EarningsQ2 2026 Earnings Report

American Airlines (AAL) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:AAL Q2 2026 EPS Results

Actual EPS$2.72

Consensus EPS$0.60

Beat/MissBeat by +$2.12

One Year Ago EPS$17.25

MX:AAL Q2 2026 Revenue Results

Actual Revenue$303.93B

Expected Revenue$303.30B

Beat/MissBeat by +$625.64M

YoY Revenue Growth+16.28%

Earnings Announcement Details

QuarterQ2 2026

Date07/23/2026

TimeBefore Open

Conference CallThursday, July 23, 2026

MX:AAL Upcoming Earnings

American Airlines's next earnings date is estimated for October 15, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:AAL Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 23, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed materially positive commercial momentum — record revenue (+16.3% YoY), strong premium and corporate performance, loyalty growth, operational improvements and solid liquidity — but the narrative was tempered by a severe and volatile fuel-cost shock (≈$2.2B+ in Q2, continued increases into Q3), which forced capacity trims and weakened near-term earnings guidance. Management emphasized cost discipline, network optimization and confidence in longer-term margin expansion once fuel normalizes.

Company Guidance

American updated 2026 guidance with a Q3 adjusted loss per diluted share of $0.70 to $0.10 and full‑year adjusted EPS of a loss of $0.65 to a profit of $0.65 (midpoint roughly breakeven), with Q3 total revenue growth expected +16% to +19% YoY and unit revenue said to be stronger in Q3 and Q4 versus Q2. They now expect Q3 capacity +3% to +5% YoY (≈2 points lower at the midpoint versus the original plan) and CASMx up 2.5%–4.5% YoY (slightly elevated due to capacity reductions); Q2 fuel expense rose by >$2.2B (≈+83% YoY) and management warned of an expected ~+$6B YoY fuel headwind for the full year — as of the July 21 forward curve Q3 fuel is modeled at about $3.75/gal (implying ~+$1.7B YoY in Q3) and since early July fuel assumptions have increased by >$700M for Q3 and ~+$1.6B for the remainder (including a recent weekly bump of ~$230M for Q3 and ~$550M for the rest of the year). They ended Q2 with $11.3B of liquidity, expect to take 48 aircraft in 2026, plan ~ $4B of CapEx this year (≈$4.5B in 2027), and at the midpoint anticipate positive free cash flow and lower net debt by year end.

Record Quarterly Revenue

Total revenue increased 16.3% year-over-year, delivering a record quarterly revenue result and broad-based strength across cabins and regions.

Strong Premium Performance

Premium revenue was up 19% year-over-year and premium unit revenue increased more than 13% YoY; premium seat capacity grew ~5% vs. non-premium seats ~3%, and lie-flat/premium-economy capacity increased nearly twice as fast as main cabin capacity.

Broad Regional Unit Revenue Gains

Domestic unit revenue rose nearly 11% YoY; Pacific unit revenue increased 15% YoY (driven by Japan); Atlantic unit revenue up ~9% YoY (London standout, London unit revenue +20%); Latin America unit revenue up ~7% YoY.

Loyalty and Card Momentum

AAdvantage enrollments grew over 30% YoY in Q2 (management cited ~32%); co-brand card spend across the portfolio rose 8% YoY, supporting loyalty engagement and future revenue potential.

Corporate and SME Revenue Strength

Managed corporate revenue increased 26% YoY; small and medium business/AAdvantage business up ~42% YoY; TMC business up 19% YoY—indicating material commercial traction with higher-value customers.

Operational and Customer-Experience Improvements

Total NPS increased 5 points YoY; on-time-flight NPS improved (improving 15 of 17 months); ACSI survey score improved 7% YoY; misconnects fell nearly 25% YoY after DFW rebank changes.

Cost Discipline and Liquidity

Nonfuel year-over-year unit cost growth was held to under 3%; ended Q2 with $11.3 billion of liquidity; completed ~$1.3 billion of incremental financings and expect roughly $4.0 billion CapEx for the year with ~48 deliveries planned.

Fuel Expense Recovery Despite Large Headwind

Fuel expense increased by over $2.2 billion (an ~83% YoY rise), but strong revenue performance recovered nearly half of that year-over-year fuel increase in the quarter.

MX:AAL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 15, 2026	2026 (Q3)	-6.16 / -	-3.087	―
Jul 23, 2026	2026 (Q2)	0.60 / 2.72	17.253	-84.21% (-14.53)
Apr 23, 2026	2026 (Q1)	-8.41 / -7.26	-10.715	32.20% (+3.45)
Jan 27, 2026	2025 (Q4)	6.67 / 2.91	15.619	-81.40% (-12.71)
Oct 23, 2025	2025 (Q3)	-5.05 / -3.09	5.448	-156.67% (-8.54)
Jul 24, 2025	2025 (Q2)	14.17 / 17.25	19.796	-12.84% (-2.54)
Apr 24, 2025	2025 (Q1)	-12.60 / -10.72	-6.175	-73.53% (-4.54)
Jan 23, 2025	2024 (Q4)	12.02 / 15.62	5.267	196.55% (+10.35)
Oct 24, 2024	2024 (Q3)	3.27 / 5.45	6.901	-21.05% (-1.45)
Jul 25, 2024	2024 (Q2)	19.25 / 19.80	34.87	-43.23% (-15.07)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed