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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary 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 December 31, 2025
 Total    Level 1    Level 2    Level 3    
Short-term investments (1), (2):
Money market funds$829 $829 $— $— 
Corporate obligations3,063 — 3,063 — 
Bank notes/certificates of deposit/time deposits590 — 590 — 
Repurchase agreements400 — 400 — 
4,882 829 4,053 — 
Restricted cash and short-term investments (1), (3)
735 425 310 — 
Long-term investments (4)
209 209 — — 
Total$5,826 $1,463 $4,363 $— 
 Fair Value Measurements as of December 31, 2024
 Total    Level 1    Level 2    Level 3    
Short-term investments (1):
Money market funds$680 $680 $— $— 
Corporate obligations2,909 — 2,909 — 
Bank notes/certificates of deposit/time deposits2,041 — 2,041 — 
Repurchase agreements550 — 550 — 
6,180 680 5,500 — 
Restricted cash and short-term investments (1), (3)
732 442 290 — 
Long-term investments (4)
161 161 — — 
Total$7,073 $1,283 $5,790 $— 
(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 as of December 31, 2025 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 Tulsa Maintenance Base. 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):
 December 31, 2025
 Carrying
Value
Fair Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$28,280 $28,582 $— $25,051 $3,531 
December 31, 2024
Carrying
Value
Fair Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$29,813 $30,010 $— $26,402 $3,608 
American Airlines, Inc.  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary 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 December 31, 2025
 TotalLevel 1Level 2Level 3
Short-term investments (1), (2):
Money market funds$828 $828 $— $— 
Corporate obligations3,063 — 3,063 — 
Bank notes/certificates of deposit/time deposits589 — 589 — 
Repurchase agreements400 — 400 — 
4,880 828 4,052 — 
Restricted cash and short-term investments (1), (3)
735 425 310 — 
Long-term investments (4)
209 209 — — 
Total$5,824 $1,462 $4,362 $— 
 Fair Value Measurements as of December 31, 2024
 TotalLevel 1Level 2Level 3
Short-term investments (1):
Money market funds$678 $678 $— $— 
Corporate obligations2,909 — 2,909 — 
Bank notes/certificates of deposit/time deposits2,040 — 2,040 — 
Repurchase agreements550 — 550 — 
6,177 678 5,499 — 
Restricted cash and short-term investments (1), (3)
732 442 290 — 
Long-term investments (4)
161 161 — — 
Total$7,070 $1,281 $5,789 $— 
(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 as of December 31, 2025 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 Tulsa Maintenance Base. 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):
 December 31, 2025
 Carrying
Value
Fair Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$24,535 $25,051 $— $25,051 $— 
December 31, 2024
Carrying
Value
Fair Value
TotalLevel 1Level 2Level 3
Long-term debt, including current maturities$25,072 $25,234 $— $25,234 $—