Common-Size Income Statement
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2013
- Return on Assets (ROA) since 2013
- Current Ratio since 2013
- Price to Book Value (P/BV) since 2013
- Analysis of Revenues
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American Airlines Group Inc., common-size consolidated income statement
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).
- Revenue Composition Trends
- The proportion of passenger revenue relative to total operating revenues showed a decline in 2020, falling from 91.79% in 2019 to 83.74%, likely due to external factors impacting travel demand. In subsequent years, this proportion progressively recovered, reaching 91.9% by 2023, slightly exceeding the 2019 level. Cargo revenues, as a percentage of total operating revenues, increased significantly in 2020 to 4.44% from 1.89% in 2019, but then steadily declined each year to 1.54% in 2023. Other revenues spiked sharply in 2020 to 11.82% from 6.33% in 2019, then decreased gradually, stabilizing around 6.5% in 2022 and 2023.
- Cost Structure and Operating Expenses
- Aircraft fuel and related taxes as a percentage of operating revenues decreased considerably in 2020 to -14.89% from -16.44% in 2019, then escalated sharply in 2022 to -28.16%, before easing to -23.22% in 2023. Salaries, wages, and benefits represented a major expense; this line more than doubled in 2020 to -63.22% compared to -27.55% in 2019, reflecting extraordinary cost pressures or restructuring expenditures in that year. The figure then resettled to approximately pre-pandemic levels by 2023 (-27.62%). Regional expenses and maintenance-related costs followed similar patterns of spike in 2020 followed by normalization, with regional expenses decreasing from -28.22% in 2020 to below -9% thereafter. Depreciation and amortization costs doubled in 2020 (−11.77%) but subsequently declined consistently to -3.67% by 2023, suggesting asset base adjustments or revaluations.
- Special Items and Adjustments
- Several special items featured prominently in cost components during 2020: Personnel Support Program (PSP) financial assistance represented a substantial 21.4% of operating revenues in 2020, decreasing to 13.93% in 2021 and absent thereafter, indicating temporary support mechanisms. Severance expenses and fleet impairment costs surged dramatically in 2020 and receded subsequently, underscoring significant restructuring activities during that period. Mainline operating special items saw a marked increase in 2021 (13.41%), with negative contributions in the surrounding years, denoting episodic impacts related to operational adjustments or integration costs.
- Profitability and Income Trends
- Operating income exhibited a sharp decline in 2020, plunging to a loss of 60.11% of operating revenues from a positive 6.7% in the prior year. A recovery trajectory was observed thereafter, with an operating loss of just -3.54% in 2021 transitioning to positive operating income of 3.28% and 5.75% in 2022 and 2023 respectively. Net income followed a similar trend with a considerable loss in 2020 (-51.25%), a moderate loss in 2021 (-6.67%), minimal profit in 2022 (0.26%), and a modest return to positive results in 2023 (1.56%). Income before taxes improved from a negative -66.06% in 2020 to a positive 2.12% by 2023, indicating gradual profitability restoration.
- Interest and Nonoperating Items
- Interest expense significantly increased as a percentage of operating revenues in 2020 (-7.08%) compared to 2019 (-2.39%), with some improvement to around -4.0% in 2022 and 2023. Interest income remained low but slightly increased by 2023 to 1.12%. Nonoperating expenses followed a similar pattern with a peak in 2020 (-5.95%), trending downward thereafter but rising again to -3.62% in 2023, indicating ongoing financial cost pressures outside core operations.