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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, 2026December 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 
Total27,305 28,594 
Less: Total unamortized debt discount, premium and issuance costs288 314 
Less: Current maturities4,083 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 ASeries B
Aggregate principal issued$884 million$221 million
Fixed interest rate per annum4.90%5.65%
Maturity dateMay 2038November 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, 2026December 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 
Total23,559 24,848 
Less: Total unamortized debt discount, premium and issuance costs286 313 
Less: Current maturities4,083 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 Facility1,296 
2023 Revolving Facility1,451 
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 ASeries B
Aggregate principal issued$884 million$221 million
Fixed interest rate per annum4.90%5.65%
Maturity dateMay 2038November 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.