Q2 25 EPS
$0.95
BEAT +22.98%
Est. $0.77
Q2 25 Revenue
$14.39B
BEAT +0.69%
Est. $14.29B
vs S&P Since Q2 25
+34.6%
BEATING MARKET
AAL +52.0% vs S&P +17.4%
Market Reaction
Did AAL Beat Earnings? Q2 2025 Results
American Airlines delivered a stronger-than-expected second quarter, posting adjusted EPS of $0.95 against a consensus estimate of $0.78, a beat of 21.79%, even as the results reflected year-over-year pressure. Record quarterly revenue of $14.39 bill… Read more American Airlines delivered a stronger-than-expected second quarter, posting adjusted EPS of $0.95 against a consensus estimate of $0.78, a beat of 21.79%, even as the results reflected year-over-year pressure. Record quarterly revenue of $14.39 billion, up 0.4% from a year ago, was driven in part by a 5% surge in Atlantic passenger unit revenue and robust premium cabin demand, while GAAP net income slipped to $599 million from $717 million in Q2 2024. The key driver behind the earnings beat was the faster-than-expected recovery of indirect channel revenue, which management now expects to reach historical share levels by year-end. Cost headwinds, with total operating expenses climbing 2.4% to $13.26 billion, were partially offset by fuel costs falling 13% to $2.66 billion. The optimism, however, fades heading into the back half of the year; Q3 guidance calls for an adjusted loss of $0.10 to $0.60 per share, and full-year adjusted EPS is projected between a loss of $0.20 and a gain of $0.80, a cautious outlook shared by peers across the industry as domestic demand softness and weather disruptions weigh on the sector.
Key Takeaways
- • Record quarterly revenue of $14.4 billion driven by indirect channel revenue recovery ahead of forecast
- • Atlantic passenger unit revenue up 5% year over year with all international entities delivering positive unit revenue growth
- • Industry-leading passenger unit revenue YoY improvement for fourth consecutive quarter
- • Co-branded credit card spending increased 6% year over year
- • Active AAdvantage accounts up 7% year over year
- • AAdvantage members contributed approximately 77% of premium revenue year-to-date
- • Fuel cost tailwind with average fuel price down 15.3% to $2.29 per gallon
- • Strong premium cabin demand particularly on long-haul international destinations
AAL YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
AAL Revenue by Segment
With YoY comparisons, source: SEC Filings
AAL Revenue by Geography
With YoY comparisons, source: SEC Filings
“American delivered record revenue in an evolving demand environment in the second quarter thanks to the hard work and dedication of our team. We remain confident that the actions we have taken over the past several years to refresh our fleet, manage costs and strengthen our balance sheet position us well for the future. The investments we have made toward achieving our revenue potential, including bolstering our network, customer experience and loyalty program, are paying off, and the team remains focused on delivering on our long-term strategy.”
— Robert Isom, Q2 2025 Earnings Press Release
AAL Earnings Trends
AAL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AAL EPS Trend
Earnings per share: estimate vs actual
AAL Revenue Trend
Quarterly revenue: estimate vs actual
AAL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.46 | $-0.40 | +13.04% | $13.91B | +1.21% |
| Q4 25 MISS FY | $0.35 | $0.16 | -54.57% | $14.00B | -0.25% |
| FY Full Year | — | $0.36 | — | $54.63B | — |
| Q3 25 BEAT | $-0.28 | $-0.17 | +38.20% | $13.69B | +0.48% |
| Q2 25 BEAT | $0.77 | $0.95 | +22.98% | $14.39B | +0.69% |
| Q1 25 BEAT | $-0.67 | $-0.59 | +12.12% | $12.55B | -0.06% |