American Airlines Group (AAL) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $16.7 billion, up 16.3% year over year, driven by strong demand and commercial execution.

• Net income for Q2 2026 was $71 million GAAP ($0.11 per diluted share), down sharply from Q2 2025, with adjusted net income of $99 million ($0.15 per diluted share).

• Revenue growth was robust across all cabins and regions, with premium and loyalty segments outperforming.

• Focused on elevating customer experience, growing the global network, driving premium revenue, and leading in loyalty.

Financial highlights

• Operating income for Q2 2026 was $446 million, with an operating margin of 2.7%, down from $1.1 billion and 8.2% in Q2 2025.

• Passenger revenue increased 15.9% to $15.2 billion; cargo revenue rose 29.7% to $273 million.

• Operating expenses grew 22.9% to $16.3 billion, with fuel expense up 83% to $4.88 billion.

• Cash flow from operations for the first six months of 2026 was $4.7 billion; total available liquidity at Q2 end was $11.3 billion.

• Adjusted earnings per diluted share for Q2 2026 were $0.15, down from $0.95 in Q2 2025.

Outlook and guidance

• Q3 2026 revenue expected to grow 16–19% year over year, with capacity up 3–5%.

• Q3 2026 adjusted earnings per diluted share guidance: ($0.70) to ($0.10); full-year 2026 adjusted EPS guidance: ($0.65) to $0.65, reflecting ~$6 billion headwind from higher jet fuel prices.

• Anticipates average Q3 fuel price of $3.75/gallon and CASM-ex to rise 2.5–4.5% year over year.

• Focus on cost management, operational efficiency, and digital investments amid ongoing risks.