American Airlines Group Inc. (AAL) Cash Flow Statement
Where AAL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.10B −22.2% vs 2024
- Capital expenditures
- $3.78B 6.9% of revenue
- Free cash flow
- −$680.0M −1.2% margin
- Returned to shareholders
- —
- Change in cash
- $303.0M cash at year-end $1.89B
Cash from operations
$3.10B
Capital expenditures
−$3.78B
Investments (net)
+$1.29B
Acquisitions & other
+$598.0M
Net borrowing (repayment)
+$110.0M
Other financing
−$1.16B
Currency & other
+$149.0M
Change in cash
$303.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AAL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AAL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.52B2016 | $3.10B2025 | −7.9%/yr | |
| Capital expenditures | $5.73B2016 | $3.78B2025 | −4.5%/yr | |
| Free cash flow | $793.0M2016 | −$680.0M2025 | — | |
| Free cash flow margin | 2.0%2016 | −1.2%2025 | −3.2 pts | |
| Operating cash flow / net income | 2.442016 | 27.922025 | +25.48 | |
| Stock-based compensation | $100.0M2016 | $55.0M2025 | −6.4%/yr | |
| Dividends paid | $224.0M2016 | $3.55B2022 | +58.5%/yr | |
| Share buybacks (net) | $4.50B2016 | $21.0M2022 | −59.1%/yr | |
| Capex / revenue | 14.3%2016 | 6.9%2025 | −7.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AAL cash flow by activity
OperatingInvestingFinancingChange in cash
AAL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AAL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $111.0M | $846.0M | $822.0M | $127.0M | −$1.99B | −$8.88B | $1.69B | $1.41B | $1.28B | $2.68B |
| Depreciation & amortization | $2.22B | $2.25B | $2.25B | $2.30B | $2.33B | $2.37B | $2.32B | $2.16B | $2.02B | $1.83B |
| Stock-based compensation | $55.0M | $130.0M | $102.0M | $78.0M | $98.0M | $91.0M | $94.0M | $86.0M | $90.0M | $100.0M |
| Change in working capital | $746.0M | −$728.0M | $390.0M | −$637.0M | $1.04B | $1.22B | −$867.0M | −$566.0M | −$721.0M | $254.0M |
| Other non-cash items | −$32.0M | $1.49B | $235.0M | $307.0M | −$777.0M | −$1.34B | $584.0M | $444.0M | $2.08B | $1.67B |
| Cash from operating activities | $3.10B | $3.98B | $3.80B | $2.17B | $704.0M | −$6.54B | $3.81B | $3.53B | $4.74B | $6.52B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.78B | −$2.68B | −$2.60B | −$2.91B | −$208.0M | −$1.96B | −$4.27B | −$3.75B | −$5.97B | −$5.73B |
| Investments (net) | $1.29B | −$968.0M | −$502.0M | $636.0M | −$5.53B | −$3.03B | $960.0M | $500.0M | — | — |
| Acquisitions & other investing | $598.0M | $2.68B | $2.60B | $2.91B | −$244.0M | $645.0M | $1.06B | $1.27B | $2.33B | $29.0M |
| Cash from investing activities | −$1.89B | −$968.0M | −$502.0M | $636.0M | −$5.98B | −$4.34B | −$2.24B | −$1.97B | −$3.64B | −$5.70B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$3.55B | −$12.19B | −$43.0M | −$178.0M | −$186.0M | −$198.0M | −$224.0M |
| Share repurchases & issuance (net) | — | — | — | −$21.0M | −$18.0M | −$173.0M | −$1.10B | −$837.0M | −$1.61B | −$4.50B |
| Net borrowing (repayment) | $110.0M | −$2.80B | −$2.90B | −$2.69B | $4.85B | $8.24B | −$230.0M | −$587.0M | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $460.0M | $2.97B | $0 | $0 | $0 | $0 |
| Other financing | −$1.16B | $3.0M | −$310.0M | $3.63B | $12.19B | −$5.0M | −$63.0M | −$62.0M | $668.0M | $3.83B |
| Cash from financing activities | −$1.05B | −$2.79B | −$3.21B | −$2.63B | $5.29B | $10.99B | −$1.57B | −$1.67B | −$1.15B | −$894.0M |
| Summary | ||||||||||
| Net change in cash | $303.0M | $83.0M | $181.0M | $178.0M | $9.0M | $109.0M | $4.0M | −$284.0M | −$963.0M | −$546.0M |
| Cash at end of period | $1.89B | $1.58B | $1.50B | $586.0M | $408.0M | $399.0M | $290.0M | $302.0M | $586.0M | $1.55B |
| Free cash flow | −$680.0M | $1.30B | $1.21B | −$733.0M | $496.0M | −$8.50B | −$453.0M | −$212.0M | −$1.23B | $793.0M |
| Free cash flow margin | −1.2% | 2.4% | 2.3% | −1.5% | 1.7% | −49.0% | −1.0% | −0.5% | −2.9% | 2.0% |
| Capex / revenue | 6.9% | 4.9% | 4.9% | 5.9% | 0.7% | 11.3% | 9.3% | 8.4% | 14.0% | 14.3% |
| Operating cash flow / net income | 27.92 | 4.71 | 4.63 | 17.11 | — | — | 2.26 | 2.50 | 3.70 | 2.44 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $71.0M | −$382.0M | $99.0M | −$114.0M | $599.0M | −$473.0M | $590.0M | −$149.0M | $717.0M | −$312.0M | $19.0M | −$545.0M |
| Depreciation & amortization | $478.0M | $475.0M | $557.0M | $474.0M | $476.0M | $468.0M | $583.0M | $718.0M | $474.0M | $470.0M | $559.0M | $726.0M |
| Stock-based compensation | — | — | — | — | — | — | $130.0M | — | — | — | $102.0M | — |
| Change in working capital | — | — | — | — | — | — | −$728.0M | — | — | — | $390.0M | — |
| Other non-cash items | −$78.0M | $4.13B | −$930.0M | −$406.0M | −$112.0M | $2.46B | −$177.0M | −$292.0M | −$63.0M | $2.02B | −$2.42B | −$123.0M |
| Cash from operating activities | $471.0M | $4.22B | −$274.0M | −$46.0M | $963.0M | $2.46B | $398.0M | $277.0M | $1.13B | $2.18B | −$1.35B | $58.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$822.0M | −$811.0M | −$1.63B | −$826.0M | −$499.0M | −$824.0M | −$740.0M | −$468.0M | −$651.0M | −$824.0M | −$843.0M | −$509.0M |
| Investments (net) | −$347.0M | −$1.51B | $1.14B | $974.0M | −$1.27B | −$1.20B | $866.0M | $58.0M | −$376.0M | −$1.52B | $2.16B | $1.08B |
| Acquisitions & other investing | $58.0M | −$7.0M | $96.0M | $826.0M | $499.0M | $824.0M | $740.0M | $468.0M | $651.0M | $824.0M | $843.0M | $509.0M |
| Cash from investing activities | −$1.11B | −$2.33B | −$390.0M | $974.0M | −$1.27B | −$1.20B | $866.0M | $58.0M | −$376.0M | −$1.52B | $2.16B | $1.08B |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | $834.0M | −$1.33B | $2.03B | −$1.21B | $331.0M | −$1.04B | −$1.35B | −$137.0M | — | — | — | −$1.20B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$50.0M | −$622.0M | −$1.25B | $291.0M | −$20.0M | −$186.0M | $56.0M | −$5.0M | −$715.0M | −$642.0M | −$814.0M | −$37.0M |
| Cash from financing activities | $784.0M | −$1.95B | $782.0M | −$921.0M | $311.0M | −$1.22B | −$1.29B | −$142.0M | −$715.0M | −$642.0M | −$814.0M | −$1.23B |
| Summary | ||||||||||||
| Net change in cash | −$127.0M | $343.0M | −$298.0M | −$578.0M | $851.0M | $132.0M | −$784.0M | $591.0M | −$74.0M | $350.0M | −$447.0M | −$2.24B |
| Cash at end of period | $2.10B | $2.23B | $1.69B | $1.99B | $2.56B | $1.71B | $1.58B | $2.37B | $1.77B | $1.85B | $1.50B | $1.95B |
| Free cash flow | −$351.0M | $3.41B | −$1.90B | −$872.0M | $464.0M | $1.63B | −$342.0M | −$191.0M | $477.0M | $1.36B | −$2.19B | −$451.0M |
| Free cash flow margin | −2.1% | 24.5% | −13.6% | −6.4% | 3.2% | 13.0% | −2.5% | −1.4% | 3.3% | 10.8% | −16.8% | −3.3% |
| Capex / revenue | 4.9% | 5.8% | 11.6% | 6.0% | 3.5% | 6.6% | 5.4% | 3.4% | 4.5% | 6.6% | 6.5% | 3.8% |
| Operating cash flow / net income | 6.63 | — | −2.77 | — | 1.61 | — | 0.67 | — | 1.57 | — | −71.11 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AAL cash generation
In fiscal 2025 (ended December 31, 2025), American Airlines generated $3.1 billion of cash from operations (down 22.2%) and spent $3.8 billion on capital expenditures, leaving free cash flow of -$680.0 million, −1.2% of revenue. Cash and equivalents rose by $303.0 million over the year.
Related: AAL income statement, AAL balance sheet. See the AAL stock overview for the latest quote and news.
AAL cash flow FAQ
What is American Airlines's free cash flow?
American Airlines's free cash flow was -$680.0 million in fiscal 2025: $3.1 billion of operating cash flow minus $3.8 billion of capital expenditures It was $1.3 billion a year earlier..
How much cash does American Airlines generate from operations?
American Airlines generated $3.1 billion of cash from operating activities in fiscal 2025, 27.92 times its net income of $111.0 million.
How much does American Airlines spend on capital expenditures?
American Airlines spent $3.8 billion on capital expenditures in fiscal 2025, 6.9% of revenue, compared with $2.7 billion the year before.