American Airlines
Airlines
Financial Summary
| 2022 | 2023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | 2Q25 | LTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING METRICS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| PRASM | 17.13 | 17.47 | 16.25 | 17.54 | 16.55 | 17.34 | 16.93 | 16.30 | 16.90 | 16.77 |
| Load Factor | 82.9% | 83.5% | 81.5% | 86.6% | 86.6% | 84.9% | 84.9% | 80.6% | 84.7% | 84.3% |
| Available Seat Miles | 260,226 | 277,723 | 70,516 | 75,263 | 75,665 | 71,503 | 292,948 | 69,904 | 77,636 | 294,708 |
| INCOME STATEMENT | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Revenue | $48,971 | $52,788 | $12,570 | $14,334 | $13,647 | $13,660 | $54,211 | $12,551 | $14,392 | $54,250 |
| COGS | 32,177 | 33,030 | 8,550 | 8,798 | 8,822 | 8,366 | 34,536 | 8,557 | 8,866 | 34,611 |
| Gross Profit | 16,794 | 19,758 | 4,020 | 5,536 | 4,825 | 5,294 | 19,675 | 3,994 | 5,526 | 19,639 |
| SG&A | 1,815 | 1,799 | 408 | 456 | 468 | 480 | 1,812 | 450 | 535 | 1,933 |
| Other Opex | 13,372 | 14,925 | 3,605 | 3,696 | 4,268 | 3,680 | 15,249 | 3,814 | 3,856 | 15,618 |
| Operating Income | 1,607 | 3,034 | 7 | 1,384 | 89 | 1,134 | 2,614 | -270 | 1,135 | 2,088 |
| D&A | 1,977 | 1,936 | 470 | 474 | 479 | 503 | 1,926 | 468 | 476 | 1,926 |
| EBITDA | $3,584 | $4,970 | $477 | $1,858 | $568 | $1,637 | $4,540 | $198 | $1,611 | $4,014 |
| Adjustments | 0 | |||||||||
| Adj. EBITDA | $3,584 | $4,970 | $477 | $1,858 | $568 | $1,637 | $4,540 | $198 | $1,611 | $4,014 |
| Interest | 1,962 | 2,145 | 497 | 486 | 480 | 471 | 1,934 | 428 | 433 | 1,812 |
| FREE CASH FLOW | ||||||||||
| Change in NWC | -182 | 236 | 815 | 0 | ||||||
| All Other CFO | 2,355 | 3,567 | -1,516 | 4,824 | 277 | 398 | 3,168 | 2,456 | 963 | 4,094 |
| CF From Ops | 2,173 | 3,803 | -1,516 | 4,824 | 277 | 398 | 3,983 | 2,456 | 963 | 4,094 |
| Capex | -2,546 | -2,596 | -824 | -651 | -468 | -740 | -2,683 | -824 | -499 | -2,531 |
| Free Cash Flow | -373 | 1,207 | -2,340 | 4,173 | -191 | -342 | 1,300 | 1,632 | 464 | 1,563 |
| Dividends & Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow | -373 | 1,207 | -2,340 | 4,173 | -191 | -342 | 1,300 | 1,632 | 464 | 1,563 |
| GROWTH | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Sales Growth | 63.9% | 7.8% | 3.1% | 2.0% | 1.2% | 4.6% | 296.9% | -0.2% | 0.4% | 1.5% |
| Adj. EBITDA Growth | 180.9% | 38.7% | -48.4% | -29.8% | 115.2% | 44.1% | 177.3% | -58.5% | -13.3% | 7.5% |
| MARGINS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Gross Margin % | 34.3% | 37.4% | 32.0% | 38.6% | 35.4% | 38.8% | 36.3% | 31.8% | 38.4% | 36.2% |
| Adj. EBITDA Margin % | 7.3% | 9.4% | 3.8% | 13.0% | 4.2% | 12.0% | 8.4% | 1.6% | 11.2% | 7.4% |
| COVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| LTM EBITDA / LTM Interest | 1.8x | 2.3x | 2.2x | 1.8x | 2.0x | 2.3x | 2.3x | 2.3x | 2.2x | 2.2x |
| BALANCE SHEET | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Cash | 440 | 578 | 604 | 605 | 834 | 804 | 804 | 835 | 833 | 833 |
| Total Debt | $35,663 | $32,902 | $32,330 | $31,756 | $31,652 | $30,476 | $30,476 | $29,442 | $29,881 | $29,881 |
| LEVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Total Leverage | 10.0x | 6.6x | 7.1x | 8.5x | 7.8x | 6.7x | 6.7x | 6.9x | 7.4x | 7.4x |
| Net Leverage | 9.8x | 6.5x | 7.0x | 8.3x | 7.6x | 6.5x | 6.5x | 6.7x | 7.2x | 7.2x |
Cap Table
As of: 06/30/2025
| Instrument | Balance | Total Leverage |
|---|---|---|
| 2013 Term Loan Facility | $970 | — |
| 2014 Term Loan Facility | $1,159 | — |
| 2023 Term Loan Facility | $1,089 | — |
| 10.75% Senior Secured IP Notes | $524 | — |
| 10.75% Senior Secured LGA/DCA Notes | $105 | — |
| 7.25% Senior Secured Notes | $750 | — |
| 8.50% Senior Secured Notes | $1,000 | — |
| 5.50% Senior Secured Notes | $1,167 | — |
| 5.75% Senior Secured Notes | $3,000 | — |
| 2021 AAdvantage Term Loan Facility | $2,275 | — |
| 2025 AAdvantage Term Loan Facility | $1,000 | — |
| EETCs | $6,364 | — |
| Equipment Loans and Other | $4,522 | — |
| Special Facility Revenue Bonds | $880 | — |
| Total Secured Debt | $24,805 | 6.2x |
| PSP1 Promissory Note | $1,757 | — |
| PSP2 Promissory Note | $1,030 | — |
| PSP3 Promissory Note | $959 | — |
| 6.50% Convertible Senior Notes | $1,000 | — |
| Total Debt | $29,551 | 7.4x |
| Total Traded Bonds | 13,910 | — |
| Total Traded Loans | 6,493 | — |
| Total Traded Debt | 20,403 | — |
Vital Signs
- Leverage: 7.4x
- Free Cash Flow: 1,563
Company Info
Website: https://americanairlines.gcs-web.com/
Industry
- Airlines
Key Drivers
- TBD
- TBD
- TBD
Customers
- TBD
- TBD
- TBD
Notes
TBD;TBD;TBD