Companies /Industrials

American Airlines Group Inc

NASDAQ: AAL Airlines
$13.14
▲ $0.17 (+1.35%) today
Markets open · 4:14pm ET

Q2 2026 Earnings

Reported Jul 23, 2026, 7:00am ET · SEC source
$0.15
Beat +227.51%
EPS · est. $0.05
$16.7B
Beat +0.26%
Revenue · est. $16.7B
−2.9%
Trailing market
AAL vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%Jul 23Jul 24report 7:00am ETearnings−0.7%+2.5%
−3%0+3%Jul 23Jul 24earnings−0.7%+2.5%
AAL +2.5%S&P 500 −0.7%
−3%0+3%Jul 23Jul 24report 7:00am ETearnings−2.1%+2.5%
−3%0+3%Jul 23Jul 24earnings−2.1%+2.5%
AAL +2.5%NASDAQ −2.1%
−5%0+5%+10%Jul 22Jul 31report 7:00am ETearnings−0.1%+7.6%
−5%0+5%+10%Jul 22Jul 31earnings−0.1%+7.6%
AAL +7.6%S&P 500 −0.1%
−5%0+5%+10%Jul 22Jul 31report 7:00am ETearnings−1.6%+7.6%
−5%0+5%+10%Jul 22Jul 31earnings−1.6%+7.6%
AAL +7.6%NASDAQ −1.6%
−8.35%
Day of report
+6.79%
Next session
+13.83%
One week
+0.55%
30 days

S&P 500 over the same 30 days: +3.43%.

Did AAL Beat Earnings? Q2 2026 Results

American Airlines delivered a stronger-than-expected second quarter, posting adjusted EPS of $0.15 against a consensus estimate of $0.05, a beat of 227.51%, even as a severe fuel cost surge compressed margins to their thinnest levels in years. Revenue climbed 16.3% year over year to a quarterly record of $16.73 billion, edging past the $16.69 billion consensus, with broad-based strength across passenger, cargo, and ancillary lines. The headline story, however, was fuel: aircraft fuel expense jumped 83.3% year over year to $4.88 billion, with the average price per gallon rising to $4.05 from $2.29, driving GAAP operating income down 60.7% to $446 million and GAAP net income down 88.2% to $71 million. The company offset nearly half of the $2.20 billion fuel headwind through higher fares, but operating margin still contracted sharply to 2.7%. Analysts had flagged elevated capacity growth as a potential pricing risk heading into the second half, and that concern is reflected in Q3 adjusted EPS guidance of ($0.70) to ($0.10), with full-year 2026 EPS guided to ($0.65) to $0.65 amid roughly $6 billion in year-over-year fuel cost headwinds.

Key Takeaways
  • Record quarterly revenue of $16.7 billion driven by strong demand across all entities and cabins
  • Premium passenger unit revenue up 13.4% year over year; Main Cabin passenger unit revenue up 8.8%
  • Managed corporate revenue increased 26% year over year, fifth consecutive quarter of double-digit growth
  • Domestic passenger unit revenue growth of 10.6%
  • International passenger unit revenue strong: Atlantic up 8.9%, Pacific up 15.1%, Latin America up 6.6%
  • DFW rebanking reduced system misconnections by nearly 25% year over year
  • AAdvantage enrollments grew over 30% year over year
  • Capacity grew 5.4% year over year

“American delivered year-over-year revenue growth of more than 16% in the second quarter, exceeding our initial expectations and continuing the momentum we've built across the business. This performance reflects the strength of our commercial strategy, driven by our four pillars: elevate the customer experience, grow the global network, drive premium revenue and lead in loyalty.”

American Airlines Group CEO, on the earnings call

Forward Guidance & Outlook

American expects Q3 2026 revenue growth of 16.0% to 19.0% year over year, with capacity (ASMs) up 3.0% to 5.0%. CASM excluding special items, fuel and profit sharing is expected to increase 2.5% to 4.5% year over year. Based on the forward fuel curve as of July 21, Q3 average fuel price is anticipated at approximately $3.75 per gallon, with Q3 fuel expense up $1.7 billion year over year. Q3 adjusted EPS is guided to a range of ($0.70) to ($0.10). Full-year 2026 adjusted EPS guidance is ($0.65) to $0.65, reflecting approximately $6 billion in year-over-year fuel cost headwinds. Revenue momentum is expected to continue into the second half supported by strong demand.

AAL YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$5.0B$10.0B$15.0B$14.4B$16.7BRevenue$1.2B$446.0MOperating Income$599.2M$71.0MNet Income
$0$5.0B$10.0B$15.0BRevenueOperating IncomeNet Income

AAL Revenue by Segment

Passenger Revenue$15.2B+15.9%
Other Revenue$1.2B+17.9%
Cargo$273.0M+29.7%

AAL Revenue by Geography

North America$10.7B+17.1%
United States
Europe$2.4B+12.8%
Atlantic
Latin America$1.7B+11.4%
Asia Pacific$409.0M+24.6%

Figures from SEC filings and company reports. Not investment advice.