American Airlines Group (AAL) Q3 2026 Earnings
Excludes $87 million of net special items after taxes, principally mark-to-market unrealized gains/losses on equity investments, debt refinancing charges, and an impairment charge related to Republic Airways Holdings equity investment ($112 million pre-tax total special items in Q3).
How Did AAL Stock React to Q3 2026 Earnings?
Did AAL Beat Earnings? Q3 2026 Results
Yes. American Airlines Group reported Q3 2026 earnings of $-0.28 a share on Oct 22, 2026, beating the $-0.33 consensus estimate by 16.2%. Revenue was $16.3B against a $16.2B estimate.
American Airlines Group delivered a beat-against-subdued-expectations quarter in Q3 2026, posting an adjusted loss of $0.28 per share against a consensus estimate of $0.34, a 16.24% positive surprise, while revenue of $16.34 billion edged past forecasts by 0.81% and grew 19.3% year over year. The story behind the numbers, however, is one of a carrier generating exceptional commercial momentum only to see it largely consumed by fuel costs; jet fuel expense surged 67.5% year over year to $4.63 billion, with the average price per gallon climbing to $3.85 from $2.37, driving a GAAP net loss of $269 million for the quarter. Revenue strength was broad-based, with premium passenger revenue up 22.9% and managed corporate revenue growing 27.6% for the sixth consecutive quarter of double-digit gains. Looking ahead, the pressure intensifies, as Q4 guidance assumes fuel near $4.70 per gallon, nearly double year-ago levels, with the company projecting a full-year 2026 adjusted loss per diluted share of $1.60 to $1.00 despite ongoing cost discipline and loyalty program momentum.
- Premium revenue increased 22.9% year over year, outpacing Main Cabin growth
- Managed corporate revenue increased 27.6%, sixth consecutive quarter of double-digit growth
- Total unit revenue increased 14.5% year over year
- AAdvantage enrollments grew 27.4% year over year
- Best unit cost performance among network carriers with CASM-ex up 3.0%
- DFW rebank produced record passenger volumes and outpaced system unit revenue
- 6-point increase in upsell rate from Basic Economy to Main Cabin
“American delivered record third-quarter revenue and the strongest year-over-year revenue growth in my career, with premium performance leading the way. 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.”
American Airlines Group CEO, on the earnings call
What Is American Airlines Group's Outlook?
For Q4 2026, American expects ASM growth of 5.5%-6.5%, total revenue growth of 19.5%-22.5% year over year, CASM-ex growth of 2.5%-3.5%, and adjusted loss per diluted share of ($1.10) to ($0.50). The Q4 outlook assumes an average fuel price of approximately $4.70 per gallon based on the Oct. 19 forward curve, nearly double Q4 2025 levels, creating an expected $2.8 billion year-over-year fuel cost increase. For full-year 2026, the company expects adjusted loss per diluted share of ($1.60) to ($1.00), despite over ~$7 billion in year-over-year fuel headwinds. Given elevated fuel prices, American expects network growth in 2027 to slow from 2026 levels. By year-end 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 multiyear reengineering efforts.
AAL YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $16.3B | $13.7B | +19.3% |
| Operating Income | $115.0M | $158.0M | −27.2% |
AAL Revenue by Segment
AAL Revenue by Geography
When Does American Airlines Group Report Next?
Figures from SEC filings and company reports. Not investment advice.