Stock Analysis on Net
Stock Analysis on Net

American Airlines Group Inc. (NASDAQ:AAL)

$22.49

This company has been moved to the archive! The financial data has not been updated since February 21, 2024.

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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American Airlines Group Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Passenger
Cargo
Other
Operating revenues
Aircraft fuel and related taxes
Salaries, wages and benefits
Regional expenses
Maintenance, materials and repairs
Other rent and landing fees
Aircraft rent
Selling expenses
Depreciation and amortization
Special items, net
Other
Operating expenses
Operating income (loss)
Interest income
Interest expense, net
Other income (expense), net
Nonoperating expense, net
Income (loss) before income taxes
Income tax (provision) benefit
Net income (loss)

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).

Passenger Revenues
Passenger revenues demonstrated a notable decline beginning March 31, 2020, coinciding with the onset of the pandemic period, dropping from over $10 billion to as low as approximately $1.1 billion in June 2020. A recovery trend is observable thereafter, with revenues reaching and exceeding pre-pandemic levels by mid-2022, averaging around $12 billion. However, slight fluctuations persisted during 2023, maintaining values generally above $11 billion.
Cargo Revenues
Cargo revenues showed relative stability throughout the periods, with minor fluctuations. An increase was noted during 2020–2021, peaking at approximately $364 million in March 2022, followed by a moderate decline through late 2023, settling just below $200 million.
Other Revenues
Other revenue items remained comparatively stable, with a slight upward trend observed post-2020, varying between $500 million to nearly $900 million. Peaks occurred around mid-2022 and maintained elevated levels through 2023.
Operating Revenues
Operating revenues decreased sharply in the early pandemic quarters, dropping from around $11.9 billion in late 2019 to a low near $1.6 billion in mid-2020. A recovery phase followed, with revenues surpassing pre-pandemic figures by early 2022, peaking at approximately $14 billion in mid-2023 before a slight decline towards the end of 2023.
Operating Expenses
Operating expenses showed a similar decline in the early pandemic phase, reflecting adjusted operations and cost cutting. From a baseline near $10.8 billion pre-pandemic, expenses hit a low around $4.1 billion mid-2020. Subsequent gradual restoration of operations led to increased expenses, reaching upwards of $13.7 billion late 2023. Key expense categories such as aircraft fuel and related taxes, salaries, and regional expenses followed this pattern, though fuel costs exhibited significant volatility, with a marked increase during 2022 likely linked to market conditions.
Operating Income (Loss)
Operating income revealed pronounced volatility. Pre-pandemic quarters showed modest positive income between $375 million and $1.2 billion. The pandemic induced sharp operating losses, peaking with negative results exceeding $2.8 billion in late 2020. Recovery led to a return to positive operating income by mid-2021, fluctuating thereafter with notable positive spikes in late 2022 and into 2023, although some quarters still reported operating losses.
Nonoperating Items
Interest income remained low but gradually increased over time, peaking at $168 million mid-2023. Interest expense net showed consistency, largely stable between $250 million and $550 million per quarter. Other income (expense) net was variable, with some positive contributions before and after the pandemic but generally modest in magnitude. Net nonoperating expense oscillated without a clear trend, with periods of increased expense post-pandemic.
Income Before Taxes and Net Income
Income before tax mirrored operating income patterns but was more variable due to nonoperating items and special items. Pre-pandemic income before tax resided in positive range, followed by significant losses through 2020. Recovery was evident by mid-2021, with oscillation between positive and negative values thereafter. Income tax provision shifted from a consistent expense to a benefit during the worst pandemic quarters, reflecting losses and tax strategies, before returning to provision status during recovery. Net income followed a similar trajectory, with losses exceeding $2 billion in pandemic quarters and transitioning back to gains post-2021, although extreme volatility persisted, with some quarters still experiencing net losses in 2023.
Special Items
Special items contributed notable volatility, particularly in 2020 where positive and negative values ranging from large gains to significant charges were recorded, potentially reflecting restructurings or government assistance. Beyond these periods, special items were generally smaller and less impactful on operating results.
Summary
The overall financial trends reflect a substantial impact by the COVID-19 pandemic starting in early 2020, characterized by sharp declines in revenues and profits and a concomitant reduction in operating expenses. A strong recovery phase followed through 2021 and 2022, with key revenue streams, including passenger and cargo, rebounding to and beyond pre-pandemic levels by 2022. Operating expenses increased accordingly, influenced notably by rising fuel costs. Profitability measures indicate a return to profitability, albeit with some residual quarterly volatility in late 2022 and 2023. The data suggests ongoing operational normalization tempered by external cost pressures and the lingering effects of pandemic-related disruptions.