Common-Size Income Statement
Quarterly Data
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American Airlines Group Inc. pages available for free this week:
- 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 (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Revenue Composition
- Passenger revenues consistently represent the largest share of operating revenues, fluctuating mostly between approximately 79% and 92%. A pronounced dip occurred during 2020 Q2 when passenger revenue share declined significantly to around 68%, reflecting an impact likely related to external adverse events. Following this low, a gradual recovery trend is observable, with passenger revenues rebuilding closer to pre-2020 levels by 2023.
- Cargo revenues exhibited a notable increase during mid-2020, peaking near 8%, likely compensating for reduced passenger traffic. However, this increase was temporary as cargo revenue share moderated in subsequent periods, reverting to around 1.4%-2.1% by 2023.
- Other operating revenues showed a substantial rise in early 2020, soaring to approximately 24%, then normalized to a range closer to 6-8% throughout 2021 to 2023.
- Operating Expenses
- Total operating expenses as a percentage of operating revenues spiked dramatically during 2020, reaching levels above 250% in Q2, reflecting extreme operational and financial stress. This extreme increase notably subsided over the following quarters but remained elevated through 2021, then stabilized closer to but still slightly above 90% to 100% range in later periods.
- Aircraft fuel and related taxes showed considerable volatility: after modest negative values near -16% in pre-2020 quarters, a sharp increase in cost burden is visible in 2021 and 2022, with levels exceeding -25%, indicating rising fuel costs and/or tax expenses. A moderate reduction in impact occurred again in 2023.
- Salaries, wages, and benefits showed a severe spike in mid-2020, reaching extreme values near -156%, a dramatic departure from typical levels around -25% to -30%. This anomaly suggests unusual accounting or restructuring impacts during that period. Post-2020 quarters indicate a reversion to more normalized expense ratios within the -24% to -29% range.
- Regional expenses, maintenance, rent, and selling expenses likewise experienced elevated percentages in 2020, with partial recovery traces afterward, though regional expenses notably decreased substantially in 2021 compared to 2019 levels, suggesting operational adjustments.
- Depreciation and amortization costs increased in 2020 beyond -30%, down to more typical levels near -3% to -6% by 2022-2023, indicating possible asset impairments or changes in asset base during the stress period.
- Special items fluctuated markedly, with extreme positive and negative swings, such as strong positive spikes mid-2020 and significant losses in 2021, evidencing irregular, non-recurring events impacting profitability variably over the period.
- Profitability and Income Metrics
- Operating income fluctuated substantially, turning deeply negative during 2020 with losses surpassing -150% in Q2, illustrating the severe operational disruption. Recovery ensued from late 2020 onwards, with positive operating margins returning in 2021 and continuing variably into 2023, reaching highs over 15% in some quarters.
- Net income mirrored the pattern of operating income, shifting from moderate positive returns pre-2020 to heavy losses at the peak of disruption in mid-2020. Post-crisis periods saw progressive improvements, with intermittent positive results through 2021 to 2023, although net income remained volatile.
- Income before taxes showed significant negative spikes during 2020, recovering gradually by 2023 to near breakeven or mildly positive ratios in certain quarters.
- Income tax provisions varied widely, reflecting the volatility in pre-tax income, including notable tax benefits during negative income periods and provisions in positive income quarters.
- Nonoperating Items
- Interest expenses increased sharply during 2020, reaching levels above -15%, far exceeding the usual 2-3% range, consistent with increased debt or financing costs during crisis periods. Post-2020 data demonstrate gradual reduction but interest expense ratios have not fully returned to pre-2020 lows.
- Interest income trended upward steadily over the entire period, growing from around 0.3% to over 1.0%, contributing modestly but increasingly to overall income.
- Other nonoperating income and expenses fluctuated but did not display consistent trends relevant to core performance changes.
- Summary of Trends
- The data reveals a sharp operational and financial impact beginning Q1 2020, peaking around Q2 2020, with total operating expenses and losses reaching unprecedented levels relative to revenues. This impact coincides with a large drop in passenger revenue share and a compensating temporary increase in cargo and other revenues.
- From late 2020 through 2023, a clear recovery trend is observable across revenue composition, expense control, and profitability metrics, though fluctuations remain, indicating ongoing challenges in achieving stable financial performance. Cost structures normalized progressively, yet certain expenses such as fuel and interest stayed comparatively elevated.
- Overall, the period demonstrates resilience with a gradual return toward pre-crisis financial ratios but also indicates heightened volatility and episodic financial disruptions requiring sustained management focus.