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On its third quarter of 2026 earnings call, held on Oct. 22, 2026, American Airlines (AAL -3.89%) announced third-quarter revenue grew 19.3% year over year to $16.3 billion. Higher fuel expenses created short-term margin pressure, but expanding premium seating and cost efficiencies position the business for long-term profit growth. Three key takeaways from management explain how the strategy is unfolding.

1. High Fuel Expenses Decelerate Capacity GrowthFuel expenses jumped $1.9 billion year over year, dragging bottom-line performance into a loss despite record top-line revenue. To protect long-term margins, management is slowing capacity growth by lowering aircraft utilization, which measures how many hours planes fly daily.

And given today's elevated fuel prices, we now expect our growth rate in 2027 to decelerate considerably.
-- Robert D. Isom Jr., Chief Executive Officer2. Premium Product Investments Drive Margin ExpansionHigher-yielding premium seats produce superior returns while requiring less flight capacity. Management is retrofitting more than 200 aircraft to add premium seating, which helped boost managed corporate revenue, or ticket sales from business travel contracts, by 28% year over year.

Premium generates roughly half of our ticket revenue on only about 30% of seats. And we are adding more premium seats with every new aircraft in retrofit.
-- Robert D. Isom Jr., Chief Executive Officer3. Structural Efficiency Savings Offset Cost PressuresCost discipline is essential as jet fuel prices remain elevated. Through process improvements and technology investments, management kept CASMx, which measures operating expenses per available seat mile excluding fuel, within expected guidance.

By the end of this year, we expect to have achieved nearly $1 billion in annual run rate savings and more than $900 million in working capital improvements through these efforts.
-- Devon May, Chief Financial OfficerLooking AheadUnit revenue, or average revenue generated per seat mile flown, is trending upward across all routes, giving management clear momentum. Hub investments at Dallas Fort Worth International Airport and expanded partnerships strengthen the carrier's network. Management is watching fuel price stabilization and yield management, or average fares paid per passenger.

Total unit revenue increased 14.5% year over year with strength across every geography and every cabin.
-- Nathaniel Pieper, Chief Commercial OfficerCommercial progress and cost discipline lay the groundwork for debt reduction and future free cash flow once fuel prices stabilize.

Our focus now is on translating the commercial progress we are seeing into stronger margins and improved profitability.
-- Robert D. Isom Jr., Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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American Airlines Group Inc (NASDAQ:AAL, XETRA:A1G) reported record third-quarter revenue of $16.3 billion, up 19.3% year on year, but rising fuel costs pushed it to an adjusted net loss of $182 million.

The airline’s fuel expense increased by $1.9 billion, or 67.5%, compared with the same period last year, with an average price of $3.85 per gallon weighing heavily on profitability.

It also recorded a generally accepted accounting principles (GAAP) net loss of $269 million, equivalent to $0.41 per diluted share, while its adjusted loss was $0.28 per share.

The adjusted loss was only $71 million greater than in the third quarter of 2025, despite the additional $1.9 billion fuel burden, highlighting the strength of the US carrier’s underlying revenue performance.

Premium revenue increased 22.9% year on year, while revenue from Main Cabin passengers rose 19.5%, reflecting stronger demand and increased spending on higher-value travel products.

Total unit revenue, a measure of revenue generated per unit of available capacity, increased 14.5%, supported by domestic passenger growth of 13.6% and international growth of 16.4%.

Managed corporate revenue rose 27.6%, marking the sixth consecutive quarter of double-digit growth, while enrolments in the AAdvantage loyalty programme increased 27.4%.

Premium passenger unit revenue grew 18.5%, outpacing the 14.4% increase recorded in Main Cabin, as American continued to expand premium seating and invest in its customer experience.

The airline also reported one of the strongest unit cost performances among network carriers, with adjusted cost per available seat mile, excluding fuel and certain other items (CASM-ex), increasing 3%.

American expects the pressure from fuel costs to intensify in the fourth quarter, forecasting an average price of approximately $4.70 per gallon based on the forward fuel curve on 19 October.

At that price, fourth-quarter fuel expense is expected to rise by approximately $2.8 billion year on year, although the company projects revenue growth of between 19.5% and 22.5%.

The airline also expects network growth to slow in 2027 compared with 2026 levels because of elevated fuel prices.

American ended the third quarter with $11.8 billion in total available liquidity and more than $26 billion in unencumbered assets and first-lien capacity, while maintaining its commitment to reduce debt and interest expense.

The company expects to achieve nearly $1 billion in annual run-rate savings by the end of 2026 through a multiyear efficiency programme, alongside more than $900 million in working capital improvements.

The results highlight American’s ability to generate strong demand and grow higher-margin premium revenue, although persistently high fuel prices remain a major obstacle to restoring profitability.

Shares of American Airlines were up over 3% on Thursday.

Key Takeaways AAL's Q3 loss of 28 cents per share met estimates, while record revenues of $16.34B beat expectations.
Premium revenues jumped 22.9%, but a 67.5% surge in fuel expenses weighed on American Airlines' margins.AAL expects a Q4 adjusted loss of 50 cents to $1.10 per share amid elevated fuel prices and rising costs.
American Airlines (AAL - Free Report) reported a third-quarter 2026 loss (excluding 13 cents from non-recurring items) of 28 cents per share, wider than the year-ago loss of 17 cents. However, the figure was in line with the Zacks Consensus Estimate. Results were hurt by elevated fuel expenses.

Operating revenues surged 19.3% year over year to a record $16.34 billion and surpassed the consensus mark of $16.20 billion by 0.8%. Revenue growth was supported by strong premium demand, higher passenger yields and robust corporate travel. Total revenue per available seat mile increased 14.5%.

AAL's Passenger Revenues Gain on Strong PricingPassenger revenues climbed 19.5% year over year to $14.90 billion. Cargo revenues increased 29.1% to $274 million, while other revenues advanced 15.2% to $1.16 billion.

Passenger yield rose 18.3% to 22.15 cents, reflecting stronger pricing. Passenger revenue per available seat mile increased 14.6% to 18.47 cents. Revenue passenger miles grew 1%, while capacity, measured in available seat miles, expanded 4.2%. The passenger load factor (% of seats filled with passengers) declined 2.6 percentage points to 83.4%, just ahead of our estimate of 83%.

American Airlines Sees Broad Premium and Regional StrengthPremium revenues increased 22.9% year over year, outperforming the 19.5% rise in Main Cabin revenues. Premium passenger unit revenues advanced 18.5%, compared with 14.4% growth in Main Cabin. Managed corporate revenues jumped 27.6%, marking the sixth consecutive quarter of double-digit growth.

Domestic passenger revenues rose 20.2% to $10.49 billion, supported by a 13.6% increase in passenger unit revenues. International passenger revenues grew 17.7% to $4.41 billion. Latin America revenues climbed 20.7%, while Atlantic and Pacific revenues increased 15.6% and 18.5%, respectively.

AAL Faces a Sharp Increase in Fuel ExpensesTotal operating expenses rose 19.8% year over year to $16.22 billion. Aircraft fuel and related taxes surged 67.5% to $4.64 billion, reflecting a 62.7% increase in the average fuel price to $3.85 per gallon.

Salaries, wages and benefits increased 5.7% to $4.71 billion. Maintenance, materials and repairs rose 6.2% to $1.09 billion, while regional operating expenses increased 5.5% to $1.36 billion. CASM excluding special items, fuel and profit sharing advanced 3% to 14.34 cents.

American Airlines' Margins Shrink Despite Revenue GrowthGAAP operating income declined 23.4% year over year to $115 million. The reported operating margin narrowed to 0.7% from 1.1%, as higher fuel expenses more than offset the benefits of record revenues.

Adjusted operating income declined 16.2% to $132 million, while the adjusted operating margin contracted to 0.8% from 1.2%. GAAP net loss widened to $269 million, or 41 cents per share, compared with a loss of $114 million, or 17 cents, a year earlier.

AAL Expands Loyalty and Enhances Customer ExperienceAAdvantage enrollments increased 27.4% year over year, while spending on the company's co-branded Citi credit cards grew nearly 10%. Commercial initiatives contributed to a 6-percentage-point increase in the upsell rate from Basic Economy to Main Cabin.

American also announced plans to extend Starlink Wi-Fi installations across its entire mainline fleet, covering more than 1,000 aircraft. The carrier continues investing in premium lounges, seatback entertainment and fleet modernization. Its narrowbody retrofit program is expected to increase premium seating to 40% in the coming years.

American Airlines Maintains Liquidity, Issues Cautious OutlookAAL ended the third quarter with $11.8 billion in total available liquidity. Cash totaled $1.12 billion, while short-term investments stood at $7.16 billion at September-end.

Operating cash flow for the first nine months of 2026 increased to $4.54 billion from $3.37 billion a year ago. Capital expenditures and aircraft purchase deposits totaled $2.73 billion. The company repaid $5.35 billion in long-term debt and finance leases while issuing $5.93 billion of long-term debt.

For the fourth quarter, AAL expects revenues to increase 19.5-22.5% year over year, with capacity growth of 5.5-6.5%. CASM, excluding special items, fuel and profit sharing, is projected to rise 2.5-3.5%.

Management expects fourth-quarter adjusted loss between 50 cents and $1.10 per share. The Zacks Consensus Estimate is currently pegged at a loss of 40 cents per share. The outlook assumes an average fuel price of approximately $4.70 per gallon and a $2.8 billion year-over-year increase in fuel expenses.

For full-year 2026, American Airlines anticipates adjusted loss ranging from $1 to $1.60 per share. The Zacks Consensus Estimate is currently pegged at a loss of 94 cents per share. Given elevated fuel prices, the carrier expects network growth in 2027 to slow from 2026 levels.

American Airlines has a Zacks Rank #4 (Sell) at present.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q3 Performance of Other Airline CompaniesDelta Air Lines (DAL - Free Report) reported third-quarter 2026 earnings (excluding 57 cents from non-recurring items) of $1.72 per share, missing the Zacks Consensus Estimate of $1.80 by 4.44%. Earnings increased year over year despite sharply higher fuel costs and rising non-fuel expenses.

Adjusted revenues climbed 16% year over year to $17.59 billion but missed the consensus estimate of $17.74 billion by 0.9%. Broad demand strength and healthy yields lifted adjusted total revenue per available seat mile, or TRASM, 15%, while premium and diversified revenue streams continued to expand.

Alaska Air Group, Inc. (ALK - Free Report) reported third-quarter 2026 adjusted earnings of 36 cents per share, excluding certain tax impacts, beating the Zacks Consensus Estimate of 35 cents by 2.9%. The company had reported adjusted earnings of $1.05 per share a year earlier. Higher fuel expenses weighed on profitability despite strong revenue momentum.

Operating revenues increased 14.4% year over year to $4.30 billion but missed the consensus mark of $4.31 billion by 0.1%. Revenue per available seat mile, or RASM, rose 11.7%, supported by strong yields, premium demand and loyalty revenues.

CNBC's Phil LeBeau and American Airlines CEO Robert Isom join 'Squawk Box' to discuss the company's quarterly earnings results, impact of higher jet fuel costs, and more.

American Airlines cut projections for its bottom line, citing rising fuel costs as the war in Iran drags on.

FORT WORTH, Texas, Oct. 22, 2026 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2026 financial results, reflecting execution of its commercial strategy and the benefits of long-term investments in its customers, team members, network, fleet and technology.

Third-quarter financial highlights:

Total revenue of $16.3 billion, up 19.3% year over year, above the high end of the previously announced guidance range.Delivered the best unit cost performance among the network carriers, with CASM-ex1 up 3.0%.Fuel expense for the quarter increased $1.9 billion, or 67.5%, year over year.GAAP net loss of $269 million, or ($0.41) per diluted share.Adjusted net loss of $182 million2, or ($0.28) per diluted share. Adjusted net loss was only $71 million below third quarter 2025 despite the $1.9 billion increase in fuel expense. “American delivered record third-quarter revenue and the strongest year-over-year revenue growth in my career, with premium performance leading the way,” said American's CEO Robert Isom. "The investments we are making across the four pillars of our commercial strategy are working, and we expect another quarter of record revenue growth to close out the year. While historically high fuel prices significantly impacted our financial results, our focus remains on restoring profitability and building a stronger American for the long term. I’m grateful to the American Airlines team for making this progress possible.”

The company’s third-quarter results were driven by strong revenue performance across all geographies and cabins:

Premium revenue increased 22.9%, and Main Cabin revenue increased 19.5% year over year.Total unit revenue increased 14.5% year over year, reflecting continued strength in demand for travel.Domestic passenger unit revenue increased 13.6% year over year in the third quarter.International passenger unit revenue increased 16.4%, with the Latin America entity up 21.1%, the Atlantic entity up 14.5% and the Pacific entity up 11.3% compared to the third quarter of 2025.AAdvantage® enrollments increased 27.4% year over year.Demand for business travel remained strong, with managed corporate revenue increasing 27.6% year over year, marking the sixth consecutive quarter of double-digit growth. This revenue performance was a result of the company’s continued focus on its four commercial pillars: elevate the customer experience, grow the global network, drive premium revenue and lead in loyalty.

1) Elevate the customer experience

American’s investments in high-speed connectivity, lounges, seatback entertainment, airport facilities and fleet modernization are creating the foundation for a best-in-class customer experience.

In May, American announced plans to equip more than 500 aircraft with high-speed Starlink Wi-Fi, representing the largest in-flight connectivity upgrade in the airline’s history. Building on that commitment, the company announced on Oct. 8 that it plans to expand Starlink installation across its entire mainline fleet, bringing the technology to more than 1,000 aircraft. Once installation is complete, American will offer one of the largest fleets of Starlink-connected aircraft in the world.

The company also continues to grow its Admirals Club® and premium lounge network with more lounges opening or being renovated than at any point in company history. Additionally, American announced the expansion of seatback entertainment to the narrowbody fleet, including screens on new deliveries beginning in 2028. With these foundational investments underway, American remains focused on further improving customer satisfaction through enhanced operational reliability, better disruption management and a more consistent travel experience.

2) Grow the global network

American continues to strengthen its global network, offering customers more destinations, better connectivity and greater schedule utility. At Dallas Fort Worth International Airport (DFW), this year's rebank produced record passenger volumes, fewer misconnections and mishandled bags, and unit revenue that outpaced the rest of the system. In Chicago, Miami, Philadelphia and Phoenix, American is building stronger schedules for local customers.

3) Drive premium revenue

American continues to see momentum in premium demand, demonstrating the benefits of recent investments across its premium products and customer experience. Premium passenger unit revenue increased 18.5% year over year during the third quarter, compared with an increase of 14.4% in Main Cabin.

American plans to continue expanding premium seating through the delivery of new aircraft and the retrofit of existing aircraft. Premium products generate roughly half of the company's ticket revenue on approximately 30% of seats today. Through the recently announced narrowbody retrofit program, American expects premium seats on narrowbody aircraft to increase to 40% in the coming years.

The company also continues to take actions to improve revenue quality and provide customers with a broader range of choices. These initiatives contributed to a 6-point increase in the upsell rate from Basic Economy to Main Cabin during the quarter.

4) Lead in loyalty

The AAdvantage® program remains one of American's strongest competitive advantages, driving customer engagement, premium demand and long-term value creation. The program continues to benefit from strong member activity, increased engagement and enhancements to American’s co-branded credit card program.

Enrollments in the AAdvantage® program increased 27.4% year over year in the third quarter. American’s co-branded credit card partnership with Citi saw year-over-year third-quarter card spend growth of nearly 10%.

Efficiency and cost performance

American continues to benefit from long-term investments in technology, procurement and other initiatives designed to build a more efficient and resilient airline. The company is reengineering how work gets done across the business, improving productivity and simplifying processes while continuing to invest in the customer and team member experience.

By the end of 2026, the company expects to have achieved nearly $1 billion in annual run rate savings and more than $900 million in working capital improvements through its multiyear reengineering efforts. American continues to identify opportunities to use technology, automation and artificial intelligence to simplify the business and equip team members with better tools to improve decision-making.

“We remain focused ​on the ​factors ​that drive the most value,” said American’s ​Chief Financial Officer Devon ​May. “Our long-term ​focus ​on ​efficiency supported ​industry-leading unit ​cost results in the quarter, with CASM-ex ​increasing 3.0% ​year over ​year. For the full year, we expect to lead the network carriers in the spread between year-over-year unit revenue and CASM-ex growth.”

Overall financial results were pressured by a significant increase in fuel costs. American paid an average of $3.85 per gallon in the third quarter, which increased fuel expense by $1.9 billion year over year.

Balance sheet and liquidity

American ended the third quarter with $11.8 billion of total available liquidity and more than $26 billion of unencumbered assets and first-lien capacity. The company remains committed to reducing debt, lowering interest expense and achieving its target of 3.0x net debt3 to EBITDAR, in line with BB credit metrics.

Outlook and financial guidance

In​ the fourth ​quarter, ​the ​company ​expects continued ​revenue ​strength, with ​year-over-year ​revenue ​growth ​between ​19.5% and 22.5%. ​Based ​on the forward fuel curve ​as ​of Oct. 19, American anticipates an ​average fuel price ​of ​approximately $4.70 ​per gallon, nearly double the price paid in ​the fourth ​quarter of ​2025. At ​that price, ​fuel ​expense is ​expected to increase approximately $2.8 billion ​versus ​the fourth ​quarter of ​2025.

Given elevated fuel prices, American expects network growth in 2027 to slow from 2026 levels.

4Q 2026E (vs. 4Q 2025)Available seat miles+5.5% – +6.5%Total revenue+19.5% – +22.5%CASM excluding net special items, fuel and profit sharing1+2.5% – +3.5%Adjusted loss per diluted share4($1.10) – ($0.50)  FY 2026E Adjusted loss per diluted share4($1.60) – ($1.00)   Conference call and webcast

American will host a conference call at 7:30 a.m. CT today. A live webcast and replay will be available at American’s investor relations website.

Notes

See the accompanying notes in the financial tables section of this news release for further explanation, including reconciliations of certain GAAP to non-GAAP financial information.

Cost per available seat mile excluding net special items, fuel and profit sharing, or CASM-ex, is a non-GAAP measure. The company is unable to reconcile certain forward-looking information to GAAP because the nature or amount of net special items cannot be determined at this time.Adjusted net loss is a non-GAAP financial measure and excludes $87 million of net special items after the effect of taxes that the company recognized in the third quarter.Net debt includes debt, finance and operating lease liabilities and pension obligations less unrestricted cash and short-term investments.Adjusted loss per diluted share guidance excludes the impact of net special items and represents an absolute number, not a year-over-year comparison. The company is unable to reconcile certain forward-looking information to GAAP as the nature or amount of net special items cannot be determined at this time.Other: Third-quarter revenue growth of 19.3% is the highest in company history excluding the years following the pandemic.

About American Airlines Group (NASDAQ: AAL)

American Airlines is a premium global airline connecting more of the U.S. to the world. With roots tracing back to an air mail carrier in the Midwestern United States in 1926, American now operates more than 6,000 daily flights to more than 350 destinations in more than 60 countries and serves more than 200 million customers annually. Powered by a proud and talented team of 140,000 aviation professionals, American’s team lives out the airline’s purpose of caring for people on life’s journey every day.

The world’s largest airline proudly celebrates its centennial year in 2026, reaching a milestone that reflects a century of innovation and the Forever ForwardSM spirit that changed the industry and the world. American introduced the first scheduled air cargo service, the first airport lounge and the first airline loyalty program and continues to reinvent the customer experience today. The airline is also a founding member of the oneworld alliance, whose members serve more than 900 destinations around the globe.

Get the latest about American at news.aa.com and @AmericanAir.

Use of websites and social media to disclose information

American routinely uses the investor relations section of its website as well as its social media pages, including on Facebook and X, and its newsroom at news.aa.com, to disclose important information about American Airlines Group Inc. and its subsidiaries and to comply with its disclosure obligations under Regulation Fair Disclosure. The information contained on, or that may be accessed through, the company’s website, social media channels or newsroom is not incorporated by reference into, and is not a part of, this document, and all website addresses in this document are intended to be inactive textual references only.

Cautionary statement regarding forward-looking statements and information

Certain of the statements contained in this document should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, downturns in economic conditions could adversely affect our business; we will need to obtain sufficient financing or other capital to operate successfully; our high level of debt and other obligations may limit our ability to fund general corporate requirements and obtain additional financing, may limit our flexibility in responding to competitive developments and may cause our business to be vulnerable to adverse economic and industry conditions; if our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity; the loss of key personnel whom we depend on to operate our business, or the inability to attract, develop and retain additional qualified personnel could adversely affect our business; our business has been and will continue to be materially affected by many changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including global events that affect travel behavior; the airline industry is intensely competitive and dynamic; union disputes, employee strikes and other labor-related disruptions may adversely affect our operations and financial performance; if we encounter problems with any of our third-party regional operators or third-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services; any damage to our reputation or brand image could adversely affect our business or financial results; risks of losses and adverse publicity from any public incidents involving our company, people or brand; changes to our business model that are designed to increase revenues and reduce costs may not be successful and may cause operational difficulties or decreased demand; our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results; we may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity; we rely heavily on technology and automated systems, including artificial intelligence, to operate our business, and any failures could harm our business, results of operations and financial condition; evolving data privacy requirements could increase our costs, and any significant cybersecurity incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition; we are exposed to risks from cyberattacks, and any cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners; we have a significant amount of goodwill, which is assessed for impairment at least annually. We may never realize the full value of our intangible or long-lived assets, causing us to record material impairment charges; the commercial relationships that we have with other companies, including any related equity investments, may not produce the returns or results we expect; our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity; our business is subject to extensive government regulation; we can be adversely affected by any prolonged partial or full U.S. Government shutdown; we operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control; we may be adversely affected by conflicts overseas, terrorist attacks or other acts of violence, domestically or abroad; the travel industry continues to face ongoing security concerns; we are subject to risks associated with climate change, including increased regulation of our greenhouse gas emissions, changing consumer preferences and the potential for increased impacts of severe weather events on our operations and infrastructure; we are subject to various risks associated with environmental and social matters, and many forms of environmental and noise regulation; a shortage of pilots or other personnel could materially adversely affect our business; we depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition; we rely on third-party distribution channels and must effectively manage the costs, rights and functionality of these channels; if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future; interruptions or disruptions in service at one of our key facilities; increases in insurance costs or reductions in insurance coverage, and heavy taxation of the airline industry; risks related to ownership of AAG common stock; and other risks set forth herein as well as in the company’s latest annual report on Form 10-K for the year ended December 31, 2025 (especially in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations) and subsequent quarterly reports on Form 10-Q (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

Financial tables

American Airlines Group Inc. Condensed Consolidated Statements of Operations (In millions, except share and per share amounts) (Unaudited)                 3 Months Ended
September 30, Percent
Increase 9 Months Ended
September 30, Percent
Increase    2026   2025  (Decrease)  2026   2025  (Decrease)               Operating revenues:             Passenger $14,900  $12,471  19.5  $42,609  $36,985  15.2  Cargo  274   212  29.1   761   612  24.3  Other  1,161   1,008  15.2   3,612   3,037  18.9  Total operating revenues  16,335   13,691  19.3   46,982   40,634  15.6                Operating expenses:             Aircraft fuel and related taxes  4,635   2,767  67.5   12,444   8,017  55.2  Salaries, wages and benefits  4,713   4,461  5.7   14,027   13,065  7.4  Regional expenses:             Regional operating expenses  1,356   1,286  5.5   4,012   3,809  5.3  Regional depreciation and amortization  93   84  10.5   276   244  13.0  Maintenance, materials and repairs  1,092   1,028  6.2   3,100   2,876  7.8  Other rent and landing fees  996   906  9.9   2,862   2,627  9.0  Aircraft rent  309   310  (0.5)  926   910  1.7  Selling expenses  553   483  14.7   1,664   1,467  13.4  Depreciation and amortization  493   474  3.9   1,446   1,418  2.0  Special items, net  9   7  22.5   29   125  (76.6) Other  1,971   1,734  13.7   5,675   5,061  12.1  Total operating expenses  16,220   13,540  19.8   46,461   39,619  17.3                Operating income  115   151  (23.4)  521   1,015  (48.7)               Nonoperating income (expense):             Interest income  87   90  (3.8)  217   285  (24.0) Interest expense, net  (435)  (432) 0.7   (1,242)  (1,294) (4.0) Other income (expense), net  (101)  49  nm(1)  (198)  42  nm  Total nonoperating expense, net  (449)  (293) 53.8   (1,223)  (967) 26.5                Income (loss) before income taxes  (334)  (142) nm   (702)  48  nm                  Income tax provision (benefit)  (65)  (28) nm   (122)  36  nm                  Net income (loss) $(269) $(114) nm  $(580) $12  nm                              Earnings (loss) per common share:             Basic $(0.41) $(0.17)   $(0.88) $0.02    Diluted $(0.41) $(0.17)   $(0.88) $0.02                  Weighted average shares outstanding (in thousands):             Basic  662,706   660,358     662,026   659,788    Diluted  662,706   660,358     662,026   660,784                                              Note: Percent change may not recalculate due to rounding.
              (1) Not meaningful or greater than 100% change.
                American Airlines Group Inc.Consolidated Operating Statistics (1)(Unaudited)                 3 Months Ended
September 30, Increase  9 Months Ended
September 30, Increase   2026 2025 (Decrease)  2026 2025 (Decrease)                Revenue passenger miles (millions) 67,265 66,580 1.0 % 193,934 188,698 2.8 %Available seat miles (ASM) (millions) 80,680 77,400 4.2 % 234,533 224,939 4.3 %Passenger load factor (percent) 83.4 86.0 (2.6)pts 82.7 83.9 (1.2)ptsYield (cents) 22.15 18.73 18.3 % 21.97 19.60 12.1 %Passenger revenue per ASM (cents) 18.47 16.11 14.6 % 18.17 16.44 10.5 %Total revenue per ASM (cents) 20.25 17.69 14.5 % 20.03 18.06 10.9 %Cargo ton miles (millions) 625 545 14.7 % 1,790 1,550 15.5 %Cargo yield per ton mile (cents) 43.86 38.94 12.6 % 42.52 39.52 7.6 %               Fuel consumption (gallons in millions) 1,204 1,169 3.0 % 3,473 3,375 2.9 %Average aircraft fuel price including related taxes (dollars per gallon) 3.85 2.37 62.7 % 3.58 2.38 50.8 %               Operating cost per ASM (cents) 20.10 17.49 14.9 % 19.81 17.61 12.5 %Operating cost per ASM excluding net special items (cents) 20.08 17.48 14.9 % 19.79 17.56 12.7 %Operating cost per ASM excluding net special items and fuel (cents) 14.34 13.91 3.1 % 14.49 13.99 3.5 %Operating cost per ASM excluding net special items, fuel and profit sharing (cents)14.34 13.92 3.0 % 14.49 13.98 3.6 %               Passenger enplanements (thousands) 58,143 58,474 (0.6)% 169,014 168,220 0.5 %Departures (thousands):              Mainline 304 298 2.3 % 896 881 1.7 %Regional 281 267 5.3 % 820 787 4.2 %Total 585 565 3.7 % 1,716 1,668 2.9 %Average stage length (miles):              Mainline 1,220 1,201 1.6 % 1,212 1,188 2.0 %Regional 471 464 1.4 % 473 465 1.9 %Total 861 853 0.9 % 859 846 1.5 %Aircraft at end of period:              Mainline 1,037 998 3.9 % 1,037 998 3.9 %Regional (2) 587 557 5.4 % 587 557 5.4 %Total 1,624 1,555 4.4 % 1,624 1,555 4.4 %Full-time equivalent employees at end of period:              Mainline 107,700 104,900 2.7 % 107,700 104,900 2.7 %Regional (3) 33,400 32,000 4.4 % 33,400 32,000 4.4 %Total 141,100 136,900 3.1 % 141,100 136,900 3.1 %                              Note: Amounts may not recalculate due to rounding.                             (1) Unless otherwise noted, operating statistics include mainline and regional operations. Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers.(2) Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are two Bombardier CRJ900 regional aircraft that are held in temporary storage as of September 30, 2026.(3) Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries.                American Airlines Group Inc.Consolidated Revenue Statistics by Region(Unaudited)                 3 Months Ended
September 30, Increase  9 Months Ended
September 30, Increase   2026 2025 (Decrease)  2026 2025 (Decrease)                Domestic (1)              Revenue passenger miles (millions) 44,579 43,741 1.9 % 129,068 125,206 3.1 %Available seat miles (ASM) (millions) 54,096 51,106 5.9 % 157,579 149,762 5.2 %Passenger load factor (percent) 82.4 85.6 (3.2)pts 81.9 83.6 (1.7)ptsPassenger revenue (dollars in millions) 10,489 8,723 20.2 % 30,205 26,010 16.1 %Yield (cents) 23.53 19.94 18.0 % 23.40 20.77 12.7 %Passenger revenue per ASM (cents) 19.39 17.07 13.6 % 19.17 17.37 10.4 %               Latin America (2)              Revenue passenger miles (millions) 7,706 7,726 (0.3)% 26,612 26,106 1.9 %Available seat miles (millions) 8,807 8,832 (0.3)% 31,379 30,560 2.7 %Passenger load factor (percent) 87.5 87.5 - pts 84.8 85.4 (0.6)ptsPassenger revenue (dollars in millions) 1,618 1,340 20.7 % 5,307 4,795 10.7 %Yield (cents) 20.99 17.34 21.1 % 19.94 18.37 8.6 %Passenger revenue per ASM (cents) 18.37 15.17 21.1 % 16.91 15.69 7.8 %               Atlantic              Revenue passenger miles (millions) 12,746 12,951 (1.6)% 30,802 30,317 1.6 %Available seat miles (millions) 15,023 14,878 1.0 % 36,708 36,255 1.2 %Passenger load factor (percent) 84.8 87.0 (2.2)pts 83.9 83.6 0.3 ptsPassenger revenue (dollars in millions) 2,438 2,109 15.6 % 5,893 5,160 14.2 %Yield (cents) 19.13 16.28 17.5 % 19.13 17.02 12.4 %Passenger revenue per ASM (cents) 16.23 14.17 14.5 % 16.05 14.23 12.8 %               Pacific              Revenue passenger miles (millions) 2,234 2,162 3.3 % 7,452 7,069 5.4 %Available seat miles (millions) 2,754 2,584 6.6 % 8,867 8,362 6.0 %Passenger load factor (percent) 81.1 83.7 (2.6)pts 84.0 84.5 (0.5)ptsPassenger revenue (dollars in millions) 355 299 18.5 % 1,204 1,020 18.0 %Yield (cents) 15.88 13.84 14.8 % 16.15 14.43 11.9 %Passenger revenue per ASM (cents) 12.88 11.58 11.3 % 13.57 12.20 11.3 %               Total International              Revenue passenger miles (millions) 22,686 22,839 (0.7)% 64,866 63,492 2.2 %Available seat miles (millions) 26,584 26,294 1.1 % 76,954 75,177 2.4 %Passenger load factor (percent) 85.3 86.9 (1.6)pts 84.3 84.5 (0.2)ptsPassenger revenue (dollars in millions) 4,411 3,748 17.7 % 12,404 10,975 13.0 %Yield (cents) 19.44 16.41 18.5 % 19.12 17.29 10.6 %Passenger revenue per ASM (cents) 16.59 14.25 16.4 % 16.12 14.60 10.4 %               Note: Amounts may not recalculate due to rounding.                             (1) Domestic results include Canada, Puerto Rico and U.S. Virgin Islands.(2) Latin America results include the Caribbean.                Reconciliation of GAAP Financial Information to Non-GAAP Financial Information                           American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures:  - Operating Income (GAAP measure) to Operating Income Excluding Net Special Items (non-GAAP measure) 
- Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure)
- Pre-Tax Income (Loss) (GAAP measure) to Pre-Tax Income (Loss) Excluding Net Special Items (non-GAAP measure)
- Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure)
- Net Income (Loss) (GAAP measure) to Net Income (Loss) Excluding Net Special Items (non-GAAP measure)
- Basic and Diluted Earnings (Loss) Per Share (GAAP measure) to Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items (non-GAAP measure) Management uses these non-GAAP financial measures to evaluate the Company's current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items provides management with an additional tool to understand the Company’s core operating performance. Additionally, the tables below present the reconciliations of total operating costs (GAAP measure) to total operating costs excluding net special items, fuel and profit sharing (non-GAAP measure) and total operating costs per ASM (CASM) to CASM excluding net special items, fuel and profit sharing. Management uses total operating costs excluding net special items, fuel and profit sharing and CASM excluding net special items, fuel and profit sharing to evaluate the Company's current operating performance and to allow for period-to-period comparisons. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance. Additionally, the Company excludes profit sharing to allow investors to better understand and analyze its operating cost performance and to provide a more meaningful comparison of its core operating costs to the airline industry. The adjustment to exclude net special items, fuel and profit sharing provides management with an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance.    Reconciliation of Operating Income Excluding Net Special Items 3 Months Ended
September 30, Percent
Increase 9 Months Ended
September 30,Percent
Increase    2026   2025  (Decrease)  2026   2025  (Decrease)    (in millions)   (in millions)                   Operating income as reported $115  $151    $521  $1,015     Operating net special items:              Mainline operating special items, net (1)  9   7     29   125     Regional operating special items, net  8   -     8   -     Operating income excluding net special items $132  $158  (16.2%) $558  $1,140  (51.0%)                 Calculation of Operating Margin                             Operating income as reported $115  $151    $521  $1,015                    Total operating revenues as reported $16,335  $13,691    $46,982  $40,634                    Operating margin  0.7%  1.1%    1.1%  2.5%                   Calculation of Operating Margin Excluding Net Special Items                             Operating income excluding net special items $132  $158    $558  $1,140                    Total operating revenues as reported $16,335  $13,691    $46,982  $40,634                    Operating margin excluding net special items  0.8%  1.2%    1.2%  2.8%                   Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items                             Pre-tax income (loss) as reported $(334) $(142)   $(702) $48     Pre-tax net special items:              Mainline operating special items, net (1)  9   7     29   125     Regional operating special items, net  8   -     8   -     Nonoperating special items, net (2)  95   (4)    259   28     Total pre-tax net special items  112   3     296   153                    Pre-tax income (loss) excluding net special items $(222) $(139) 60.1% $(406) $201  nm                 Calculation of Pre-Tax Margin                             Pre-tax income (loss) as reported $(334) $(142)   $(702) $48                    Total operating revenues as reported $16,335  $13,691    $46,982  $40,634                    Pre-tax margin  (2.0%)  (1.0%)    (1.5%)  0.1%                   Calculation of Pre-Tax Margin Excluding Net Special Items                             Pre-tax income (loss) excluding net special items $(222) $(139)   $(406) $201                    Total operating revenues as reported $16,335  $13,691    $46,982  $40,634                    Pre-tax margin excluding net special items  (1.4%)  (1.0%)    (0.9%)  0.5%                                    3 Months Ended
September 30, Percent
Increase 9 Months Ended
September 30,Percent
Increase  Reconciliation of Net Income (Loss) Excluding Net Special Items  2026   2025  (Decrease)  2026   2025  (Decrease)    (in millions, except share and per share amounts)   (in millions, except share and per share amounts)                   Net income (loss) as reported $(269) $(114)   $(580) $12     Net special items:              Total pre-tax net special items (1), (2)  112   3     296   153     Net tax effect of net special items  (25)  -     (66)  (34)    Net income (loss) excluding net special items $(182) $(111) 63.7% $(350) $131  nm                 Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items                             Net income (loss) excluding net special items $(182) $(111)   $(350) $131                    Shares used for computation (in thousands):              Basic  662,706   660,358     662,026   659,788     Diluted  662,706   660,358     662,026   660,784                    Earnings (loss) per share excluding net special items:              Basic $(0.28) $(0.17)   $(0.53) $0.20     Diluted $(0.28) $(0.17)   $(0.53) $0.20                    Reconciliation of Total Operating Costs per ASM Excluding Net Special Items, Fuel and Profit Sharing                             Total operating expenses as reported $16,220  $13,540    $46,461  $39,619                    Operating net special items:              Mainline operating special items, net (1)  (9)  (7)    (29)  (125)    Regional operating special items, net  (8)  -     (8)  -     Total operating expenses excluding net special items  16,203   13,533     46,424   39,494                    Aircraft fuel and related taxes  (4,635)  (2,767)    (12,444)  (8,017)    Total operating expenses excluding net special items and fuel  11,568   10,766     33,980   31,477                    Profit sharing  -   8     -   (33)    Total operating expenses excluding net special items, fuel and profit sharing $11,568  $10,774    $33,980  $31,444                      (in cents)   (in cents)                  Total operating expenses per ASM as reported  20.10   17.49     19.81   17.61                    Operating net special items per ASM:              Mainline operating special items, net (1)  (0.01)  (0.01)    (0.01)  (0.06)    Regional operating special items, net  (0.01)  -     -   -     Total operating expenses per ASM excluding net special items  20.08   17.48     19.79   17.56                    Aircraft fuel and related taxes per ASM  (5.74)  (3.58)    (5.31)  (3.56)    Total operating expenses per ASM excluding net special items and fuel  14.34   13.91     14.49   13.99                    Profit sharing per ASM  -   0.01     -   (0.01)    Total operating expenses per ASM excluding net special items, fuel and profit sharing  14.34   13.92     14.49   13.98                    Note: Amounts may not recalculate due to rounding.
                           FOOTNOTES:                            (1)The 2025 nine month period mainline operating special items, net principally included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with the Company's mainline maintenance and fleet service team members and adjustments to litigation reserves.                (2)Principally included mark-to-market net unrealized gains and losses associated with certain equity investments as well as charges associated with debt refinancings and extinguishments. Additionally, the 2026 third quarter and nine month period included an impairment charge related to the Company's equity investment in Republic Airways Holdings Inc.                 American Airlines Group Inc. Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited)             9 Months Ended
September 30,      2026   2025           Net cash provided by operating activities$4,541  $3,373   Cash flows from investing activities:     Capital expenditures and aircraft purchase deposits (2,728)  (2,149)  Proceeds from sale-leaseback transactions and sale of property and equipment 77   243   Purchases of short-term investments (5,026)  (4,801)  Sales of short-term investments 2,751   4,944   Decrease (increase) in restricted short-term investments 180   (20)  Other investing activities (79)  279   Net cash used in investing activities (4,825)  (1,504)  Cash flows from financing activities:     Proceeds from issuance of long-term debt 5,933   2,169   Payments on long-term debt and finance leases (5,347)  (4,087)  Other financing activities (130)  85   Net cash provided by (used in) financing activities 456   (1,833)  Net increase in cash and restricted cash 172   36   Cash and restricted cash at beginning of period 1,056   902   Cash and restricted cash at end of period (1)$1,228  $938                  ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
      (1)The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:          Cash $1,124  $835   Restricted cash included in restricted cash and short-term investments 104   103   Total cash and restricted cash$1,228  $938           American Airlines Group Inc. Condensed Consolidated Balance Sheets (In millions, except shares)         September 30, 2026 December 31, 2025  (unaudited)   Assets         Current assets    Cash$1,124  $954  Short-term investments 7,163   4,882  Restricted cash and short-term investments 555   735  Accounts receivable, net 1,928   2,075  Aircraft fuel, spare parts and supplies, net 3,171   2,792  Prepaid expenses and other 800   767  Total current assets 14,741   12,205       Operating property and equipment    Flight equipment 48,715   46,597  Ground property and equipment 10,808   10,479  Equipment purchase deposits 633   656  Total property and equipment, at cost 60,156   57,732  Less accumulated depreciation and amortization (26,530)  (25,192) Total property and equipment, net 33,626   32,540       Operating lease right-of-use assets 6,744   7,091       Other assets    Goodwill 4,091   4,091  Intangibles, net 2,067   2,066  Deferred tax asset 2,477   2,368  Other assets 1,272   1,413  Total other assets 9,907   9,938       Total assets$65,018  $61,774       Liabilities and Stockholders’ Equity (Deficit)         Current liabilities    Current maturities of long-term debt and finance leases$3,692  $3,753  Accounts payable 3,334   2,840  Accrued salaries and wages 2,175   2,128  Air traffic liability 9,414   7,158  Loyalty program liability 4,446   3,725  Operating lease liabilities 1,032   1,058  Fuel financing 933   914  Other accrued liabilities 2,997   2,916  Total current liabilities 28,023   24,492       Noncurrent liabilities    Long-term debt and finance leases, net of current maturities 25,943   25,254  Pension and postretirement benefits 1,099   1,568  Loyalty program liability 7,068   6,839  Operating lease liabilities 5,607   5,905  Other liabilities 1,502   1,443  Total noncurrent liabilities 41,219   41,009       Stockholders' equity (deficit)    Common stock, 662,618,434 shares outstanding at September 30, 2026 7   7  Additional paid-in capital 7,424   7,387  Accumulated other comprehensive loss (4,343)  (4,389) Retained deficit (7,312)  (6,732) Total stockholders' deficit (4,224)  (3,727)      Total liabilities and stockholders’ equity (deficit)$65,018  $61,774        Total Debt and Net Debt      The Company's total debt and net debt are presented below, which are non-GAAP measures that management believes are useful for assessing the Company's debt profile. Total debt is defined as debt, finance and operating lease liabilities and pension obligations, and net debt is defined as total debt, net of unrestricted cash and short-term investments.     Total Debt and Net Debt (at end of period) September 30, 2026  (in millions)     Debt and finance leases $29,635 Operating lease liabilities  6,639 Pension obligations  92 Total debt  36,366 Less: cash and short-term investments  8,287 Net debt $28,079      Corporate Communications
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American Airlines forecast deeper losses this year as record revenue failed to help the airline recover from this year's spike in fuel costs. The carrier plans to slow its capacity growth next year as a result.

American on Thursday said it expects to lose between $1 and $1.60 a share, on an adjusted basis for the full year. In July, it forecast earnings of up to 65 cents a share to a loss of as low as 65 cents a share.

The airline's stock was down about 4% in premarket trading.

"American delivered record third-quarter revenue and the strongest year-over-year revenue growth in my career, with premium performance leading the way," American CEO Robert Isom said in a news release. "The investments we are making across the four pillars of our commercial strategy are working, and we expect another quarter of record revenue growth to close out the year." 

The Fort Worth, Texas-based airline is the fourth major U.S. carrier to cut its forecast for 2026 due to a jump in jet fuel following the start of the Iran war. Rising jet fuel prices have also driven up airfare more than 20% from last year. Delta Air Lines, United Airlines, and Southwest Airlines also slashed their outlooks this month.

Jet fuel is airlines' biggest cost after labor, and the spike has added billions to costs this year. American's fuel bill was up 67.5% in the third quarter from last year to $4.64 billion. 

American forecast it will lose between 50 cents and $1.10 a share, adjusted, in the fourth quarter, with revenue expected to be up as much as 22.5% from a year earlier and capacity up between 5.5% and 6.5%.

Here is what American reported in the third quarter compared with Wall Street estimates compiled by LSEG:

Loss per share: 28 cents adjusted vs. 35 cents expectedRevenue: $16.34 billion vs. $16.22 billion expectedFor the third quarter, American had a net loss of $269 million or 41 cents a share, compared with $114 million, or 17 cents a share, a year earlier. Adjusting for one-time items, American reported a loss of 28 cents a share. Revenue jumped 19.3% from a year earlier to $16.34 billion.

Isom has been under pressure to boost profits at the carrier, which has dramatically trailed profitable rivals Delta and United. American has been investing in new lounges and revamped cabins with more premium seats.

Earlier this month, the airline named a new network chief. It was the latest move in a management shake-up that has included new hires in its operations department and its commercial team. Last year, American brought in a new commercial chief, industry veteran Nat Pieper.

Read more CNBC airline newsWhy airfare could rise even more, but airline profits won’tBudget airline king Bill Franke warms to premium upgradesCompanies spurn airlines’ cheapest business class ticketsUnited’s next decision: What to do with all those Boeing 737 Max 10 seats it ordered years agoRecord heat, crowds drive offseason boom in international travel

Mining shares were hit hard in London on Thursday as weaker copper prices, rising metal inventories and company-specific pressures triggered broad selling across some of the FTSE 100’s largest resources stocks.

Anglo American PLC (LSE:AAL) led the blue-chip fallers, dropping 4% to around 3,687p, while copper producer Antofagasta PLC (LSE:ANTO) fell 3% to 3,122p and precious metals miner Fresnillo PLC (LSE:FRES) declined 3% to 2,545p.

Copper has come under renewed pressure after inventories held in London Metal Exchange warehouses increased sharply, easing some of the supply concerns that had previously supported prices.

LME copper stocks increased by more than 11,000 tonnes on Wednesday and were around 8% higher over the past week, while inventories available for delivery have climbed about 40% over the same period.

Benchmark three-month copper consequently slipped back from the three-week high reached earlier in October, weighing on sentiment towards copper-exposed miners including Anglo American and Antofagasta.

Fresnillo faced an additional company-specific headwind after its third-quarter production update showed attributable silver output falling 6% from the previous quarter and 12% year on year to 10.3 million ounces.

Gold production at Fresnillo also declined 13% quarter on quarter and 11% from a year earlier to 135,000 ounces, although the company maintained its full-year production guidance.

The widespread weakness among heavyweight mining shares was a major drag on the broader London market, with the FTSE 100 falling 0.7% to around 10,679 in early trading.

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Anglo American PLC (LSE:AAL) maintained its 2026 production guidance after third-quarter copper output fell 5% year on year as extreme winter weather in Chile and lower-grade processing at Collahuasi weighed on operations.

The FTSE 100 miner produced 174,900 tonnes of copper during the quarter, compared with 183,500 tonnes a year earlier, while year-to-date production slipped 1% to 518,500 tonnes.

Copper production in Chile fell 6% to 94,200 tonnes after record snowfall disrupted mining and plant maintenance, while production from the Quellaveco operation in Peru declined 3% to 80,700 tonnes because of lower grades.

Anglo American maintained full-year copper production guidance of 700,000 to 760,000 tonnes and said improving ore grades should support stronger production during the fourth quarter.

The company lowered its overall copper unit cost guidance to around 139 US cents per pound from 145 cents, driven by improved Peru guidance of around 50 cents from 65 cents previously.

Premium iron ore production declined 4% to 13.8 million tonnes as planned work at Kumba outweighed a 24% increase in output at Minas-Rio, with full-year guidance unchanged at 55 million to 59 million tonnes.

Manganese production increased 6% to just over 1 million tonnes, while steelmaking coal output jumped 53% to 2.9 million tonnes as production at Moranbah North continued to recover.

De Beers rough diamond production fell 11% to 6.8 million carats, although Anglo American raised full-year guidance to 25 million to 28 million carats from 21 million to 26 million following De Beers taking full ownership of the Gahcho Kué mine in Canada.

The average realised diamond price for the first nine months fell 37% to US$97 per carat as weaker pricing continued to reflect difficult market conditions.

Anglo American also said its merger with Teck Resources remained on track for completion by March 2027, with approval from China’s competition regulator the final outstanding regulatory milestone.

The company said the $3.875 billion sale of its Australian steelmaking coal business remained on track to complete by the first quarter of 2027, while the sale of its nickel business continues through the European Commission approval process.

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Wall Street analysts forecast that American Airlines (AAL - Free Report) will report quarterly loss of -$0.28 per share in its upcoming release, pointing to a year-over-year decline of 64.7%. It is anticipated that revenues will amount to $16.2 billion, exhibiting an increase of 18.3% compared to the year-ago quarter.

The current level reflects a downward revision of 211.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

Given this perspective, it's time to examine the average forecasts of specific American Airlines metrics that are routinely monitored and predicted by Wall Street analysts.

The consensus among analysts is that 'Revenue- Passenger' will reach $14.82 billion. The estimate points to a change of +18.8% from the year-ago quarter.

The collective assessment of analysts points to an estimated 'Revenue- Other' of $1.21 billion. The estimate indicates a change of +19.8% from the prior-year quarter.

According to the collective judgment of analysts, 'Revenue- Cargo' should come in at $260.97 million. The estimate suggests a change of +23.1% year over year.

The combined assessment of analysts suggests that 'Operating cost per ASM excluding net special items and fuel - Total' will likely reach N/A. The estimate is in contrast to the year-ago figure of N/A.

The average prediction of analysts places 'Operating cost per ASM excluding net special items - Total' at N/A. Compared to the present estimate, the company reported N/A in the same quarter last year.

Analysts' assessment points toward 'Passenger load factor (percent) - Total' reaching 84.4%. The estimate compares to the year-ago value of 86.0%.

Analysts expect 'Passenger revenue per ASM - Total' to come in at N/A. Compared to the present estimate, the company reported N/A in the same quarter last year.

The consensus estimate for 'Total revenue per ASM - Total' stands at N/A. The estimate is in contrast to the year-ago figure of N/A.

Analysts forecast 'Available seat miles - Total' to reach 80.32 billion. The estimate compares to the year-ago value of 77.40 billion.

It is projected by analysts that the 'Yield - Total' will reach N/A. The estimate compares to the year-ago value of N/A.

Analysts predict that the 'Fuel consumption - Total' will reach 1203 millions of gallons. The estimate is in contrast to the year-ago figure of 1169 millions of gallons.

Based on the collective assessment of analysts, 'Revenue passenger miles - Total' should arrive at 67.42 billion. Compared to the current estimate, the company reported 66.58 billion in the same quarter of the previous year.

View all Key Company Metrics for American Airlines here>>>

American Airlines shares have witnessed a change of -8.3% in the past month, in contrast to the Zacks S&P 500 composite's +1.5% move. With a Zacks Rank #4 (Sell), AAL is expected underperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Robert D. Isom Jr, CEO and President of American Airlines Group Inc. (AAL -3.26%), disposed of over 335,000 shares on Sept. 20, accordig to SEC Form 4 filing

Transaction summaryMetricValueTransaction value$4.3 millionShares sold335,199Post-transaction shares (directly held)3,459,080Post-transaction value$44.8 millionTransaction value and post-transaction value based on SEC Form 4 weighted average sale price ($12.96).

Company OverviewMetricValueShare Price (as of Sept. 21 market close)$13.57Market Capitalization$8.7 billionRevenue (TTM)$58.3 billionNet Loss (TTM)$326.0 millionCompany SnapshotAmerican Airlines Group operates one of the largest airline networks in North America

It operates as a major network air carrier providing scheduled air transportation services for passengers and freight across a comprehensive domestic and international route network.The company generates revenue through passenger ticket sales, cargo services, and ancillary offerings, leveraging a hub-and-spoke operating model centered on nine primary domestic hubs, including Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix, and Washington, D.C.American Airlines serves both leisure and business travelers globally, with strategic international gateways in London, Madrid, Seattle/Tacoma, Sydney, and Tokyo.What this transaction means for investorsA significant share sale by a major insider, like a CEO, gets investors’ attention. However, this transaction shouldn’t raise any red flags.

That’s because he conducted his share sale solely to meet his tax obligations relating to the vesting of his restricted stock units. That doesn’t reflect his confidence, or lack thereof, in American Airlines’ business prospects.

Similarly, Vice Chair Stephen Johnson also sold about 78,000 shares at the same time for that reason.

However, investors should note that the airline industry faces challenges, including higher fuel prices that could create cost pressures. Right now, carriers have been able to raise fares, but that might not last, and American Airlines and competitors could see demand falter. Naturally, that would hurt revenue and profitability.

Investors have been cautious about American Airlines’ prospects, based on the share price performance. This year, the stock lost 22.5% through Oct. 16. That compares to the S&P 500 index’s 12.9% total return.

Source: SEC Form 4 filing for AAL | Filed: Sept. 21

Lawrence Rothman, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

American Airlines (AAL.O) is making another round of management changes, its second in the latter half of the year, as it tries to boost its profits, according to a staff memo ​seen by Reuters.

The moves follow an August leadership shake-up in which CEO Robert Isom ​acknowledged a "meaningful gap" between American's performance and where it should be, and ⁠signaled further changes. The company's profits continue to lag those of Delta Air Lines (DAL.N) ​and United Airlines (UAL.O), fueling criticism of management from its unions.

These appointments put new executives in charge ​of efforts to make the carrier's flight network more profitable and win customers in Chicago, where it is battling United for market share.

Nick Andersen, currently vice president of commercial planning and performance, will become senior ​vice president of network planning on November 1, Chief Commercial Officer Nat Pieper said ​in the memo.

Brian Znotins, who has led American's network team, plans to retire at year-end after nearly ‌seven ⁠years with the airline.

Pieper said elevating Andersen, with his experience in pricing, fleet planning and operations, offered an opportunity to better coordinate network planning with flight operations and "improve financial results."

In July, American cut its 2026 earnings outlook to a range around break-even as soaring fuel costs ​overwhelmed revenue gains.

The airline ​also named Margaret ⁠Mueller, a former president and CEO of the Executives' Club of Chicago, vice president and managing partner for its Chicago market, overseeing ​sales and local business activities starting November 30.

American and United's competing ​expansion plans ⁠at Chicago's O'Hare airport have prompted federal regulators to impose flight restrictions to prevent congestion.

Chris Kelly Singley, currently at the oneworld airline alliance, will join as vice president of commercial communications, advertising ⁠and ​sponsorships, reporting to Pieper.

American's shares are down more than ​21% so far this year, compared with a gain of 10% for Delta and an 11% drop by United. ​The benchmark S&P 500 is up nearly 13% on the year.

American Airlines (AAL - Free Report) ended the recent trading session at $11.79, demonstrating a -5.68% change from the preceding day's closing price. This change lagged the S&P 500's daily loss of 1.11%. Meanwhile, the Dow experienced a drop of 0.09%, and the technology-dominated Nasdaq saw a decrease of 1.88%.

Prior to today's trading, shares of the world's largest airline had lost 2.11% was narrower than the Transportation sector's loss of 2.59% and lagged the S&P 500's gain of 2.06%.

Market participants will be closely following the financial results of American Airlines in its upcoming release. The company plans to announce its earnings on October 22, 2026. The company is predicted to post an EPS of -$0.28, indicating a 64.71% decline compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $16.2 billion, up 18.35% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.94 per share and revenue of $63.18 billion, indicating changes of -361.11% and +15.65%, respectively, compared to the previous year.

Investors might also notice recent changes to analyst estimates for American Airlines. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 493.78% lower within the past month. As of now, American Airlines holds a Zacks Rank of #4 (Sell).

The Transportation - Airline industry is part of the Transportation sector. This group has a Zacks Industry Rank of 235, putting it in the bottom 5% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

The carrier, which was responsible for 60% of fliers who were involuntarily removed from flights, said test programs worked to curb the practice.

American Airlines (AAL - Free Report) closed at $13.00 in the latest trading session, marking a +1.33% move from the prior day. This move outpaced the S&P 500's daily gain of 0.58%. Meanwhile, the Dow experienced a rise of 0.49%, and the technology-dominated Nasdaq saw an increase of 0.45%.

The world's largest airline's stock has dropped by 2.28% in the past month, exceeding the Transportation sector's loss of 4.02% and lagging the S&P 500's gain of 0.84%.

The investment community will be closely monitoring the performance of American Airlines in its forthcoming earnings report. The company is scheduled to release its earnings on October 22, 2026. On that day, American Airlines is projected to report earnings of -$0.31 per share, which would represent a year-over-year decline of 82.35%. Simultaneously, our latest consensus estimate expects the revenue to be $16.12 billion, showing a 17.74% escalation compared to the year-ago quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.28 per share and revenue of $63.03 billion, indicating changes of -177.78% and +15.36%, respectively, compared to the previous year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for American Airlines. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been a 76.55% fall in the Zacks Consensus EPS estimate. American Airlines currently has a Zacks Rank of #3 (Hold).

The Transportation - Airline industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 233, which puts it in the bottom 6% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

American Airlines is going to let eligible members of its AAdvantage loyalty program combine cash and miles when booking flights on its website (aa.com) and digital app, the company said in a Friday (Oct. 2) press release. American Airlines is rolling out this feature over the coming weeks, according to the release.

 | Source: American Airlines, Inc.

FORT WORTH, Texas, Oct. 01, 2026 (GLOBE NEWSWIRE) -- American Airlines Group (NASDAQ: AAL) will webcast a live audio feed of its third-quarter 2026 financial results conference call Oct. 22 at 7:30 a.m. CT.

The webcast will be available on a listen-only basis at aa.com/investorrelations. An archive of the call will be available on the website.

About American Airlines Group (NASDAQ: AAL)
American Airlines is a premium global airline connecting more of the U.S. to the world. With roots tracing back to an air mail carrier in the Midwestern United States in 1926, American now operates more than 6,000 daily flights to more than 350 destinations in more than 60 countries and serves more than 200 million customers annually. Powered by a proud and talented team of 130,000 aviation professionals, American’s team lives out the airline’s purpose of caring for people on life’s journey every day.

The world’s largest airline proudly celebrates its centennial year in 2026, reaching a milestone that reflects a century of innovation and the Forever ForwardSM spirit that changed the industry and the world. American introduced the first scheduled air cargo service, the first airport lounge and the first airline loyalty program and continues to reinvent the customer experience today. The airline is also a founding member of the oneworld alliance, whose members serve more than 900 destinations around the globe.

Get the latest about American at news.aa.com and @AmericanAir.

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American Airlines Group Inc. (NASDAQ:AAL) shares are trading lower Monday. Two analysts cut their price targets on the stock. Here’s what you need to know.

American Airlines Group stock is facing resistance. Why is AAL stock retreating? Two Analysts Lower Their American Airlines Price TargetsBMO Capital analyst Michael Goldie maintained a Market Perform rating on American Airlines while lowering the price target to $15.50 from $19. Evercore ISI analyst Duane Pfennigwerth maintained an In-Line rating while cutting the price target to $13 from $17.

American Airlines carries an overall Hold rating on Wall Street, with an average price target of $18. Other recent analyst actions include Rothschild & Co raising its target to $13.50 while maintaining a Neutral rating on September 18.

American Airlines’ Chart Shows a Well-Defended Floor Amid a Weakening CeilingBeyond today’s analyst moves, the stock’s broader chart shows momentum fading at the top even as a new floor holds firm underneath. Shares couldn’t climb back to July’s $18 peak during August’s rebound, which stalled out at $17.13. The subsequent decline broke straight through the old lows near $13.32 to $13.42 and settled into fresh territory around $12.54 to $12.59, a floor tested four separate times over roughly a week in mid-September, with each touch landing within a nickel of the others.

Buyers then pushed the stock back up to $14.07 by September 22, reclaiming the previous $13.32-to-$13.42 zone that had already failed twice earlier in the summer, a signal that tends to carry more weight than a standard bounce. Shares now trade around $13.59, sitting in the middle of that recovered range.

Looking ahead, the key levels to watch are whether $13.32 to $13.42 continues acting as support on any pullback, which would validate the recovery, and whether the stock can clear meaningfully above the $14.07 September high.

AAL Shares Are DroppingAAL Price Action: American Airlines shares were down 1.95% at $13.60 at the time of publication on Monday, according to Benzinga Pro.

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Key Takeaways AAL' STARLUX codeshare links transpacific flights with connections to 20 U.S. destinations. Single-ticket & through-checked baggage are designed to streamline transfers across the network. A reciprocal loyalty pact is planned as STARLUX expands its North American footprint and Asia links. American Airlines (AAL - Free Report) is strengthening its international connectivity through a new codeshare partnership with STARLUX Airlines, expanding travel options between the United States and Asia. Under the agreement, travelers can book a single itinerary combining STARLUX’s transpacific services with AAL-operated connecting flights to 20 major U.S. destinations. The arrangement builds on the carriers’ interline agreement established in 2025 and provides passengers with conveniences such as single-ticket booking and through-checked baggage to their final destination.

The partnership significantly expands STARLUX passengers’ access to AAL’s extensive domestic network. Through Phoenix, passengers can connect to destinations including Austin, Boston, San Diego, St. Louis and Washington, D.C., while Los Angeles provides codeshare connections to New York and Miami. Several other destinations, including Atlanta, Charlotte, Denver, Dallas/Fort Worth, Las Vegas, Orlando, Chicago and Philadelphia, can be accessed through Phoenix and Los Angeles. With AAL serving more than 250 destinations across North America, the partnership creates scope for additional codeshare destinations over time.

The collaboration also strengthens AAL’s connectivity to Taipei and STARLUX’s broader Asian network, giving customers additional itinerary choices across the U.S.-Asia travel market. STARLUX has been expanding its North American footprint, including the launch of its Phoenix-Taipei route earlier in 2026, while planning further expansion into the central and eastern United States. Linking this growing transpacific network with AAL’s domestic reach should enhance connectivity without requiring the company to operate additional long-haul services on the covered routes.

Moreover, the airlines are preparing a reciprocal frequent-flyer partnership that is expected to allow eligible members to earn and redeem miles on codeshare flights. The combination of expanded connectivity, smoother transfers and prospective loyalty benefits should improve the customer proposition while broadening AAL’s international network reach. As the partnership expands to additional destinations, it could help AAL capture connecting traffic between its large North American network and STARLUX’s growing presence across Asia.

American Airlines’ Share Price PerformanceAAL’s shares have gained 24.3% over the past six months compared with the Transportation - Airline industry’s 2.5% rise.

Image Source: Zacks Investment Research

AAL’s Zacks RankAAL currently carries a Zacks Rank #3 (Hold).

Stocks to ConsiderInvestors interested in the Zacks Transportation sector may consider a couple of better-ranked stocks like Expeditors International of Washington, Inc. (EXPD - Free Report) and Seanergy Maritime Holdings (SHIP - Free Report) .

Expeditors currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EXPD has an expected earnings growth rate of 28.6% for 2026. The company has an encouraging earnings surprise history. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.

Seanergy Maritime Holdings currently carries a Zacks Rank #2 (Buy).

SHIP has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 38%.

STARLUX Airlines and American Airlines launch a new codeshare partnership, expanding connectivity between STARLUX’s transpacific service and American Airlines’ domestic network across 20 major U.S. destinations.

LOS ANGELES, Sept. 23, 2026 (GLOBE NEWSWIRE) -- STARLUX Airlines and American Airlines today launched their codeshare partnership, with tickets now available for flights connecting STARLUX’s transpacific service with American Airlines’ flights to 20 major U.S. destinations. The partnership enables travelers to book a single itinerary combining American Airlines’ eligible connecting flights with STARLUX’s service to Taipei and onward to destinations across Asia.

The new codeshare cities include:

Via Phoenix: Albuquerque, Austin, Boston, El Paso, Kansas City, San Antonio, San Diego, St. Louis, Tucson, Washington, D.C. (Reagan)Via Los Angeles: New York (JFK), MiamiVia Phoenix and Los Angeles: Atlanta, Charlotte, Denver, Dallas/Fort Worth, Las Vegas, Orlando, Chicago O’Hare, Philadelphia “This codeshare marks an important milestone for STARLUX,” said STARLUX Airlines CEO Glenn Chai. “American Airlines is an ideal partner, with a network across North America that complements what we’ve built across Asia. Together, we can provide our passengers with a more seamless and convenient travel experience between two of the world’s most dynamic regions.”

The codeshare builds on the airlines’ interline agreement established in 2025, expanding their relationship to provide greater connectivity between STARLUX’s growing U.S.-Asia network and American Airlines’ extensive domestic network. The airlines expect to add more connecting opportunities as the partnership grows.

“Taipei remains a top destination for global business, visiting friends and family and leisure travel, and together with STARLUX Airlines, we’re partnering to provide new travel options,” said American’s Senior Vice President of Alliances, Anmol Bhargava. “This collaboration strengthens our global network and unlocks new competitive itineraries. We look forward to working together on opportunities to make the journey even more rewarding for customers.”

As one of the world’s largest airlines, American Airlines serves more than 250 destinations across North America and has a membership base of over 100 million. Through this partnership, passengers can enjoy the convenience of a single ticket and through-checked baggage to their final destination. Upon arriving in the United States, STARLUX passengers can conveniently connect to American Airlines flights and travel to more than 250 cities across North America, with 20 cities selected for the initial codeshare cooperation. More destinations are expected to be added as the codeshare partnership expands, providing STARLUX passengers with greater connectivity across American Airlines’ extensive domestic network.

STARLUX and American Airlines are also preparing a reciprocal frequent-flyer partnership that will allow members of both airlines to earn and redeem miles on eligible codeshare flights, giving travelers greater flexibility in how to use their miles.

The codeshare builds on STARLUX’s expanding presence in North America. Earlier this year, the airline launched its Phoenix–Taipei route, rounding out much of its network in the western United States and plans to expand into the central and eastern United States. As STARLUX continues to grow its network, partnerships such as this one with American Airlines will give passengers more destinations, greater convenience, more flexible connections, and a smoother and more seamless journey.

About STARLUX Airlines
Founded on the philosophy that luxury should be available to everyone, not just the elite, Taiwan-based STARLUX is a boutique international airline serving a total of 34 destinations across the Europe, US, Japan, South Korea, Macau, Hong Kong, Vietnam, Thailand, the Philippines, Malaysia, and Singapore. STARLUX passengers traveling between Europe and Asia are able to enjoy an easy transfer in Taipei. Recognized globally for its excellence, STARLUX has been awarded Skytrax 5-Star Airline status, earned the APEX Five-Star Global Airline Awards, and received a 7-Star PLUS Safety Rating from AirlineRatings. STARLUX prioritizes safety and offers unparalleled service with the goal of making flying a truly luxurious and unforgettable experience. For more information visit www.starlux-airlines.com

About American Airlines Group (NASDAQ: AAL)
American Airlines is a premium global airline connecting more of the U.S. to the world. With roots tracing back to an air mail carrier in the Midwestern United States in 1926, American now operates more than 6,000 daily flights to more than 350 destinations in more than 60 countries and serves more than 200 million customers annually. Powered by a proud and talented team of 130,000 aviation professionals, American’s team lives out the airline’s purpose of caring for people on life’s journey every day.

The world’s largest airline proudly celebrates its centennial year in 2026, reaching a milestone that reflects a century of innovation and the Forever Forward℠ spirit that changed the industry and the world. American introduced the first scheduled air cargo service, the first airport lounge and the first airline loyalty program and continues to reinvent the customer experience today. The airline is also a founding member of the oneworld alliance, whose members serve more than 900 destinations around the globe.

Get the latest about American at news.aa.com and @AmericanAir.

Media Contact:
Mary Placido, SKC, Inc.
(415) 218-3627
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/db7554ba-682f-451a-88cc-0ff86758583d

Advance purchase commitments from AVEVA, Bain & Company, Google, McKinsey, and others support Infinium's Project Atlas, a Texas-based planned facility expected to produce up to 100,000 metric tons of high-integrity sustainable aviation fuel per year.

, /PRNewswire/ -- The Sustainable Aviation Buyers Alliance (SABA) today announced commitments from members to purchase sustainable aviation fuel certificates (SAFc) associated with Infinium Energy's Project Atlas, an eSAF facility expected to produce approximately 100,000 metric tons of SAF annually, providing the long-term structured contracts that are catalytic to securing project financing.

The groundbreaking results of SABA's latest procurement were supported by leading member organizations, including AVEVA, Bain & Company, Google, McKinsey, and others, and mark an important addition to SABA's market model. Through exclusive focus on supporting projects toward final investment decision, this procurement represents a first-ever application of SABA's approach to drive new production of highly scalable, high-integrity SAF. Infinium submitted its winning proposal jointly with American Airlines, which will take physical delivery of the fuel and oversee fuel logistics. Contracted volumes under these agreements are expected to support greenhouse gas abatement of over 212,000 mtCO2e, equivalent to the emissions of over 3,500 JFK to LAX commercial flights.

"Reducing emissions from business travel is an important part of our sustainability efforts," said Isabelle Schuhmann, Global Director of Environmental Sustainability at McKinsey. "By supporting next-generation sustainable aviation fuel, this purchase helps advance a promising solution for decarbonizing aviation at scale, while enabling the travel that is essential to serving our clients."

Aviation currently accounts for approximately 2-3% of global greenhouse gas emissions, yet SAF supply remains limited and at a significant premium to conventional jet fuel. Infinium, which was selected through SABA's procurement process earlier this year, produces ultra-low carbon eSAF at commercial scale using waste CO₂ and renewable energy, converting captured carbon into drop-in aviation fuel compatible with existing aircraft and infrastructure. 

"We're proud to partner with SABA members including AVEVA, Bain & Company, Google, McKinsey, and others, as well as American Airlines to bring Infinium Energy's next world scale eSAF facility to life," said Robert Schuetzle, CEO at Infinium. "Their commitment reflects a shared conviction that decarbonizing aviation requires real investment in next-generation supply."

"The companies purchasing SAF certificates through this agreement are demonstrating the leadership needed to help scale a critical solution for aviation," said American's Chief Sustainability Officer Jill Blickstein. "Their commitments broaden participation in the SAF market, support investment in new production and show how customers can work alongside airlines and fuel producers to advance aviation decarbonization."

SABA procurements use a book and claim model that allows corporate customers to invest in SAF and claim the associated environmental benefits, even when the fuel does not flow directly into the planes their employees or freight fly on. Participating companies purchase SAFc, while the corresponding fuel is delivered to an aircraft operator. American Airlines will serve as the physical offtaker for the SAF purchased through this deal and facilitate the allocation of the associated Scope 3 emission reductions to SABA's participating members.

"Next-generation sustainable aviation fuels have tremendous potential to transform aviation," said Sam Israelit, Chief Sustainability Officer at Bain & Company. "High-integrity market mechanisms can help translate corporate demand into the long-term investment signals needed to bring these technologies to commercial scale."

While the SAF market is growing rapidly, more investment is needed, especially for the next generation technologies the aviation sector requires to meet its long-term decarbonization goals. SABA helps accelerate future supply by aggregating SAF demand from corporate buyers and channeling it into offtake agreements with SAFc suppliers who meet rigorous sustainability criteria. SABA's next generation SAF procurement was specifically designed to drive investment into the innovative new technologies needed to bring scalable supply to the market in the years to come.

"Long-term, bankable offtake is often the missing puzzle piece that keeps new SAF plants from getting financed and built," said Kim Carnahan, GMA CEO and Head of SABA Secretariat. "We're thrilled to be working with our SABA members, Infinium, and American Airlines to fill this need and help get more ultra-low carbon aviation fuel to the market."

"We already know innovation can take us much further, faster, but only if we create the conditions for it to scale," said Jon Creyts, CEO of RMI. "Novel technologies are critical to meeting future demand for sustainable aviation fuel, but they will not be operational in time without investments made today. This procurement demonstrates how aggregated, long-term demand can help take promising eSAF projects from idea to reality."

To date, SABA has aggregated $500 million in demand for SAFc from over 35 member companies, driving needed investment toward sustainable aviation fuels. SABA's procurements are supported by robust market infrastructure, including the SAFc Registry, SAFc Accounting and Reporting Guidance, and SABA's Sustainability Framework. Combined, these tools ensure high-integrity transactions across the market. Recent guidance from standard setting organizations, including the Science-based Targets initiative, has recognized environmental attribute certificates from book and claim systems, like SAFc, as a legitimate tool for decarbonizing hard-to-abate value chain emissions.

With the binding, multi-year offtake agreements from SABA customers in hand, Infinium is well positioned to advance to final investment decision and secure financing to build the facility. In addition to serving voluntary customers, Infinium also plans to sell RFNBO compliant eSAF from the facility into European regulatory markets.

"eFuels represent one of the most sustainable pathways to help decarbonize aviation — but they are more expensive to produce," said Fred Krupp, president of Environmental Defense Fund. "Deals like this one prove that high-integrity e-SAF is investable today, not just in theory. The next test is turning early demand signals like SABA's into the long-term policy and financing conditions that will enable e-SAF suppliers to scale beyond a single project."

Plans for SABA's next procurement are already underway, offering future opportunities for companies to purchase and apply SAFc to their climate targets.

Media inquiries please contact:

Alison Greene, Communications Manager [email protected] 

About the Sustainable Aviation Buyers Alliance (SABA)
The Sustainable Aviation Buyers Alliance (SABA) is a joint initiative of Environmental Defense Fund, the Center for Green Market Activation (GMA) and RMI focused on accelerating the path to net-zero aviation by driving investment in, and adoption of, high-integrity sustainable aviation fuel (SAF) and supporting companies, airlines, and freight customers in achieving their climate goals. More information on SABA can be found at www.flysaba.org or follow us on LinkedIn.

About Infinium
Infinium is reimagining how the world powers, moves, and computes. Through Infinium Energy™, the company transforms waste carbon into ultra-low carbon eFuels that decarbonize aviation, industry, and transport. Through Infinium Edge™, Infinium advances next-generation thermal infrastructure for data centers, removing heat as a constraint to enable more efficient, high-performance computing. Grounded in deep chemistry and energy systems expertise, Infinium's platforms turn carbon and heat from limits into opportunities.

About American Airlines Group (NASDAQ: AAL)
American Airlines is a premium global airline connecting more of the U.S. to the world. With roots tracing back to an air mail carrier in the Midwestern United States in 1926, American now operates more than 6,000 daily flights to more than 350 destinations in more than 60 countries and serves more than 200 million customers annually. Powered by a proud and talented team of 130,000 aviation professionals, American's team lives out the airline's purpose of caring for people on life's journey every day.

The world's largest airline proudly celebrates its centennial year in 2026, reaching a milestone that reflects a century of innovation and the Forever Forward℠ spirit that changed the industry and the world. American introduced the first scheduled air cargo service, the first airport lounge and the first airline loyalty program and continues to reinvent the customer experience today. The airline is also a founding member of the oneworld alliance, whose members serve more than 900 destinations around the globe.

Get the latest about American at news.aa.com and @AmericanAir.

SOURCE Sustainable Aviation Buyers Alliance

American Airlines Group Inc. (AAL) Morgan Stanley's 14th Annual Laguna Conference September 16, 2026 10:45 AM EDT

Company Participants

Robert Isom - CEO, President & Director
Devon May - Executive VP & CFO

Conference Call Participants

Ravi Shanker - Morgan Stanley, Research Division

Presentation

Ravi Shanker
Morgan Stanley, Research Division

Great. Welcome back. And kicking off airlines content at the conference. We are very happy to welcome back American Airlines with CEO, Robert Isom, and CFO, Devon May. Gentlemen, thank you so much for coming back to Laguna.

Robert Isom
CEO, President & Director

Ravi, great to see you.

Ravi Shanker
Morgan Stanley, Research Division

Thank you. So, before we kick off, I want to say for research disclosures, please see Morgan Stanley's research disclosure website at morganstanley.com/researchdisclosures or please see our recent research. With that, Robert, plenty going on. So I don't know if you want to maybe open up with a few thoughts on what you're seeing out there?

Robert Isom
CEO, President & Director

I would. First off, thanks for having us. But I'll just start with this. A lot of stuff going on in the world, but demand remains strong. That's really great to see, and I know we're going to spend some time on it. From an American perspective, premium Global Airline, we're doing all the right things to make sure that we reinforce that purpose. And the storyline for us is still we're the airline with the greatest potential. And it really is because of the opportunities that we have ahead of us from a revenue perspective. We've talked a lot about the things that we're doing with our four pillars. Rebuilding our network. We have significantly undergrown since prior to the pandemic, our network. And this is the first year we've been able to really put all the pieces together with pilots and aircraft deliveries and gate availability. And we've done

The K-shaped economy is taking flight.

American Airlines CEO Robert Isom said Wednesday that just 30% of its seats account for half of the company's revenue, a proportion that has the Fort Worth-based carrier and competitors large and small ripping up existing airplane configurations to add more first class and other higher-yielding options.

"Those 30% of seats, they're only going to grow in our fleet as the reconfigurations come on board as the new aircraft deliveries come on," Isom said at a Morgan Stanley industry conference, referring to the carrier's premium seat options.

The carrier earlier this month unveiled a monster 70-suite business class cabin on its largest aircraft, a Boeing 777-300ER, with more planes still awaiting their remodeling.

watch now

American had fallen behind its large-airline competitors in profits. Isom has said that adding premium seating to capitalize on higher-spending customers, a resilient and bright spot in air travel, is key, especially as airlines try to cover this year's surge in fuel costs, their second-largest expense after labor.

Even smaller and budget carriers like Allegiant Air and JetBlue Airways are adding upgraded seat options to appeal to those flyers.

Isom told CNBC in June that the airline is also planning a revamp of its Boeing 787-8 Dreamliners and that new interiors on its 777-200s are also on tap. The airline is set to order new wide-body aircraft this year, Isom said.

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Amundi raised its holdings in American Airlines Group Inc. (NASDAQ:AAL – Free Report) by 2,450.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,176,913 shares of the airline’s stock after buying an additional 1,130,775 shares during the quarter. Amundi owned 0.18% of American Airlines Group worth $21,267,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its position in American Airlines Group by 21.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 4,276 shares of the airline’s stock valued at $66,000 after buying an additional 766 shares during the last quarter. NewEdge Advisors LLC raised its holdings in American Airlines Group by 6.6% during the 2nd quarter. NewEdge Advisors LLC now owns 13,251 shares of the airline’s stock worth $149,000 after purchasing an additional 823 shares during the last quarter. HB Wealth Management LLC lifted its holdings in American Airlines Group by 4.5% in the first quarter. HB Wealth Management LLC now owns 20,205 shares of the airline’s stock valued at $217,000 after buying an additional 871 shares during the period. Root Financial Partners LLC boosted its stake in American Airlines Group by 33.1% in the first quarter. Root Financial Partners LLC now owns 3,816 shares of the airline’s stock valued at $41,000 after acquiring an additional 949 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC grew its stake in shares of American Airlines Group by 4.9% during the first quarter. Fifth Third Wealth Advisors LLC now owns 20,631 shares of the airline’s stock worth $222,000 after purchasing an additional 966 shares during the period. Institutional investors own 52.44% of the company’s stock.

Wall Street Analyst Weigh In Several research firms recently weighed in on AAL. Sanford C. Bernstein lifted their price objective on shares of American Airlines Group from $20.00 to $23.00 and gave the stock a “market outperform” rating in a research note on Wednesday, July 1st. UBS Group dropped their price target on American Airlines Group from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday. Citigroup cut their price objective on American Airlines Group from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, July 24th. JPMorgan Chase & Co. boosted their price objective on American Airlines Group from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Bank of America increased their price objective on shares of American Airlines Group from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Eight equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.53.

Get Our Latest Report on American Airlines Group American Airlines Group Price Performance Shares of NASDAQ AAL opened at $13.01 on Friday. The stock’s fifty day moving average price is $14.76 and its two-hundred day moving average price is $13.62. American Airlines Group Inc. has a one year low of $10.09 and a one year high of $18.79. The firm has a market cap of $8.61 billion, a price-to-earnings ratio of -26.55 and a beta of 1.33.

American Airlines Group (NASDAQ:AAL – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The airline reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.12. The firm had revenue of $16.73 billion for the quarter, compared to analyst estimates of $16.70 billion. American Airlines Group had a negative return on equity of 9.11% and a negative net margin of 0.56%.The company’s revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the company earned $0.95 EPS. American Airlines Group has set its Q3 2026 guidance at -0.700–0.100 EPS and its FY 2026 guidance at -0.650-0.650 EPS. On average, equities analysts anticipate that American Airlines Group Inc. will post -0.16 earnings per share for the current fiscal year.

Insider Buying and Selling at American Airlines Group In related news, SVP Angela Owens sold 40,077 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $15.26, for a total transaction of $611,575.02. Following the completion of the transaction, the senior vice president directly owned 178,799 shares in the company, valued at $2,728,472.74. This represents a 18.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO David Seymour sold 56,456 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $18.00, for a total transaction of $1,016,208.00. Following the completion of the transaction, the chief operating officer directly owned 969,033 shares of the company’s stock, valued at approximately $17,442,594. The trade was a 5.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 205,044 shares of company stock valued at $3,407,451 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.

American Airlines Group Company Profile (Free Report)

American Airlines Group Inc is a holding company whose principal subsidiary, American Airlines, provides scheduled passenger air transportation and cargo services. The airline serves destinations throughout the United States and connects customers to international markets across the Americas, Europe, Asia and other regions through its own network and partnerships.

American Airlines offers multiple travel classes and related services, including reservations, onboard products, travel rewards through the AAdvantage loyalty program, and freight transportation.

Read More Five stocks we like better than American Airlines Group Block Makes a Federal Trust Bank Move That Could Reshape Its Fintech Model Kroger’s Textbook Entry for Buy-and-Hold Investors AST SpaceMobile Looks to Extend Its 30-Day FCC Satellite Testing Window Amgen Drops 10% on a Trial It Didn’t Even Run Want to see what other hedge funds are holding AAL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Airlines Group Inc. (NASDAQ:AAL – Free Report).

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