American Airlines Group (AAL)
Runs a U.S. hub network for passenger and cargo transportation.
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American Airlines sells seats, most of them on short and medium flights around the United States, feeding through nine big hub airports. Two things are reshaping it: a push to fill more of each plane with large, expensive seats, and a credit-card partnership that pays cash for miles whether or not anyone flies. Jet fuel, meanwhile, has turned far more expensive and has swallowed much of the gain.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 13 more below
Domestic Network
Short and medium hops threaded through nine U.S. hubs: $35.20B in 2025, flat on the year and nearly two-thirds of everything sold. Fares per seat have climbed since — watch whether they keep outrunning fuel.
Competes with Domestic hub network (Delta Air Lines) · Domestic hub network (United Airlines)
In plain English
Nine big airports work as sorting yards. Someone in a smaller city takes a short flight into Charlotte or Dallas/Fort Worth, walks across a concourse, and boards a second flight to wherever they were actually going.
The money arrives one seat at a time, priced by the hour, and a seat that takes off empty is gone for good — a screening that has already started. This is the biggest thing American does. Reworking the schedules at Dallas/Fort Worth and Miami helped: management says it has won back share in every hub, and the April 2026 Dallas/Fort Worth reshuffle cut missed connections by about a quarter. The catch is that each flight now burns far dearer fuel.
Premium Cabins
Suites with doors, lie-flat beds and extra legroom. Management said in July 2026 that roughly 30% of seats bring in nearly half of ticket sales. Twenty 777s go through the shop by end-2027 — watch the retrofit queue.
Competes with Delta One and Delta Premium Select (Delta Air Lines) · Polaris and Premium Plus (United Airlines)
In plain English
Picture the front of the aircraft as the box seats. A Flagship Suite is a small private cubicle with a sliding door and a flat bed; behind it come premium economy and extra-legroom rows, then the ordinary cabin at the back.
Same flight, same fuel, wildly different fares — which is why American keeps rebuilding cabins to hold more of the expensive kind. New 787-9s and A321XLRs arrive already fitted; older 777-300ERs go into the shop and come out with 70 suites each. About three-quarters of the premium money comes from members of the miles programme, and roughly 60% from households earning above $150,000 a year.
American Eagle
Small jets flying under the Eagle name — Envoy, PSA and Piedmont in-house, Republic and SkyWest under contract — carried 57 million people in 2025. Its revenue isn't broken out; its cost was $5.45B, a tenth of all spending.
Competes with Delta Connection (Delta Air Lines) · United Express (United Airlines)
In plain English
The feeder fleet. These are the smaller jets that serve routes too thin for a full-size aircraft, so that the long flight leaving the hub takes off full rather than half empty.
American owns three of these carriers outright and rents the rest: Republic and SkyWest supply the aircraft and crews by the flying hour while American sets the schedule, the price and the seating. That makes it closer to a cost than a business of its own — around 45% of Eagle passengers are connecting to another American flight. It is dearer per seat than mainline flying, so the economics improve when contract rates stay put.
Managed Corporate and Agency Travel
Tickets bought under company travel contracts and through agencies. American drove these buyers away in 2023, then spent two years winning them back; the accounts grew 26% in the spring 2026 quarter. Watch whether that holds as fares rise.
Competes with Corporate sales and SkyMiles for Business (Delta Air Lines) · Corporate travel programs (United Airlines)
In plain English
Large employers don't book flights one at a time. They sign a deal — our staff will fly with you, you give us a rate — and the bookings come in through travel agencies that handle the paperwork for thousands of people.
In 2023 American tried to pull those bookings onto its own channels. The agencies pushed back, share went to rivals such as Delta, and bookings arriving through agencies fell eleven points below their usual level by 2024. New agreements were signed, the gap closed through 2025, and these accounts have grown double digits every quarter since. They also buy the expensive seats up front.
Atlantic and Pacific Network
Long-haul flying run jointly with British Airways, Iberia, Finnair, Japan Airlines and Qantas: $8.00B in 2025. The Pacific is the fastest-growing piece. The fleet able to fly these routes is meant to go from 139 aircraft to around 200 by decade-end.
Competes with Transatlantic joint venture with Virgin Atlantic and Air France-KLM (Delta Air Lines) · Transatlantic joint venture with Lufthansa and Air Canada (United Airlines)
In plain English
Crossing an ocean is expensive to attempt alone, so American doesn't. With British Airways, Iberia and Finnair over the Atlantic and Japan Airlines over the Pacific, the airlines set schedules and fares together on those routes and then split the takings — whoever's aircraft the passenger ends up sitting in.
It works like a stall run jointly by neighbours: each brings stock, all share one till. Regulators have to allow the arrangement, and space to land at crowded airports is limited. Growth comes from aircraft with longer legs — the A321XLR, a single-aisle jet reaching Europe — opening smaller cities from Philadelphia and New York.
Latin America Network
Miami is the doorway: Caribbean and Mexican beach routes plus deep South America, $6.44B in 2025, a shade under 2024. American flies around three-quarters of Miami's flights and restarted Venezuela service in 2026.
Competes with LATAM joint venture into South America (Delta Air Lines) · Panama hub feeding the Americas (Copa Airlines) · South America routed via Houston and Bogotá (United Airlines)
In plain English
The one corner of the map where American, rather than Delta or United, is the incumbent. From Miami it reaches Caribbean islands, Mexican beach towns and the far end of South America, and it operates roughly three in four of that airport's flights.
Holidaymakers and people visiting family fill most of those seats, with Miami's own business travellers on top — so the calendar runs opposite the Atlantic, earning through the winter while Europe is quiet. Revenue slipped a little in 2025: this is a mature line being defended with flying rather than stretched wider. It also lives or dies on governments keeping routes open, which is why resuming Venezuela flights was news.
AAdvantage and the Citi Co-Brand Card
Banks and partners buy miles in bulk: $3.51B landed as marketing money in 2025, and a further $4.04B of miles was cashed in for seats, counted inside the flying numbers. Partner cash is aimed at roughly $10B a year by decade-end.
Competes with SkyMiles with the American Express co-brand (Delta Air Lines) · MileagePlus with the Chase co-brand (United Airlines)
In plain English
Citi buys miles from the airline in bulk and hands them out to people as they spend on an American Airlines credit card. The airline is paid cash now for something it settles later, and it settles in seats rather than money.
That makes it the steadiest income in the company, and it needs no extra aircraft. Citi has been the only U.S. bank issuing the card since January 2026, under a ten-year agreement — the largest single commercial relationship American has. Spending on the cards grew 8% last year, cash from card and other partners reached $6.1B in 2024, and the aim is about $10B a year by the end of the decade.
Domestic NetworkShort and medium hops threaded through nine U.S. hubs: $35.20B in 2025, flat on the year and nearly two-thirds of everything sold. Fares per seat have climbed since — watch whether they keep outrunning fuel.Short and medium hops threaded through nine U.S. hubs: $35.20B in 2025, flat on the year and nearly two-thirds of everything sold. Fares per seat have climbed since — watch whether they keep outrunning fuel.
In plain English
Nine big airports work as sorting yards. Someone in a smaller city takes a short flight into Charlotte or Dallas/Fort Worth, walks across a concourse, and boards a second flight to wherever they were actually going.
The money arrives one seat at a time, priced by the hour, and a seat that takes off empty is gone for good — a screening that has already started. This is the biggest thing American does. Reworking the schedules at Dallas/Fort Worth and Miami helped: management says it has won back share in every hub, and the April 2026 Dallas/Fort Worth reshuffle cut missed connections by about a quarter. The catch is that each flight now burns far dearer fuel.
Competes with Domestic hub network (Delta Air Lines) · Domestic hub network (United Airlines)
Premium CabinsSuites with doors, lie-flat beds and extra legroom. Management said in July 2026 that roughly 30% of seats bring in nearly half of ticket sales. Twenty 777s go through the shop by end-2027 — watch the retrofit queue.Suites with doors, lie-flat beds and extra legroom. Management said in July 2026 that roughly 30% of seats bring in nearly half of ticket sales. Twenty 777s go through the shop by end-2027 — watch the retrofit queue.
In plain English
Picture the front of the aircraft as the box seats. A Flagship Suite is a small private cubicle with a sliding door and a flat bed; behind it come premium economy and extra-legroom rows, then the ordinary cabin at the back.
Same flight, same fuel, wildly different fares — which is why American keeps rebuilding cabins to hold more of the expensive kind. New 787-9s and A321XLRs arrive already fitted; older 777-300ERs go into the shop and come out with 70 suites each. About three-quarters of the premium money comes from members of the miles programme, and roughly 60% from households earning above $150,000 a year.
Competes with Delta One and Delta Premium Select (Delta Air Lines) · Polaris and Premium Plus (United Airlines)
American EagleSmall jets flying under the Eagle name — Envoy, PSA and Piedmont in-house, Republic and SkyWest under contract — carried 57 million people in 2025. Its revenue isn't broken out; its cost was $5.45B, a tenth of all spending.Small jets flying under the Eagle name — Envoy, PSA and Piedmont in-house, Republic and SkyWest under contract — carried 57 million people in 2025. Its revenue isn't broken out; its cost was $5.45B, a tenth of all spending.
In plain English
The feeder fleet. These are the smaller jets that serve routes too thin for a full-size aircraft, so that the long flight leaving the hub takes off full rather than half empty.
American owns three of these carriers outright and rents the rest: Republic and SkyWest supply the aircraft and crews by the flying hour while American sets the schedule, the price and the seating. That makes it closer to a cost than a business of its own — around 45% of Eagle passengers are connecting to another American flight. It is dearer per seat than mainline flying, so the economics improve when contract rates stay put.
Competes with Delta Connection (Delta Air Lines) · United Express (United Airlines)
Managed Corporate and Agency TravelTickets bought under company travel contracts and through agencies. American drove these buyers away in 2023, then spent two years winning them back; the accounts grew 26% in the spring 2026 quarter. Watch whether that holds as fares rise.Tickets bought under company travel contracts and through agencies. American drove these buyers away in 2023, then spent two years winning them back; the accounts grew 26% in the spring 2026 quarter. Watch whether that holds as fares rise.
In plain English
Large employers don't book flights one at a time. They sign a deal — our staff will fly with you, you give us a rate — and the bookings come in through travel agencies that handle the paperwork for thousands of people.
In 2023 American tried to pull those bookings onto its own channels. The agencies pushed back, share went to rivals such as Delta, and bookings arriving through agencies fell eleven points below their usual level by 2024. New agreements were signed, the gap closed through 2025, and these accounts have grown double digits every quarter since. They also buy the expensive seats up front.
Competes with Corporate sales and SkyMiles for Business (Delta Air Lines) · Corporate travel programs (United Airlines)
Atlantic and Pacific NetworkLong-haul flying run jointly with British Airways, Iberia, Finnair, Japan Airlines and Qantas: $8.00B in 2025. The Pacific is the fastest-growing piece. The fleet able to fly these routes is meant to go from 139 aircraft to around 200 by decade-end.Long-haul flying run jointly with British Airways, Iberia, Finnair, Japan Airlines and Qantas: $8.00B in 2025. The Pacific is the fastest-growing piece. The fleet able to fly these routes is meant to go from 139 aircraft to around 200 by decade-end.
In plain English
Crossing an ocean is expensive to attempt alone, so American doesn't. With British Airways, Iberia and Finnair over the Atlantic and Japan Airlines over the Pacific, the airlines set schedules and fares together on those routes and then split the takings — whoever's aircraft the passenger ends up sitting in.
It works like a stall run jointly by neighbours: each brings stock, all share one till. Regulators have to allow the arrangement, and space to land at crowded airports is limited. Growth comes from aircraft with longer legs — the A321XLR, a single-aisle jet reaching Europe — opening smaller cities from Philadelphia and New York.
Competes with Transatlantic joint venture with Virgin Atlantic and Air France-KLM (Delta Air Lines) · Transatlantic joint venture with Lufthansa and Air Canada (United Airlines)
Latin America NetworkMiami is the doorway: Caribbean and Mexican beach routes plus deep South America, $6.44B in 2025, a shade under 2024. American flies around three-quarters of Miami's flights and restarted Venezuela service in 2026.Miami is the doorway: Caribbean and Mexican beach routes plus deep South America, $6.44B in 2025, a shade under 2024. American flies around three-quarters of Miami's flights and restarted Venezuela service in 2026.
In plain English
The one corner of the map where American, rather than Delta or United, is the incumbent. From Miami it reaches Caribbean islands, Mexican beach towns and the far end of South America, and it operates roughly three in four of that airport's flights.
Holidaymakers and people visiting family fill most of those seats, with Miami's own business travellers on top — so the calendar runs opposite the Atlantic, earning through the winter while Europe is quiet. Revenue slipped a little in 2025: this is a mature line being defended with flying rather than stretched wider. It also lives or dies on governments keeping routes open, which is why resuming Venezuela flights was news.
Competes with LATAM joint venture into South America (Delta Air Lines) · Panama hub feeding the Americas (Copa Airlines) · South America routed via Houston and Bogotá (United Airlines)
AAdvantage and the Citi Co-Brand CardBanks and partners buy miles in bulk: $3.51B landed as marketing money in 2025, and a further $4.04B of miles was cashed in for seats, counted inside the flying numbers. Partner cash is aimed at roughly $10B a year by decade-end.Banks and partners buy miles in bulk: $3.51B landed as marketing money in 2025, and a further $4.04B of miles was cashed in for seats, counted inside the flying numbers. Partner cash is aimed at roughly $10B a year by decade-end.
In plain English
Citi buys miles from the airline in bulk and hands them out to people as they spend on an American Airlines credit card. The airline is paid cash now for something it settles later, and it settles in seats rather than money.
That makes it the steadiest income in the company, and it needs no extra aircraft. Citi has been the only U.S. bank issuing the card since January 2026, under a ten-year agreement — the largest single commercial relationship American has. Spending on the cards grew 8% last year, cash from card and other partners reached $6.1B in 2024, and the aim is about $10B a year by the end of the decade.
Competes with SkyMiles with the American Express co-brand (Delta Air Lines) · MileagePlus with the Chase co-brand (United Airlines)
Named in filings, launches and programs
- American Airlines CargoServiceFreight in the belly of passenger jets: $839M in 2025, 1.5% of revenue, and the fastest-growing line at about +29% in the spring 2026 quarter.
- Flagship and Admirals Club loungesServicePaid airport lounges, memberships listed around $750 to $850; the largest Admirals Club yet was announced for Dallas/Fort Worth in 2026.
- Basic Economy to Main Cabin upsellProduct lineChanging what the cheapest fare includes nudges flyers to pay up; take-up rose five points in the spring 2026 quarter.
- AAdvantage BusinessCustomer program · RampingA programme for small firms whose staff earn miles alongside the company; revenue grew 28% in the first quarter of 2026.
- Starlink fleet Wi-FiPlatform · AnnouncedChosen in May 2026 to supply internet across the fleet, with installations starting in 2027.
- AT&T-sponsored free Wi-FiCustomer programSince January 2026 AT&T has paid for inflight internet, which members of the miles programme get free.
- Citi / AAdvantage card rangeProduct lineMileUp, Platinum Select, Business and Executive cards, refreshed in 2026 with a Globe Mastercard and an Executive World Legend Mastercard.
- AAdvantage Loyalty IPBrandSeparate companies that hold the miles programme's trademarks and contracts; lenders take them as security, which is how the programme backs borrowing.
- Avion AssuranceBrandAmerican's own insurance company, registered in Bermuda, which covers group risks instead of an outside insurer doing it.
- Americas and International Ground ServicesBrandIn-house ground handling arms in the United States and Mexico — the crews who load bags and turn aircraft around.
- Widebody aircraft orderProduct · AnnouncedA request for up to about 65 large jets, Airbus A330neo against Boeing 787-10, for delivery in the 2030s; undecided as of September 2026.
- Alaska joint-business talksCustomer program · AnnouncedTalks reported in April 2026 about adding Alaska Airlines to the Atlantic and Pacific partnerships; no agreement has been announced.
- eSAF flyingProduct · Pre-revenueWith Infinium, American took the first delivery of synthetic low-carbon jet fuel for a commercial passenger flight in August 2026.
American Airlines CargoService
Freight in the belly of passenger jets: $839M in 2025, 1.5% of revenue, and the fastest-growing line at about +29% in the spring 2026 quarter.
Flagship and Admirals Club loungesService
Paid airport lounges, memberships listed around $750 to $850; the largest Admirals Club yet was announced for Dallas/Fort Worth in 2026.
Basic Economy to Main Cabin upsellProduct line
Changing what the cheapest fare includes nudges flyers to pay up; take-up rose five points in the spring 2026 quarter.
AAdvantage BusinessCustomer program · Ramping
A programme for small firms whose staff earn miles alongside the company; revenue grew 28% in the first quarter of 2026.
Starlink fleet Wi-FiPlatform · Announced
Chosen in May 2026 to supply internet across the fleet, with installations starting in 2027.
AT&T-sponsored free Wi-FiCustomer program
Since January 2026 AT&T has paid for inflight internet, which members of the miles programme get free.
Citi / AAdvantage card rangeProduct line
MileUp, Platinum Select, Business and Executive cards, refreshed in 2026 with a Globe Mastercard and an Executive World Legend Mastercard.
AAdvantage Loyalty IPBrand
Separate companies that hold the miles programme's trademarks and contracts; lenders take them as security, which is how the programme backs borrowing.
Avion AssuranceBrand
American's own insurance company, registered in Bermuda, which covers group risks instead of an outside insurer doing it.
Americas and International Ground ServicesBrand
In-house ground handling arms in the United States and Mexico — the crews who load bags and turn aircraft around.
Widebody aircraft orderProduct · Announced
A request for up to about 65 large jets, Airbus A330neo against Boeing 787-10, for delivery in the 2030s; undecided as of September 2026.
Alaska joint-business talksCustomer program · Announced
Talks reported in April 2026 about adding Alaska Airlines to the Atlantic and Pacific partnerships; no agreement has been announced.
eSAF flyingProduct · Pre-revenue
With Infinium, American took the first delivery of synthetic low-carbon jet fuel for a commercial passenger flight in August 2026.