Every material Form 8-K American Airlines filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
American Airlines reported third-quarter 2025 revenue of $13.7 billion, a record for the quarter, but a GAAP net loss of $114 million, or $(0.17) per diluted share. The company guided to fourth-quarter adjusted EPS of $0.45 to $0.75 and full-year adjusted EPS of $0.65 to $0.95, with full-year free cash flow expected to exceed $1 billion.
Third-quarter total operating revenues rose 0.3% to $13.7 billion; GAAP net loss was $114 million versus a $149 million loss a year earlier
Excluding net special items, the third-quarter net loss was $111 million, compared with adjusted net income of $205 million in the same quarter of 2024
Guidance: fourth-quarter 2025 adjusted EPS of $0.45 to $0.75; full-year 2025 adjusted EPS of $0.65 to $0.95; full-year free cash flow expected to be over $1 billion
Total debt was $36.8 billion at September 30, 2025; the company remains on track for total debt below $35 billion by the end of 2027
American Airlines reported second-quarter 2025 revenue of $14.4 billion, a record for the company, up 0.4% from a year earlier. GAAP net income fell 16.4% to $599 million, or $0.91 per diluted share, and the company guided to an adjusted loss of $0.10 to $0.60 per diluted share for the third quarter. For shareholders, higher revenue did not offset lower profit, and the company expects a third-quarter loss.
Q2 2025 revenue of $14.4 billion, up 0.4% year over year; GAAP net income of $599 million, down from $717 million, or $0.91 per diluted share versus $1.01
Q2 operating margin of 7.9% as reported, versus 9.7% a year earlier
Third-quarter 2025 adjusted loss per diluted share guided to between ($0.10) and ($0.60); full-year adjusted EPS guided to between ($0.20) and $0.80, midpoint $0.30
Ended the quarter with $12 billion of total available liquidity and $29 billion of net debt
On May 28, 2025, American Airlines, Inc. and AAdvantage Loyalty IP Ltd. amended their 2021 term loan agreement to borrow $1.0 billion of incremental term loans, which the filing says is intended to refinance near-term maturities. The new loans mature May 28, 2032, and carry interest at a base rate plus 2.25% or SOFR plus 3.25%, adding to the company's debt load.
Borrowers incurred $1.0 billion of incremental term loans under the Third Amendment, dated May 28, 2025
Loans mature May 28, 2032; principal amortization of 0.25% per quarter begins July 2025
Interest: base rate plus 2.25% per annum, or three-month SOFR plus 3.25% per annum, at the Borrowers' option
Proceeds fund a reserve account, an intercompany loan to American, and general corporate purposes including near-term maturities
American Airlines reported first-quarter 2025 revenue of $12.6 billion, down 0.2% from a year earlier, and a GAAP net loss of $473 million, or $0.72 per share, versus a $312 million loss a year earlier. The company withdrew its full-year 2025 guidance and expects second-quarter adjusted earnings of $0.50 to $1.00 per diluted share, which matters to shareholders because the loss widened and the outlook for the rest of the year is now unspecified.
Q1 2025 total operating revenues were $12.55 billion, down 0.2% from $12.57 billion in Q1 2024.
GAAP net loss was $473 million ($0.72 per share) versus $312 million ($0.48 per share) a year earlier; excluding net special items, the loss was $386 million ($0.59 per share).
Q2 2025 adjusted EPS is expected to be $0.50 to $1.00 per diluted share; full-year 2025 guidance was withdrawn, with a full-year update to follow as the economic outlook clears.
Free cash flow was $1.7 billion in the quarter, total debt fell $1.2 billion, and total available liquidity ended the quarter at $10.8 billion.
On March 24, 2025, American Airlines, Inc. and AAdvantage Loyalty IP Ltd. amended their 2021 term loan agreement, replacing $2.275 billion of term loans with new loans of the same principal on substantially similar terms. The company also changed the default settlement method for its 6.50% convertible senior notes due 2025 so that conversions will be settled entirely in cash if the share price does not exceed about $22.00, and updated its 2025 share count forecast for earnings per share.
The Second Amendment replaces $2.275 billion of term loans under the 2021 credit agreement, with the new loans bearing a base rate plus 1.25% or SOFR plus 2.25% for a three-month tenor, both with a 0.00% floor.
Scheduled principal amortization was reduced to 0.25% of the outstanding amount per quarter, payable beginning July 2025.
Conversions of the 6.50% convertible notes due 2025 will be settled entirely in cash if the volume-weighted average share price does not exceed about $22.00 on any day of the 20 trading day observation period.
Forecast basic weighted average shares for 2025 are 660.0 million; diluted shares are 676.4 million when earnings are above $582 million, and 660.9 million when earnings are up to $582 million.
American Airlines reported record fourth-quarter revenue of $13.7 billion and GAAP net income of $590 million, or $0.84 per diluted share, compared with $19 million a year earlier. For full-year 2024, adjusted diluted EPS fell to $1.96 from $2.65, and the company guided to a first-quarter 2025 adjusted loss of $0.20 to $0.40 per diluted share, with full-year 2025 adjusted EPS of $1.70 to $2.70.
Q4 2024 total operating revenues were $13.7 billion, up 4.6% from $13.1 billion in Q4 2023.
Q4 2024 GAAP net income was $590 million ($0.84 diluted EPS); excluding net special items, adjusted diluted EPS was $0.86 versus $0.29 a year earlier.
Full-year 2024 adjusted diluted EPS was $1.96, down from $2.65 in 2023; full-year free cash flow was a record $2.2 billion.
Guidance: first-quarter 2025 adjusted loss of $0.20 to $0.40 per diluted share; full-year 2025 adjusted EPS of $1.70 to $2.70.
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