American Airlines posts record revenue but swings to a loss as fuel bill jumps $1.9 billion

American Airlines posted record third-quarter revenue, but a 67.5% surge in its fuel bill pushed the carrier to a loss and it warned of a deeper one this quarter.

Revenue rose 19.3% to a record $16.3 billion, above the top of its guidance range, according to the earnings release American filed with an 8-K on Thursday. Fuel expense rose $1.9 billion from a year earlier, and the airline reported a GAAP net loss of $269 million, or 41 cents a share. The adjusted net loss was $182 million, or 28 cents a share.

"While historically high fuel prices significantly impacted our financial results, our focus remains on restoring profitability and building a stronger American for the long term," CEO Robert Isom said in the release.

Premium leads

Premium revenue rose 22.9%, and main cabin revenue climbed 19.5%. Total unit revenue increased 14.5%, while unit costs excluding fuel and special items rose 3.0%.

Fuel clouds the outlook

For the fourth quarter, American expects revenue to grow 19.5% to 22.5% but forecasts an adjusted loss of 50 cents to $1.10 a share. Based on the forward fuel curve as of Oct. 19, it expects fuel to average about $4.70 a gallon, nearly double last year's fourth-quarter price, adding roughly $2.8 billion in fuel expense.

The airline now projects a full-year 2026 adjusted loss of $1.00 to $1.60 a share and said it expects network growth in 2027 to slow from 2026 levels.

By the numbers

• Revenue: $16.3 billion, up 19.3%
• Fuel expense: up $1.9 billion, or 67.5%
• GAAP net loss: $269 million, or $0.41 a share
• Q4 adjusted loss outlook: $0.50 to $1.10 a share
• FY26 adjusted loss outlook: $1.00 to $1.60 a share

Sources

1. American Airlines Group Inc., Form 8-K (Items 2.02 and 7.01) with Exhibit 99.1 earnings release dated Oct. 22, 2026, accession 0000006201-26-000064

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