XML 144 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
In accordance with SEC rules, the table below sets forth additional information concerning the compensation of each individual who served as our Chief Executive Officer (“CEO”) and our other
(“non-CEO”)
named executive officers for each of the fiscal years ended December 31, 2025, 2024, 2023, 2022, and 2021, and our financial and total stockholder return (“TSR”) performance for each such fiscal year. Mr. Isom has served as our CEO beginning March 2022 and Mr. Parker served as our CEO prior to that.

 
Pay Versus Performance Table
 
                                       
Value of Initial Fixed

$100 Investment

Based on:

 
              
Year
  
Summary
Compensation
Table Total:
Mr. Isom
($)
(1)
    
CAP:
Mr. Isom
($)
(2)
    
Summary
Compensation
Table
Total:
Mr. Parker
($)
(1)
    
CAP:
Mr. Parker
($)
(2)
    
Average
Summary
Compensation
Table Total
for Non-CEO

Named
Executive
Officers
($)
(1)
    
Average

CAP: Non-
CEO
Named
Executive
Officers
($)
(2)
    
AAG
Total
Stockholder
Return
($)
(3)
    
Peer
Group
Total
Stockholder
Return
($)
(3)
    
Net
Income
(Loss)
($) (in
millions)
    
Adjusted
Pre-Tax

Income
Margin
%
(4)
  
2025
  
 
13,871,825
 
  
 
3,351,805
 
  
 
—
 
  
 
—
 
  
 
8,221,544
 
  
 
10,228,722
 
  
 
97.21
 
  
 
84.59
 
  
 
111
 
  
 
0.6
% 
2024
  
 
15,610,843
 
  
 
23,988,818
 
  
 
—
 
  
 
—
 
  
 
4,648,523
 
  
 
4,531,378
 
  
 
61.00
 
  
 
60.99
 
  
 
846
 
  
 
3.4
% 
2023
  
 
31,438,162
 
  
 
33,817,502
 
  
 
—
 
  
 
—
 
  
 
9,530,121
 
  
 
9,827,888
 
  
 
48.08
 
  
 
61.60
 
  
 
822
 
  
 
4.7
% 
2022
  
 
4,886,649
 
  
 
3,507,095
 
  
 
6,537,694
 
  
 
3,881,181
 
  
 
3,400,714
 
  
 
2,422,634
 
  
 
44.52
 
  
 
48.04
 
  
 
127
 
  
 
0.9
% 
2021
  
 
—
 
  
 
—
 
  
 
7,238,011
 
  
 
8,128,613
 
  
 
3,892,813
 
  
 
4,197,060
 
  
 
62.85
 
  
 
74.23
 
  
 
(1,993
) 
  
 
(23.2
%) 
 
(1)
Amounts reported in these columns represent the total compensation as reported in the Summary Compensation Table for Messrs. Isom and Parker for each year where they served as CEO and the average of the total compensation as reported in the Summary Compensation Table for our remaining named executive officers for the relevant fiscal year, which captures the individuals indicated in the table below for each fiscal year:
 
Year
   
CEO
   
Non-CEO
Named Executive Officers
2025
   
Robert D. Isom
   
Stephen L. Johnson, David G. Seymour, Devon E. May, and Anthony J. Richmond
2024
   
Robert D. Isom
   
Stephen L. Johnson, Devon E. May, David G. Seymour, Priya Aiyar, and Vasu Raja
2023
   
Robert D. Isom
   
Stephen L. Johnson, Priya Aiyar, Devon E. May, and Vasu Raja
2022
   
Robert D. Isom and Doug Parker
   
Derek Kerr, Stephen L. Johnson, Maya Leibman, and David G. Seymour
2021
   
Doug Parker
   
Robert D. Isom, Derek Kerr, Stephen L. Johnson, and Maya Leibman
 
(2)
Compensation Actually Paid (“CAP”) to Mr. Isom and the remaining named executive officers for 2025 reflects the following adjustments from total compensation reported in the Summary Compensation Table:
 
    
2025

 
  
Adjustments
   
Mr. Isom ($)
    
Average
Non-CEO

Named
Executive
Officers ($)
  
Deduction for amounts reported under the “Stock Awards” column of Summary Compensation Table for Fiscal Year 2025 (“FY25”)
   
 
(12,489,000
) 
  
 
(6,852,500
) 
Year-end
Fair Value of Outstanding and Unvested Equity Awards Granted in FY25
   
 
16,764,258
 
  
 
11,077,868
 
Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years based on change from FY24
Year-end
to FY25
Year-end
   
 
(12,625,618
) 
  
 
(1,753,106
) 
Change in Fair Value of Equity Awards Granted in Prior Years that Vested in FY25 based on change from FY24
Year-end
to Vesting Date in FY25
   
 
(2,169,660
) 
  
 
(465,084
) 
Deduction of FY24
Year-end
Fair Value of Equity Awards Granted in Prior Years that were Forfeited during FY25
   
 
—
 
  
 
—
 
Total Adjustments
   
 
(10,520,020
) 
  
 
2,007,178
 
 
 
Fair value or change in fair value, as applicable, of equity awards in the Compensation Actually Paid columns was determined by reference to (1) for time-based RSU awards, the closing price of a share of our Common Stock on the applicable
year-end
date(s) or, in the case of vesting dates, the closing price of a share of our Common Stock on the applicable vesting dates, and (2) for performance-based RSU awards, the same valuation methodology as time-based RSU awards except
year-end
values are multiplied by a factor reflecting achievement of the probable outcome of the applicable performance conditions as of the measurement date (which as of December 31, 2025 was 100%, 0% and 95% of target for the 2023, 2024 and 2025 grants, respectively) as modified in the case of the 2025 grants based on the Monte-Carlo factor that accounts for the projected impact of the stock price modifier performance
metric.
 
(3)
Pursuant to the SEC rules, TSR reflects an initial investment of $100 on December 31, 2020, and that all dividends, if any, were reinvested. The Peer Group Total Stockholder Return represents the cumulative TSR of the ARCA Airline Index (the “Peer Group TSR”).
 
(4)
Adjusted
pre-tax
income margin is a
non-GAAP
measure and excludes net special items. See Appendix C for a reconciliation of
pre-tax
income margin excluding net special items, a
non-GAAP
measure.
       
Company Selected Measure Name Adjusted Pre-Tax Income Margin        
Named Executive Officers, Footnote
(1)
Amounts reported in these columns represent the total compensation as reported in the Summary Compensation Table for Messrs. Isom and Parker for each year where they served as CEO and the average of the total compensation as reported in the Summary Compensation Table for our remaining named executive officers for the relevant fiscal year, which captures the individuals indicated in the table below for each fiscal year:
 
Year
   
CEO
   
Non-CEO
Named Executive Officers
2025
   
Robert D. Isom
   
Stephen L. Johnson, David G. Seymour, Devon E. May, and Anthony J. Richmond
2024
   
Robert D. Isom
   
Stephen L. Johnson, Devon E. May, David G. Seymour, Priya Aiyar, and Vasu Raja
2023
   
Robert D. Isom
   
Stephen L. Johnson, Priya Aiyar, Devon E. May, and Vasu Raja
2022
   
Robert D. Isom and Doug Parker
   
Derek Kerr, Stephen L. Johnson, Maya Leibman, and David G. Seymour
2021
   
Doug Parker
   
Robert D. Isom, Derek Kerr, Stephen L. Johnson, and Maya Leibman
        
Peer Group Issuers, Footnote Pursuant to the SEC rules, TSR reflects an initial investment of $100 on December 31, 2020, and that all dividends, if any, were reinvested. The Peer Group Total Stockholder Return represents the cumulative TSR of the ARCA Airline Index (the “Peer Group TSR”).        
Adjustment To PEO Compensation, Footnote
(2)
Compensation Actually Paid (“CAP”) to Mr. Isom and the remaining named executive officers for 2025 reflects the following adjustments from total compensation reported in the Summary Compensation Table:
 
    
2025

 
  
Adjustments
   
Mr. Isom ($)
    
Average
Non-CEO

Named
Executive
Officers ($)
  
Deduction for amounts reported under the “Stock Awards” column of Summary Compensation Table for Fiscal Year 2025 (“FY25”)
   
 
(12,489,000
) 
  
 
(6,852,500
) 
Year-end
Fair Value of Outstanding and Unvested Equity Awards Granted in FY25
   
 
16,764,258
 
  
 
11,077,868
 
Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years based on change from FY24
Year-end
to FY25
Year-end
   
 
(12,625,618
) 
  
 
(1,753,106
) 
Change in Fair Value of Equity Awards Granted in Prior Years that Vested in FY25 based on change from FY24
Year-end
to Vesting Date in FY25
   
 
(2,169,660
) 
  
 
(465,084
) 
Deduction of FY24
Year-end
Fair Value of Equity Awards Granted in Prior Years that were Forfeited during FY25
   
 
—
 
  
 
—
 
Total Adjustments
   
 
(10,520,020
) 
  
 
2,007,178
 
        
Non-PEO NEO Average Total Compensation Amount $ 8,221,544 $ 4,648,523 $ 9,530,121 $ 3,400,714 $ 3,892,813
Non-PEO NEO Average Compensation Actually Paid Amount $ 10,228,722 4,531,378 9,827,888 2,422,634 4,197,060
Adjustment to Non-PEO NEO Compensation Footnote
(2)
Compensation Actually Paid (“CAP”) to Mr. Isom and the remaining named executive officers for 2025 reflects the following adjustments from total compensation reported in the Summary Compensation Table:
 
    
2025

 
  
Adjustments
   
Mr. Isom ($)
    
Average
Non-CEO

Named
Executive
Officers ($)
  
Deduction for amounts reported under the “Stock Awards” column of Summary Compensation Table for Fiscal Year 2025 (“FY25”)
   
 
(12,489,000
) 
  
 
(6,852,500
) 
Year-end
Fair Value of Outstanding and Unvested Equity Awards Granted in FY25
   
 
16,764,258
 
  
 
11,077,868
 
Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years based on change from FY24
Year-end
to FY25
Year-end
   
 
(12,625,618
) 
  
 
(1,753,106
) 
Change in Fair Value of Equity Awards Granted in Prior Years that Vested in FY25 based on change from FY24
Year-end
to Vesting Date in FY25
   
 
(2,169,660
) 
  
 
(465,084
) 
Deduction of FY24
Year-end
Fair Value of Equity Awards Granted in Prior Years that were Forfeited during FY25
   
 
—
 
  
 
—
 
Total Adjustments
   
 
(10,520,020
) 
  
 
2,007,178
 
        
Compensation Actually Paid vs. Total Shareholder Return LOGO        
Compensation Actually Paid vs. Net Income        
Compensation Actually Paid vs. Company Selected Measure LOGO        
Total Shareholder Return Vs Peer Group LOGO        
Tabular List, Table
Pay Versus Performance Tabular List
We believe the following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our named executive officers for 2025:
 
∎
  
Stock price/total stockholder return;
 
∎
  
Adjusted
pre-tax
income and
pre-tax
income margin;
 
∎
  
Adjusted EBITDAR margin;
 
∎
  
Adjusted TRASM; and
 
∎
  
Total debt.
For additional details regarding our performance measures, please see the sections entitled “Annual Cash Incentive Program” and “Long-Term Incentive Programs” in our “Compensation Discussion and Analysis” beginning on pages 68 and 71, respectively.
 
        
Total Shareholder Return Amount $ 97.21 61 48.08 44.52 62.85
Peer Group Total Shareholder Return Amount 84.59 60.99 61.6 48.04 74.23
Net Income (Loss) $ 111,000,000 $ 846,000,000 $ 822,000,000 $ 127,000,000 $ (1,993,000,000)
Company Selected Measure Amount 0.006 0.034 0.047 0.009 (0.232)
PEO Name Robert D. Isom Robert D. Isom Robert D. Isom Robert D. Isom and Doug Parker Doug Parker
Measure:: 1          
Pay vs Performance Disclosure          
Name Stock price/total stockholder return        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted pre-tax income and pre-tax income margin        
Non-GAAP Measure Description Adjusted
pre-tax
income margin is a
non-GAAP
measure and excludes net special items. See Appendix C for a reconciliation of
pre-tax
income margin excluding net special items, a
non-GAAP
measure. 		       
Measure:: 3          
Pay vs Performance Disclosure          
Name Adjusted EBITDAR margin        
Measure:: 4          
Pay vs Performance Disclosure          
Name Adjusted TRASM        
Measure:: 5          
Pay vs Performance Disclosure          
Name Total debt.        
Isom [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 13,871,825 $ 15,610,843 $ 31,438,162 $ 4,886,649 $ 0
PEO Actually Paid Compensation Amount 3,351,805 23,988,818 33,817,502 3,507,095 0
Parker [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount 0 0 0 6,537,694 7,238,011
PEO Actually Paid Compensation Amount 0 $ 0 $ 0 $ 3,881,181 $ 8,128,613
PEO | Isom [Member] | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (10,520,020)        
PEO | Isom [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (12,489,000)        
PEO | Isom [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 16,764,258        
PEO | Isom [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (12,625,618)        
PEO | Isom [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,169,660)        
PEO | Isom [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,007,178        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (6,852,500)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 11,077,868        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,753,106)        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (465,084)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0