American Airlines Reports Record Q1 Revenue Amid Continued Loss, Eyes Flat Full-Year Earnings

American Airlines reported record first-quarter 2026 revenue of $13.9 billion, even as the carrier posted a net loss and warned of mounting fuel cost pressures.

The airline recorded a GAAP net loss of $382 million, or $0.58 per share. Excluding special items, the loss narrowed to $267 million, or $0.40 per share.

Despite the loss, American pointed to strong demand trends, including 10.8% year-over-year revenue growth and a series of record booking weeks. Unit revenue rose 7.6%, with Atlantic passenger unit revenue up 16.7%.

The company said revenue momentum is expected to continue into the second quarter, with projected growth between 13.5% and 16.5%.

Fuel costs remain a major headwind. American said higher jet fuel prices are expected to add more than $4 billion in expenses this year, resulting in full-year earnings guidance that is roughly flat compared to 2025.

Operationally, the airline highlighted investments in premium seating, lounges and digital tools, along with expanded free inflight Wi-Fi for loyalty members. It also continues to rebank hub operations at Dallas/Fort Worth and Philadelphia to improve connectivity and on-time performance.

On the network side, American is focusing on strengthening key hubs such as Miami, Phoenix and Philadelphia, while expanding international connectivity through partners.

The carrier also emphasized growth in higher-margin revenue streams. Corporate revenue increased 13% year over year, while premium products continued to outperform main cabin offerings.

Loyalty remains another key driver, with AAdvantage enrollments up 25% and co-branded credit card spending rising 9% in the quarter.

From a balance sheet perspective, American ended the quarter with $34.7 billion in total debt, its lowest level since 2015, and $10.8 billion in liquidity.

Looking ahead, the airline expects second-quarter earnings per share to range between a loss of $0.20 and breakeven, reflecting ongoing fuel price volatility and continued demand strength.