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Leases
 12 Months Ended
Dec. 31, 2025
Lessee, Lease, Description [Line Items]  
Leases Leases
We lease certain aircraft and engines, including aircraft under capacity purchase agreements. As of December 31, 2025, we operated 677 leased aircraft, including 171 aircraft leased under capacity purchase agreements, with remaining terms ranging from less than one year to approximately 13 years.
At each airport where we conduct flight operations, we have agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways. These agreements, particularly in the U.S., often contain provisions for periodic adjustments to rates and charges applicable under such agreements. These rates and charges also vary with our level of operations and the operations of the airport. Because of the variable nature of these rates, these leases are not recorded on our consolidated balance sheets as a ROU asset or a lease liability. Additionally, at our hub locations and in certain other cities we serve, we lease administrative offices, catering, cargo, training, maintenance and other facilities.
The components of lease expense were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost$1,704 $1,851 $2,016 
Finance lease cost:
Amortization of assets128 132 128 
Interest on lease liabilities48 39 45 
Variable lease cost3,395 3,075 2,720 
Total net lease cost$5,275 $5,097 $4,909 
Included in the table above are $248 million, $225 million and $274 million of lease costs under our capacity purchase agreement with Republic for the years ended December 31, 2025, 2024 and 2023, respectively. We hold a 20.8% equity interest in Republic Holdings, the parent company of Republic.
Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):
December 31,
20252024
Operating leases:
Operating lease ROU assets$7,091 $7,333 
Current operating lease liabilities$1,058 $1,092 
Noncurrent operating lease liabilities5,905 5,976 
Total operating lease liabilities$6,963 $7,068 
Finance leases:
Property and equipment, at cost$1,445 $1,632 
Accumulated amortization(673)(952)
Property and equipment, net$772 $680 
Current finance lease liabilities$117 $132 
Noncurrent finance lease liabilities610 531 
Total finance lease liabilities$727 $663 
Weighted average remaining lease term (in years):
Operating leases8.48.2
Finance leases7.87.4
Weighted average discount rate:
Operating leases7.4 %7.5 %
Finance leases7.1 %7.0 %
Supplemental cash flow and other information related to leases was as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$1,647 $1,830 $2,033 
Operating cash flows from finance leases48 40 48 
Financing cash flows from finance leases122 152 265 
Gain (loss) on sale leaseback transactions, net(13)76 12 
Maturities of lease liabilities were as follows (in millions):
December 31, 2025
Operating LeasesFinance Leases
2026$1,501 $164 
20271,367 152 
20281,246 110 
20291,138 102 
2030954 100 
2031 and thereafter3,022 310 
Total lease payments9,228 938 
Less: Imputed interest(2,265)(211)
Total lease obligations6,963 727 
Less: Current obligations(1,058)(117)
Long-term lease obligations$5,905 $610 
Leases Leases
We lease certain aircraft and engines, including aircraft under capacity purchase agreements. As of December 31, 2025, we operated 677 leased aircraft, including 171 aircraft leased under capacity purchase agreements, with remaining terms ranging from less than one year to approximately 13 years.
At each airport where we conduct flight operations, we have agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways. These agreements, particularly in the U.S., often contain provisions for periodic adjustments to rates and charges applicable under such agreements. These rates and charges also vary with our level of operations and the operations of the airport. Because of the variable nature of these rates, these leases are not recorded on our consolidated balance sheets as a ROU asset or a lease liability. Additionally, at our hub locations and in certain other cities we serve, we lease administrative offices, catering, cargo, training, maintenance and other facilities.
The components of lease expense were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost$1,704 $1,851 $2,016 
Finance lease cost:
Amortization of assets128 132 128 
Interest on lease liabilities48 39 45 
Variable lease cost3,395 3,075 2,720 
Total net lease cost$5,275 $5,097 $4,909 
Included in the table above are $248 million, $225 million and $274 million of lease costs under our capacity purchase agreement with Republic for the years ended December 31, 2025, 2024 and 2023, respectively. We hold a 20.8% equity interest in Republic Holdings, the parent company of Republic.
Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):
December 31,
20252024
Operating leases:
Operating lease ROU assets$7,091 $7,333 
Current operating lease liabilities$1,058 $1,092 
Noncurrent operating lease liabilities5,905 5,976 
Total operating lease liabilities$6,963 $7,068 
Finance leases:
Property and equipment, at cost$1,445 $1,632 
Accumulated amortization(673)(952)
Property and equipment, net$772 $680 
Current finance lease liabilities$117 $132 
Noncurrent finance lease liabilities610 531 
Total finance lease liabilities$727 $663 
Weighted average remaining lease term (in years):
Operating leases8.48.2
Finance leases7.87.4
Weighted average discount rate:
Operating leases7.4 %7.5 %
Finance leases7.1 %7.0 %
Supplemental cash flow and other information related to leases was as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$1,647 $1,830 $2,033 
Operating cash flows from finance leases48 40 48 
Financing cash flows from finance leases122 152 265 
Gain (loss) on sale leaseback transactions, net(13)76 12 
Maturities of lease liabilities were as follows (in millions):
December 31, 2025
Operating LeasesFinance Leases
2026$1,501 $164 
20271,367 152 
20281,246 110 
20291,138 102 
2030954 100 
2031 and thereafter3,022 310 
Total lease payments9,228 938 
Less: Imputed interest(2,265)(211)
Total lease obligations6,963 727 
Less: Current obligations(1,058)(117)
Long-term lease obligations$5,905 $610 
American Airlines, Inc.  
Lessee, Lease, Description [Line Items]  
Leases Leases
American leases certain aircraft and engines, including aircraft under capacity purchase agreements. As of December 31, 2025, American operated 677 leased aircraft, including 171 aircraft leased under capacity purchase agreements, with remaining terms ranging from less than one year to approximately 13 years.
At each airport where American conducts flight operations, American has agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways. These agreements, particularly in the U.S., often contain provisions for periodic adjustments to rates and charges applicable under such agreements. These rates and charges also vary with American’s level of operations and the operations of the airport. Because of the variable nature of these rates, these leases are not recorded on American’s consolidated balance sheets as a ROU asset or a lease liability. Additionally, at American’s hub locations and in certain other cities it serves, American leases administrative offices, catering, cargo, training, maintenance and other facilities.
The components of lease expense were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost$1,683 $1,828 $1,992 
Finance lease cost:
Amortization of assets123 125 119 
Interest on lease liabilities48 39 44 
Variable lease cost3,382 3,059 2,703 
Total net lease cost$5,236 $5,051 $4,858 
Included in the table above are $248 million, $225 million and $274 million of lease costs under American’s capacity purchase agreement with Republic for the years ended December 31, 2025, 2024 and 2023, respectively. American holds a 20.8% equity interest in Republic Holdings, the parent company of Republic.
Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):
December 31,
20252024
Operating leases:
Operating lease ROU assets$7,038 $7,274 
Current operating lease liabilities$1,048 $1,082 
Noncurrent operating lease liabilities5,860 5,926 
Total operating lease liabilities$6,908 $7,008 
Finance leases:
Property and equipment, at cost$1,412 $1,604 
Accumulated amortization(640)(924)
Property and equipment, net$772 $680 
Current finance lease liabilities$114 $132 
Noncurrent finance lease liabilities610 531 
Total finance lease liabilities$724 $663 
Weighted average remaining lease term (in years):
Operating leases8.48.2
Finance leases7.87.4
Weighted average discount rate:
Operating leases7.3 %7.5 %
Finance leases7.1 %7.0 %
Supplemental cash flow and other information related to leases was as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$1,633 $1,810 $2,011 
Operating cash flows from finance leases48 40 47 
Financing cash flows from finance leases120 145 255 
Gain (loss) on sale leaseback transactions, net(13)76 12 
Maturities of lease liabilities were as follows (in millions):
December 31, 2025
Operating LeasesFinance Leases
2026$1,487 $161 
20271,358 152 
20281,238 110 
20291,131 102 
2030948 100 
2031 and thereafter2,987 310 
Total lease payments9,149 935 
Less: Imputed interest(2,241)(211)
Total lease obligations6,908 724 
Less: Current obligations(1,048)(114)
Long-term lease obligations$5,860 $610 
Leases Leases
American leases certain aircraft and engines, including aircraft under capacity purchase agreements. As of December 31, 2025, American operated 677 leased aircraft, including 171 aircraft leased under capacity purchase agreements, with remaining terms ranging from less than one year to approximately 13 years.
At each airport where American conducts flight operations, American has agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways. These agreements, particularly in the U.S., often contain provisions for periodic adjustments to rates and charges applicable under such agreements. These rates and charges also vary with American’s level of operations and the operations of the airport. Because of the variable nature of these rates, these leases are not recorded on American’s consolidated balance sheets as a ROU asset or a lease liability. Additionally, at American’s hub locations and in certain other cities it serves, American leases administrative offices, catering, cargo, training, maintenance and other facilities.
The components of lease expense were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost$1,683 $1,828 $1,992 
Finance lease cost:
Amortization of assets123 125 119 
Interest on lease liabilities48 39 44 
Variable lease cost3,382 3,059 2,703 
Total net lease cost$5,236 $5,051 $4,858 
Included in the table above are $248 million, $225 million and $274 million of lease costs under American’s capacity purchase agreement with Republic for the years ended December 31, 2025, 2024 and 2023, respectively. American holds a 20.8% equity interest in Republic Holdings, the parent company of Republic.
Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):
December 31,
20252024
Operating leases:
Operating lease ROU assets$7,038 $7,274 
Current operating lease liabilities$1,048 $1,082 
Noncurrent operating lease liabilities5,860 5,926 
Total operating lease liabilities$6,908 $7,008 
Finance leases:
Property and equipment, at cost$1,412 $1,604 
Accumulated amortization(640)(924)
Property and equipment, net$772 $680 
Current finance lease liabilities$114 $132 
Noncurrent finance lease liabilities610 531 
Total finance lease liabilities$724 $663 
Weighted average remaining lease term (in years):
Operating leases8.48.2
Finance leases7.87.4
Weighted average discount rate:
Operating leases7.3 %7.5 %
Finance leases7.1 %7.0 %
Supplemental cash flow and other information related to leases was as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$1,633 $1,810 $2,011 
Operating cash flows from finance leases48 40 47 
Financing cash flows from finance leases120 145 255 
Gain (loss) on sale leaseback transactions, net(13)76 12 
Maturities of lease liabilities were as follows (in millions):
December 31, 2025
Operating LeasesFinance Leases
2026$1,487 $161 
20271,358 152 
20281,238 110 
20291,131 102 
2030948 100 
2031 and thereafter2,987 310 
Total lease payments9,149 935 
Less: Imputed interest(2,241)(211)
Total lease obligations6,908 724 
Less: Current obligations(1,048)(114)
Long-term lease obligations$5,860 $610