Financial Analysis

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 rat …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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 …

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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 AAGs 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 a …

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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 …

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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: Acce …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

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 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

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.

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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 …

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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 (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 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

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 revi …

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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. …

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Debt Debt included in the condensed consolidated balance sheets consisted of (in millions): June 30, 2026 December 31, 2025 Secured 2013 Term Loan Facility, variable interest rate of 5.94%, installments until due in February 2028 $ 960 $ 970 2014 Term Loan Facility, variable interest rate of 6.67%, installments until due in May 2033 1,850 1,159 2023 Term Loan Facility, variable interest rate of 5.91%, installments until due in June 2029 1,078 1,078 7.25% senior secured notes, interest only payments until due in February 2028 750 750 8.50% senior secured notes 1,000 5.50% senior secured notes (1) 583 5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1) 3,000 3,000 2021 AAdvantage Term Loan Facility, variable interest rate of 5.93%, installments until due in April 2028 (1) 2,252 2,264 2025 AAdvantage Term Loan Facility, variable interest rate of 6.43%, installments until due in May 2032 (1) 990 995 Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.41%, maturing from 2026 to 2038 8,627 6,912 Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.37%, averaging 5.43%, maturing from 2027 to 2038 4,523 4,719 Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 789 789 24,819 24,219 Unsecured PSP1 Promissory Note, variable interest rate of 5.68%, interest only payments until due in April …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following are the significant categories comprising our operating revenues (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Passenger revenue: Passenger travel $ 14,095 $ 12,126 $ 25,611 $ 22,601 Loyalty revenue - travel (1) 1,119 997 2,098 1,913 Total passenger revenue 15,214 13,123 27,709 24,514 Cargo 273 211 487 400 Other: Loyalty revenue - marketing services 1,058 912 2,085 1,735 Other revenue 190 146 366 294 Total other revenue 1,248 1,058 2,451 2,029 Total operating revenues $ 16,735 $ 14,392 $ 30,647 $ 26,943 (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. The following is our total passenger revenue by geographic region (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Domestic $ 10,726 $ 9,159 $ 19,716 $ 17,286 Latin America 1,726 1,550 3,689 3,455 Atlantic 2,353 2,086 3,455 3,052 Pacific 409 328 849 721 Total passenger revenue $ 15,214 $ 13,123 $ 27,709 $ 24,514

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Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis 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 six months ended June 30, 2026. Assets measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of June 30, 2026 Total Level 1 Level 2 Level 3 Short-term investments (1), (2) : Money market funds $ 364 $ 364 $ $ Corporate obligations 4,036 4,036 Bank notes/certificates of deposit/time deposits 1,992 1,992 Repurchase agreements 350 350 6,742 364 6,378 Restricted cash and short-term investments (1), (3) 709 417 292 Long-term investments (4) 119 119 Total $ 7,570 $ 900 $ 6,670 $ (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 mature in one year or less. (3) Restricted cash and short-term investments primarily include collateral held to support worker …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes At December 31, 2025, we had approximately $11.9 billion of gross federal net operating losses (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. We have used the discrete method to calculate income taxes for the three and six months ended June 30, 2026. At this time, we belie …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

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, f …

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Recent Accounting Pronouncements Accounting Standards Update 2026-02: Environmental Credits and Environmental Credit Obligations (Topic 818) This standard provides guidance for the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations. The amendments in this update are effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods, and early adoption is permitted. We are currently evaluating the impact that adoption of this standard may have on our consolidated financial statements and disclosures.

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Employee Benefit Plans The following table provides the components of net periodic benefit cost (income) (in millions): Pension Benefits Retiree Medical and Other Postretirement Benefits Three Months Ended June 30, 2026 2025 2026 2025 Service cost $ 1 $ 1 $ 6 $ 6 Interest cost 177 183 16 18 Expected return on assets (230) (232) (2) (2) Amortization of: Prior service cost 4 4 Unrecognized net loss (gain) 22 24 (5) (6) Net periodic benefit cost (income) $ (30) $ (24) $ 19 $ 20 Pension Benefits Retiree Medical and Other Postretirement Benefits Six Months Ended June 30, 2026 2025 2026 2025 Service cost $ 1 $ 1 $ 11 $ 12 Interest cost 353 367 32 35 Expected return on assets (459) (464) (4) (5) Amortization of: Prior service cost 9 9 Unrecognized net loss (gain) 44 47 (11) (11) Net periodic benefit cost (income) $ (61) $ (49) $ 37 $ 40 Effective November 1, 2012, substantially all of our defined benefit pension plans were frozen. 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 in the condensed consolidated statements of operations. During the first six months of 2026, we made required contributions of $237 million and supplemental contributions of $50 million to our defined benefit pension plans. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Special Items, Net Special items, net in the condensed consolidated statements of operations consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Litigation reserve adjustments $ $ 47 $ 12 $ 77 Labor contract expenses (1) 2 31 Other operating special items, net 7 7 10 Mainline operating special items, net 7 47 21 118 Mark-to-market adjustments on equity investments, net (2) 18 (14) 90 15 Debt refinancing and extinguishment 10 63 19 Other nonoperating special items, net 2 (2) 11 (2) Nonoperating special items, net 30 (16) 164 32 (1) Labor contract expenses for the six months ended June 30, 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. (2) Mark-to-market adjustments on equity investments, net, included unrealized gains and losses associated with certain equity investments. …

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Revenue Recognition Revenue The following are the significant categories comprising our operating revenues (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Passenger revenue: Passenger travel $ 14,095 $ 12,126 $ 25,611 $ 22,601 Loyalty revenue - travel (1) 1,119 997 2,098 1,913 Total passenger revenue 15,214 13,123 27,709 24,514 Cargo 273 211 487 400 Other: Loyalty revenue - marketing services 1,058 912 2,085 1,735 Other revenue 190 146 366 294 Total other revenue 1,248 1,058 2,451 2,029 Total operating revenues $ 16,735 $ 14,392 $ 30,647 $ 26,943 (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. The following is our total passenger revenue by geographic region (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Domestic $ 10,726 $ 9,159 $ 19,716 $ 17,286 Latin America 1,726 1,550 3,689 3,455 Atlantic 2,353 2,086 3,455 3,052 Pacific 409 328 849 721 Total passenger revenue $ 15,214 $ 13,123 $ 27,709 $ 24,514 We attribute passenger revenue by geographic region based upon the origin and destination of each flight segment. 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 the condensed cons …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing