0000006201-26-000014 | 10-K | XBRL Viewer | American Airlines Group INC

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Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Capacity purchases from third-party regional carriers	$ 5,448	$ 5,042	$ 4,643
American Airlines, Inc.
Related Party Transaction [Line Items]
Capacity purchases from third-party regional carriers	5,406	5,009	4,619
American Airlines, Inc. \| Regional Carrier \| AAG's Wholly-owned Subsidiaries \| Airline Capacity Purchase Arrangements
Related Party Transaction [Line Items]
Capacity purchases from third-party regional carriers	$ 3,200	$ 2,900	$ 2,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Earnings Per Common Share - Additional Information (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares
PSP1 Warrants
Class of Warrant or Right [Line Items]
Exercises in period (in shares)	14.0
Treasury Loan Warrants
Class of Warrant or Right [Line Items]
Exercises in period (in shares)	4.4
Payroll Support Program One Warrants And Treasury Loan Warrant Agreement, CARES Act
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 12.51
Net settlement of cash of warrant exercise \| $	$ 79

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Line Items]

Commitments, Contingencies and Guarantees

(a) Aircraft, Engine and Other Purchase Commitments

Under all of our aircraft and engine purchase agreements, our total future commitments as of December 31, 2025 are expected to be as follows (approximately, in millions):


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
Payments for aircraft and engine commitments (1)	$	2,931	$	2,468	$	4,021	$	4,921	$	3,151	$	6,696	$	24,188

(1)These amounts are net of purchase deposits currently held by the equipment manufacturers. Our purchase deposits held by such manufacturers totaled $656 million and $1.0 billion as of December 31, 2025 and 2024, respectively.

Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer and certain management assumptions. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the equipment manufacturers and regulatory concerns.

Additionally, we have other purchase commitments primarily related to aircraft fuel, flight equipment maintenance and information technology support as follows (approximately): $4.1 billion in 2026, $1.8 billion in 2027, $1.6 billion in 2028, $495 million in 2029, $615 million in 2030 and $3.7 billion in 2031 and thereafter. These amounts exclude obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

(b) Capacity Purchase Agreements with Third-Party Regional Carriers

American has capacity purchase agreements with third-party regional carriers. The capacity purchase agreements provide that all revenues, including passenger, in-flight, ancillary, mail and freight revenues, go to American. American controls marketing, scheduling, ticketing, pricing and seat inventories. In return, American agrees to pay predetermined fees to these airlines for operating an agreed-upon number of aircraft, without regard to the number of passengers on board. In addition, these agreements provide that American either reimburses or pays 100% of certain variable costs, such as airport landing fees, fuel and passenger liability insurance.

As of December 31, 2025, American’s capacity purchase agreements with third-party regional carriers had expiration dates ranging from 2032 to 2033, with rights of American to extend the respective terms of certain agreements.

As of December 31, 2025, American’s commitments under its capacity purchase agreements with third-party regional carriers are expected to be as follows (approximately, in millions):


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
Regional capacity purchase agreements (1)	$	1,159	$	1,156	$	1,082	$	900	$	457	$	399	$	5,153

(1)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American’s actual payments could differ materially.

Los Angeles International Airport (LAX)

In 2018, we executed a lease agreement with Los Angeles World Airports (LAWA), which owns and operates LAX, in connection with a $1.6 billion modernization project related to LAX Terminals 4 and 5. Construction started in October 2018 and is expected to be completed in 2028 in a phased approach. Under the lease agreement and subsequent project component approvals, the City of Los Angeles Board of Airport Commissioners has appropriated approximately $1.6 billion to purchase completed project assets, representing the maximum allowable reimbursement by LAWA. In September 2024, we executed an agreement to where a substantial majority of the non-proprietary project costs will be funded through the Regional Airports Improvement Corporation (RAIC), a quasigovernmental special purpose entity that acts as a conduit borrower under a syndicated credit facility provided by a group of lenders in the form of a $250 million revolving credit facility. Loans made under the credit facility are being repaid with the proceeds from LAWA’s purchase of completed project assets. We guarantee the obligation of the RAIC under the credit facility associated with the Terminals 4 and 5 lease. As of December 31, 2025, our outstanding guaranteed obligation under the credit facility for the Terminals 4 and 5 project was $135 million. Additionally, we have recovered $1.3 billion since project inception through the end of 2025 and expect to receive approximately $292 million in additional reimbursements by the end of 2028.

As we control the assets during construction, they are recognized on our consolidated balance sheets within operating property and equipment until the assets are sold and transferred. For the years ended December 31, 2025, 2024 and 2023, we have sold and transferred $163 million, $588 million and $170 million of non-proprietary improvements, respectively, which are included within proceeds from sale-leaseback transactions and sale of property and equipment on our consolidated statements of cash flows. For the years ended December 31, 2025, 2024 and 2023, we incurred $107 million, $187 million and $283 million, respectively, of non-proprietary improvement costs relating to the LAX modernization project. Cash payments related to these improvements are included within other investing activities on our consolidated statements of cash flows.

Tulsa Maintenance Base

Improvements to the Tulsa Maintenance Base include the design, construction and renovation of various facilities therein. The Tulsa Maintenance Base is American’s largest maintenance facility and is an integral part of operating its mainline fleet. We have concluded that we do not control the underlying assets being constructed, and therefore, we recognize operating lease liabilities with corresponding ROU assets on the consolidated balance sheet as individual project stages are completed and leases commence.

In May 2025, the Tulsa Municipal Airport Trust (TMAT) issued $400 million aggregate principal amount of special facility revenue bonds on behalf of American, with $300 million maturing on December 1, 2035 and $100 million maturing on December 1, 2040 (collectively, the 2025 TMAT Bonds). The 2025 TMAT Bond due December 1, 2035 was priced at 109% of par value and the 2025 TMAT Bond due December 1, 2040 was priced at 107% of par value. The gross proceeds from the issuance of the 2025 TMAT Bonds were approximately $432 million. Of this amount, $104 million was used to fund the redemption of the aggregate principal amount of TMAT’s outstanding 2015 special facility revenue bonds (the 2015 TMAT Bonds), and the remaining $328 million will be used to finance the cost of improvements at the Tulsa Maintenance Base, which are expected to be completed in 2028. The net proceeds received from the 2025 TMAT Bonds, offset by related project spend, are reflected within other investing activities in the consolidated statement of cash flows.

The 2025 TMAT Bonds bear interest at 6.25% per annum commencing on May 8, 2025, until the day preceding the applicable maturity date, on which date the bonds will be subject to mandatory tender for purchase by American. American is required to pay rent equal to the annual principal and interest requirement on the 2025 TMAT Bonds through payments under a sublease agreement with TMAT (as amended), and AAG guarantees the 2025 TMAT Bonds. American’s obligations under both the sublease agreement with TMAT and the 2025 TMAT Bonds are secured by a leasehold mortgage on American’s lease of the Tulsa Maintenance Base.

(d) Off-Balance Sheet Arrangements

Pass-Through Trusts

American currently has 280 owned aircraft and 60 owned spare aircraft engines, which in each case were financed with EETCs issued by pass-through trusts. These trusts are off-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment or to permit issuance of debt backed by existing flight equipment. In the case of aircraft EETCs, rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft. Similarly, in the case of spare engine EETCs, the trusts allow American to use its existing pool of spare engines to raise financing under a single facility. The trusts have also been structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American.

Each trust covers a set number of aircraft or spare engines scheduled to be delivered, financed or refinanced upon the issuance of the EETC or within a specific period of time thereafter. At the time of each covered aircraft or spare engine financing, the relevant trust used the proceeds from the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft or engines. The equipment notes are issued, at American’s election, in connection with a mortgage financing of the aircraft or spare engines. The equipment notes are secured by a security interest in the aircraft or engines, as applicable. The pass-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American. However, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG. As of December 31, 2025, $6.9 billion associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet.

Letters of Credit and Other

We provide financial assurance, such as letters of credit and surety bonds, primarily to support projected workers’ compensation obligations and airport commitments. As of December 31, 2025, we had $412 million of letters of credit and surety bonds securing various obligations, of which $97 million is collateralized with our restricted cash. The letters of credit and surety bonds that are subject to expiration will expire on various dates through 2037.

(e) Legal Proceedings

Private Party Antitrust Actions Related to the Northeast Alliance (NEA). On December 5, 2022 and December 7, 2022, two private party plaintiffs filed putative class action antitrust complaints against AAG and JetBlue Airways Corporation (JetBlue) in the U.S. District Court for the Eastern District of New York alleging that AAG and JetBlue violated U.S. antitrust law in connection with the previously disclosed NEA. These actions were consolidated on January 10, 2023. The private party plaintiffs filed an amended consolidated complaint on February 3, 2023. On February 2, 2023 and February 15, 2023, private party plaintiffs filed two additional putative class action antitrust complaints against AAG and JetBlue in the U.S. District Court for the District of Massachusetts and the U.S. District Court for the Eastern District of New York, respectively. In March 2023, AAG filed a motion in the U.S. District Court for the District of Massachusetts case asking to transfer the case to the U.S. District Court for the Eastern District of New York and consolidate it with the cases pending in that venue. The U.S. District Court for the District of Massachusetts granted that motion. The remaining cases were consolidated with the other actions in the Eastern District of New York. In June 2023, the private party plaintiffs filed a second amended consolidated complaint, followed by a third amended complaint filed in August 2023. In September 2023, AAG, together with JetBlue, filed a motion to dismiss the third amended complaint. In September 2024, the court denied that motion. AAG and JetBlue filed answers to the private party plaintiffs’ third amended complaint in October 2024. We believe these lawsuits are without merit and are defending against them vigorously.

November 22, 2024, the Qawasmi and Thornburg complaints were consolidated into a single action bearing the caption In re American Airlines Group Inc. Securities Litigation. The court also appointed co-lead plaintiffs and lead counsel to represent the putative class in the consolidated action. Plaintiffs filed a consolidated complaint on January 21, 2025, and an amended consolidated complaint on March 19, 2025. The consolidated complaint made similar factual allegations to the prior complaints regarding AAG’s financial outlook and certain commercial initiatives. AAG and the individual defendants filed a joint motion to dismiss on March 21, 2025. On November 15, 2025, the court granted AAG’s motion in full, dismissing the complaint with prejudice. The court entered final judgment in favor of defendants on November 18, 2025. Plaintiffs did not appeal the order, and the case is closed.

Additionally, on September 19, 2024, certain of AAG’s current and former directors and officers were named as defendants in a shareholder derivative lawsuit (in which AAG is a nominal defendant) filed in the U.S. District Court for the Northern District of Texas, captioned Hollin v. Isom, et al. The Hollin complaint asserted violations of Section 10(b) of the Exchange Act, breach of fiduciary duty, and claims for unjust enrichment and corporate waste. On September 26, 2024, a second derivative complaint was filed in the same court, similarly naming certain of AAG’s current and former directors and officers (as well as AAG as a nominal defendant), captioned Leon v. Isom, et al. The Leon complaint asserted violations of Section 14(a) of the Exchange Act, breaches of fiduciary duty, claims of unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and a claim for contribution. The Hollin and Leon complaints generally alleged the same purported misconduct as alleged in the securities class action. On November 25, 2024, the Hollin and Leon complaints were consolidated into a single action bearing the caption In re American Airlines Group Inc. Stockholder Derivative Litigation. Plaintiffs and AAG filed a joint motion to voluntarily dismiss the consolidated derivative action without prejudice on February 5, 2026, and on February 6, 2026, the court granted AAG’s motion in full, dismissing all claims in the matter without prejudice and entering final judgment in favor of defendants.

American Eagle Flight 5342 Accident Litigation. On January 29, 2025, American Eagle flight 5342 was involved in a fatal accident in Washington, D.C. The Bombardier CRJ700 aircraft operated by PSA was en route to Washington, D.C. from Wichita, Kansas when it was involved in a midair collision near Ronald Reagan Washington National Airport. Beginning on September 24, 2025, multiple wrongful death and survival actions have been filed in the U.S. District Court for the District of Columbia related to the accident. We expect additional actions will continue to be filed. All cases have been assigned to the same judge and are subject to streamlined pleading and discovery procedures. The court required plaintiffs to file a single consolidated Master Complaint (MC), with later joining plaintiffs to file short form complaints adopting the MC and adding any plaintiff-specific information. The MC alleges that the U.S. Government, American and PSA negligently caused or contributed to the accident. In December 2025, American and PSA filed motions to dismiss asserting several defenses. Briefing on the motions to dismiss is ongoing, with a hearing set for February 27, 2026. Discovery is ongoing pursuant to an expedited 18-month discovery and pre-trial calendar, which sets the trial date for April 12, 2027. We believe these lawsuits are without merit as to American and PSA and are defending against them vigorously.

General. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material.

(f) Guarantees and Indemnifications

We are party to many routine contracts in which we provide general indemnities in the normal course of business to third parties for various risks. We are not able to estimate the potential amount of any liability resulting from the indemnities. These indemnities are discussed in the following paragraphs.

In our aircraft financing agreements, we generally indemnify the financing parties, trustees acting on their behalf and other relevant parties against liabilities (including certain taxes) resulting from the financing, manufacture, design, ownership, operation and maintenance of the aircraft regardless of whether these liabilities (including certain taxes) relate to the negligence of the indemnified parties.

Our loan agreements and certain other financing transactions may obligate us to reimburse the applicable lender for incremental costs due to a change in law that imposes (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) capital adequacy requirements. In addition, our loan agreements and other financing arrangements typically contain a withholding tax provision that requires us to pay additional amounts to the

applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law.

In certain transactions, including certain aircraft financing leases and loans, the lessors, lenders and/or other parties have rights to terminate the transaction based on changes in foreign tax law, illegality or certain other events or circumstances. In such a case, we may be required to make a lump sum payment to terminate the relevant transaction.

We have general indemnity clauses in many of our airport and other real estate leases where we as lessee indemnify the lessor (and related parties) against liabilities related to our use of the leased property. Generally, these indemnifications cover liabilities resulting from the negligence of the indemnified parties, but not liabilities resulting from the gross negligence or willful misconduct of the indemnified parties. In addition, we provide environmental indemnities in many of these leases for contamination related to our use of the leased property.

Under certain contracts with third parties, we indemnify the third-party against legal liability arising out of an action by the third-party, or certain other parties. The terms of these contracts vary and the potential exposure under these indemnities cannot be determined. We have liability insurance protecting us from some of the obligations we have undertaken under these indemnities.

American is required to make principal and interest payments for certain special facility revenue bonds issued by municipalities primarily to build or improve airport facilities and purchase equipment, which are leased to American. The payment of principal and interest of certain special facility revenue bonds is guaranteed by AAG. As of December 31, 2025, the remaining lease payments through 2040 guaranteeing the principal and interest on these bonds are $703 million and the current carrying amount of the associated operating lease liability in the accompanying consolidated balance sheet is $427 million.

As of December 31, 2025, AAG had issued guarantees covering approximately $14.1 billion of American’s debt (and interest thereon), including the Credit Facilities, the AAdvantage Financing, senior secured notes, certain equipment loans and special facility revenue bonds.

(g) Credit Card Processing Agreements

We have agreements with companies that process customer credit card transactions for the sale of air travel and other services. Our agreements allow these credit card processing companies, under certain conditions, to hold an amount of our cash (referred to as a holdback) equal to all or a portion of advance ticket sales that have been processed by that company, but for which we have not yet provided the air transportation. These holdback requirements can be implemented at the discretion of the credit card processing companies upon the occurrence of specific events, including material adverse changes in our financial condition or the triggering of a liquidity covenant. The imposition of holdback requirements would reduce our liquidity.

(h) Labor Contracts

As of December 31, 2025, we employed approximately 139,100 active full-time equivalent (FTE) employees, of which 33,100 were employed by our wholly-owned regional subsidiaries. Of the total active FTE employees, 86% are covered by CBAs with various labor unions and 15% are covered by CBAs that are currently amendable or that will become amendable within one year.

American Airlines, Inc.

Commitments and Contingencies [Line Items]

Commitments, Contingencies and Guarantees

(a) Aircraft, Engine and Other Purchase Commitments

Under all of American’s aircraft and engine purchase agreements, its total future commitments as of December 31, 2025 are expected to be as follows (approximately, in millions):


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
Payments for aircraft and engine commitments (1)	$	2,931	$	2,468	$	4,021	$	4,921	$	3,151	$	6,696	$	24,188

(1)These amounts are net of purchase deposits currently held by the equipment manufacturers. American’s purchase deposits held by such manufacturers totaled $656 million and $1.0 billion as of December 31, 2025 and 2024, respectively.

Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent American’s most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer and certain management assumptions. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the equipment manufacturers and regulatory concerns.

Additionally, American has other purchase commitments primarily related to aircraft fuel, flight equipment maintenance and information technology support as follows (approximately): $4.1 billion in 2026, $1.8 billion in 2027, $1.6 billion in 2028, $493 million in 2029, $615 million in 2030 and $3.7 billion in 2031 and thereafter. These amounts exclude

obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

(b) Capacity Purchase Agreements with Third-Party Regional Carriers

As of December 31, 2025, American’s commitments under its capacity purchase agreements with third-party regional carriers are expected to be as follows (approximately, in millions):


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
Regional capacity purchase agreements (1)	$	1,159	$	1,156	$	1,082	$	900	$	457	$	399	$	5,153

(1)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American’s actual payments could differ materially.

Los Angeles International Airport (LAX)

In 2018, American executed a lease agreement with Los Angeles World Airports (LAWA), which owns and operates LAX, in connection with a $1.6 billion modernization project related to LAX Terminals 4 and 5. Construction started in October 2018 and is expected to be completed in 2028 in a phased approach. Under the lease agreement and subsequent project component approvals, the City of Los Angeles Board of Airport Commissioners has appropriated approximately $1.6 billion to purchase completed project assets, representing the maximum allowable reimbursement by LAWA. In September 2024, American executed an agreement to where a substantial majority of the non-proprietary project costs will be funded through the Regional Airports Improvement Corporation (RAIC), a quasigovernmental special purpose entity that acts as a conduit borrower under a syndicated credit facility provided by a group of lenders in the form of a $250 million revolving credit facility. Loans made under the credit facility are being repaid with the proceeds from LAWA’s purchase of completed project assets. American guarantees the obligation of the RAIC under the credit facility associated with the Terminals 4 and 5 lease. As of December 31, 2025, American’s outstanding guaranteed obligation under the credit facility for the Terminals 4 and 5 project was $135 million. Additionally, American has recovered $1.3 billion since project inception through the end of 2025 and expects to receive approximately $292 million in additional reimbursements by the end of 2028.

As American controls the assets during construction, they are recognized on its consolidated balance sheets within operating property and equipment until the assets are sold and transferred. For the years ended December 31, 2025, 2024 and 2023, American has sold and transferred $163 million, $588 million and $170 million of non-proprietary improvements, respectively, which are included within proceeds from sale-leaseback transactions and sale of property and equipment on American’s consolidated statements of cash flows. For the years ended December 31, 2025, 2024 and 2023, American incurred $107 million, $187 million and $283 million, respectively, of non-proprietary improvement costs relating to the LAX modernization project. Cash payments related to these improvements are included within other investing activities on American’s consolidated statements of cash flows.

Tulsa Maintenance Base

Improvements to the Tulsa Maintenance Base include the design, construction and renovation of various facilities therein. The Tulsa Maintenance Base is American’s largest maintenance facility and is an integral part of operating its mainline fleet. American has concluded that it does not control the underlying assets being constructed, and therefore, it recognizes operating lease liabilities with corresponding ROU assets on the consolidated balance sheet as individual project stages are completed and leases commence.

(d) Off-Balance Sheet Arrangements

Pass-Through Trusts

Letters of Credit and Other

American provides financial assurance, such as letters of credit and surety bonds, primarily to support projected workers’ compensation obligations and airport commitments. As of December 31, 2025, American had $412 million of letters of credit and surety bonds securing various obligations, of which $97 million is collateralized with American’s restricted cash. The letters of credit and surety bonds that are subject to expiration will expire on various dates through 2037.

(e) Legal Proceedings

respectively. In March 2023, AAG filed a motion in the U.S. District Court for the District of Massachusetts case asking to transfer the case to the U.S. District Court for the Eastern District of New York and consolidate it with the cases pending in that venue. The U.S. District Court for the District of Massachusetts granted that motion. The remaining cases were consolidated with the other actions in the Eastern District of New York. In June 2023, the private party plaintiffs filed a second amended consolidated complaint, followed by a third amended complaint filed in August 2023. In September 2023, AAG, together with JetBlue, filed a motion to dismiss the third amended complaint. In September 2024, the court denied that motion. AAG and JetBlue filed answers to the private party plaintiffs’ third amended complaint in October 2024. AAG believes these lawsuits are without merit and is defending against them vigorously.

Securities and Stockholder Derivative Litigation. On July 18, 2024, AAG and certain of its current and former officers were named as defendants in a putative class action lawsuit filed in the U.S. District Court for the Northern District of Texas, captioned Qawasmi v. American Airlines Group Inc., et al. The Qawasmi plaintiff purported to represent investors who acquired AAG securities between January 25, 2024 and May 28, 2024. On August 28, 2024, AAG and certain of its current and former officers were named as defendants in a second putative class action lawsuit filed in the same court, captioned Thornburg v. American Airlines Group Inc., et al. The Thornburg plaintiff purported to represent investors who acquired AAG securities between July 20, 2023 and May 28, 2024. Both the Qawasmi and Thornburg complaints asserted violations of Sections 10(b) and 20(a) of the Exchange Act based on allegations that, during the relevant periods, AAG misrepresented and/or omitted material facts related to its financial outlook and certain commercial initiatives. On November 22, 2024, the Qawasmi and Thornburg complaints were consolidated into a single action bearing the caption In re American Airlines Group Inc. Securities Litigation. The court also appointed co-lead plaintiffs and lead counsel to represent the putative class in the consolidated action. Plaintiffs filed a consolidated complaint on January 21, 2025, and an amended consolidated complaint on March 19, 2025. The consolidated complaint made similar factual allegations to the prior complaints regarding AAG’s financial outlook and certain commercial initiatives. AAG and the individual defendants filed a joint motion to dismiss on March 21, 2025. On November 15, 2025, the court granted AAG’s motion in full, dismissing the complaint with prejudice. The court entered final judgment in favor of defendants on November 18, 2025. Plaintiffs did not appeal the order, and the case is closed.

American Eagle Flight 5342 Accident Litigation. On January 29, 2025, American Eagle flight 5342 was involved in a fatal accident in Washington, D.C. The Bombardier CRJ700 aircraft operated by PSA Airlines, Inc. (PSA) was en route to Washington, D.C. from Wichita, Kansas when it was involved in a midair collision near Ronald Reagan Washington National Airport. Beginning on September 24, 2025, multiple wrongful death and survival actions have been filed in the U.S. District Court for the District of Columbia related to the accident. AAG expects additional actions will continue to be filed. All cases have been assigned to the same judge and are subject to streamlined pleading and discovery procedures. The court required plaintiffs to file a single consolidated Master Complaint (MC), with later joining plaintiffs to file short form complaints adopting the MC and adding any plaintiff-specific information. The MC alleges that the U.S. Government, American and PSA negligently caused or contributed to the accident. In December 2025, American and PSA filed motions to dismiss asserting several defenses. Briefing on the motions to dismiss is ongoing, with a hearing set for February 27, 2026. Discovery is ongoing pursuant to an expedited 18-month discovery and pre-trial calendar, which sets the trial date for April 12, 2027. AAG believes these lawsuits are without merit as to American and PSA and is defending against them vigorously.

General. In addition to the specifically identified legal proceedings, American and its subsidiaries are also engaged in other legal proceedings from time to time. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within American’s control. Therefore, although American will vigorously defend itself in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on American are uncertain but could be material.

(f) Guarantees and Indemnifications

American is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks. American is not able to estimate the potential amount of any liability resulting from the indemnities. These indemnities are discussed in the following paragraphs.

In its aircraft financing agreements, American generally indemnifies the financing parties, trustees acting on their behalf and other relevant parties against liabilities (including certain taxes) resulting from the financing, manufacture, design, ownership, operation and maintenance of the aircraft regardless of whether these liabilities (including certain taxes) relate to the negligence of the indemnified parties.

American’s loan agreements and certain other financing transactions may obligate American to reimburse the applicable lender for incremental costs due to a change in law that imposes (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) capital adequacy requirements. In addition, American’s loan agreements and other financing arrangements typically contain a withholding tax provision that requires American to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law.

In certain transactions, including certain aircraft financing leases and loans, the lessors, lenders and/or other parties have rights to terminate the transaction based on changes in foreign tax law, illegality or certain other events or circumstances. In such a case, American may be required to make a lump sum payment to terminate the relevant transaction.

American has general indemnity clauses in many of its airport and other real estate leases where American as lessee indemnifies the lessor (and related parties) against liabilities related to American’s use of the leased property. Generally, these indemnifications cover liabilities resulting from the negligence of the indemnified parties, but not liabilities resulting from the gross negligence or willful misconduct of the indemnified parties. In addition, American provides environmental indemnities in many of these leases for contamination related to American’s use of the leased property.

Under certain contracts with third parties, American indemnifies the third-party against legal liability arising out of an action by the third-party, or certain other parties. The terms of these contracts vary and the potential exposure under these indemnities cannot be determined. American has liability insurance protecting American from some of the obligations it has undertaken under these indemnities.

American is required to make principal and interest payments for certain special facility revenue bonds issued by municipalities primarily to build or improve airport facilities and purchase equipment, which are leased to American. The payment of principal and interest of certain special facility revenue bonds is guaranteed by American. As of December 31, 2025, the remaining lease payments through 2040 guaranteeing the principal and interest on these bonds are $703 million and the current carrying amount of the associated operating lease liability in the accompanying consolidated balance sheet is $427 million.

As of December 31, 2025, American had issued guarantees covering AAG’s $1.8 billion aggregate principal amount of the PSP1 Promissory Note due April 2030, $1.0 billion aggregate principal amount of the PSP2 Promissory Note due January 2031 and $959 million aggregate principal amount of the PSP3 Promissory Note due April 2031.

(g) Credit Card Processing Agreements

American has agreements with companies that process customer credit card transactions for the sale of air travel and other services. American’s agreements allow these credit card processing companies, under certain conditions, to hold an amount of its cash (referred to as a holdback) equal to all or a portion of advance ticket sales that have been processed by that company, but for which American has not yet provided the air transportation. These holdback requirements can be implemented at the discretion of the credit card processing companies upon the occurrence of specific events, including material adverse changes in American’s financial condition or the triggering of a liquidity covenant. The imposition of holdback requirements would reduce American’s liquidity.

(h) Labor Contracts

As of December 31, 2025, American employed approximately 106,000 active full-time equivalent (FTE) employees. Of the total active FTE employees, 87% are covered by CBAs with various labor unions and 1% are covered by CBAs that are currently amendable or that will become amendable within one year.

Consolidated Statements of Operations - American Airlines, Inc. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating revenues:
Total operating revenues	$ 54,633	$ 54,211	$ 52,788
Operating expenses:
Aircraft fuel and related taxes	10,718	11,418	12,257
Salaries, wages and benefits	17,566	16,021	14,580
Regional expenses	5,448	5,042	4,643
Maintenance, materials and repairs	3,844	3,794	3,265
Other rent and landing fees	3,476	3,303	2,928
Aircraft rent	1,220	1,242	1,369
Selling expenses	1,997	1,812	1,799
Depreciation and amortization	1,890	1,926	1,936
Special items, net	159	610	971
Other	6,848	6,429	6,006
Total operating expenses	53,166	51,597	49,754
Operating income	1,467	2,614	3,034
Nonoperating income (expense):
Interest income	357	468	591
Interest expense, net	(1,716)	(1,934)	(2,145)
Other income (expense), net	82	6	(359)
Total nonoperating expense, net	(1,277)	(1,460)	(1,913)
Income before income taxes	190	1,154	1,121
Income tax provision	79	308	299
Net income	111	846	822
Passenger
Operating revenues:
Total operating revenues	49,643	49,586	48,512
Cargo
Operating revenues:
Total operating revenues	839	804	812
Other
Operating revenues:
Total operating revenues	4,151	3,821	3,464
American Airlines, Inc.
Operating revenues:
Total operating revenues	54,626	54,204	52,784
Operating expenses:
Aircraft fuel and related taxes	10,718	11,418	12,257
Salaries, wages and benefits	17,556	16,012	14,572
Regional expenses	5,406	5,009	4,619
Maintenance, materials and repairs	3,844	3,794	3,265
Other rent and landing fees	3,476	3,303	2,928
Aircraft rent	1,220	1,242	1,369
Selling expenses	1,997	1,812	1,799
Depreciation and amortization	1,884	1,919	1,927
Special items, net	159	610	971
Other	6,855	6,431	6,008
Total operating expenses	53,115	51,550	49,715
Operating income	1,511	2,654	3,069
Nonoperating income (expense):
Interest income	949	1,058	1,078
Interest expense, net	(1,780)	(2,029)	(2,206)
Other income (expense), net	81	5	(359)
Total nonoperating expense, net	(750)	(966)	(1,487)
Income before income taxes	761	1,688	1,582
Income tax provision	197	426	394
Net income	564	1,262	1,188
American Airlines, Inc. \| Passenger
Operating revenues:
Total operating revenues	49,643	49,586	48,512
American Airlines, Inc. \| Cargo
Operating revenues:
Total operating revenues	839	804	812
American Airlines, Inc. \| Other
Operating revenues:
Total operating revenues	$ 4,144	$ 3,814	$ 3,460

Share Based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs	$ 112	$ 130	$ 102
Common stock withheld or sold related to tax obligations (in shares)	2.0	1.6	1.5
Payment of certain tax withholding obligations associated with employee equity awards	$ 28	$ 27	$ 23
Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units (RSUs), Stock Settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 51
Recognition period	1 year
Total fair value of stock-settled during the year	$ 57	69	78
CRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 98
Recognition period	1 year
Liability related to cash settled awards	$ 53	39
Cash paid for awards vested	37	18
2023 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for grant (in shares)				17.2
American Airlines, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation costs	$ 106	$ 124	$ 97
Common stock withheld or sold related to tax obligations (in shares)	2.0	1.6	1.5
Payment of certain tax withholding obligations associated with employee equity awards	$ 28	$ 27	$ 23
American Airlines, Inc. \| Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
American Airlines, Inc. \| Restricted Stock Units (RSUs), Stock Settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 51
Recognition period	1 year
Total fair value of stock-settled during the year	$ 57	69	$ 78
American Airlines, Inc. \| CRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 91
Recognition period	1 year
Liability related to cash settled awards	$ 53	39
Cash paid for awards vested	$ 37	$ 18
American Airlines, Inc. \| 2023 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for grant (in shares)				17.2

Basis of Presentation and Summary of Significant Accounting Policies - Changes in Loyalty Program Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement In Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 16,813
Ending balance	17,722
Loyalty program liability
Movement In Contract With Customer, Liability [Roll Forward]
Beginning balance	10,054
Deferral of revenue	4,445
Recognition of revenue	(3,935)
Ending balance	$ 10,564
Inactive period before expiration of mileage credits	24 months
Customer liabilities, current	$ 3,725	$ 3,556
American Airlines, Inc.
Movement In Contract With Customer, Liability [Roll Forward]
Beginning balance	16,813
Ending balance	17,722
American Airlines, Inc. \| Loyalty program liability
Movement In Contract With Customer, Liability [Roll Forward]
Beginning balance	10,054
Deferral of revenue	4,445
Recognition of revenue	(3,935)
Ending balance	$ 10,564
Inactive period before expiration of mileage credits	24 months
Customer liabilities, current	$ 3,725	$ 3,556

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	1-8400
Entity Registrant Name	American Airlines Group Inc.
Entity Central Index Key	0000006201
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-1825172
Entity Address, Address Line One	1 Skyview Drive,
Entity Address, City or Town	Fort Worth,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76155
City Area Code	(682)
Local Phone Number	278-9000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		660,304,573
Entity Public Float			$ 7.4
Documents Incorporated by Reference	Portions of the proxy statement related to American Airlines Group Inc.’s 2026 Annual Meeting of Stockholders, which proxy statement will be filed under the Securities Exchange Act of 1934 within 120 days of the end of American Airlines Group Inc.’s fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AAL
Security Exchange Name	NASDAQ
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
American Airlines, Inc.
Document Information [Line Items]
Entity File Number	1-2691
Entity Registrant Name	American Airlines, Inc.
Entity Central Index Key	0000004515
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-1502798
Entity Address, Address Line One	1 Skyview Drive,
Entity Address, City or Town	Fort Worth,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76155
City Area Code	(682)
Local Phone Number	278-9000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000

Leases - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,647	$ 1,830	$ 2,033
Operating cash flows from finance leases	48	40	48
Financing cash flows from finance leases	122	152	265
Gain (loss) on sale leaseback transactions, net	(13)	76	12
American Airlines, Inc.
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	1,633	1,810	2,011
Operating cash flows from finance leases	48	40	47
Financing cash flows from finance leases	120	145	255
Gain (loss) on sale leaseback transactions, net	$ (13)	$ 76	$ 12

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Instrument [Line Items]

Components of Debt

Debt included on our consolidated balance sheets consisted of (in millions):


	December 31,
	2025		2024
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028 (a)	$	970	$	980
2014 Term Loan Facility, variable interest rate of 5.69%, installments until due in January 2027 (a)	1,159		1,171
2023 Term Loan Facility, variable interest rate of 6.26%, installments until due in June 2029 (a)	1,078		1,089
10.75% senior secured IP notes (b)	—		781
10.75% senior secured LGA/DCA notes (b)	—		156
7.25% senior secured notes, interest only payments until due in February 2028 (b)	750		750
8.50% senior secured notes, interest only payments until due in May 2029 (b)	1,000		1,000
5.50% senior secured notes, installments until due in April 2026 (c)	583		1,750
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (c)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 6.13%, installments until due in April 2028 (c)	2,264		2,450
2025 AAdvantage Term Loan Facility, variable interest rate of 7.13%, installments until due in May 2032 (c)	995		—
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 3.95%, maturing from 2026 to 2038 (d)	6,912		7,271
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.56%, averaging 5.57%, maturing from 2026 to 2037 (e)	4,719		4,094
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		880
	24,219		25,372
Unsecured
PSP1 Promissory Note, variable interest rate of 5.92%, interest only payments until due in April 2030 (f)	1,757		1,757
PSP2 Promissory Note, interest only payments until due in January 2031 (f)	1,030		1,030
PSP3 Promissory Note, interest only payments until due in April 2031 (f)	959		959
6.50% convertible senior notes (g)	—		1,000
Senior short-term term loan facility, variable interest rate of 6.11%, interest only payments until due in January 2026 (h)	629		—
	4,375		4,746
Total	28,594		30,118
Less: Total unamortized debt discount, premium and issuance costs	314		305
Less: Current maturities	3,641		5,196
Long-term debt, net of current maturities	$	24,639	$	24,617

Schedule of Credit Facilities

As of December 31, 2025, the maximum availability under our revolving credit and other facilities is as follows (in millions):


2013 Revolving Facility (1)	$	519
2014 Revolving Facility (1)	1,557
2023 Revolving Facility (1)	924
Other facilities (2)	397
Total	$	3,397

(1)On April 21, 2025, the aggregate revolving commitments under the 2013, 2014 and 2023 Revolving Facilities were increased from approximately $2.9 billion to $3.0 billion upon the upsize of commitments by certain existing lenders. No other terms were changed and there are no borrowings outstanding under the facilities.

(2)Includes a revolving credit facility that provides for borrowing capacity of up to $350 million, maturing in March 2027 with an option to extend for an additional year. Additionally, American currently has $47 million of available borrowing base under a cargo receivables facility that is scheduled to expire in December 2026. There are no amounts drawn under these facilities.

Schedule of Maturities of Long-Term Debt and Capital Lease Obligations

At December 31, 2025, the maturities of long-term debt are as follows (in millions):


2026	$	3,641
2027	4,455
2028	7,324
2029	4,045
2030	2,487
2031 and thereafter	6,642
Total	$	28,594

2025-1 Aircraft EETC Equipment Notes

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of December 31, 2025, is set forth in the table below:


	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Remaining escrowed proceeds	$102 million	$25 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

Schedule of Collateral Coverage Tests

Specifically, we are required to meet certain collateral coverage tests for our Credit Facilities, 7.25% Senior Secured Notes and 8.50% Senior Secured Notes, as described below:

2013 Credit
Facilities

7.25% Senior Secured Notes

2014 Credit
Facilities

2023 Credit Facilities

8.50% Senior Secured Notes

LTV Requirement

1.6x Collateral valuation to amount of debt outstanding (62.5% LTV)

LTV as of Last Measurement Date

38.4%

15.3%

25.4%

Frequency of Appraisals of Appraised Collateral

Semi-Annual

Collateral Description

Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and South America and New Zealand

Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and European Union (including London Heathrow)

Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and Australia, Canada, the Caribbean, Central America, China, Hong Kong, Japan, Mexico, South Korea and Switzerland

American Airlines, Inc.

Debt Instrument [Line Items]

Components of Debt

Debt included on American’s consolidated balance sheets consisted of (in millions):


	December 31,
	2025		2024
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028 (a)	$	970	$	980
2014 Term Loan Facility, variable interest rate of 5.69%, installments until due in January 2027 (a)	1,159		1,171
2023 Term Loan Facility, variable interest rate of 6.26%, installments until due in June 2029 (a)	1,078		1,089
10.75% senior secured IP notes (b)	—		781
10.75% senior secured LGA/DCA notes (b)	—		156
7.25% senior secured notes, interest only payments until due in February 2028 (b)	750		750
8.50% senior secured notes, interest only payments until due in May 2029 (b)	1,000		1,000
5.50% senior secured notes, installments until due in April 2026 (c)	583		1,750
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (c)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 6.13%, installments until due in April 2028 (c)	2,264		2,450
2025 AAdvantage Term Loan Facility, variable interest rate of 7.13%, installments until due in May 2032 (c)	995		—
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 3.95%, maturing from 2026 to 2038 (d)	6,912		7,271
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.56%, averaging 5.57%, maturing from 2026 to 2037 (e)	4,719		4,094
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		880

	24,219		25,372
Unsecured
Senior short-term term loan facility, variable interest rate of 6.11%, interest only payments until due in January 2026 (f)	629		—
Total	24,848		25,372
Less: Total unamortized debt discount, premium and issuance costs	313		300
Less: Current maturities	3,641		4,196
Long-term debt, net of current maturities	$	20,894	$	20,876

Schedule of Credit Facilities

As of December 31, 2025, the maximum availability under American’s revolving credit and other facilities is as follows (in millions):


2013 Revolving Facility (1)	$	519
2014 Revolving Facility (1)	1,557
2023 Revolving Facility (1)	924
Other facilities (2)	397
Total	$	3,397

Schedule of Maturities of Long-Term Debt and Capital Lease Obligations

At December 31, 2025, the maturities of long-term debt are as follows (in millions):


2026	$	3,641
2027	4,455
2028	7,324
2029	4,045
2030	730
2031 and thereafter	4,653
Total	$	24,848

2025-1 Aircraft EETC Equipment Notes

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of December 31, 2025, is set forth in the table below:


	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Remaining escrowed proceeds	$102 million	$25 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

Schedule of Collateral Coverage Tests

Specifically, American is required to meet certain collateral coverage tests for its Credit Facilities, 7.25% Senior Secured Notes and 8.50% Senior Secured Notes, as described below:

2013 Credit Facilities

7.25% Senior Secured Notes

2014 Credit Facilities

2023 Credit Facilities

8.50% Senior Secured Notes

LTV Requirement

1.6x Collateral valuation to amount of debt outstanding (62.5% LTV)

LTV as of Last Measurement Date

38.4%

15.3%

25.4%

Frequency of Appraisals of Appraised Collateral

Semi-Annual

Collateral Description

Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and South America and New Zealand

Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and European Union (including London Heathrow)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Significant Contract Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Contract balances, liability	$ 17,722	$ 16,813
Loyalty program liability
Disaggregation of Revenue [Line Items]
Contract balances, liability	10,564	10,054
Air traffic liability
Disaggregation of Revenue [Line Items]
Contract balances, liability	7,158	6,759
American Airlines, Inc.
Disaggregation of Revenue [Line Items]
Contract balances, liability	17,722	16,813
American Airlines, Inc. \| Loyalty program liability
Disaggregation of Revenue [Line Items]
Contract balances, liability	10,564	10,054
American Airlines, Inc. \| Air traffic liability
Disaggregation of Revenue [Line Items]
Contract balances, liability	$ 7,158	$ 6,759

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Transactions with Related Parties - Net Receivables (Payables) to Related Parties (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 01, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2020
Related Party Transaction [Line Items]
AAG's wholly-owned subsidiaries		$ (2,840)	$ (2,455)
Regional expenses		$ 5,448	5,042	$ 4,643
Convertible Senior Notes 6.50% Due 2025 \| Senior Notes
Related Party Transaction [Line Items]
Settlement of convertible debt	$ 1,000
Fixed interest rate per annum		6.50%			6.50%
American Airlines, Inc.
Related Party Transaction [Line Items]
AAG's wholly-owned subsidiaries		$ (2,717)	(2,372)
Total		9,896	8,187
Regional expenses		$ 5,406	5,009	$ 4,619
American Airlines, Inc. \| Convertible Senior Notes 6.50% Due 2025 \| Senior Notes
Related Party Transaction [Line Items]
Fixed interest rate per annum		6.50%
American Airlines, Inc. \| AAG
Related Party Transaction [Line Items]
AAG		$ 11,938	10,258
American Airlines, Inc. \| AAG \| Convertible Senior Notes 6.50% Due 2025 \| Senior Notes
Related Party Transaction [Line Items]
Settlement of convertible debt		$ 1,000
Fixed interest rate per annum		6.50%
American Airlines, Inc. \| AAG's Wholly-owned Subsidiaries
Related Party Transaction [Line Items]
AAG's wholly-owned subsidiaries		$ (2,042)	$ (2,071)

Debt - Guarantees (Details) $ in Billions	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Guarantor obligations, maximum exposure, undiscounted	$ 14.1

Earnings Per Common Share - Schedule of Warrants (Details) - $ / shares shares in Thousands	1 Months Ended
	Jan. 31, 2026	Dec. 31, 2025
PSP2 Warrants
Class of Warrant or Right [Line Items]
Warrants Issued (shares, in thousands)		6,576
Exercise Price ($) (in dollars per share)		$ 15.66
PSP2 Warrants \| Subsequent Event
Class of Warrant or Right [Line Items]
Exercise Price ($) (in dollars per share)	$ 15.66
Exercises in period (in shares)	2,800
PSP3 Warrants
Class of Warrant or Right [Line Items]
Warrants Issued (shares, in thousands)		4,407
Exercise Price ($) (in dollars per share)		$ 21.75

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Common Share

The following table provides the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):


	Year Ended December 31,
	2025		2024		2023
Basic EPS:
Net income	$	111	$	846	$	822
Weighted average common shares outstanding (in thousands)	659,964		656,996		653,612
Basic EPS	$	0.17	$	1.29	$	1.26

Diluted EPS:
Net income	$	111	$	846	$	822
Interest expense on 6.50% convertible senior notes	—		51		46
Net income for purposes of computing diluted EPS	$	111	$	897	$	868
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	659,964		656,996		653,612
Dilutive effect of restricted stock unit awards	763		1,121		1,830
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants	325		1,455		2,499
Assumed conversion of 6.50% convertible senior notes	—		61,728		61,728
Diluted weighted average common shares outstanding	661,052		721,300		719,669
Diluted EPS	$	0.17	$	1.24	$	1.21

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):


	Year Ended December 31,
	2025	2024	2023
6.50% convertible senior notes (1)	15,432	—	—
Restricted stock unit awards	1,188	2,350	4,371

(1)On March 27, 2025, we provided notice to the holders of our 6.50% convertible senior notes due 2025 (Convertible Notes) that we would settle our Convertible Notes at their maturity in cash on July 1, 2025. As a result, we have excluded the Convertible Notes from the calculation of diluted EPS for the quarterly periods ending after March 31, 2025.

Schedule of PSP Warrants and Treasury Loan Warrants

The table below provides a summary of the warrants outstanding as of December 31, 2025:

Warrants

Warrants Issued

(shares, in thousands) (1)

Exercise Price ($)

Expiration

PSP2 Warrants

6,576

15.66

January 2026 (2) to April 2026

PSP3 Warrants

4,407

21.75

April 2026 to June 2026

(1)The PSP2 Warrants and PSP3 Warrants are subject to certain anti-dilution provisions, do not have any voting rights and are freely transferable, with registration rights. Each warrant will be exercisable either through net share settlement or cash, at our option. The warrants were issued solely as compensation to the U.S. Government related to entry into the payroll support program agreements. No separate proceeds (apart from the financial assistance previously received in 2021) were received upon issuance of the warrants or will be received upon exercise thereof.

(2)In January 2026, 2.8 million shares of the PSP2 Warrants were exercised at an exercise price of $15.66 per share and net settled in cash for a nominal amount.

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Non-cash investing and financing activities:
ROU assets acquired through operating leases	$ 889	$ 637	$ 1,180
Operating leases converted to finance leases	269	293	5
Finance leases converted to operating leases	127	50	42
Property and equipment acquired through debt, finance leases and other	70	152	317
Supplemental information:
Interest paid, net	1,696	1,933	2,180
American Airlines, Inc.
Non-cash investing and financing activities:
ROU assets acquired through operating leases	884	614	1,172
Operating leases converted to finance leases	269	293	5
Finance leases converted to operating leases	127	50	42
Property and equipment acquired through debt, finance leases and other	70	151	317
Supplemental information:
Interest paid, net	$ 1,551	$ 1,806	$ 2,058

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Defined benefit plans:
Service cost	$ 3	$ 2	$ 2
Interest cost	730	723	758
Expected return on assets	(929)	(978)	(918)
Amortization of:
Prior service cost (benefit)	1	0	18
Unrecognized net loss (gain)	91	105	106
Net periodic benefit cost (income)	(104)	(148)	(34)
Retiree Medical and Other Postretirement Benefits
Defined benefit plans:
Service cost	23	29	17
Interest cost	69	64	55
Expected return on assets	(9)	(10)	(11)
Amortization of:
Prior service cost (benefit)	17	14	(6)
Unrecognized net loss (gain)	(27)	(31)	(34)
Net periodic benefit cost (income)	73	66	21
American Airlines, Inc. \| Pension Benefits
Defined benefit plans:
Service cost	2	2	2
Interest cost	725	718	753
Expected return on assets	(923)	(973)	(914)
Amortization of:
Prior service cost (benefit)	0	0	18
Unrecognized net loss (gain)	91	105	106
Net periodic benefit cost (income)	(105)	(148)	(35)
American Airlines, Inc. \| Retiree Medical and Other Postretirement Benefits
Defined benefit plans:
Service cost	23	29	17
Interest cost	69	64	55
Expected return on assets	(9)	(10)	(11)
Amortization of:
Prior service cost (benefit)	18	14	(6)
Unrecognized net loss (gain)	(27)	(31)	(34)
Net periodic benefit cost (income)	$ 74	$ 66	$ 21

Subsequent Events (Details) - Secured Debt	Feb. 12, 2026	Dec. 31, 2025	Feb. 18, 2026
8.50% Senior Secured Notes
Subsequent Event [Line Items]
Fixed interest rate per annum		8.50%
American Airlines, Inc. \| 8.50% Senior Secured Notes
Subsequent Event [Line Items]
Fixed interest rate per annum		8.50%
American Airlines, Inc. \| 2025 AAdvantage Term Loan Facility
Subsequent Event [Line Items]
Interest rate margin		3.25%
Subsequent Event \| 8.50% Senior Secured Notes
Subsequent Event [Line Items]
Fixed interest rate per annum			8.50%
Subsequent Event \| 2025 AAdvantage Term Loan Facility \| Base Rate
Subsequent Event [Line Items]
Floor interest rate	0.00%
Interest rate margin	1.75%
Subsequent Event \| 2025 AAdvantage Term Loan Facility \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Floor interest rate	0.00%
Interest rate margin	2.75%
Subsequent Event \| American Airlines, Inc. \| 8.50% Senior Secured Notes
Subsequent Event [Line Items]
Fixed interest rate per annum			8.50%
Subsequent Event \| American Airlines, Inc. \| 2025 AAdvantage Term Loan Facility \| Base Rate
Subsequent Event [Line Items]
Floor interest rate	0.00%
Interest rate margin	1.75%
Subsequent Event \| American Airlines, Inc. \| 2025 AAdvantage Term Loan Facility \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Floor interest rate	0.00%
Interest rate margin	2.75%

Debt - Summary of Availability under Revolving Credit Facilities (Details) - Revolving Credit Facility - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Apr. 21, 2025	Apr. 20, 2025
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	$ 3,397
2013, 2014 and 2023 Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity		$ 3,000	$ 2,900
Long-term line of credit		0
Credit Facility 2013
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	519
Credit Facility 2013 \| Secured Debt
Line of Credit Facility [Line Items]
Long-term line of credit	0
Credit Facility 2014
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	1,557
Credit Facility 2014 \| Secured Debt
Line of Credit Facility [Line Items]
Long-term line of credit	0
Credit Facility 2023
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	924
Credit Facility 2023 \| Secured Debt
Line of Credit Facility [Line Items]
Long-term line of credit	0
Other facilities
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	397
American Airlines, Inc.
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	3,397
American Airlines, Inc. \| 2013, 2014 and 2023 Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity		3,000	$ 2,900
Long-term line of credit		$ 0
American Airlines, Inc. \| Credit Facility 2013
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	519
American Airlines, Inc. \| Credit Facility 2013 \| Secured Debt
Line of Credit Facility [Line Items]
Long-term line of credit	0
American Airlines, Inc. \| Credit Facility 2014
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	1,557
American Airlines, Inc. \| Credit Facility 2014 \| Secured Debt
Line of Credit Facility [Line Items]
Long-term line of credit	0
American Airlines, Inc. \| Credit Facility 2023
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	924
American Airlines, Inc. \| Credit Facility 2023 \| Secured Debt
Line of Credit Facility [Line Items]
Long-term line of credit	0
American Airlines, Inc. \| Other facilities
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	397
American Airlines, Inc. \| Other Revolving Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	350
American Airlines, Inc. \| Other Revolving Facility \| Secured Debt
Line of Credit Facility [Line Items]
Amount drawn	0
American Airlines, Inc. \| Cargo Receivable Facility
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	$ 47

Commitments, Contingencies and Guarantees - Commitments under Capacity Purchase Agreements with Third-Party Regional Carriers (Details) - American Airlines, Inc. - Airline Capacity Purchase Arrangements $ in Millions	Dec. 31, 2025 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Capacity purchase agreement, percentage of reimbursement for certain variable costs	100.00%
Regional capacity purchase agreements
2026	$ 1,159
2027	1,156
2028	1,082
2029	900
2030	457
2031 and Thereafter	399
Total	$ 5,153

Consolidated Balance Sheets - American Airlines, Inc. - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash	$ 954	$ 804
Short-term investments	4,882	6,180
Restricted cash and short-term investments	735	732
Accounts receivable, net	2,075	2,006
Aircraft fuel, spare parts and supplies, net	2,792	2,638
Prepaid expenses and other	767	794
Total current assets	12,205	13,154
Operating property and equipment
Flight equipment	46,597	43,521
Ground property and equipment	10,479	10,202
Equipment purchase deposits	656	1,012
Total property and equipment, at cost	57,732	54,735
Less accumulated depreciation and amortization	(25,192)	(23,608)
Total property and equipment, net	32,540	31,127
Operating lease right-of-use assets	7,091	7,333
Other assets
Goodwill	4,091	4,091
Intangibles, net of accumulated amortization of $848 and $841, respectively	2,066	2,044
Deferred tax asset	2,368	2,485
Other assets	1,413	1,549
Total other assets	9,938	10,169
Total assets	61,774	61,783
Current liabilities
Current maturities of long-term debt and finance leases	3,753	5,322
Accounts payable	2,840	2,455
Accrued salaries and wages	2,128	2,150
Operating lease liabilities	1,058	1,092
Other accrued liabilities	2,916	2,887
Total current liabilities	24,492	24,295
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	25,254	25,154
Pension and postretirement benefits	1,568	2,128
Loyalty program liability	6,839	6,498
Operating lease liabilities	5,905	5,976
Other liabilities	1,443	1,709
Total noncurrent liabilities	41,009	41,465
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit)
Common stock, $1.00 par value; 1,000 shares authorized, issued and outstanding	7	7
Additional paid-in capital	7,387	7,424
Accumulated other comprehensive loss	(4,389)	(4,565)
Retained deficit	(6,732)	(6,843)
Total stockholders’ deficit	(3,727)	(3,977)
Total liabilities and stockholders’ equity (deficit)	61,774	61,783
Fuel Financing Arrangement
Current liabilities
Fuel financing	914	74
Air traffic liability
Current liabilities
Air traffic liability/Loyalty program liability	7,158	6,759
Loyalty program liability
Current liabilities
Air traffic liability/Loyalty program liability	3,725	3,556
American Airlines, Inc.
Current assets
Cash	936	795
Short-term investments	4,880	6,177
Restricted cash and short-term investments	735	732
Accounts receivable, net	2,041	1,977
Receivables from related parties, net	9,896	8,187
Aircraft fuel, spare parts and supplies, net	2,596	2,476
Prepaid expenses and other	645	675
Total current assets	21,729	21,019
Operating property and equipment
Flight equipment	46,226	43,158
Ground property and equipment	9,954	9,709
Equipment purchase deposits	656	1,012
Total property and equipment, at cost	56,836	53,879
Less accumulated depreciation and amortization	(24,621)	(23,060)
Total property and equipment, net	32,215	30,819
Operating lease right-of-use assets	7,038	7,274
Other assets
Goodwill	4,091	4,091
Intangibles, net of accumulated amortization of $848 and $841, respectively	2,066	2,044
Deferred tax asset	1,832	2,068
Other assets	1,276	1,440
Total other assets	9,265	9,643
Total assets	70,247	68,755
Current liabilities
Current maturities of long-term debt and finance leases	3,750	4,326
Accounts payable	2,717	2,372
Accrued salaries and wages	1,957	1,995
Operating lease liabilities	1,048	1,082
Other accrued liabilities	2,768	2,738
Total current liabilities	24,037	22,902
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	21,509	21,410
Pension and postretirement benefits	1,566	2,115
Loyalty program liability	6,839	6,498
Operating lease liabilities	5,860	5,926
Other liabilities	1,408	1,670
Total noncurrent liabilities	37,182	37,619
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit)
Common stock, $1.00 par value; 1,000 shares authorized, issued and outstanding	0	0
Additional paid-in capital	17,468	17,408
Accumulated other comprehensive loss	(4,507)	(4,677)
Retained deficit	(3,933)	(4,497)
Total stockholders’ deficit	9,028	8,234
Total liabilities and stockholders’ equity (deficit)	70,247	68,755
American Airlines, Inc. \| Fuel Financing Arrangement
Current liabilities
Fuel financing	914	74
American Airlines, Inc. \| Air traffic liability
Current liabilities
Air traffic liability/Loyalty program liability	7,158	6,759
American Airlines, Inc. \| Loyalty program liability
Current liabilities
Air traffic liability/Loyalty program liability	$ 3,725	$ 3,556

Debt - 10.75% Senior Secured Notes (Details) - American Airlines, Inc. - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2025	Feb. 28, 2025	Sep. 25, 2020
10.75% Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Fixed interest rate per annum			10.75%
Repayments of debt		$ 308
Redemption of debt	$ 629
Senior Secured IP Notes 10.75% Due 2026 \| Payment in Kind (PIK) Note
Debt Instrument [Line Items]
Aggregate principal issued			$ 1,000
Senior Secured LGA/DCA Notes 10.75% \| Payment in Kind (PIK) Note
Debt Instrument [Line Items]
Aggregate principal issued			$ 200

Consolidated Statements of Cash Flows - American Airlines, Inc. (Parenthetical) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash

$ 954

$ 804

$ 578

Restricted cash included in restricted cash and short-term investments

102

103

Total cash and restricted cash

^[1]

1,056

902

681

American Airlines, Inc.

Cash

936

795

567

Restricted cash included in restricted cash and short-term investments

102

103

Total cash and restricted cash

^[2]

$ 1,038

$ 893

$ 670

[1]

The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:


Cash	$	954	$	804	$	578
Restricted cash included in restricted cash and short-term investments	102		98		103
Total cash and restricted cash	$	1,056	$	902	$	681

[2]

The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:


Cash	$	936	$	795	$	567
Restricted cash included in restricted cash and short-term investments	102		98		103
Total cash and restricted cash	$	1,038	$	893	$	670

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Name Accounting Standards Codification
-Section 55
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

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+ Details

Consolidated Statements of Stockholders' Deficit - American Airlines Group Inc. (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes (in shares)	2,734,914	3,292,974	3,630,731

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes [Line Items]

Income Taxes

The significant components of the income tax provision were (in millions):


	Year Ended December 31,
	2025		2024		2023




Deferred income tax provision:
Federal	$	72	$	285	$	268
State and local	7		23		31
Deferred income tax provision	79		308		299
Total income tax provision	$	79	$	308	$	299

The income tax provision differed from amounts computed at the U.S. federal statutory income tax rate as follows (amounts in millions):


	Year Ended December 31,
	2025				2024				2023
	Amount		Rate		Amount		Rate		Amount		Rate
U.S. federal statutory income tax rate	$	40	21.0	%	$	242	21.0	%	$	236	21.0	%
Domestic federal:
Nontaxable or nondeductible items
Nondeductible meals and other nondeductible employee benefits	28		15.3	%	22		1.9	%	22		2.0	%
Nondeductible officer compensation	10		5.2	%	12		1.1	%	11		1.0	%
Other nontaxable and nondeductible items	—		—	%	11		0.9	%	9		0.8	%
Other	(6)		(3.3)	%	—		—	%	—		—	%
Domestic state and local income taxes, net of federal effect	7		3.0	%	21		1.8	%	21		1.9	%


Effective tax rate	$	79	41.2	%	$	308	26.7	%	$	299	26.7	%

The components of our deferred tax assets and liabilities were (in millions):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss and other carryforwards	$	4,095	$	4,292
Loyalty program liability	1,949		1,799
Leases	1,566		1,596
Pension benefits	109		234
Postretirement benefits other than pension benefits	260		270
Rent expense	37		60


Other	676		775
Total deferred tax assets	8,692		9,026
Valuation allowance	(22)		(22)
Net deferred tax assets	8,670		9,004
Deferred tax liabilities:
Accelerated depreciation and amortization	(4,543)		(4,620)
Leases	(1,594)		(1,656)
Other	(174)		(252)
Total deferred tax liabilities	(6,311)		(6,528)
Net deferred tax asset	$	2,359	$	2,476

At December 31, 2025, we had approximately $11.9 billion of gross federal NOLs and $6.0 billion of other carryforwards available to reduce future federal taxable income, of which $1.6 billion will expire beginning in 2033 if unused and $16.3 billion can be carried forward indefinitely. We also had approximately $5.0 billion of NOL carryforwards to reduce future state taxable income at December 31, 2025, which will expire in taxable years 2025 through 2045 if unused.

Our ability to use our NOLs and other carryforwards depends on the amount of taxable income generated in future periods. We provide a valuation allowance for our deferred tax assets, which include our NOLs and other carryforwards, when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. We have determined that positive factors outweigh negative factors in the determination of the realizability of our deferred tax assets.

In 2025, we recorded an income tax provision of $79 million with an effective rate of approximately 41.2%, which was substantially non-cash. Substantially all of our income before income taxes is attributable to the United States.

We file our tax returns as prescribed by the tax laws of the jurisdictions in which we operate. Our 2022 through 2024 tax years are still subject to examination by the Internal Revenue Service. Various state, local and foreign jurisdiction tax years remain open to examination, and we are under examination, in administrative appeals or engaged in tax litigation in certain jurisdictions. We believe that the effect of any assessments will not be material to our consolidated financial statements.

The amount of, and changes to, our uncertain tax positions were not material in any of the years presented. We accrue interest and penalties related to unrecognized tax benefits in interest expense and operating expense, respectively.

American Airlines, Inc.

Income Taxes [Line Items]

Income Taxes

The significant components of the income tax provision were (in millions):


	Year Ended December 31,
	2025		2024		2023




Deferred income tax provision:
Federal	$	183	$	391	$	361
State and local	14		35		33
Deferred income tax provision	197		426		394
Total income tax provision	$	197	$	426	$	394

The income tax provision differed from amounts computed at the U.S. federal statutory income tax rate as follows (amounts in millions):


	Year Ended December 31,
	2025				2024				2023
	Amount		Rate		Amount		Rate		Amount		Rate
U.S. federal statutory income tax rate	$	160	21.0	%	$	355	21.0	%	$	332	21.0	%
Domestic federal:
Nontaxable or nondeductible items
Nondeductible meals and other nondeductible employee benefits	23		3.0	%	18		1.1	%	19		1.2	%
Nondeductible officer compensation	10		1.3	%	12		0.7	%	11		0.6	%
Other nontaxable and nondeductible items	(4)		(0.4)	%	12		0.7	%	4		0.3	%
Other	(6)		(0.8)	%	—		—	%	—		—	%
Domestic state and local income taxes, net of federal effect	14		1.8	%	29		1.7	%	28		1.8	%


Effective tax rate	$	197	25.9	%	$	426	25.2	%	$	394	24.9	%

The components of American’s deferred tax assets and liabilities were (in millions):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss and other carryforwards	$	3,566	$	3,891
Loyalty program liability	1,949		1,799
Leases	1,553		1,582
Pension benefits	104		228
Postretirement benefits other than pension benefits	260		270
Rent expense	37		59


Other	633		726
Total deferred tax assets	8,102		8,555
Valuation allowance	(12)		(12)
Net deferred tax assets	8,090		8,543
Deferred tax liabilities:
Accelerated depreciation and amortization	(4,520)		(4,599)
Leases	(1,582)		(1,642)
Other	(165)		(244)
Total deferred tax liabilities	(6,267)		(6,485)
Net deferred tax asset	$	1,823	$	2,058

At December 31, 2025, American had approximately $11.7 billion of gross federal NOLs and $3.8 billion of other carryforwards available to reduce future federal taxable income, of which $1.8 billion will expire beginning in 2033 if unused and $13.7 billion can be carried forward indefinitely. American is a member of AAG’s consolidated federal and certain state income tax returns. American also had approximately $4.7 billion of NOL carryforwards to reduce future state taxable income at December 31, 2025, which will expire in taxable years 2025 through 2045 if unused.

American’s ability to use its NOLs and other carryforwards depends on the amount of taxable income generated in future periods. American provides a valuation allowance for its deferred tax assets, which include its NOLs and other carryforwards, when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets. Many factors are considered that impact American’s assessment of future profitability, including conditions which are beyond its control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. American has determined that positive factors outweigh negative factors in the determination of the realizability of its deferred tax assets.

In 2025, American recorded an income tax provision of $197 million with an effective rate of approximately 25.9%, which was substantially non-cash. Substantially all of American’s income before income taxes is attributable to the United States.

American files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. American’s 2022 through 2024 tax years are still subject to examination by the Internal Revenue Service. Various state, local and foreign jurisdiction tax years remain open to examination, and American is under examination, in administrative appeals or engaged in tax litigation in certain jurisdictions. American believes that the effect of any assessments will not be material to its consolidated financial statements.

The amount of, and changes to, American’s uncertain tax positions were not material in any of the years presented. American accrues interest and penalties related to unrecognized tax benefits in interest expense and operating expense, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
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+ Details

Leases - Additional Information (Details) $ in Millions	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Dec. 31, 2025 USD ($) aircraft	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lease cost \| $	$ 5,275	$ 5,097	$ 4,909
Leased Aircrafts
Lessee, Lease, Description [Line Items]
Number of operated aircrafts \| aircraft	677
Aircrafts Leased Under Capacity Purchase Agreements
Lessee, Lease, Description [Line Items]
Number of operated aircrafts \| aircraft	171
Republic Holdings
Lessee, Lease, Description [Line Items]
Ownership Interest	20.80%
Republic Holdings
Lessee, Lease, Description [Line Items]
Lease cost \| $	$ 248	225	274
American Airlines, Inc.
Lessee, Lease, Description [Line Items]
Lease cost \| $	$ 5,236	5,051	4,858
American Airlines, Inc. \| Leased Aircrafts
Lessee, Lease, Description [Line Items]
Number of operated aircrafts \| aircraft	677
American Airlines, Inc. \| Aircrafts Leased Under Capacity Purchase Agreements
Lessee, Lease, Description [Line Items]
Number of operated aircrafts \| aircraft	171
American Airlines, Inc. \| Republic Holdings
Lessee, Lease, Description [Line Items]
Ownership Interest	20.80%
American Airlines, Inc. \| Republic Holdings
Lessee, Lease, Description [Line Items]
Lease cost \| $	$ 248	$ 225	$ 274
Minimum
Lessee, Lease, Description [Line Items]
Lease terms (in years)	1 year
Minimum \| American Airlines, Inc.
Lessee, Lease, Description [Line Items]
Lease terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms (in years)	13 years
Maximum \| American Airlines, Inc.
Lessee, Lease, Description [Line Items]
Lease terms (in years)	13 years

Commitments, Contingencies and Guarantees - Aircraft, Engine and Other Purchase Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payments for aircraft and engine commitments
Equipment purchase deposits	$ 656	$ 1,012
Aircraft Fuel, Flight Equipment Maintenance and Information Technology Support
Unrecorded Unconditional Purchase Obligations
2026	4,100
2027	1,800
2028	1,600
2029	495
2030	615
2031 and thereafter	3,700
Aircraft and Engine Commitments
Payments for aircraft and engine commitments
2026	2,931
2027	2,468
2028	4,021
2029	4,921
2030	3,151
2031 and Thereafter	6,696
Total	24,188
American Airlines, Inc.
Payments for aircraft and engine commitments
Equipment purchase deposits	656	$ 1,012
American Airlines, Inc. \| Aircraft Fuel, Flight Equipment Maintenance and Information Technology Support
Unrecorded Unconditional Purchase Obligations
2026	4,100
2027	1,800
2028	1,600
2029	493
2030	615
2031 and thereafter	3,700
American Airlines, Inc. \| Aircraft and Engine Commitments
Payments for aircraft and engine commitments
2026	2,931
2027	2,468
2028	4,021
2029	4,921
2030	3,151
2031 and Thereafter	6,696
Total	$ 24,188

Segment Disclosures (Details)	12 Months Ended
Segment Disclosures (Details)	Dec. 31, 2025 segment
Segment Reporting Information [Line Items]
Number of operating segments	1
American Airlines, Inc.
Segment Reporting Information [Line Items]
Number of operating segments	1

Employee Benefit Plans - Changes in Fair Value Measurements of Level 3 Investments (Details) - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Change in fair value measurements of level 3 investments
Fair value of plan assets at beginning of period	$ 68	$ 84
Relating to assets still held at the reporting date	(8)	(25)
Purchases	5	9
Sales	(2)	0
Fair value of plan assets at end of period	63	68
American Airlines, Inc.
Change in fair value measurements of level 3 investments
Fair value of plan assets at beginning of period	68	84
Relating to assets still held at the reporting date	(8)	(25)
Purchases	5	9
Sales	(2)	0
Fair value of plan assets at end of period	$ 63	$ 68

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Operating Property and Equipment (Detail) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2025
Property, Plant and Equipment [Line Items]
Depreciation	$ 2.2	$ 2.2	$ 2.3
Aircraft, engines and related rotable parts
Property, Plant and Equipment [Line Items]
Extended estimated useful life (in years)				3 years
Residual value percentage of equipment and properties		10.00%		5.00%
Minimum \| Aircraft, engines and related rotable parts
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	20 years
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Minimum \| Furniture, fixtures and other equipment
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Minimum \| Capitalized software
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Maximum \| Aircraft, engines and related rotable parts
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	33 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	30 years
Maximum \| Furniture, fixtures and other equipment
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	15 years
Maximum \| Capitalized software
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
American Airlines, Inc.
Property, Plant and Equipment [Line Items]
Depreciation	$ 2.2	$ 2.2	$ 2.2
American Airlines, Inc. \| Aircraft, engines and related rotable parts
Property, Plant and Equipment [Line Items]
Extended estimated useful life (in years)				3 years
Residual value percentage of equipment and properties		10.00%		5.00%
American Airlines, Inc. \| Minimum \| Aircraft, engines and related rotable parts
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	20 years
American Airlines, Inc. \| Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
American Airlines, Inc. \| Minimum \| Furniture, fixtures and other equipment
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
American Airlines, Inc. \| Minimum \| Capitalized software
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
American Airlines, Inc. \| Maximum \| Aircraft, engines and related rotable parts
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	33 years
American Airlines, Inc. \| Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	30 years
American Airlines, Inc. \| Maximum \| Furniture, fixtures and other equipment
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	15 years
American Airlines, Inc. \| Maximum \| Capitalized software
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]

Schedule of Estimated Useful Lives of Principal Property and Equipment

Accordingly, the estimated useful lives for the principal property and equipment classification are as follows:


Principal Property and Equipment Classification			Estimated Useful Life
Aircraft, engines and related rotable parts			20 – 33 years
Buildings and improvements			5 – 30 years
Furniture, fixtures and other equipment			3 – 15 years
Capitalized software			5 – 10 years

Fuel Financing

The following is a rollforward of our outstanding fuel financing obligation during the years ended December 31, 2025 and 2024 (in millions):


	2025		2024
Balance at beginning of year	$	74	$	—
Proceeds	1,217		74
Payments	(377)		—
Balance at end of year	$	914	$	74

Disaggregation of Revenue

The following are the significant categories comprising our operating revenues (in millions):


	Year Ended December 31,
	2025		2024		2023
Passenger revenue:
Passenger travel	$	45,607	$	45,743	$	44,914
Loyalty revenue - travel (1)	4,036		3,843		3,598
Total passenger revenue	49,643		49,586		48,512
Cargo	839		804		812
Other:
Loyalty revenue - marketing services	3,511		3,257		2,929
Other revenue	640		564		535
Total other revenue	4,151		3,821		3,464
Total operating revenues	$	54,633	$	54,211	$	52,788

(1)Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners. See “Loyalty Revenue” below for further discussion on these mileage credits.

The following is our total passenger revenue by geographic region (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	35,201	$	35,336	$	34,592
Latin America	6,444		6,560		6,719
Atlantic	6,583		6,445		6,205
Pacific	1,415		1,245		996
Total passenger revenue	$	49,643	$	49,586	$	48,512

Loyalty Program Liability


	December 31,
	2025		2024
	(In millions)
Loyalty program liability	$	10,564	$	10,054
Air traffic liability	7,158		6,759
Total	$	17,722	$	16,813

Changes in loyalty program liability are as follows (in millions):


Balance at December 31, 2024	$	10,054
Deferral of revenue	4,445
Recognition of revenue (1)	(3,935)
Balance at December 31, 2025 (2)	$	10,564

(1)Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogenous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period.

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of December 31, 2025, our current loyalty program liability was $3.7 billion and represents our current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

American Airlines, Inc.

Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]

Schedule of Estimated Useful Lives of Principal Property and Equipment

Accordingly, the estimated useful lives for the principal property and equipment classification are as follows:


Principal Property and Equipment Classification			Estimated Useful Life
Aircraft, engines and related rotable parts			20 – 33 years
Buildings and improvements			5 – 30 years
Furniture, fixtures and other equipment			3 – 15 years
Capitalized software			5 – 10 years

Fuel Financing

The following is a rollforward of American’s outstanding fuel financing obligation during the years ended December 31, 2025 and 2024 (in millions):


	2025		2024
Balance at beginning of year	$	74	$	—
Proceeds	1,217		74
Payments	(377)		—
Balance at end of year	$	914	$	74

Disaggregation of Revenue

The following are the significant categories comprising American’s operating revenues (in millions):


	Year Ended December 31,
	2025		2024		2023
Passenger revenue:
Passenger travel	$	45,607	$	45,743	$	44,914
Loyalty revenue - travel (1)	4,036		3,843		3,598
Total passenger revenue	49,643		49,586		48,512
Cargo	839		804		812
Other:
Loyalty revenue - marketing services	3,511		3,257		2,929
Other revenue	633		557		531
Total other revenue	4,144		3,814		3,460
Total operating revenues	$	54,626	$	54,204	$	52,784

The following is American’s total passenger revenue by geographic region (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	35,201	$	35,336	$	34,592
Latin America	6,444		6,560		6,719
Atlantic	6,583		6,445		6,205
Pacific	1,415		1,245		996
Total passenger revenue	$	49,643	$	49,586	$	48,512

Loyalty Program Liability


	December 31,
	2025		2024
	(In millions)
Loyalty program liability	$	10,564	$	10,054
Air traffic liability	7,158		6,759
Total	$	17,722	$	16,813

Changes in loyalty program liability are as follows (in millions):


Balance at December 31, 2024	$	10,054
Deferral of revenue	4,445
Recognition of revenue (1)	(3,935)
Balance at December 31, 2025 (2)	$	10,564

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of December 31, 2025, American’s current loyalty program liability was $3.7 billion and represents American’s current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

Additionally, as of December 31, 2025 and 2024, American’s loyalty program liability includes a one-time cash payment related to the new co-branded credit card agreement announced in December 2024, which will be amortized over the life of the new agreement beginning in 2026.

Earnings Per Common Share - Anti-Dilutive Securities Excluded From Calculation of Diluted EPS (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
6.50% convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	15,432	0	0
Restricted stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,188	2,350	4,371

Consolidated Balance Sheets - American Airlines Group Inc. - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash	$ 954	$ 804	$ 578
Short-term investments	4,882	6,180
Restricted cash and short-term investments	735	732
Accounts receivable, net	2,075	2,006
Aircraft fuel, spare parts and supplies, net	2,792	2,638
Prepaid expenses and other	767	794
Total current assets	12,205	13,154
Operating property and equipment
Flight equipment	46,597	43,521
Ground property and equipment	10,479	10,202
Equipment purchase deposits	656	1,012
Total property and equipment, at cost	57,732	54,735
Less accumulated depreciation and amortization	(25,192)	(23,608)
Total property and equipment, net	32,540	31,127
Operating lease right-of-use assets	7,091	7,333
Other assets
Goodwill	4,091	4,091
Intangibles, net of accumulated amortization of $848 and $841, respectively	2,066	2,044
Deferred tax asset	2,368	2,485
Other assets	1,413	1,549
Total other assets	9,938	10,169
Total assets	61,774	61,783
Current liabilities
Current maturities of long-term debt and finance leases	3,753	5,322
Accounts payable	2,840	2,455
Accrued salaries and wages	2,128	2,150
Operating lease liabilities	1,058	1,092
Other accrued liabilities	2,916	2,887
Total current liabilities	24,492	24,295
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities	25,254	25,154
Pension and postretirement benefits	1,568	2,128
Loyalty program liability	6,839	6,498
Operating lease liabilities	5,905	5,976
Other liabilities	1,443	1,709
Total noncurrent liabilities	41,009	41,465
Commitments and contingencies (Note 11)
Stockholders’ equity (deficit)
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 660,301,080 shares issued and outstanding at December 31, 2025; 657,566,166 shares issued and outstanding at December 31, 2024	7	7
Additional paid-in capital	7,387	7,424
Accumulated other comprehensive loss	(4,389)	(4,565)
Retained deficit	(6,732)	(6,843)
Total stockholders’ deficit	(3,727)	(3,977)	(5,202)	$ (5,799)
Total liabilities and stockholders’ equity (deficit)	61,774	61,783
Fuel Financing Arrangement
Current liabilities
Fuel financing	914	74	$ 0
Air traffic liability
Current liabilities
Air traffic liability/Loyalty program liability	7,158	6,759
Loyalty program liability
Current liabilities
Air traffic liability/Loyalty program liability	$ 3,725	$ 3,556

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Other carryforwards	$ 6,000
Income tax provision	$ 79	$ 308	$ 299
Income tax expense, effective rate	41.20%	26.70%	26.70%
Federal
Income Taxes [Line Items]
Gross NOL carryforwards	$ 11,900
Operating loss carryforwards and other carryforwards, subject to expiration	1,600
Operating loss carryforwards and other carryforwards, not subject to expiration	16,300
State
Income Taxes [Line Items]
Gross NOL carryforwards	5,000
American Airlines, Inc.
Income Taxes [Line Items]
Other carryforwards	3,800
Income tax provision	$ 197	$ 426	$ 394
Income tax expense, effective rate	25.90%	25.20%	24.90%
American Airlines, Inc. \| Federal
Income Taxes [Line Items]
Gross NOL carryforwards	$ 11,700
Operating loss carryforwards and other carryforwards, subject to expiration	1,800
Operating loss carryforwards and other carryforwards, not subject to expiration	13,700
American Airlines, Inc. \| State
Income Taxes [Line Items]
Gross NOL carryforwards	$ 4,700

Commitments, Contingencies and Guarantees - Additional Information (Details) $ in Millions		12 Months Ended			96 Months Ended
	May 31, 2025 USD ($)	Dec. 31, 2025 USD ($) employee aircraft engine	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($) employee aircraft engine	Sep. 30, 2024 USD ($)	Feb. 15, 2023 lawsuit	Dec. 07, 2022 plaintiff	Dec. 31, 2018 USD ($)
Long-term Purchase Commitment [Line Items]
Number of aircraft owned through financing under EETCs \| aircraft		280			280
Number of spare aircraft engines owned through financing under EETCs \| engine		60			60
Long-term debt		$ 28,594			$ 28,594
Letters of credit outstanding and surety bonds, amount		412			412
Guarantor obligations, maximum exposure, undiscounted		14,100			14,100
Operating lease liabilities		$ 6,963	$ 7,068		$ 6,963
Number of full-time equivalent employees \| employee		139,100			139,100
Financial Guarantee
Long-term Purchase Commitment [Line Items]
Outstanding guaranteed obligation		$ 135			$ 135
Workforce Subject to Collective-Bargaining Arrangements \| Unionized Employees Concentration Risk
Long-term Purchase Commitment [Line Items]
Percentage of employees covered by collective bargaining agreements with various labor unions		86.00%
Workforce Subject to Collective-Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk
Long-term Purchase Commitment [Line Items]
Percentage of employees covered by collective bargaining agreements with various labor unions		15.00%
Private Party Antitrust Actions Related to the Northeast Alliance
Long-term Purchase Commitment [Line Items]
Number of private party plaintiffs who filed putative class action \| plaintiff								2
Number of additional putative class action lawsuits \| lawsuit							2
Restricted Cash
Long-term Purchase Commitment [Line Items]
Letters of credit outstanding and surety bonds, amount		$ 97			97
Leasehold Improvements \| LAX Modernization Project
Long-term Purchase Commitment [Line Items]
Airport development, amount									$ 1,600
Amount appropriated by the City of Los Angeles towards project									1,600
Amount recovered to date					1,300
Additional reimbursements expected to be received		292			$ 292
Non-proprietary improvements sold and transferred in current period		163	588	$ 170
Airport redevelopment cost incurred in current year		$ 107	187	283
Regional Carrier
Long-term Purchase Commitment [Line Items]
Number of full-time equivalent employees \| employee		33,100			33,100
Special Facility Revenue Bonds
Long-term Purchase Commitment [Line Items]
Guarantor obligations, maximum exposure, undiscounted		$ 703			$ 703
Operating lease liabilities		427			427
Secured Debt
Long-term Purchase Commitment [Line Items]
Long-term debt		24,219	25,372		24,219
Line of Credit \| Regional Airports Improvement Corporation \| Revolving Credit Facility
Long-term Purchase Commitment [Line Items]
Line of credit facility, maximum borrowing capacity						$ 250
Enhanced Equipment Trust Certificates (EETC) \| Secured Debt
Long-term Purchase Commitment [Line Items]
Long-term debt		6,912	7,271		6,912
Special Facility Revenue Bonds \| Secured Debt
Long-term Purchase Commitment [Line Items]
Long-term debt		$ 789	880		$ 789
American Airlines, Inc.
Long-term Purchase Commitment [Line Items]
Number of aircraft owned through financing under EETCs \| aircraft		280			280
Number of spare aircraft engines owned through financing under EETCs \| engine		60			60
Long-term debt		$ 24,848			$ 24,848
Letters of credit outstanding and surety bonds, amount		412			412
Operating lease liabilities		$ 6,908	7,008		$ 6,908
Number of full-time equivalent employees \| employee		106,000			106,000
American Airlines, Inc. \| Financial Guarantee
Long-term Purchase Commitment [Line Items]
Outstanding guaranteed obligation		$ 135			$ 135
American Airlines, Inc. \| Workforce Subject to Collective-Bargaining Arrangements \| Unionized Employees Concentration Risk
Long-term Purchase Commitment [Line Items]
Percentage of employees covered by collective bargaining agreements with various labor unions		87.00%
American Airlines, Inc. \| Workforce Subject to Collective-Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk
Long-term Purchase Commitment [Line Items]
Percentage of employees covered by collective bargaining agreements with various labor unions		1.00%
American Airlines, Inc. \| Private Party Antitrust Actions Related to the Northeast Alliance
Long-term Purchase Commitment [Line Items]
Number of private party plaintiffs who filed putative class action \| plaintiff								2
Number of additional putative class action lawsuits \| lawsuit							2
American Airlines, Inc. \| Restricted Cash
Long-term Purchase Commitment [Line Items]
Letters of credit outstanding and surety bonds, amount		$ 97			97
American Airlines, Inc. \| Leasehold Improvements \| LAX Modernization Project
Long-term Purchase Commitment [Line Items]
Airport development, amount									1,600
Amount appropriated by the City of Los Angeles towards project									$ 1,600
Amount recovered to date					1,300
Additional reimbursements expected to be received		292			292
Non-proprietary improvements sold and transferred in current period		163	588	170
Airport redevelopment cost incurred in current year		107	187	$ 283
American Airlines, Inc. \| Special Facility Revenue Bonds
Long-term Purchase Commitment [Line Items]
Guarantor obligations, maximum exposure, undiscounted		703			703
Operating lease liabilities		427			427
American Airlines, Inc. \| Secured Debt
Long-term Purchase Commitment [Line Items]
Long-term debt		24,219	25,372		24,219
American Airlines, Inc. \| Line of Credit \| Revolving Credit Facility
Long-term Purchase Commitment [Line Items]
Line of credit facility, maximum borrowing capacity						$ 250
American Airlines, Inc. \| Enhanced Equipment Trust Certificates (EETC) \| Secured Debt
Long-term Purchase Commitment [Line Items]
Long-term debt		6,912	7,271		6,912
American Airlines, Inc. \| Special Facility Revenue Bonds \| Secured Debt
Long-term Purchase Commitment [Line Items]
Long-term debt		789	$ 880		789
American Airlines, Inc. \| PSP1 Promissory Note \| Unsecured Debt
Long-term Purchase Commitment [Line Items]
Guarantor obligations, maximum exposure, undiscounted		1,800			1,800
American Airlines, Inc. \| PSP2 Promissory Note \| Unsecured Debt
Long-term Purchase Commitment [Line Items]
Guarantor obligations, maximum exposure, undiscounted		1,000			1,000
American Airlines, Inc. \| PSP3 Promissory Note \| Unsecured Debt
Long-term Purchase Commitment [Line Items]
Guarantor obligations, maximum exposure, undiscounted		959			$ 959
Tulsa Municipal Airport Trust ("TMAT")
Long-term Purchase Commitment [Line Items]
Expected cost of improvements		$ 328
Tulsa Municipal Airport Trust ("TMAT") \| 2025 TMAT Bonds \| Secured Debt
Long-term Purchase Commitment [Line Items]
Aggregate principal issued	$ 400
Proceeds from issuance of bonds	$ 432
Fixed interest rate per annum	6.25%
Tulsa Municipal Airport Trust ("TMAT") \| Special Facility Revenue Bonds Maturing December 1, 2035 \| Secured Debt
Long-term Purchase Commitment [Line Items]
Aggregate principal issued	$ 300
Pricing of bond, percentage of par value	109.00%
Tulsa Municipal Airport Trust ("TMAT") \| Special Facility Revenue Bonds Maturing December 1, 2040 \| Secured Debt
Long-term Purchase Commitment [Line Items]
Aggregate principal issued	$ 100
Pricing of bond, percentage of par value	107.00%
Tulsa Municipal Airport Trust ("TMAT") \| 2015 TMAT Bonds \| Secured Debt
Long-term Purchase Commitment [Line Items]
Redemption of aggregate principal	$ 104

Employee Benefit Plans - Schedule of Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 8,820	$ 13,349
Fair value of plan assets	8,221	12,254
Accumulated benefit obligation/Accumulated postretirement benefit obligation	8,814	13,341
Fair value of plan assets	8,221	12,254
Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation/Accumulated postretirement benefit obligation	1,259	1,308
Fair value of plan assets	118	128
American Airlines, Inc. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	8,807	13,258
Accumulated benefit obligation/Accumulated postretirement benefit obligation	8,801	13,251
Fair value of plan assets	8,209	12,175
American Airlines, Inc. \| Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation/Accumulated postretirement benefit obligation	1,258	1,307
Fair value of plan assets	$ 118	$ 128

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Valuation and Qualifying Accounts

Valuation and Qualifying Accounts (in millions)


	Balance at Beginning of Year		Additions Charged to Statement of Operations Accounts		Deductions and Other		Balance at End of Year
Allowance for obsolescence of spare parts
Year ended December 31, 2025	$	797	$	129	$	(26)	$	900
Year ended December 31, 2024	728		116		(47)		797
Year ended December 31, 2023	616		98		14		728

American Airlines, Inc.

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Valuation and Qualifying Accounts

Valuation and Qualifying Accounts (in millions)


	Balance at Beginning of Year		Additions Charged to Statement of Operations Accounts		Deductions and Other		Balance at End of Year
Allowance for obsolescence of spare parts
Year ended December 31, 2025	$	745	$	95	$	5	$	845
Year ended December 31, 2024	675		94		(24)		745
Year ended December 31, 2023	566		83		26		675

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column E
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column D
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
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-Paragraph Column C
-Subparagraph (1)
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
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-Subparagraph (2)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column B
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-5

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Publisher FASB
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+ Details

Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Nov. 30, 2025	Oct. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 146			$ 120
Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	603			515
American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	146			120
American Airlines, Inc. \| Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 603			$ 515
China Southern Airlines
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest, fair value method investments	1.50%			1.50%
Carrying value, fair value method investments	$ 203			$ 142
China Southern Airlines \| American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest, fair value method investments	1.50%			1.50%
Carrying value, fair value method investments	$ 203			$ 142
Republic Holdings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest, equity method investments	20.80%	20.80%	25.00%	25.00%
Carrying value, equity method investments	$ 254			$ 253
Republic Holdings \| American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest, equity method investments	20.80%	20.80%	25.00%	25.00%
Carrying value, equity method investments	$ 254			$ 253

Special Items, Net (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring Cost and Reserve [Line Items]

Components of Special Items, Net Included in Consolidated Statements of Operations

Special items, net on our consolidated statements of operations consisted of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Litigation reserve adjustments	$	77	$	—	$	—
Labor contract expenses (1)	31		605		989
Severance expenses	44		13		23
A330 fleet-related adjustments (2)	—		(42)		—
Other operating special items, net	7		34		(41)
Mainline operating special items, net	159		610		971





Regional operating special items, net (3)	3		33		8
Operating special items, net	162		643		979

Mark-to-market adjustments on equity investments, net (4)	(40)		8		82
Debt refinancing and extinguishment (5)	22		16		280
Other nonoperating special items, net	18		—		—
Nonoperating special items, net	—		24		362

(1)Labor contract expenses for 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members.

Labor contract expenses for 2024 included one-time charges resulting from the ratifications of new collective bargaining agreements (CBAs) with our mainline flight attendants and passenger service team members, including one-time payments and adjustments to vacation accruals resulting from pay rate increases.

Labor contract expenses for 2023 included one-time charges resulting from the ratification of a new CBA with our mainline pilots, including a one-time payment of $754 million as well as adjustments to other benefit-related items of $235 million.

(2)In 2024, we entered into a sales agreement for certain Airbus A330 aircraft, resulting in a $42 million gain. These aircraft were previously retired in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic.

(3)Regional operating special items, net for 2024 included a $33 million non-cash write down of regional aircraft resulting from the decision to permanently park 43 Embraer ERJ145 aircraft.

(4)Mark-to-market adjustments on equity investments, net included net unrealized gains and losses associated with certain equity investments. See Note 8 for further information related to our equity investments.

(5)Debt refinancing and extinguishment costs in 2023 primarily included cash charges for premiums paid in connection with the early repayment of debt.

American Airlines, Inc.

Restructuring Cost and Reserve [Line Items]

Components of Special Items, Net Included in Consolidated Statements of Operations

Special items, net on American’s consolidated statements of operations consisted of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Litigation reserve adjustments	$	77	$	—	$	—
Labor contract expenses (1)	31		605		989
Severance expenses	44		13		23
A330 fleet-related adjustments (2)	—		(42)		—


Other operating special items, net	7		34		(41)
Mainline operating special items, net	159		610		971



Regional operating special items, net (3)	3		33		—
Operating special items, net	162		643		971

Mark-to-market adjustments on equity investments, net (4)	(40)		8		82
Debt refinancing and extinguishment (5)	22		16		280
Other nonoperating special items, net	18		—		—
Nonoperating special items, net	—		24		362

(1)Labor contract expenses for 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members.

Labor contract expenses for 2024 included one-time charges resulting from the ratifications of new collective bargaining agreements (CBAs) with American’s mainline flight attendants and passenger service team members, including one-time payments and adjustments to vacation accruals resulting from pay rate increases.

Labor contract expenses for 2023 included one-time charges resulting from the ratification of a new CBA with American’s mainline pilots, including a one-time payment of $754 million as well as adjustments to other benefit-related items of $235 million.

(2)In 2024, American entered into a sales agreement for certain Airbus A330 aircraft, resulting in a $42 million gain. These aircraft were previously retired in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic.

(3)Regional operating special items, net for 2024 included a $33 million non-cash write down of regional aircraft resulting from the decision to permanently park 43 Embraer ERJ145 aircraft.

(4)Mark-to-market adjustments on equity investments, net included net unrealized gains and losses associated with certain equity investments. See Note 7 for further information related to American’s equity investments.

(5)Debt refinancing and extinguishment costs in 2023 primarily included cash charges for premiums paid in connection with the early repayment of debt.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax provision:
Federal	$ 72	$ 285	$ 268
State and local	7	23	31
Deferred income tax provision	79	308	299
Total income tax provision	79	308	299
American Airlines, Inc.
Deferred income tax provision:
Federal	183	391	361
State and local	14	35	33
Deferred income tax provision	197	426	394
Total income tax provision	$ 197	$ 426	$ 394

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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+ Details

Debt - EETCs (Details) $ in Millions	1 Months Ended	12 Months Ended
Debt - EETCs (Details) $ in Millions	Nov. 30, 2025 USD ($) aircraft pass_through_trust	Dec. 31, 2025 USD ($) aircraft	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt		$ 3,773	$ 1,670	$ 4,822
American Airlines, Inc.
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt		3,773	$ 1,670	$ 4,822
American Airlines, Inc. \| Enhanced Equipment Trust Certificates (EETC) \| 2025-1 Aircraft EETCs
Debt Instrument [Line Items]
Number of pass-through trusts \| pass_through_trust	2
Aggregate principal issued	$ 1,100
Number of aircrafts delivered or to be delivered \| aircraft	25
Proceeds from issuance of long-term debt		$ 978
Number of operated aircrafts \| aircraft		21
Remaining escrowed proceeds		$ 127
American Airlines, Inc. \| Enhanced Equipment Trust Certificates (EETC) \| 2025-1 Aircraft EETCs, Series A
Debt Instrument [Line Items]
Aggregate principal issued		884
Remaining escrowed proceeds		$ 102
Fixed interest rate per annum		4.90%
American Airlines, Inc. \| Enhanced Equipment Trust Certificates (EETC) \| 2025-1 Aircraft EETCs, Series B
Debt Instrument [Line Items]
Aggregate principal issued		$ 221
Remaining escrowed proceeds		$ 25
Fixed interest rate per annum		5.65%

Accumulated Other Comprehensive Loss - Reclassifications out of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	$ 64	$ 68
Prior service cost
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	14	11
Actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	50	57
American Airlines, Inc.
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	64	68
American Airlines, Inc. \| Prior service cost
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	14	11
American Airlines, Inc. \| Actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	$ 50	$ 57

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss) [Line Items]

Components of Accumulated Other Comprehensive Income (Loss) (AOCI)

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):


	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Gain (Loss) on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2023	$	(3,380)	$	(2)	$	(1,512)	$	(4,894)
Other comprehensive income (loss) before reclassifications	333		2		(74)		261
Amounts reclassified from AOCI	88		—		(20)		68
Net current-period other comprehensive income (loss)	421		2		(94)		329
Balance at December 31, 2024	(2,959)		—		(1,606)		(4,565)
Other comprehensive income (loss) before reclassifications	145		—		(33)		112
Amounts reclassified from AOCI	82		—		(18)		64
Net current-period other comprehensive income (loss)	227		—		(51)		176
Balance at December 31, 2025	$	(2,732)	$	—	$	(1,657)	$	(4,389)

(1)Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished. Amounts reclassified from AOCI are recognized within the income tax provision on our consolidated statements of operations.

Reclassifications out of AOCI

Reclassifications out of AOCI for the years ended December 31, 2025 and 2024 are as follows (in millions):


	Amounts reclassified from AOCI				Affected line items on the consolidated statements of operations
	Year Ended December 31,
AOCI Components	2025		2024
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	14	$	11	Nonoperating other income (expense), net
Actuarial loss	50		57		Nonoperating other income (expense), net
Total reclassifications for the period, net of tax	$	64	$	68

American Airlines, Inc.

Accumulated Other Comprehensive Income (Loss) [Line Items]

Components of Accumulated Other Comprehensive Income (Loss) (AOCI)

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):


	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Gain (Loss) on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2023	$	(3,376)	$	(2)	$	(1,621)	$	(4,999)
Other comprehensive income (loss) before reclassifications	326		2		(74)		254
Amounts reclassified from AOCI	88		—		(20)		68
Net current-period other comprehensive income (loss)	414		2		(94)		322
Balance at December 31, 2024	(2,962)		—		(1,715)		(4,677)
Other comprehensive income (loss) before reclassifications	138		—		(32)		106
Amounts reclassified from AOCI	82		—		(18)		64
Net current-period other comprehensive income (loss)	220		—		(50)		170
Balance at December 31, 2025	$	(2,742)	$	—	$	(1,765)	$	(4,507)

Reclassifications out of AOCI

Reclassifications out of AOCI for the years ended December 31, 2025 and 2024 are as follows (in millions):


	Amounts reclassified from AOCI				Affected line items on the consolidated statements of operations
	Year Ended December 31,
AOCI Components	2025		2024
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	14	$	11	Nonoperating other income (expense), net
Actuarial loss	50		57		Nonoperating other income (expense), net
Total reclassifications for the period, net of tax	$	64	$	68

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

+ Details

Valuation and Qualifying Accounts (Details) - Allowance for obsolescence of spare parts - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 797	$ 728	$ 616
Additions Charged to Statement of Operations Accounts	129	116	98
Deductions and Other	(26)	(47)	14
Balance at End of Year	900	797	728
American Airlines, Inc.
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	745	675	566
Additions Charged to Statement of Operations Accounts	95	94	83
Deductions and Other	5	(24)	26
Balance at End of Year	$ 845	$ 745	$ 675

Employee Benefit Plans - Schedule of Assumption Used to Determine Benefit Obligations (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Benefit obligations as of December 31:
Weighted average discount rate	5.50%	5.70%
Net periodic benefit cost (income) for the years ended December 31:
Weighted average discount rate	5.70%	5.20%	5.60%
Weighted average expected rate of return on plan assets	7.75%	8.00%	8.00%
Retiree Medical and Other Postretirement Benefits
Benefit obligations as of December 31:
Weighted average discount rate	5.30%	5.60%
Net periodic benefit cost (income) for the years ended December 31:
Weighted average discount rate	5.60%	5.30%	5.70%
Weighted average expected rate of return on plan assets	7.75%	8.00%	8.00%
Weighted average health care cost trend rate assumed for next year	7.00%	6.50%	6.50%
Weighted average health care cost trend rate assumed thereafter	4.50%
American Airlines, Inc. \| Pension Benefits
Benefit obligations as of December 31:
Weighted average discount rate	5.50%	5.70%
Net periodic benefit cost (income) for the years ended December 31:
Weighted average discount rate	5.70%	5.20%	5.60%
Weighted average expected rate of return on plan assets	7.75%	8.00%	8.00%
American Airlines, Inc. \| Retiree Medical and Other Postretirement Benefits
Benefit obligations as of December 31:
Weighted average discount rate	5.30%	5.60%
Net periodic benefit cost (income) for the years ended December 31:
Weighted average discount rate	5.60%	5.30%	5.70%
Weighted average expected rate of return on plan assets	7.75%	8.00%	8.00%
Weighted average health care cost trend rate assumed for next year	7.00%	6.50%	6.50%
Weighted average health care cost trend rate assumed thereafter	4.50%

Debt - Other Terms of the 2013, 2014 and 2023 Credit Facilities (Details) - Secured Debt	12 Months Ended
	Dec. 31, 2025
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility undrawn fee percentage	0.75%
American Airlines, Inc. \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility undrawn fee percentage	0.75%
Credit Facilities
Line of Credit Facility [Line Items]
Annual installment repayment, percent or original principal balance	1.00%
Credit Facilities \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Annual installment repayment, percent or original principal balance	1.00%

Consolidated Statements of Cash Flows - American Airlines Group Inc. (Parenthetical) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Statement of Cash Flows [Abstract]

Cash

$ 954

$ 804

$ 578

Restricted cash included in restricted cash and short-term investments

102

103

Total cash and restricted cash

$ 1,056

^[1]

$ 902

^[1]

$ 681

^[1]

$ 586

[1]

The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:


Cash	$	954	$	804	$	578
Restricted cash included in restricted cash and short-term investments	102		98		103
Total cash and restricted cash	$	1,056	$	902	$	681

- Definition

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2025 USD ($) reporting_unit component $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Consolidated reporting unit \| reporting_unit		1
Goodwill impairment		$ 0
Goodwill	$ 4,091	4,091	$ 4,091
Definite-lived intangible assets, net	101	124	101
Expected amortization expense in 2026		7
Expected amortization expense in 2027		7
Expected amortization expense in 2028		7
Expected amortization expense in 2029		7
Expected amortization expense in 2030		7
Expected amortization expense in 2031 and thereafter		88
Impairment of intangible assets, indefinite-lived (excluding goodwill)		0
Indefinite lived intangible assets	1,900	1,900	1,900
Interest expense		1,716	1,934	$ 2,145
Advertising expense		200	143	114
Foreign currency losses		15	48	30
Fuel Financing Arrangement
Unusual or Infrequent Item, or Both [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000		1,000
Basis spread on variable rate	3.75%
Fuel financing	$ 74	$ 914	$ 74	0
Marketing Agreements
Unusual or Infrequent Item, or Both [Line Items]
Useful life of intangible assets		30 years
Domestic airport slots and airport gate leasehold rights
Unusual or Infrequent Item, or Both [Line Items]
Useful life of intangible assets		25 years
Account Receivable from Business Partners
Unusual or Infrequent Item, or Both [Line Items]
Contract receivables settlement duration		30 days
Account Receivable from Ticket Sales
Unusual or Infrequent Item, or Both [Line Items]
Contract receivables settlement duration		7 days
American Airlines, Inc.
Unusual or Infrequent Item, or Both [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 1.00	$ 1.00	$ 1.00
Consolidated reporting unit \| reporting_unit		1
Goodwill impairment		$ 0
Goodwill	$ 4,091	4,091	$ 4,091
Definite-lived intangible assets, net	101	124	101
Expected amortization expense in 2026		7
Expected amortization expense in 2027		7
Expected amortization expense in 2028		7
Expected amortization expense in 2029		7
Expected amortization expense in 2030		7
Expected amortization expense in 2031 and thereafter		88
Impairment of intangible assets, indefinite-lived (excluding goodwill)		0
Indefinite lived intangible assets	1,900	1,900	1,900
Interest expense		1,780	2,029	2,206
Advertising expense		200	143	114
Foreign currency losses		15	47	30
American Airlines, Inc. \| Fuel Financing Arrangement
Unusual or Infrequent Item, or Both [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000		1,000
Basis spread on variable rate	3.75%
Fuel financing	$ 74	$ 914	$ 74	$ 0
American Airlines, Inc. \| Marketing Agreements
Unusual or Infrequent Item, or Both [Line Items]
Useful life of intangible assets		30 years
American Airlines, Inc. \| Domestic airport slots and airport gate leasehold rights
Unusual or Infrequent Item, or Both [Line Items]
Useful life of intangible assets		25 years
American Airlines, Inc. \| Account Receivable from Business Partners
Unusual or Infrequent Item, or Both [Line Items]
Contract receivables settlement duration		30 days
American Airlines, Inc. \| Account Receivable from Ticket Sales
Unusual or Infrequent Item, or Both [Line Items]
Contract receivables settlement duration		7 days
Air traffic liability
Unusual or Infrequent Item, or Both [Line Items]
Performance obligation term		1 year
Contract term		12
Recognition of revenue		$ 5,100
Air traffic liability \| American Airlines, Inc.
Unusual or Infrequent Item, or Both [Line Items]
Performance obligation term		1 year
Recognition of revenue		$ 5,100
Loyalty program liability
Unusual or Infrequent Item, or Both [Line Items]
Payment term		30 days
Number of revenue components \| component		2
Recognition of revenue		$ 3,935
Loyalty program liability \| Citi
Unusual or Infrequent Item, or Both [Line Items]
Term of agreement (in years)	10 years		10 years
Loyalty program liability \| American Airlines, Inc.
Unusual or Infrequent Item, or Both [Line Items]
Payment term		30 days
Number of revenue components \| component		2
Recognition of revenue		$ 3,935
Loyalty program liability \| American Airlines, Inc. \| Citi
Unusual or Infrequent Item, or Both [Line Items]
Term of agreement (in years)	10 years		10 years
Loyalty program liability \| Minimum
Unusual or Infrequent Item, or Both [Line Items]
Performance obligation term		1 year
Loyalty program liability \| Minimum \| American Airlines, Inc.
Unusual or Infrequent Item, or Both [Line Items]
Performance obligation term		1 year
Loyalty program liability \| Maximum
Unusual or Infrequent Item, or Both [Line Items]
Performance obligation term		10 years
Loyalty program liability \| Maximum \| American Airlines, Inc.
Unusual or Infrequent Item, or Both [Line Items]
Performance obligation term		10 years

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]

Basis of Presentation and Summary of Significant Accounting Policies

(a) Basis of Presentation

American Airlines Group Inc. (we, us, our and similar terms, or AAG), a Delaware corporation, is a holding company whose primary business activity is the operation of a major network air carrier, providing scheduled air transportation for passengers and cargo through its mainline operating subsidiary, American Airlines, Inc. (American) and its wholly-owned regional airline subsidiaries, Envoy Aviation Group Inc., PSA Airlines, Inc. (PSA) and Piedmont Airlines, Inc. (Piedmont), that operate under the brand American Eagle. All significant intercompany transactions have been eliminated.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits.

(b) Recent Accounting Pronouncements

Accounting Standards Update (ASU) 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-04) Disaggregation of Income Statement Expenses

This standard enhances transparency in reporting by requiring disaggregation of certain costs and expenses in the notes to financial statements. This update is effective for annual periods beginning after December 15, 2026 and interim periods within annual periods beginning after December 15, 2027, and early adoption is permitted. We are currently evaluating how the adoption of this standard may impact our disclosures.

ASU 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software

This standard modernizes the accounting for costs related to internal-use software by removing references to project stages and by clarifying the thresholds entities apply to begin capitalizing costs. The amendments in this update are effective for interim and annual periods beginning after December 15, 2027, and early adoption is permitted. We are currently evaluating how the adoption of this standard may impact our consolidated financial statements.

Short-term investments primarily include debt securities and are classified as available-for-sale and stated at fair value. Realized gains and losses are recorded as part of interest income within total nonoperating expense, net on our consolidated statements of operations. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss on our consolidated balance sheets. For investments in an unrealized loss position, we determine whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. There have been no credit losses.

Equity investments are accounted for under the equity method if we are able to exercise significant influence over an investee. Equity investments for which we do not have significant influence are recorded at fair value or at cost, if fair value is not readily determinable, with adjustments for observable changes in price or impairments (referred to as the measurement alternative). Our equity investments are reflected in other assets on our consolidated balance sheets. Our share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other income (expense), net on the consolidated statements of operations. See Note 8 for additional information related to our equity investments.

(d) Restricted Cash and Short-term Investments

We have restricted cash and short-term investments related primarily to collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport (Tulsa Maintenance Base). See Note 4 and Note 11 for further information on the AAdvantage Financing and Tulsa Maintenance Base, respectively.

(e) Accounts Receivable, Net

Accounts receivable primarily consist of amounts due from credit card processing companies for tickets sold to individual passengers, amounts due from airline and non-airline business partners, including our co-branded credit card partner and cargo customers. Receivables from ticket sales are short-term, mostly settled within seven days after sale. Receivables from our business partners are typically settled within 30 days. All accounts receivable are reported net of an allowance for credit losses, which was not material as of December 31, 2025 and 2024. We consider past and future financial and qualitative factors, including aging, payment history and other credit monitoring indicators, when establishing the allowance for credit losses.

(f) Aircraft Fuel, Spare Parts and Supplies, Net

Aircraft fuel is recorded on a first-in, first-out basis. Spare parts and supplies are recorded at average costs less an allowance for obsolescence, which is recognized over the weighted average remaining useful life of the related fleet. We also provide an allowance for spare parts and supplies identified as excess or obsolete to reduce the carrying cost to the lower of cost or net realizable value. Aircraft fuel, spare parts and supplies are expensed when used.

(g) Operating Property and Equipment

Operating property and equipment is recorded at cost and depreciated or amortized to residual values over the asset’s estimated useful life or the lease term, whichever is less, using the straight-line method. Costs of major improvements that enhance the usefulness of the asset are capitalized and depreciated or amortized over the estimated useful life of the asset or the lease term, whichever is less. Effective January 1, 2025, we adjusted the estimated useful lives of our mainline and regional aircraft, engines and related rotable parts by three years to align with the extended lives of aircraft included in our long-term fleet plan. In conjunction with this change, we also reduced the salvage values for most of these assets from 10% to 5% of original cost to more closely reflect the estimated value at the end of the useful life. Accordingly, the estimated useful lives for the principal property and equipment classification are as follows:


Principal Property and Equipment Classification			Estimated Useful Life
Aircraft, engines and related rotable parts			20 – 33 years
Buildings and improvements			5 – 30 years
Furniture, fixtures and other equipment			3 – 15 years
Capitalized software			5 – 10 years

The effect of these changes did not have a material impact to depreciation and amortization expense in the consolidated statement of operations for the year ended December 31, 2025. Total mainline and regional depreciation and amortization expense was $2.2 billion for each of the years ended December 31, 2025 and 2024 and $2.3 billion for the year ended December 31, 2023.

We assess impairment of operating property and equipment when events and circumstances indicate that the assets may be impaired. An impairment of an asset or group of assets exists only when the sum of the estimated undiscounted cash flows expected to be generated directly by the assets are less than the carrying value of the assets. We group assets principally by fleet-type when estimating future cash flows, which is generally the lowest level for which identifiable cash flows exist. Estimates of future cash flows are based on historical results adjusted to reflect management’s best estimate of future market and operating conditions, including our current fleet plan. If such assets are impaired, the impairment charge recognized is the amount by which the carrying value of the assets exceed their fair value. Fair value reflects management’s best estimate including inputs from published pricing guides and bids from third parties as well as contracted sales agreements when applicable.

(h) Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets, current operating lease liabilities and noncurrent operating lease liabilities on our consolidated balance sheets. Finance leases are included in property and equipment, current maturities of long-term debt and finance leases and long-term debt and finance leases, net of current maturities, on our consolidated balance sheets. See Note 5 for further information on our operating and finance leases.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.

We use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. We give consideration to our recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates.

Our lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. Leases with a term of 12 months or less are not recorded on our consolidated balance sheets.

Under certain of our capacity purchase agreements with third-party regional carriers, we do not own the underlying aircraft. However, since we control the marketing, scheduling, ticketing, pricing and seat inventories of these aircraft and therefore control the asset, the aircraft is deemed to be leased for accounting purposes. For these capacity purchase agreements, we account for the lease and non-lease components separately. The lease component consists of the aircraft and the non-lease components consist of services, such as the crew and maintenance. Where applicable, we allocate the consideration in the capacity purchase agreements to the lease and non-lease components using their estimated relative standalone prices. See Note 11(b) for additional information on our capacity purchase agreements.

For real estate, we account for the lease and non-lease components as a single lease component.

(i) Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are recorded net as noncurrent on our consolidated balance sheets.

We provide a valuation allowance for our deferred tax assets, which include our net operating losses (NOLs) and other carryforwards, when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. We have determined that positive factors outweigh negative factors in the determination of the realizability of our deferred tax assets.

(j) Goodwill

Goodwill represents the purchase price in excess of the fair value of the net assets acquired and liabilities assumed in connection with the 2013 merger with US Airways Group, Inc. (US Airways Group). We have one reporting unit. We assess goodwill for impairment annually or more frequently if events or circumstances indicate that the fair value of goodwill may be lower than the carrying value. Our annual assessment date is October 1.

Goodwill is assessed for impairment by initially performing a qualitative assessment. If we determine that it is more likely than not that our goodwill may be impaired, we use a quantitative approach to assess the asset’s fair value and the amount of the impairment, if any. Based upon our annual assessment, there was no goodwill impairment in 2025. The carrying value of our goodwill on our consolidated balance sheets was $4.1 billion as of December 31, 2025 and 2024.

(k) Other Intangibles, Net

Intangible assets consist of certain domestic airport slots and gate leasehold rights, international slots and route authorities, commercial agreements, marketing agreements, customer relationships and tradenames.

Definite-Lived Intangible Assets

basis over 25 years. Certain marketing agreements were identified as intangible assets subject to amortization and are amortized on a straight-line basis over approximately 30 years.

We had $124 million and $101 million of definite-lived intangible assets, net of accumulated amortization on our consolidated balance sheets as of December 31, 2025 and 2024, respectively. We expect to record amortization expense related to these assets of approximately $7 million for each of the years in 2026 through 2030, and $88 million of amortization expense in 2031 and thereafter until fully amortized.

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets include certain domestic airport slots, international slots and route authorities and our commercial agreement with GOL Linhas Aéreas Inteligentes S.A. (GOL). We assess indefinite-lived intangible assets for impairment annually or more frequently if events or circumstances indicate that the fair values of indefinite-lived intangible assets may be lower than their carrying values. Our annual assessment date is October 1.

Indefinite-lived intangible assets are assessed for impairment by initially performing a qualitative assessment. If we determine that it is more likely than not that our indefinite-lived intangible assets may be impaired, we use a quantitative approach to assess the asset’s fair value and the amount of the impairment, if any. Based upon our annual assessment, there were no indefinite-lived intangible asset impairments in 2025. We had $1.9 billion of indefinite-lived intangible assets on our consolidated balance sheets as of December 31, 2025 and 2024.

(l) Fuel Financing

In December 2024, we entered into a fuel financing facility with a bank pursuant to which the bank pays certain fuel invoices on our behalf. The agreement contains a maximum allowable outstanding principal balance at any time of $1.0 billion and is required to be repaid at least quarterly. The fuel financing facility bears interest at a base rate equal to one-month Secured Overnight Financing Rate (SOFR), plus a margin of 3.75%. Our obligations to the counterparty are secured on a second-priority basis by certain intellectual property of American, including the “American Airlines” trademark and the “aa.com” domain name in the United States and certain foreign jurisdictions, as provided in, and subject to the covenants and conditions of, the Second Lien Brand Collateral Security Agreement. Either American or the bank may terminate this agreement at any time and with immediate effect upon sixty days’ prior written notice to the other party. As of December 31, 2025 and 2024, we had $914 million and $74 million, respectively, in fuel financing obligations included on our consolidated balance sheets.

The following is a rollforward of our outstanding fuel financing obligation during the years ended December 31, 2025 and 2024 (in millions):


	2025		2024
Balance at beginning of year	$	74	$	—
Proceeds	1,217		74
Payments	(377)		—
Balance at end of year	$	914	$	74

We include payments to designated fuel suppliers as an operating activity in the consolidated statement of cash flows. Proceeds and payments related to fuel financing transactions are presented net as a financing activity in the consolidated statement of cash flows.

(m) Revenue Recognition

Revenue

The following are the significant categories comprising our operating revenues (in millions):


	Year Ended December 31,
	2025		2024		2023
Passenger revenue:
Passenger travel	$	45,607	$	45,743	$	44,914
Loyalty revenue - travel (1)	4,036		3,843		3,598
Total passenger revenue	49,643		49,586		48,512
Cargo	839		804		812
Other:
Loyalty revenue - marketing services	3,511		3,257		2,929
Other revenue	640		564		535
Total other revenue	4,151		3,821		3,464
Total operating revenues	$	54,633	$	54,211	$	52,788

The following is our total passenger revenue by geographic region (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	35,201	$	35,336	$	34,592
Latin America	6,444		6,560		6,719
Atlantic	6,583		6,445		6,205
Pacific	1,415		1,245		996
Total passenger revenue	$	49,643	$	49,586	$	48,512

We attribute passenger revenue by geographic region based upon the origin and destination of each flight segment.

Passenger Revenue

We recognize all revenues generated from transportation on American and our regional flights operated under the brand name American Eagle, including associated baggage fees and other inflight services, as passenger revenue when transportation is provided. Ticket and other related sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on our consolidated balance sheets. The air traffic liability principally represents tickets sold for future travel on American, American Eagle and partner airlines.

The majority of tickets sold are nonrefundable. A small percentage of tickets, some of which are partially used tickets, expire unused. The estimate for tickets expected to expire unused is generally based on an analysis of our historical data and other current applicable factors such as policy changes. We have consistently applied this accounting method to estimate and recognize revenue from unused tickets at the date of travel. This estimate is periodically evaluated based on subsequent activity to validate its accuracy. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed.

Various taxes and fees assessed on the sale of tickets to end customers are collected by us as an agent and remitted to taxing authorities. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority.

Loyalty Revenue

We currently operate the loyalty program, AAdvantage®. This program awards mileage credits to passengers who fly on American, American Eagle, any oneworld airline or other partner airlines, or by using the services of other program participants, such as our co-branded credit cards, and certain hotels and car rental companies. Mileage credits can be redeemed for travel on American, American Eagle and other participating partner airlines, as well as for other non-air travel awards such as car rentals, hotel stays, cruises and retail goods from program partners. For mileage credits earned by AAdvantage program members, we apply the deferred revenue method.

Mileage credits earned through travel

For mileage credits earned through travel, we apply a relative selling price approach whereby the total amount collected from each passenger ticket sale is allocated between the air transportation and the mileage credits earned. The portion of each passenger ticket sale attributable to mileage credits earned is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided. The estimated selling price of mileage credits is determined using an equivalent ticket value approach, which uses historical data, including award redemption patterns by geographic region and class of service, as well as similar cash fares as those used to settle award redemptions. The estimated selling price of mileage credits is adjusted for an estimate of mileage credits that will not be redeemed using a statistical model based on historical redemption patterns to develop an estimate of the likelihood of future redemption.

Mileage credits sold to co-branded credit card and other partners

We sell mileage credits to participating airline partners and non-airline business partners, including our co-branded credit card partner, under contracts with remaining terms generally from one to 10 years as of December 31, 2025. Consideration received from the sale of mileage credits is predominantly variable and payment terms typically are within 30 days subsequent to the month of mileage sale. Sales of mileage credits to co-branded credit card and non-airline business partners are comprised of two revenue elements: a transportation component and a marketing component. We allocate the consideration received from these sales of mileage credits based on the relative selling price of each product or service delivered.

Our most significant mileage credit partner agreement is our co-branded credit card agreement with Citibank N.A. (Citi). In December 2024, we announced a 10-year agreement with Citi and Citi became the exclusive issuer of the AAdvantage co-branded credit card portfolio in the U.S. starting in 2026.

The transportation component represents the estimated selling price of future travel awards and is determined using the same equivalent ticket value approach described above. The portion of each mileage credit sold attributable to transportation is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided.

The marketing component includes the use of intellectual property, including the American brand and access to loyalty program member lists, which is the predominant element in these agreements, as well as advertising and other travel-related benefits. We recognize the marketing component in other revenue in the period of the mileage credit sale following the sales-based royalty method.

For the portion of our outstanding mileage credits that we estimate will not be redeemed, we recognize the associated value proportionally as the remaining mileage credits are redeemed. Our estimates use a statistical model based on historical redemption patterns to develop an estimate of the likelihood of future redemption.

Cargo Revenue

Cargo revenue is recognized when we provide the transportation.

Other Revenue

Other revenue includes revenue associated with our loyalty program, which is comprised principally of the marketing component of mileage credit sales to co-branded credit card and other partners and other marketing related payments. The accounting and recognition for the loyalty program marketing services are discussed above in “Loyalty Revenue.” The remaining amounts included within other revenue relate to airport clubs, other commission revenue, advertising and vacation-related services.

Contract Balances

Our significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future air travel, non-air travel and other awards, reported as loyalty program liability on our consolidated balance sheets and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on our consolidated balance sheets.


	December 31,
	2025		2024
	(In millions)
Loyalty program liability	$	10,564	$	10,054
Air traffic liability	7,158		6,759
Total	$	17,722	$	16,813

The balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue). Changes in loyalty program liability are as follows (in millions):


Balance at December 31, 2024	$	10,054
Deferral of revenue	4,445
Recognition of revenue (1)	(3,935)
Balance at December 31, 2025 (2)	$	10,564

Additionally, as of December 31, 2025 and 2024, our loyalty program liability includes a one-time cash payment related to the new co-branded credit card agreement announced in December 2024, which will be amortized over the life of the new agreement beginning in 2026.

The air traffic liability principally represents tickets sold for future travel on American, American Eagle and partner airlines. The balance in our air traffic liability also fluctuates with seasonal travel patterns. The contract duration of passenger tickets is generally one year. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12 months. For 2025, $5.1 billion of revenue was recognized in passenger revenue that was included in our air traffic liability at December 31, 2024.

(n) Maintenance, Materials and Repairs

Maintenance and repair costs for owned and leased flight equipment are charged to operating expense as incurred, except costs incurred for maintenance and repair under certain power-by-the-hour maintenance agreements, which are charged to operating expense based on contractual terms when an obligation exists.

(o) Selling Expenses

Selling expenses include credit card fees, commissions, third party distribution channel fees and advertising. Selling expenses associated with passenger revenue are expensed when the transportation or service is provided. Advertising costs are expensed as incurred. Advertising expense was $200 million, $143 million and $114 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(p) Share-based Compensation

We account for our share-based compensation expense based on the fair value of the equity award at the time of grant, which is recognized ratably over the vesting period of the award. Certain awards have performance conditions that must be achieved prior to vesting and are expensed based on the expected achievement at each reporting period. The majority of our equity awards are time vested restricted stock units. For equity-classified awards, the fair value of such awards is based on the market price of the underlying shares of AAG common stock on the date of grant and is not subsequently remeasured unless modified. For liability-classified awards, the fair value of such awards is remeasured at the end of each reporting period until settled. See Note 14 for further discussion of share-based compensation.

(q) Foreign Currency Gains and Losses

Foreign currency gains and losses are recorded as part of other income (expense), net within total nonoperating expense, net on our consolidated statements of operations. For the years ended December 31, 2025, 2024 and 2023, foreign currency losses were $15 million, $48 million and $30 million, respectively.

(r) Other Operating Expenses

Other operating expenses includes costs associated with onboard food and catering, crew travel, ground and cargo handling, passenger accommodation, international navigation fees, aircraft cleaning, airport lounge operations and certain general and administrative expenses.

(s) Regional Expenses

Our regional carriers provide scheduled air transportation under the brand name “American Eagle.” The American Eagle carriers include our wholly-owned regional carriers as well as third-party regional carriers. Our regional carrier arrangements are principally in the form of capacity purchase agreements with our third-party regional partners and similar arrangements with our wholly-owned regional affiliates. Expenses, excluding fuel expense, associated with American Eagle operations are classified as regional expenses on the consolidated statements of operations.

Regional expenses for the years ended December 31, 2025, 2024 and 2023 include $329 million, $319 million and $318 million of depreciation and amortization, respectively. Regional expenses also include $9 million of aircraft rent for each of the years ended December 31, 2025 and 2024 and $7 million for the year ended December 31, 2023.

In 2025, 2024 and 2023, we recognized $658 million, $612 million and $636 million, respectively, of expense under our capacity purchase agreement with Republic Airways Inc. (Republic). We hold a 20.8% equity interest in Republic Airways Holdings Inc. (Republic Holdings), the parent company of Republic.

American Airlines, Inc.

Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]

Basis of Presentation and Summary of Significant Accounting Policies

(a) Basis of Presentation

American Airlines, Inc. (American) is a Delaware corporation whose primary business activity is the operation of a major network air carrier, providing scheduled air transportation for passengers and cargo. American is the principal wholly-owned subsidiary of American Airlines Group Inc. (AAG), which owns all of American’s outstanding common stock, par value $1.00 per share. All significant intercompany transactions have been eliminated.

(b) Recent Accounting Pronouncements

Accounting Standards Update (ASU) 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-04) Disaggregation of Income Statement Expenses

This standard enhances transparency in reporting by requiring disaggregation of certain costs and expenses in the notes to financial statements. This update is effective for annual periods beginning after December 15, 2026 and interim periods within annual periods beginning after December 15, 2027, and early adoption is permitted. American is currently evaluating how the adoption of this standard may impact its disclosures.

ASU 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software

This standard modernizes the accounting for costs related to internal-use software by removing references to project stages and by clarifying the thresholds entities apply to begin capitalizing costs. The amendments in this update are effective for interim and annual periods beginning after December 15, 2027, and early adoption is permitted. American is currently evaluating how the adoption of this standard may impact its consolidated financial statements.

Short-term investments primarily include debt securities and are classified as available-for-sale and stated at fair value. Realized gains and losses are recorded as part of interest income within total nonoperating expense, net on American’s consolidated statements of operations. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss on American’s consolidated balance sheets. For investments in an unrealized loss position, American determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. There have been no credit losses.

Equity investments are accounted for under the equity method if American is able to exercise significant influence over an investee. Equity investments for which American does not have significant influence are recorded at fair value or at cost, if fair value is not readily determinable, with adjustments for observable changes in price or impairments (referred to as the measurement alternative). American’s equity investments are reflected in other assets on its consolidated balance sheets. American’s share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other income (expense), net on the consolidated statements of operations. See Note 7 for additional information related to American’s equity investments.

(d) Restricted Cash and Short-term Investments

American has restricted cash and short-term investments related primarily to collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport (Tulsa Maintenance Base). See Note 3 and Note 10 for further information on the AAdvantage Financing and Tulsa Maintenance Base, respectively.

(e) Accounts Receivable, Net

Accounts receivable primarily consist of amounts due from credit card processing companies for tickets sold to individual passengers, amounts due from airline and non-airline business partners, including American’s co-branded credit card partner and cargo customers. Receivables from ticket sales are short-term, mostly settled within seven days after sale. Receivables from American’s business partners are typically settled within 30 days. All accounts receivable are reported net of an allowance for credit losses, which was not material as of December 31, 2025 and 2024. American considers past and future financial and qualitative factors, including aging, payment history and other credit monitoring indicators, when establishing the allowance for credit losses.

(f) Aircraft Fuel, Spare Parts and Supplies, Net

Aircraft fuel is recorded on a first-in, first-out basis. Spare parts and supplies are recorded at average costs less an allowance for obsolescence, which is recognized over the weighted average remaining useful life of the related fleet. American also provides an allowance for spare parts and supplies identified as excess or obsolete to reduce the carrying cost to the lower of cost or net realizable value. Aircraft fuel, spare parts and supplies are expensed when used.

(g) Operating Property and Equipment

Operating property and equipment is recorded at cost and depreciated or amortized to residual values over the asset’s estimated useful life or the lease term, whichever is less, using the straight-line method. Costs of major improvements that enhance the usefulness of the asset are capitalized and depreciated or amortized over the estimated useful life of the asset or the lease term, whichever is less. Effective January 1, 2025, American adjusted the estimated useful lives of its mainline and regional aircraft, engines and related rotable parts by three years to align with the extended lives of aircraft included in American’s long-term fleet plan. In conjunction with this change, American also reduced the salvage values for most of these assets from 10% to 5% of original cost to more closely reflect the estimated value at the end of the useful life. Accordingly, the estimated useful lives for the principal property and equipment classification are as follows:


Principal Property and Equipment Classification			Estimated Useful Life
Aircraft, engines and related rotable parts			20 – 33 years
Buildings and improvements			5 – 30 years
Furniture, fixtures and other equipment			3 – 15 years
Capitalized software			5 – 10 years

American assesses impairment of operating property and equipment when events and circumstances indicate that the assets may be impaired. An impairment of an asset or group of assets exists only when the sum of the estimated undiscounted cash flows expected to be generated directly by the assets are less than the carrying value of the assets. American groups assets principally by fleet-type when estimating future cash flows, which is generally the lowest level for which identifiable cash flows exist. Estimates of future cash flows are based on historical results adjusted to reflect management’s best estimate of future market and operating conditions, including American’s current fleet plan. If such assets are impaired, the impairment charge recognized is the amount by which the carrying value of the assets exceed their fair value. Fair value reflects management’s best estimate including inputs from published pricing guides and bids from third parties as well as contracted sales agreements when applicable.

(h) Leases

American determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets, current operating lease liabilities and noncurrent operating lease liabilities on American’s consolidated balance sheets. Finance leases are included in property and equipment, current maturities of long-term debt and finance leases and long-term debt and finance leases, net of current maturities, on American’s consolidated balance sheets. See Note 4 for further information on American’s operating and finance leases.

ROU assets represent American’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.

American uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. American gives consideration to its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates.

American’s lease term includes options to extend the lease when it is reasonably certain that it will exercise that option. Leases with a term of 12 months or less are not recorded on its consolidated balance sheets.

Under certain of American’s capacity purchase agreements with third-party regional carriers, American does not own the underlying aircraft. However, since American controls the marketing, scheduling, ticketing, pricing and seat inventories of these aircraft and therefore control the asset, the aircraft is deemed to be leased for accounting purposes. For these capacity purchase agreements, American accounts for the lease and non-lease components separately. The lease component consists of the aircraft and the non-lease components consist of services, such as the crew and maintenance. Where applicable, American allocates the consideration in the capacity purchase agreements to the lease and non-lease components using their estimated relative standalone prices. See Note 10(b) for additional information on its capacity purchase agreements.

For real estate, American accounts for the lease and non-lease components as a single lease component.

(i) Income Taxes

American provides a valuation allowance for its deferred tax assets, which include its net operating losses (NOLs) and other carryforwards, when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets. Many factors are considered that impact American’s assessment of future profitability, including conditions which are beyond its control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. American has determined that positive factors outweigh negative factors in the determination of the realizability of its deferred tax assets.

(j) Goodwill

Goodwill represents the purchase price in excess of the fair value of the net assets acquired and liabilities assumed in connection with the 2013 merger with US Airways Group, Inc. (US Airways Group). American has one reporting unit. American assesses goodwill for impairment annually or more frequently if events or circumstances indicate that the fair value of goodwill may be lower than the carrying value. American’s annual assessment date is October 1.

Goodwill is assessed for impairment by initially performing a qualitative assessment. If American determines that it is more likely than not that its goodwill may be impaired, it uses a quantitative approach to assess the asset’s fair value and the amount of the impairment, if any. Based upon American’s annual assessment, there was no goodwill impairment in 2025. The carrying value of American’s goodwill on its consolidated balance sheets was $4.1 billion as of December 31, 2025 and 2024.

(k) Other Intangibles, Net

Definite-Lived Intangible Assets

Definite-lived intangible assets are originally recorded at their acquired fair values, subsequently amortized over their respective estimated useful lives and are assessed for impairment whenever events and circumstances indicate that the assets may be impaired. Certain domestic airport slots and airport gate leasehold rights are amortized on a straight-line basis over 25 years. Certain marketing agreements were identified as intangible assets subject to amortization and are amortized on a straight-line basis over approximately 30 years.

American had $124 million and $101 million of definite-lived intangible assets, net of accumulated amortization on its consolidated balance sheets as of December 31, 2025 and 2024, respectively. American expects to record amortization expense related to these assets of approximately $7 million for each of the years in 2026 through 2030, and $88 million of amortization expense in 2031 and thereafter until fully amortized.

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets include certain domestic airport slots, international slots and route authorities and American’s commercial agreement with GOL Linhas Aéreas Inteligentes S.A. (GOL). American assesses indefinite-lived intangible assets for impairment annually or more frequently if events or circumstances indicate that the fair values of indefinite-lived intangible assets may be lower than their carrying values. American’s annual assessment date is October 1.

Indefinite-lived intangible assets are assessed for impairment by initially performing a qualitative assessment. If American determines that it is more likely than not that its indefinite-lived intangible assets may be impaired, American uses a quantitative approach to assess the asset’s fair value and the amount of the impairment, if any. Based upon American’s annual assessment, there were no indefinite-lived intangible asset impairments in 2025. American had $1.9 billion of indefinite-lived intangible assets on its consolidated balance sheets as of December 31, 2025 and 2024.

(l) Fuel Financing

In December 2024, American entered into a fuel financing facility with a bank pursuant to which the bank pays certain fuel invoices on American’s behalf. The agreement contains a maximum allowable outstanding principal balance at any time of $1.0 billion and is required to be repaid at least quarterly. The fuel financing facility bears interest at a base rate equal to one-month Secured Overnight Financing Rate (SOFR), plus a margin of 3.75%. American’s obligations to the counterparty are secured on a second-priority basis by certain intellectual property of American, including the “American Airlines” trademark and the “aa.com” domain name in the United States and certain foreign jurisdictions, as provided in, and subject to the covenants and conditions of, the Second Lien Brand Collateral Security Agreement. Either American or the bank may terminate this agreement at any time and with immediate effect upon sixty days’ prior written notice to the other party. As of December 31, 2025 and 2024, American had $914 million and $74 million, respectively, in fuel financing obligations included on American’s consolidated balance sheets.

The following is a rollforward of American’s outstanding fuel financing obligation during the years ended December 31, 2025 and 2024 (in millions):


	2025		2024
Balance at beginning of year	$	74	$	—
Proceeds	1,217		74
Payments	(377)		—
Balance at end of year	$	914	$	74

American includes payments to designated fuel suppliers as an operating activity in the consolidated statement of cash flows. Proceeds and payments related to fuel financing transactions are presented net as a financing activity in the consolidated statement of cash flows.

(m) Revenue Recognition

Revenue

The following are the significant categories comprising American’s operating revenues (in millions):


	Year Ended December 31,
	2025		2024		2023
Passenger revenue:
Passenger travel	$	45,607	$	45,743	$	44,914
Loyalty revenue - travel (1)	4,036		3,843		3,598
Total passenger revenue	49,643		49,586		48,512
Cargo	839		804		812
Other:
Loyalty revenue - marketing services	3,511		3,257		2,929
Other revenue	633		557		531
Total other revenue	4,144		3,814		3,460
Total operating revenues	$	54,626	$	54,204	$	52,784

The following is American’s total passenger revenue by geographic region (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	35,201	$	35,336	$	34,592
Latin America	6,444		6,560		6,719
Atlantic	6,583		6,445		6,205
Pacific	1,415		1,245		996
Total passenger revenue	$	49,643	$	49,586	$	48,512

American attributes passenger revenue by geographic region based upon the origin and destination of each flight segment.

Passenger Revenue

American recognizes all revenues generated from transportation on American and its regional flights operated under the brand name American Eagle, including associated baggage fees and other inflight services, as passenger revenue when transportation is provided. Ticket and other related sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on American’s consolidated balance sheets. The air traffic liability principally represents tickets sold for future travel on American, American Eagle and partner airlines.

The majority of tickets sold are nonrefundable. A small percentage of tickets, some of which are partially used tickets, expire unused. The estimate for tickets expected to expire unused is generally based on an analysis of American’s historical data and other current applicable factors such as policy changes. American has consistently applied this accounting method to estimate and recognize revenue from unused tickets at the date of travel. This estimate is periodically evaluated based on subsequent activity to validate its accuracy. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed.

Various taxes and fees assessed on the sale of tickets to end customers are collected by American as an agent and remitted to taxing authorities. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority.

Loyalty Revenue

American currently operates the loyalty program, AAdvantage®. This program awards mileage credits to passengers who fly on American, American Eagle, any oneworld airline or other partner airlines, or by using the services of other program participants, such as American’s co-branded credit cards, and certain hotels and car rental companies. Mileage credits can be redeemed for travel on American, American Eagle and other participating partner airlines, as well as for other non-air travel awards such as car rentals, hotel stays, cruises and retail goods from program partners. For mileage credits earned by AAdvantage program members, American applies the deferred revenue method.

Mileage credits earned through travel

For mileage credits earned through travel, American applies a relative selling price approach whereby the total amount collected from each passenger ticket sale is allocated between the air transportation and the mileage credits earned. The portion of each passenger ticket sale attributable to mileage credits earned is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided. The estimated selling price of mileage credits is determined using an equivalent ticket value approach, which uses historical data, including award redemption patterns by geographic region and class of service, as well as similar cash fares as those used to settle award redemptions. The estimated selling price of mileage credits is adjusted for an estimate of mileage credits that will not be redeemed using a statistical model based on historical redemption patterns to develop an estimate of the likelihood of future redemption.

Mileage credits sold to co-branded credit card and other partners

American sells mileage credits to participating airline partners and non-airline business partners, including American’s co-branded credit card partner, under contracts with remaining terms generally from one to 10 years as of December 31, 2025. Consideration received from the sale of mileage credits is predominantly variable and payment terms typically are within 30 days subsequent to the month of mileage sale. Sales of mileage credits to co-branded credit card and non-airline business partners are comprised of two revenue elements: a transportation component and a marketing component. American allocates the consideration received from these sales of mileage credits based on the relative selling price of each product or service delivered.

American’s most significant mileage credit partner agreement is its co-branded credit card agreement with Citibank N.A. (Citi). In December 2024, American announced a 10-year agreement with Citi and Citi became the exclusive issuer of the AAdvantage co-branded credit card portfolio in the U.S. starting in 2026.

The marketing component includes the use of intellectual property, including the American brand and access to loyalty program member lists, which is the predominant element in these agreements, as well as advertising and other travel-related benefits. American recognizes the marketing component in other revenue in the period of the mileage credit sale following the sales-based royalty method.

For the portion of American’s outstanding mileage credits that it estimates will not be redeemed, American recognizes the associated value proportionally as the remaining mileage credits are redeemed. American’s estimates use a statistical model based on historical redemption patterns to develop an estimate of the likelihood of future redemption.

Cargo Revenue

Cargo revenue is recognized when American provides the transportation.

Other Revenue

Other revenue includes revenue associated with American’s loyalty program, which is comprised principally of the marketing component of mileage credit sales to co-branded credit card and other partners and other marketing related payments. The accounting and recognition for the loyalty program marketing services are discussed above in “Loyalty Revenue.” The remaining amounts included within other revenue relate to airport clubs, other commission revenue, advertising and vacation-related services.

Contract Balances

American’s significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future air travel, non-air travel and other awards, reported as loyalty program liability on American’s consolidated balance sheets and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on American’s consolidated balance sheets.


	December 31,
	2025		2024
	(In millions)
Loyalty program liability	$	10,564	$	10,054
Air traffic liability	7,158		6,759
Total	$	17,722	$	16,813


Balance at December 31, 2024	$	10,054
Deferral of revenue	4,445
Recognition of revenue (1)	(3,935)
Balance at December 31, 2025 (2)	$	10,564

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of December 31, 2025, American’s current loyalty program liability was $3.7 billion and represents American’s current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

The air traffic liability principally represents tickets sold for future travel on American, American Eagle and partner airlines. The balance in American’s air traffic liability also fluctuates with seasonal travel patterns. The contract duration of passenger tickets is generally one year. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12 months. For 2025, $5.1 billion of revenue was recognized in passenger revenue that was included in American’s air traffic liability at December 31, 2024.

(n) Maintenance, Materials and Repairs

(o) Selling Expenses

(p) Share-based Compensation

American accounts for its share-based compensation expense based on the fair value of the equity award at the time of grant, which is recognized ratably over the vesting period of the award. Certain awards have performance conditions that must be achieved prior to vesting and are expensed based on the expected achievement at each reporting period. The majority of American’s equity awards are time vested restricted stock units. For equity-classified awards, the fair value of such awards is based on the market price of the underlying shares of AAG common stock on the date of grant and is not subsequently remeasured unless modified. For liability-classified awards, the fair value of such awards is remeasured at the end of each reporting period until settled. See Note 13 for further discussion of share-based compensation.

(q) Foreign Currency Gains and Losses

Foreign currency gains and losses are recorded as part of other income (expense), net within total nonoperating expense, net on American’s consolidated statements of operations. For the years ended December 31, 2025, 2024 and 2023, foreign currency losses were $15 million, $47 million and $30 million, respectively.

(r) Other Operating Expenses

(s) Regional Expenses

American's regional carriers provide scheduled air transportation under the brand name “American Eagle.” The American Eagle carriers include AAG's wholly-owned regional carriers as well as third-party regional carriers. American's regional carrier arrangements are principally in the form of capacity purchase agreements with its third-party regional partners and similar arrangements with AAG’s wholly-owned regional affiliates. Expenses, excluding fuel expense, associated with American Eagle operations are classified as regional expenses on the consolidated statements of operations.

Regional expenses for the years ended December 31, 2025, 2024 and 2023 include $293 million, $279 million and $271 million of depreciation and amortization, respectively. Regional expenses also include $9 million of aircraft rent for each of the years ended December 31, 2025 and 2024 and $7 million for the year ended December 31, 2023.

In 2025, 2024 and 2023, American recognized $658 million, $612 million and $636 million, respectively, of expense under its capacity purchase agreement with Republic Airways Inc. (Republic). American holds a 20.8% equity interest in Republic Airways Holdings Inc. (Republic Holdings), the parent company of Republic.

Consolidated Statements of Comprehensive Income - American Airlines Group Inc. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 111	$ 846	$ 822
Other comprehensive income (loss), net of tax:
Pension, retiree medical and other postretirement benefits	176	327	(312)
Investments	0	2	3
Total other comprehensive income (loss), net of tax	176	329	(309)
Total comprehensive income	$ 287	$ 1,175	$ 513

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Balance Sheets - American Airlines, Inc. (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accumulated amortization of intangibles	$ 848	$ 841
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,750,000,000	1,750,000,000
Common stock, shares issued (in shares)	660,301,080	657,566,166
Common stock, shares outstanding (in shares)	660,301,080	657,566,166
American Airlines, Inc.
Accumulated amortization of intangibles	$ 848	$ 841
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000

Consolidated Statements of Stockholders' Equity - American Airlines, Inc. - USD ($) $ in Millions	Total	American Airlines, Inc.	Common Stock	Common Stock American Airlines, Inc.	Additional Paid-in Capital	Additional Paid-in Capital American Airlines, Inc.	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss American Airlines, Inc.	Retained Deficit	Retained Deficit American Airlines, Inc.
Beginning Balance at Dec. 31, 2022	$ (5,799)	$ 5,593	$ 6	$ 0	$ 7,291	$ 17,230	$ (4,585)	$ (4,690)	$ (8,511)	$ (6,947)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	822	1,188							822	1,188
Other comprehensive income (loss), net	(309)	(309)					(309)	(309)
Share-based compensation expense	102	97			102	97
Intercompany equity transfer		8			8
Ending Balance at Dec. 31, 2023	(5,202)	6,577	7	0	7,374	17,335	(4,894)	(4,999)	(7,689)	(5,759)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	846	1,262							846	1,262
Other comprehensive income (loss), net	329	322					329	322
Share-based compensation expense	92	89			92	89
Modification of share-based awards	(20)	(20)			(20)	(20)
Intercompany equity transfer		4				4
Ending Balance at Dec. 31, 2024	(3,977)	8,234	7	0	7,424	17,408	(4,565)	(4,677)	(6,843)	(4,497)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	111	564							111	564
Other comprehensive income (loss), net	176	170					176	170
Share-based compensation expense	60	58			60	58
Intercompany equity transfer		2				2
Ending Balance at Dec. 31, 2025	$ (3,727)	$ 9,028	$ 7	$ 0	$ 7,387	$ 17,468	$ (4,389)	$ (4,507)	$ (6,732)	$ (3,933)

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+ Details

Segment Disclosures	12 Months Ended
Segment Disclosures	Dec. 31, 2025
Segment Reporting Information [Line Items]
Segment Disclosures	Segment Disclosures Operating segments are defined as components of an enterprise for which separate financial information is available and regularly reviewed by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. Our Chief Executive Officer is considered to be our CODM. We are managed as a single operating segment that provides scheduled air transportation for passengers and cargo, and includes our loyalty program. Along with our extensive domestic network, we provide international service to Canada, Mexico, the Caribbean, Central and South America, Europe, Qatar, China, Japan, Korea, India, Australia and New Zealand. See Note 1(m) for our passenger revenue by geographic region. Managing the business activities on a consolidated basis allows us to benefit from an integrated revenue pricing and route network that includes American and our wholly-owned and third-party regional carriers that fly under capacity purchase agreements operating as American Eagle. The flight equipment of all these carriers is combined to form one fleet that is deployed through a single route scheduling system. Our tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not been allocated by geographic region. The measure of segment assets is reported on the balance sheet as total consolidated assets. Financial information and operational plans and forecasts are provided to and reviewed by our CODM at the consolidated level and are used to monitor forecast and budget versus actual results. Our CODM assesses performance and decides how to allocate resources based on net income which is reported on the statement of operations as consolidated net income. When making operational and resource allocation decisions, our CODM is indifferent to the results on a geographic region or on a mainline and regional carrier basis. The objective in making resource allocation decisions is to maximize consolidated financial results.
American Airlines, Inc.
Segment Reporting Information [Line Items]
Segment Disclosures	Segment Disclosures Operating segments are defined as components of an enterprise for which separate financial information is available and regularly reviewed by the chief operating decision maker (CODM) in deciding how to allocate resources and in assessing performance. American’s Chief Executive Officer is considered to be its CODM. American is managed as a single operating segment that provides scheduled air transportation for passengers and cargo, and includes American’s loyalty program. Along with its extensive domestic network, American provides international service to Canada, Mexico, the Caribbean, Central and South America, Europe, Qatar, China, Japan, Korea, India, Australia and New Zealand. See Note 1(m) for American’s passenger revenue by geographic region. Managing the business activities on a consolidated basis allows American to benefit from an integrated revenue pricing and route network that includes American and AAG’s wholly-owned and third-party regional carriers that fly under capacity purchase agreements operating as American Eagle. The flight equipment of all these carriers is combined to form one fleet that is deployed through a single route scheduling system. American’s tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not been allocated by geographic region. The measure of segment assets is reported on the balance sheet as total consolidated assets. Financial information and operational plans and forecasts are provided to and reviewed by American’s CODM at the consolidated level and are used to monitor forecast and budget versus actual results. American’s CODM assesses performance and decides how to allocate resources based on net income which is reported on the statement of operations as consolidated net income. When making operational and resource allocation decisions, American’s CODM is indifferent to the results on a geographic region or on a mainline and regional carrier basis. The objective in making resource allocation decisions is to maximize consolidated financial results.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Debt - Special Facility Revenue Bonds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt	$ 3,773	$ 1,670	$ 4,822
American Airlines, Inc.
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt	$ 3,773	$ 1,670	$ 4,822

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments

12 Months Ended

Dec. 31, 2025

Schedule of Investments [Line Items]

Investments

To help expand our network and as part of our ongoing commitment to sustainability, we enter into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies.

Our equity investments, ownership interest and carrying value were as follows:


		Ownership Interest				Carrying Value (in millions)
		December 31,				December 31,
	Accounting Treatment	2025		2024		2025		2024
Republic Holdings (1)	Equity Method	20.8	%	25.0	%	$	254	$	253
China Southern Airlines	Fair Value	1.5	%	1.5	%	203		142
Other investments (2)	Various					146		120
Total						$	603	$	515

(1)In November 2025, Republic Holdings completed a merger with Mesa Air Group, Inc. As a result, our equity interest in Republic Holdings decreased from 25.0% to 20.8%.

(2)Primarily includes our investment in JetSMART Holdings Limited, which is accounted for under the equity method.

American Airlines, Inc.

Schedule of Investments [Line Items]

Investments

To help expand American’s network and as part of its ongoing commitment to sustainability, American enters into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies.

American’s equity investments, ownership interest and carrying value were as follows:


		Ownership Interest				Carrying Value (in millions)
		December 31,				December 31,
	Accounting Treatment	2025		2024		2025		2024
Republic Holdings (1)	Equity Method	20.8	%	25.0	%	$	254	$	253
China Southern Airlines	Fair Value	1.5	%	1.5	%	203		142
Other investments (2)	Various					146		120
Total						$	603	$	515

(1)In November 2025, Republic Holdings completed a merger with Mesa Air Group, Inc. As a result, American’s equity interest in Republic Holdings decreased from 25.0% to 20.8%.

(2)Primarily includes American’s investment in JetSMART Holdings Limited, which is accounted for under the equity method.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 1,704	$ 1,851	$ 2,016
Finance lease cost:
Amortization of assets	128	132	128
Interest on lease liabilities	48	39	45
Variable lease cost	3,395	3,075	2,720
Total net lease cost	5,275	5,097	4,909
American Airlines, Inc.
Lessee, Lease, Description [Line Items]
Operating lease cost	1,683	1,828	1,992
Finance lease cost:
Amortization of assets	123	125	119
Interest on lease liabilities	48	39	44
Variable lease cost	3,382	3,059	2,703
Total net lease cost	$ 5,236	$ 5,051	$ 4,858

Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Components of Valuation and Qualifying Accounts

Valuation and Qualifying Accounts (in millions)


	Balance at Beginning of Year		Additions Charged to Statement of Operations Accounts		Deductions and Other		Balance at End of Year
Allowance for obsolescence of spare parts
Year ended December 31, 2025	$	797	$	129	$	(26)	$	900
Year ended December 31, 2024	728		116		(47)		797
Year ended December 31, 2023	616		98		14		728

American Airlines, Inc.

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]

Components of Valuation and Qualifying Accounts

Valuation and Qualifying Accounts (in millions)


	Balance at Beginning of Year		Additions Charged to Statement of Operations Accounts		Deductions and Other		Balance at End of Year
Allowance for obsolescence of spare parts
Year ended December 31, 2025	$	745	$	95	$	5	$	845
Year ended December 31, 2024	675		94		(24)		745
Year ended December 31, 2023	566		83		26		675

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Lessee, Lease, Description [Line Items]

Components of Lease Expense

The components of lease expense were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	1,704	$	1,851	$	2,016
Finance lease cost:
Amortization of assets	128		132		128
Interest on lease liabilities	48		39		45
Variable lease cost	3,395		3,075		2,720
Total net lease cost	$	5,275	$	5,097	$	4,909

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):


	December 31,
	2025			2024
Operating leases:
Operating lease ROU assets	$	7,091		$	7,333

Current operating lease liabilities	$	1,058		$	1,092
Noncurrent operating lease liabilities	5,905			5,976
Total operating lease liabilities	$	6,963		$	7,068

Finance leases:
Property and equipment, at cost	$	1,445		$	1,632
Accumulated amortization	(673)			(952)
Property and equipment, net	$	772		$	680

Current finance lease liabilities	$	117		$	132
Noncurrent finance lease liabilities	610			531
Total finance lease liabilities	$	727		$	663

Weighted average remaining lease term (in years):
Operating leases	8.4			8.2
Finance leases	7.8			7.4

Weighted average discount rate:
Operating leases	7.4		%	7.5		%
Finance leases	7.1		%	7.0		%

Supplemental Cash Flow and Other Information

Supplemental cash flow and other information related to leases was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,647	$	1,830	$	2,033
Operating cash flows from finance leases	48		40		48
Financing cash flows from finance leases	122		152		265

Gain (loss) on sale leaseback transactions, net	(13)		76		12

Maturities of Operating Lease Liabilities

Maturities of lease liabilities were as follows (in millions):


	December 31, 2025
	Operating Leases		Finance Leases
2026	$	1,501	$	164
2027	1,367		152
2028	1,246		110
2029	1,138		102
2030	954		100
2031 and thereafter	3,022		310
Total lease payments	9,228		938
Less: Imputed interest	(2,265)		(211)
Total lease obligations	6,963		727
Less: Current obligations	(1,058)		(117)
Long-term lease obligations	$	5,905	$	610

Maturities of Finance Lease Liabilities

Maturities of lease liabilities were as follows (in millions):


	December 31, 2025
	Operating Leases		Finance Leases
2026	$	1,501	$	164
2027	1,367		152
2028	1,246		110
2029	1,138		102
2030	954		100
2031 and thereafter	3,022		310
Total lease payments	9,228		938
Less: Imputed interest	(2,265)		(211)
Total lease obligations	6,963		727
Less: Current obligations	(1,058)		(117)
Long-term lease obligations	$	5,905	$	610

American Airlines, Inc.

Lessee, Lease, Description [Line Items]

Components of Lease Expense

The components of lease expense were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	1,683	$	1,828	$	1,992
Finance lease cost:
Amortization of assets	123		125		119
Interest on lease liabilities	48		39		44
Variable lease cost	3,382		3,059		2,703
Total net lease cost	$	5,236	$	5,051	$	4,858

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):


	December 31,
	2025			2024
Operating leases:
Operating lease ROU assets	$	7,038		$	7,274

Current operating lease liabilities	$	1,048		$	1,082
Noncurrent operating lease liabilities	5,860			5,926
Total operating lease liabilities	$	6,908		$	7,008

Finance leases:
Property and equipment, at cost	$	1,412		$	1,604
Accumulated amortization	(640)			(924)
Property and equipment, net	$	772		$	680

Current finance lease liabilities	$	114		$	132
Noncurrent finance lease liabilities	610			531
Total finance lease liabilities	$	724		$	663

Weighted average remaining lease term (in years):
Operating leases	8.4			8.2
Finance leases	7.8			7.4

Weighted average discount rate:
Operating leases	7.3		%	7.5		%
Finance leases	7.1		%	7.0		%

Supplemental Cash Flow and Other Information

Supplemental cash flow and other information related to leases was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,633	$	1,810	$	2,011
Operating cash flows from finance leases	48		40		47
Financing cash flows from finance leases	120		145		255

Gain (loss) on sale leaseback transactions, net	(13)		76		12

Maturities of Operating Lease Liabilities

Maturities of lease liabilities were as follows (in millions):


	December 31, 2025
	Operating Leases		Finance Leases
2026	$	1,487	$	161
2027	1,358		152
2028	1,238		110
2029	1,131		102
2030	948		100
2031 and thereafter	2,987		310
Total lease payments	9,149		935
Less: Imputed interest	(2,241)		(211)
Total lease obligations	6,908		724
Less: Current obligations	(1,048)		(114)
Long-term lease obligations	$	5,860	$	610

Maturities of Finance Lease Liabilities

Maturities of lease liabilities were as follows (in millions):


	December 31, 2025
	Operating Leases		Finance Leases
2026	$	1,487	$	161
2027	1,358		152
2028	1,238		110
2029	1,131		102
2030	948		100
2031 and thereafter	2,987		310
Total lease payments	9,149		935
Less: Imputed interest	(2,241)		(211)
Total lease obligations	6,908		724
Less: Current obligations	(1,048)		(114)
Long-term lease obligations	$	5,860	$	610

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The safety and security of our customers and team members is our top priority. This includes working to put in place appropriate administrative, physical and technical cybersecurity safeguards to help protect our assets that keep our operation running and securely store the information in our care. We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our systems and information. We have created, and assess our program against, an integrated cybersecurity framework using various National Institute of Standards and Technology (NIST) security standards, guidelines and best practices. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use various NIST security standards, guidelines and best practices to identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is overseen by our Executive Cybersecurity Risk Group (ECRG) which is comprised of our Chief Digital and Information Officer (CDIO), Chief Financial Officer and Chief Legal Officer. The ECRG, working with our Chief Information Security Officer (CISO), assists the Board of Directors and our senior leadership team in fulfilling their responsibilities for cybersecurity governance, approval and oversight through the periodic reporting and review of security strategy and risk management practices. Our cybersecurity risk management program is integrated into our overall risk management processes and shares common reporting channels and governance processes that apply across the enterprise to other legal, compliance, strategic, operational, and financial risk governance programs. Our cybersecurity risk management program includes: •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems, information, and our broader enterprise information technology environment; •a cybersecurity team principally responsible for managing our (1) cybersecurity risk assessment processes, (2) security controls, (3) vulnerability management program and (4) detection and response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; •policies, procedures and standards that are utilized to outline expectations, guidelines and best practices for managing cybersecurity risks; •cybersecurity awareness training for our employees, incident response personnel and senior management; •a cybersecurity incident response plan that (1) includes procedures for responding to cybersecurity incidents and (2) is periodically tested through exercises; and •a third-party risk management process for critical information technology service providers, suppliers, and vendors. We are constantly assessing our environment for cybersecurity threats, and we face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations or financial condition. At the time of this filing, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations or financial condition. See Part I, Item 1A. Risk Factors – “Evolving data privacy requirements (in particular, compliance with applicable federal, state and foreign laws relating to handling of personal information about individuals) could increase our costs, and any significant data privacy incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is overseen by our Executive Cybersecurity Risk Group (ECRG) which is comprised of our Chief Digital and Information Officer (CDIO), Chief Financial Officer and Chief Legal Officer. The ECRG, working with our Chief Information Security Officer (CISO), assists the Board of Directors and our senior leadership team in fulfilling their responsibilities for cybersecurity governance, approval and oversight through the periodic reporting and review of security strategy and risk management practices. Our cybersecurity risk management program is integrated into our overall risk management processes and shares common reporting channels and governance processes that apply across the enterprise to other legal, compliance, strategic, operational, and financial risk governance programs.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. In turn, the Audit Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. In turn, the Audit Committee oversees management’s implementation of our cybersecurity risk management program. The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as certain incidents with lesser impact potential.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives periodic briefings from management on our cybersecurity risk management program. Board of Director members receive presentations on cybersecurity topics from a combination of our CDIO, CISO, Deputy General Counsel – Chief Privacy and Data Protection Officer, internal security staff, external counsel or external experts, as part of the Board of Director’s continuing education on topics that impact public companies. Our management team, including our CDIO, CISO, Deputy General Counsel – Chief Privacy and Data Protection Officer and additional members of the ECRG are responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Collectively, our management team has extensive information technology experience, as well as cybersecurity incident response, compliance, oversight, and program management experience. Additionally, certain leaders and personnel within the cybersecurity organization hold industry certifications, such as Certified Information Systems Security Professional or Certified Information Security Manager.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including our CDIO, CISO, Deputy General Counsel – Chief Privacy and Data Protection Officer and additional members of the ECRG are responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Collectively, our management team has extensive information technology experience, as well as cybersecurity incident response, compliance, oversight, and program management experience. Additionally, certain leaders and personnel within the cybersecurity organization hold industry certifications, such as Certified Information Systems Security Professional or Certified Information Security Manager. Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other various sources including external consultants engaged by us.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including our CDIO, CISO, Deputy General Counsel – Chief Privacy and Data Protection Officer and additional members of the ECRG are responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Collectively, our management team has extensive information technology experience, as well as cybersecurity incident response, compliance, oversight, and program management experience. Additionally, certain leaders and personnel within the cybersecurity organization hold industry certifications, such as Certified Information Systems Security Professional or Certified Information Security Manager.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other various sources including external consultants engaged by us.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock-Settled RSU Award and CRSU Activity

Stock-settled RSU award activity for all plans for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Outstanding at December 31, 2022	10,263	$	17.51
Granted	9,834	14.54
Vested and released	(5,161)	17.81
Forfeited	(701)	20.49
Outstanding at December 31, 2023	14,235	$	15.18
Granted	2,580	15.76
Modified (1)	(2,809)	16.18
Vested and released	(4,833)	15.91
Forfeited	(827)	15.83
Outstanding at December 31, 2024	8,346	$	15.59
Granted	5,073	14.11

Vested and released	(3,949)	15.27
Forfeited	(2,337)	15.33
Outstanding at December 31, 2025	7,133	$	14.27

(1)In 2024, the settlement terms of 2.8 million stock-settled RSUs were modified from settlement in AAG common stock to settlement in cash. This change in award settlement method was the only modification to these awards, and the vesting, forfeiture and all other terms and conditions were unchanged. The modification resulted in a $20 million reclassification from additional paid-in capital to accrued salaries and wages on our consolidated balance sheet.

CRSU award activity for all plans for the years ended December 31, 2025 and 2024 is as follows:


	Number of Shares	Weighted Average Fair Value
	(In thousands)
Outstanding at December 31, 2023	37	$	13.74
Granted	5,634	17.43
Modified (1)	2,809	16.18
Vested and released	(1,337)	14.75
Forfeited	(136)	17.42
Outstanding at December 31, 2024	7,007	$	17.43
Granted	6,009	15.33

Vested and released	(2,606)	16.43
Forfeited	(547)	15.60
Outstanding at December 31, 2025	9,863	$	15.33

(1)In 2024, the settlement terms of 2.8 million stock-settled RSUs were modified from settlement in AAG common stock to settlement in cash. See table above for further discussion.

American Airlines, Inc.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock-Settled RSU Award and CRSU Activity

Stock-settled RSU award activity for all plans for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Outstanding at December 31, 2022	10,263	$	17.51
Granted	9,834	14.54
Vested and released	(5,161)	17.81
Forfeited	(701)	20.49
Outstanding at December 31, 2023	14,235	$	15.18
Granted	2,580	15.76
Modified (1)	(2,809)	16.18
Vested and released	(4,833)	15.91
Forfeited	(827)	15.83
Outstanding at December 31, 2024	8,346	$	15.59
Granted	5,073	14.11

Vested and released	(3,949)	15.27
Forfeited	(2,337)	15.33
Outstanding at December 31, 2025	7,133	$	14.27

CRSU award activity for all plans for the years ended December 31, 2025 and 2024 is as follows:


	Number of Shares	Weighted Average Fair Value
	(In thousands)
Outstanding at December 31, 2023	37	$	13.74
Granted	5,634	17.43
Modified (1)	2,809	16.18
Vested and released	(1,337)	14.75
Forfeited	(136)	17.42
Outstanding at December 31, 2024	7,007	$	17.43
Granted	6,009	15.33

Vested and released	(2,606)	16.43
Forfeited	(547)	15.60
Outstanding at December 31, 2025	9,863	$	15.33

(1)In 2024, the settlement terms of 2.8 million stock-settled RSUs were modified from settlement in AAG common stock to settlement in cash. See table above for further discussion.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

We sponsor defined benefit and defined contribution pension plans for eligible employees. The defined benefit pension plans provide benefits for participating employees based on years of service and average compensation for a specified period of time before retirement. Effective November 1, 2012, substantially all of our defined benefit pension plans were frozen and we began providing enhanced benefits under our defined contribution pension plans for certain employee groups. We use a December 31 measurement date for all of our defined benefit pension plans. We also provide certain retiree medical and other postretirement benefits, including health care and life insurance benefits to retired employees and notional retiree health reimbursement arrangements for eligible participants.

Benefit Obligations, Fair Value of Plan Assets and Funded Status

The following tables provide a reconciliation of the changes in the pension and retiree medical and other postretirement benefits obligations, fair value of plan assets and funded status as of December 31, 2025 and 2024:


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
Benefit obligation at beginning of period	$	13,349	$	14,410	$	1,308	$	1,325
Service cost	3		2		23		29
Interest cost	730		723		69		64
Actuarial loss (gain) (1), (2)	168		(741)		(11)		(58)

Plan amendments (3)	—		—		—		55
Benefit payments	(919)		(913)		(130)		(107)
Other	—		(132)		—		—
Benefit obligation at end of period	$	13,331	$	13,349	$	1,259	$	1,308






Fair value of plan assets at beginning of period	$	12,254	$	12,431	$	128	$	133
Actual return on plan assets	1,229		568		15		9
Employer contributions (4)	228		300		105		93

Benefit payments	(919)		(913)		(130)		(107)
Other	—		(132)		—		—
Fair value of plan assets at end of period	$	12,792	$	12,254	$	118	$	128
Funded status at end of period	$	(539)	$	(1,095)	$	(1,141)	$	(1,180)

(1)The 2025 and 2024 pension actuarial loss (gain) primarily relates to the change in our weighted average discount rate assumption.

(2)The 2025 and 2024 retiree medical and other postretirement benefits actuarial gain primarily relates to changes in certain retirement assumptions, offset in part by increases in health care premiums and health care cost assumptions. Changes in our weighted average discount rate assumption also impacted the net actuarial gain in 2025 and 2024.

(3)In 2024 we remeasured our retiree medical and other postretirement benefits to account for enhanced retirement benefits pursuant to the ratification of new CBAs. As a result, we increased our postretirement benefits obligation by $55 million, which was included as a component of prior service cost in accumulated other comprehensive loss.

(4)In 2025 and 2024, we made required contributions of $224 million and $285 million, respectively, to our defined benefit pension plans.

Balance Sheet Position


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Current liability	$	4	$	5	$	108	$	142
Noncurrent liability	535		1,090		1,033		1,038
Total liabilities	$	539	$	1,095	$	1,141	$	1,180


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Net actuarial loss (gain)	$	2,907	$	3,128	$	(395)	$	(408)
Prior service cost	—		1		220		238
Total accumulated other comprehensive loss (income), pre-tax	$	2,907	$	3,129	$	(175)	$	(170)

Plans with Projected Benefit Obligations Exceeding Fair Value of Plan Assets


	Pension Benefits
	2025		2024

	(In millions)
As of December 31:
Projected benefit obligation	$	8,820	$	13,349
Fair value of plan assets	8,221		12,254

Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Accumulated benefit obligation	$	8,814	$	13,341	$	—	$	—
Accumulated postretirement benefit obligation	—		—		1,259		1,308
Fair value of plan assets	8,221		12,254		118		128

Net Periodic Benefit Cost (Income)


	Pension Benefits						Retiree Medical and Other Postretirement Benefits
	2025		2024		2023		2025		2024		2023

	(In millions)
For the years ended December 31:
Defined benefit plans:
Service cost	$	3	$	2	$	2	$	23	$	29	$	17
Interest cost	730		723		758		69		64		55
Expected return on assets	(929)		(978)		(918)		(9)		(10)		(11)


Amortization of:
Prior service cost (benefit)	1		—		18		17		14		(6)
Unrecognized net loss (gain)	91		105		106		(27)		(31)		(34)
Net periodic benefit cost (income)	$	(104)	$	(148)	$	(34)	$	73	$	66	$	21

The service cost component of net periodic benefit cost (income) is included in operating expenses and the other components of net periodic benefit cost (income) are included in nonoperating other income (expense), net on our consolidated statements of operations.

Assumptions

The following actuarial assumptions were used to determine our benefit obligations and net periodic benefit cost (income) for the periods presented:


	Pension Benefits		Retiree Medical and Other Postretirement Benefits
	2025	2024	2025	2024
Benefit obligations as of December 31:
Weighted average discount rate	5.5%	5.7%	5.3%	5.6%


	Pension Benefits			Retiree Medical and Other Postretirement Benefits
	2025	2024	2023	2025	2024	2023
Net periodic benefit cost (income) for the years ended December 31:
Weighted average discount rate	5.7%	5.2%	5.6%	5.6%	5.3%	5.7%
Weighted average expected rate of return on plan assets	7.75%	8.0%	8.0%	7.75%	8.0%	8.0%
Weighted average health care cost trend rate assumed for next year (1)	N/A	N/A	N/A	7.0%	6.5%	6.5%

(1)The weighted average health care cost trend rate at December 31, 2025 is assumed to decline gradually to 4.5% by 2036 and remain level thereafter.

As of January 1, 2026, our estimate of the long-term rate of return on plan assets is 7.3% based on the target asset allocation. Expected returns on long duration bonds are based on yields to maturity of the bonds held at year-end. Expected returns on other assets are based on a combination of long-term historical returns, actual returns on plan assets achieved over the last 10 years, current and expected market conditions, and expected value to be generated through active management and securities lending programs.

Minimum Contributions

We are required to make minimum contributions to our defined benefit pension plans under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and various other laws for U.S. based plans as well as underfunding rules specific to countries where we maintain defined benefit pension plans. Based on current funding assumptions, we have minimum required contributions of $238 million for 2026 including contributions to defined benefit pension plans for our wholly-owned subsidiaries. Our future funding obligations will depend on the performance of our investments held in a trust by the pension plans, interest rates for determining funding targets, the amount of and timing of any supplemental contributions and our actuarial experience.

In January 2026, we made required contributions of $236 million and a supplemental contribution of $50 million to our defined benefit pension plans.

Benefit Payments

The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):


	2026		2027		2028		2029		2030		2031-2035
Pension benefits	$	984	$	999	$	1,012	$	1,023	$	1,029	$	5,113
Retiree medical and other postretirement benefits	136		138		140		139		137		610

Plan Assets

The objectives of our investment policies are to: maintain sufficient income and liquidity to pay retirement benefits; produce a long-term rate of return that meets or exceeds the assumed rate of return for plan assets; limit the volatility of asset performance and funded status; and diversify assets among asset classes and investment managers.

Based on these investment objectives, a long-term strategic asset allocation has been established. This strategic allocation seeks to balance the potential benefit of improving the funded position with the potential risk that the funded position would decline. The current strategic target asset allocation with the corresponding allowed range is as follows:


Asset Class/Sub-Class	Target Allocation	Allowed Range
Equity	45%	10% - 80%
Public:
U.S.	18%	5% - 40%
International developed markets	9%	0% - 20%
Emerging markets	3%	0% - 10%
Private equity	15%	5% - 35%

Fixed income	55%	15% - 90%
Public U.S. fixed income	45%	15% - 70%
Private income	10%	0% - 20%

Other	0%	0% - 5%
Cash equivalents	0%	0% - 20%

Public equity investments are intended to provide a real return over a full market cycle and, therefore, to contribute to the pension plan’s long-term objective. Public fixed income investments are intended to provide income to the plan and offer the potential for long term capital appreciation. Private investments, such as private equity and private income, are used to provide higher expected returns than public markets over the long-term by assuming reduced levels of liquidity and higher levels of risk. The pension plan’s master trust participates in securities lending programs to generate additional income by loaning plan assets to borrowers on a fully collateralized basis. The pension plan’s master trust will also engage in derivative instruments to equitize residual levels of cash as well as hedge the pension plan’s exposure to interest rates. Such programs are subject to market risk and counterparty risk.

Investments in securities traded on recognized securities exchanges are valued at the last reported sales price on the last business day of the year. Securities traded in the over-the-counter market are valued at the last bid price. Investments in limited partnerships are carried at estimated net asset value (NAV) as determined by and reported by the general partners of the partnerships and represent the proportionate share of the estimated fair value of the underlying assets of the limited partnerships. Mutual funds are valued once daily through a NAV calculation provided at the end of each trade day. Common/collective trusts are valued at NAV based on the fair values of the underlying investments of the trusts as determined by the sponsor of the trusts. No changes in valuation techniques or inputs occurred during the year.

Benefit Plan Assets Measured at Fair Value on a Recurring Basis

The fair value of our pension plan assets at December 31, 2025 and 2024, by asset category, were as follows (in millions) (1):


	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity (2)	$	2,087	$	—	$	—	$	2,087	$	2,498	$	—	$	—	$	2,498
Fixed income (3)	476		5,390		—		5,866		439		3,723		—		4,162
Other, net (4)	144		288		63		495		91		144		68		303
Measured at NAV (5):
Common collective trusts (6)	—		—		—		273		—		—		—		1,153
Private investments (7)	—		—		—		4,071		—		—		—		4,138
Total plan assets	$	2,707	$	5,678	$	63	$	12,792	$	3,028	$	3,867	$	68	$	12,254

(1)See Note 7 for a description of the levels within the fair value hierarchy.

(2)Equity investments primarily include domestic and international common stock.

(3)Fixed income investments primarily include corporate and government bonds, as well as mutual funds invested in fixed income securities.

(4)Other primarily includes a short-term investment fund, net receivables and payables of the pension plan’s master trust for dividends, interest and amounts due to or from the sale and purchase of securities and cash and cash equivalents.

(5)Includes investments that were measured at NAV per share (or its equivalent) as a practical expedient that have not been classified in the fair value hierarchy.

(6)Common collective trusts include commingled funds primarily invested in equity securities.

(7)Private investments include limited partnerships that invest primarily in domestic private equity and private income opportunities. The pension plan’s master trust does not have the right to redeem its limited partnership investment at its NAV, but rather receives distributions as the underlying assets are liquidated. It is estimated that the underlying assets of these funds will be gradually liquidated over the next 10 years. As of December 31, 2025, the pension plan’s master trust has future funding commitments to these limited partnerships of approximately $1.0 billion, most of which are expected to be called over the next seven years.

Changes in fair value measurements of Level 3 investments during the years ended December 31, 2025 and 2024, were as follows (in millions):


	2025		2024
Balance at beginning of year	$	68	$	84
Actual gain (loss) on plan assets:
Relating to assets still held at the reporting date	(8)		(25)
Purchases	5		9
Sales	(2)		—

Balance at end of year	$	63	$	68

Plan assets in the retiree medical and other postretirement benefits plans are primarily Level 2 mutual funds valued by quoted prices on the active market, which is fair value, and represents the NAV of the shares of such funds as of the close of business at the end of the period. NAV is based on the fair market value of the funds’ underlying assets and liabilities at the date of determination.

Defined Contribution and Multiemployer Plans

The costs associated with our defined contribution plans were $1.6 billion, $1.4 billion and $1.1 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

We participate in the International Association of Machinists & Aerospace Workers (IAM) National Pension Fund, Employer Identification No. 51-6031295 and Plan No. 002 (the IAM Pension Fund). Our contributions to the IAM Pension Fund were $63 million, $57 million and $52 million for the years ended December 31, 2025, 2024 and 2023, respectively. The IAM Pension Fund reported $640 million in employers’ contributions for the year ended December 31, 2024, which is the most recent year for which such information is available. For 2024 and 2023, our contributions represented more than 5% of total contributions to the IAM Pension Fund.

On March 29, 2019, the actuary for the IAM Pension Fund certified that the fund was in “endangered” status despite reporting a funded status of over 80%. Additionally, the IAM Pension Fund’s Board voluntarily elected to enter into “critical” status on April 17, 2019. Upon entry into critical status, the IAM Pension Fund was required by law to adopt a rehabilitation plan aimed at restoring the financial health of the pension plan and did so on April 17, 2019 (the Rehabilitation Plan). Under the Rehabilitation Plan, we were subject to an immaterial contribution surcharge, which ceased to apply June 14, 2019 upon our mandatory adoption of a contribution schedule under the Rehabilitation Plan. The contribution schedule requires 2.5% annual increases to our contribution rate. This contribution schedule will remain in effect through the earlier of December 31, 2031 or the date the IAM Pension Fund emerges from critical status. As of the most recent data available, the IAM Pension Fund remains in critical status.

Profit Sharing Program

Our annual profit sharing program is funded by 10% of adjusted pre-tax earnings up to $2.5 billion and 20% of earnings above that threshold. Adjusted pre-tax earnings exclude net special items and certain other amounts, as defined by the plan. For the year ended December 31, 2025, we accrued $55 million for this program, which will be distributed to employees in the first quarter of 2026.

American Airlines, Inc.

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

American sponsors defined benefit and defined contribution pension plans for eligible employees. The defined benefit pension plans provide benefits for participating employees based on years of service and average compensation for a specified period of time before retirement. Effective November 1, 2012, substantially all of American’s defined benefit pension plans were frozen and American began providing enhanced benefits under its defined contribution pension plans for certain employee groups. American uses a December 31 measurement date for all of its defined benefit pension plans. American also provides certain retiree medical and other postretirement benefits, including health care and life insurance benefits to retired employees and notional retiree health reimbursement arrangements for eligible participants.

Benefit Obligations, Fair Value of Plan Assets and Funded Status


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
Benefit obligation at beginning of period	$	13,258	$	14,314	$	1,307	$	1,325
Service cost	2		2		23		29
Interest cost	725		718		69		64
Actuarial loss (gain) (1), (2)	169		(737)		(11)		(58)

Plan amendments (3)	—		—		—		54
Benefit payments	(914)		(907)		(130)		(107)
Other	—		(132)		—		—
Benefit obligation at end of period	$	13,240	$	13,258	$	1,258	$	1,307






Fair value of plan assets at beginning of period	$	12,175	$	12,358	$	128	$	133
Actual return on plan assets	1,216		561		15		9
Employer contributions (4)	225		295		105		93

Benefit payments	(914)		(907)		(130)		(107)
Other	—		(132)		—		—
Fair value of plan assets at end of period	$	12,702	$	12,175	$	118	$	128
Funded status at end of period	$	(538)	$	(1,083)	$	(1,140)	$	(1,179)

(1)The 2025 and 2024 pension actuarial loss (gain) primarily relates to the change in American’s weighted average discount rate assumption.

(2)The 2025 and 2024 retiree medical and other postretirement benefits actuarial gain primarily relates to changes in certain retirement assumptions, offset in part by increases in health care premiums and health care cost assumptions. Changes in American’s weighted average discount rate assumption also impacted the net actuarial gain in 2025 and 2024.

(3)In 2024, American remeasured its retiree medical and other postretirement benefits to account for enhanced retirement benefits pursuant to the ratification of new CBAs. As a result, American increased its postretirement benefits obligation by $54 million, which was included as a component of prior service cost in accumulated other comprehensive loss.

(4)In 2025 and 2024, American made required contributions of $221 million and $280 million, respectively, to its defined benefit pension plans.

Balance Sheet Position


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Current liability	$	4	$	5	$	108	$	142
Noncurrent liability	534		1,078		1,032		1,037
Total liabilities	$	538	$	1,083	$	1,140	$	1,179


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Net actuarial loss (gain)	$	2,915	$	3,130	$	(395)	$	(407)
Prior service cost	1		1		221		238
Total accumulated other comprehensive loss (income), pre-tax	$	2,916	$	3,131	$	(174)	$	(169)

Plans with Projected Benefit Obligations Exceeding Fair Value of Plan Assets


	Pension Benefits
	2025		2024

	(In millions)
As of December 31:
Projected benefit obligation	$	8,807	$	13,258
Fair value of plan assets	8,209		12,175

Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Accumulated benefit obligation	$	8,801	$	13,251	$	—	$	—
Accumulated postretirement benefit obligation	—		—		1,258		1,307
Fair value of plan assets	8,209		12,175		118		128

Net Periodic Benefit Cost (Income)


	Pension Benefits						Retiree Medical and Other Postretirement Benefits
	2025		2024		2023		2025		2024		2023

	(In millions)
For the years ended December 31:
Defined benefit plans:
Service cost	$	2	$	2	$	2	$	23	$	29	$	17
Interest cost	725		718		753		69		64		55
Expected return on assets	(923)		(973)		(914)		(9)		(10)		(11)


Amortization of:
Prior service cost (benefit)	—		—		18		18		14		(6)
Unrecognized net loss (gain)	91		105		106		(27)		(31)		(34)
Net periodic benefit cost (income)	$	(105)	$	(148)	$	(35)	$	74	$	66	$	21

Assumptions

The following actuarial assumptions were used to determine American’s benefit obligations and net periodic benefit cost (income) for the periods presented:


	Pension Benefits		Retiree Medical and Other Postretirement Benefits
	2025	2024	2025	2024
Benefit obligations as of December 31:
Weighted average discount rate	5.5%	5.7%	5.3%	5.6%


	Pension Benefits			Retiree Medical and Other Postretirement Benefits
	2025	2024	2023	2025	2024	2023
Net periodic benefit cost (income) for the years ended December 31:
Weighted average discount rate	5.7%	5.2%	5.6%	5.6%	5.3%	5.7%
Weighted average expected rate of return on plan assets	7.75%	8.0%	8.0%	7.75%	8.0%	8.0%
Weighted average health care cost trend rate assumed for next year (1)	N/A	N/A	N/A	7.0%	6.5%	6.5%

(1)The weighted average health care cost trend rate at December 31, 2025 is assumed to decline gradually to 4.5% by 2036 and remain level thereafter.

As of January 1, 2026, American’s estimate of the long-term rate of return on plan assets is 7.3% based on the target asset allocation. Expected returns on long duration bonds are based on yields to maturity of the bonds held at year-end. Expected returns on other assets are based on a combination of long-term historical returns, actual returns on plan assets achieved over the last 10 years, current and expected market conditions, and expected value to be generated through active management and securities lending programs.

Minimum Contributions

American is required to make minimum contributions to its defined benefit pension plans under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and various other laws for U.S. based plans as well as underfunding rules specific to countries where American maintains defined benefit pension plans. Based on current funding assumptions, American has minimum required contributions of $236 million for 2026. American’s future funding obligations will depend on the performance of American’s investments held in a trust by the pension plans, interest rates for determining funding targets, the amount of and timing of any supplemental contributions and American’s actuarial experience.

In January 2026, American made required contributions of $236 million and a supplemental contribution of $50 million to its defined benefit pension plans.

Benefit Payments

The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):


	2026		2027		2028		2029		2030		2031-2035
Pension benefits	$	979	$	993	$	1,006	$	1,016	$	1,023	$	5,078
Retiree medical and other postretirement benefits	135		138		140		139		137		609

Plan Assets

The objectives of American’s investment policies are to: maintain sufficient income and liquidity to pay retirement benefits; produce a long-term rate of return that meets or exceeds the assumed rate of return for plan assets; limit the volatility of asset performance and funded status; and diversify assets among asset classes and investment managers.


Asset Class/Sub-Class	Target Allocation	Allowed Range
Equity	45%	10% - 80%
Public:
U.S.	18%	5% - 40%
International developed markets	9%	0% - 20%
Emerging markets	3%	0% - 10%
Private equity	15%	5% - 35%

Fixed income	55%	15% - 90%
Public U.S. fixed income	45%	15% - 70%
Private income	10%	0% - 20%

Other	0%	0% - 5%
Cash equivalents	0%	0% - 20%

Benefit Plan Assets Measured at Fair Value on a Recurring Basis

The fair value of American’s pension plan assets at December 31, 2025 and 2024, by asset category, were as follows (in millions) (1):


	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity (2)	$	2,083	$	—	$	—	$	2,083	$	2,498	$	—	$	—	$	2,498
Fixed income (3)	465		5,390		—		5,855		427		3,723		—		4,150
Other, net (4)	144		288		63		495		91		144		68		303
Measured at NAV (5):
Common collective trusts (6)	—		—		—		198		—		—		—		1,086
Private investments (7)	—		—		—		4,071		—		—		—		4,138
Total plan assets	$	2,692	$	5,678	$	63	$	12,702	$	3,016	$	3,867	$	68	$	12,175

(1)See Note 6 for a description of the levels within the fair value hierarchy.

(2)Equity investments primarily include domestic and international common stock.

(3)Fixed income investments primarily include corporate and government bonds, as well as mutual funds invested in fixed income securities.

(5)Includes investments that were measured at NAV per share (or its equivalent) as a practical expedient that have not been classified in the fair value hierarchy.

(6)Common collective trusts include commingled funds primarily invested in equity securities.

Changes in fair value measurements of Level 3 investments during the years ended December 31, 2025 and 2024, were as follows (in millions):


	2025		2024
Balance at beginning of year	$	68	$	84
Actual gain (loss) on plan assets:
Relating to assets still held at the reporting date	(8)		(25)
Purchases	5		9
Sales	(2)		—

Balance at end of year	$	63	$	68

Defined Contribution and Multiemployer Plans

The costs associated with American’s defined contribution plans were $1.6 billion, $1.4 billion and $1.1 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

American participates in the International Association of Machinists & Aerospace Workers (IAM) National Pension Fund, Employer Identification No. 51-6031295 and Plan No. 002 (the IAM Pension Fund). American’s contributions to the IAM Pension Fund were $63 million, $57 million and $52 million for the years ended December 31, 2025, 2024 and 2023, respectively. The IAM Pension Fund reported $640 million in employers’ contributions for the year ended December 31, 2024, which is the most recent year for which such information is available. For 2024 and 2023, American’s contributions represented more than 5% of total contributions to the IAM Pension Fund.

On March 29, 2019, the actuary for the IAM Pension Fund certified that the fund was in “endangered” status despite reporting a funded status of over 80%. Additionally, the IAM Pension Fund’s Board voluntarily elected to enter into “critical” status on April 17, 2019. Upon entry into critical status, the IAM Pension Fund was required by law to adopt a rehabilitation plan aimed at restoring the financial health of the pension plan and did so on April 17, 2019 (the Rehabilitation Plan). Under the Rehabilitation Plan, American was subject to an immaterial contribution surcharge, which ceased to apply June 14, 2019 upon American’s mandatory adoption of a contribution schedule under the Rehabilitation Plan. The contribution schedule requires 2.5% annual increases to its contribution rate. This contribution schedule will remain in effect through the earlier of December 31, 2031 or the date the IAM Pension Fund emerges from critical status. As of the most recent data available, the IAM Pension Fund remains in critical status.

Profit Sharing Program

American’s annual profit sharing program is funded by 10% of adjusted pre-tax earnings up to $2.5 billion and 20% of earnings above that threshold. Adjusted pre-tax earnings exclude net special items and certain other amounts, as defined by the plan. For the year ended December 31, 2025, American accrued $55 million for this program, which will be distributed to employees in the first quarter of 2026.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Debt - PSP Promissory Notes (Details) - PSP Promissory Notes $ in Billions	12 Months Ended
	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Aggregate principal issued	$ 3.7
Basis spread on variable rate	2.00%
Number of days within the occurrence of triggering event	30 days
Interest Rate First And Second Quarters Of Current Year
Debt Instrument [Line Items]
Fixed interest rate per annum	1.00%
Interest Rate Third Quarter Of Current Year And Beyond
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments, Contingencies and Guarantees (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Line Items]

Long-term Purchase Commitments

Under all of our aircraft and engine purchase agreements, our total future commitments as of December 31, 2025 are expected to be as follows (approximately, in millions):


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
Payments for aircraft and engine commitments (1)	$	2,931	$	2,468	$	4,021	$	4,921	$	3,151	$	6,696	$	24,188

Commitments under Capacity Purchase Agreements with Third-Party Regional Carriers

As of December 31, 2025, American’s commitments under its capacity purchase agreements with third-party regional carriers are expected to be as follows (approximately, in millions):


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
Regional capacity purchase agreements (1)	$	1,159	$	1,156	$	1,082	$	900	$	457	$	399	$	5,153

(1)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American’s actual payments could differ materially.

American Airlines, Inc.

Commitments and Contingencies [Line Items]

Long-term Purchase Commitments

Under all of American’s aircraft and engine purchase agreements, its total future commitments as of December 31, 2025 are expected to be as follows (approximately, in millions):


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
Payments for aircraft and engine commitments (1)	$	2,931	$	2,468	$	4,021	$	4,921	$	3,151	$	6,696	$	24,188

Commitments under Capacity Purchase Agreements with Third-Party Regional Carriers

As of December 31, 2025, American’s commitments under its capacity purchase agreements with third-party regional carriers are expected to be as follows (approximately, in millions):


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
Regional capacity purchase agreements (1)	$	1,159	$	1,156	$	1,082	$	900	$	457	$	399	$	5,153

(1)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American’s actual payments could differ materially.

Debt - Equipment Loans and Other Notes Payable (Details) - American Airlines, Inc. - Secured Debt - Equipment Loans and Other Notes Payable Issue in Current Year $ in Billions	12 Months Ended
	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Proceeds from notes payable	$ 1.2
Fixed interest rate per annum	5.72%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefit Plans - Schedule of Allocation of Plan Assets (Details)	Dec. 31, 2025
Equity
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	45.00%
Equity \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	10.00%
Equity \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	80.00%
U.S.
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	18.00%
U.S. \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	5.00%
U.S. \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	40.00%
International developed markets
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	9.00%
International developed markets \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
International developed markets \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	20.00%
Emerging markets
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	3.00%
Emerging markets \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
Emerging markets \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	10.00%
Private equity
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	15.00%
Private equity \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	5.00%
Private equity \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	35.00%
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	55.00%
Fixed income \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	15.00%
Fixed income \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	90.00%
Public U.S. fixed income
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	45.00%
Public U.S. fixed income \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	15.00%
Public U.S. fixed income \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	70.00%
Private income
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	10.00%
Private income \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
Private income \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	20.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
Other \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
Other \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	5.00%
Cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
Cash equivalents \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
Cash equivalents \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	20.00%
American Airlines, Inc. \| Equity
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	45.00%
American Airlines, Inc. \| Equity \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	10.00%
American Airlines, Inc. \| Equity \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	80.00%
American Airlines, Inc. \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	18.00%
American Airlines, Inc. \| U.S. \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	5.00%
American Airlines, Inc. \| U.S. \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	40.00%
American Airlines, Inc. \| International developed markets
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	9.00%
American Airlines, Inc. \| International developed markets \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
American Airlines, Inc. \| International developed markets \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	20.00%
American Airlines, Inc. \| Emerging markets
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	3.00%
American Airlines, Inc. \| Emerging markets \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
American Airlines, Inc. \| Emerging markets \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	10.00%
American Airlines, Inc. \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	15.00%
American Airlines, Inc. \| Private equity \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	5.00%
American Airlines, Inc. \| Private equity \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	35.00%
American Airlines, Inc. \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	55.00%
American Airlines, Inc. \| Fixed income \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	15.00%
American Airlines, Inc. \| Fixed income \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	90.00%
American Airlines, Inc. \| Public U.S. fixed income
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	45.00%
American Airlines, Inc. \| Public U.S. fixed income \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	15.00%
American Airlines, Inc. \| Public U.S. fixed income \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	70.00%
American Airlines, Inc. \| Private income
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	10.00%
American Airlines, Inc. \| Private income \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
American Airlines, Inc. \| Private income \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	20.00%
American Airlines, Inc. \| Other
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
American Airlines, Inc. \| Other \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
American Airlines, Inc. \| Other \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	5.00%
American Airlines, Inc. \| Cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
American Airlines, Inc. \| Cash equivalents \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	0.00%
American Airlines, Inc. \| Cash equivalents \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Strategic target asset allocation	20.00%

Employee Benefit Plans - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Pension Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	$ 12,254	$ 12,431
Actual return on plan assets	1,229	568
Employer contributions	228	300
Benefit payments	(919)	(913)
Other	0	(132)
Fair value of plan assets at end of period	12,792	12,254
Funded status at end of period	(539)	(1,095)
Payments of required contributions	224	285
Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	128	133
Actual return on plan assets	15	9
Employer contributions	105	93
Benefit payments	(130)	(107)
Other	0	0
Fair value of plan assets at end of period	118	128
Funded status at end of period	(1,141)	(1,180)
American Airlines, Inc. \| Pension Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	12,175	12,358
Actual return on plan assets	1,216	561
Employer contributions	225	295
Benefit payments	(914)	(907)
Other	0	(132)
Fair value of plan assets at end of period	12,702	12,175
Funded status at end of period	(538)	(1,083)
Payments of required contributions	221	280
American Airlines, Inc. \| Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	128	133
Actual return on plan assets	15	9
Employer contributions	105	93
Benefit payments	(130)	(107)
Other	0	0
Fair value of plan assets at end of period	118	128
Funded status at end of period	$ (1,140)	$ (1,179)

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2025

Other Significant Noncash Transactions [Line Items]

Supplemental Cash Flow Information

Supplemental disclosure of cash flow information and non-cash investing and financing activities are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Non-cash investing and financing activities:
ROU assets acquired through operating leases	$	889	$	637	$	1,180
Operating leases converted to finance leases	269		293		5
Finance leases converted to operating leases	127		50		42
Property and equipment acquired through debt, finance leases and other	70		152		317


Supplemental information:
Interest paid, net	1,696		1,933		2,180

American Airlines, Inc.

Other Significant Noncash Transactions [Line Items]

Supplemental Cash Flow Information

Supplemental disclosure of cash flow information and non-cash investing and financing activities are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Non-cash investing and financing activities:
ROU assets acquired through operating leases	$	884	$	614	$	1,172
Operating leases converted to finance leases	269		293		5
Finance leases converted to operating leases	127		50		42
Property and equipment acquired through debt, finance leases and other	70		151		317


Supplemental information:
Interest paid, net	1,551		1,806		2,058

Earnings Per Common Share - Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic EPS:
Net income	$ 111	$ 846	$ 822
Weighted average common shares outstanding (in shares)	659,964	656,996	653,612
Basic EPS (in dollars per share)	$ 0.17	$ 1.29	$ 1.26
Diluted EPS:
Net income	$ 111	$ 846	$ 822
Interest expense on 6.50% convertible senior notes	0	51	46
Net income for purposes of computing diluted EPS	$ 111	$ 897	$ 868
Share computation for diluted EPS:
Basic weighted average common shares outstanding (in shares)	659,964	656,996	653,612
Dilutive effect of restricted stock unit awards (in shares)	763	1,121	1,830
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants (in shares)	325	1,455	2,499
Assumed conversion of 6.50% convertible senior notes (in shares)	0	61,728	61,728
Diluted weighted average common shares outstanding (in shares)	661,052	721,300	719,669
Diluted EPS (in dollars per share)	$ 0.17	$ 1.24	$ 1.21

Debt - Certain Covenants (Details) $ in Billions	12 Months Ended
Debt - Certain Covenants (Details) $ in Billions	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Covenant terms, minimum aggregate liquidity required	$ 2.0
Secured Debt
Debt Instrument [Line Items]
LTV Multiplier	1.6
Maximum LTV	62.50%
Secured Debt \| 2013 Credit Facility and 7.25% Senior Secured Notes
Debt Instrument [Line Items]
LTV as of Last Measurement Date	38.40%
Secured Debt \| 7.25% Senior Secured Notes
Debt Instrument [Line Items]
Fixed interest rate per annum	7.25%
Secured Debt \| Credit Facility 2014
Debt Instrument [Line Items]
LTV as of Last Measurement Date	15.30%
Secured Debt \| 2023 Term Loan Facility and 8.50% Senior Secured Notes
Debt Instrument [Line Items]
LTV as of Last Measurement Date	25.40%
Secured Debt \| 8.50% Senior Secured Notes
Debt Instrument [Line Items]
Fixed interest rate per annum	8.50%
American Airlines, Inc.
Debt Instrument [Line Items]
Covenant terms, minimum aggregate liquidity required	$ 2.0
American Airlines, Inc. \| Secured Debt
Debt Instrument [Line Items]
LTV Multiplier	1.6
Maximum LTV	62.50%
American Airlines, Inc. \| Secured Debt \| 2013 Credit Facility and 7.25% Senior Secured Notes
Debt Instrument [Line Items]
LTV as of Last Measurement Date	38.40%
American Airlines, Inc. \| Secured Debt \| 7.25% Senior Secured Notes
Debt Instrument [Line Items]
Fixed interest rate per annum	7.25%
American Airlines, Inc. \| Secured Debt \| Credit Facility 2014
Debt Instrument [Line Items]
LTV as of Last Measurement Date	15.30%
American Airlines, Inc. \| Secured Debt \| 2023 Term Loan Facility and 8.50% Senior Secured Notes
Debt Instrument [Line Items]
LTV as of Last Measurement Date	25.40%
American Airlines, Inc. \| Secured Debt \| 8.50% Senior Secured Notes
Debt Instrument [Line Items]
Fixed interest rate per annum	8.50%

Debt - Other Financing Activities (Details) $ in Millions	12 Months Ended
Debt - Other Financing Activities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Enhanced Equipment Trust Certificates (EETC) \| Secured Debt \| American Airlines, Inc.
Debt Instrument [Line Items]
Repayments of debt	$ 487

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating leases:
Operating lease ROU assets	$ 7,091	$ 7,333
Current operating lease liabilities	1,058	1,092
Noncurrent operating lease liabilities	5,905	5,976
Total operating lease liabilities	6,963	7,068
Finance leases:
Property and equipment, at cost	1,445	1,632
Accumulated amortization	(673)	(952)
Property and equipment, net	772	680
Current finance lease liabilities	117	132
Noncurrent finance lease liabilities	610	531
Total finance lease liabilities	$ 727	$ 663
Weighted average remaining lease term (in years):
Operating leases	8 years 4 months 24 days	8 years 2 months 12 days
Finance leases	7 years 9 months 18 days	7 years 4 months 24 days
Weighted average discount rate:
Operating leases	7.40%	7.50%
Finance leases	7.10%	7.00%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current maturities of long-term debt and finance leases	Current maturities of long-term debt and finance leases
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation
American Airlines, Inc.
Operating leases:
Operating lease ROU assets	$ 7,038	$ 7,274
Current operating lease liabilities	1,048	1,082
Noncurrent operating lease liabilities	5,860	5,926
Total operating lease liabilities	6,908	7,008
Finance leases:
Property and equipment, at cost	1,412	1,604
Accumulated amortization	(640)	(924)
Property and equipment, net	772	680
Current finance lease liabilities	114	132
Noncurrent finance lease liabilities	610	531
Total finance lease liabilities	$ 724	$ 663
Weighted average remaining lease term (in years):
Operating leases	8 years 4 months 24 days	8 years 2 months 12 days
Finance leases	7 years 9 months 18 days	7 years 4 months 24 days
Weighted average discount rate:
Operating leases	7.30%	7.50%
Finance leases	7.10%	7.00%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current maturities of long-term debt and finance leases	Current maturities of long-term debt and finance leases
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation

Transactions with Related Parties

12 Months Ended

Dec. 31, 2025

American Airlines, Inc.

Transactions with Related Parties

The following represents the net receivables (payables) from or to related parties (in millions):


	December 31,
	2025		2024
AAG (1)	$	11,938	$	10,258
AAG’s wholly-owned subsidiaries (2)	(2,042)		(2,071)
Total	$	9,896	$	8,187

(1)The increase in American’s net related party receivable from AAG is due in part to American providing the cash funding for AAG’s financing transactions, including the $1.0 billion cash settlement of AAG’s 6.50% convertible senior notes upon their maturity on July 1, 2025.

(2)The net payable to AAG’s wholly-owned subsidiaries consists primarily of amounts due under regional capacity purchase agreements with AAG’s wholly-owned regional airlines operating under the brand name of American Eagle.

Pursuant to a capacity purchase agreement between American and AAG’s wholly-owned regional airlines operating as American Eagle, American purchases all of the capacity from these carriers and recognizes passenger revenue from flights operated by American Eagle. In 2025, 2024 and 2023, American recognized expense of approximately $3.2 billion, $2.9 billion and $2.7 billion, respectively, related to wholly-owned regional airline capacity purchase agreements.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):


	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Gain (Loss) on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2023	$	(3,380)	$	(2)	$	(1,512)	$	(4,894)
Other comprehensive income (loss) before reclassifications	333		2		(74)		261
Amounts reclassified from AOCI	88		—		(20)		68
Net current-period other comprehensive income (loss)	421		2		(94)		329
Balance at December 31, 2024	(2,959)		—		(1,606)		(4,565)
Other comprehensive income (loss) before reclassifications	145		—		(33)		112
Amounts reclassified from AOCI	82		—		(18)		64
Net current-period other comprehensive income (loss)	227		—		(51)		176
Balance at December 31, 2025	$	(2,732)	$	—	$	(1,657)	$	(4,389)

Reclassifications out of AOCI for the years ended December 31, 2025 and 2024 are as follows (in millions):


	Amounts reclassified from AOCI				Affected line items on the consolidated statements of operations
	Year Ended December 31,
AOCI Components	2025		2024
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	14	$	11	Nonoperating other income (expense), net
Actuarial loss	50		57		Nonoperating other income (expense), net
Total reclassifications for the period, net of tax	$	64	$	68

American Airlines, Inc.

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):


	Pension, Retiree Medical and Other Postretirement Benefits		Unrealized Gain (Loss) on Investments		Income Tax Provision (1)		Total
Balance at December 31, 2023	$	(3,376)	$	(2)	$	(1,621)	$	(4,999)
Other comprehensive income (loss) before reclassifications	326		2		(74)		254
Amounts reclassified from AOCI	88		—		(20)		68
Net current-period other comprehensive income (loss)	414		2		(94)		322
Balance at December 31, 2024	(2,962)		—		(1,715)		(4,677)
Other comprehensive income (loss) before reclassifications	138		—		(32)		106
Amounts reclassified from AOCI	82		—		(18)		64
Net current-period other comprehensive income (loss)	220		—		(50)		170
Balance at December 31, 2025	$	(2,742)	$	—	$	(1,765)	$	(4,507)

Reclassifications out of AOCI for the years ended December 31, 2025 and 2024 are as follows (in millions):


	Amounts reclassified from AOCI				Affected line items on the consolidated statements of operations
	Year Ended December 31,
AOCI Components	2025		2024
Amortization of pension, retiree medical and other postretirement benefits:
Prior service cost	$	14	$	11	Nonoperating other income (expense), net
Actuarial loss	50		57		Nonoperating other income (expense), net
Total reclassifications for the period, net of tax	$	64	$	68

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases

12 Months Ended

Dec. 31, 2025

Lessee, Lease, Description [Line Items]

Leases

We lease certain aircraft and engines, including aircraft under capacity purchase agreements. As of December 31, 2025, we operated 677 leased aircraft, including 171 aircraft leased under capacity purchase agreements, with remaining terms ranging from less than one year to approximately 13 years.

At each airport where we conduct flight operations, we have agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways. These agreements, particularly in the U.S., often contain provisions for periodic adjustments to rates and charges applicable under such agreements. These rates and charges also vary with our level of operations and the operations of the airport. Because of the variable nature of these rates, these leases are not recorded on our consolidated balance sheets as a ROU asset or a lease liability. Additionally, at our hub locations and in certain other cities we serve, we lease administrative offices, catering, cargo, training, maintenance and other facilities.

The components of lease expense were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	1,704	$	1,851	$	2,016
Finance lease cost:
Amortization of assets	128		132		128
Interest on lease liabilities	48		39		45
Variable lease cost	3,395		3,075		2,720
Total net lease cost	$	5,275	$	5,097	$	4,909

Included in the table above are $248 million, $225 million and $274 million of lease costs under our capacity purchase agreement with Republic for the years ended December 31, 2025, 2024 and 2023, respectively. We hold a 20.8% equity interest in Republic Holdings, the parent company of Republic.

Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):


	December 31,
	2025			2024
Operating leases:
Operating lease ROU assets	$	7,091		$	7,333

Current operating lease liabilities	$	1,058		$	1,092
Noncurrent operating lease liabilities	5,905			5,976
Total operating lease liabilities	$	6,963		$	7,068

Finance leases:
Property and equipment, at cost	$	1,445		$	1,632
Accumulated amortization	(673)			(952)
Property and equipment, net	$	772		$	680

Current finance lease liabilities	$	117		$	132
Noncurrent finance lease liabilities	610			531
Total finance lease liabilities	$	727		$	663

Weighted average remaining lease term (in years):
Operating leases	8.4			8.2
Finance leases	7.8			7.4

Weighted average discount rate:
Operating leases	7.4		%	7.5		%
Finance leases	7.1		%	7.0		%

Supplemental cash flow and other information related to leases was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,647	$	1,830	$	2,033
Operating cash flows from finance leases	48		40		48
Financing cash flows from finance leases	122		152		265

Gain (loss) on sale leaseback transactions, net	(13)		76		12

Maturities of lease liabilities were as follows (in millions):


	December 31, 2025
	Operating Leases		Finance Leases
2026	$	1,501	$	164
2027	1,367		152
2028	1,246		110
2029	1,138		102
2030	954		100
2031 and thereafter	3,022		310
Total lease payments	9,228		938
Less: Imputed interest	(2,265)		(211)
Total lease obligations	6,963		727
Less: Current obligations	(1,058)		(117)
Long-term lease obligations	$	5,905	$	610

Leases

The components of lease expense were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	1,704	$	1,851	$	2,016
Finance lease cost:
Amortization of assets	128		132		128
Interest on lease liabilities	48		39		45
Variable lease cost	3,395		3,075		2,720
Total net lease cost	$	5,275	$	5,097	$	4,909

Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):


	December 31,
	2025			2024
Operating leases:
Operating lease ROU assets	$	7,091		$	7,333

Current operating lease liabilities	$	1,058		$	1,092
Noncurrent operating lease liabilities	5,905			5,976
Total operating lease liabilities	$	6,963		$	7,068

Finance leases:
Property and equipment, at cost	$	1,445		$	1,632
Accumulated amortization	(673)			(952)
Property and equipment, net	$	772		$	680

Current finance lease liabilities	$	117		$	132
Noncurrent finance lease liabilities	610			531
Total finance lease liabilities	$	727		$	663

Weighted average remaining lease term (in years):
Operating leases	8.4			8.2
Finance leases	7.8			7.4

Weighted average discount rate:
Operating leases	7.4		%	7.5		%
Finance leases	7.1		%	7.0		%

Supplemental cash flow and other information related to leases was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,647	$	1,830	$	2,033
Operating cash flows from finance leases	48		40		48
Financing cash flows from finance leases	122		152		265

Gain (loss) on sale leaseback transactions, net	(13)		76		12

Maturities of lease liabilities were as follows (in millions):


	December 31, 2025
	Operating Leases		Finance Leases
2026	$	1,501	$	164
2027	1,367		152
2028	1,246		110
2029	1,138		102
2030	954		100
2031 and thereafter	3,022		310
Total lease payments	9,228		938
Less: Imputed interest	(2,265)		(211)
Total lease obligations	6,963		727
Less: Current obligations	(1,058)		(117)
Long-term lease obligations	$	5,905	$	610

American Airlines, Inc.

Lessee, Lease, Description [Line Items]

Leases

American leases certain aircraft and engines, including aircraft under capacity purchase agreements. As of December 31, 2025, American operated 677 leased aircraft, including 171 aircraft leased under capacity purchase agreements, with remaining terms ranging from less than one year to approximately 13 years.

At each airport where American conducts flight operations, American has agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways. These agreements, particularly in the U.S., often contain provisions for periodic adjustments to rates and charges applicable under such agreements. These rates and charges also vary with American’s level of operations and the operations of the airport. Because of the variable nature of these rates, these leases are not recorded on American’s consolidated balance sheets as a ROU asset or a lease liability. Additionally, at American’s hub locations and in certain other cities it serves, American leases administrative offices, catering, cargo, training, maintenance and other facilities.

The components of lease expense were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	1,683	$	1,828	$	1,992
Finance lease cost:
Amortization of assets	123		125		119
Interest on lease liabilities	48		39		44
Variable lease cost	3,382		3,059		2,703
Total net lease cost	$	5,236	$	5,051	$	4,858

Included in the table above are $248 million, $225 million and $274 million of lease costs under American’s capacity purchase agreement with Republic for the years ended December 31, 2025, 2024 and 2023, respectively. American holds a 20.8% equity interest in Republic Holdings, the parent company of Republic.

Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):


	December 31,
	2025			2024
Operating leases:
Operating lease ROU assets	$	7,038		$	7,274

Current operating lease liabilities	$	1,048		$	1,082
Noncurrent operating lease liabilities	5,860			5,926
Total operating lease liabilities	$	6,908		$	7,008

Finance leases:
Property and equipment, at cost	$	1,412		$	1,604
Accumulated amortization	(640)			(924)
Property and equipment, net	$	772		$	680

Current finance lease liabilities	$	114		$	132
Noncurrent finance lease liabilities	610			531
Total finance lease liabilities	$	724		$	663

Weighted average remaining lease term (in years):
Operating leases	8.4			8.2
Finance leases	7.8			7.4

Weighted average discount rate:
Operating leases	7.3		%	7.5		%
Finance leases	7.1		%	7.0		%

Supplemental cash flow and other information related to leases was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,633	$	1,810	$	2,011
Operating cash flows from finance leases	48		40		47
Financing cash flows from finance leases	120		145		255

Gain (loss) on sale leaseback transactions, net	(13)		76		12

Maturities of lease liabilities were as follows (in millions):


	December 31, 2025
	Operating Leases		Finance Leases
2026	$	1,487	$	161
2027	1,358		152
2028	1,238		110
2029	1,131		102
2030	948		100
2031 and thereafter	2,987		310
Total lease payments	9,149		935
Less: Imputed interest	(2,241)		(211)
Total lease obligations	6,908		724
Less: Current obligations	(1,048)		(114)
Long-term lease obligations	$	5,860	$	610

Leases

The components of lease expense were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	1,683	$	1,828	$	1,992
Finance lease cost:
Amortization of assets	123		125		119
Interest on lease liabilities	48		39		44
Variable lease cost	3,382		3,059		2,703
Total net lease cost	$	5,236	$	5,051	$	4,858

Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):


	December 31,
	2025			2024
Operating leases:
Operating lease ROU assets	$	7,038		$	7,274

Current operating lease liabilities	$	1,048		$	1,082
Noncurrent operating lease liabilities	5,860			5,926
Total operating lease liabilities	$	6,908		$	7,008

Finance leases:
Property and equipment, at cost	$	1,412		$	1,604
Accumulated amortization	(640)			(924)
Property and equipment, net	$	772		$	680

Current finance lease liabilities	$	114		$	132
Noncurrent finance lease liabilities	610			531
Total finance lease liabilities	$	724		$	663

Weighted average remaining lease term (in years):
Operating leases	8.4			8.2
Finance leases	7.8			7.4

Weighted average discount rate:
Operating leases	7.3		%	7.5		%
Finance leases	7.1		%	7.0		%

Supplemental cash flow and other information related to leases was as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,633	$	1,810	$	2,011
Operating cash flows from finance leases	48		40		47
Financing cash flows from finance leases	120		145		255

Gain (loss) on sale leaseback transactions, net	(13)		76		12

Maturities of lease liabilities were as follows (in millions):


	December 31, 2025
	Operating Leases		Finance Leases
2026	$	1,487	$	161
2027	1,358		152
2028	1,238		110
2029	1,131		102
2030	948		100
2031 and thereafter	2,987		310
Total lease payments	9,149		935
Less: Imputed interest	(2,241)		(211)
Total lease obligations	6,908		724
Less: Current obligations	(1,048)		(114)
Long-term lease obligations	$	5,860	$	610

Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	$ 28,280	$ 29,813
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	28,582	30,010
Estimate of Fair Value Measurement \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	0	0
Estimate of Fair Value Measurement \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	25,051	26,402
Estimate of Fair Value Measurement \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	3,531	3,608
American Airlines, Inc. \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	24,535	25,072
American Airlines, Inc. \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	25,051	25,234
American Airlines, Inc. \| Estimate of Fair Value Measurement \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	0	0
American Airlines, Inc. \| Estimate of Fair Value Measurement \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	25,051	25,234
American Airlines, Inc. \| Estimate of Fair Value Measurement \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	$ 0	$ 0

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Debt - 6.50% Convertible Senior Notes (Details) - Convertible Senior Notes 6.50% Due 2025 - Senior Notes $ / shares in Units, $ in Billions	Jul. 01, 2025 USD ($) day $ / shares	Mar. 27, 2025 day $ / shares	Dec. 31, 2025	Jun. 30, 2020 USD ($)
Debt Instrument [Line Items]
Fixed interest rate per annum			6.50%	6.50%
Aggregate principal issued				$ 1.0
Conversion of common stock (in dollars per share) \| $ / shares	$ 22.00	$ 22.00
Convertible debt, threshold trading days (in days) \| day	20	20
Settlement of convertible debt	$ 1.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory income tax rate	$ 40	$ 242	$ 236
Nontaxable or nondeductible items
Nondeductible meals and other nondeductible employee benefits	28	22	22
Nondeductible officer compensation	10	12	11
Other nontaxable and nondeductible items	0	11	9
Other	(6)	0	0
Domestic state and local income taxes, net of federal effect	7	21	21
Total income tax provision	$ 79	$ 308	$ 299
Rate
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Nontaxable or nondeductible items
Nondeductible meals and other nondeductible employee benefits	15.30%	1.90%	2.00%
Nondeductible officer compensation	5.20%	1.10%	1.00%
Other nontaxable and nondeductible items	0.00%	0.90%	0.80%
Other	(3.30%)	0.00%	0.00%
Domestic state and local income taxes, net of federal effect	3.00%	1.80%	1.90%
Effective tax rate	41.20%	26.70%	26.70%
American Airlines, Inc.
Amount
U.S. federal statutory income tax rate	$ 160	$ 355	$ 332
Nontaxable or nondeductible items
Nondeductible meals and other nondeductible employee benefits	23	18	19
Nondeductible officer compensation	10	12	11
Other nontaxable and nondeductible items	(4)	12	4
Other	(6)	0	0
Domestic state and local income taxes, net of federal effect	14	29	28
Total income tax provision	$ 197	$ 426	$ 394
Rate
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Nontaxable or nondeductible items
Nondeductible meals and other nondeductible employee benefits	3.00%	1.10%	1.20%
Nondeductible officer compensation	1.30%	0.70%	0.60%
Other nontaxable and nondeductible items	(0.40%)	0.70%	0.30%
Other	(0.80%)	0.00%	0.00%
Domestic state and local income taxes, net of federal effect	1.80%	1.70%	1.80%
Effective tax rate	25.90%	25.20%	24.90%

Debt - Short-Term Loan Facility (Details) - American Airlines, Inc. $ in Millions	1 Months Ended
	Oct. 31, 2025 USD ($)
Senior Unsecured Short Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Borrowings of short-term loan	$ 629
Basis spread on variable rate	2.375%
Secured Debt \| 10.75% Senior Secured Notes
Debt Instrument [Line Items]
Refinanced amount	$ 629
Fixed interest rate per annum	10.75%

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Assets Measured at Fair Value on a Recurring Basis

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels:

•Level 1 – Observable inputs such as quoted prices in active markets;

•Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

When available, we use quoted market prices to determine the fair value of our financial assets. If quoted market prices are not available, we measure fair value using valuation techniques that use, when possible, current market-based or independently-sourced market parameters, such as interest rates and currency rates.

We utilize the market approach to measure the fair value of our financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Our short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the year ended December 31, 2025.

Assets measured at fair value on a recurring basis are summarized below (in millions):


	Fair Value Measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	829	$	829	$	—	$	—
Corporate obligations	3,063		—		3,063		—
Bank notes/certificates of deposit/time deposits	590		—		590		—
Repurchase agreements	400		—		400		—

	4,882		829		4,053		—
Restricted cash and short-term investments (1), (3)	735		425		310		—
Long-term investments (4)	209		209		—		—
Total	$	5,826	$	1,463	$	4,363	$	—


	Fair Value Measurements as of December 31, 2024
	Total		Level 1		Level 2		Level 3
Short-term investments (1):
Money market funds	$	680	$	680	$	—	$	—
Corporate obligations	2,909		—		2,909		—
Bank notes/certificates of deposit/time deposits	2,041		—		2,041		—
Repurchase agreements	550		—		550		—

	6,180		680		5,500		—
Restricted cash and short-term investments (1), (3)	732		442		290		—
Long-term investments (4)	161		161		—		—
Total	$	7,073	$	1,283	$	5,790	$	—

(1)All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses.

(2)Our short-term investments as of December 31, 2025 mature in one year or less.

(3)Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the Tulsa Maintenance Base. Restricted short-term investments principally mature in one year or less.

(4)Long-term investments primarily include our equity investment in China Southern Airlines Company Limited (China Southern Airlines). See Note 8 for further information on our equity investments.

Fair Value of Debt

The fair value of our long-term debt was estimated using quoted market prices or discounted cash flow analyses based on our current estimated incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Convertible Notes, which would have been classified as Level 2, was $1.2 billion as of December 31, 2024.

The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions):


	December 31, 2025
	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	28,280	$	28,582	$	—	$	25,051	$	3,531

	December 31, 2024
	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	29,813	$	30,010	$	—	$	26,402	$	3,608

American Airlines, Inc.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Assets Measured at Fair Value on a Recurring Basis

•Level 1 – Observable inputs such as quoted prices in active markets;

•Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

When available, American uses quoted market prices to determine the fair value of its financial assets. If quoted market prices are not available, American measures fair value using valuation techniques that use, when possible, current market-based or independently-sourced market parameters, such as interest rates and currency rates.

American utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. American’s short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the year ended December 31, 2025.

Assets measured at fair value on a recurring basis are summarized below (in millions):


	Fair Value Measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	828	$	828	$	—	$	—
Corporate obligations	3,063		—		3,063		—
Bank notes/certificates of deposit/time deposits	589		—		589		—
Repurchase agreements	400		—		400		—

	4,880		828		4,052		—
Restricted cash and short-term investments (1), (3)	735		425		310		—
Long-term investments (4)	209		209		—		—
Total	$	5,824	$	1,462	$	4,362	$	—


	Fair Value Measurements as of December 31, 2024
	Total		Level 1		Level 2		Level 3
Short-term investments (1):
Money market funds	$	678	$	678	$	—	$	—
Corporate obligations	2,909		—		2,909		—
Bank notes/certificates of deposit/time deposits	2,040		—		2,040		—
Repurchase agreements	550		—		550		—

	6,177		678		5,499		—
Restricted cash and short-term investments (1), (3)	732		442		290		—
Long-term investments (4)	161		161		—		—
Total	$	7,070	$	1,281	$	5,789	$	—

(2)American’s short-term investments as of December 31, 2025 mature in one year or less.

(4)Long-term investments primarily include American's equity investment in China Southern Airlines Company Limited (China Southern Airlines). See Note 7 for further information on American’s equity investments.

Fair Value of Debt

The fair value of American’s long-term debt was estimated using quoted market prices or discounted cash flow analyses based on American’s current estimated incremental borrowing rates for similar types of borrowing arrangements.

The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions):


	December 31, 2025
	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	24,535	$	25,051	$	—	$	25,051	$	—

	December 31, 2024
	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	25,072	$	25,234	$	—	$	25,234	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Balance Sheets - American Airlines Group Inc. (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accumulated amortization of intangibles	$ 848	$ 841
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,750,000,000	1,750,000,000
Common stock, shares issued (in shares)	660,301,080	657,566,166
Common stock, shares outstanding (in shares)	660,301,080	657,566,166

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Maturities of Long-term Debt [Abstract]
2026	$ 3,641
2027	4,455
2028	7,324
2029	4,045
2030	2,487
2031 and thereafter	6,642
Long-Term Debt, Gross	28,594
American Airlines, Inc.
Maturities of Long-term Debt [Abstract]
2026	3,641
2027	4,455
2028	7,324
2029	4,045
2030	730
2031 and thereafter	4,653
Long-Term Debt, Gross	$ 24,848

Consolidated Statements of Operations - American Airlines Group Inc. - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating revenues:
Total operating revenues	$ 54,633	$ 54,211	$ 52,788
Operating expenses:
Aircraft fuel and related taxes	10,718	11,418	12,257
Salaries, wages and benefits	17,566	16,021	14,580
Regional expenses	5,448	5,042	4,643
Maintenance, materials and repairs	3,844	3,794	3,265
Other rent and landing fees	3,476	3,303	2,928
Aircraft rent	1,220	1,242	1,369
Selling expenses	1,997	1,812	1,799
Depreciation and amortization	1,890	1,926	1,936
Special items, net	159	610	971
Other	6,848	6,429	6,006
Total operating expenses	53,166	51,597	49,754
Operating income	1,467	2,614	3,034
Nonoperating income (expense):
Interest income	357	468	591
Interest expense, net	(1,716)	(1,934)	(2,145)
Other income (expense), net	82	6	(359)
Total nonoperating expense, net	(1,277)	(1,460)	(1,913)
Income before income taxes	190	1,154	1,121
Income tax provision	79	308	299
Net income	$ 111	$ 846	$ 822
Earnings per common share:
Basic (in dollars per share)	$ 0.17	$ 1.29	$ 1.26
Diluted (in dollars per share)	$ 0.17	$ 1.24	$ 1.21
Weighted average shares outstanding (in thousands):
Basic (in shares)	659,964	656,996	653,612
Diluted (in shares)	661,052	721,300	719,669
Passenger
Operating revenues:
Total operating revenues	$ 49,643	$ 49,586	$ 48,512
Cargo
Operating revenues:
Total operating revenues	839	804	812
Other
Operating revenues:
Total operating revenues	$ 4,151	$ 3,821	$ 3,464

Special Items, Net

12 Months Ended

Dec. 31, 2025

Restructuring Cost and Reserve [Line Items]

Special Items, Net

Special items, net on our consolidated statements of operations consisted of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Litigation reserve adjustments	$	77	$	—	$	—
Labor contract expenses (1)	31		605		989
Severance expenses	44		13		23
A330 fleet-related adjustments (2)	—		(42)		—
Other operating special items, net	7		34		(41)
Mainline operating special items, net	159		610		971





Regional operating special items, net (3)	3		33		8
Operating special items, net	162		643		979

Mark-to-market adjustments on equity investments, net (4)	(40)		8		82
Debt refinancing and extinguishment (5)	22		16		280
Other nonoperating special items, net	18		—		—
Nonoperating special items, net	—		24		362

(3)Regional operating special items, net for 2024 included a $33 million non-cash write down of regional aircraft resulting from the decision to permanently park 43 Embraer ERJ145 aircraft.

(5)Debt refinancing and extinguishment costs in 2023 primarily included cash charges for premiums paid in connection with the early repayment of debt.

American Airlines, Inc.

Restructuring Cost and Reserve [Line Items]

Special Items, Net

Special items, net on American’s consolidated statements of operations consisted of the following (in millions):


	Year Ended December 31,
	2025		2024		2023
Litigation reserve adjustments	$	77	$	—	$	—
Labor contract expenses (1)	31		605		989
Severance expenses	44		13		23
A330 fleet-related adjustments (2)	—		(42)		—


Other operating special items, net	7		34		(41)
Mainline operating special items, net	159		610		971



Regional operating special items, net (3)	3		33		—
Operating special items, net	162		643		971

Mark-to-market adjustments on equity investments, net (4)	(40)		8		82
Debt refinancing and extinguishment (5)	22		16		280
Other nonoperating special items, net	18		—		—
Nonoperating special items, net	—		24		362

(1)Labor contract expenses for 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members.

(3)Regional operating special items, net for 2024 included a $33 million non-cash write down of regional aircraft resulting from the decision to permanently park 43 Embraer ERJ145 aircraft.

(5)Debt refinancing and extinguishment costs in 2023 primarily included cash charges for premiums paid in connection with the early repayment of debt.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended	2 Months Ended	12 Months Ended
	Jun. 14, 2019	Jan. 31, 2026	Feb. 18, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Estimated period of liquidation of underlying assets				10 years
Defined benefit plan master trust future funding commitments				$ 1,000
Defined benefit plan master trust future funding commitments, period				7 years
Contributions to defined contribution benefit plans				$ 1,600	$ 1,400	$ 1,100
Deferred Profit Sharing
Defined Benefit Plan Disclosure [Line Items]
Funded percentage				10.00%
Funded adjusted pre-tax earnings, maximum				$ 2,500
Percentage of earnings above threshold				20.00%
Profit sharing program, amount accrued				$ 55
Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Weighted average expected rate of return on plan assets			7.30%
Defined benefit plan, assumptions used for expected long-term rate of return on plan assets, term			10 years
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted average expected rate of return on plan assets				7.75%	8.00%	8.00%
Minimum required employer contributions, next fiscal year				$ 238
Payments of required contributions				224	$ 285
Pension Benefits \| Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Payments of required contributions		$ 236
Supplemental contributions by employer		50
International Association of Machinists & Aerospace Workers (IAM) National Pension Fund \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Contribution to multiemployer plan by employer, individually significant				$ 63	57	$ 52
Total contributions as reported on Form 5500					$ 640
Contributions to multiemployer plan by company, percentage of total contributions to plan (more than)					5.00%	5.00%
Multiemployer plan, funded status percentage (over)							80.00%
Rehabilitation plan, percentage increase in company annual contributions	2.50%
American Airlines, Inc.
Defined Benefit Plan Disclosure [Line Items]
Estimated period of liquidation of underlying assets				10 years
Defined benefit plan master trust future funding commitments				$ 1,000
Defined benefit plan master trust future funding commitments, period				7 years
Contributions to defined contribution benefit plans				$ 1,600	$ 1,400	$ 1,100
American Airlines, Inc. \| Deferred Profit Sharing
Defined Benefit Plan Disclosure [Line Items]
Funded percentage				10.00%
Funded adjusted pre-tax earnings, maximum				$ 2,500
Percentage of earnings above threshold				20.00%
Profit sharing program, amount accrued				$ 55
American Airlines, Inc. \| Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Weighted average expected rate of return on plan assets			7.30%
Defined benefit plan, assumptions used for expected long-term rate of return on plan assets, term			10 years
American Airlines, Inc. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted average expected rate of return on plan assets				7.75%	8.00%	8.00%
Minimum required employer contributions, next fiscal year				$ 236
Payments of required contributions				221	$ 280
American Airlines, Inc. \| Pension Benefits \| Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Payments of required contributions		236
Supplemental contributions by employer		$ 50
American Airlines, Inc. \| International Association of Machinists & Aerospace Workers (IAM) National Pension Fund \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Contribution to multiemployer plan by employer, individually significant				$ 63	57	$ 52
Total contributions as reported on Form 5500					$ 640
Contributions to multiemployer plan by company, percentage of total contributions to plan (more than)					5.00%	5.00%
Multiemployer plan, funded status percentage (over)							80.00%
Rehabilitation plan, percentage increase in company annual contributions	2.50%

Share Based Compensation - Restricted Stock Unit Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted Average Grant Date Fair Value [Abstract]
Modification of share-based awards		$ 20
Restricted Stock Units (RSUs), Stock Settled
Number of Shares [Roll Forward]
Number of Shares, Beginning Balance (in shares)	8,346	14,235	10,263
Number of Shares, Granted (in shares)	5,073	2,580	9,834
Number of Shares, Modified (in shares)		(2,809)
Number of Shares, Vested and released (in shares)	(3,949)	(4,833)	(5,161)
Number of Shares, Forfeited (in shares)	(2,337)	(827)	(701)
Number of Shares, Ending balance (in shares)	7,133	8,346	14,235
Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 15.59	$ 15.18	$ 17.51
Weighted Average Grant Date Fair Value, Granted (in dollars per share)	14.11	15.76	14.54
Weighted Average Grant Date Fair Value, Modified (in dollars per share)		16.18
Weighted Average Grant Date Fair Value, Vested and released (in dollars per share)	15.27	15.91	17.81
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share)	15.33	15.83	20.49
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share)	$ 14.27	$ 15.59	$ 15.18
CRSU
Number of Shares [Roll Forward]
Number of Shares, Beginning Balance (in shares)	7,007	37
Number of Shares, Granted (in shares)	6,009	5,634
Number of Shares, Modified (in shares)		(2,809)
Number of Shares, Vested and released (in shares)	(2,606)	(1,337)
Number of Shares, Forfeited (in shares)	(547)	(136)
Number of Shares, Ending balance (in shares)	9,863	7,007	37
Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 17.43	$ 13.74
Weighted Average Grant Date Fair Value, Granted (in dollars per share)	15.33	17.43
Weighted Average Grant Date Fair Value, Modified (in dollars per share)		16.18
Weighted Average Grant Date Fair Value, Vested and released (in dollars per share)	16.43	14.75
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share)	15.60	17.42
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share)	$ 15.33	$ 17.43	$ 13.74
American Airlines, Inc.
Weighted Average Grant Date Fair Value [Abstract]
Modification of share-based awards		$ 20
American Airlines, Inc. \| Restricted Stock Units (RSUs), Stock Settled
Number of Shares [Roll Forward]
Number of Shares, Beginning Balance (in shares)	8,346	14,235	10,263
Number of Shares, Granted (in shares)	5,073	2,580	9,834
Number of Shares, Modified (in shares)		(2,809)
Number of Shares, Vested and released (in shares)	(3,949)	(4,833)	(5,161)
Number of Shares, Forfeited (in shares)	(2,337)	(827)	(701)
Number of Shares, Ending balance (in shares)	7,133	8,346	14,235
Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 15.59	$ 15.18	$ 17.51
Weighted Average Grant Date Fair Value, Granted (in dollars per share)	14.11	15.76	14.54
Weighted Average Grant Date Fair Value, Modified (in dollars per share)		16.18
Weighted Average Grant Date Fair Value, Vested and released (in dollars per share)	15.27	15.91	17.81
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share)	15.33	15.83	20.49
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share)	$ 14.27	$ 15.59	$ 15.18
American Airlines, Inc. \| CRSU
Number of Shares [Roll Forward]
Number of Shares, Beginning Balance (in shares)	7,007	37
Number of Shares, Granted (in shares)	6,009	5,634
Number of Shares, Modified (in shares)		(2,809)
Number of Shares, Vested and released (in shares)	(2,606)	(1,337)
Number of Shares, Forfeited (in shares)	(547)	(136)
Number of Shares, Ending balance (in shares)	9,863	7,007	37
Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 17.43	$ 13.74
Weighted Average Grant Date Fair Value, Granted (in dollars per share)	15.33	17.43
Weighted Average Grant Date Fair Value, Modified (in dollars per share)		16.18
Weighted Average Grant Date Fair Value, Vested and released (in dollars per share)	16.43	14.75
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share)	15.60	17.42
Weighted Average Grant Date Fair Value, Ending balance (in dollars per share)	$ 15.33	$ 17.43	$ 13.74

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 1,501
2027	1,367
2028	1,246
2029	1,138
2030	954
2031 and thereafter	3,022
Total lease payments	9,228
Less: Imputed interest	(2,265)
Total operating lease liabilities	6,963	$ 7,068
Less: Current obligations	(1,058)	(1,092)
Long-term lease obligations	5,905	5,976
Finance Leases
2026	164
2027	152
2028	110
2029	102
2030	100
2031 and thereafter	310
Total lease payments	938
Less: Imputed interest	(211)
Total finance lease liabilities	727	663
Less: Current obligations	(117)	(132)
Long-term lease obligations	610	531
American Airlines, Inc.
Operating Leases
2026	1,487
2027	1,358
2028	1,238
2029	1,131
2030	948
2031 and thereafter	2,987
Total lease payments	9,149
Less: Imputed interest	(2,241)
Total operating lease liabilities	6,908	7,008
Less: Current obligations	(1,048)	(1,082)
Long-term lease obligations	5,860	5,926
Finance Leases
2026	161
2027	152
2028	110
2029	102
2030	100
2031 and thereafter	310
Total lease payments	935
Less: Imputed interest	(211)
Total finance lease liabilities	724	663
Less: Current obligations	(114)	(132)
Long-term lease obligations	$ 610	$ 531

Employee Benefit Plans - Schedule of Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	$ 2,907	$ 3,128
Prior service cost	0	1
Total accumulated other comprehensive loss (income), pre-tax	2,907	3,129
Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	(395)	(408)
Prior service cost	220	238
Total accumulated other comprehensive loss (income), pre-tax	(175)	(170)
American Airlines, Inc. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	2,915	3,130
Prior service cost	1	1
Total accumulated other comprehensive loss (income), pre-tax	2,916	3,131
American Airlines, Inc. \| Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	(395)	(407)
Prior service cost	221	238
Total accumulated other comprehensive loss (income), pre-tax	$ (174)	$ (169)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Cash Flows - American Airlines, Inc. - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income

$ 111

$ 846

$ 822

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

2,219

2,245

2,254

Debt extinguishment costs

267

Special items, net non-cash

(17)

(1)

Pension and postretirement

(31)

(82)

(13)

Deferred income tax provision

308

299

Share-based compensation, non-cash

102

Other, net

(85)

(249)

(205)

Changes in operating assets and liabilities:

Decrease (increase) in accounts receivable

(74)

Increase in other assets

(218)

(314)

(11)

Increase in accounts payable

335

257

209

Contributions to pension plans

(228)

(300)

(73)

Increase (decrease) in other liabilities

(149)

379

Net cash provided by operating activities

3,099

3,983

3,803

Cash flows from investing activities:

Capital expenditures and aircraft purchase deposits

(3,779)

(2,683)

(2,596)

Proceeds from sale-leaseback transactions and sale of property and equipment

344

654

230

Sales of short-term investments

6,189

8,013

8,861

Purchases of short-term investments

(4,905)

(7,194)

(7,323)

Decrease in restricted short-term investments

177

Other investing activities

254

275

Net cash used in investing activities

(1,894)

(968)

(502)

Cash flows from financing activities:

Payments on long-term debt and finance leases

(5,504)

(4,467)

(7,718)

Proceeds from issuance of long-term debt

3,773

1,670

4,822

Other financing activities

(160)

(71)

(310)

Net cash used in financing activities

(1,051)

(2,794)

(3,206)

Net increase in cash and restricted cash

154

221

Cash and restricted cash at beginning of year

902

^[1]

681

^[1]

586

Cash and restricted cash at end of year

^[1]

1,056

902

681

Fuel Financing Arrangement

Cash flows from financing activities:

Net proceeds from fuel financing

840

American Airlines, Inc.

Cash flows from operating activities:

Net income

564

1,262

1,188

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

2,177

2,198

Debt extinguishment costs

267

Special items, net non-cash

(17)

(1)

Pension and postretirement

(31)

(82)

(14)

Deferred income tax provision

197

426

394

Share-based compensation, non-cash

Other, net

(91)

(260)

(216)

Changes in operating assets and liabilities:

Decrease (increase) in accounts receivable

(69)

104

Increase in other assets

(144)

(287)

(2)

Increase in accounts payable

274

284

147

Increase in receivables from related parties, net

(1,701)

(1,099)

(482)

Contributions to pension plans

(225)

(295)

(71)

Increase (decrease) in other liabilities

(154)

418

Net cash provided by operating activities

1,930

3,409

3,706

Cash flows from investing activities:

Capital expenditures and aircraft purchase deposits

(3,716)

(2,624)

(2,542)

Proceeds from sale-leaseback transactions and sale of property and equipment

343

654

230

Sales of short-term investments

6,189

8,013

8,861

Purchases of short-term investments

(4,905)

(7,194)

(7,324)

Decrease in restricted short-term investments

177

Other investing activities

254

275

Net cash used in investing activities

(1,832)

(909)

(449)

Cash flows from financing activities:

Payments on long-term debt and finance leases

(4,503)

(3,973)

(7,697)

Proceeds from issuance of long-term debt

3,773

1,670

4,822

Other financing activities

(63)

(48)

(287)

Net cash used in financing activities

(2,277)

(3,162)

Net increase in cash and restricted cash

145

223

Cash and restricted cash at beginning of year

893

^[2]

670

^[2]

575

Cash and restricted cash at end of year

^[2]

1,038

893

670

American Airlines, Inc. | Fuel Financing Arrangement

Cash flows from financing activities:

Net proceeds from fuel financing

840

Air traffic liability

Changes in operating assets and liabilities:

Increase (decrease) in air traffic liability/loyalty program liability

399

559

(545)

Air traffic liability | American Airlines, Inc.

Changes in operating assets and liabilities:

Increase (decrease) in air traffic liability/loyalty program liability

399

559

(545)

Loyalty program liability

Changes in operating assets and liabilities:

Increase (decrease) in air traffic liability/loyalty program liability

510

727

182

Loyalty program liability | American Airlines, Inc.

Changes in operating assets and liabilities:

Increase (decrease) in air traffic liability/loyalty program liability

$ 510

$ 727

$ 182

[1]

The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:


Cash	$	954	$	804	$	578
Restricted cash included in restricted cash and short-term investments	102		98		103
Total cash and restricted cash	$	1,056	$	902	$	681

[2]

The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:


Cash	$	936	$	795	$	567
Restricted cash included in restricted cash and short-term investments	102		98		103
Total cash and restricted cash	$	1,038	$	893	$	670

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Location	Dallas, TX
Auditor Firm ID	185
American Airlines, Inc.
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Location	Dallas, TX
Auditor Firm ID	185

Debt - 2014 Credit Facilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Apr. 20, 2015
Term Loan \| Credit Facility 2014 \| Base Rate
Line of Credit Facility [Line Items]
Floor interest rate		1.00%
Interest rate margin		0.75%
Term Loan \| Credit Facility 2014 \| Base Rate \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate		1.00%
Interest rate margin		0.75%
Term Loan \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Floor interest rate		0.00%
Interest rate margin	1.75%	1.75%
Term Loan \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate		0.00%
Interest rate margin	1.75%	1.75%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	$ 3,397
Revolving Credit Facility \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	3,397
Revolving Credit Facility \| Credit Facility 2014
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	1,557
Revolving Credit Facility \| Credit Facility 2014 \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	1,557
Revolving Credit Facility \| Credit Facility 2014 \| Secured Debt
Line of Credit Facility [Line Items]
Long-term line of credit	0
Revolving Credit Facility \| Credit Facility 2014 \| Secured Debt \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Long-term line of credit	$ 0
Revolving Credit Facility \| Credit Facility 2014 \| Base Rate
Line of Credit Facility [Line Items]
Floor interest rate		1.00%
Revolving Credit Facility \| Credit Facility 2014 \| Base Rate \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate		1.00%
Revolving Credit Facility \| Credit Facility 2014 \| Base Rate \| Interest Rate Margin One
Line of Credit Facility [Line Items]
Interest rate margin		2.00%
Revolving Credit Facility \| Credit Facility 2014 \| Base Rate \| Interest Rate Margin One \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		2.00%
Revolving Credit Facility \| Credit Facility 2014 \| Base Rate \| Interest Rate Margin Two
Line of Credit Facility [Line Items]
Interest rate margin		2.25%
Revolving Credit Facility \| Credit Facility 2014 \| Base Rate \| Interest Rate Margin Two \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		2.25%
Revolving Credit Facility \| Credit Facility 2014 \| Base Rate \| Interest Rate Margin Three
Line of Credit Facility [Line Items]
Interest rate margin		2.50%
Revolving Credit Facility \| Credit Facility 2014 \| Base Rate \| Interest Rate Margin Three \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		2.50%
Revolving Credit Facility \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Floor interest rate		0.00%
Revolving Credit Facility \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate		0.00%
Revolving Credit Facility \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin One
Line of Credit Facility [Line Items]
Interest rate margin		3.00%
Revolving Credit Facility \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin One \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		3.00%
Revolving Credit Facility \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Two
Line of Credit Facility [Line Items]
Interest rate margin		3.25%
Revolving Credit Facility \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Two \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		3.25%
Revolving Credit Facility \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Three
Line of Credit Facility [Line Items]
Interest rate margin		3.50%
Revolving Credit Facility \| Credit Facility 2014 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Three \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		3.50%
Letter of Credit \| Credit Facility 2014 \| Secured Debt
Line of Credit Facility [Line Items]
Increase to borrowing capacity		$ 200
Letter of Credit \| Credit Facility 2014 \| Secured Debt \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Increase to borrowing capacity		$ 200

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Other Significant Noncash Transactions [Line Items]

Cash Flow Information and Non-Cash Investing and Financing Activities

Supplemental disclosure of cash flow information and non-cash investing and financing activities are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Non-cash investing and financing activities:
ROU assets acquired through operating leases	$	889	$	637	$	1,180
Operating leases converted to finance leases	269		293		5
Finance leases converted to operating leases	127		50		42
Property and equipment acquired through debt, finance leases and other	70		152		317


Supplemental information:
Interest paid, net	1,696		1,933		2,180

American Airlines, Inc.

Other Significant Noncash Transactions [Line Items]

Cash Flow Information and Non-Cash Investing and Financing Activities

Supplemental disclosure of cash flow information and non-cash investing and financing activities are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Non-cash investing and financing activities:
ROU assets acquired through operating leases	$	884	$	614	$	1,172
Operating leases converted to finance leases	269		293		5
Finance leases converted to operating leases	127		50		42
Property and equipment acquired through debt, finance leases and other	70		151		317


Supplemental information:
Interest paid, net	1,551		1,806		2,058

Basis of Presentation and Summary of Significant Accounting Policies - Significant Categories of Reported Operating Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Total operating revenues	$ 54,633	$ 54,211	$ 52,788
Passenger
Revenue from External Customer [Line Items]
Total operating revenues	49,643	49,586	48,512
Passenger travel
Revenue from External Customer [Line Items]
Total operating revenues	45,607	45,743	44,914
Loyalty revenue - travel
Revenue from External Customer [Line Items]
Total operating revenues	4,036	3,843	3,598
Cargo
Revenue from External Customer [Line Items]
Total operating revenues	839	804	812
Other
Revenue from External Customer [Line Items]
Total operating revenues	4,151	3,821	3,464
Loyalty revenue - marketing services
Revenue from External Customer [Line Items]
Total operating revenues	3,511	3,257	2,929
Other revenue
Revenue from External Customer [Line Items]
Total operating revenues	640	564	535
American Airlines, Inc.
Revenue from External Customer [Line Items]
Total operating revenues	54,626	54,204	52,784
American Airlines, Inc. \| Passenger
Revenue from External Customer [Line Items]
Total operating revenues	49,643	49,586	48,512
American Airlines, Inc. \| Passenger travel
Revenue from External Customer [Line Items]
Total operating revenues	45,607	45,743	44,914
American Airlines, Inc. \| Loyalty revenue - travel
Revenue from External Customer [Line Items]
Total operating revenues	4,036	3,843	3,598
American Airlines, Inc. \| Cargo
Revenue from External Customer [Line Items]
Total operating revenues	839	804	812
American Airlines, Inc. \| Other
Revenue from External Customer [Line Items]
Total operating revenues	4,144	3,814	3,460
American Airlines, Inc. \| Loyalty revenue - marketing services
Revenue from External Customer [Line Items]
Total operating revenues	3,511	3,257	2,929
American Airlines, Inc. \| Other revenue
Revenue from External Customer [Line Items]
Total operating revenues	$ 633	$ 557	$ 531

Employee Benefit Plans - Schedule of Fair Value of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 63	$ 68	$ 84
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12,792	12,254	12,431
Pension Benefits \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,707	3,028
Pension Benefits \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,678	3,867
Pension Benefits \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	63	68
Pension Benefits \| Equity \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,087	2,498
Pension Benefits \| Equity \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,087	2,498
Pension Benefits \| Equity \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Pension Benefits \| Equity \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Pension Benefits \| Fixed Income \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,866	4,162
Pension Benefits \| Fixed Income \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	476	439
Pension Benefits \| Fixed Income \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,390	3,723
Pension Benefits \| Fixed Income \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Pension Benefits \| Other \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	495	303
Pension Benefits \| Other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	144	91
Pension Benefits \| Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	288	144
Pension Benefits \| Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	63	68
Pension Benefits \| Common/collective trusts \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	273	1,153
Pension Benefits \| Private equity \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,071	4,138
American Airlines, Inc. \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	63	68	84
American Airlines, Inc. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12,702	12,175	$ 12,358
American Airlines, Inc. \| Pension Benefits \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,692	3,016
American Airlines, Inc. \| Pension Benefits \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,678	3,867
American Airlines, Inc. \| Pension Benefits \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	63	68
American Airlines, Inc. \| Pension Benefits \| Equity \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,083	2,498
American Airlines, Inc. \| Pension Benefits \| Equity \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,083	2,498
American Airlines, Inc. \| Pension Benefits \| Equity \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
American Airlines, Inc. \| Pension Benefits \| Equity \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
American Airlines, Inc. \| Pension Benefits \| Fixed Income \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,855	4,150
American Airlines, Inc. \| Pension Benefits \| Fixed Income \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	465	427
American Airlines, Inc. \| Pension Benefits \| Fixed Income \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,390	3,723
American Airlines, Inc. \| Pension Benefits \| Fixed Income \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
American Airlines, Inc. \| Pension Benefits \| Other \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	495	303
American Airlines, Inc. \| Pension Benefits \| Other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	144	91
American Airlines, Inc. \| Pension Benefits \| Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	288	144
American Airlines, Inc. \| Pension Benefits \| Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	63	68
American Airlines, Inc. \| Pension Benefits \| Common/collective trusts \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	198	1,086
American Airlines, Inc. \| Pension Benefits \| Private equity \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 4,071	$ 4,138

Debt - AAdvantage Financing (Details) - USD ($) $ in Millions					1 Months Ended	12 Months Ended
	Jul. 20, 2026	Dec. 31, 2025	May 28, 2025	Mar. 24, 2025	Jul. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Mar. 24, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Long-term debt		$ 28,594				$ 28,594
American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt		24,848				24,848
Secured Debt
Debt Instrument [Line Items]
Long-term debt		24,219				24,219	$ 25,372
Secured Debt \| American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt		$ 24,219				$ 24,219	25,372
5.50% Senior Notes \| Senior Notes \| American Airlines, Inc.
Debt Instrument [Line Items]
Aggregate principal issued								$ 3,500
Fixed interest rate per annum								5.50%
Quarterly installments					$ 292
5.50% Senior Notes \| Secured Debt
Debt Instrument [Line Items]
Fixed interest rate per annum		5.50%				5.50%
Long-term debt		$ 583				$ 583	1,750
5.50% Senior Notes \| Secured Debt \| American Airlines, Inc.
Debt Instrument [Line Items]
Fixed interest rate per annum		5.50%				5.50%
Long-term debt		$ 583				$ 583	1,750
5.75% Senior Notes \| Senior Notes \| American Airlines, Inc.
Debt Instrument [Line Items]
Aggregate principal issued								$ 3,000
Fixed interest rate per annum								5.75%
5.75% Senior Notes \| Senior Notes \| Forecast \| American Airlines, Inc.
Debt Instrument [Line Items]
Quarterly installments	$ 250
5.75% Senior Notes \| Secured Debt
Debt Instrument [Line Items]
Fixed interest rate per annum		5.75%				5.75%
Long-term debt		$ 3,000				$ 3,000	3,000
5.75% Senior Notes \| Secured Debt \| American Airlines, Inc.
Debt Instrument [Line Items]
Fixed interest rate per annum		5.75%				5.75%
Long-term debt		$ 3,000				$ 3,000	3,000
AAdvantage Term Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Mandatory prepayment amount, threshold net proceeds from pre-paid frequent flyer		505				$ 505
AAdvantage Term Loan Facility \| Secured Debt \| American Airlines, Inc.
Debt Instrument [Line Items]
Redemption price percentage						100.00%
Mandatory prepayment amount, threshold net proceeds from pre-paid frequent flyer		505				$ 505
2021 AAdvantage Term Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Long-term debt		2,264				2,264	2,450
Quarterly installments						6
2021 AAdvantage Term Loan Facility \| Secured Debt \| American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt		$ 2,264				2,264	2,450	$ 3,500
Interest rate margin		2.25%
Quarterly installments						$ 6
2021 AAdvantage Term Loan Facility \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Debt Instrument [Line Items]
Interest rate margin						2.25%
AAdvantage Term Loan Facility, Second Amendment \| Secured Debt \| American Airlines, Inc.
Debt Instrument [Line Items]
Aggregate principal issued				$ 2,300
Scheduled quarterly principal amortization amount, percentage of principal amount of loans outstanding				0.25%
Quarterly principal amortization payable				$ 6
AAdvantage Term Loan Facility, Second Amendment \| Secured Debt \| Base Rate \| American Airlines, Inc.
Debt Instrument [Line Items]
Floor interest rate				0.00%
Interest rate margin				1.25%
AAdvantage Term Loan Facility, Second Amendment \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Debt Instrument [Line Items]
Floor interest rate				0.00%
Interest rate margin				2.25%
2025 AAdvantage Term Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Long-term debt		$ 995				$ 995	0
Quarterly installments						3
2025 AAdvantage Term Loan Facility \| Secured Debt \| American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt		$ 995	$ 1,000			995	$ 0
Interest rate margin		3.25%
Quarterly installments						$ 3
AAdvantage Term Loan Facility, Third Amendment \| Secured Debt \| American Airlines, Inc.
Debt Instrument [Line Items]
Aggregate principal issued			1,000
Quarterly principal amortization payable			$ 3
Scheduled quarterly principal amortization amount, percentage of original aggregate principal amount			0.25%
AAdvantage Term Loan Facility, Third Amendment \| Secured Debt \| Base Rate \| American Airlines, Inc.
Debt Instrument [Line Items]
Floor interest rate			0.00%
Interest rate margin			2.25%
AAdvantage Term Loan Facility, Third Amendment \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Debt Instrument [Line Items]
Floor interest rate			0.00%
Interest rate margin			3.25%
Convertible Senior Notes 6.50% Due 2025 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal issued									$ 1,000
Fixed interest rate per annum		6.50%				6.50%			6.50%
Convertible Senior Notes 6.50% Due 2025 \| Senior Notes \| American Airlines, Inc.
Debt Instrument [Line Items]
Fixed interest rate per annum		6.50%				6.50%

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Investments [Line Items]

Schedule of Equity Investments

Our equity investments, ownership interest and carrying value were as follows:


		Ownership Interest				Carrying Value (in millions)
		December 31,				December 31,
	Accounting Treatment	2025		2024		2025		2024
Republic Holdings (1)	Equity Method	20.8	%	25.0	%	$	254	$	253
China Southern Airlines	Fair Value	1.5	%	1.5	%	203		142
Other investments (2)	Various					146		120
Total						$	603	$	515

(1)In November 2025, Republic Holdings completed a merger with Mesa Air Group, Inc. As a result, our equity interest in Republic Holdings decreased from 25.0% to 20.8%.

(2)Primarily includes our investment in JetSMART Holdings Limited, which is accounted for under the equity method.

American Airlines, Inc.

Schedule of Investments [Line Items]

Schedule of Equity Investments

American’s equity investments, ownership interest and carrying value were as follows:


		Ownership Interest				Carrying Value (in millions)
		December 31,				December 31,
	Accounting Treatment	2025		2024		2025		2024
Republic Holdings (1)	Equity Method	20.8	%	25.0	%	$	254	$	253
China Southern Airlines	Fair Value	1.5	%	1.5	%	203		142
Other investments (2)	Various					146		120
Total						$	603	$	515

(1)In November 2025, Republic Holdings completed a merger with Mesa Air Group, Inc. As a result, American’s equity interest in Republic Holdings decreased from 25.0% to 20.8%.

(2)Primarily includes American’s investment in JetSMART Holdings Limited, which is accounted for under the equity method.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Comprehensive Income - American Airlines, Inc. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	$ 111	$ 846	$ 822
Other comprehensive income (loss), net of tax:
Pension, retiree medical and other postretirement benefits	176	327	(312)
Investments	0	2	3
Total other comprehensive income (loss), net of tax	176	329	(309)
Total comprehensive income	287	1,175	513
American Airlines, Inc.
Net income	564	1,262	1,188
Other comprehensive income (loss), net of tax:
Pension, retiree medical and other postretirement benefits	170	320	(312)
Investments	0	2	3
Total other comprehensive income (loss), net of tax	170	322	(309)
Total comprehensive income	$ 734	$ 1,584	$ 879

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Statements of Stockholders' Deficit - American Airlines Group Inc. - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Deficit
Beginning Balance at Dec. 31, 2022	$ (5,799)	$ 6	$ 7,291	$ (4,585)	$ (8,511)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	822				822
Other comprehensive income, net	(309)			(309)
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	(22)	1	(23)
Share-based compensation expense	102		102
Settlement of single-dip unsecured claims held in Disputed Claims Reserve	4		4
Ending Balance at Dec. 31, 2023	(5,202)	7	7,374	(4,894)	(7,689)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	846				846
Other comprehensive income, net	329			329
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	(22)		(22)
Share-based compensation expense	92		92
Modification of share-based awards	(20)		(20)
Ending Balance at Dec. 31, 2024	(3,977)	7	7,424	(4,565)	(6,843)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	111				111
Other comprehensive income, net	176			176
Settlement of PSP1 and Treasury Loan Warrants (see Note 3)	(79)		(79)
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes	(18)		(18)
Share-based compensation expense	60		60
Ending Balance at Dec. 31, 2025	$ (3,727)	$ 7	$ 7,387	$ (4,389)	$ (6,732)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Debt - 8.50% Senior Secured Notes (Details) - 8.50% Senior Secured Notes - Senior Notes - American Airlines, Inc. $ in Billions	Dec. 04, 2023 USD ($)
Debt Instrument [Line Items]
Fixed interest rate per annum	8.50%
Aggregate principal issued	$ 1.0
Debt instrument, minimum collateral coverage ratio	1.6
Debt instrument, special interest rate	2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt

12 Months Ended

Dec. 31, 2025

Debt Instrument [Line Items]

Debt

Debt included on our consolidated balance sheets consisted of (in millions):


	December 31,
	2025		2024
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028 (a)	$	970	$	980
2014 Term Loan Facility, variable interest rate of 5.69%, installments until due in January 2027 (a)	1,159		1,171
2023 Term Loan Facility, variable interest rate of 6.26%, installments until due in June 2029 (a)	1,078		1,089
10.75% senior secured IP notes (b)	—		781
10.75% senior secured LGA/DCA notes (b)	—		156
7.25% senior secured notes, interest only payments until due in February 2028 (b)	750		750
8.50% senior secured notes, interest only payments until due in May 2029 (b)	1,000		1,000
5.50% senior secured notes, installments until due in April 2026 (c)	583		1,750
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (c)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 6.13%, installments until due in April 2028 (c)	2,264		2,450
2025 AAdvantage Term Loan Facility, variable interest rate of 7.13%, installments until due in May 2032 (c)	995		—
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 3.95%, maturing from 2026 to 2038 (d)	6,912		7,271
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.56%, averaging 5.57%, maturing from 2026 to 2037 (e)	4,719		4,094
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		880
	24,219		25,372
Unsecured
PSP1 Promissory Note, variable interest rate of 5.92%, interest only payments until due in April 2030 (f)	1,757		1,757
PSP2 Promissory Note, interest only payments until due in January 2031 (f)	1,030		1,030
PSP3 Promissory Note, interest only payments until due in April 2031 (f)	959		959
6.50% convertible senior notes (g)	—		1,000
Senior short-term term loan facility, variable interest rate of 6.11%, interest only payments until due in January 2026 (h)	629		—
	4,375		4,746
Total	28,594		30,118
Less: Total unamortized debt discount, premium and issuance costs	314		305
Less: Current maturities	3,641		5,196
Long-term debt, net of current maturities	$	24,639	$	24,617

As of December 31, 2025, the maximum availability under our revolving credit and other facilities is as follows (in millions):


2013 Revolving Facility (1)	$	519
2014 Revolving Facility (1)	1,557
2023 Revolving Facility (1)	924
Other facilities (2)	397
Total	$	3,397

Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.

At December 31, 2025, the maturities of long-term debt are as follows (in millions):


2026	$	3,641
2027	4,455
2028	7,324
2029	4,045
2030	2,487
2031 and thereafter	6,642
Total	$	28,594

(a) 2013, 2014 and 2023 Credit Facilities

2013 Credit Facilities

The Amended and Restated Credit and Guaranty Agreement dated as of May 21, 2015, as amended (the 2013 Credit Agreement), includes a revolving credit facility (the 2013 Revolving Facility) and term loan facility (the 2013 Term Loan Facility), collectively referred to as the 2013 Credit Facilities. The 2013 Term Loan Facility matures in February 2028 and bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 1.25% per annum or, at American’s option, the SOFR rate for a tenor of one, three or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 2.25% per annum. SOFR borrowings under the 2013 Term Loan Facility are not subject to a credit spread adjustment. As of December 31, 2025, the margin elected was 2.25% per annum.

The 2013 Revolving Facility matures in June 2029 and bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.00%, 2.25% or 2.50%, depending on AAG’s public corporate credit rating, or, at American’s option, the SOFR rate for a tenor of one, three or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 3.00%, 3.25% or 3.50%, depending on AAG’s public corporate credit rating. SOFR borrowings under the 2013 Revolving Facility are not subject to a credit spread adjustment. The 2013 Revolving Facility has aggregate commitments of $519 million, with the ability to issue letters of credit up to an aggregate amount of $100 million. As of December 31, 2025, there were no borrowings or letters of credit outstanding under the 2013 Revolving Facility.

2014 Credit Facilities

The Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, as amended (the 2014 Credit Agreement), includes a revolving credit facility (the 2014 Revolving Facility) and term loan facility (the 2014 Term Loan Facility), collectively referred to as the 2014 Credit Facilities. The 2014 Term Loan Facility matures in January 2027 and bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 0.75% or, at American’s option, the SOFR rate for a tenor of one, three or six months, depending on the interest period selected by American, plus the SOFR adjustment applicable to such interest period (with such SOFR rate plus SOFR adjustment being subject to a floor of 0.00%) plus an applicable margin of 1.75%. As of December 31, 2025, the margin elected was 1.75% per annum.

The 2014 Revolving Facility matures in June 2029 and bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.00%, 2.25% or 2.50%, depending on AAG’s public corporate credit rating, or, at American’s option, the SOFR rate for a tenor of one, three or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 3.00%, 3.25% or 3.50%, depending on AAG’s public corporate credit rating. SOFR borrowings under the 2014 Revolving Facility are not subject to a credit spread adjustment. The 2014 Revolving Facility has aggregate commitments of $1.6 billion, with the ability to issue letters of credit up to an aggregate amount of $200 million. As of December 31, 2025, there were no borrowings or letters of credit outstanding under the 2014 Revolving Facility.

2023 Credit Facilities

The Credit and Guaranty Agreement, dated as of December 4, 2023, as amended (the 2023 Credit Agreement), includes a revolving credit facility (the 2023 Revolving Facility) and term loan facility (the 2023 Term Loan Facility), collectively referred to as the 2023 Credit Facilities. The 2023 Term Loan Facility matures in June 2029 and bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 1.25% per annum or, at American’s option, the SOFR rate for a tenor of one, three or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 2.25% per annum. SOFR borrowings under the 2023 Term Loan Facility are not subject to a credit spread adjustment. As of December 31, 2025, the margin elected was 2.25% per annum.

The 2023 Revolving Facility matures in June 2029 and bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.00%, 2.25% or 2.50%, depending on AAG’s public corporate credit rating, or, at American’s option, the SOFR rate for a tenor of one, three or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 3.00%, 3.25% or 3.50%, depending on AAG’s public corporate credit rating. SOFR borrowings under the 2023 Revolving Facility are not subject to a credit spread adjustment. The 2023 Revolving Facility has aggregate commitments of $924 million. As of December 31, 2025, there were no borrowings outstanding under the 2023 Revolving Facility.

Other Terms of the 2013, 2014 and 2023 Credit Facilities

The term loans under the 2013, 2014 and 2023 Credit Facilities (collectively referred to as the Credit Facilities) are repayable in annual installments, in an amount equal to 1.00% of the aggregate principal amount issued, with any unpaid balance due on the respective maturity dates. Voluntary prepayments may be made by American at any time.

The 2013, 2014 and 2023 Revolving Facilities provide that American may from time to time borrow, repay and reborrow loans thereunder. The 2013, 2014 and 2023 Revolving Facilities are each subject to an undrawn annual fee of 0.75%.

Subject to certain limitations and exceptions, the Credit Facilities are secured by collateral, including certain slots, route authorities, simulators and leasehold rights. American has the ability to make modifications to the collateral pledged, subject to certain restrictions. American’s obligations under the Credit Facilities are guaranteed by AAG, and such guarantee is AAG’s senior unsecured obligations (all of the collateral is owned by American, and AAG has not granted a security interest in any assets to secure any of the foregoing obligations). The Credit Facilities contain events of default customary for similar financings, including cross default and cross-acceleration to other material indebtedness.

(b) Senior Secured Notes

10.75% Senior Secured Notes

Notes. In October 2025, American redeemed in full the $629 million in aggregate principal amount of 10.75% Senior Secured Notes in advance of maturity at par, plus accrued and unpaid interest thereon, using amounts borrowed under a senior unsecured short-term term loan facility, described further below.

7.25% Senior Secured Notes

On February 15, 2023, American issued $750 million aggregate principal amount of 7.25% senior secured notes due 2028 (the 7.25% Senior Secured Notes) in a private offering. The 7.25% Senior Secured Notes were issued at par and bear interest at a rate of 7.25% per annum (subject to increase if the collateral coverage ratio described below is not met). Interest on the 7.25% Senior Secured Notes is payable semiannually in arrears on February 15 and August 15 of each year, which began on August 15, 2023. The 7.25% Senior Secured Notes will mature on February 15, 2028. The obligations of American under the 7.25% Senior Secured Notes are fully and unconditionally guaranteed on a senior unsecured basis by AAG.

The 7.25% Senior Secured Notes were issued pursuant to an indenture, dated as of February 15, 2023 (the 7.25% Senior Secured Notes Indenture), by and among American, AAG and Wilmington Trust, National Association, as trustee and collateral agent. The 7.25% Senior Secured Notes are American’s senior secured obligations and are secured on a first lien basis by security interests in certain assets, rights and properties that American uses to provide non-stop scheduled air carrier services between (a) certain airports in the United States and (b) airports in certain countries in South America and New Zealand (collectively, the 7.25% Senior Secured Notes Collateral). The 7.25% Senior Secured Notes Collateral also secures, on a first lien, pari passu basis with the 7.25% Senior Secured Notes, the 2013 Credit Facilities.

American may redeem the 7.25% Senior Secured Notes, in whole or in part, at the redemption prices described in the 7.25% Senior Secured Notes Indenture, plus any accrued and unpaid interest thereon to but excluding the date of redemption.

Twice per year, American is required to deliver an appraisal of the 7.25% Senior Secured Notes Collateral and an officer’s certificate demonstrating the calculation of a collateral coverage ratio in relation to the 7.25% Senior Secured Notes Collateral (the 7.25% Senior Secured Notes Collateral Coverage Ratio) as of the date of delivery of the appraisal for the applicable period. If the 7.25% Senior Secured Notes Collateral Coverage Ratio is less than 1.6 to 1.0 as of the date of delivery of the appraisal for the applicable period, then, subject to a cure period in which additional collateral can be provided or debt repaid such that American meets the required 7.25% Senior Secured Notes Collateral Coverage Ratio, American will be required to pay special interest in an additional amount equal to 2.00% per annum of the principal amount of the 7.25% Senior Secured Notes until the 7.25% Senior Secured Notes Collateral Coverage Ratio is established to be at least 1.6 to 1.0.

8.50% Senior Secured Notes

On December 4, 2023, American issued $1.0 billion aggregate principal amount of 8.50% senior secured notes due 2029 (the 8.50% Senior Secured Notes) in a private offering. The 8.50% Senior Secured Notes were issued at par and bear interest at a rate of 8.50% per annum (subject to increase if the collateral coverage ratio described below is not met). Interest on the 8.50% Senior Secured Notes is payable semiannually in arrears on May 15 and November 15 of each year, which began on May 15, 2024. The 8.50% Senior Secured Notes will mature on May 15, 2029. The obligations of American under the 8.50% Senior Secured Notes are fully and unconditionally guaranteed on a senior unsecured basis by AAG.

The 8.50% Senior Secured Notes were issued pursuant to an indenture, dated as of December 4, 2023 (the 8.50% Senior Secured Notes Indenture), by and among American, AAG and Wilmington Trust, National Association, as trustee and collateral agent. The 8.50% Senior Secured Notes are American’s senior secured obligations and are secured on a first lien basis by security interests in certain assets, rights and properties that American uses to provide non-stop scheduled air carrier services between (a) certain airports in the United States and (b) certain airports in Australia, Canada, the Caribbean, Central America, China, Hong Kong, Japan, Mexico, South Korea and Switzerland (collectively, the 8.50% Senior Secured Notes Collateral). The 8.50% Senior Secured Notes Collateral also secures, on a first lien, pari passu basis with the 8.50% Senior Secured Notes, the 2023 Term Loan Facility.

American may redeem the 8.50% Senior Secured Notes, in whole or in part, at the redemption prices described in the 8.50% Senior Secured Notes Indenture, plus any accrued and unpaid interest thereon to but excluding the date of redemption.

Twice per year, American is required to deliver an appraisal of the 8.50% Senior Secured Notes Collateral and an officer’s certificate demonstrating the calculation of a collateral coverage ratio in relation to the 8.50% Senior Secured Notes Collateral (the 8.50% Senior Secured Notes Collateral Coverage Ratio) as of the date of delivery of the appraisal for the applicable period. If the 8.50% Senior Secured Notes Collateral Coverage Ratio is less than 1.6 to 1.0 as of the date of delivery of the appraisal for the applicable period, then, subject to a cure period in which additional collateral can be provided or debt repaid such that American meets the required 8.50% Senior Secured Notes Collateral Coverage Ratio, American will be required to pay special interest in an additional amount equal to 2.00% per annum of the principal amount of the 8.50% Senior Secured Notes until the 8.50% Senior Secured Notes Collateral Coverage Ratio is established to be at least 1.6 to 1.0.

On March 24, 2021 (the 2021 AAdvantage Financing Closing Date), American and AAdvantage Loyalty IP Ltd., a Cayman Islands exempted company incorporated with limited liability and an indirect wholly-owned subsidiary of American (Loyalty Issuer and, together with American, the AAdvantage Issuers), completed the offering of $3.5 billion aggregate principal amount of 5.50% Senior Secured Notes due 2026 (the 2026 Notes) and $3.0 billion aggregate principal amount of 5.75% Senior Secured Notes due 2029 (the 2029 Notes, and together with the 2026 Notes, the AAdvantage Notes). The AAdvantage Notes are fully and unconditionally guaranteed (the AAdvantage Note Guarantees) by an indirect, wholly-owned subsidiary of American, and other wholly-owned subsidiaries (together, the SPV Guarantors) and AAG.

Concurrent with the issuance of the AAdvantage Notes, the AAdvantage Issuers, as co-borrowers, entered into a term loan credit and guaranty agreement, dated March 24, 2021, as amended, providing for a $3.5 billion term loan facility (the 2021 AAdvantage Term Loan Facility). On March 24, 2025, the AAdvantage Issuers entered into a second amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the Second Amendment). As a result of the Second Amendment, the term loans outstanding with a principal amount of approximately $2.3 billion were replaced with new term loans in the same principal amount. The terms of the new term loans are substantially similar to the prior term loans; however, the new term loans bear interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 1.25% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 2.25% per annum. Additionally, the scheduled quarterly principal amortization amount was reduced to 0.25% of the principal amount of term loans outstanding as of March 24, 2025 (approximately $6 million each quarter), which began in July 2025, and the remaining balance is due at maturity in April 2028. Pursuant to the Second Amendment, the new term loans are not subject to a cost spread adjustment. As of December 31, 2025, the margin elected for the 2021 AAdvantage Term Loan Facility was 2.25%.

On May 28, 2025, the AAdvantage Issuers entered into a third amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the Third Amendment). As a result of the Third Amendment, the AAdvantage Issuers incurred $1.0 billion of incremental term loans (the 2025 AAdvantage Term Loan Facility) due on May 28, 2032. The terms of the 2025 AAdvantage Term Loan Facility are substantially similar to the 2021 AAdvantage Term Loan Facility; however, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 2.25% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 3.25% per annum. Additionally, the scheduled quarterly principal amortization amount is equal to 0.25% of the original aggregate principal amount of the 2025 AAdvantage Term Loan Facility (approximately $3 million each quarter), which began in July 2025, and the remaining balance is due at maturity in May 2032. Pursuant to the Third Amendment, the 2025 AAdvantage Term Loan Facility is not subject to a cost spread adjustment. The net proceeds from the 2025 AAdvantage Term Loan Facility were used, in part, to repay the Convertible Notes described further below. As of December 31, 2025, the margin elected for the 2025 AAdvantage Term Loan Facility was 3.25%.

The AAdvantage Notes, 2021 AAdvantage Term Loan Facility and 2025 AAdvantage Term Loan Facility are collectively referred to as the AAdvantage Financing. The term loans drawn under the 2021 AAdvantage Term Loan Facility and 2025 AAdvantage Term Loan Facility (collectively, the AAdvantage Loans) are fully and unconditionally guaranteed (together with the AAdvantage Note Guarantees, the AAdvantage Guarantees) by the SPV Guarantors and AAG.

Subject to certain permitted liens and other exceptions, the AAdvantage Notes, AAdvantage Loans and AAdvantage Guarantees provided by the SPV Guarantors are secured by a first-priority security interest in, and pledge of, various agreements with respect to the AAdvantage program (the AAdvantage Agreements) (including all payments thereunder) and certain intellectual property licenses, certain deposit accounts that will receive cash under the AAdvantage Agreements, certain reserve accounts, the equity of each of Loyalty Issuer and the SPV Guarantors and substantially all other assets of Loyalty Issuer and the SPV Guarantors, including American’s rights to certain data and other intellectual property used in the AAdvantage program (subject to certain exceptions) (collectively, the AAdvantage Collateral).

Payment Terms of the AAdvantage Financing

Interest on the AAdvantage Notes is payable in cash, quarterly in arrears on the 20th day of each January, April, July and October (each, an AAdvantage Payment Date), which began on July 20, 2021. The 2026 Notes will mature on April 20, 2026, and the 2029 Notes will mature on April 20, 2029. The outstanding principal on the 2026 Notes are repaid in quarterly installments of $292 million on each AAdvantage Payment Date, which began in July 2023. The outstanding principal on the 2029 Notes will be repaid in quarterly installments of $250 million on each AAdvantage Payment Date, beginning on July 20, 2026.

The AAdvantage Issuers may redeem the AAdvantage Notes, at their option, in whole or in part, at a redemption price equal to 100% of the principal amount of the AAdvantage Notes redeemed plus a “make-whole” premium, together with accrued and unpaid interest to the date of redemption.

The scheduled maturity date of the term loans under the 2021 AAdvantage Term Loan Facility is April 20, 2028. The outstanding principal on the loans due under such facility will be repaid in quarterly installments of approximately $6 million, on each AAdvantage Payment Date. The scheduled maturity date of the term loans under the 2025 AAdvantage Term Loan Facility is May 28, 2032. The outstanding principal on the loans due under such facility will be repaid in quarterly installments of approximately $3 million, on each AAdvantage Payment Date. These amortization payments (as well as those for the AAdvantage Notes) will be subject to the occurrence of certain early amortization events, including the failure to satisfy a minimum debt service coverage ratio at specified determination dates.

Prepayment of some or all of the outstanding amounts under the AAdvantage Loans is permitted, although payment of an applicable premium is required as specified in the term loans of the AAdvantage Loans.

The AAdvantage Indenture and the AAdvantage Loans contain mandatory prepayment provisions triggered upon (i) the issuance or incurrence by Loyalty Issuer or the SPV Guarantors of certain indebtedness or (ii) the receipt by American or its subsidiaries of net proceeds from pre-paid frequent flyer (i.e., AAdvantage) mileage credit sales exceeding $505 million. Each of these prepayments would also require payment of an applicable premium. Certain other events, including the occurrence of a change of control with respect to AAG and certain AAdvantage Collateral sales exceeding a specified threshold, will also trigger mandatory repurchase or mandatory prepayment provisions under the AAdvantage Indenture and the AAdvantage Loans, respectively.

(d) EETCs issued in 2025

2025-1 Aircraft EETCs

In November 2025, American created two pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2025-1 Class A and Class B EETCs (the 2025-1 Aircraft EETCs) in connection with the financing of 25 aircraft delivered or to be delivered to American from October 2025 through March 2026 (the 2025-1 Aircraft). As of December 31, 2025, approximately $978 million of the proceeds had been used to purchase equipment notes issued by American in connection with the financing of 21 aircraft under the 2025-1 Aircraft EETCs. Interest and principal payments on equipment notes issued in connection with the 2025-1 Aircraft EETCs are payable semi-annually in May and November each year, with interest payments scheduled to begin in May 2026 and principal payments scheduled to begin in November 2026. The remaining proceeds of approximately $127 million as of December 31, 2025 were being held in escrow with a depositary for the benefit of the holders of the 2025-1 Aircraft EETCs until such time as American issues additional equipment notes with respect to the remaining 2025-1 Aircraft to the pass-through trusts, which will purchase such additional equipment notes with the escrowed funds. These escrowed funds are not guaranteed by American and are not reported as debt on its consolidated balance sheet because the proceeds held by the depositary for the benefit of the holders of the 2025-1 Aircraft EETCs are not American’s assets.

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of December 31, 2025, is set forth in the table below:


	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Remaining escrowed proceeds	$102 million	$25 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

(e) Equipment Loans and Other Notes Payable Issued in 2025

In 2025, American entered into agreements under which it borrowed $1.2 billion in connection with the financing of certain aircraft. Debt incurred under these agreements matures in 2036 through 2037 and bears interest at variable rates (comprised of SOFR plus an applicable margin) averaging 5.72% as of December 31, 2025.

(f) PSP Promissory Notes

As partial compensation to the U.S. Government for the provision of financial assistance under the various payroll support program agreements, AAG issued promissory notes to Treasury (PSP1 Promissory Note, PSP2 Promissory Note and PSP3 Promissory Note, collectively the PSP Promissory Notes), in the aggregate principal amount of $3.7 billion which provides for the guarantee of our obligations under the PSP Promissory Notes by AAG’s subsidiaries American, Envoy Air Inc., Piedmont and PSA (together, the Subsidiaries).

The PSP1 Promissory Note bears interest at 2.00% plus an interest rate based on SOFR. The PSP2 Promissory Note and PSP3 Promissory Note bear interest at a fixed interest rate of 1.00% until the first and second quarters of 2026, respectively. Thereafter, the notes bear interest at 2.00% plus an interest rate based on SOFR. Interest accrued thereon is payable in arrears on the last business day of March and September of each year. The aggregate principal amount outstanding under the PSP Promissory Notes, together with all accrued and unpaid interest thereon and all other amounts payable under the PSP Promissory Notes, will be due and payable on the applicable maturity date.

The PSP Promissory Notes are our senior unsecured obligation and each guarantee of the PSP Promissory Notes is the senior unsecured obligation of each of the Subsidiaries, respectively.

We may, at any time and from time to time, voluntarily prepay amounts outstanding under the PSP Promissory Notes, in whole or in part, without penalty or premium. Within 30 days of the occurrence of certain change of control triggering events, we are required to prepay the aggregate outstanding principal amount of the PSP Promissory Notes at such time, together with any accrued interest or other amounts owing under the PSP Promissory Notes at such time.

(g) 6.50% Convertible Senior Notes

In June 2020, AAG completed the public offering of $1.0 billion aggregate principal amount of AAG’s 6.50% convertible senior notes due 2025 (the Convertible Notes). On March 27, 2025, we provided notice to the holders of our Convertible Notes that we would settle our Convertible Notes at their maturity in cash (including any conversions up to a price per share of AAG common stock of approximately $22.00) if the volume-weighted average price per share of AAG common stock did not exceed approximately $22.00 on any trading day of the 20-trading day “observation period” over which the consideration due upon conversion is calculated and determined. On July 1, 2025, the volume-weighted average price per share of AAG common stock did not exceed $22.00 on any trading day of the 20-trading day “observation period” and therefore the Convertible Notes were settled at their maturity in cash for $1.0 billion.

(h) Short-Term Term Loan Facility

In October 2025, American borrowed $629 million under a senior unsecured short-term term loan facility to refinance in full the $629 million outstanding principal amount of the 10.75% Senior Secured Notes, described above. Term loans under the facility were scheduled to mature on January 21, 2026 and bore interest at SOFR for a tenor of one month plus an applicable margin of 2.375% per annum, payable monthly. The term loans were fully and unconditionally guaranteed by AAG. On January 2, 2026, American voluntarily prepaid the remaining outstanding principal amount of the short-term term loan facility.

Other Financing Activities

In 2025, American prepaid $487 million of the outstanding principal amounts of certain equipment notes issued under EETCs, and these amounts were applied to repay the related trust certificates.

Guarantees

Certain Covenants

Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, may restrict our ability and that of our subsidiaries to incur additional indebtedness, pay dividends or repurchase stock. Our debt agreements also contain customary change of control provisions, which may require us to repay or redeem such indebtedness upon certain events constituting a change of control under the relevant agreement, in certain cases at a premium. Additionally, certain of our debt financing agreements (including our secured notes, term loans, revolving credit facilities and spare engine EETCs) contain loan to value (LTV) or collateral coverage ratio covenants and certain agreements require us to appraise the related collateral annually or semiannually. Pursuant to such agreements, if the applicable LTV or collateral coverage ratio exceeds or falls below a specified threshold, as the case may be, we will be required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), withhold additional cash in certain accounts, or pay down such financing, in whole or in part, or the interest rate for the relevant financing will be increased. Additionally, a significant portion of our debt financing agreements contain covenants requiring us to maintain an aggregate of at least $2.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities, and our AAdvantage Financing contains a peak debt service coverage ratio, pursuant to which failure to comply with a certain threshold may result in early repayment, in whole or in part, of the AAdvantage Financing.

Specifically, we are required to meet certain collateral coverage tests for our Credit Facilities, 7.25% Senior Secured Notes and 8.50% Senior Secured Notes, as described below:

2013 Credit
Facilities

7.25% Senior Secured Notes

2014 Credit
Facilities

2023 Credit Facilities

8.50% Senior Secured Notes

LTV Requirement

1.6x Collateral valuation to amount of debt outstanding (62.5% LTV)

LTV as of Last Measurement Date

38.4%

15.3%

25.4%

Frequency of Appraisals of Appraised Collateral

Semi-Annual

Collateral Description

Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and South America and New Zealand

Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and European Union (including London Heathrow)

At December 31, 2025, we were in compliance with the applicable collateral coverage tests as of the most recent measurement dates.

American Airlines, Inc.

Debt Instrument [Line Items]

Debt

Debt included on American’s consolidated balance sheets consisted of (in millions):


	December 31,
	2025		2024
Secured
2013 Term Loan Facility, variable interest rate of 6.00%, installments until due in February 2028 (a)	$	970	$	980
2014 Term Loan Facility, variable interest rate of 5.69%, installments until due in January 2027 (a)	1,159		1,171
2023 Term Loan Facility, variable interest rate of 6.26%, installments until due in June 2029 (a)	1,078		1,089
10.75% senior secured IP notes (b)	—		781
10.75% senior secured LGA/DCA notes (b)	—		156
7.25% senior secured notes, interest only payments until due in February 2028 (b)	750		750
8.50% senior secured notes, interest only payments until due in May 2029 (b)	1,000		1,000
5.50% senior secured notes, installments until due in April 2026 (c)	583		1,750
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (c)	3,000		3,000
2021 AAdvantage Term Loan Facility, variable interest rate of 6.13%, installments until due in April 2028 (c)	2,264		2,450
2025 AAdvantage Term Loan Facility, variable interest rate of 7.13%, installments until due in May 2032 (c)	995		—
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 3.95%, maturing from 2026 to 2038 (d)	6,912		7,271
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.56%, averaging 5.57%, maturing from 2026 to 2037 (e)	4,719		4,094
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036	789		880

	24,219		25,372
Unsecured
Senior short-term term loan facility, variable interest rate of 6.11%, interest only payments until due in January 2026 (f)	629		—
Total	24,848		25,372
Less: Total unamortized debt discount, premium and issuance costs	313		300
Less: Current maturities	3,641		4,196
Long-term debt, net of current maturities	$	20,894	$	20,876

As of December 31, 2025, the maximum availability under American’s revolving credit and other facilities is as follows (in millions):


2013 Revolving Facility (1)	$	519
2014 Revolving Facility (1)	1,557
2023 Revolving Facility (1)	924
Other facilities (2)	397
Total	$	3,397

At December 31, 2025, the maturities of long-term debt are as follows (in millions):


2026	$	3,641
2027	4,455
2028	7,324
2029	4,045
2030	730
2031 and thereafter	4,653
Total	$	24,848

(a) 2013, 2014 and 2023 Credit Facilities

2013 Credit Facilities

2014 Credit Facilities

amount of $200 million. As of December 31, 2025, there were no borrowings or letters of credit outstanding under the 2014 Revolving Facility.

2023 Credit Facilities

Other Terms of the 2013, 2014 and 2023 Credit Facilities

(b) Senior Secured Notes

10.75% Senior Secured Notes

On September 25, 2020 (the 10.75% Senior Secured Notes Closing Date), American issued $1.0 billion in initial principal amount of senior secured IP notes (the IP Notes) and $200 million in initial principal amount of senior secured LGA/DCA notes (the LGA/DCA Notes and together with the IP Notes, the 10.75% Senior Secured Notes). In February 2025, American prepaid $308 million toward portions of the outstanding principal amounts of the 10.75% Senior Secured Notes. In October 2025, American redeemed in full the $629 million in aggregate principal amount of 10.75% Senior Secured Notes in advance of maturity at par, plus accrued and unpaid interest thereon, using amounts borrowed under a senior unsecured short-term term loan facility, described further below.

7.25% Senior Secured Notes

and collateral agent. The 7.25% Senior Secured Notes are American’s senior secured obligations and are secured on a first lien basis by security interests in certain assets, rights and properties that American uses to provide non-stop scheduled air carrier services between (a) certain airports in the United States and (b) airports in certain countries in South America and New Zealand (collectively, the 7.25% Senior Secured Notes Collateral). The 7.25% Senior Secured Notes Collateral also secures, on a first lien, pari passu basis with the 7.25% Senior Secured Notes, the 2013 Credit Facilities.

8.50% Senior Secured Notes

of 5.75% Senior Secured Notes due 2029 (the 2029 Notes, and together with the 2026 Notes, the AAdvantage Notes). The AAdvantage Notes are fully and unconditionally guaranteed (the AAdvantage Note Guarantees) by an indirect, wholly-owned subsidiary of American, and other wholly-owned subsidiaries (together, the SPV Guarantors) and AAG.

On May 28, 2025, the AAdvantage Issuers entered into a third amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the Third Amendment). As a result of the Third Amendment, the AAdvantage Issuers incurred $1.0 billion of incremental term loans (the 2025 AAdvantage Term Loan Facility) due on May 28, 2032. The terms of the 2025 AAdvantage Term Loan Facility are substantially similar to the 2021 AAdvantage Term Loan Facility; however, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 2.25% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 3.25% per annum. Additionally, the scheduled quarterly principal amortization amount is equal to 0.25% of the original aggregate principal amount of the 2025 AAdvantage Term Loan Facility (approximately $3 million each quarter), which began in July 2025, and the remaining balance is due at maturity in May 2032. Pursuant to the Third Amendment, the 2025 AAdvantage Term Loan Facility is not subject to a cost spread adjustment. The net proceeds from the 2025 AAdvantage Term Loan Facility were used, in part, to repay AAG’s 6.50% convertible senior notes. As of December 31, 2025, the margin elected for the 2025 AAdvantage Term Loan Facility was 3.25%.

Payment Terms of the AAdvantage Financing

(d) EETCs issued in 2025

2025-1 Aircraft EETCs

Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of December 31, 2025, is set forth in the table below:


	2025-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$884 million	$221 million
Remaining escrowed proceeds	$102 million	$25 million
Fixed interest rate per annum	4.90%	5.65%
Maturity date	May 2038	November 2034

(e) Equipment Loans and Other Notes Payable Issued in 2025

(f) Short-Term Term Loan Facility

Other Financing Activities

In 2025, American prepaid $487 million of the outstanding principal amounts of certain equipment notes issued under EETCs, and these amounts were applied to repay the related trust certificates.

Guarantees

Certain Covenants

American’s debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, may restrict American’s ability to incur additional indebtedness. American’s debt agreements also contain customary change of control provisions, which may require it to repay or redeem such indebtedness upon certain events constituting a change of control under the relevant agreement, in certain cases at a premium. Additionally, certain of American’s debt financing agreements (including its secured notes, term loans, revolving credit facilities and spare engine EETCs) contain loan to value (LTV) or collateral coverage ratio covenants and certain agreements require American to appraise the related collateral annually or semiannually. Pursuant to such agreements, if the applicable LTV or collateral coverage ratio exceeds or falls below a specified threshold, as the case may be, American will be required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), withhold additional cash in certain accounts, or pay down such financing, in whole or in part, or the interest rate for the relevant financing will be increased. Additionally, a significant portion of American’s debt financing agreements contain covenants requiring it to maintain an aggregate of at least $2.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities, and its AAdvantage Financing contains a peak debt service coverage ratio, pursuant to which failure to comply with a certain threshold may result in early repayment, in whole or in part, of the AAdvantage Financing.

Specifically, American is required to meet certain collateral coverage tests for its Credit Facilities, 7.25% Senior Secured Notes and 8.50% Senior Secured Notes, as described below:

2013 Credit Facilities

7.25% Senior Secured Notes

2014 Credit Facilities

2023 Credit Facilities

8.50% Senior Secured Notes

LTV Requirement

1.6x Collateral valuation to amount of debt outstanding (62.5% LTV)

LTV as of Last Measurement Date

38.4%

15.3%

25.4%

Frequency of Appraisals of Appraised Collateral

Semi-Annual

Collateral Description

Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and South America and New Zealand

Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and European Union (including London Heathrow)

At December 31, 2025, American was in compliance with the applicable collateral coverage tests as of the most recent measurement dates.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes [Line Items]

Components of Income Tax Provision

The significant components of the income tax provision were (in millions):


	Year Ended December 31,
	2025		2024		2023




Deferred income tax provision:
Federal	$	72	$	285	$	268
State and local	7		23		31
Deferred income tax provision	79		308		299
Total income tax provision	$	79	$	308	$	299

Reconciliation of Income Tax Provision

The income tax provision differed from amounts computed at the U.S. federal statutory income tax rate as follows (amounts in millions):


	Year Ended December 31,
	2025				2024				2023
	Amount		Rate		Amount		Rate		Amount		Rate
U.S. federal statutory income tax rate	$	40	21.0	%	$	242	21.0	%	$	236	21.0	%
Domestic federal:
Nontaxable or nondeductible items
Nondeductible meals and other nondeductible employee benefits	28		15.3	%	22		1.9	%	22		2.0	%
Nondeductible officer compensation	10		5.2	%	12		1.1	%	11		1.0	%
Other nontaxable and nondeductible items	—		—	%	11		0.9	%	9		0.8	%
Other	(6)		(3.3)	%	—		—	%	—		—	%
Domestic state and local income taxes, net of federal effect	7		3.0	%	21		1.8	%	21		1.9	%


Effective tax rate	$	79	41.2	%	$	308	26.7	%	$	299	26.7	%

Deferred Tax Assets and Liabilities

The components of our deferred tax assets and liabilities were (in millions):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss and other carryforwards	$	4,095	$	4,292
Loyalty program liability	1,949		1,799
Leases	1,566		1,596
Pension benefits	109		234
Postretirement benefits other than pension benefits	260		270
Rent expense	37		60


Other	676		775
Total deferred tax assets	8,692		9,026
Valuation allowance	(22)		(22)
Net deferred tax assets	8,670		9,004
Deferred tax liabilities:
Accelerated depreciation and amortization	(4,543)		(4,620)
Leases	(1,594)		(1,656)
Other	(174)		(252)
Total deferred tax liabilities	(6,311)		(6,528)
Net deferred tax asset	$	2,359	$	2,476

American Airlines, Inc.

Income Taxes [Line Items]

Components of Income Tax Provision

The significant components of the income tax provision were (in millions):


	Year Ended December 31,
	2025		2024		2023




Deferred income tax provision:
Federal	$	183	$	391	$	361
State and local	14		35		33
Deferred income tax provision	197		426		394
Total income tax provision	$	197	$	426	$	394

Reconciliation of Income Tax Provision

The income tax provision differed from amounts computed at the U.S. federal statutory income tax rate as follows (amounts in millions):


	Year Ended December 31,
	2025				2024				2023
	Amount		Rate		Amount		Rate		Amount		Rate
U.S. federal statutory income tax rate	$	160	21.0	%	$	355	21.0	%	$	332	21.0	%
Domestic federal:
Nontaxable or nondeductible items
Nondeductible meals and other nondeductible employee benefits	23		3.0	%	18		1.1	%	19		1.2	%
Nondeductible officer compensation	10		1.3	%	12		0.7	%	11		0.6	%
Other nontaxable and nondeductible items	(4)		(0.4)	%	12		0.7	%	4		0.3	%
Other	(6)		(0.8)	%	—		—	%	—		—	%
Domestic state and local income taxes, net of federal effect	14		1.8	%	29		1.7	%	28		1.8	%


Effective tax rate	$	197	25.9	%	$	426	25.2	%	$	394	24.9	%

Deferred Tax Assets and Liabilities

The components of American’s deferred tax assets and liabilities were (in millions):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss and other carryforwards	$	3,566	$	3,891
Loyalty program liability	1,949		1,799
Leases	1,553		1,582
Pension benefits	104		228
Postretirement benefits other than pension benefits	260		270
Rent expense	37		59


Other	633		726
Total deferred tax assets	8,102		8,555
Valuation allowance	(12)		(12)
Net deferred tax assets	8,090		8,543
Deferred tax liabilities:
Accelerated depreciation and amortization	(4,520)		(4,599)
Leases	(1,582)		(1,642)
Other	(165)		(244)
Total deferred tax liabilities	(6,267)		(6,485)
Net deferred tax asset	$	1,823	$	2,058

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Defined Benefit Plan Disclosure [Line Items]

Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
Benefit obligation at beginning of period	$	13,349	$	14,410	$	1,308	$	1,325
Service cost	3		2		23		29
Interest cost	730		723		69		64
Actuarial loss (gain) (1), (2)	168		(741)		(11)		(58)

Plan amendments (3)	—		—		—		55
Benefit payments	(919)		(913)		(130)		(107)
Other	—		(132)		—		—
Benefit obligation at end of period	$	13,331	$	13,349	$	1,259	$	1,308






Fair value of plan assets at beginning of period	$	12,254	$	12,431	$	128	$	133
Actual return on plan assets	1,229		568		15		9
Employer contributions (4)	228		300		105		93

Benefit payments	(919)		(913)		(130)		(107)
Other	—		(132)		—		—
Fair value of plan assets at end of period	$	12,792	$	12,254	$	118	$	128
Funded status at end of period	$	(539)	$	(1,095)	$	(1,141)	$	(1,180)

(1)The 2025 and 2024 pension actuarial loss (gain) primarily relates to the change in our weighted average discount rate assumption.

(4)In 2025 and 2024, we made required contributions of $224 million and $285 million, respectively, to our defined benefit pension plans.

Schedule of Amounts Recognized in Consolidated Balance Sheets

Balance Sheet Position


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Current liability	$	4	$	5	$	108	$	142
Noncurrent liability	535		1,090		1,033		1,038
Total liabilities	$	539	$	1,095	$	1,141	$	1,180

Schedule of Amounts Recognized in Other Comprehensive Income


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Net actuarial loss (gain)	$	2,907	$	3,128	$	(395)	$	(408)
Prior service cost	—		1		220		238
Total accumulated other comprehensive loss (income), pre-tax	$	2,907	$	3,129	$	(175)	$	(170)

Schedule of Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets

Plans with Projected Benefit Obligations Exceeding Fair Value of Plan Assets


	Pension Benefits
	2025		2024

	(In millions)
As of December 31:
Projected benefit obligation	$	8,820	$	13,349
Fair value of plan assets	8,221		12,254

Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Accumulated benefit obligation	$	8,814	$	13,341	$	—	$	—
Accumulated postretirement benefit obligation	—		—		1,259		1,308
Fair value of plan assets	8,221		12,254		118		128

Components of Net Periodic Benefit Cost (Income)

Net Periodic Benefit Cost (Income)


	Pension Benefits						Retiree Medical and Other Postretirement Benefits
	2025		2024		2023		2025		2024		2023

	(In millions)
For the years ended December 31:
Defined benefit plans:
Service cost	$	3	$	2	$	2	$	23	$	29	$	17
Interest cost	730		723		758		69		64		55
Expected return on assets	(929)		(978)		(918)		(9)		(10)		(11)


Amortization of:
Prior service cost (benefit)	1		—		18		17		14		(6)
Unrecognized net loss (gain)	91		105		106		(27)		(31)		(34)
Net periodic benefit cost (income)	$	(104)	$	(148)	$	(34)	$	73	$	66	$	21

Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

The following actuarial assumptions were used to determine our benefit obligations and net periodic benefit cost (income) for the periods presented:


	Pension Benefits		Retiree Medical and Other Postretirement Benefits
	2025	2024	2025	2024
Benefit obligations as of December 31:
Weighted average discount rate	5.5%	5.7%	5.3%	5.6%


	Pension Benefits			Retiree Medical and Other Postretirement Benefits
	2025	2024	2023	2025	2024	2023
Net periodic benefit cost (income) for the years ended December 31:
Weighted average discount rate	5.7%	5.2%	5.6%	5.6%	5.3%	5.7%
Weighted average expected rate of return on plan assets	7.75%	8.0%	8.0%	7.75%	8.0%	8.0%
Weighted average health care cost trend rate assumed for next year (1)	N/A	N/A	N/A	7.0%	6.5%	6.5%

(1)The weighted average health care cost trend rate at December 31, 2025 is assumed to decline gradually to 4.5% by 2036 and remain level thereafter.

Schedule of Expected Future Service Benefit Payments

The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):


	2026		2027		2028		2029		2030		2031-2035
Pension benefits	$	984	$	999	$	1,012	$	1,023	$	1,029	$	5,113
Retiree medical and other postretirement benefits	136		138		140		139		137		610

Schedule of Allocation of Plan Assets

The current strategic target asset allocation with the corresponding allowed range is as follows:


Asset Class/Sub-Class	Target Allocation	Allowed Range
Equity	45%	10% - 80%
Public:
U.S.	18%	5% - 40%
International developed markets	9%	0% - 20%
Emerging markets	3%	0% - 10%
Private equity	15%	5% - 35%

Fixed income	55%	15% - 90%
Public U.S. fixed income	45%	15% - 70%
Private income	10%	0% - 20%

Other	0%	0% - 5%
Cash equivalents	0%	0% - 20%

Changes in Fair Value Measurements of Level 3 Investments

Changes in fair value measurements of Level 3 investments during the years ended December 31, 2025 and 2024, were as follows (in millions):


	2025		2024
Balance at beginning of year	$	68	$	84
Actual gain (loss) on plan assets:
Relating to assets still held at the reporting date	(8)		(25)
Purchases	5		9
Sales	(2)		—

Balance at end of year	$	63	$	68

American Airlines, Inc.

Defined Benefit Plan Disclosure [Line Items]

Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
Benefit obligation at beginning of period	$	13,258	$	14,314	$	1,307	$	1,325
Service cost	2		2		23		29
Interest cost	725		718		69		64
Actuarial loss (gain) (1), (2)	169		(737)		(11)		(58)

Plan amendments (3)	—		—		—		54
Benefit payments	(914)		(907)		(130)		(107)
Other	—		(132)		—		—
Benefit obligation at end of period	$	13,240	$	13,258	$	1,258	$	1,307






Fair value of plan assets at beginning of period	$	12,175	$	12,358	$	128	$	133
Actual return on plan assets	1,216		561		15		9
Employer contributions (4)	225		295		105		93

Benefit payments	(914)		(907)		(130)		(107)
Other	—		(132)		—		—
Fair value of plan assets at end of period	$	12,702	$	12,175	$	118	$	128
Funded status at end of period	$	(538)	$	(1,083)	$	(1,140)	$	(1,179)

(1)The 2025 and 2024 pension actuarial loss (gain) primarily relates to the change in American’s weighted average discount rate assumption.

(2)The 2025 and 2024 retiree medical and other postretirement benefits actuarial gain primarily relates to changes in certain retirement assumptions, offset in part by increases in health care premiums and health care cost assumptions. Changes in American’s weighted average discount rate assumption also impacted the net actuarial gain in 2025 and 2024.

(4)In 2025 and 2024, American made required contributions of $221 million and $280 million, respectively, to its defined benefit pension plans.

Schedule of Amounts Recognized in Consolidated Balance Sheets


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Current liability	$	4	$	5	$	108	$	142
Noncurrent liability	534		1,078		1,032		1,037
Total liabilities	$	538	$	1,083	$	1,140	$	1,179

Schedule of Amounts Recognized in Other Comprehensive Income


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Net actuarial loss (gain)	$	2,915	$	3,130	$	(395)	$	(407)
Prior service cost	1		1		221		238
Total accumulated other comprehensive loss (income), pre-tax	$	2,916	$	3,131	$	(174)	$	(169)

Schedule of Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets

Plans with Projected Benefit Obligations Exceeding Fair Value of Plan Assets


	Pension Benefits
	2025		2024

	(In millions)
As of December 31:
Projected benefit obligation	$	8,807	$	13,258
Fair value of plan assets	8,209		12,175

Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets


	Pension Benefits				Retiree Medical and Other Postretirement Benefits
	2025		2024		2025		2024

	(In millions)
As of December 31:
Accumulated benefit obligation	$	8,801	$	13,251	$	—	$	—
Accumulated postretirement benefit obligation	—		—		1,258		1,307
Fair value of plan assets	8,209		12,175		118		128

Components of Net Periodic Benefit Cost (Income)


	Pension Benefits						Retiree Medical and Other Postretirement Benefits
	2025		2024		2023		2025		2024		2023

	(In millions)
For the years ended December 31:
Defined benefit plans:
Service cost	$	2	$	2	$	2	$	23	$	29	$	17
Interest cost	725		718		753		69		64		55
Expected return on assets	(923)		(973)		(914)		(9)		(10)		(11)


Amortization of:
Prior service cost (benefit)	—		—		18		18		14		(6)
Unrecognized net loss (gain)	91		105		106		(27)		(31)		(34)
Net periodic benefit cost (income)	$	(105)	$	(148)	$	(35)	$	74	$	66	$	21

Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

The following actuarial assumptions were used to determine American’s benefit obligations and net periodic benefit cost (income) for the periods presented:


	Pension Benefits		Retiree Medical and Other Postretirement Benefits
	2025	2024	2025	2024
Benefit obligations as of December 31:
Weighted average discount rate	5.5%	5.7%	5.3%	5.6%


	Pension Benefits			Retiree Medical and Other Postretirement Benefits
	2025	2024	2023	2025	2024	2023
Net periodic benefit cost (income) for the years ended December 31:
Weighted average discount rate	5.7%	5.2%	5.6%	5.6%	5.3%	5.7%
Weighted average expected rate of return on plan assets	7.75%	8.0%	8.0%	7.75%	8.0%	8.0%
Weighted average health care cost trend rate assumed for next year (1)	N/A	N/A	N/A	7.0%	6.5%	6.5%

(1)The weighted average health care cost trend rate at December 31, 2025 is assumed to decline gradually to 4.5% by 2036 and remain level thereafter.

Schedule of Expected Future Service Benefit Payments

The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):


	2026		2027		2028		2029		2030		2031-2035
Pension benefits	$	979	$	993	$	1,006	$	1,016	$	1,023	$	5,078
Retiree medical and other postretirement benefits	135		138		140		139		137		609

Schedule of Allocation of Plan Assets

The current strategic target asset allocation with the corresponding allowed range is as follows:


Asset Class/Sub-Class	Target Allocation	Allowed Range
Equity	45%	10% - 80%
Public:
U.S.	18%	5% - 40%
International developed markets	9%	0% - 20%
Emerging markets	3%	0% - 10%
Private equity	15%	5% - 35%

Fixed income	55%	15% - 90%
Public U.S. fixed income	45%	15% - 70%
Private income	10%	0% - 20%

Other	0%	0% - 5%
Cash equivalents	0%	0% - 20%

Changes in Fair Value Measurements of Level 3 Investments

Changes in fair value measurements of Level 3 investments during the years ended December 31, 2025 and 2024, were as follows (in millions):


	2025		2024
Balance at beginning of year	$	68	$	84
Actual gain (loss) on plan assets:
Relating to assets still held at the reporting date	(8)		(25)
Purchases	5		9
Sales	(2)		—

Balance at end of year	$	63	$	68

Pension Benefits

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets

The fair value of our pension plan assets at December 31, 2025 and 2024, by asset category, were as follows (in millions) (1):


	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity (2)	$	2,087	$	—	$	—	$	2,087	$	2,498	$	—	$	—	$	2,498
Fixed income (3)	476		5,390		—		5,866		439		3,723		—		4,162
Other, net (4)	144		288		63		495		91		144		68		303
Measured at NAV (5):
Common collective trusts (6)	—		—		—		273		—		—		—		1,153
Private investments (7)	—		—		—		4,071		—		—		—		4,138
Total plan assets	$	2,707	$	5,678	$	63	$	12,792	$	3,028	$	3,867	$	68	$	12,254

(1)See Note 7 for a description of the levels within the fair value hierarchy.

(2)Equity investments primarily include domestic and international common stock.

(3)Fixed income investments primarily include corporate and government bonds, as well as mutual funds invested in fixed income securities.

(5)Includes investments that were measured at NAV per share (or its equivalent) as a practical expedient that have not been classified in the fair value hierarchy.

(6)Common collective trusts include commingled funds primarily invested in equity securities.

Pension Benefits | American Airlines, Inc.

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets

The fair value of American’s pension plan assets at December 31, 2025 and 2024, by asset category, were as follows (in millions) (1):


	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Equity (2)	$	2,083	$	—	$	—	$	2,083	$	2,498	$	—	$	—	$	2,498
Fixed income (3)	465		5,390		—		5,855		427		3,723		—		4,150
Other, net (4)	144		288		63		495		91		144		68		303
Measured at NAV (5):
Common collective trusts (6)	—		—		—		198		—		—		—		1,086
Private investments (7)	—		—		—		4,071		—		—		—		4,138
Total plan assets	$	2,692	$	5,678	$	63	$	12,702	$	3,016	$	3,867	$	68	$	12,175

(1)See Note 6 for a description of the levels within the fair value hierarchy.

(2)Equity investments primarily include domestic and international common stock.

(3)Fixed income investments primarily include corporate and government bonds, as well as mutual funds invested in fixed income securities.

(5)Includes investments that were measured at NAV per share (or its equivalent) as a practical expedient that have not been classified in the fair value hierarchy.

(6)Common collective trusts include commingled funds primarily invested in equity securities.

Debt - 2023 Credit Facilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 04, 2023
Term Loan \| Credit Facility 2023 \| Base Rate
Line of Credit Facility [Line Items]
Floor interest rate		1.00%
Term Loan \| Credit Facility 2023 \| Base Rate \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate		1.00%
Term Loan \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Floor interest rate		0.00%
Term Loan \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate		0.00%
Term Loan \| Credit Facility 2023 \| Secured Debt \| Base Rate
Line of Credit Facility [Line Items]
Interest rate margin		1.25%
Term Loan \| Credit Facility 2023 \| Secured Debt \| Base Rate \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		1.25%
Term Loan \| Credit Facility 2023 \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Interest rate margin	2.25%	2.25%
Term Loan \| Credit Facility 2023 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin	2.25%	2.25%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	$ 3,397
Revolving Credit Facility \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	3,397
Revolving Credit Facility \| Credit Facility 2023
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	924
Revolving Credit Facility \| Credit Facility 2023 \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	924
Revolving Credit Facility \| Credit Facility 2023 \| Base Rate
Line of Credit Facility [Line Items]
Floor interest rate		1.00%
Revolving Credit Facility \| Credit Facility 2023 \| Base Rate \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate		1.00%
Revolving Credit Facility \| Credit Facility 2023 \| Base Rate \| Interest Rate Margin One
Line of Credit Facility [Line Items]
Interest rate margin		2.00%
Revolving Credit Facility \| Credit Facility 2023 \| Base Rate \| Interest Rate Margin One \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		2.00%
Revolving Credit Facility \| Credit Facility 2023 \| Base Rate \| Interest Rate Margin Two
Line of Credit Facility [Line Items]
Interest rate margin		2.25%
Revolving Credit Facility \| Credit Facility 2023 \| Base Rate \| Interest Rate Margin Two \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		2.25%
Revolving Credit Facility \| Credit Facility 2023 \| Base Rate \| Interest Rate Margin Three
Line of Credit Facility [Line Items]
Interest rate margin		2.50%
Revolving Credit Facility \| Credit Facility 2023 \| Base Rate \| Interest Rate Margin Three \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		2.50%
Revolving Credit Facility \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Floor interest rate		0.00%
Revolving Credit Facility \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate		0.00%
Revolving Credit Facility \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin One
Line of Credit Facility [Line Items]
Interest rate margin		3.00%
Revolving Credit Facility \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin One \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		3.00%
Revolving Credit Facility \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Two
Line of Credit Facility [Line Items]
Interest rate margin		3.25%
Revolving Credit Facility \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Two \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		3.25%
Revolving Credit Facility \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Three
Line of Credit Facility [Line Items]
Interest rate margin		3.50%
Revolving Credit Facility \| Credit Facility 2023 \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Three \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		3.50%
Revolving Credit Facility \| Credit Facility 2023 \| Secured Debt
Line of Credit Facility [Line Items]
Long-term line of credit	0
Revolving Credit Facility \| Credit Facility 2023 \| Secured Debt \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Long-term line of credit	$ 0

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss and other carryforwards	$ 4,095	$ 4,292
Loyalty program liability	1,949	1,799
Leases	1,566	1,596
Pension benefits	109	234
Postretirement benefits other than pension benefits	260	270
Rent expense	37	60
Other	676	775
Total deferred tax assets	8,692	9,026
Valuation allowance	(22)	(22)
Net deferred tax assets	8,670	9,004
Deferred tax liabilities:
Accelerated depreciation and amortization	(4,543)	(4,620)
Leases	(1,594)	(1,656)
Other	(174)	(252)
Total deferred tax liabilities	(6,311)	(6,528)
Net deferred tax asset	2,359	2,476
American Airlines, Inc.
Deferred tax assets:
Net operating loss and other carryforwards	3,566	3,891
Loyalty program liability	1,949	1,799
Leases	1,553	1,582
Pension benefits	104	228
Postretirement benefits other than pension benefits	260	270
Rent expense	37	59
Other	633	726
Total deferred tax assets	8,102	8,555
Valuation allowance	(12)	(12)
Net deferred tax assets	8,090	8,543
Deferred tax liabilities:
Accelerated depreciation and amortization	(4,520)	(4,599)
Leases	(1,582)	(1,642)
Other	(165)	(244)
Total deferred tax liabilities	(6,267)	(6,485)
Net deferred tax asset	$ 1,823	$ 2,058

Consolidated Statements of Cash Flows - American Airlines Group Inc. - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income

$ 111

$ 846

$ 822

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

2,219

2,245

2,254

Debt extinguishment costs

267

Special items, net non-cash

(17)

(1)

Pension and postretirement

(31)

(82)

(13)

Deferred income tax provision

308

299

Share-based compensation, non-cash

102

Other, net

(85)

(249)

(205)

Changes in operating assets and liabilities:

Decrease (increase) in accounts receivable

(74)

Increase in other assets

(218)

(314)

(11)

Increase in accounts payable

335

257

209

Contributions to pension plans

(228)

(300)

(73)

Increase (decrease) in other liabilities

(149)

379

Net cash provided by operating activities

3,099

3,983

3,803

Cash flows from investing activities:

Capital expenditures and aircraft purchase deposits

(3,779)

(2,683)

(2,596)

Proceeds from sale-leaseback transactions and sale of property and equipment

344

654

230

Sales of short-term investments

6,189

8,013

8,861

Purchases of short-term investments

(4,905)

(7,194)

(7,323)

Decrease in restricted short-term investments

177

Other investing activities

254

275

Net cash used in investing activities

(1,894)

(968)

(502)

Cash flows from financing activities:

Payments on long-term debt and finance leases

(5,504)

(4,467)

(7,718)

Proceeds from issuance of long-term debt

3,773

1,670

4,822

Other financing activities

(160)

(71)

(310)

Net cash used in financing activities

(1,051)

(2,794)

(3,206)

Net increase in cash and restricted cash

154

221

Cash and restricted cash at beginning of year

902

^[1]

681

^[1]

586

Cash and restricted cash at end of year

^[1]

1,056

902

681

Fuel Financing Arrangement

Cash flows from financing activities:

Net proceeds from fuel financing

840

Air traffic liability

Changes in operating assets and liabilities:

Increase (decrease) in air traffic liability/loyalty program liability

399

559

(545)

Loyalty program liability

Changes in operating assets and liabilities:

Increase (decrease) in air traffic liability/loyalty program liability

$ 510

$ 727

$ 182

[1]

The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:


Cash	$	954	$	804	$	578
Restricted cash included in restricted cash and short-term investments	102		98		103
Total cash and restricted cash	$	1,056	$	902	$	681

Employee Benefit Plans - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Reconciliation of benefit obligation:
Benefit obligation at beginning of period	$ 13,349	$ 14,410
Service cost	3	2	$ 2
Interest cost	730	723	758
Actuarial loss (gain)	168	(741)
Plan amendments	0	0
Benefit payments	(919)	(913)
Other	0	(132)
Benefit obligation at end of period	13,331	13,349	14,410
Retiree Medical and Other Postretirement Benefits
Reconciliation of benefit obligation:
Benefit obligation at beginning of period	1,308	1,325
Service cost	23	29	17
Interest cost	69	64	55
Actuarial loss (gain)	(11)	(58)
Plan amendments	0	55
Benefit payments	(130)	(107)
Other	0	0
Benefit obligation at end of period	1,259	1,308	1,325
American Airlines, Inc. \| Pension Benefits
Reconciliation of benefit obligation:
Benefit obligation at beginning of period	13,258	14,314
Service cost	2	2	2
Interest cost	725	718	753
Actuarial loss (gain)	169	(737)
Plan amendments	0	0
Benefit payments	(914)	(907)
Other	0	(132)
Benefit obligation at end of period	13,240	13,258	14,314
American Airlines, Inc. \| Retiree Medical and Other Postretirement Benefits
Reconciliation of benefit obligation:
Benefit obligation at beginning of period	1,307	1,325
Service cost	23	29	17
Interest cost	69	64	55
Actuarial loss (gain)	(11)	(58)
Plan amendments	0	54
Benefit payments	(130)	(107)
Other	0	0
Benefit obligation at end of period	$ 1,258	$ 1,307	$ 1,325

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation

In May 2023, the stockholders of AAG approved the 2023 Incentive Award Plan (the 2023 Plan). The 2023 Plan replaces and supersedes AAG’s 2013 Incentive Award Plan (the 2013 Plan). No further awards will be granted under the 2013 Plan; however, the terms and conditions of the 2013 Plan will continue to govern any outstanding awards granted thereunder. The 2023 Plan provides that an award may be in the form of a stock option, including an incentive stock option and nonqualified stock option, stock appreciation right, restricted stock, restricted stock unit, performance bonus award, performance stock unit, other stock or cash-based award and dividend equivalent to eligible individuals.

The 2023 Plan authorizes the grant of awards for the issuance of 17.2 million shares less any shares granted under the 2013 Plan after March 22, 2023, the date the Board of Directors of AAG approved the 2023 Plan. Any shares underlying awards granted under the 2023 Plan or 2013 Plan that are forfeited, terminate or are settled in cash (in whole or in part) without the delivery of shares will again be available for grant under the 2023 Plan.

Share-based compensation expense for our equity awards, including awards settled in AAG common stock or cash, was $112 million, $130 million and $102 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in salaries, wages and benefits on our consolidated statements of operations.

During 2025, 2024 and 2023, we withheld approximately 2.0 million, 1.6 million and 1.5 million shares of AAG common stock, respectively, and paid approximately $28 million, $27 million and $23 million, respectively, in satisfaction of certain tax withholding obligations associated with employee equity awards.

Restricted Stock Unit Awards (RSUs)

We have granted RSUs with service conditions (time vested primarily over three years) and performance conditions. The grant-date fair value of these RSUs is equal to the market price of the underlying shares of AAG common stock on the date of grant. For time vested awards, the expense is recognized on a straight-line basis over the vesting period for the entire award. For awards with performance conditions, the expense is recognized based on the expected achievement at each reporting period. Stock-settled RSUs are equity-classified as the vesting results in the issuance of shares of AAG common stock. Cash-settled restricted stock unit awards (CRSUs) are liability-classified as the vesting results in payment of cash by AAG.

Stock-settled RSU award activity for all plans for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Outstanding at December 31, 2022	10,263	$	17.51
Granted	9,834	14.54
Vested and released	(5,161)	17.81
Forfeited	(701)	20.49
Outstanding at December 31, 2023	14,235	$	15.18
Granted	2,580	15.76
Modified (1)	(2,809)	16.18
Vested and released	(4,833)	15.91
Forfeited	(827)	15.83
Outstanding at December 31, 2024	8,346	$	15.59
Granted	5,073	14.11

Vested and released	(3,949)	15.27
Forfeited	(2,337)	15.33
Outstanding at December 31, 2025	7,133	$	14.27

As of December 31, 2025, there was $51 million of unrecognized compensation cost related to stock-settled RSUs. These costs are expected to be recognized over a weighted average period of one year. The total fair value of stock-settled RSUs vested during the years ended December 31, 2025, 2024 and 2023 was $57 million, $69 million and $78 million, respectively.

CRSU award activity for all plans for the years ended December 31, 2025 and 2024 is as follows:


	Number of Shares	Weighted Average Fair Value
	(In thousands)
Outstanding at December 31, 2023	37	$	13.74
Granted	5,634	17.43
Modified (1)	2,809	16.18
Vested and released	(1,337)	14.75
Forfeited	(136)	17.42
Outstanding at December 31, 2024	7,007	$	17.43
Granted	6,009	15.33

Vested and released	(2,606)	16.43
Forfeited	(547)	15.60
Outstanding at December 31, 2025	9,863	$	15.33

(1)In 2024, the settlement terms of 2.8 million stock-settled RSUs were modified from settlement in AAG common stock to settlement in cash. See table above for further discussion.

As of December 31, 2025 and 2024, the liability related to CRSUs was $53 million and $39 million, respectively. The CRSU related liability is remeasured at fair value at each reporting date until all awards are vested. As of December 31, 2025, there was $98 million of unrecognized compensation cost related to CRSUs. These costs are expected to be recognized over a weighted average period of one year. The total cash paid for CRSUs vested during the years ended December 31, 2025 and 2024 was $37 million and $18 million, respectively.

For the year ended December 31, 2023, CRSU award activity was nominal.

American Airlines, Inc.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation

Share-based compensation expense for American’s equity awards, including awards settled in AAG common stock or cash, was $106 million, $124 million and $97 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in salaries, wages and benefits on its consolidated statements of operations.

During 2025, 2024 and 2023, AAG withheld approximately 2.0 million, 1.6 million and 1.5 million shares of AAG common stock, respectively, and paid approximately $28 million, $27 million and $23 million, respectively, in satisfaction of certain tax withholding obligations associated with employee equity awards.

Restricted Stock Unit Awards (RSUs)

AAG has granted RSUs with service conditions (time vested primarily over three years) and performance conditions. The grant-date fair value of these RSUs is equal to the market price of the underlying shares of AAG common stock on the date of grant. For time vested awards, the expense is recognized on a straight-line basis over the vesting period for the entire award. For awards with performance conditions, the expense is recognized based on the expected achievement at each reporting period. Stock-settled RSUs are equity-classified as the vesting results in the issuance of shares of AAG common stock. Cash-settled restricted stock unit awards (CRSUs) are liability-classified as the vesting results in payment of cash by AAG.

Stock-settled RSU award activity for all plans for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Outstanding at December 31, 2022	10,263	$	17.51
Granted	9,834	14.54
Vested and released	(5,161)	17.81
Forfeited	(701)	20.49
Outstanding at December 31, 2023	14,235	$	15.18
Granted	2,580	15.76
Modified (1)	(2,809)	16.18
Vested and released	(4,833)	15.91
Forfeited	(827)	15.83
Outstanding at December 31, 2024	8,346	$	15.59
Granted	5,073	14.11

Vested and released	(3,949)	15.27
Forfeited	(2,337)	15.33
Outstanding at December 31, 2025	7,133	$	14.27

CRSU award activity for all plans for the years ended December 31, 2025 and 2024 is as follows:


	Number of Shares	Weighted Average Fair Value
	(In thousands)
Outstanding at December 31, 2023	37	$	13.74
Granted	5,634	17.43
Modified (1)	2,809	16.18
Vested and released	(1,337)	14.75
Forfeited	(136)	17.42
Outstanding at December 31, 2024	7,007	$	17.43
Granted	6,009	15.33

Vested and released	(2,606)	16.43
Forfeited	(547)	15.60
Outstanding at December 31, 2025	9,863	$	15.33

(1)In 2024, the settlement terms of 2.8 million stock-settled RSUs were modified from settlement in AAG common stock to settlement in cash. See table above for further discussion.

As of December 31, 2025 and 2024, the liability related to CRSUs was $53 million and $39 million, respectively. The CRSU related liability is remeasured at fair value at each reporting date until all awards are vested. As of December 31, 2025, there was $91 million of unrecognized compensation cost related to CRSUs. These costs are expected to be recognized over a weighted average period of one year. The total cash paid for CRSUs vested during the years ended December 31, 2025 and 2024 was $37 million and $18 million, respectively.

For the year ended December 31, 2023, CRSU award activity was nominal.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (AOCI) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI tax, attributable to parent [Roll Forward]
Beginning balance, tax	$ (1,606)	$ (1,512)
Other comprehensive income (loss) before reclassifications, tax	(33)	(74)
Amounts reclassified from AOCI, tax	(18)	(20)
Net current-period other comprehensive income (loss), tax	(51)	(94)
Ending balance, tax	(1,657)	(1,606)	$ (1,512)
AOCI attributable to parent, net of tax [Roll Forward]
Beginning Balance	(3,977)	(5,202)	(5,799)
Other comprehensive income (loss) before reclassifications, net of tax	112	261
Amounts reclassified from AOCI, net of tax	64	68
Total other comprehensive income (loss), net of tax	176	329	(309)
Ending Balance	(3,727)	(3,977)	(5,202)
Accumulated Other Comprehensive Loss
AOCI attributable to parent, net of tax [Roll Forward]
Beginning Balance	(4,565)	(4,894)	(4,585)
Total other comprehensive income (loss), net of tax	176	329	(309)
Ending Balance	(4,389)	(4,565)	(4,894)
Pension, Retiree Medical and Other Postretirement Benefits
AOCI attributable to parent, before tax [Roll Forward]
Beginning balance, before tax	(2,959)	(3,380)
Other comprehensive income (loss) before reclassifications, before tax	145	333
Amounts reclassified from AOCI, before tax	82	88
Net current-period other comprehensive income (loss), before tax	227	421
Ending balance, before tax	(2,732)	(2,959)	(3,380)
Unrealized Gain (Loss) on Investments
AOCI attributable to parent, before tax [Roll Forward]
Beginning balance, before tax	0	(2)
Other comprehensive income (loss) before reclassifications, before tax	0	2
Amounts reclassified from AOCI, before tax	0	0
Net current-period other comprehensive income (loss), before tax	0	2
Ending balance, before tax	0	0	(2)
American Airlines, Inc.
AOCI tax, attributable to parent [Roll Forward]
Beginning balance, tax	(1,715)	(1,621)
Other comprehensive income (loss) before reclassifications, tax	(32)	(74)
Amounts reclassified from AOCI, tax	(18)	(20)
Net current-period other comprehensive income (loss), tax	(50)	(94)
Ending balance, tax	(1,765)	(1,715)	(1,621)
AOCI attributable to parent, net of tax [Roll Forward]
Beginning Balance	8,234	6,577	5,593
Other comprehensive income (loss) before reclassifications, net of tax	106	254
Amounts reclassified from AOCI, net of tax	64	68
Total other comprehensive income (loss), net of tax	170	322	(309)
Ending Balance	9,028	8,234	6,577
American Airlines, Inc. \| Accumulated Other Comprehensive Loss
AOCI attributable to parent, net of tax [Roll Forward]
Beginning Balance	(4,677)	(4,999)	(4,690)
Total other comprehensive income (loss), net of tax	170	322	(309)
Ending Balance	(4,507)	(4,677)	(4,999)
American Airlines, Inc. \| Pension, Retiree Medical and Other Postretirement Benefits
AOCI attributable to parent, before tax [Roll Forward]
Beginning balance, before tax	(2,962)	(3,376)
Other comprehensive income (loss) before reclassifications, before tax	138	326
Amounts reclassified from AOCI, before tax	82	88
Net current-period other comprehensive income (loss), before tax	220	414
Ending balance, before tax	(2,742)	(2,962)	(3,376)
American Airlines, Inc. \| Unrealized Gain (Loss) on Investments
AOCI attributable to parent, before tax [Roll Forward]
Beginning balance, before tax	0	(2)
Other comprehensive income (loss) before reclassifications, before tax	0	2
Amounts reclassified from AOCI, before tax	0	0
Net current-period other comprehensive income (loss), before tax	0	2
Ending balance, before tax	$ 0	$ 0	$ (2)

Basis of Presentation and Summary of Significant Accounting Policies - Regional Expenses (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Regional Expenses [Line Items]
Depreciation and amortization	$ 1,890	$ 1,926	$ 1,936
Aircraft rent	1,220	1,242	1,369
Capacity purchases from third-party regional carriers	$ 5,448	5,042	4,643
Republic Holdings
Regional Expenses [Line Items]
Ownership Interest	20.80%
Regional Carrier
Regional Expenses [Line Items]
Depreciation and amortization	$ 329	319	318
Aircraft rent	9	9	7
Regional Carrier \| Republic Holdings
Regional Expenses [Line Items]
Capacity purchases from third-party regional carriers	658	612	636
American Airlines, Inc.
Regional Expenses [Line Items]
Depreciation and amortization	1,884	1,919	1,927
Aircraft rent	1,220	1,242	1,369
Capacity purchases from third-party regional carriers	$ 5,406	5,009	4,619
American Airlines, Inc. \| Republic Holdings
Regional Expenses [Line Items]
Ownership Interest	20.80%
American Airlines, Inc. \| Regional Carrier
Regional Expenses [Line Items]
Depreciation and amortization	$ 293	279	271
Aircraft rent	9	9	7
American Airlines, Inc. \| Regional Carrier \| Republic Holdings
Regional Expenses [Line Items]
Capacity purchases from third-party regional carriers	$ 658	$ 612	$ 636

Employee Benefit Plans - Schedule of Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liability	$ 1,568	$ 2,128
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liability	4	5
Noncurrent liability	535	1,090
Total liabilities	539	1,095
Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liability	108	142
Noncurrent liability	1,033	1,038
Total liabilities	1,141	1,180
American Airlines, Inc.
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liability	1,566	2,115
American Airlines, Inc. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liability	4	5
Noncurrent liability	534	1,078
Total liabilities	538	1,083
American Airlines, Inc. \| Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liability	108	142
Noncurrent liability	1,032	1,037
Total liabilities	$ 1,140	$ 1,179

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Passenger Revenue by Geographic Region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Airline Destination Disclosure [Line Items]
Operating revenues	$ 54,633	$ 54,211	$ 52,788
Passenger
Airline Destination Disclosure [Line Items]
Operating revenues	49,643	49,586	48,512
Passenger \| Domestic
Airline Destination Disclosure [Line Items]
Operating revenues	35,201	35,336	34,592
Passenger \| Latin America
Airline Destination Disclosure [Line Items]
Operating revenues	6,444	6,560	6,719
Passenger \| Atlantic
Airline Destination Disclosure [Line Items]
Operating revenues	6,583	6,445	6,205
Passenger \| Pacific
Airline Destination Disclosure [Line Items]
Operating revenues	1,415	1,245	996
American Airlines, Inc.
Airline Destination Disclosure [Line Items]
Operating revenues	54,626	54,204	52,784
American Airlines, Inc. \| Passenger
Airline Destination Disclosure [Line Items]
Operating revenues	49,643	49,586	48,512
American Airlines, Inc. \| Passenger \| Domestic
Airline Destination Disclosure [Line Items]
Operating revenues	35,201	35,336	34,592
American Airlines, Inc. \| Passenger \| Latin America
Airline Destination Disclosure [Line Items]
Operating revenues	6,444	6,560	6,719
American Airlines, Inc. \| Passenger \| Atlantic
Airline Destination Disclosure [Line Items]
Operating revenues	6,583	6,445	6,205
American Airlines, Inc. \| Passenger \| Pacific
Airline Destination Disclosure [Line Items]
Operating revenues	$ 1,415	$ 1,245	$ 996

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table provides the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):


	Year Ended December 31,
	2025		2024		2023
Basic EPS:
Net income	$	111	$	846	$	822
Weighted average common shares outstanding (in thousands)	659,964		656,996		653,612
Basic EPS	$	0.17	$	1.29	$	1.26

Diluted EPS:
Net income	$	111	$	846	$	822
Interest expense on 6.50% convertible senior notes	—		51		46
Net income for purposes of computing diluted EPS	$	111	$	897	$	868
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	659,964		656,996		653,612
Dilutive effect of restricted stock unit awards	763		1,121		1,830
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants	325		1,455		2,499
Assumed conversion of 6.50% convertible senior notes	—		61,728		61,728
Diluted weighted average common shares outstanding	661,052		721,300		719,669
Diluted EPS	$	0.17	$	1.24	$	1.21

The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):


	Year Ended December 31,
	2025	2024	2023
6.50% convertible senior notes (1)	15,432	—	—
Restricted stock unit awards	1,188	2,350	4,371

In addition, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to (i) the payroll support program established under the Coronavirus Aid, Relief, and Economic Security Act (PSP1), (ii) the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2), (iii) the payroll support program established under the American Rescue Plan Act of 2021 (PSP3, and together with PSP1 and PSP2, the PSP Warrants) and (iv) the Loan and Guarantee Agreement with the U.S. Department of Treasury (Treasury Loan Warrants).

During the first quarter of 2025, all of the PSP1 Warrants and Treasury Loan Warrants, 14.0 million shares and 4.4 million shares, respectively, were exercised at an exercise price of $12.51 per share and net settled in cash for $79 million, reflected within other financing activities in the consolidated statement of cash flows.

The table below provides a summary of the warrants outstanding as of December 31, 2025:

Warrants

Warrants Issued

(shares, in thousands) (1)

Exercise Price ($)

Expiration

PSP2 Warrants

6,576

15.66

January 2026 (2) to April 2026

PSP3 Warrants

4,407

21.75

April 2026 to June 2026

(2)In January 2026, 2.8 million shares of the PSP2 Warrants were exercised at an exercise price of $15.66 per share and net settled in cash for a nominal amount.

Basis of Presentation and Summary of Significant Accounting Policies - Fuel Financing Obligation Rollforward (Details) - Fuel Financing Arrangement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Short-Term Bank Loans And Notes Payable [Roll Forward]
Balance at beginning of year	$ 74	$ 0
Proceeds	1,217	74
Payments	(377)	0
Balance at end of year	914	74
American Airlines, Inc.
Short-Term Bank Loans And Notes Payable [Roll Forward]
Balance at beginning of year	74	0
Proceeds	1,217	74
Payments	(377)	0
Balance at end of year	$ 914	$ 74

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]

Basis of Presentation

Consolidation

All significant intercompany transactions have been eliminated.

Recent Accounting Pronouncements

Accounting Standards Update (ASU) 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-04) Disaggregation of Income Statement Expenses

ASU 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software

Investments

Restricted Cash and Short-term Investments

Restricted Cash and Short-term InvestmentsWe have restricted cash and short-term investments related primarily to collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport (Tulsa Maintenance Base).

Accounts Receivable, Net

Aircraft Fuel, Spare Parts and Supplies, Net

Operating Property and Equipment


Principal Property and Equipment Classification			Estimated Useful Life
Aircraft, engines and related rotable parts			20 – 33 years
Buildings and improvements			5 – 30 years
Furniture, fixtures and other equipment			3 – 15 years
Capitalized software			5 – 10 years

Impairment

Leases

For real estate, we account for the lease and non-lease components as a single lease component.

Income Taxes

Goodwill

Other Intangibles, Net

Definite-Lived Intangible Assets

basis over 25 years. Certain marketing agreements were identified as intangible assets subject to amortization and are amortized on a straight-line basis over approximately 30 years.

Indefinite-Lived Intangible Assets

Fuel Financing

Fuel FinancingIn December 2024, we entered into a fuel financing facility with a bank pursuant to which the bank pays certain fuel invoices on our behalf. The agreement contains a maximum allowable outstanding principal balance at any time of $1.0 billion and is required to be repaid at least quarterly. The fuel financing facility bears interest at a base rate equal to one-month Secured Overnight Financing Rate (SOFR), plus a margin of 3.75%. Our obligations to the counterparty are secured on a second-priority basis by certain intellectual property of American, including the “American Airlines” trademark and the “aa.com” domain name in the United States and certain foreign jurisdictions, as provided in, and subject to the covenants and conditions of, the Second Lien Brand Collateral Security Agreement. Either American or the bank may terminate this agreement at any time and with immediate effect upon sixty days’ prior written notice to the other party.

Revenue Recognition

We attribute passenger revenue by geographic region based upon the origin and destination of each flight segment.

Passenger Revenue

Loyalty Revenue

Mileage credits earned through travel

Mileage credits sold to co-branded credit card and other partners

Cargo Revenue

Cargo revenue is recognized when we provide the transportation.

Other Revenue

Contract Balances


	December 31,
	2025		2024
	(In millions)
Loyalty program liability	$	10,564	$	10,054
Air traffic liability	7,158		6,759
Total	$	17,722	$	16,813


Balance at December 31, 2024	$	10,054
Deferral of revenue	4,445
Recognition of revenue (1)	(3,935)
Balance at December 31, 2025 (2)	$	10,564

Maintenance, Materials and Repairs

Selling Expenses

Selling ExpensesSelling expenses include credit card fees, commissions, third party distribution channel fees and advertising. Selling expenses associated with passenger revenue are expensed when the transportation or service is provided. Advertising costs are expensed as incurred.

Share-based Compensation

Foreign Currency Gains and Losses

Foreign Currency Gains and LossesForeign currency gains and losses are recorded as part of other income (expense), net within total nonoperating expense, net on our consolidated statements of operations.

Other Operating Expenses

Regional Expenses

American Airlines, Inc.

Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]

Basis of Presentation

Consolidation

All significant intercompany transactions have been eliminated.

Recent Accounting Pronouncements

Accounting Standards Update (ASU) 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-04) Disaggregation of Income Statement Expenses

This standard enhances transparency in reporting by requiring disaggregation of certain costs and expenses in the notes to financial statements. This update is effective for annual periods beginning after December 15, 2026 and interim periods within annual periods beginning after December 15, 2027, and early adoption is permitted. American is currently evaluating how the adoption of this standard may impact its disclosures.

ASU 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software

This standard modernizes the accounting for costs related to internal-use software by removing references to project stages and by clarifying the thresholds entities apply to begin capitalizing costs. The amendments in this update are effective for interim and annual periods beginning after December 15, 2027, and early adoption is permitted. American is currently evaluating how the adoption of this standard may impact its consolidated financial statements.

Investments

Short-term investments primarily include debt securities and are classified as available-for-sale and stated at fair value. Realized gains and losses are recorded as part of interest income within total nonoperating expense, net on American’s consolidated statements of operations. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss on American’s consolidated balance sheets. For investments in an unrealized loss position, American determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. There have been no credit losses.

Restricted Cash and Short-term Investments

Restricted Cash and Short-term InvestmentsAmerican has restricted cash and short-term investments related primarily to collateral held to support workers’ compensation obligations, collateral associated with the payment of interest for the AAdvantage Financing and money market funds to be used to finance the cost of improvements at the overhaul and maintenance base at Tulsa International Airport (Tulsa Maintenance Base).

Accounts Receivable, Net

Accounts receivable primarily consist of amounts due from credit card processing companies for tickets sold to individual passengers, amounts due from airline and non-airline business partners, including American’s co-branded credit card partner and cargo customers. Receivables from ticket sales are short-term, mostly settled within seven days after sale. Receivables from American’s business partners are typically settled within 30 days. All accounts receivable are reported net of an allowance for credit losses, which was not material as of December 31, 2025 and 2024. American considers past and future financial and qualitative factors, including aging, payment history and other credit monitoring indicators, when establishing the allowance for credit losses.

Aircraft Fuel, Spare Parts and Supplies, Net

Aircraft fuel is recorded on a first-in, first-out basis. Spare parts and supplies are recorded at average costs less an allowance for obsolescence, which is recognized over the weighted average remaining useful life of the related fleet. American also provides an allowance for spare parts and supplies identified as excess or obsolete to reduce the carrying cost to the lower of cost or net realizable value. Aircraft fuel, spare parts and supplies are expensed when used.

Operating Property and Equipment

Operating property and equipment is recorded at cost and depreciated or amortized to residual values over the asset’s estimated useful life or the lease term, whichever is less, using the straight-line method. Costs of major improvements that enhance the usefulness of the asset are capitalized and depreciated or amortized over the estimated useful life of the asset or the lease term, whichever is less. Effective January 1, 2025, American adjusted the estimated useful lives of its mainline and regional aircraft, engines and related rotable parts by three years to align with the extended lives of aircraft included in American’s long-term fleet plan. In conjunction with this change, American also reduced the salvage values for most of these assets from 10% to 5% of original cost to more closely reflect the estimated value at the end of the useful life. Accordingly, the estimated useful lives for the principal property and equipment classification are as follows:


Principal Property and Equipment Classification			Estimated Useful Life
Aircraft, engines and related rotable parts			20 – 33 years
Buildings and improvements			5 – 30 years
Furniture, fixtures and other equipment			3 – 15 years
Capitalized software			5 – 10 years

Impairment

Leases

For real estate, American accounts for the lease and non-lease components as a single lease component.

Income Taxes

Goodwill

Goodwill represents the purchase price in excess of the fair value of the net assets acquired and liabilities assumed in connection with the 2013 merger with US Airways Group, Inc. (US Airways Group). American has one reporting unit. American assesses goodwill for impairment annually or more frequently if events or circumstances indicate that the fair value of goodwill may be lower than the carrying value. American’s annual assessment date is October 1.

Other Intangibles, Net

Definite-Lived Intangible Assets

Definite-lived intangible assets are originally recorded at their acquired fair values, subsequently amortized over their respective estimated useful lives and are assessed for impairment whenever events and circumstances indicate that the assets may be impaired.Certain domestic airport slots and airport gate leasehold rights are amortized on a straight-line basis over 25 years. Certain marketing agreements were identified as intangible assets subject to amortization and are amortized on a straight-line basis over approximately 30 years.

Indefinite-Lived Intangible Assets

Fuel Financing

Fuel FinancingIn December 2024, American entered into a fuel financing facility with a bank pursuant to which the bank pays certain fuel invoices on American’s behalf. The agreement contains a maximum allowable outstanding principal balance at any time of $1.0 billion and is required to be repaid at least quarterly. The fuel financing facility bears interest at a base rate equal to one-month Secured Overnight Financing Rate (SOFR), plus a margin of 3.75%. American’s obligations to the counterparty are secured on a second-priority basis by certain intellectual property of American, including the “American Airlines” trademark and the “aa.com” domain name in the United States and certain foreign jurisdictions, as provided in, and subject to the covenants and conditions of, the Second Lien Brand Collateral Security Agreement. Either American or the bank may terminate this agreement at any time and with immediate effect upon sixty days’ prior written notice to the other party.

Revenue Recognition

American attributes passenger revenue by geographic region based upon the origin and destination of each flight segment.

Passenger Revenue

The majority of tickets sold are nonrefundable. A small percentage of tickets, some of which are partially used tickets, expire unused. The estimate for tickets expected to expire unused is generally based on an analysis of American’s historical data and other current applicable factors such as policy changes. American has consistently applied this accounting method to estimate and recognize revenue from unused tickets at the date of travel. This estimate is periodically evaluated based on subsequent activity to validate its accuracy. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed.

Loyalty Revenue

Mileage credits earned through travel

Mileage credits sold to co-branded credit card and other partners

The marketing component includes the use of intellectual property, including the American brand and access to loyalty program member lists, which is the predominant element in these agreements, as well as advertising and other travel-related benefits. American recognizes the marketing component in other revenue in the period of the mileage credit sale following the sales-based royalty method.

Cargo Revenue

Cargo revenue is recognized when American provides the transportation.

Other Revenue

Contract Balances


	December 31,
	2025		2024
	(In millions)
Loyalty program liability	$	10,564	$	10,054
Air traffic liability	7,158		6,759
Total	$	17,722	$	16,813


Balance at December 31, 2024	$	10,054
Deferral of revenue	4,445
Recognition of revenue (1)	(3,935)
Balance at December 31, 2025 (2)	$	10,564

(2)Mileage credits can be redeemed at any time and generally do not expire as long as the AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of December 31, 2025, American’s current loyalty program liability was $3.7 billion and represents American’s current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter.

Maintenance, Materials and Repairs

Selling Expenses

Share-based Compensation

Foreign Currency Gains and Losses

Foreign Currency Gains and LossesForeign currency gains and losses are recorded as part of other income (expense), net within total nonoperating expense, net on American’s consolidated statements of operations.

Other Operating Expenses

Regional Expenses

Special Items, Net (Details) $ in Millions	12 Months Ended
Special Items, Net (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) aircraft	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Operating special items, net	$ 162	$ 643	$ 979
Mark-to-market adjustments on equity investments, net	(40)	8	82
Debt refinancing and extinguishment	22	16	280
Other nonoperating special items, net	18	0	0
Nonoperating special items, net	0	24	362
Allied Pilots Association
Restructuring Cost and Reserve [Line Items]
Collective bargaining agreement, one-time payment			754
Adjustments to other benefit-related items			235
Mainline
Restructuring Cost and Reserve [Line Items]
Litigation reserve adjustments	77	0	0
Labor contract expenses	31	605	989
Severance expenses	44	13	23
A330 fleet-related adjustments	0	(42)	0
Other operating special items, net	7	34	(41)
Operating special items, net	159	610	971
A330 fleet-related adjustments	0	42	0
Mainline \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
A330 fleet-related adjustments		(42)
A330 fleet-related adjustments		42
Regional Carrier
Restructuring Cost and Reserve [Line Items]
Operating special items, net	3	33	8
Regional Carrier \| Embraer ERJ145 Aircraft
Restructuring Cost and Reserve [Line Items]
Operating special items, net		$ 33
Number of aircrafts permanently parked \| aircraft		43
American Airlines, Inc.
Restructuring Cost and Reserve [Line Items]
Operating special items, net	162	$ 643	971
Mark-to-market adjustments on equity investments, net	(40)	8	82
Debt refinancing and extinguishment	22	16	280
Other nonoperating special items, net	18	0	0
Nonoperating special items, net	0	24	362
American Airlines, Inc. \| Allied Pilots Association
Restructuring Cost and Reserve [Line Items]
Collective bargaining agreement, one-time payment			754
Adjustments to other benefit-related items			235
American Airlines, Inc. \| Mainline
Restructuring Cost and Reserve [Line Items]
Litigation reserve adjustments	77	0	0
Labor contract expenses	31	605	989
Severance expenses	44	13	23
A330 fleet-related adjustments	0	(42)	0
Other operating special items, net	7	34	(41)
Operating special items, net	159	610	971
A330 fleet-related adjustments	0	42	0
American Airlines, Inc. \| Mainline \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
A330 fleet-related adjustments		(42)
A330 fleet-related adjustments		42
American Airlines, Inc. \| Regional Carrier
Restructuring Cost and Reserve [Line Items]
Operating special items, net	$ 3	33	$ 0
American Airlines, Inc. \| Regional Carrier \| Embraer ERJ145 Aircraft
Restructuring Cost and Reserve [Line Items]
Operating special items, net		$ 33
Number of aircrafts permanently parked \| aircraft		43

Debt - Components of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	May 28, 2025	Dec. 31, 2024	Mar. 24, 2021
Debt Instrument [Line Items]
Long-term debt	$ 28,594
Total	28,594		$ 30,118
Less: Total unamortized debt discount, premium and issuance costs	314		305
Less: Current maturities	3,641		5,196
Long-term debt, net of current maturities	24,639		24,617
Unsecured Debt
Debt Instrument [Line Items]
Total	4,375		4,746
PSP1 Promissory Note \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 1,757		1,757
Variable interest rate, long-term debt	5.92%
PSP2 Promissory Note \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 1,030		1,030
PSP3 Promissory Note \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	959		959
Convertible Senior Notes 6.50% Due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 0		1,000
Fixed interest rate per annum	6.50%
Senior Unsecured Short Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Short-term debt	$ 629		0
Variable interest rate, short-term debt	6.11%
Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 24,219		25,372
Secured Debt \| Credit Facility 2013
Debt Instrument [Line Items]
Long-term debt	$ 970		980
Variable interest rate, long-term debt	6.00%
Secured Debt \| Credit Facility 2014
Debt Instrument [Line Items]
Long-term debt	$ 1,159		1,171
Variable interest rate, long-term debt	5.69%
Secured Debt \| Credit Facility 2023
Debt Instrument [Line Items]
Long-term debt	$ 1,078		1,089
Variable interest rate, long-term debt	6.26%
Secured Debt \| Senior Secured IP Notes 10.75% Due 2026
Debt Instrument [Line Items]
Long-term debt	$ 0		781
Fixed interest rate per annum	10.75%
Secured Debt \| Senior Secured LGA/DCA Notes 10.75%
Debt Instrument [Line Items]
Long-term debt	$ 0		156
Fixed interest rate per annum	10.75%
Secured Debt \| 7.25% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt	$ 750		750
Fixed interest rate per annum	7.25%
Secured Debt \| 8.50% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt	$ 1,000		1,000
Fixed interest rate per annum	8.50%
Secured Debt \| 5.50% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 583		1,750
Fixed interest rate per annum	5.50%
Secured Debt \| 5.75% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 3,000		3,000
Fixed interest rate per annum	5.75%
Secured Debt \| 2021 AAdvantage Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	$ 2,264		2,450
Variable interest rate, long-term debt	6.13%
Secured Debt \| 2025 AAdvantage Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	$ 995		0
Variable interest rate, long-term debt	7.13%
Secured Debt \| Enhanced Equipment Trust Certificates (EETC)
Debt Instrument [Line Items]
Long-term debt	$ 6,912		7,271
Average interest rate	3.95%
Secured Debt \| Enhanced Equipment Trust Certificates (EETC) \| Minimum
Debt Instrument [Line Items]
Fixed interest rate per annum	2.88%
Secured Debt \| Enhanced Equipment Trust Certificates (EETC) \| Maximum
Debt Instrument [Line Items]
Fixed interest rate per annum	7.15%
Secured Debt \| Equipment Loans and Other Notes Payable
Debt Instrument [Line Items]
Long-term debt	$ 4,719		4,094
Average interest rate	5.57%
Secured Debt \| Equipment Loans and Other Notes Payable \| Minimum
Debt Instrument [Line Items]
Fixed interest rate per annum	2.55%
Secured Debt \| Equipment Loans and Other Notes Payable \| Maximum
Debt Instrument [Line Items]
Fixed interest rate per annum	6.56%
Secured Debt \| Special Facility Revenue Bonds
Debt Instrument [Line Items]
Long-term debt	$ 789		880
Secured Debt \| Special Facility Revenue Bonds \| Minimum
Debt Instrument [Line Items]
Fixed interest rate per annum	2.25%
Secured Debt \| Special Facility Revenue Bonds \| Maximum
Debt Instrument [Line Items]
Fixed interest rate per annum	5.38%
American Airlines, Inc.
Debt Instrument [Line Items]
Long-term debt	$ 24,848
Total	24,848		25,372
Less: Total unamortized debt discount, premium and issuance costs	313		300
Less: Current maturities	3,641		4,196
Long-term debt, net of current maturities	20,894		20,876
American Airlines, Inc. \| Senior Unsecured Short Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Short-term debt	$ 629		0
American Airlines, Inc. \| Senior Unsecured Short Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Variable interest rate, short-term debt	6.11%
American Airlines, Inc. \| Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 24,219		25,372
American Airlines, Inc. \| Secured Debt \| Credit Facility 2013
Debt Instrument [Line Items]
Long-term debt	$ 970		980
Variable interest rate, long-term debt	6.00%
American Airlines, Inc. \| Secured Debt \| Credit Facility 2014
Debt Instrument [Line Items]
Long-term debt	$ 1,159		1,171
Variable interest rate, long-term debt	5.69%
American Airlines, Inc. \| Secured Debt \| Credit Facility 2023
Debt Instrument [Line Items]
Long-term debt	$ 1,078		1,089
Variable interest rate, long-term debt	6.26%
American Airlines, Inc. \| Secured Debt \| Senior Secured IP Notes 10.75% Due 2026
Debt Instrument [Line Items]
Long-term debt	$ 0		781
Fixed interest rate per annum	10.75%
American Airlines, Inc. \| Secured Debt \| Senior Secured LGA/DCA Notes 10.75%
Debt Instrument [Line Items]
Long-term debt	$ 0		156
Fixed interest rate per annum	10.75%
American Airlines, Inc. \| Secured Debt \| 7.25% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt	$ 750		750
Fixed interest rate per annum	7.25%
American Airlines, Inc. \| Secured Debt \| 8.50% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt	$ 1,000		1,000
Fixed interest rate per annum	8.50%
American Airlines, Inc. \| Secured Debt \| 5.50% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 583		1,750
Fixed interest rate per annum	5.50%
American Airlines, Inc. \| Secured Debt \| 5.75% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 3,000		3,000
Fixed interest rate per annum	5.75%
American Airlines, Inc. \| Secured Debt \| 2021 AAdvantage Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	$ 2,264		2,450	$ 3,500
Variable interest rate, long-term debt	6.13%
American Airlines, Inc. \| Secured Debt \| 2025 AAdvantage Term Loan Facility
Debt Instrument [Line Items]
Long-term debt	$ 995	$ 1,000	0
Variable interest rate, long-term debt	7.13%
American Airlines, Inc. \| Secured Debt \| Enhanced Equipment Trust Certificates (EETC)
Debt Instrument [Line Items]
Long-term debt	$ 6,912		7,271
Average interest rate	3.95%
American Airlines, Inc. \| Secured Debt \| Enhanced Equipment Trust Certificates (EETC) \| Minimum
Debt Instrument [Line Items]
Fixed interest rate per annum	2.88%
American Airlines, Inc. \| Secured Debt \| Enhanced Equipment Trust Certificates (EETC) \| Maximum
Debt Instrument [Line Items]
Fixed interest rate per annum	7.15%
American Airlines, Inc. \| Secured Debt \| Equipment Loans and Other Notes Payable
Debt Instrument [Line Items]
Long-term debt	$ 4,719		4,094
Average interest rate	5.57%
American Airlines, Inc. \| Secured Debt \| Equipment Loans and Other Notes Payable \| Minimum
Debt Instrument [Line Items]
Fixed interest rate per annum	2.55%
American Airlines, Inc. \| Secured Debt \| Equipment Loans and Other Notes Payable \| Maximum
Debt Instrument [Line Items]
Fixed interest rate per annum	6.56%
American Airlines, Inc. \| Secured Debt \| Special Facility Revenue Bonds
Debt Instrument [Line Items]
Long-term debt	$ 789		$ 880
American Airlines, Inc. \| Secured Debt \| Special Facility Revenue Bonds \| Minimum
Debt Instrument [Line Items]
Fixed interest rate per annum	2.25%
American Airlines, Inc. \| Secured Debt \| Special Facility Revenue Bonds \| Maximum
Debt Instrument [Line Items]
Fixed interest rate per annum	5.38%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Fair Value Measurements - Additional Information (Details) - Estimate of Fair Value Measurement - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	$ 28,582	$ 30,010
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities	$ 25,051	26,402
Level 2 \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including current maturities		$ 1,200

- Definition

+ References

+ Details

Debt - 2013 Credit Facilities (Details) - USD ($) $ in Millions		12 Months Ended
	May 21, 2015	Dec. 31, 2025
Term Loan \| Credit Facility 2013 \| Secured Debt
Line of Credit Facility [Line Items]
Interest rate margin		2.25%
Term Loan \| Credit Facility 2013 \| Secured Debt \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin		2.25%
Term Loan \| Credit Facility 2013 \| Secured Debt \| Base Rate
Line of Credit Facility [Line Items]
Floor interest rate	1.00%
Interest rate margin	1.25%
Term Loan \| Credit Facility 2013 \| Secured Debt \| Base Rate \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate	1.00%
Interest rate margin	1.25%
Term Loan \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Floor interest rate	0.00%
Interest rate margin	2.25%
Term Loan \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate	0.00%
Interest rate margin	2.25%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity		$ 3,397
Revolving Credit Facility \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity		3,397
Revolving Credit Facility \| Credit Facility 2013
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity		519
Revolving Credit Facility \| Credit Facility 2013 \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity		519
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt
Line of Credit Facility [Line Items]
Long-term line of credit		0
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Long-term line of credit		$ 0
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Base Rate
Line of Credit Facility [Line Items]
Floor interest rate	1.00%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Base Rate \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate	1.00%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Base Rate \| Interest Rate Margin One
Line of Credit Facility [Line Items]
Interest rate margin	2.00%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Base Rate \| Interest Rate Margin One \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin	2.00%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Base Rate \| Interest Rate Margin Two
Line of Credit Facility [Line Items]
Interest rate margin	2.25%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Base Rate \| Interest Rate Margin Two \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin	2.25%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Base Rate \| Interest Rate Margin Three
Line of Credit Facility [Line Items]
Interest rate margin	2.50%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Base Rate \| Interest Rate Margin Three \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin	2.50%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Floor interest rate	0.00%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Floor interest rate	0.00%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin One
Line of Credit Facility [Line Items]
Interest rate margin	3.00%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin One \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin	3.00%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Two
Line of Credit Facility [Line Items]
Interest rate margin	3.25%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Two \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin	3.25%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Three
Line of Credit Facility [Line Items]
Interest rate margin	3.50%
Revolving Credit Facility \| Credit Facility 2013 \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Interest Rate Margin Three \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Interest rate margin	3.50%
Letter of Credit \| Credit Facility 2013 \| Secured Debt
Line of Credit Facility [Line Items]
Increase to borrowing capacity	$ 100
Letter of Credit \| Credit Facility 2013 \| Secured Debt \| American Airlines, Inc.
Line of Credit Facility [Line Items]
Increase to borrowing capacity	$ 100

Debt - 7.25% Senior Secured Notes (Details) - 7.25% Senior Secured Notes - Senior Notes - American Airlines, Inc. $ in Millions	Feb. 15, 2023 USD ($)
Debt Instrument [Line Items]
Fixed interest rate per annum	7.25%
Aggregate principal issued	$ 750
Debt instrument, minimum collateral coverage ratio	1.6
Debt instrument, special interest rate	2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefit Plans - Schedule of Expected Future Service Benefit Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2026	$ 984
2027	999
2028	1,012
2029	1,023
2030	1,029
2031-2035	5,113
Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2026	136
2027	138
2028	140
2029	139
2030	137
2031-2035	610
American Airlines, Inc. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2026	979
2027	993
2028	1,006
2029	1,016
2030	1,023
2031-2035	5,078
American Airlines, Inc. \| Retiree Medical and Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2026	135
2027	138
2028	140
2029	139
2030	137
2031-2035	$ 609

Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2025

American Airlines, Inc.

Summary of Net Receivables (Payables) to Related Parties

The following represents the net receivables (payables) from or to related parties (in millions):


	December 31,
	2025		2024
AAG (1)	$	11,938	$	10,258
AAG’s wholly-owned subsidiaries (2)	(2,042)		(2,071)
Total	$	9,896	$	8,187

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Event [Line Items]
Subsequent Events	Subsequent Events 8.50% Senior Secured Notes In the first quarter of 2026, American sent irrevocable notice of redemption to prepay the outstanding principal amount of its 8.50% Senior Secured Notes. American intends to fund these prepayments with proceeds from anticipated debt issuances and cash on hand. AAdvantage Financing On February 12, 2026, the AAdvantage Issuers entered into a fourth amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the Fourth Amendment). As a result of the Fourth Amendment, the term loans outstanding under the 2025 AAdvantage Term Loan Facility were replaced with new term loans in the same principal amount. Pursuant to the Fourth Amendment, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 1.75% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 2.75% per annum. All other terms of the 2025 AAdvantage Term Loan Facility remain substantially similar.
American Airlines, Inc.
Subsequent Event [Line Items]
Subsequent Events	Subsequent Events 8.50% Senior Secured Notes In the first quarter of 2026, American sent irrevocable notice of redemption to prepay the outstanding principal amount of its 8.50% Senior Secured Notes. American intends to fund these prepayments with proceeds from anticipated debt issuances and cash on hand. AAdvantage Financing On February 12, 2026, the AAdvantage Issuers entered into a fourth amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the Fourth Amendment). As a result of the Fourth Amendment, the term loans outstanding under the 2025 AAdvantage Term Loan Facility were replaced with new term loans in the same principal amount. Pursuant to the Fourth Amendment, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 1.75% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 2.75% per annum. All other terms of the 2025 AAdvantage Term Loan Facility remain substantially similar.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below (in millions):


	Fair Value Measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	829	$	829	$	—	$	—
Corporate obligations	3,063		—		3,063		—
Bank notes/certificates of deposit/time deposits	590		—		590		—
Repurchase agreements	400		—		400		—

	4,882		829		4,053		—
Restricted cash and short-term investments (1), (3)	735		425		310		—
Long-term investments (4)	209		209		—		—
Total	$	5,826	$	1,463	$	4,363	$	—


	Fair Value Measurements as of December 31, 2024
	Total		Level 1		Level 2		Level 3
Short-term investments (1):
Money market funds	$	680	$	680	$	—	$	—
Corporate obligations	2,909		—		2,909		—
Bank notes/certificates of deposit/time deposits	2,041		—		2,041		—
Repurchase agreements	550		—		550		—

	6,180		680		5,500		—
Restricted cash and short-term investments (1), (3)	732		442		290		—
Long-term investments (4)	161		161		—		—
Total	$	7,073	$	1,283	$	5,790	$	—

(2)Our short-term investments as of December 31, 2025 mature in one year or less.

(4)Long-term investments primarily include our equity investment in China Southern Airlines Company Limited (China Southern Airlines). See Note 8 for further information on our equity investments.

Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities

The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions):


	December 31, 2025
	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	28,280	$	28,582	$	—	$	25,051	$	3,531

	December 31, 2024
	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	29,813	$	30,010	$	—	$	26,402	$	3,608

American Airlines, Inc.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below (in millions):


	Fair Value Measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Short-term investments (1), (2):
Money market funds	$	828	$	828	$	—	$	—
Corporate obligations	3,063		—		3,063		—
Bank notes/certificates of deposit/time deposits	589		—		589		—
Repurchase agreements	400		—		400		—

	4,880		828		4,052		—
Restricted cash and short-term investments (1), (3)	735		425		310		—
Long-term investments (4)	209		209		—		—
Total	$	5,824	$	1,462	$	4,362	$	—


	Fair Value Measurements as of December 31, 2024
	Total		Level 1		Level 2		Level 3
Short-term investments (1):
Money market funds	$	678	$	678	$	—	$	—
Corporate obligations	2,909		—		2,909		—
Bank notes/certificates of deposit/time deposits	2,040		—		2,040		—
Repurchase agreements	550		—		550		—

	6,177		678		5,499		—
Restricted cash and short-term investments (1), (3)	732		442		290		—
Long-term investments (4)	161		161		—		—
Total	$	7,070	$	1,281	$	5,789	$	—

(2)American’s short-term investments as of December 31, 2025 mature in one year or less.

Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities

The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions):


	December 31, 2025
	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	24,535	$	25,051	$	—	$	25,051	$	—

	December 31, 2024
	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
Long-term debt, including current maturities	$	25,072	$	25,234	$	—	$	25,234	$	—

Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 4,882	$ 6,180
Restricted cash and short-term investments	735	732
Long-term investments	209	161
Total	5,826	7,073
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	829	680
Restricted cash and short-term investments	425	442
Long-term investments	209	161
Total	1,463	1,283
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	4,053	5,500
Restricted cash and short-term investments	310	290
Long-term investments	0	0
Total	4,363	5,790
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Restricted cash and short-term investments	0	0
Long-term investments	0	0
Total	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	829	680
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	829	680
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,063	2,909
Corporate obligations \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Corporate obligations \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,063	2,909
Corporate obligations \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Bank notes/certificates of deposit/time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	590	2,041
Bank notes/certificates of deposit/time deposits \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Bank notes/certificates of deposit/time deposits \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	590	2,041
Bank notes/certificates of deposit/time deposits \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	400	550
Repurchase agreements \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Repurchase agreements \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	400	550
Repurchase agreements \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
American Airlines, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	4,880	6,177
Restricted cash and short-term investments	735	732
Long-term investments	209	161
Total	5,824	7,070
American Airlines, Inc. \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	828	678
Restricted cash and short-term investments	425	442
Long-term investments	209	161
Total	1,462	1,281
American Airlines, Inc. \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	4,052	5,499
Restricted cash and short-term investments	310	290
Long-term investments	0	0
Total	4,362	5,789
American Airlines, Inc. \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Restricted cash and short-term investments	0	0
Long-term investments	0	0
Total	0	0
American Airlines, Inc. \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	828	678
American Airlines, Inc. \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	828	678
American Airlines, Inc. \| Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
American Airlines, Inc. \| Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
American Airlines, Inc. \| Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,063	2,909
American Airlines, Inc. \| Corporate obligations \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
American Airlines, Inc. \| Corporate obligations \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,063	2,909
American Airlines, Inc. \| Corporate obligations \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
American Airlines, Inc. \| Bank notes/certificates of deposit/time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	589	2,040
American Airlines, Inc. \| Bank notes/certificates of deposit/time deposits \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
American Airlines, Inc. \| Bank notes/certificates of deposit/time deposits \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	589	2,040
American Airlines, Inc. \| Bank notes/certificates of deposit/time deposits \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
American Airlines, Inc. \| Repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	400	550
American Airlines, Inc. \| Repurchase agreements \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
American Airlines, Inc. \| Repurchase agreements \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	400	550
American Airlines, Inc. \| Repurchase agreements \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 0	$ 0