S&P 500
7,404.00
-1.45%
Dow Jones
51,638.20
-1.32%
Nasdaq 100
28,426.80
-2.09%
Russell 2000
2,929.59
-1.09%
FTSE 100
10,607.00
-1.09%
Nikkei 225
65,222.40
-1.68%
American Airlines Group

American Airlines Group (AAL) Q2 2026 Earnings

Reported Jul 23, 2026 at 7:00 AM ET · SEC Source

Q2 26 EPS

$0.15

BEAT +227.51%

Est. $0.05

Q2 26 Revenue

$16.74B

BEAT +0.26%

Est. $16.69B

Market Reaction

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. Revenu… Read more 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

AAL 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.

24/7 Wall St

AAL YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

AAL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

AAL Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“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.”

— Robert Isom, Q2 2026 Earnings Press Release

Back to AAL Stock Page