]
Depreciation and amortization	$ 91	79
Aircraft rent	2	2
Regional operating special items, net | American Airlines, Inc.
Regional Expenses [Line Items]
Depreciation and amortization	77	70
Aircraft rent	2	2
Regional operating special items, net | Republic Airways Holdings Inc.
Regional Expenses [Line Items]
Regional expenses	177	168
Regional operating special items, net | Republic Airways Holdings Inc. | American Airlines, Inc.
Regional Expenses [Line Items]
Regional expenses	$ 177	$ 168

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Transactions with Related Parties (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
AAG’s wholly-owned subsidiaries	$ (3,610)	$ (2,840)
American Airlines, Inc.
Related Party Transaction [Line Items]
AAG’s wholly-owned subsidiaries	(3,479)	(2,717)
Total	10,067	9,896
American Airlines, Inc. | Total
Related Party Transaction [Line Items]
Total	10,067	9,896
American Airlines, Inc. | AAG
Related Party Transaction [Line Items]
AAG	12,146	11,938
American Airlines, Inc. | AAG's wholly-owned subsidiaries
Related Party Transaction [Line Items]
AAG’s wholly-owned subsidiaries	$ (2,079)	$ (2,042)

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Legal Proceedings (Details) - Private Party Antitrust Actions Related to the Northeast Alliance	Feb. 15, 2023 lawsuit	Dec. 07, 2022 plaintiff
Long-term Purchase Commitment [Line Items]
Number of private party plaintiffs who filed putative class action | plaintiff		2
Number of additional putative class action lawsuits | lawsuit	2
American Airlines, Inc.
Long-term Purchase Commitment [Line Items]
Number of private party plaintiffs who filed putative class action | plaintiff		2
Number of additional putative class action lawsuits | lawsuit	2