+0.7pt vLY
Millions of USD, as reported · calendar-normalized quarters
Operating profit ÷ revenue, computed from reported figures
Revenue vs cost per available seat-km (USD cents) — the gap is unit profitability
| Period | Revenue | Op. profit | Load factor | ASK | Net result | Load factor |
|---|---|---|---|---|---|---|
| Q1 2026 | ||||||
| Q4 2025 | ||||||
| Q3 2025 | ||||||
| Q2 2025 |
Management expects a more than $4bn full-year increase in jet fuel expense from higher fuel prices, absorbed within flat-to-2025 earnings guidance; Q1 average fuel price was $2.75/gallon.
“a more than $4 billion increase in expense related to higher prices for jet fuel”
Full-year 2026 EPS midpoint guided approximately flat to 2025 despite a more than $4bn increase in jet fuel expense.
“the midpoint of the company's full-year earnings guidance is approximately flat to 2025, despite a more than $4 billion increase in expense related to higher prices for jet fuel”
Second-quarter 2026 adjusted EPS expected between ($0.20) and $0.20, with management expecting another record Q2 revenue.
Winter storms cut an estimated $320M from Q1 revenue, yet the quarter still set a first-quarter revenue record of $13.9bn.
Total unit revenue rose 7.6% YoY and improved each month, with March domestic and international passenger unit revenue both up more than 10% YoY.
| Q1 2025 |
| Q4 2024 |
| Q3 2024 |
| Q2 2024 |
Ended Q1 with total debt of $34.7bn — the lowest since mid-2015 — and generated $4.2bn operating cash flow, up $1.8bn YoY.
FY2026 adjusted EPS guided to $1.70-$2.70 (~$2.00 improvement vs 2025 at midpoint) with free cash flow expected above $2 billion.
The U.S. government shutdown cut Q4 revenue by ~$325 million, concentrated in the domestic entity where PRASM fell 2.5% YoY.
“The government shutdown negatively impacted revenue in the fourth quarter by approximately $325 million”
American Airlines Group