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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	$	—

(2)American’s short-term investments 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	$	—