Selected Financial Data
since 2013
Income Statement
American Airlines Group Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Operating revenues | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2023 | 52,788) | 3,034) | 822) |
| Dec 31, 2022 | 48,971) | 1,607) | 127) |
| Dec 31, 2021 | 29,882) | (1,059) | (1,993) |
| Dec 31, 2020 | 17,337) | (10,421) | (8,885) |
| Dec 31, 2019 | 45,768) | 3,065) | 1,686) |
| Dec 31, 2018 | 44,541) | 2,656) | 1,412) |
| Dec 31, 2017 | 42,207) | 4,058) | 1,919) |
| Dec 31, 2016 | 40,180) | 5,284) | 2,676) |
| Dec 31, 2015 | 40,990) | 6,204) | 7,610) |
| Dec 31, 2014 | 42,650) | 4,249) | 2,882) |
| Dec 31, 2013 | 26,743) | 1,399) | (1,834) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The financial performance from 2013 to 2023 is characterized by a period of steady growth, a severe systemic contraction, and a subsequent recovery phase. While revenue has surpassed previous peaks, bottom-line profitability has shown slower recovery relative to top-line growth.
- Revenue Trajectory
- Operating revenues grew consistently from US$ 26,743 million in 2013 to a peak of US$ 45,768 million in 2019. A sharp decline occurred in 2020, where revenues plummeted to US$ 17,337 million. Following this trough, a robust upward trend was established, resulting in record revenues of US$ 52,788 million by the end of 2023.
- Operating Income Analysis
- Operating profitability peaked in 2015 at US$ 6,204 million. Between 2016 and 2019, a gradual decline in operating income was observed, dropping to US$ 3,065 million. The 2020 fiscal year saw a critical reversal, resulting in an operating loss of US$ 10,421 million. A return to profitability was achieved in 2022, with operating income rising to US$ 3,034 million by 2023.
- Net Income and Loss Patterns
- Net income exhibited high volatility throughout the period. Following a net loss in 2013, the entity experienced a period of strong profitability, peaking at US$ 7,610 million in 2015. The 2020-2021 period was marked by severe losses, most notably US$ 8,885 million in 2020. Although net income returned to positive territory in 2022 and 2023, the 2023 result of US$ 822 million indicates that net profit margins have not yet recovered to the levels seen in the 2014-2016 window.
Overall, the data indicates a successful restoration of revenue streams, but a lagged recovery in net earnings. The disparity between the record-high revenues of 2023 and the relatively modest net income suggests an increase in the cost of operations or higher interest burdens compared to the mid-decade period.
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Balance Sheet: Assets
American Airlines Group Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 13,572) | 63,058) |
| Dec 31, 2022 | 15,269) | 64,716) |
| Dec 31, 2021 | 17,336) | 66,467) |
| Dec 31, 2020 | 11,095) | 62,008) |
| Dec 31, 2019 | 8,206) | 59,995) |
| Dec 31, 2018 | 8,637) | 60,580) |
| Dec 31, 2017 | 9,146) | 51,396) |
| Dec 31, 2016 | 10,324) | 51,274) |
| Dec 31, 2015 | 9,985) | 48,415) |
| Dec 31, 2014 | 12,112) | 43,771) |
| Dec 31, 2013 | 14,323) | 42,278) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The asset base of American Airlines Group Inc. exhibits a general expansionary trend from 2013 through 2021, followed by a moderate contraction in the subsequent two years. While total assets grew steadily over the long term, current assets experienced significant volatility, characterized by a prolonged decline followed by a sharp spike and a subsequent correction.
- Total Asset Growth and Stabilization
- Total assets increased from US$ 42,278 million in 2013 to a peak of US$ 66,467 million in 2021. This represents a substantial expansion of the overall balance sheet. Following this peak, total assets entered a period of slight decline, reaching US$ 63,058 million by December 31, 2023, suggesting a transition toward asset consolidation.
- Current Asset Volatility and Liquidity Cycles
- A consistent downward trend is observed in current assets between 2013 and 2019, during which values fell from US$ 14,323 million to a minimum of US$ 8,206 million. This decline was reversed sharply between 2020 and 2021, with current assets peaking at US$ 17,336 million. Since 2021, current assets have steadily decreased, ending the period at US$ 13,572 million in 2023.
- Asset Composition Shifts
- The structural composition of the balance sheet shifted significantly over the observed period. The ratio of current assets to total assets declined from approximately 33.8% in 2013 to 13.7% in 2019, indicating an increase in the concentration of non-current assets. Although the liquidity position improved temporarily in 2021 with current assets comprising 26.1% of total assets, this proportion normalized to approximately 21.5% by the end of 2023.
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Balance Sheet: Liabilities and Stockholders’ Equity
American Airlines Group Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt and finance leases | Stockholders’ equity (deficit) | |
|---|---|---|---|---|
| Dec 31, 2023 | 22,062) | 68,260) | 32,902) | (5,202) |
| Dec 31, 2022 | 21,496) | 70,515) | 35,663) | (5,799) |
| Dec 31, 2021 | 19,006) | 73,807) | 38,060) | (7,340) |
| Dec 31, 2020 | 16,569) | 68,875) | 32,593) | (6,867) |
| Dec 31, 2019 | 18,311) | 60,113) | 24,315) | (118) |
| Dec 31, 2018 | 18,096) | 60,749) | 24,473) | (169) |
| Dec 31, 2017 | 14,964) | 47,470) | 25,065) | 3,926) |
| Dec 31, 2016 | 13,872) | 47,489) | 24,344) | 3,785) |
| Dec 31, 2015 | 13,605) | 42,780) | 20,561) | 5,635) |
| Dec 31, 2014 | 13,435) | 41,750) | 17,904) | 2,021) |
| Dec 31, 2013 | 13,806) | 45,009) | 16,799) | (2,731) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The financial trajectory between 2013 and 2023 is characterized by a substantial expansion of total liabilities and a transition from a period of positive equity to a persistent stockholders' equity deficit.
- Liability Trends
- Total liabilities exhibited a general upward trajectory, increasing from 45,009 million USD in 2013 to 68,260 million USD in 2023. A significant escalation occurred between 2017 and 2021, with total liabilities peaking at 73,807 million USD. Current liabilities followed a similar growth pattern, rising from 13,806 million USD in 2013 to 22,062 million USD by 2023, indicating a steady increase in short-term financial obligations over the decade.
- Long-term Debt and Finance Leases
- Long-term debt and finance leases grew from 16,799 million USD in 2013 to a peak of 38,060 million USD in 2021. The most acute increase is observed between 2019 and 2021, where debt rose from 24,315 million USD to its highest point, suggesting a period of intensified borrowing. A moderate deleveraging phase followed, with debt reducing to 32,902 million USD by the end of 2023.
- Stockholders' Equity and Capital Position
- The equity position demonstrates significant volatility. Following a deficit in 2013, stockholders' equity turned positive and peaked at 5,635 million USD in 2015. This trend reversed in 2018, initiating a period of negative equity that deepened significantly to a deficit of 7,340 million USD by 2021. Although the deficit narrowed to 5,202 million USD by 2023, the capital structure remains characterized by a negative net worth, where total liabilities exceed total assets.
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Cash Flow Statement
American Airlines Group Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 3,803) | (502) | (3,206) |
| Dec 31, 2022 | 2,173) | 636) | (2,631) |
| Dec 31, 2021 | 704) | (5,983) | 5,288) |
| Dec 31, 2020 | (6,543) | (4,342) | 10,994) |
| Dec 31, 2019 | 3,815) | (2,243) | (1,568) |
| Dec 31, 2018 | 3,533) | (1,973) | (1,672) |
| Dec 31, 2017 | 4,744) | (3,626) | (1,145) |
| Dec 31, 2016 | 6,524) | (5,698) | (894) |
| Dec 31, 2015 | 6,249) | (5,594) | (1,259) |
| Dec 31, 2014 | 3,080) | (2,911) | (315) |
| Dec 31, 2013 | 675) | (3,814) | 3,799) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The cash flow trajectory reveals a period of operational growth followed by a severe liquidity contraction and a subsequent phased recovery.
- Operating Cash Flow Trends
- Net cash provided by operating activities experienced significant growth from 2013, peaking at 6,524 million US dollars in 2016. Following this peak, operating cash flows remained positive but trended moderately downward through 2019. A sharp reversal occurred in 2020, resulting in a net cash use of 6,543 million US dollars. Since 2021, a recovery pattern has been established, with operating cash flows returning to positive territory and increasing steadily to 3,803 million US dollars by the end of 2023.
- Investment Activity Patterns
- Investing activities were characterized by consistent net outflows for most of the observed period, reflecting ongoing capital expenditures. The most substantial outflows were recorded in 2016 and 2021. A brief anomaly occurred in 2022, where a net inflow of 636 million US dollars was recorded, before the trend reverted to a net outflow of 502 million US dollars in 2023.
- Financing Activity Dynamics
- Financing activities transitioned from a period of net outflows between 2014 and 2019 to massive net inflows during 2020 and 2021, totaling approximately 16.28 billion US dollars. This shift indicates a critical reliance on external capital to sustain liquidity during the operational deficit of 2020. From 2022 onward, financing activities returned to net outflows, totaling 5,837 million US dollars over the final two years, suggesting a shift toward debt repayment or capital redistribution.
The consolidated evidence indicates a cyclical financial profile where operational strength was disrupted by a major event in 2020, necessitating significant external financing to offset operating losses and sustain investment, followed by a gradual return to positive operating cash generation.
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Per Share Data
American Airlines Group Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 1.26 | 1.21 | 0.00 |
| Dec 31, 2022 | 0.20 | 0.19 | 0.00 |
| Dec 31, 2021 | -3.09 | -3.09 | 0.00 |
| Dec 31, 2020 | -18.36 | -18.36 | 0.10 |
| Dec 31, 2019 | 3.80 | 3.79 | 0.40 |
| Dec 31, 2018 | 3.04 | 3.03 | 0.40 |
| Dec 31, 2017 | 3.92 | 3.90 | 0.40 |
| Dec 31, 2016 | 4.85 | 4.81 | 0.40 |
| Dec 31, 2015 | 11.39 | 11.07 | 0.40 |
| Dec 31, 2014 | 4.02 | 3.93 | 0.20 |
| Dec 31, 2013 | -6.54 | -6.54 | 0.00 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial performance reflects significant volatility characterized by an initial recovery phase, a period of relative stability, a severe contraction, and a gradual return to profitability.
- Earnings Per Share Trends
- Basic and diluted earnings per share exhibited a sharp recovery between 2013 and 2015, with basic EPS rising from a loss of US$6.54 to a peak of US$11.39. Following this peak, earnings remained positive but trended downward and stabilized between US$3.04 and US$4.85 from 2016 through 2019.
- A substantial collapse occurred in 2020, where basic EPS fell to -US$18.36, marking the most significant loss in the observed period. A recovery phase began in 2021 with a reduced loss of -US$3.09, followed by a return to positive territory in 2022 at US$0.20 and a subsequent increase to US$1.26 by the end of 2023.
- Dividend Distribution Patterns
- Dividend payments were initiated in 2014 at US$0.20 per share and increased to US$0.40 by 2015, maintaining this level consistently through 2019. This indicates a period of stable capital return to shareholders during years of consistent profitability.
- In 2020, dividends were reduced to US$0.10 per share, coinciding with the sharp decline in earnings. From 2021 through 2023, dividend payments were suspended entirely, suggesting a strategic shift toward capital preservation during the recovery from substantial losses.
- Earnings Dilution Analysis
- The variance between basic and diluted earnings per share remained minimal throughout the entire eleven-year period. This close alignment suggests that the impact of potential dilutive securities on per-share earnings was negligible across all fiscal years.
The analysis demonstrates a direct correlation between net earnings and the dividend policy, where shareholder distributions were prioritized during periods of stability but were eliminated during the crisis and the subsequent recovery phase.
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