American Airlines Group Inc. reported record revenues for both the fourth quarter and full year 2025, despite profitability being pressured by a U.S. government shutdown late in the year. Fourth-quarter revenue reached a record $14.0 billion, while full-year revenue totaled $54.6 billion. The shutdown reduced fourth-quarter revenue by about $325 million, contributing to GAAP net income of $99 million for the quarter and $111 million for the year.

Excluding special items, American posted adjusted net income of $106 million in the fourth quarter and $237 million for full-year 2025. The company reduced total debt by $2.1 billion during the year and ended 2025 with $9.2 billion in available liquidity. Premium products continued to outperform, bookings strengthened into early 2026, and revenue intakes for the first weeks of the year are up double digits year over year.

Looking ahead, American expects a strong improvement in 2026, guiding for adjusted earnings per share of $1.70 to $2.70 and free cash flow above $2 billion. Management said investments in customer experience, network strength, fleet upgrades and loyalty partnerships position the airline for meaningful upside, even as first-quarter guidance reflects temporary impacts from severe winter weather.