Analysis of Revenues
Revenues as Reported
American Airlines Group Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
The data reveals significant fluctuations and overall growth trends in the annual revenues over the five-year period ending December 31, 2023. The trends illustrate the impact of external factors and gradual recovery phases across different revenue streams.
- Passenger Travel
- The passenger travel revenue exhibits a sharp decline from 38,831 million USD in 2019 to 13,456 million USD in 2020, which likely reflects a major disruption during that period. Subsequently, there is a marked recovery with revenues rising to 23,896 million USD in 2021 and further increasing significantly to 41,425 million USD in 2022, reaching 44,914 million USD by the end of 2023. This trajectory points to a strong rebound and gradual normalization exceeding pre-2020 levels.
- Loyalty Revenue, Travel
- This revenue stream follows a similar pattern, dropping sharply from 3,179 million USD in 2019 to 1,062 million USD in 2020. Recovery is steady through 2021 and 2022, with amounts reaching 2,167 million USD and 3,143 million USD respectively, and increasing further to 3,598 million USD in 2023. The trend suggests a normalization of the loyalty program’s travel-related revenue parallel to passenger travel recovery.
- Passenger Revenue
- The overall passenger revenue mirrors the trends observed in passenger travel and loyalty travel revenue. Starting at 42,010 million USD in 2019, it decreases markedly to 14,518 million USD in 2020, then rises to 26,063 million USD in 2021. A substantial recovery continues in 2022, reaching 44,568 million USD and further growing to 48,512 million USD in 2023, surpassing the initial pre-disruption level.
- Cargo
- Cargo revenue shows relative stability compared to passenger-related streams. It experiences a slight decline from 863 million USD in 2019 to 769 million USD in 2020, followed by an increase to 1,314 million USD in 2021. However, it then declines again in 2022 to 1,233 million USD and further reduces to 812 million USD in 2023. This mixed pattern suggests variability and possibly differing demand or operational challenges in cargo services.
- Loyalty Revenue, Marketing Services
- The loyalty revenue from marketing services decreases from 2,361 million USD in 2019 to 1,825 million USD in 2020. It then gradually recovers to 2,166 million USD in 2021 and continues to rise to 2,657 million USD in 2022 and 2,929 million USD in 2023. The steady growth from 2021 onward indicates a resumption of marketing activities linked to the loyalty program.
- Other Revenue
- There are two entries labeled as other revenue in the data, showing differing values. The first shows a decline from 534 million USD in 2019 to 225 million USD in 2020, followed by gradual increases to 339 million USD in 2021, 513 million USD in 2022, and 535 million USD in 2023. The second shows a drop from 2,895 million USD in 2019 to 2,050 million USD in 2020, then rebounds to 2,505 million USD in 2021, and continues a consistent increase through 3,170 million USD in 2022 and 3,464 million USD in 2023. These patterns suggest segments of other revenue impacted notably in 2020 but recovering steadily and, in some cases, surpassing prior levels.
- Operating Revenues
- Operating revenues, aggregating the various streams, decreased sharply from 45,768 million USD in 2019 to 17,337 million USD in 2020. A significant recovery begins in 2021 with 29,882 million USD, followed by robust growth to 48,971 million USD in 2022 and further increase to 52,788 million USD in 2023. This overall trend reflects resilience and recovery of the business operations post-2020 downturn, with 2023 revenues exceeding the pre-2020 benchmarks.