Income Statement
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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- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2013
- Price to Book Value (P/BV) since 2013
- Price to Sales (P/S) since 2013
- Analysis of Debt
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American Airlines Group Inc., consolidated income statement
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).
- Operating Revenues
- There was a significant decline in operating revenues from 2019 to 2020, primarily driven by a sharp drop in passenger revenue, reflecting the impact of external factors on air travel. Subsequent years show a robust recovery with revenues increasing steadily through 2023, surpassing pre-2020 levels by the end of the period.
- Passenger Revenue
- Passenger revenue experienced a steep decline of approximately 65% from 2019 to 2020, followed by a gradual recovery in 2021 and strong growth in 2022 and 2023, reaching a record high in the most recent period.
- Cargo and Other Revenues
- Cargo revenues fluctuated, decreasing slightly in 2020, rebounding in 2021 and 2022, but declining again in 2023. Other revenues, which may include ancillary services, decreased in 2020 but showed consistent growth in the following years through 2023.
- Operating Expenses
- Total operating expenses fell substantially in 2020 due to lower activity levels, but increased significantly starting in 2021, approaching the pre-pandemic level by 2023. Key components contributing to these expenses displayed varied trends:
- Aircraft Fuel and Related Taxes
- Expenses related to fuel decreased sharply in 2020 but then surged in 2022 and remained elevated in 2023, though slightly lower than the peak. This likely reflects volatility in fuel prices and higher operational levels.
- Salaries, Wages, and Benefits
- Labor costs dropped in 2020 reflecting workforce adjustments, but resumed an upward trend from 2021 through 2023, exceeding 2019 levels by a notable margin, consistent with increased operational activity and possibly wage inflation.
- Regional Expenses
- Regional expenses reduced considerably in 2021 but displayed a rebound in recent years, though still below the 2019 level. This pattern suggests selective restoration of regional operations.
- Maintenance, Materials, and Repairs
- Expenses for maintenance and repairs declined in 2020 but steadily increased thereafter, surpassing pre-pandemic figures by 2023, indicating efforts to maintain or upgrade fleet condition.
- Other Operating Expenses
- Expenses such as rent, selling, and depreciation remained relatively stable or gradually increased over the years, with some fluctuations. Notably, aircraft rent showed minor fluctuations but remained close to prior years' levels.
- Special Items and One-Time Expenses
- Labor contract expenses and fleet impairment charges were significant in 2020, with labor contract expenses recurring in 2023. Severance expenses were elevated in 2020 reflecting workforce reductions but returned to lower levels thereafter. Special items such as merger integration and fleet restructuring are noted only in 2019 and 2020, indicating past strategic adjustments.
- Operating Income (Loss)
- Operating income turned from a strong positive in 2019 to a significant loss in 2020, highlighting the severe operational impact during that year. Losses narrowed in 2021, and profitability resumed in 2022 and continued improving in 2023, though the margins remained modest relative to 2019.
- Nonoperating Items
- Interest expense increased gradually over the period, reflecting higher debt levels or borrowing costs. Interest income rose notably in 2022 and 2023. Other income was positive until 2022 but showed a significant negative in 2023. Overall, nonoperating expense increased over time, negatively impacting net profitability.
- Income Before Taxes and Net Income
- Income before income taxes followed a similar trajectory to operating income, with a steep loss in 2020, gradual improvement through recovery years, and positive results in 2022 and 2023. Income tax benefits and provisions fluctuated, with tax benefits in 2020 and 2021 partially offsetting losses. Net income mirrored these patterns, showing losses in 2020 and 2021, a slight profit in 2022, and further improvement in 2023, yet net income remains well below the 2019 peak.