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American Airlines Group

American Airlines Group (AAL) Q1 2026 Earnings

Reported Apr 23, 2026 at 7:01 AM ET · SEC Source

Q1 26 EPS

$-0.40

BEAT +13.04%

Est. $-0.46

Q1 26 Revenue

$13.91B

BEAT +1.21%

Est. $13.75B

vs S&P Since Q1 26

+51.4%

BEATING MARKET

AAL +56.5% vs S&P +5.1%

Market Reaction

Did AAL Beat Earnings? Q1 2026 Results

American Airlines posted a stronger-than-expected first quarter for 2026, delivering an adjusted loss of $0.40 per share against a consensus estimate of $0.46, a 13.04% beat, while revenue of $13.91 billion topped estimates by 1.21% and grew 10.8% ye… Read more American Airlines posted a stronger-than-expected first quarter for 2026, delivering an adjusted loss of $0.40 per share against a consensus estimate of $0.46, a 13.04% beat, while revenue of $13.91 billion topped estimates by 1.21% and grew 10.8% year over year. The carrier credited broad-based demand strength as the primary driver, with Atlantic passenger unit revenue climbing 16.7%, total unit revenue rising 7.6%, and March domestic and international passenger unit revenue each advancing more than 10%, all against a backdrop that included an estimated $320 million revenue headwind from winter storms. Managed corporate revenue grew 13% and premium cabin revenue outperformed Main Cabin by 7 percentage points, underscoring a deliberate push up the demand curve. The quarter's momentum has also drawn attention from investors tracking potential consolidation activity in the sector. Looking ahead, American guided second-quarter adjusted EPS of ($0.20) to $0.20 on total revenue growth of 13.5% to 16.5%, with full-year adjusted EPS of ($0.40) to $1.10, assuming fuel near $4.00 per gallon.

Key Takeaways

  • • Total unit revenue up 7.6% year over year with sequential monthly improvement culminating in March domestic and international PRASM both up more than 10%
  • • Atlantic passenger unit revenue up 16.7% year over year
  • • Managed corporate revenue increased 13% year over year
  • • Premium unit revenue outperformed Main Cabin by 7 points in Q1
  • • Record AAdvantage enrollments up 25% year over year
  • • Co-branded credit card spend up 9% year over year with record first-quarter card acquisitions
  • • Nine highest revenue intake weeks in the company's 100-year history recorded in Q1

AAL Forward Guidance & Outlook

For Q2 2026, American expects ASMs up 4.0% to 6.0%, total revenue growth of 13.5% to 16.5%, CASM excluding net special items, fuel and profit sharing up 2.0% to 4.0%, and adjusted EPS of ($0.20) to $0.20. The Q2 outlook assumes continued domestic revenue improvement, growth in corporate volumes, and the ability to partially recapture elevated fuel prices assumed at approximately $4.00 per gallon. For full-year 2026, adjusted EPS is expected between ($0.40) and $1.10, with the midpoint approximately flat to 2025 despite a more than $4 billion increase in fuel expense. The company anticipates taking delivery of 49 new aircraft in 2026, down from an initial estimate of 55, reducing total capex to approximately $4 billion. The company still anticipates modest profitability for the year assuming the current forward fuel curve.

24/7 Wall St

AAL YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

AAL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
24/7 Wall St

AAL Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“American delivered record revenue in the first quarter, and we're on track for another record in the second quarter. This revenue momentum is the result of focus on our four commercial priorities — elevating the customer experience, growing our global network, driving premium revenue and leading in loyalty. Even in a volatile operating environment, our pretax margin improved by nearly 2 points year over year, and we still anticipate modest profitability for the year assuming the current forward fuel curve. Demand for our product is growing, and our customer satisfaction scores are improving. We have built a strong foundation to deliver value for our customers, team members and shareholders in 2026 and beyond.”

— Robert Isom, Q1 2026 Earnings Press Release

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