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American Airlines (AAL) investor relations material

American Airlines Morgan Stanley’s 13th Annual Laguna Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Morgan Stanley’s 13th Annual Laguna Conference summary11 Sep, 2025

Opening remarks and industry context

  • The session began with a remembrance of September 11th, highlighting its lasting impact on the airline industry and the resilience shown over 24 years.

  • Emphasis was placed on the industry's ability to adapt and serve as a backbone of the economy.

Financial and operational performance

  • Third quarter is progressing as projected, with revenue guidance on track despite a challenging July and slightly lower capacity.

  • Margin improvement efforts continue, with cost structure enhancements expected to yield another 1.5 margin points by year-end.

  • Revenue underperformance is identified as the main driver of the margin gap compared to peers, with recent focus shifting to revenue growth.

Revenue and commercial strategy

  • Leadership changes in the commercial group and a new exclusive credit card partnership with Citi are expected to accelerate revenue growth.

  • A new commercial team is driving improvements, with early traction seen since February.

  • Initiatives include customer experience enhancements, free Wi-Fi, a new app, and the introduction of the Boeing 787P and A321XLR aircraft.

  • Premium product demand is strong, leading to more premium seating and lounge investments.

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Frequently asked questions

American Airline

American Airlines is an American commercial airline with global operations. The company offers flights to destinations across various continents including North America, South America, Europe, Asia, and Oceania. American Airlines is the largest commercial carrier in the world when measured by scheduled passengers and offers flights to roughly 350 airports around the world. The company is headquartered in Fort Worth, Texas, and its shares are listed on the NYSE.

Founding Story and Growth

American Airlines was founded in 1930 when more than eighty small regional airlines in the US came together to form a larger entity, which is also when the company adopted its current name. In 1934 and re-organized its routes into a nationwide, connected grid of flights which would lay the groundwork for the company’s domineering domestic U.S presence it maintains to this day. The company increased its focus on international flights between the 1970s and 2000s, and now offers flights to over 45 different countries around the world. One of the most notable milestones through American Airlines history is the merger with US Airways in 2013, which made the company the largest airline in the world.

Passenger Experience

The passenger experience offered by American Airlines closely mirrors what other commercial carriers offer, and meets or exceeds what air travelers expect from a modern airline. Passengers can choose from various classes of service, including Economy, Premium Economy, Business, and First Class. In-flight entertainment options such as movies, TV shows, and music are available, alongside Wi-Fi connectivity on most flights. The airline also offers a loyalty program, AAdvantage, allowing frequent flyers to earn miles redeemable for flights, upgrades, and other benefits. Additional services include online check-in, a mobile app for managing travel, and a range of inflight food and beverage options.

The OneWorld Alliance

American Airlines is a founding member of the Oneworld alliance, established in 1999. Oneworld is a global partnership of airlines, with members including Qatar Airways, Qantas, Cathay Pacific, British Airways (owned by IAG), Finnair, Alaska Airlines, and several others. Members collaborate to offer coordinated flight schedules, shared lounges, and mutual loyalty program benefits. This alliance allows passengers to earn and redeem frequent flyer miles across member airlines, take advantage of smoother connections, and access a broader range of destinations worldwide.

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