American Airlines Q1 2025 Financial Summary

- Revenue: $12.6 billion (flat year-over-year)
- GAAP net loss: $473 million or ($0.72) per share
- Adjusted net loss (excluding special items): $386 million or ($0.59) per share
- Operating margin: (2.2%) GAAP, (1.6%) adjusted
- Free cash flow: $1.7 billion
- Total available liquidity: $10.8 billion
- Debt reduction in Q1: $1.2 billion; down $16.6 billion from 2021 peak

**Revenue and Demand**
- Total unit revenue up 0.7% YoY
- International revenue strength (up 2.9%) offset domestic weakness
- Passenger revenue: $11.4 billion
- Cargo revenue: $189 million
- AAdvantage® loyalty card spending up 8%, enrollments up 6%

**Costs and Operations**
- Total operating expenses: $12.82 billion (up 2.1%)
- Fuel cost per gallon down 13.3% to $2.48
- CASM excluding fuel and special items: 14.54¢ (up 7.8%)
- Headcount: 133,100 (flat YoY)
- Departures increased 3.7%, mainly from regional growth
- Load factor: 80.6% (down 0.9 pts)
- Yield: 20.21¢ (up 1.4%)

**Regional Revenue Breakdown**
- Domestic revenue: $8.13 billion (down 1.6%)
- International revenue: $3.26 billion (up 2.1%)
- Pacific region revenue grew 30.2%
- Atlantic region revenue fell 2.7% despite improved load factor and yield
- Latin America revenue was flat

**Cash Flow and Balance Sheet**
- Operating cash flow: $2.46 billion
- Investing cash flow: ($1.2 billion)
- Financing cash flow: ($1.2 billion)
- Ending cash: $931 million
- Total assets: $62.6 billion
- Stockholders’ deficit: $4.5 billion

**Outlook**
- Q2 2025 adjusted EPS forecast: $0.50–$1.00
- Full-year guidance withdrawn due to economic uncertainty
- Targeting total debt under $35 billion by end of 2027