American Airlines Group Inc (NASDAQ:AAL, XETRA:A1G) reported record fourth-quarter and full-year revenue on Tuesday, even as a partial US government shutdown trimmed its quarterly top line.
The airline posted fourth-quarter revenue of $14 billion and full-year revenue of $54.6 billion, marking new highs for the company. The government shutdown is estimated to have reduced fourth-quarter revenue by about $325 million.
GAAP net income was $99 million, or $0.15 per share, for the fourth quarter, and $111 million, or $0.17 per share, for the full year. Excluding net special items, adjusted net income came in at $106 million, or $0.16 per share, for the fourth quarter, and $237 million, or $0.36 per share, for the full year.
Looking ahead, American expects adjusted earnings per share for 2026 to range between $1.70 and $2.70. For the first quarter, the airline is guiding revenue growth of 7% to 10% year-over-year, with capacity, measured in available seat miles, rising 3% to 5%, and cost per available seat mile, excluding fuel, up 3% to 5%.
The company also expects to take delivery of 55 new aircraft in 2026, with capital expenditures projected at $4 billion to $4.5 billion, up from $3.8 billion in 2025, and free cash flow exceeding $2 billion.
“American Airlines is positioned for significant upside in 2026 and beyond,” CEO Robert Isom said. “We have built a strong foundation, and we look forward to taking advantage of the investments we have made in our customer experience, network, fleet, partnerships and loyalty program. The strategy we have in place will put American in the right position as we celebrate our centennial and embark on our next 100 years as a premium global airline.”
Despite the record revenue, shares were down 2.4% in early Tuesday trading as investors focused on modest profits, rising costs, and uncertainty around 2026 earnings guidance.