8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 24, 2019

AMERICAN AIRLINES GROUP INC.

AMERICAN AIRLINES, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-8400	75-1825172
Delaware	1-2691	13-1502798
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

1 Skyview Drive,	Fort Worth,	Texas	76155
1 Skyview Drive,	Fort Worth,	Texas	76155
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code:

(817) 963-1234

(817) 963-1234

N/A

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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. ☐

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 24, 2019, American Airlines Group Inc. (the “Company”) issued a press release reporting financial results for the three and nine months ended September 30, 2019. The press release is furnished as Exhibit 99.1.

ITEM 7.01. REGULATION FD DISCLOSURE.

On October 24, 2019, the Company provided an update for investors presenting information relating to its financial and operational outlook for 2019. This investor update is located on the Company’s website at www.aa.com under “Investor Relations.” The investor update is furnished as Exhibit 99.2.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.
Exhibit No.	Description
99.1	Press Release, dated October 24, 2019.
99.2	Investor Update, dated October 24, 2019.
104.1	Cover page interactive data file (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, American Airlines Group Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AMERICAN AIRLINES GROUP INC.
Date: October 24, 2019	By:	/s/ Derek J. Kerr
		Derek J. Kerr
		Executive Vice President and Chief Financial Officer

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

	AMERICAN AIRLINES, INC.
Date: October 24, 2019	By:	/s/ Derek J. Kerr
		Derek J. Kerr
		Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

	Corporate Communications
	817-967-1577
	mediarelations@aa.com

FOR RELEASE: Thursday, October 24, 2019

AMERICAN AIRLINES GROUP REPORTS

THIRD-QUARTER 2019 PROFIT

FORT WORTH, Texas – American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2019 results, including these highlights:

• Reported third-quarter 2019 pre-tax income of $557 million and net income of $425 million. Excluding net special items, both pre-tax income and net income rose more than 15% year over year to $835 million and $630 million,¹ respectively.

• Third-quarter earnings were $0.96 per diluted share. Excluding net special items, earnings per share grew 20% year over year to $1.42 per diluted share¹.

• Reported record third-quarter revenue of $11.9 billion. Also reported third-quarter total revenue per available seat mile (TRASM) of 15.71 cents, an increase of 2% year over year. This marks the 12th consecutive quarter of TRASM growth.

• Returned $244 million to shareholders in the form of dividends and share repurchases in the third quarter.

“We are pleased to report an earnings increase of 15% and earnings per share growth of 20% for the third quarter, excluding net special items” said Chairman and CEO Doug Parker. “However, we know that our results should have been better. Our third quarter was impacted by the continued grounding of the Boeing 737 MAX and the operational challenges resulting from ongoing labor contract negotiations. These challenges affected our customers, our shareholders and our team members, who we thank for their hard work and perseverance.”

“We are taking decisive action to correct this performance and are excited about our prospects for 2020 and beyond. As we look forward, we are committed to restoring operational excellence, growing efficiently and profitably, and generating significant free cash flow for our investors.”

Third-Quarter Revenue and Expenses

Pre-tax earnings excluding net special items for the third quarter of 2019 were $835 million, a 16% year-over-year increase from the third quarter of 2018. Excluding net special items, net income was $630 million, or $1.42 per diluted share.

American Airlines Group Reports Third Quarter 2019 Profit

October 24, 2019

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	GAAP						Non-GAAP1
	3Q19			3Q18			3Q19			3Q18
Operating income ($ mil)	808			685			1,042			894
Pre-tax income ($ mil)	557			496			835			720
Pre-tax margin	4.7		%	4.3		%	7.0		%	6.2		%
Net income ($ mil)	425			372			630			547
Earnings per diluted share	$	0.96		$	0.81		$	1.42		$	1.19

Strong passenger demand drove a 3% year-over-year increase in third-quarter 2019 total revenue to a record $11.9 billion. Driven by a 3 percentage point increase in total passenger load factor, passenger revenue per available seat mile (PRASM) grew 3% to a record 14.50 cents. Cargo revenue decreased 20% to $208 million due primarily to a 17% decrease in cargo ton miles. Other revenue was down 4% to $708 million. Third-quarter 2019 TRASM increased by 2% year over year to a record 15.71 cents on a 1% increase in total available seat miles, marking the 12th consecutive quarter of growth.

Total third-quarter 2019 operating expenses were $11.1 billion, up 2% year over year. Total operating cost per available seat mile (CASM) was 14.64 cents in the third quarter of 2019, up 1% from the third quarter of 2018. Excluding fuel and net special items, third-quarter 2019 CASM was 11.07 cents, up 5% year over year due primarily to higher salaries and benefits, maintenance and regional expense, and lower than planned capacity.

DFW 900

Earlier this summer, American embarked on a network expansion project by adding approximately 100 daily departures at its largest hub, Dallas Fort Worth International Airport (DFW). The results have surpassed initial expectations, and, in the third quarter, the company grew domestic capacity at DFW by 9% and produced PRASM growth of 3.5% compared to 2018. This is the largest expansion of capacity at any hub in the U.S. in more than a decade and sets a positive precedent for American’s planned expansions next year at Charlotte Douglas International Airport and Ronald Reagan Washington National Airport in 2021.

Fleet Update

On March 13, a directive from the Federal Aviation Administration (FAA) grounded all U.S.-registered Boeing 737 MAX aircraft. The American fleet currently includes 24 MAX aircraft with an additional 76 aircraft on order, of which five were scheduled to be delivered in the third quarter. As a result of this directive, American canceled 9,475 flights in the third quarter of 2019. The company estimates that the cancellations in the third quarter negatively impacted pre-tax income by approximately $140 million.

The company has removed all MAX flying from its flight schedule through Jan. 15, 2020. With the flight cancellations extending through the remainder of 2019, the company now expects the MAX cancellations will negatively impact its full-year 2019 pre-tax income by approximately $540 million.

Operations

American has seen recent improvement in key operational metrics, including on-time departures and arrivals. The company’s on-time performance in September was its best performance in almost two years, and this improvement has continued into October.

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October 24, 2019

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American Airlines President Robert Isom said, “We continue to strengthen our operations with ongoing enhancements, including retiring older aircraft, simplifying our fleet and schedule, and fortifying our maintenance and airport resources. Our underlying execution is solid, and we are committed to returning American to a position of operational excellence.”

Share Repurchases and Dividends

American returned $200 million to shareholders through the repurchase of 7.3 million shares and also paid $44 million in dividends in the third quarter. The company has approximately $850 million remaining of its existing $2 billion share repurchase authorization². In aggregate, American has returned more than $13 billion to shareholders over the past five years through share repurchases and dividends.

American also declared a dividend of 10 cents per share to be paid Nov. 20 to stockholders of record as of Nov. 6, 2019.

Guidance and Investor Update

American expects its fourth-quarter 2019 TRASM to be flat to up 2% year over year. The company also expects its fourth-quarter 2019 pre-tax margin excluding net special items to be between 5% and 7%³. Based on today’s guidance, American expects its 2019 diluted earnings per share excluding net special items to be between $4.50 and $5.50³.

For additional financial forecasting detail, please refer to the company’s investor update, filed with this release with the SEC on Form 8-K. This filing will be available at aa.com/investorrelations.

Conference Call/Webcast Details

The company will conduct a live audio webcast of its earnings call today at 7:30 a.m. CT, which will be available to the public on a listen-only basis at aa.com/investorrelations. An archive of the webcast will be available on the website through Nov. 24.

Notes

See the accompanying notes in the Financial Tables section of this press release for further explanation, including a reconciliation of all GAAP to non-GAAP financial information.

¹Third quarter 2019 operating net special items principally included a $201 million noncash impairment charge related to the planned retirement of the company's Embraer E190 fleet, $72 million of fleet restructuring expenses and $29 million of merger integration expenses, offset in part by a $53 million credit to reduce certain litigation reserves. The company also reported $44 million of nonoperating net special items, which principally included mark-to-market net unrealized losses associated with certain equity and other investments.

²Share repurchases under the company’s repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions. Any such repurchases that may be made from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors. The company is not obligated to repurchase any specific number of shares and its repurchase of AAG common stock may be limited, suspended or discontinued at any time at its discretion and without prior notice.

³American is unable to reconcile certain forward-looking projections to GAAP, as the nature or amount of net special items cannot be determined at this time.

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October 24, 2019

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About American Airlines Group

American Airlines offers customers 6,800 daily flights to more than 365 destinations in 61 countries from its hubs in Charlotte, Chicago, Dallas-Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. With a shared purpose of caring for people on life’s journey, American’s 130,000 global team members serve more than 200 million customers annually. Since 2013, American has invested more than $28 billion in its product and people and now flies the youngest fleet among U.S. network carriers, equipped with industry-leading high-speed Wi-Fi, lie-flat seats, and more inflight entertainment and access to power. American also has enhanced food and beverage options in the air and on the ground in its world-class Admirals Club and Flagship lounges. American was recently named a Five Star Global Airline by the Airline Passenger Experience Association and Airline of the Year by Air Transport World. American is a founding member of oneworld^®, whose members serve 1,100 destinations in 180 countries and territories. Shares of American Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and the company’s stock is included in the S&P 500. Learn more about what’s happening at American by visiting news.aa.com and connect with American on Twitter @AmericanAir and at Facebook.com/AmericanAirlines.

Cautionary Statement Regarding Forward-Looking Statements and Information

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 the company’s 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 the company’s 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, those set forth in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. There may be other factors of which the company is 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. The company does 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 these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

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October 24, 2019

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American Airlines Group Inc.

Condensed Consolidated Statements of Operations

(In millions, except share and per share amounts)

(Unaudited) 

	3 Months Ended September 30,						Percent Change		9 Months Ended September 30,						Percent Change
	2019			2018 (1)					2019			2018 (1)
Operating revenues:
Passenger	$	10,995		$	10,561		4.1		$	31,663		$	30,714		3.1
Cargo	208			260			(19.9	)	647			748			(13.5	)
Other	708			738			(4.1	)	2,145			2,141			0.2
Total operating revenues	11,911			11,559			3.0		34,455			33,603			2.5
Operating expenses:
Aircraft fuel and related taxes	1,989			2,234			(11.0	)	5,710			6,100			(6.4	)
Salaries, wages and benefits	3,219			3,131			2.8		9,509			9,243			2.9
Regional expenses:
Fuel	485			506			(4.2	)	1,395			1,369			1.8
Depreciation and amortization	84			76			11.2		246			241			2.2
Other	1,364			1,251			9.0		3,941			3,713			6.1
Maintenance, materials and repairs	610			526			15.9		1,745			1,499			16.4
Other rent and landing fees	530			502			5.5		1,568			1,463			7.2
Aircraft rent	335			318			5.2		996			939			6.1
Selling expenses	424			395			7.3		1,194			1,136			5.1
Depreciation and amortization	499			468			6.6		1,469			1,366			7.5
Special items, net	228			207			10.2		487			615			(20.8	)
Other	1,336			1,260			6.1		3,859			3,834			0.6
Total operating expenses	11,103			10,874			2.1		32,119			31,518			1.9
Operating income	808			685			18.0		2,336			2,085			12.0
Nonoperating income (expense):
Interest income	34			29			18.0		103			84			21.6
Interest expense, net	(284		)	(262		)	8.2		(830		)	(788		)	5.3
Other income (expense), net	(1		)	44			nm		76			108			(29.1	)
Total nonoperating expense, net	(251		)	(189		)	32.7		(651		)	(596		)	9.2
Income before income taxes	557			496			12.4		1,685			1,489			13.1
Income tax provision	132			124			7.1		413			401			2.8
Net income	$	425		$	372		14.2		$	1,272		$	1,088		16.9
Earnings per common share:
Basic	$	0.96		$	0.81				$	2.85		$	2.34
Diluted	$	0.96		$	0.81				$	2.84		$	2.33
Weighted average shares outstanding (in thousands):
Basic	441,915			460,526					446,291			465,452
Diluted	442,401			461,507					447,139			466,908

⁽¹⁾  In the fourth quarter of 2018, the company adopted Accounting Standards Update (ASU) 2016-02: Leases (Topic 842) (the New Lease Standard) as of January 1, 2018. In accordance with the New Lease Standard, the company has recast its 2018 financial information included herein to reflect the effects of adoption. For additional information, see Note 1(b) to AAG’s Consolidated Financial Statements in Part II, Item 8A of its 2018 Form 10-K filed on February 25, 2019.

Note: Percent change may not recalculate due to rounding.

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October 24, 2019

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American Airlines Group Inc.

Consolidated Operating Statistics

(Unaudited)

	3 Months Ended September 30,		Change		9 Months Ended September 30,		Change
	2019	2018			2019	2018
Mainline
Revenue passenger miles (millions)	57,426	55,182	4.1	%	161,184	156,307	3.1	%
Available seat miles (ASM) (millions)	66,330	66,295	0.1	%	187,848	188,711	(0.5	)%
Passenger load factor (percent)	86.6	83.2	3.4	pts	85.8	82.8	3.0	pts
Passenger enplanements (thousands)	40,511	38,233	6.0	%	117,065	111,647	4.9	%
Departures (thousands)	287	282	1.6	%	837	825	1.4	%
Aircraft at end of period	940	949	(0.9	)%	940	949	(0.9	)%
Block hours (thousands)	898	916	(2.1	)%	2,610	2,647	(1.4	)%
Average stage length (miles)	1,234	1,272	(3.0	)%	1,211	1,248	(3.0	)%
Fuel consumption (gallons in millions)	981	978	0.2	%	2,772	2,767	0.2	%
Average aircraft fuel price including related taxes (dollars per gallon)	2.03	2.28	(11.2	)%	2.06	2.20	(6.6	)%
Full-time equivalent employees at end of period	103,800	105,100	(1.2	)%	103,800	105,100	(1.2	)%
Regional(1)
Revenue passenger miles (millions)	7,448	6,683	11.4	%	21,150	19,282	9.7	%
Available seat miles (millions)	9,490	8,744	8.5	%	26,968	25,045	7.7	%
Passenger load factor (percent)	78.5	76.4	2.1	pts	78.4	77.0	1.4	pts
Passenger enplanements (thousands)	15,420	14,342	7.5	%	44,265	41,614	6.4	%
Aircraft at end of period	612	592	3.4	%	612	592	3.4	%
Fuel consumption (gallons in millions)	228	212	7.6	%	648	600	8.0	%
Average aircraft fuel price including related taxes (dollars per gallon)	2.13	2.39	(10.9	)%	2.15	2.28	(5.7	)%
Full-time equivalent employees at end of period (2)	28,100	25,400	10.6	%	28,100	25,400	10.6	%
Total Mainline & Regional
Revenue passenger miles (millions)	64,874	61,865	4.9	%	182,334	175,589	3.8	%
Available seat miles (millions)	75,820	75,039	1.0	%	214,816	213,756	0.5	%
Passenger load factor (percent)	85.6	82.4	3.2	pts	84.9	82.1	2.8	pts
Yield (cents)	16.95	17.07	(0.7	)%	17.37	17.49	(0.7	)%
Passenger revenue per ASM (cents)	14.50	14.07	3.0	%	14.74	14.37	2.6	%
Total revenue per ASM (cents)	15.71	15.40	2.0	%	16.04	15.72	2.0	%
Cargo ton miles (millions)	621	743	(16.5	)%	1,889	2,199	(14.1	)%
Cargo yield per ton mile (cents)	33.57	34.98	(4.0	)%	34.24	34.03	0.6	%
Passenger enplanements (thousands)	55,931	52,575	6.4	%	161,330	153,261	5.3	%
Aircraft at end of period (3)	1,552	1,541	0.7	%	1,552	1,541	0.7	%
Fuel consumption (gallons in millions)	1,209	1,190	1.5	%	3,420	3,367	1.6	%
Average aircraft fuel price including related taxes (dollars per gallon)	2.05	2.30	(11.1	)%	2.08	2.22	(6.4	)%
Full-time equivalent employees at end of period	131,900	130,500	1.1	%	131,900	130,500	1.1	%
Operating cost per ASM (cents)	14.64	14.49	1.0	%	14.95	14.74	1.4	%
Operating cost per ASM excluding net special items (cents)	14.33	14.21	0.9	%	14.72	14.46	1.8	%
Operating cost per ASM excluding net special items and fuel (cents)	11.07	10.56	4.8	%	11.41	10.96	4.1	%

⁽¹⁾  Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers.

⁽²⁾  Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries.

⁽³⁾  Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excludes 7 Embraer 140 regional aircraft that are in temporary storage.

Note: Amounts may not recalculate due to rounding.

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October 24, 2019

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American Airlines Group Inc.

Consolidated Revenue Statistics by Region

(Unaudited)

	3 Months Ended September 30,				9 Months Ended September 30,
	2019	2018	Change		2019	2018	Change
Domestic(1)
Revenue passenger miles (millions)	41,951	40,321	4.0	%	121,144	116,649	3.9	%
Available seat miles (ASM) (millions)	48,821	48,260	1.2	%	141,153	138,970	1.6	%
Passenger load factor (percent)	85.9	83.6	2.3	pts	85.8	83.9	1.9	pts
Passenger revenue (dollars in millions)	7,814	7,424	5.3	%	23,048	22,071	4.4	%
Yield (cents)	18.63	18.41	1.2	%	19.03	18.92	0.6	%
Passenger revenue per ASM (cents)	16.00	15.38	4.0	%	16.33	15.88	2.8	%
Latin America(2)
Revenue passenger miles (millions)	7,615	7,411	2.8	%	23,795	23,398	1.7	%
Available seat miles (millions)	8,813	9,274	(5.0	)%	28,177	29,407	(4.2	)%
Passenger load factor (percent)	86.4	79.9	6.5	pts	84.4	79.6	4.8	pts
Passenger revenue (dollars in millions)	1,218	1,210	0.6	%	3,829	3,939	(2.8	)%
Yield (cents)	15.99	16.33	(2.1	)%	16.09	16.83	(4.4	)%
Passenger revenue per ASM (cents)	13.82	13.05	5.9	%	13.59	13.39	1.5	%
Atlantic
Revenue passenger miles (millions)	11,707	10,110	15.8	%	26,513	23,631	12.2	%
Available seat miles (millions)	13,914	12,503	11.3	%	32,638	30,554	6.8	%
Passenger load factor (percent)	84.1	80.9	3.2	pts	81.2	77.3	3.9	pts
Passenger revenue (dollars in millions)	1,596	1,504	6.1	%	3,677	3,471	5.9	%
Yield (cents)	13.64	14.88	(8.3	)%	13.87	14.69	(5.6	)%
Passenger revenue per ASM (cents)	11.47	12.03	(4.6	)%	11.27	11.36	(0.8	)%
Pacific
Revenue passenger miles (millions)	3,601	4,023	(10.5	)%	10,882	11,911	(8.6	)%
Available seat miles (millions)	4,272	5,002	(14.6	)%	12,848	14,825	(13.3	)%
Passenger load factor (percent)	84.3	80.4	3.9	pts	84.7	80.3	4.4	pts
Passenger revenue (dollars in millions)	367	423	(13.2	)%	1,109	1,233	(10.1	)%
Yield (cents)	10.20	10.51	(3.0	)%	10.19	10.35	(1.6	)%
Passenger revenue per ASM (cents)	8.59	8.46	1.6	%	8.63	8.32	3.7	%
Total International
Revenue passenger miles (millions)	22,923	21,544	6.4	%	61,190	58,940	3.8	%
Available seat miles (millions)	26,999	26,779	0.8	%	73,663	74,786	(1.5	)%
Passenger load factor (percent)	84.9	80.4	4.5	pts	83.1	78.8	4.3	pts
Passenger revenue (dollars in millions)	3,181	3,137	1.4	%	8,615	8,643	(0.3	)%
Yield (cents)	13.88	14.56	(4.7	)%	14.08	14.66	(4.0	)%
Passenger revenue per ASM (cents)	11.78	11.71	0.6	%	11.70	11.56	1.2	%

⁽¹⁾  Domestic results include Canada, Puerto Rico and U.S. Virgin Islands.

⁽²⁾  Latin America results include the Caribbean.

Note: Amounts may not recalculate due to rounding.

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October 24, 2019

Page 8

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information

American Airlines Group Inc. (the company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The company believes 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. The company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.

The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures:

• Pre-Tax Income (GAAP measure) to Pre-Tax Income Excluding Net Special Items (non-GAAP measure)

• Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure)

• Net Income (GAAP measure) to Net Income Excluding Net Special Items (non-GAAP measure)

• Basic and Diluted Earnings Per Share (GAAP measure) to Basic and Diluted Earnings Per Share Excluding Net Special Items (non-GAAP measure)

• Operating Income (GAAP measure) to Operating Income Excluding Net Special Items (non-GAAP measure)

Management uses these non-GAAP financial measures to evaluate the company's 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 allows management an additional tool to understand the company’s core operating performance.

Additionally, the tables below present the reconciliations of total operating costs (GAAP measure) to total operating costs excluding net special items and fuel (non-GAAP measure). Management uses total operating costs excluding net special items and fuel to evaluate the company's current operating performance and for period-to-period comparisons. The price of fuel, over which the company has no control, impacts the comparability of period-to-period financial performance. The adjustment to exclude aircraft fuel and net special items allows management an additional tool to understand and analyze the company’s non-fuel costs and core operating performance.

Reconciliation of Pre-Tax Income Excluding Net Special Items		3 Months Ended September 30,						Percent Change		9 Months Ended September 30,						Percent Change
		2019			2018					2019			2018
	(in millions, except per share amounts)								(in millions, except per share amounts)
Pre-tax income as reported		$	557		$	496				$	1,685		$	1,489
Pre-tax net special items:
Mainline operating special items, net (1)		228			207					487			615
Regional operating special items, net		6			2					6			1
Nonoperating special items, net (2)		44			15					43			95
Total pre-tax net special items		278			224					536			711
Pre-tax income excluding net special items		$	835		$	720		16.0%		$	2,221		$	2,200		0.9%
Calculation of Pre-Tax Margin
Pre-tax income as reported		$	557		$	496				$	1,685		$	1,489
Total operating revenues as reported		$	11,911		$	11,559				$	34,455		$	33,603
Pre-tax margin		4.7		%	4.3		%			4.9		%	4.4		%
Calculation of Pre-Tax Margin Excluding Net Special Items
Pre-tax income excluding net special items		$	835		$	720				$	2,221		$	2,200
Total operating revenues as reported		$	11,911		$	11,559				$	34,455		$	33,603
Pre-tax margin excluding net special items		7.0		%	6.2		%			6.4		%	6.5		%
Reconciliation of Net Income Excluding Net Special Items
Net income as reported		$	425		$	372				$	1,272		$	1,088
Net special items:
Total pre-tax net special items (1), (2)		278			224					536			711
Income tax special items, net (3)		—			—					—			40
Net tax effect of net special items		(73		)	(49		)			(131		)	(169		)
Net income excluding net special items		$	630		$	547		15.2%		$	1,677		$	1,670		0.4%
Reconciliation of Basic and Diluted Earnings Per Share Excluding Net Special Items
Net income excluding net special items		$	630		$	547				$	1,677		$	1,670
Shares used for computation (in thousands):
Basic		441,915			460,526					446,291			465,452
Diluted		442,401			461,507					447,139			466,908
Earnings per share excluding net special items:
Basic		$	1.43		$	1.19				$	3.76		$	3.59
Diluted		$	1.42		$	1.19				$	3.75		$	3.58

American Airlines Group Reports Third Quarter 2019 Profit

October 24, 2019

Page 9

Reconciliation of Operating Income Excluding Net Special Items	3 Months Ended September 30,						9 Months Ended September 30,
	2019			2018			2019			2018
	(in millions)						(in millions)
Operating income as reported	$	808		$	685		$	2,336		$	2,085
Operating net special items:
Mainline operating special items, net (1)	228			207			487			615
Regional operating special items, net	6			2			6			1
Operating income excluding net special items	$	1,042		$	894		$	2,829		$	2,701
Reconciliation of Total Operating Cost per ASM Excluding Net Special Items and Fuel
Total operating expenses as reported	$	11,103		$	10,874		$	32,119		$	31,518
Operating net special items:
Mainline operating special items, net (1)	(228		)	(207		)	(487		)	(615		)
Regional operating special items, net	(6		)	(2		)	(6		)	(1		)
Total operating expenses, excluding net special items	10,869			10,665			31,626			30,902
Fuel:
Aircraft fuel and related taxes - mainline	(1,989		)	(2,234		)	(5,710		)	(6,100		)
Aircraft fuel and related taxes - regional	(485		)	(506		)	(1,395		)	(1,369		)
Total operating expenses, excluding net special items and fuel	$	8,395		$	7,925		$	24,521		$	23,433
	(in cents)						(in cents)
Total operating expenses per ASM as reported	14.64			14.49			14.95			14.74
Operating net special items per ASM:
Mainline operating special items, net (1)	(0.30		)	(0.28		)	(0.23		)	(0.29		)
Regional operating special items, net	(0.01		)	—			—			—
Total operating expenses per ASM, excluding net special items	14.33			14.21			14.72			14.46
Fuel per ASM:
Aircraft fuel and related taxes - mainline	(2.62		)	(2.98		)	(2.66		)	(2.85		)
Aircraft fuel and related taxes - regional	(0.64		)	(0.67		)	(0.65		)	(0.64		)
Total operating expenses per ASM, excluding net special items and fuel	11.07			10.56			11.41			10.96

Note: Amounts may not recalculate due to rounding.

FOOTNOTES:

⁽¹⁾  The 2019 third quarter mainline operating special items, net principally included a $201 million non-cash impairment charge related to the planned retirement of the company's Embraer E190 fleet, $72 million of fleet restructuring expenses and $29 million of merger integration expenses, offset in part by a $53 million credit to reduce certain litigation reserves. The 2019 nine month period mainline operating special items, net principally included $232 million of fleet restructuring expenses, the $201 million non-cash fleet impairment charge discussed above and $106 million of merger integration expenses, offset in part by the $53 million credit to reduce certain litigation reserves.

The 2018 third quarter mainline operating special items, net principally included $101 million of fleet restructuring expenses and $68 million of merger integration expenses. The 2018 nine month period mainline operating special items, net principally included $327 million of fleet restructuring expenses, $188 million of merger integration expenses, a $45 million litigation settlement and a $26 million non-cash charge to write off the company's Brazil route authority intangible asset as a result of the U.S.-Brazil open skies agreement, offset in part by a $39 million net credit resulting from mark-to-market adjustments on bankruptcy obligations.

Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned. Merger integration expenses included costs associated with integration projects, principally the company's technical operations, flight attendant, human resources and payroll systems.

⁽²⁾  Principally included mark-to-market net unrealized losses associated with certain equity and other investments.

⁽³⁾  Income tax special items, net for the 2018 nine month period included a $22 million charge to income tax expense to establish a required valuation allowance related to the company's estimated refund for Alternative Minimum Tax (AMT) credits and an $18 million charge related to an international income tax matter.

American Airlines Group Reports Third Quarter 2019 Profit

October 24, 2019

Page 10

American Airlines Group Inc.

Condensed Consolidated Balance Sheets

(In millions) 

	September 30, 2019			December 31, 2018 (1)
	(unaudited)
Assets
Current assets
Cash	$	312		$	275
Short-term investments	4,856			4,485
Restricted cash and short-term investments	158			154
Accounts receivable, net	1,850			1,706
Aircraft fuel, spare parts and supplies, net	1,800			1,522
Prepaid expenses and other	596			495
Total current assets	9,572			8,637
Operating property and equipment
Flight equipment	42,320			41,499
Ground property and equipment	9,232			8,764
Equipment purchase deposits	1,567			1,278
Total property and equipment, at cost	53,119			51,541
Less accumulated depreciation and amortization	(18,500		)	(17,443		)
Total property and equipment, net	34,619			34,098
Operating lease right-of-use assets	8,842			9,151
Other assets
Goodwill	4,091			4,091
Intangibles, net	2,095			2,137
Deferred tax asset	666			1,145
Other assets	1,290			1,321
Total other assets	8,142			8,694
Total assets	$	61,175		$	60,580
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities
Current maturities of long-term debt and finance leases	$	3,608		$	3,294
Accounts payable	1,932			1,773
Accrued salaries and wages	1,413			1,427
Air traffic liability	5,569			4,339
Loyalty program liability	3,197			3,267
Operating lease liabilities	1,672			1,654
Other accrued liabilities	2,169			2,342
Total current liabilities	19,560			18,096
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	21,625			21,179
Pension and postretirement benefits	5,609			6,907
Loyalty program liability	5,325			5,272
Operating lease liabilities	7,535			7,902
Other liabilities	1,361			1,393
Total noncurrent liabilities	41,455			42,653
Stockholders' equity (deficit)
Common stock	4			5
Additional paid-in capital	4,208			4,964
Accumulated other comprehensive loss	(5,946		)	(5,896		)
Retained earnings	1,894			758
Total stockholders' equity (deficit)	160			(169		)
Total liabilities and stockholders’ equity (deficit)	$	61,175		$	60,580

⁽¹⁾  On January 1, 2019, the company adopted ASU 2018-02: Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. In accordance with the transition provisions of this new standard, the company has recast its 2018 balance sheet to reflect the effects of adoption. For additional information, see Note 1(b) to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A of its third quarter 2019 Form 10-Q filed on October 24, 2019.

EX-99.2

Exhibit 99.2

Investor Relations Update

October 24, 2019

General Overview

● Fleet and Operation -On March 13, 2019, a directive from the Federal Aviation Administration (FAA) grounded all U.S.-registered Boeing 737 MAX aircraft. The American Airlines fleet currently includes 24 Boeing 737 MAX 8 aircraft with an additional 76 aircraft on order. The company has cancelled all 737 MAX flying through January 15, 2020. In total, the company presently expects the 737 MAX cancellations to negatively impact its 2019 pre-tax earnings by approximately $540 million.

● Capacity - The company now expects its 2019 full year capacity to be up approximately 1.0 percent year-over-year. This reduction from previous guidance is primarily due to the grounding of the company’s 737 MAX aircraft. For the fourth quarter, the company expects system capacity to be up approximately 2.7 percent year-over-year.

● Revenue -The company expects its fourth quarter total revenue per available seat mile (TRASM) to be approximately flat to up 2.0 percent year-over-year.

● CASM¹ - Despite the capacity reduction referenced above, the company continues to expect its 2019 full year total cost per available seat mile excluding fuel, net special items and new labor agreements (CASM)² to be up between 3.5 and 4.5 percent year-over-year. Total CASM in the fourth quarter² is expected to be up between 2.0 and 4.0 percent year-over-year.

● Fuel - Based on the October 21, 2019 forward curve, the company expects to pay an average of between $1.99 and $2.04 per gallon of consolidated jet fuel (including taxes) in the fourth quarter.

● Liquidity - As of September 30, 2019, the company had approximately $8.0 billion in total available liquidity, comprised of unrestricted cash and investments of $5.2 billion and $2.8 billion in undrawn revolver capacity. The company also had a restricted cash position of $158 million.

● Capital Expenditures - The company expects to pay $4.3 billion in capex in 2019, including $2.6 billion in aircraft and $1.7 billion in non-aircraft capex. In 2020, the company now expects total capex to decline by approximately $600 million year-over-year with aircraft capex spend of $2.0 billion and non-aircraft capex spend of $1.7 billion. For 2021, total capex is expected to fall by a further $1.5 billion year-over-year with aircraft capex spend expected to be $0.9 billion and non-aircraft capex expected to be $1.2 billion. This change from previous guidance for 2019 and 2020 is due to the timing of certain MAX deliveries that are now assumed to move from 2019 to 2020.

● Taxes - As of December 31, 2018, the company had approximately $10.2 billion of federal net operating losses (NOLs) and $3.2 billion of state NOLs, substantially all of which are expected to be available in 2019 to reduce future federal and state taxable income. The company expects to recognize a provision for income taxes in 2019 at an effective rate of approximately 24 percent, which will be substantially non-cash.

● Pre-tax Margin and EPS - Based on the assumptions outlined above, the company presently expects its fourth quarter pre-tax margin excluding net special items to be approximately 5.0 to 7.0 percent². The company now expects to report full year 2019 earnings per diluted share excluding net special items of between $4.50 and $5.50².

Notes:

1.	All CASM guidance excludes the impact of fuel, net special items and new labor agreements.
2.	The company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Financial Update

October 24, 2019

Financial Comments

• The change from previous guidance in assumed aircraft financing and net aircraft capex and PDPs is primarily driven by moving the planned delivery of 11 Boeing 737 MAX aircraft from 2019 to 2020.

	1Q19		2Q19	3Q19	4Q19E	FY19E2
Total Mainline and Regional Guidance1
Available Seat Miles (ASMs) (bil)	66.7		72.3	75.8	~70.2	~285.0
Cargo Revenues ($ mil)3	218		221	208	~220	~867
Other Revenues ($ mil)3	708		728	708	~700	~2,844
Average Fuel Price (incl. taxes) ($/gal) (as of 10/21/2019)	2.04		2.14	2.05	1.99 to 2.04	2.04 to 2.09
Fuel Gallons Consumed (mil)	1,053		1,158	1,209	~1,103	~4,523
CASM ex fuel and net special items (guidance is YOY % change)4	11.88		11.34	11.07	+2% to +4%	+3.5% to +4.5%
Interest Income ($ mil)	(33)		(35)	(34)	~(28)	~(130)
Interest Expense ($ mil)	271		275	284	~266	~1,096
Other Non-Operating (Income)/Expense ($ mil)5	(39)		(38)	(43)	~(44)	~(164)
Capex Guidance ($ mil) Inflow/(Outflow)
Non-Aircraft Capex	(528	)	(382)	(371)	~(419)	~(1,700)
Gross Aircraft Capex & net PDPs	(777	)	(636)	(435)	~(738)	~(2,587)
Assumed Aircraft Financing	752		392	209	~597	~1,950
Net Aircraft Capex & PDPs2	(26	)	(244)	(226)	~(141)	~(637)

Notes:

1.	Includes guidance on certain non-GAAP measures, which exclude net special items. The company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time. Please see the GAAP to non-GAAP reconciliation at the end of this document.
2.	Numbers may not recalculate due to rounding.
3.	Cargo/Other revenue includes cargo revenue, loyalty program revenue, and contract services.
4.	CASM ex fuel and net special items is a non-GAAP financial measure and also excludes the impact of new labor agreements.
5.	Other Non-Operating (Income)/Expense primarily includes non-service related pension and retiree medical benefit income/costs, gains and losses from foreign currency, and income/loss from the company’s approximate 25% ownership interest in Republic Airways Holdings Inc.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Fleet Update

October 24, 2019

Fleet Comments

• On March 13, 2019, a directive from the FAA grounded all U.S.-registered Boeing 737 MAX aircraft. We currently have 76 Boeing 737 MAX Family aircraft on order and we have not taken delivery of any Boeing 737 MAX Family aircraft since the grounding. As a result of delivery delays of the Boeing 737 MAX aircraft caused by the grounding, we have updated the delivery schedule for the remainder of 2019 by moving 11 Boeing 737 MAX aircraft from 2019 into 2020. The extent of the delay to the scheduled deliveries of the Boeing 737 MAX aircraft included in the table below is expected to be impacted by the length of time the FAA order remains in place, Boeing's production rate and the pace at which Boeing can deliver aircraft following the lifting of the FAA order, among other factors. The below table reflects our estimate of future Boeing 737 MAX aircraft deliveries based on information currently available to us; however, the actual delivery schedule is expected to differ from the table below.

• In 2019, the company expects to take delivery of 30 mainline aircraft comprised of 12 A321neo aircraft, 9 B738 MAX aircraft, 2 B789 aircraft and 7 used A319 aircraft. The company also expects to retire 37 mainline aircraft, including 7 B763 aircraft and 30 MD80 aircraft.

• In 2019, the company expects to increase the regional fleet count by a net of 9 aircraft, resulting from the net addition of 2 CRJ700 aircraft, 8 CRJ900 aircraft and 20 E175 aircraft, as well as the reduction of 16 CRJ200 and 5 ERJ140 aircraft.

	Active Mainline Year Ending Fleet Count					Active Regional Year Ending Fleet Count1
	2018A	2019E	2020E	2021E		2018A	2019E	2020E	2021E
A319	126	133	133	133	CRJ200	35	19	15	15
A320	48	48	48	48	CRJ700	119	121	131	131
A321	219	219	219	219	CRJ900	118	126	129	129
A321neo	—	12	32	50	E175	154	174	189	189
A332	15	15	15	15	ERJ140	51	46	30	30
A333	9	9	9	9	ERJ145	118	118	118	118
B738	304	304	304	304		595	604	612	612
B738 MAX	20	29	50	60
B757	34	34	34	24
B763	24	17	6	—
B772	47	47	47	47
B773	20	20	20	20
B788	20	20	32	42
B789	20	22	22	22
E190	20	20	—	—
MD80	30	—	—	—
	956	949	971	993

Notes:

1. At the end of the third quarter of 2019, the company had 7 ERJ140 regional aircraft in temporary storage, which are not included in the active regional ending fleet count.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Shares Outstanding

October 24, 2019

Shares Outstanding Comments

• The estimated weighted average shares outstanding for 2019 are listed below.

• On April 25, 2018, the company’s Board authorized a $2.0 billion share repurchase program to expire by the end of 2020, of which $850 million remained available for use as of September 30, 2019. The total amount authorized for share repurchase programs since the merger is $13.0 billion. All previous repurchase programs had been fully expended as of March 31, 2018.

• Including share repurchases, shares withheld to cover taxes associated with employee equity awards and share distributions, and the cash extinguishment of convertible debt, the company’s share count has dropped 42 percent from 756.1 million shares at merger close to 438.0 million shares outstanding on September 30, 2019.

2019 Shares Outstanding (shares mil)1
	Shares
For Q4	Basic	Diluted
Earnings	438	439
Net loss	438	438
	Shares
For FY 2019 Average	Basic	Diluted
Earnings	444	445
Net loss	444	444

Notes:

1. Shares outstanding are based upon several estimates and assumptions, including average per share stock price and stock award activity and does not assume any future share repurchases. The number of shares in actual calculations of earnings per share will likely be different from those set forth above.

Please refer to the footnotes and the forward looking statements page of this document for additional information

GAAP to Non-GAAP Reconciliation

October 24, 2019

The company sometimes uses financial measures that are derived from the consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The company believes 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. The company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding net special items and fuel (non-GAAP measure). Management uses total operating costs excluding net special items and fuel to evaluate the company's current operating performance and for period-to-period comparisons. The price of fuel, over which the company has no control, impacts the comparability of period-to-period financial performance. Additionally, net special items may vary from period-to-period in nature and amount. These adjustments to exclude aircraft fuel and net special items allow management an additional tool to understand and analyze the company’s non-fuel costs and core operating performance. Additionally, the table below presents the reconciliation of other non-operating expense (GAAP measure) to other non-operating expense excluding net special items (non-GAAP measure). Management uses this non-GAAP financial measure to evaluate the company’s current 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 allows management an additional tool to understand the company’s core operating performance.

	American Airlines Group Inc. GAAP to Non-GAAP Reconciliation1 ($ mil except ASM and CASM data)
	1Q19			2Q19			3Q19			4Q19 Range						FY19 Range
	Actual			Actual			Actual			Low			High			Low			High
Total operating expenses	$	10,209		$	10,807		$	11,103		$	10,301		$	10,515		$	42,417		$	42,788
Less fuel expense	2,149			2,482			2,474			2,195			2,250			9,300			9,355
Less operating net special items	138			121			234			—			—			493			493
Total operating expense excluding fuel and net special items (Non-GAAP)	7,922			8,204			8,395			8,106			8,265			32,624			32,939
Total CASM (cts)	15.31			14.94			14.64			14.67			14.98			14.88			15.01
Total CASM excluding fuel and net special items (Non-GAAP) (cts)	11.88			11.34			11.07			11.55			11.77			11.45			11.56
YOY (%)	2.7		%	4.8		%	4.8		%	2.0		%	4.0		%	3.5		%	4.5		%
Total ASMs (bil)	66.7			72.3			75.8			70.2			70.2			285.0			285.0
Other non-operating (income)/expense
Other non-operating (income)/expense	$	(108	)	$	31		$	1		$	(44	)	$	(44	)	$	(120	)	$	(120	)
Less non-operating net special items	(69		)	69			44			—			—			44			44
Other non-operating (income)/expense excluding net special items (Non-GAAP)	(39		)	(38		)	(43		)	(44		)	(44		)	(164		)	(164		)

Notes:

Amounts may not recalculate due to rounding.

1.

Certain of the guidance provided excludes net special items. The company is unable to fully reconcile such forward-looking guidance to the corresponding GAAP measure because the full nature and amount of net special items cannot be determined at this time. Net special items for this period may include, among others, fleet restructuring expenses, merger integration expenses and mark-to-market adjustments for equity and other investments.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Forward Looking Statements

October 24, 2019

Cautionary Statement Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, 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 future financial and operating results, the company’s plans, objectives, estimates, expectations and intentions, and other statements that are not historical facts. These forward-looking statements are based on the company’s 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, those set forth in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. There may be other factors of which the company is 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. The company does 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 these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements.

Please refer to the footnotes and the forward looking statements page of this document for additional information

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Document and Entity Information Document	Oct. 24, 2019
Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 24, 2019
Entity Registrant Name	AMERICAN AIRLINES GROUP INC.
Entity Central Index Key	0000006201
Entity Incorporation, State or Country Code	DE
Entity File Number	1-8400
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	817
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Title of 12(b) Security	Common Stock, $0.01 par value per share
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American Airlines, Inc.
Entity Information [Line Items]
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Entity Registrant Name	AMERICAN AIRLINES, INC.
Entity Central Index Key	0000004515
Entity Incorporation, State or Country Code	DE
Entity File Number	1-2691
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	817
Local Phone Number	963-1234