American Airlines Group released its financial results for the first quarter of 2025, posting revenues of USD 12.6 billion, a slight decline compared to the same period in 2024.
The airline reported a GAAP net loss of USD 473 million, or USD 0.72 per diluted share. Excluding special items, the adjusted net loss was USD 386 million, or USD 0.59 per diluted share. At the end of the quarter, American Airlines held total available liquidity of USD 10.8 billion.
CEO Robert Isom commented, “The actions American has taken over the past few years to renew our fleet, manage costs, and strengthen our balance sheet have positioned us well amid the uncertainty facing our industry.” He added, “The resilience of the American Airlines team, along with the investments we’ve made to differentiate our network, product, and customer experience, gives us strong confidence in our ability to navigate the current environment and deliver solid long-term results.”
Total operating revenue reached USD 12.551 billion, a 0.2% decrease from USD 12.570 billion in Q1 2024. Total revenue per available seat mile (TRASM) rose 0.7% year-over-year to 17.95 cents, driven by sustained strength in international unit revenues, which increased 2.9% despite a 0.8% reduction in international capacity. Continued growth in premium and loyalty revenues also contributed.
The company reported ongoing progress in restoring indirect channel revenues and reaffirmed its goal of regaining its historical share in these channels by year-end. However, these efforts were offset by factors such as economic uncertainty, which pressured domestic leisure travel demand, and the American Eagle Flight 5342 accident. Domestic passenger revenue fell by 1.6%.
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Total operating expenses rose 2.1% to USD 12.821 billion. Cost per available seat mile (CASM) was 18.34 cents, up 2.9% from the first quarter of 2024. Excluding fuel and special items, CASM increased 7.8% to 14.54 cents. The GAAP operating margin for the quarter was (2.2%), while the adjusted operating margin was (1.6%).
American generated USD 1.7 billion in free cash flow during the quarter, enabling a USD 1.2 billion reduction in total debt. Since peaking in 2021, total debt has been cut by USD 16.6 billion. The airline remains committed to reducing its total debt to below USD 35 billion by the end of 2027. Available liquidity at quarter’s end was USD 10.8 billion.
Looking ahead, based on current demand trends and fuel price forecasts—and excluding special items—American Airlines expects Q2 2025 adjusted earnings per diluted share to range between USD 0.50 and USD 1.00. The company has withdrawn its full-year guidance and will update projections once economic conditions become clearer.
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