American Airlines. Photo: Markus Mainka / Shutterstock.com Earlier this week, United Airlines reported record numbers for the third quarter, signaling a 17% revemue growth evenue grew by 17% and a net profit of $ 1 billion.
On Thursday, October 22, American Airlines revealed similarly positive results. Namely, the company ublished a third-quarter revenue of $16.3 billion, up 19.3% year over year, as strong demand for premium cabins and international travel helped offset a sharp increase in fuel costs.
The airline reported a GAAP net loss of $269 million, equivalent to $0.41 per diluted share. Excluding special items, the adjusted net loss was $182 million, or $0.28 per diluted share.
Fuel was a major pressure on the results. American’s fuel expense increased by $1.9 billion, or 67.5%, compared with the third quarter of 2025. Despite the increase, the adjusted net loss was only $71 million higher than a year earlier.
“American delivered record third-quarter revenue and the strongest year-over-year revenue growth in my career, with premium performance leading the way,” CEO Robert Isom said. He added that the company expects another quarter of record revenue growth before the end of 2026, while remaining focused on restoring profitability.
Revenue growth extended across cabins and regions. Premium revenue rose 22.9% year over year, while Main Cabin revenue increased 19.5%. Premium passenger unit revenue grew 18.5%, outpacing the 14.4% increase in Main Cabin.
Total unit revenue climbed 14.5%. Domestic passenger unit revenue rose 13.6%, while international passenger unit revenue increased 16.4%. Latin America recorded the strongest growth among American’s international regions, at 21.1%, followed by the Atlantic at 14.5% and the Pacific at 11.3%.
Corporate travel also remained strong. Managed corporate revenue increased 27.6%, marking the sixth consecutive quarter of double-digit growth. Enrollment in the AAdvantage loyalty program rose 27.4%, while spending through American’s co-branded credit card partnership with Citi grew nearly 10%.
American is continuing to invest in its customer experience and network. The airline plans to expand Starlink high-speed Wi-Fi across its entire mainline fleet, covering more than 1,000 aircraft. It is also expanding seatback entertainment on narrowbody aircraft, with screens planned for new deliveries beginning in 2028, and investing in its Admirals Club and premium lounge network.
Premium seating is another focus. Premium products currently generate roughly half of American’s ticket revenue while accounting for about 30% of seats. Through planned narrowbody aircraft retrofits, the airline expects premium seating to reach 40% in the coming years.
American said its adjusted cost performance was the strongest among network carriers, with unit costs excluding fuel, profit sharing and net special items (CASM-ex) rising 3.0% year over year.
The company expects its multiyear efficiency program to deliver nearly $1 billion in annual run-rate savings by the end of 2026, alongside more than $900 million in working capital improvements. Initiatives include using technology, automation and artificial intelligence to simplify operations and improve productivity.
At the end of the third quarter, American had $11.8 billion in total available liquidity, along with more than $26 billion in unencumbered assets and first-lien capacity. The airline said it remains focused on reducing debt and interest expenses.
For the fourth quarter, American expects revenue to increase by 19.5% to 22.5% year over year. However, it anticipates average fuel prices of approximately $4.70 per gallon, nearly double the price paid in the same period of 2025. That would add an estimated $2.8 billion to fourth-quarter fuel expenses year over year.
The airline forecasts an adjusted loss of $1.10 to $0.50 per diluted share for the fourth quarter. For full-year 2026, it expects an adjusted loss of $1.60 to $1.00 per diluted share.
American also expects its network growth in 2027 to slow compared with 2026 because of elevated fuel prices.