American Airlines Posts $382M Q1 Loss on Record $13.9B Revenue, Cuts 2026 Outlook
American Airlines posted a Q1 GAAP net loss of $382 million (-58¢ per share) and adjusted loss of $267 million (-40¢), beating estimates by 5¢ on record $13.91 billion revenue. The carrier trimmed full-year 2026 guidance after jet fuel expenses climbed $4 billion, finishing Q1 with $34.7 billion debt.
1. Q1 Results
American Airlines Group reported a first-quarter GAAP net loss of $382 million, or $0.58 per share, and an adjusted net loss of $267 million, or $0.40 per share, compared with consensus forecasts of a $0.45 per share loss. Revenue reached $13.91 billion, up 10.8% year-over-year and $100 million above expectations.
2. Guidance and Fuel Costs
The carrier trimmed its full-year 2026 earnings outlook after jet fuel expenses climbed by roughly $4 billion on the forward curve. Second-quarter adjusted EPS is forecast between a $0.20 loss and a $0.20 gain as the airline navigates higher fuel costs and demand trends.
3. Debt and Liquidity
American Airlines finished the quarter with $34.7 billion in total debt, the lowest level since mid-2015, and held $10.8 billion in liquidity alongside more than $27 billion in unencumbered assets and borrowing capacity to support operations.