American Airlines Group Inc
Management Discussion synthesis.

Income Taxes American is a member of AAG's consolidated federal and certain state income tax returns. In 2025, American recorded an income tax provision of $197 million with an effective rate of approximately 25.9%, which was substantially non-cash. Substantially all of American's income before income taxes is attributable to the United States. At December 31, 2025, American had approximately $11.7 billion of gross federal NOLs and $3.8 billion of other carryforwards available to reduce future federal taxable income, of which $1.8 billion will expire beginning in 2033 if unused and $13.7 billion can be carried forward indefinitely. American also had approximately $4.7 billion of NOL carryforwards to reduce future state taxable income at December 31, 2025, which will expire in taxable years 2025 through 2045 if unused.

162 667 (505)(75.7) Pre-tax income excluding net special items$352 $1,821 $(1,469)(80.7) (1)See Part II, Item 6. Selected Consolidated Financial Data - "Reconciliation of GAAP to Non-GAAP Financial Measures" and Note 2 to AAG's Consolidated Financial Statements in Part II, Item 8A for details on the components of pre-tax net special items.

Fuel Aircraft fuel and related taxes was $2.9 billion in the first quarter of 2026, which was $341 million, or 13.2%, higher as compared to the first quarter of 2025. This was primarily due to a 10.7% increase in the average price per gallon of aircraft fuel including related taxes to $2.75 in the first quarter of 2026 from $2.48 in the first quarter of 2025 and a 2.3% increase in gallons of fuel consumed due to increased capacity. As of March 31, 2026, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. See Part I, Item 1A. Risk Factors - "Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity" in our 2025 Form 10-K.

Other Costs We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel. Additionally, we continue to focus on initiatives to reengineer our business through the use of digital solutions, process enhancements and procurement transformation and we intend to continue to invest in reengineering our business through the remainder of 2026 and beyond to build an even more efficient airline and continue to manage costs while delivering a better experience for our customers and team. Our 2026 first quarter total operating cost per available seat mile (CASM) was 19.38 cents, an increase of 5.6% from 18.34 cents in the first quarter of 2025. The increase in CASM was primarily driven by higher costs for salaries, wages and benefits, aircraft fuel and other operating expenses, offset in part by a decrease in mainline operating special items, net. 38 Our 2026 first quarter CASM excluding net special items, fuel and profit sharing was 15.29 cents, an increase of 5.2% from 14.54 cents in the first quarter of 2025, which was primarily driven by higher costs for salaries, wages and benefits and other operating expenses.

AAG's First Quarter 2026 Results The selected financial data presented below is derived from AAG's unaudited condensed consolidated financial statements included in Part I, Item 1A of this report and should be read in conjunction with those financial statements and the related notes thereto.

2.75 2.48 10.7% Total operating cost per available seat mile (cents) (g) 19.38 18.34 5.6% Aircraft at end of period (h) 1,594 1,552 2.7% Full-time equivalent employees at end of period

(g)Total operating cost per available seat mile (CASM) - Total operating expenses divided by ASMs. (h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above as of March 31, 2026 are three Airbus A321XLR mainline aircraft and two Bombardier CRJ900 regional aircraft held in temporary storage. 41

Three Months Ended March 31,Increase(Decrease)PercentIncrease(Decrease) 20262025 (In millions, except percentage changes) Passenger revenue$12,495 $11,391 $1,104 9.7

Operating Expenses Three Months Ended March 31,Increase(Decrease)PercentIncrease(Decrease) 20262025 (In millions, except percentage changes) Aircraft fuel and related taxes$2,928 $2,587 $341 13.2

Operating Special Items, Net Three Months Ended March 31, 20262025 (In millions) Litigation reserve adjustments$12 $30 Labor contract expenses (1)

Nonoperating Results Three Months Ended March 31,Increase(Decrease)PercentIncrease(Decrease) 20262025 (In millions, except percentage changes) Interest income$192 $236 $(44)(18.6)

Liquidity At March 31, 2026, AAG had $10.8 billion in total available liquidity and $717 million in restricted cash and short-term investments. Additional detail regarding our available liquidity is provided in the table below (in millions):

Total available liquidity$10,804 $9,233 $10,787 $9,213 In the ordinary course of our business, we or our affiliates may, at any time and from time to time, seek to prepay, retire or repurchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, prepayments, retirements or exchanges, if any, will be conducted on such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, legal and contractual restrictions and other factors. The amounts involved may be material. 46

Certain Covenants Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, may restrict our ability and that of our subsidiaries to incur additional indebtedness, pay dividends or repurchase stock. Our debt agreements also contain customary change of control provisions, which may require us to repay or redeem such indebtedness upon certain events constituting a change of control under the relevant agreement, in certain cases at a premium. Additionally, certain of our debt financing agreements (including our secured notes, term loans, revolving credit facilities and spare engine EETCs) contain loan to value (LTV) or collateral coverage ratio covenants and certain agreements require us to appraise the related collateral annually or semiannually. Pursuant to such agreements, if the applicable LTV or collateral coverage ratio exceeds or falls below a specified threshold, as the case may be, we will be required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), withhold additional cash in certain accounts, or pay down such financing, in whole or in part, or the interest rate for the relevant financing will be increased. Additionally, a significant portion of our debt financing agreements contain covenants requiring us to maintain an aggregate of at least $2.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities. The AAdvantage Financing contains a peak debt service coverage ratio, pursuant to which failure to comply with a certain threshold may result in early repayment, in whole or in part, of the AAdvantage Financing. As of the most recent applicable measurement dates, we were in compliance with each of the foregoing covenants.

AAG Parent and Other AAG Subsidiaries Long-term debt: Principal amount (a) - - - - 1,757 1,989 3,746 Interest obligations (b) 104 213 208 208 170 49 952

(b)For variable-rate debt, future interest obligations are estimated using the current forward rates at March 31, 2026. (c)Includes $7.8 billion of future principal payments and $1.1 billion of future interest payments as of March 31, 2026, related to EETCs associated with mortgage financings of certain aircraft and spare engines. (d)See "Aircraft and Engine Purchase Commitments" above for additional information about the firm commitments for the acquisition of aircraft and engines, including the anticipated aircraft delivery schedule. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer and certain management assumptions. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the equipment manufacturers and regulatory concerns. (e)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American's actual payments could differ materially. 50 (f)Represents minimum pension contributions and expected contributions to our retiree medical and other postretirement plans based on actuarially determined estimates as of December 31, 2025 and is based on estimated payments through 2035. During the first three months of 2026, we made required contributions of $236 million and supplemental contributions of $50 million to our defined benefit pension plans. (g)Includes purchase commitments for aircraft fuel, flight equipment maintenance and information technology support and excludes obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

Capital Raising Activity and Other Possible Actions In light of our significant financial commitments related to, among other things, the servicing and amortization of existing debt and equipment leasing arrangements and new flight equipment, we and our subsidiaries will regularly consider, and enter into negotiations related to, capital raising and liability management activity, which may include the entry into leasing transactions and future issuances of, and transactions designed to manage the timing and amount of, secured or unsecured debt obligations or additional equity or equity-linked securities in public or private offerings or otherwise. The cash available from operations (if any) and these sources, however, may not be sufficient to cover our cash obligations because economic factors may reduce the amount of cash generated by operations or increase costs. For instance, an economic downturn or general global instability caused by governmental actions, military actions, terrorism, disease outbreaks, natural disasters or other causes could reduce the demand for air travel, which would reduce the amount of cash generated by operations. See Part I, Item 1A. Risk Factors - "Downturns in economic conditions could adversely affect our business" in our 2025 Form 10-K for additional discussion. An increase in costs, either due to an increase in borrowing costs caused by a reduction in credit ratings or a general increase in interest rates, due to an increase in the cost of fuel, maintenance, aircraft, aircraft engines or parts, or due to an increase in tariffs, could decrease the amount of cash available to cover cash contractual obligations. Moreover, certain of our financing arrangements contain significant minimum cash balance or similar liquidity requirements. As a result, we cannot use all of our available cash to fund operations, capital expenditures and cash obligations without violating these requirements. In the past, we have from time to time refinanced, redeemed or repurchased our debt and taken other steps to reduce or otherwise manage the aggregate amount and cost of our debt, lease and other obligations or otherwise improve our balance sheet. Going forward, depending on market conditions, our cash position and other considerations, we may continue to take such actions, and the amounts involved may be material.

Financial Overview Business and Macroeconomic Conditions Starting in the first quarter of 2025, the U.S. Government has promoted and implemented plans to place additional tariffs on goods imported into the U.S. from numerous countries and has pursued other trade policies intended to restrict imports and, in response, multiple nations have countered with reciprocal tariffs and other actions. These or additional changes in U.S. or international trade policies, along with continued uncertainty surrounding such policies, could lead to further weakened business conditions for the transportation industry, which may adversely impact our operations through increased supply chain challenges, commodity price volatility and a decline in discretionary spending and consumer confidence, among others. We continue to monitor the situation. Many aspects of our airline operations depend on the U.S. Government. The current shutdown, if it continues for an extended period of time, could strain air traffic control and security staffing, reduce air traffic capacity at key airports in the U.S. and have a material and adverse impact on our results of operations.

•issued $1.2 billion of equipment loans and other notes payable in connection with the financing of certain aircraft. American Eagle Flight 5342 On January 29, 2025, American Eagle flight 5342 was involved in a fatal accident in Washington, D.C. The Bombardier CRJ700 aircraft operated by PSA Airlines, Inc. was en route to Washington, D.C. from Wichita, Kansas when it was involved in a midair collision near Ronald Reagan Washington National Airport. We estimate that the accident reduced first quarter 2025 total operating revenues by approximately $200 million, of which the impacted revenue is not covered by insurance. In September 2025, the families of two passengers on flight 5342 filed complaints against the U.S. Government, PSA Airlines, Inc. and American seeking unspecified damages, and we currently expect that additional lawsuits will be filed. While we cannot predict the outcome of these lawsuits, American has industry standard insurance coverage for this incident and is continuing to assess the full impact on its business resulting from the accident. 43

(f)Total revenue per available seat mile (TRASM) - Total revenues divided by ASMs. (g)Total operating cost per available seat mile (CASM) - Total operating expenses divided by ASMs. (h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above as of September 30, 2025 are aircraft in temporary storage including two mainline Airbus A321XLR aircraft as well as four regional aircraft as follows: three Bombardier CRJ900 and one Embraer ERJ145. 46

(2)Not meaningful or greater than 100% change. Pre-Tax Loss and Net Loss Pre-tax loss and net loss were $142 million and $114 million, respectively, in the third quarter of 2025. This compares to third quarter of 2024 pre-tax loss and net loss of $256 million and $149 million, respectively. The period-over-period decrease in pre-tax loss on a GAAP basis was principally driven by a decrease in pre-tax net special items and lower costs for aircraft fuel and related taxes, offset in part by increases in certain operating expenses including salaries, wages and benefits and regional expenses. Excluding the effects of pre-tax net special items, pre-tax loss was $139 million in the third quarter of 2025 and pre-tax income was $271 million in the third quarter of 2024. The period-over-period decrease in our pre-tax income excluding pre-tax net special items was principally driven by increases in certain operating expenses including salaries, wages and benefits and regional expenses, offset in part by lower costs for aircraft fuel and related taxes.

31 573 Severance expenses8 13 Other operating special items, net 9 39 Mainline operating special items, net$125 $625 (1)Labor contract expenses for the nine months ended September 30, 2025 included a one-time charge for adjustments to vacation accruals resulting from pay rate increases effective January 1, 2025, related to the ratification of the contract extension in the fourth quarter of 2024 with American's mainline maintenance and fleet service team members. Labor contract expenses for the nine months ended September 30, 2024 included one-time charges resulting from the ratification of a new collective bargaining agreement with American's mainline flight attendants, including a one-time payment of $514 million, and from the ratification of a new collective bargaining agreement with American's mainline passenger service team members.

Interest income$732 $805 $(73)(9.0) Interest expense, net(1,343)(1,536)193 (12.5) Other income (expense), net41 (21)62 nm Total nonoperating expense, net$(570)$(752)$182 (24.2) Interest income decreased $73 million, or 9.0% in the first nine months of 2025 from the first nine months of 2024, primarily due to lower interest rates that reduced returns on American's short-term investments. Interest expense, net decreased $193 million, or 12.5%, in the first nine months of 2025 from the first nine months of 2024, primarily due to lower interest rates on its variable-rate debt instruments and lower outstanding debt subsequent to the third quarter of 2024, as American continues its efforts to strengthen the balance sheet. In the first nine months of 2025, other nonoperating income, net included $46 million of net earnings related to American's equity investments accounted for under the equity method and $39 million of non-service related pension and other postretirement benefit plan income, offset in part by $28 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments and debt refinancings and extinguishments. 55 In the first nine months of 2024, other nonoperating expense, net included $31 million of foreign currency losses, $30 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments and $27 million of net losses related to American's equity investments accounted for under the equity method, offset in part by $75 million of non-service related pension and other postretirement benefit plan income.

Financing Activities Our net cash used in financing activities was $1.8 billion and $1.5 billion for the first nine months of 2025 and 2024, respectively. Our principal financing activities in the first nine months of 2025 primarily included $4.1 billion in debt and finance lease repayments, consisting of $3.3 billion in scheduled repayments, including the $1.0 billion cash settlement of AAG's 6.50% convertible senior notes. Debt and finance lease repayments also included early repayments of $487 million for the outstanding principal amount of equipment notes issued under EETCs and $308 million toward portions of the outstanding principal amounts of the IP Notes and LGA/DCA Notes. These cash outflows were offset in part by $2.2 billion of proceeds from the issuance of long-term debt, consisting of $1.0 billion from the issuance of the 2025 AAdvantage Term Loan Facility and $1.2 billion from the issuance of equipment loans and other notes payable in connection with the financing of certain aircraft. Our principal financing activities in the first nine months of 2024 included $2.7 billion in scheduled repayments of debt and finance lease obligations. These cash outflows were offset in part by $1.3 billion of proceeds from issuance of long-term debt, consisting of $684 million from the issuance of EETCs in connection with the financing of certain aircraft that had been previously delivered and $571 million from the issuance of equipment loans and other notes payable.

American Operating Activities American's net cash provided by operating activities was $2.2 billion and $3.5 billion for the first nine months of 2025 and 2024, respectively, a $1.3 billion period-over-period decrease driven by a net increase in receivables from related parties, including the scheduled repayment of AAG's $1.0 billion 6.50% convertible senior notes. Excluding this net increase in receivables from related parties, American's operating cash flow decreased $198 million primarily due to lower profitability in the first nine months of 2025 as compared to the same period in 2024.

Operating net special items (1): Mainline operating special items, net (47)- (118)(70) Aircraft fuel and related taxes(2,663)(3,061)(5,250)(6,042) Total operating expenses, excluding net special items and fuel$10,547 $9,889 $20,711 $19,401

Three Months Ended June 30,Increase(Decrease)Six Months EndedJune 30,Increase(Decrease) 2025202420252024 Revenue passenger miles (millions) (a) 65,762 65,144 0.9%122,118 122,617 (0.4)%

1,539 1,529 0.7%1,539 1,529 0.7% Full-time equivalent employees at end of period 138,100 137,400 0.5%138,100 137,400 0.5% (a)Revenue passenger mile (RPM) - A basic measure of sales volume. One RPM represents one passenger flown one mile.

Fuel Aircraft fuel and related taxes was $2.8 billion in the third quarter of 2025, which was $107 million, or 3.7%, lower as compared to the third quarter of 2024. This was primarily due to a 5.5% decrease in the average price per gallon of aircraft fuel including related taxes to $2.37 in the third quarter of 2025 from $2.50 in the third quarter of 2024, offset in part by a 1.9% increase in gallons of fuel consumed due to increased capacity. As of September 30, 2025, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. See Part I, Item 1A. Risk Factors - "Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity" in our 2024 Form 10-K.

Payments Due by Period Remainderof 202520262027202820292030 and ThereafterTotal American Long-term debt: Principal amount (a), (c) $749 $3,611 $4,395 $7,264 $3,985 $4,615 $24,619

Interest obligations (b), (c) 340 1,251 986 690 373 807 4,447 Finance lease obligations37 147 138 100 94 354 870 Aircraft and engine purchase commitments (d)

275 1,051 1,049 976 809 808 4,968 Minimum pension obligations (f) - 251 157 107 81 46 642 Retiree medical and other postretirement benefits (f) 34 138 135 131 128 615 1,181

AAG Parent and Other AAG Subsidiaries Long-term debt: Principal amount (a) - - - - - 3,746 3,746 Interest obligations (b) - 172 194 198 203 214 981

Finance lease obligations3 - - - - - 3 Operating lease commitments4 14 9 8 7 40 82 Minimum pension obligations (f) - 2 1 1 1 2 7 Other purchase obligations1 14 12 5 2 - 34

Total AAG Contractual Obligations$4,536 $14,236 $13,084 $16,105 $11,534 $28,691 $88,186 (a)Amounts represent contractual amounts due. Excludes $317 million and $2 million of unamortized debt discount, premium and issuance costs as of September 30, 2025 for American and AAG Parent, respectively. For additional information, see Note 5 and Note 4 to AAG's and American's Condensed Consolidated Financial Statements in Part I, Items 1A and 1B, respectively.

Other Costs We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel. Additionally, we continue to focus on initiatives to reengineer our business through the use of digital solutions, process enhancements and procurement transformation and we intend to continue to invest in reengineering our business through the remainder of 2025 and beyond to build an even more efficient airline and continue to manage costs while delivering a better experience for our customers and team. Our 2025 third quarter total operating cost per available seat mile (CASM) was 17.49 cents, a decrease of 2.4% from 17.92 cents in the third quarter of 2024. The decrease in CASM was primarily driven by a decrease in operating net special items and lower aircraft fuel costs, offset in part by higher costs for salaries, wages and benefits and regional expenses. 42 Our 2025 third quarter CASM excluding net special items and fuel was 13.91 cents, an increase of 3.9% from 13.39 cents in the third quarter of 2024, which was primarily driven by higher costs for salaries, wages and benefits and regional expenses.

(b)For variable-rate debt, future interest obligations are estimated using the current forward rates at September 30, 2025. (c)Includes $6.2 billion of future principal payments and $664 million of future interest payments as of September 30, 2025, related to EETCs associated with mortgage financings of certain aircraft and spare engines. (d)See "Aircraft and Engine Purchase Commitments" above for additional information about the firm commitments for the acquisition of aircraft and engines, including the anticipated aircraft delivery schedule. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer and certain management assumptions. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the manufacturer and regulatory concerns. 60 (e)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American's actual payments could differ materially. Rental payments under operating leases for certain aircraft flown under these capacity purchase agreements are reflected in the operating lease commitments line above. (f)Represents minimum pension contributions and expected contributions to our retiree medical and other postretirement plans based on actuarially determined estimates as of December 31, 2024 and is based on estimated payments through 2034. During the first nine months of 2025, we made required contributions of $224 million to our defined benefit pension plans. (g)Includes purchase commitments for aircraft fuel, flight equipment maintenance and information technology support and excludes obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

For a reconciliation of CASM to CASM excluding net special items and fuel, see "Reconciliation of GAAP to Non-GAAP Financial Measures" below. Liquidity As of September 30, 2025, we had $10.3 billion in total available liquidity, consisting of $6.9 billion in unrestricted cash and short-term investments, and $3.4 billion in total undrawn capacity under revolving credit and other facilities. During the first nine months of 2025, we completed the following financing transactions (see Note 1 and Note 5 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for further information on 2025 financing activities): •amended the AAdvantage term loan credit and guaranty agreement to reduce the applicable interest rate margin and to reduce the scheduled quarterly principal amortization amount; •issued $1.0 billion of incremental term loans pursuant to the AAdvantage term loan credit guaranty agreement (2025 AAdvantage Term Loan Facility), as amended; •prepaid $487 million of the outstanding principal amounts of certain equipment notes issued under enhanced equipment trust certificates (EETCs); •increased the aggregate revolving commitments under the 2013, 2014 and 2023 Revolving Facilities from $2.9 billion to $3.0 billion; •received $432 million of gross proceeds pursuant to special facility revenue bonds issued by the Tulsa Municipal Airport Trust (TMAT), of which a portion was used to fund the redemption of other bonds related to TMAT and the remaining amount will be used to finance the cost of improvements at American's overhaul and maintenance base at Tulsa International Airport; •prepaid $308 million toward portions of the outstanding principal amounts of the 10.75% senior secured IP notes (the IP Notes) and the 10.75% senior secured LGA/DCA notes (LGA/DCA Notes); and

Pre-tax income (loss) excluding net special items$(139)$271 $201 $1,014 (1)See Note 2 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items. 44 Additionally, the table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding net special items and fuel (non-GAAP measure) and CASM to CASM excluding net special items and fuel. Management uses total operating costs excluding net special items and fuel and CASM excluding net special items and fuel to evaluate our current operating performance and for period-to-period comparisons. The price of fuel, over which we have no control, impacts the comparability of period-to-period financial performance. The adjustment to exclude net special items and fuel provides management with an additional tool to understand and analyze our non-fuel costs and core operating performance. Amounts may not recalculate due to rounding. Three Months Ended September 30,Nine Months Ended September 30,

2025202420252024 Reconciliation of CASM Excluding Net Special Items and Fuel: (In millions) Total operating expenses - GAAP$13,540 $13,558 $39,619 $39,071

AAG's Results of Operations Operating Statistics The table below sets forth selected operating data for the three and nine months ended September 30, 2025 and 2024. Amounts may not recalculate due to rounding.

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024 Operating Revenues Three Months EndedSeptember 30,Increase(Decrease)PercentIncrease(Decrease)

This table presents our passenger revenue and the period-over-period change in certain operating statistics: Increase (Decrease) vs. Three Months Ended September 30, 2024

Operating Expenses Three Months EndedSeptember 30,Increase(Decrease)PercentIncrease(Decrease) 20252024 (In millions, except percentage changes) Aircraft fuel and related taxes$2,767 $2,874 $(107)(3.7)

Operating Revenues Nine Months EndedSeptember 30,Increase(Decrease)PercentIncrease(Decrease) 20252024 (In millions, except percentage changes) Passenger$36,985 $37,184 $(199)(0.5)

Cargo612 584 28 4.8 Other3,037 2,783 254 9.1 Total operating revenues$40,634 $40,551 $83 0.2 This table presents our passenger revenue and the period-over-period change in certain operating statistics:

Other5,061 4,843 218 4.5 Total operating expenses$39,619 $39,071 $548 1.4 Aircraft fuel and related taxes decreased $899 million, or 10.1%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an 11.5% decrease in the average price per gallon of aircraft fuel including related taxes to $2.38 in the first nine months of 2025 from $2.68 in the first nine months of 2024, offset in part by a 1.6% increase in gallons of fuel consumed due to increased capacity. Salaries, wages and benefits increased $1.1 billion, or 9.6%, in the first nine months of 2025 from the first nine months of 2024, primarily due to contractual wage rate increases and higher costs for benefit-related items associated with newly ratified and extended labor agreements reached in 2024, as well as annual contractual wage rate increases in our other labor agreements. Regional expenses increased $320 million, or 8.6%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 11.3% in the first nine months of 2025 from the first nine months of 2024. In addition, higher maintenance, materials and repair costs driven by an increase in the volume of airframe heavy checks and engine overhauls also contributed to the increase in regional expenses. Maintenance, materials and repairs increased $53 million, or 1.9%, in the first nine months of 2025 from the first nine months of 2024, primarily due to increased costs for component part repairs and airframe heavy checks driven by higher volume, offset in part by a decrease in the volume of engine overhauls. Other rent and landing fees increased $113 million, or 4.5%, in the first nine months of 2025 from the first nine months of 2024, primarily due to rate increases at certain airports, offset in part by a decrease in leased engines. Selling expenses increased $136 million, or 10.2%, in the first nine months of 2025 from the first nine months of 2024, primarily due to an increase in commissions expense, driven by higher costs resulting from renegotiated agency contracts, as well as an increase in advertising expenses. Higher credit card fees driven by higher rates also contributed to the increase in selling expenses. 50

Operating Special Items, Net Nine Months Ended September 30, 20252024 (In millions) Litigation reserve adjustments$77 $- Labor contract expenses (1)

Income Taxes In the first nine months of 2025, we recorded an income tax provision of $36 million. Substantially all of our income before income taxes is attributable to the United States.

3 527 (524)(99.4) Pre-tax income (loss) excluding net special items$(139)$271 $(410) nm (2) (1)See "Reconciliation of GAAP to Non-GAAP Financial Measures" below and Note 2 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for details on the components of net special items.

See Note 5 to American's Condensed Consolidated Financial Statements in Part I, Item 1B for additional information on income taxes. 53 Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Income Taxes American is a member of AAG's consolidated federal and certain state income tax returns. In the first nine months of 2025, American recorded an income tax provision of $128 million. Substantially all of American's income before income taxes is attributable to the United States.

Liquidity At September 30, 2025, AAG had $10.3 billion in total available liquidity and $760 million in restricted cash and short-term investments. Additional detail regarding our available liquidity is provided in the table below (in millions):

Revenue In the third quarter of 2025, we reported total operating revenues of $13.7 billion, an increase of $44 million, or 0.3%, from the third quarter of 2024. Passenger revenue was $12.5 billion, a decrease of $52 million, or 0.4%, in the third quarter of 2025 from the third quarter of 2024. Our passenger revenue in the third quarter of 2025 was impacted by weakness in international travel, primarily in the Latin America region, offset in part by improvement in domestic revenue. Cargo revenue increased $10 million, or 5.0%, in the third quarter of 2025 from the third quarter of 2024, primarily due to a 4.3% increase in cargo yield. Other operating revenue increased $86 million, or 9.4%, in the third quarter of 2025 from the third quarter of 2024, driven primarily by higher revenue associated with our loyalty program. During the three months ended September 30, 2025 and 2024, cash payments from co-branded credit card and other partners were $1.5 billion and $1.4 billion, respectively. Our total revenue per available seat mile (TRASM) was 17.69 cents in the third quarter of 2025, a 1.9% decrease as compared to 18.04 cents in the third quarter of 2024.

Sources and Uses of Cash AAG Operating Activities Our net cash provided by operating activities was $3.4 billion and $3.6 billion for the first nine months of 2025 and 2024, respectively, a $212 million period-over-period decrease driven primarily by lower profitability in the first nine months of 2025 as compared to the same period in 2024.

Investing Activities American's net cash used in investing activities was $1.5 billion and $1.8 billion for the first nine months of 2025 and 2024, respectively. 57 American's principal investing activities in the first nine months of 2025 included $2.1 billion of capital expenditures, which primarily related to the purchase of 13 Boeing 737 MAX aircraft, six Embraer E175 aircraft, five Bombardier CRJ900 aircraft, three Boeing 787-9 aircraft, two Airbus A321XLR aircraft, one Airbus A321neo aircraft, one Airbus A320 aircraft lease repurchase and seven aircraft engines. These cash outflows were offset in part by $328 million in net proceeds from the issuance of the TMAT special facility revenue bonds and $243 million in proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at LAX. Additionally, American had $143 million in net sales of short-term investments. American's principal investing activities in the first nine months of 2024 included $1.9 billion of capital expenditures, which primarily related to the purchase of 12 Embraer E175 aircraft, three Boeing 737 MAX aircraft, three Boeing 737-800 aircraft lease repurchases, two Airbus A321neo aircraft, 39 aircraft engines and aircraft purchase deposits. Additionally, American had $626 million in net purchases of short-term investments. These cash outflows were offset in part by $598 million of proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at LAX.

Commitments Significant Indebtedness As of September 30, 2025, AAG had $28.4 billion in long-term debt, including current maturities of $3.5 billion. As of September 30, 2025, American had $24.6 billion in long-term debt, including current maturities of $3.5 billion. All material changes in our significant indebtedness since our 2024 Form 10-K are discussed in Note 5 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A and Note 4 to American's Condensed Consolidated Financial Statements in Part I, Item 1B.

Aircraft and Engine Purchase Commitments As of September 30, 2025, we had definitive purchase agreements for the acquisition of the following new aircraft (1):

Remainderof 2025202620272028 and ThereafterTotal Airbus A320 Family3 21 24 104 152 Boeing 737 Family9 15 - 115 139 787 Family3 1 3 15 22 Embraer

E1756 16 17 47 86 Total21 53 44 281 399 58 (1)Delivery schedule represents our best estimate as of the date of this report as described in footnote (d) to the "Contractual Obligations" table below. Actual delivery dates are subject to change, which could be material, based on various potential factors including production delays by the manufacturer and regulatory concerns. See Part I, Item 1A. Risk Factors - "We depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition" in our 2024 Form 10-K. In addition, we have committed to purchase seven used Bombardier CRJ900 aircraft which are scheduled to be delivered from the fourth quarter of 2025 through 2026. We also have agreements for 49 spare engines to be delivered in the fourth quarter of 2025 and beyond. The "Contractual Obligations" table below reflects these commitments.

For a reconciliation of CASM to CASM excluding net special items and fuel, see "Reconciliation of GAAP to Non-GAAP Financial Measures" below. 40 Liquidity As of June 30, 2025, we had $12.0 billion in total available liquidity, consisting of $8.6 billion in unrestricted cash and short-term investments, and $3.4 billion in total undrawn capacity under revolving credit and other facilities. During the first six months of 2025, we completed the following financing transactions (see Note 1 and Note 5 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for further information on 2025 financing activities): •amended the AAdvantage term loan credit and guaranty agreement to reduce the applicable interest rate margin and reduce the scheduled quarterly principal amortization amount; •issued $1.0 billion of incremental term loans pursuant to the AAdvantage term loan credit guaranty agreement (2025 AAdvantage Term Loan Facility), as amended; •prepaid $487 million of the outstanding principal amounts of certain equipment notes issued under enhanced equipment trust certificates (EETCs); •received $432 million of gross proceeds pursuant to special facility revenue bonds issued by the Tulsa Municipal Airport Trust (TMAT), of which a portion was used to fund the redemption of other bonds related to TMAT and the remaining amount will be used to finance the cost of improvements at American's overhaul and maintenance base at Tulsa International Airport; •prepaid $308 million toward portions of the outstanding principal amounts of the 10.75% senior secured IP notes (the IP Notes) and the 10.75% senior secured LGA/DCA notes (LGA/DCA Notes); and

•issued $712 million of equipment loans and other notes payable in connection with the financing of certain aircraft. American Eagle Flight 5342 On January 29, 2025, American Eagle flight 5342 was involved in a fatal accident in Washington, D.C. The Bombardier CRJ 700 aircraft operated by PSA Airlines, Inc. was en route to Washington, D.C. from Wichita, Kansas when it was involved in a midair collision near Ronald Reagan Washington National Airport. We estimate that the accident reduced first quarter 2025 total operating revenues by approximately $200 million, of which the impacted revenue is not covered by insurance. American has industry standard insurance coverage for this incident and is continuing to assess the full impact on its business resulting from the accident. 41

Operating net special items (1): Mainline operating special items, net (47)- (118)(70) Aircraft fuel and related taxes(2,663)(3,061)(5,250)(6,042) Total operating expenses, excluding net special items and fuel$10,547 $9,889 $20,711 $19,401

Total available seat miles (ASM)77,636 75,263 147,539 145,779 (In cents) CASM17.08 17.21 17.68 17.50 Operating net special items per ASM (1): Mainline operating special items, net (0.06)- (0.08)(0.05)

(f)Total revenue per available seat mile (TRASM) - Total revenues divided by ASMs. (g)Total operating cost per available seat mile (CASM) - Total operating expenses divided by ASMs. (h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are six regional aircraft in temporary storage as of June 30, 2025 as follows: four Bombardier CRJ 900 and two Embraer 145. 44

Cargo400 382 18 4.7 Other2,029 1,861 168 9.0 Total operating revenues$26,943 $26,904 $39 0.1 This table presents our passenger revenue and the period-over-period change in certain operating statistics:

Other3,327 3,175 152 4.8 Total operating expenses$26,079 $25,513 $566 2.2 Aircraft fuel and related taxes decreased $792 million, or 13.1%, in the first six months of 2025 from the first six months of 2024, primarily due to a 14.3% decrease in the average price per gallon of aircraft fuel including related taxes to $2.38 in the first six months of 2025 from $2.78 in the first six months of 2024, offset in part by a 1.4% increase in gallons of fuel consumed due to increased capacity. 47 Salaries, wages and benefits increased $784 million, or 10.0%, in the first six months of 2025 from the first six months of 2024, primarily due to contractual wage rate increases and higher costs for benefit-related items associated with newly ratified and extended labor agreements reached in 2024, as well as annual contractual wage rate increases in our other labor agreements. Regional expenses increased $214 million, or 8.7%, in the first six months of 2025 from the first six months of 2024, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 13.4% in the first six months of 2025 from the first six months of 2024. In addition, higher maintenance, materials and repair costs driven by an increase in the volume of airframe heavy checks and engine overhauls also contributed to the increase in regional expenses. Maintenance, materials and repairs increased $14 million, or 0.8%, in the first six months of 2025 from the first six months of 2024, primarily due to increased costs for component part repairs and airframe heavy checks driven by higher volume, offset in part by a decrease in the volume of engine overhauls. Other rent and landing fees increased $67 million, or 4.1%, in the first six months of 2025 from the first six months of 2024, primarily due to rate increases at certain airports, offset in part by a decrease in leased engines. Aircraft rent decreased $42 million, or 6.6%, in the first six months of 2025 from the first six months of 2024, primarily due to decreased rental payments associated with aircraft lease extensions. Selling expenses increased $121 million, or 14.0%, in the first six months of 2025 from the first six months of 2024, primarily due to an increase in commissions expense, driven by higher costs resulting from renegotiated agency contracts, as well as an increase in advertising expenses. Higher credit card fees driven by higher rates also contributed to the increase in selling expenses.

Investing Activities Our net cash used in investing activities was $2.5 billion and $1.9 billion for the first six months of 2025 and 2024, respectively. Our principal investing activities in the first six months of 2025 included $1.3 billion of capital expenditures, which primarily related to the purchase of 11 Boeing 737 MAX aircraft, three Bombardier CRJ 900 aircraft, two Embraer 175 aircraft, one Airbus A321neo aircraft, one Boeing 787-9 aircraft, one Airbus A320 aircraft lease repurchase and five aircraft engines. Additionally, we had $1.6 billion in net purchases of short-term investments. These cash outflows were offset in part by $328 million in net proceeds from the issuance of the TMAT special facility revenue bonds and $200 million in proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at Los Angeles International Airport (LAX). Our principal investing activities in the first six months of 2024 included $1.5 billion of capital expenditures, which primarily related to the purchase of 12 Embraer 175 aircraft, three Boeing 737 MAX aircraft, two Airbus A321neo aircraft, 32 aircraft engines and aircraft purchase deposits. Additionally, we had $833 million in net purchases of short-term investments. These cash outflows were offset in part by $353 million of proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at LAX. 54

American Operating Activities American's net cash provided by operating activities was $3.3 billion for each of the first six months of 2025 and 2024. American's operating cash flow in the first six months of 2025 was flat compared to the first six months of 2024 driven by net working capital changes, offset by lower profitability in the first six months of 2025 as compared to the same period in 2024.

Financial Overview Business and Macroeconomic Conditions Starting in the first quarter of 2025, the U.S. Government has promoted and implemented plans to place additional tariffs on goods imported into the U.S. from numerous countries and has pursued other trade policies intended to restrict imports and, in response, multiple nations have countered with reciprocal tariffs and other actions. These or additional changes in U.S. or international trade policies, along with continued uncertainty surrounding such policies, could lead to further weakened business conditions for the transportation industry, which may adversely impact our operations through increased supply chain challenges, commodity price volatility and a decline in discretionary spending and consumer confidence, among others. We continue to monitor the situation.

Fuel Aircraft fuel and related taxes was $2.7 billion in the second quarter of 2025, which was $398 million, or 13.0%, lower as compared to the second quarter of 2024. This was primarily due to a 15.3% decrease in the average price per gallon of aircraft fuel including related taxes to $2.29 in the second quarter of 2025 from $2.70 in the second quarter of 2024, offset in part by a 2.7% increase in gallons of fuel consumed due to increased capacity. As of June 30, 2025, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. See Part I, Item 1A. Risk Factors - "Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity" in our 2024 Form 10-K.

542 1,057 1,054 981 815 819 5,268 Minimum pension obligations (f) - 251 157 107 81 46 642 Retiree medical and other postretirement benefits (f) 67 138 135 131 128 615 1,214

AAG Parent and Other AAG Subsidiaries Long-term debt: Principal amount (a) 1,000 - - - - 3,746 4,746 Interest obligations (b) 91 169 189 195 201 213 1,058

Finance lease obligations4 - - - - - 4 Operating lease commitments7 13 8 7 6 40 81 Minimum pension obligations (f) 1 2 1 1 1 2 8 Other purchase obligations4 14 12 5 2 - 37

Total AAG Contractual Obligations$9,334 $14,114 $12,864 $16,249 $10,632 $27,998 $91,191 (a)Amounts represent contractual amounts due. Excludes $330 million and $2 million of unamortized debt discount, premium and issuance costs as of June 30, 2025 for American and AAG Parent, respectively. For additional information, see Note 5 and Note 4 to AAG's and American's Condensed Consolidated Financial Statements in Part I, Items 1A and 1B, respectively.

(b)For variable-rate debt, future interest obligations are estimated using the current forward rates at June 30, 2025. (c)Includes $6.4 billion of future principal payments and $729 million of future interest payments as of June 30, 2025, related to EETCs associated with mortgage financings of certain aircraft and spare engines. (d)See "Aircraft and Engine Purchase Commitments" above for additional information about the firm commitments for the acquisition of aircraft and engines, including the anticipated aircraft delivery schedule. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer and certain management assumptions. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the manufacturer and regulatory concerns. Additionally, the amounts in the table above exclude two Boeing 787 Family aircraft scheduled to be delivered in 2025, for which we have obtained committed lease financing. This financing is reflected in the operating lease commitments line. 57 (e)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American's actual payments could differ materially. Rental payments under operating leases for certain aircraft flown under these capacity purchase agreements are reflected in the operating lease commitments line above. (f)Represents minimum pension contributions and expected contributions to our retiree medical and other postretirement plans based on actuarially determined estimates as of December 31, 2024 and is based on estimated payments through 2034. During the first six months of 2025, we made required contributions of $223 million to our defined benefit pension plans. (g)Includes purchase commitments for aircraft fuel, flight equipment maintenance and information technology support and excludes obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

Other Costs We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel. Additionally, we continue to focus on initiatives to reengineer our business through the use of digital solutions, process enhancements and procurement transformation and we intend to continue to invest in reengineering our business through the remainder of 2025 and beyond to build an even more efficient airline and continue to manage costs while delivering a better experience for our customers and team. Our 2025 second quarter total operating cost per available seat mile (CASM) was 17.08 cents, a decrease of 0.8% from 17.21 cents in the second quarter of 2024. The decrease in CASM was primarily driven by lower aircraft fuel costs, offset in part by higher costs for salaries, wages and benefits and selling expenses. Our 2025 second quarter CASM excluding net special items and fuel was 13.59 cents, an increase of 3.4% from 13.14 cents in the second quarter of 2024, which was primarily driven by higher costs for salaries, wages and benefits and selling expenses.

Reconciliation of GAAP to Non-GAAP Financial Measures We sometimes use financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with accounting principles generally accepted in the U.S. (GAAP) to understand and evaluate our current operating performance and to allow for period-to-period comparisons. We believe these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. We are providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The following table presents the reconciliation of pre-tax income (GAAP measure) to pre-tax income excluding net special items (non-GAAP measure). Management uses this non-GAAP financial measure to evaluate our current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items provides management with an additional tool to understand our core operating performance. Three Months Ended June 30,Six Months Ended June 30,

(1)See Note 2 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items. 42 Additionally, the table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding net special items and fuel (non-GAAP measure) and CASM to CASM excluding net special items and fuel. Management uses total operating costs excluding net special items and fuel and CASM excluding net special items and fuel to evaluate our current operating performance and for period-to-period comparisons. The price of fuel, over which we have no control, impacts the comparability of period-to-period financial performance. The adjustment to exclude net special items and fuel provides management with an additional tool to understand and analyze our non-fuel costs and core operating performance. Amounts may not recalculate due to rounding. Three Months Ended June 30,Six Months Ended June 30,

2025202420252024 Reconciliation of CASM Excluding Net Special Items and Fuel: (In millions) Total operating expenses - GAAP$13,257 $12,950 $26,079 $25,513

Aircraft fuel and related taxes per ASM(3.43)(4.07)(3.56)(4.14) CASM, excluding net special items and fuel13.59 13.14 14.04 13.31 (1)See Note 2 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items. 43

AAG's Results of Operations Operating Statistics The table below sets forth selected operating data for the three and six months ended June 30, 2025 and 2024. Amounts may not recalculate due to rounding.

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 Operating Revenues Three Months Ended June 30,Increase(Decrease)PercentIncrease(Decrease)

Operating Expenses Three Months Ended June 30,Increase(Decrease)PercentIncrease(Decrease) 20252024 (In millions, except percentage changes) Aircraft fuel and related taxes$2,663 $3,061 $(398)(13.0)

Income Taxes In the first six months of 2025, we recorded an income tax provision of $63 million. Substantially all of our income before income taxes is attributable to the United States.

31 12 19 nm (2) Pre-tax income excluding net special items$869 $1,040 $(171)(16.4) (1)See "Reconciliation of GAAP to Non-GAAP Financial Measures" below and Note 2 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for details on the components of net special items.

Operating Special Items, Net Six Months Ended June 30, 20252024 (In millions) Litigation reserve adjustments$77 $- Labor contract expenses (1) 31 57

Severance expenses5 13 Other operating special items, net 5 - Mainline operating special items, net$118 $70 52 (1)Labor contract expenses for the six months ended June 30, 2025 included a one-time charge for adjustments to vacation accruals resulting from pay rate increases effective January 1, 2025, related to the ratification of the contract extension in the fourth quarter of 2024 with American's mainline maintenance and fleet service team members. Labor contract expenses for the six months ended June 30, 2024 included one-time charges resulting from the ratification of a new collective bargaining agreement with American's mainline passenger service team members, including a one-time signing bonus.

Interest expense, net(893)(1,031)138 (13.3) Other expense, net(8)(39)31 (79.3) Total nonoperating expense, net$(418)$(533)$115 (21.6) Interest income decreased $54 million, or 9.9% in the first six months of 2025 from the first six months of 2024, primarily due to lower interest rates that reduced returns on American's short-term investments. Interest expense, net decreased $138 million, or 13.3%, in the first six months of 2025 from the first six months of 2024, primarily due to lower interest rates on its variable-rate debt instruments and lower outstanding debt subsequent to the second quarter of 2024, as American continues its efforts to strengthen the balance sheet. In the first six months of 2025, other nonoperating expense, net included $32 million of net special charges primarily for debt refinancings and extinguishments and mark-to-market net unrealized losses associated with certain equity investments, offset in part by $21 million of non-service related pension and other postretirement benefit plan income. In the first six months of 2024, other nonoperating expense, net included $58 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments and $10 million of foreign currency losses, offset in part by $50 million of non-service related pension and other postretirement benefit plan income.

Income Taxes American is a member of AAG's consolidated federal and certain state income tax returns. In the first six months of 2025, American recorded an income tax provision of $123 million. Substantially all of American's income before income taxes is attributable to the United States.

(2)Not meaningful or greater than 100% change. Pre-Tax Income and Net Income Pre-tax income and net income were $838 million and $599 million, respectively, in the second quarter of 2025. This compares to second quarter of 2024 pre-tax income and net income of $1.0 billion and $717 million, respectively. Excluding the effects of pre-tax net special items, pre-tax income was $869 million and $1.0 billion in the second quarters of 2025 and 2024, respectively. The period-over-period decrease in our pre-tax income on both a GAAP basis and excluding pre-tax net special items was principally driven by increases in operating expenses including salaries, wages and benefits and selling expenses, offset in part by lower costs for aircraft fuel and related taxes.

Liquidity At June 30, 2025, AAG had $12.0 billion in total available liquidity and $807 million in restricted cash and short-term investments. Additional detail regarding our available liquidity is provided in the table below (in millions):

Total available liquidity$11,973 $10,273 $11,961 $10,261 53 In the ordinary course of our business, we or our affiliates may, at any time and from time to time, seek to prepay, retire or repurchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, prepayments, retirements or exchanges, if any, will be conducted on such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, legal and contractual restrictions and other factors. The amounts involved may be material.

Sources and Uses of Cash AAG Operating Activities Our net cash provided by operating activities was $3.4 billion and $3.3 billion for the first six months of 2025 and 2024, respectively, a $111 million period-over-period increase driven by net working capital changes, offset in part by lower profitability in the first six months of 2025 as compared to the same period in 2024.

Revenue In the second quarter of 2025, we reported total operating revenues of $14.4 billion, an increase of $58 million, or 0.4%, from the second quarter of 2024. Passenger revenue was $13.1 billion, a decrease of $79 million, or 0.6%, in the second quarter of 2025 from the second quarter of 2024. Our passenger revenue in the second quarter of 2025 was impacted by softness in domestic demand for air travel, offset in part by continued strength in international air travel, particularly in the Atlantic region. Atlantic PRASM increased 5.0% in the second quarter of 2025 as compared to the second quarter of 2024. Cargo revenue increased $16 million, or 8.2%, in the second quarter of 2025 from the second quarter of 2024, primarily due to a 6.9% increase in cargo yield and a 1.2% increase in cargo ton miles. Other operating revenue increased $121 million, or 13.0%, in the second quarter of 2025 from the second quarter of 2024, driven primarily by higher revenue associated with our loyalty program. During the three months ended June 30, 2025 and 2024, cash payments from co-branded credit card and other partners were $1.41 billion and $1.36 billion, respectively. Our total revenue per available seat mile (TRASM) was 18.54 cents in the second quarter of 2025, a 2.7% decrease as compared to 19.05 cents in the second quarter of 2024.

Financing Activities American's net cash used in financing activities was $817 million and $1.3 billion for the first six months of 2025 and 2024, respectively. American's principal financing activities in the first six months of 2025 primarily included $2.4 billion in debt and finance lease repayments, consisting of $1.6 billion in scheduled repayments, $487 million of early repayments for the outstanding principal amount of equipment notes issued under EETCs and $308 million of early repayments toward portions of the outstanding principal amounts of the IP Notes and LGA/DCA Notes. These cash outflows were offset in part by $1.7 billion of proceeds from the issuance of long-term debt, consisting of $1.0 billion from the issuance of the 2025 AAdvantage Term Loan Facility and $712 million from the issuance of equipment loans and other notes payable in connection with the financing of certain aircraft. American's principal financing activities in the first six months of 2024 included $1.8 billion in scheduled repayments of debt and finance lease obligations. These cash outflows were offset by $527 million borrowed in connection with the financing of certain aircraft. 55

Commitments Significant Indebtedness As of June 30, 2025, AAG had $29.6 billion in long-term debt, including current maturities of $4.5 billion. As of June 30, 2025, American had $24.8 billion in long-term debt, including current maturities of $3.5 billion. All material changes in our significant indebtedness since our 2024 Form 10-K are discussed in Note 5 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A and Note 4 to American's Condensed Consolidated Financial Statements in Part I, Item 1B.

Aircraft and Engine Purchase Commitments As of June 30, 2025, we had definitive purchase agreements for the acquisition of the following new aircraft (1):

Remainderof 2025202620272028 and ThereafterTotal Airbus A320neo Family5 22 23 101 151 Boeing 737 MAX Family10 16 - 115 141 787 Family7 1 3 15 26 Embraer

17510 20 15 45 90 Total32 59 41 276 408 (1)Delivery schedule represents our best estimate as of the date of this report as described in footnote (d) to the "Contractual Obligations" table below. Actual delivery dates are subject to change, which could be material, based on various potential factors including production delays by the manufacturer and regulatory concerns. See Part I, Item 1A. Risk Factors - "We depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition" in our 2024 Form 10-K. In addition, we have committed to purchase nine used Bombardier CRJ 900 aircraft which are scheduled to be delivered from the third quarter of 2025 through 2026. We also have agreements for 44 spare engines to be delivered in the third quarter of 2025 and beyond. The "Contractual Obligations" table below reflects these commitments.

Payments Due by Period Remainderof 202520262027202820292030 and ThereafterTotal American Long-term debt: Principal amount (a), (c) $1,436 $3,577 $4,360 $7,228 $3,948 $4,256 $24,805

Sources and Uses of Cash AAG Operating Activities Our net cash provided by operating activities was $2.5 billion and $2.2 billion for the first quarter of 2025 and 2024, respectively, a $276 million period-over-period increase driven by net working capital changes, offset in part by lower profitability in the first quarter of 2025. 44

Cargo804 812 (8)(0.9) Other3,821 3,464 357 10.3 Total operating revenues$54,211 $52,788 $1,423 2.7 64 This table presents our passenger revenue and the year-over-year change in certain operating statistics:

Income Taxes American is a member of AAG's consolidated federal and certain state income tax returns. In 2024, American recorded an income tax provision of $426 million with an effective rate of approximately 25%, which was substantially non-cash. Substantially all of American's income before income taxes is attributable to the United States. At December 31, 2024, American had approximately $12.8 billion of gross federal NOLs and $4.2 billion of other carryforwards available to reduce future federal taxable income, of which $2.9 billion will expire beginning in 2033 if unused and $14.1 billion can be carried forward indefinitely. American also had approximately $5.0 billion of NOL carryforwards to reduce future state taxable income at December 31, 2024, which will expire in taxable years 2024 through 2044 if unused.

Fuel Aircraft fuel and related taxes was $2.6 billion in the first quarter of 2025, which was $393 million, or 13.2%, lower as compared to the first quarter of 2024. This was primarily due to a 13.3% decrease in the average price per gallon of aircraft fuel including related taxes to $2.48 in the first quarter of 2025 from $2.86 in the first quarter of 2024. As of March 31, 2025, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. See Part I, Item 1A. Risk Factors - "Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity" in our 2024 Form 10-K.

Other Costs We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel. We continue to focus on initiatives to reengineer our business through the use of digital solutions, process enhancements and procurement transformation and we intend to continue to invest in reengineering our business through the remainder of 2025 and beyond to build an even more efficient airline and continue to manage costs while delivering a better experience for our customers and team. Our 2025 first quarter total operating cost per available seat mile (CASM) was 18.34 cents, an increase of 2.9% from 17.82 cents in the first quarter of 2024. The increase in CASM was primarily driven by higher costs for salaries, wages and benefits, regional expenses and certain other operating expenses, offset in part by lower aircraft fuel costs. Our 2025 first quarter CASM excluding net special items and fuel was 14.54 cents, an increase of 7.8% from 13.49 cents in the first quarter of 2024, which was primarily driven by higher costs for salaries, wages and benefits, regional expenses and certain other operating expenses.

American Eagle Flight 5342 On January 29, 2025, American Eagle flight 5342 was involved in a fatal accident in Washington, D.C. The Bombardier CRJ 700 aircraft operated by PSA was en route to Washington, D.C. from Wichita, Kansas when it was involved in a midair collision near Ronald Reagan Washington National Airport. We estimate that the accident reduced total operating revenues by approximately $200 million in the first quarter of 2025, of which the impacted revenue is not covered by insurance. American has industry standard insurance coverage for this incident and is continuing to assess the full impact on its business resulting from the accident.

2.48 2.86 (13.3)% Total operating cost per available seat mile (cents) (g) 18.34 17.82 2.9% Aircraft at end of period (h) 1,552 1,517 2.3% Full-time equivalent employees at end of period

(g)Total operating cost per available seat mile (CASM) - Total operating expenses divided by ASMs. (h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are six regional aircraft in temporary storage as of March 31, 2025 as follows: four Bombardier CRJ 900 and two Embraer 145. 39

Operating Expenses Three Months Ended March 31,Increase(Decrease)PercentIncrease(Decrease) 20252024 (In millions, except percentage changes) Aircraft fuel and related taxes$2,587 $2,980 $(393)(13.2)

Liquidity At March 31, 2025, AAG had $10.8 billion in total available liquidity and $647 million in restricted cash and short-term investments. Additional detail regarding our available liquidity is provided in the table below (in millions):

Total available liquidity$10,756 $10,273 $10,748 $10,261 In the ordinary course of our business, we or our affiliates may, at any time and from time to time, seek to prepay, retire or repurchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, prepayments, retirements or exchanges, if any, will be conducted on such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, legal and contractual restrictions and other factors. The amounts involved may be material.

Certain Covenants Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, may restrict our ability and that of our subsidiaries to incur additional indebtedness, pay dividends or repurchase stock. Our debt agreements also contain customary change of control provisions, which may require us to repay or redeem such indebtedness upon certain events constituting a change of control under the relevant agreement, in certain cases at a premium. Additionally, certain of our debt financing agreements (including our secured notes, term loans, revolving credit facilities and spare engine EETCs) contain loan to value (LTV) or collateral coverage ratio covenants and certain agreements require us to appraise the related collateral annually or semiannually. Pursuant to such agreements, if the applicable LTV or collateral coverage ratio exceeds or falls below a specified threshold, as the case may be, we will be required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), withhold additional cash in certain accounts, or pay down such financing, in whole or in part, or the interest rate for the relevant financing will be increased. Additionally, a significant portion of our debt financing agreements contain covenants requiring us to maintain an aggregate of at least $2.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities, and our 5.50% senior secured notes due 2026, 5.75% senior secured notes due 2029 and AAdvantage Term Loan Facility (collectively, the AAdvantage Financing) contain a peak debt service coverage ratio, pursuant to which failure to comply with a certain threshold may result in early repayment, in whole or in part, of the AAdvantage Financing. As of the most recent applicable measurement dates, we were in compliance with each of the foregoing covenants.

118 116 2 2.5 Pre-tax loss excluding net special items$(530)$(297)$233 78.1 (1)See "Reconciliation of GAAP to Non-GAAP Financial Measures" below and Note 2 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for details on the components of net special items.

(b)For variable-rate debt, future interest obligations are estimated using the current forward rates at March 31, 2025. (c)Includes $6.9 billion of future principal payments and $802 million of future interest payments as of March 31, 2025, related to EETCs associated with mortgage financings of certain aircraft and spare engines. (d)See "Aircraft and Engine Purchase Commitments" above for additional information about the firm commitments for the acquisition of aircraft and engines, including the anticipated aircraft delivery schedule. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer and certain management assumptions. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the manufacturer and regulatory concerns. Additionally, the amounts in the table exclude five Boeing 787 Family aircraft 47 scheduled to be delivered in 2025, for which we have obtained committed lease financing. This financing is reflected in the operating lease commitments line above. (e)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American's actual payments could differ materially. Rental payments under operating leases for certain aircraft flown under these capacity purchase agreements are reflected in the operating lease commitments line above. (f)Represents minimum pension contributions and expected contributions to our retiree medical and other postretirement plans based on actuarially determined estimates as of December 31, 2024 and is based on estimated payments through 2034. During the first three months of 2025, we made required contributions of $222 million to our defined benefit pension plans. (g)Includes purchase commitments for aircraft fuel, flight equipment maintenance and information technology support and excludes obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

Capital Raising Activity and Other Possible Actions In light of our significant financial commitments related to, among other things, the servicing and amortization of existing debt and equipment leasing arrangements and new flight equipment, we and our subsidiaries will regularly consider, and enter into negotiations related to, capital raising and liability management activity, which may include the entry into leasing transactions and future issuances of, and transactions designed to manage the timing and amount of, secured or unsecured debt obligations or additional equity or equity-linked securities in public or private offerings or otherwise. The cash available from operations (if any) and these sources, however, may not be sufficient to cover our cash obligations because economic factors may reduce the amount of cash generated by operations or increase costs. For instance, an economic downturn or general global instability caused by governmental actions, military actions, terrorism, disease outbreaks, natural disasters or other causes could reduce the demand for air travel, which would reduce the amount of cash generated by operations. See Part I, Item 1A. Risk Factors - "Downturns in economic conditions could adversely affect our business" in our 2024 Form 10-K for additional discussion. An increase in costs, either due to an increase in borrowing costs caused by a reduction in credit ratings or a general increase in interest rates, due to an increase in the cost of fuel, maintenance, aircraft, aircraft engines or parts, or due to an increase in tariffs, could decrease the amount of cash available to cover cash contractual obligations. Moreover, certain of our financing arrangements contain significant minimum cash balance or similar liquidity requirements. As a result, we cannot use all of our available cash to fund operations, capital expenditures and cash obligations without violating these requirements. In the past, we have from time to time refinanced, redeemed or repurchased our debt and taken other steps to reduce or otherwise manage the aggregate amount and cost of our debt, lease and other obligations or otherwise improve our balance sheet. Going forward, depending on market conditions, our cash position and other considerations, we may continue to take such actions, and the amounts involved may be material.

For a reconciliation of CASM to CASM excluding net special items and fuel, see "Reconciliation of GAAP to Non-GAAP Financial Measures" below. 39 Liquidity As of September 30, 2024, we had $11.8 billion in total available liquidity, consisting of $8.5 billion in unrestricted cash and short-term investments, and $3.3 billion in total undrawn capacity under revolving credit and other facilities. During the first nine months of 2024, we completed the following financing transactions (see Note 5 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for further information on 2024 financing activities): •entered into a revolving credit facility that provides for borrowing capacity of up to $350 million, maturing in March 2027 with an option to extend for an additional year; •amended the 2013, 2014 and 2023 Credit Agreements to reduce the applicable interest rate margins, and terminated all revolving commitments under the April 2016 Credit Agreement, increasing overall available revolving credit capacity from $2.8 billion to $2.9 billion, maturing in June 2029; •amended the 2023 Term Loan Facility to reduce the applicable interest rate margin; •issued $684 million of enhanced equipment trust certificates (EETCs) in connection with the financing of certain aircraft that had been previously delivered; and

Other operating special items, net39 (42) Mainline operating special items, net625 962 Regional operating special items, net- 8 Operating special items, net$625 $970 (1)Labor contract expenses for the nine months ended September 30, 2024 related to one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline flight attendants, including a one-time payment of $514 million, and from the ratification of a new collective bargaining agreement with our mainline passenger service team members. Labor contract expenses for the nine months ended September 30, 2023 related to one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline pilots, including a one-time payment of $754 million as well as adjustments to other benefit-related items of $229 million.

Fuel Aircraft fuel and related taxes was $2.9 billion in the third quarter of 2024, which was $335 million, or 10.4%, lower as compared to the third quarter of 2023. This was primarily due to a 14.0% decrease in the average price per gallon of aircraft fuel including related taxes to $2.50 in the third quarter of 2024 from $2.91 in the third quarter of 2023, offset in part by a 4.1% increase in gallons of fuel consumed due to increased capacity. As of September 30, 2024, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. See Part II, Item 1A. Risk Factors - "Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity."

Investing Activities Our net cash used in investing activities was $1.8 billion and $2.7 billion for the first nine months of 2024 and 2023, respectively. 54 Our principal investing activities in the first nine months of 2024 included $1.9 billion of capital expenditures, which primarily related to the purchase of 12 Embraer 175 aircraft, three Boeing 737 MAX aircraft, three Boeing 737-800 aircraft lease repurchases, two Airbus A321neo aircraft, 39 aircraft engines and aircraft purchase deposits. Additionally, we had $627 million in net purchases of short-term investments. These cash outflows were offset in part by $598 million of proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at Los Angeles International Airport (LAX). Our principal investing activities in the first nine months of 2023 included $1.8 billion of capital expenditures, which primarily related to the purchase of 11 Boeing 737 MAX aircraft, six Embraer 175 aircraft, three used Bombardier CRJ 900 aircraft, two Airbus A321neo aircraft and 22 spare engines. Additionally, we had $1.5 billion in net purchases of short-term investments. These cash outflows were offset in part by $219 million of proceeds from sale-leaseback transactions and sale of property and equipment.

Financing Activities American's net cash used in financing activities was $1.5 billion and $2.4 billion for the first nine months of 2024 and 2023, respectively. American's principal financing activities in the first nine months of 2024 included $2.7 billion in scheduled repayments of debt and finance lease obligations. These cash outflows were offset in part by $1.3 billion of proceeds from issuance of long-term debt, consisting of $684 million from the issuance of EETCs in connection with the financing of certain aircraft that had been previously delivered and $571 million from the issuance of equipment loans and other notes payable. American's principal financing activities in the first nine months of 2023 included $2.3 billion in net repayments of debt and finance lease obligations primarily due to scheduled debt repayments. American refinanced approximately $1.8 billion in aggregate principal amount of term loans outstanding under the 2013 Term Loan Facility by extending the maturity of $1.0 billion in term loans under the 2013 Term Loan Facility and issuing $750 million in aggregate principal amount of the 7.25% Senior Secured Notes. In addition, American borrowed $663 million in connection with the financing of certain aircraft and repurchased $539 million of secured notes in the open market.

Embraer 1753 15 18 15 15 30 96 Total7 49 73 54 54 194 431 (1)Delivery schedule represents our best estimate as of the date of this report as described in footnote (d) to the "Contractual Obligations" table below. Actual delivery dates are subject to change, which could be material, based on various potential factors including production delays by the manufacturer and regulatory concerns. See Part II, Item 1A. Risk Factors - "We depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition." (2)As of the date of this report, due to a strike action affecting certain of its production facilities, The Boeing Company (Boeing) has suspended production of 737 MAX Family aircraft. In addition, we have committed to purchase 14 used Bombardier CRJ 900 aircraft which are scheduled to be delivered from 2024 through 2026. We also have agreements for 61 spare engines to be delivered in the fourth quarter of 2024 and beyond. The "Contractual Obligations" table below reflects these commitments. 56 We currently have financing commitments in place for all new aircraft scheduled to be delivered in 2024. Our ability to draw on the financing commitments we have in place is subject to (1) the satisfaction of various terms and conditions including, in some cases, on our acquisition of the aircraft by a certain date and (2) the performance by the relevant financing counterparty of its obligations thereunder.

Three Months EndedJune 30,Increase(Decrease)Six Months EndedJune 30,Increase(Decrease) 2024202320242023 Revenue passenger miles (millions) (a) 65,144 60,020 8.5%122,617 112,034 9.4%

1,529 1,470 4.0%1,529 1,470 4.0% Full-time equivalent employees at end of period 137,400 132,500 3.7%137,400 132,500 3.7% (a)Revenue passenger mile (RPM) - A basic measure of sales volume. One RPM represents one passenger flown one mile.

Other Costs We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel. Our 2024 third quarter total operating cost per available seat mile (CASM) was 17.92 cents, a decrease of 4.2% from 18.70 cents in the third quarter of 2023. Our 2024 third quarter CASM excluding net special items and fuel was 13.39 cents, an increase of 2.8% from 13.02 cents in the third quarter of 2023.

Payments Due by Period Remainderof 202420252026202720282029 and ThereafterTotal American Long-term debt: Principal amount (a), (c) $979 $3,866 $4,748 $4,957 $5,278 $6,369 $26,197

616 2,001 1,708 1,477 697 1,343 7,842 Minimum pension obligations (f) - 251 244 165 140 65 865 Retiree medical and other postretirement benefits 31 131 137 137 135 606 1,177

AAG Parent and Other AAG Subsidiaries Long-term debt: Principal amount (a) - 1,487 - - - 3,746 5,233 Interest obligations (b) - 145 152 188 190 392 1,067

Operating lease commitments5 13 13 8 7 46 92 Minimum pension obligations (f) - 2 2 1 1 3 9 Total AAG Contractual Obligations$3,919 $16,517 $15,317 $13,711 $11,819 $33,469 $94,752 (a)Amounts represent contractual amounts due. Excludes $313 million and $7 million of unamortized debt discount, premium and issuance costs as of September 30, 2024 for American and AAG Parent, respectively. For additional information, see Note 5 and Note 4 to AAG's and American's Condensed Consolidated Financial Statements in Part I, Items 1A and 1B, respectively.

(b)For variable-rate debt, future interest obligations are estimated using the current forward rates at September 30, 2024. (c)Includes $7.6 billion of future principal payments and $948 million of future interest payments as of September 30, 2024, related to EETCs associated with mortgage financings of certain aircraft and spare engines. (d)See "Aircraft and Engine Purchase Commitments" above for additional information about the firm commitment aircraft delivery schedule, in particular the footnotes to the table thereunder as to potential changes to such delivery schedule. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the manufacturer and regulatory concerns. Additionally, the amounts in the table exclude one and four Boeing 787 Family aircraft scheduled to be delivered in 2024 and 2025, respectively, in each case for which we have obtained committed lease financing. This financing is reflected in the operating lease commitments line above. 58 (e)Represents minimum payments under capacity purchase agreements with third-party regional carriers. These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American's actual payments could differ materially. Rental payments under operating leases for certain aircraft flown under these capacity purchase agreements are reflected in the operating lease commitments line above. (f)Represents minimum pension contributions based on actuarially determined estimates as of December 31, 2023 and is based on estimated payments through 2033. During the first nine months of 2024, we made required contributions of $284 million and a supplemental contribution of $12 million to our defined benefit pension plans. (g)Includes purchase commitments for aircraft fuel, flight equipment maintenance and information technology support and excludes obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

•issued $571 million of equipment loans and other notes payable in connection with the financing of certain aircraft. Reconciliation of GAAP to Non-GAAP Financial Measures We sometimes use financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with accounting principles generally accepted in the U.S. (GAAP) to understand and evaluate our current operating performance and to allow for period-to-period comparisons. We believe these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. We are providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The following table presents the reconciliation of pre-tax income (loss) (GAAP measure) to pre-tax income excluding net special items (non-GAAP measure). Management uses this non-GAAP financial measure to evaluate our current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items allows management an additional tool to understand our core operating performance. Three Months EndedSeptember 30,Nine Months EndedSeptember 30,

Mainline operating special items, net554 949 625 962 Regional operating special items, net- 2 - 8 Nonoperating special items, net(27)101 30 146 Total pre-tax net special items527 1,052 655 1,116

Pre-tax income excluding net special items$271 $362 $1,014 $2,205 (1)See Note 2 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items. 40 Additionally, the table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding net special items and fuel (non-GAAP measure) and CASM to CASM excluding net special items and fuel. Management uses total operating costs excluding net special items and fuel and CASM excluding net special items and fuel to evaluate our current operating performance and for period-to-period comparisons. The price of fuel, over which we have no control, impacts the comparability of period-to-period financial performance. The adjustment to exclude net special items and fuel allows management an additional tool to understand and analyze our non-fuel costs and core operating performance. Amounts may not recalculate due to rounding. Three Months EndedSeptember 30,Nine Months EndedSeptember 30,

2024202320242023 Reconciliation of CASM Excluding Net Special Items and Fuel: (In millions) Total operating expenses - GAAP$13,558 $13,705 $39,071 $37,348

Operating net special items (1): Mainline operating special items, net (554)(949)(625)(962) Regional operating special items, net - (2)- (8) Aircraft fuel and related taxes(2,874)(3,209)(8,916)(9,098)

(In cents) CASM17.92 18.70 17.64 17.96 Operating net special items per ASM (1): Mainline operating special items, net (0.73)(1.29)(0.28)(0.46) Regional operating special items, net- - - -

Aircraft fuel and related taxes per ASM(3.80)(4.38)(4.03)(4.38) CASM, excluding net special items and fuel13.39 13.02 13.34 13.12 (1)See Note 2 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items. 41

AAG's Results of Operations Operating Statistics The table below sets forth selected operating data for the three and nine months ended September 30, 2024 and 2023. Amounts may not recalculate due to rounding.

(f)Total revenue per available seat mile (TRASM) - Total revenues divided by ASMs. (g)Total operating cost per available seat mile (CASM) - Total operating expenses divided by ASMs. (h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are 52 regional aircraft in temporary storage as of September 30, 2024 as follows: 51 Embraer 145 and one Embraer 170. 42

Operating Expenses Three Months EndedSeptember 30,Increase(Decrease)PercentIncrease(Decrease) 20242023 (In millions, except percentage changes) Aircraft fuel and related taxes$2,874 $3,209 $(335)(10.4)

Operating Special Items, Net Three Months Ended September 30, 20242023 (In millions) Labor contract expenses (1) $516 $983 Other operating special items, net38 (34)

Operating Revenues Nine Months EndedSeptember 30,Increase(Decrease)PercentIncrease(Decrease) 20242023 (In millions, except percentage changes) Passenger$37,184 $36,502 $682 1.9

Cargo584 613 (29)(4.7) Other2,783 2,611 172 6.5 Total operating revenues$40,551 $39,726 $825 2.1 This table presents our passenger revenue and the period-over-period change in certain operating statistics:

Increase (Decrease) vs. Nine Months Ended September 30, 2023 Nine Months EndedSeptember 30, 2024RPMsASMsLoad Factor Passenger Yield PRASM (In millions)

Passenger revenue$37,184 8.4%6.5%1.5pts(6.0)%(4.3)% Passenger revenue increased $682 million, or 1.9%, in the first nine months of 2024 from the first nine months of 2023. In the first nine months of 2024, we experienced a 6.0% decrease in passenger yield on a 6.5% capacity growth year-over-year, as measured by ASMs. Load factor was 85.0% for the first nine months of 2024, compared to 83.5% for the first nine months of 2023. Our passenger revenue performance improved through the first nine months of 2024 as industry domestic capacity growth decelerated from July 2024. While we continue to see the impact of certain commercial initiatives we had previously deployed, we have made progress to regain our share of revenue lost as we continue to reset these initiatives. Cargo revenue decreased $29 million, or 4.7%, in the first nine months of 2024 from the first nine months of 2023, primarily due to a 17.2% decrease in cargo yield driven by increased air freight capacity, offset in part by a 15.1% increase in cargo ton miles. Other operating revenue increased $172 million, or 6.5%, in the first nine months of 2024 from the first nine months of 2023, driven primarily by higher revenue associated with our loyalty program. During the nine months ended September 30, 2024 and 2023, cash payments from co-branded credit card and other partners were $4.4 billion and $4.0 billion, respectively. Total operating revenues increased $825 million, or 2.1%, in the first nine months of 2024 from the first nine months of 2023, driven primarily by the increase in passenger revenue as described above. Our TRASM was 18.31 cents in the first nine months of 2024, a 4.1% decrease as compared to 19.10 cents in the first nine months of 2023. 46

Other4,843 4,487 356 7.9 Total operating expenses$39,071 $37,348 $1,723 4.6 Aircraft fuel and related taxes decreased $182 million, or 2.0%, in the first nine months of 2024 from the first nine months of 2023, primarily due to an 8.3% decrease in the average price per gallon of aircraft fuel including related taxes to $2.68 in the first nine months of 2024 from $2.93 in the first nine months of 2023, offset in part by a 6.9% increase in gallons of fuel consumed due to increased capacity. Salaries, wages and benefits increased $1.0 billion, or 9.4%, in the first nine months of 2024 from the first nine months of 2023, primarily driven by higher wage rates and costs for benefit-related items associated with the ratification of a new collective bargaining agreement with our mainline pilots in August 2023. Regional expenses increased $270 million, or 7.8%, in the first nine months of 2024 from the first nine months of 2023, primarily due to an increase in regional flight operations at our wholly-owned regional carriers and higher maintenance, materials and repair costs driven by an increase in the volume of engine overhauls and airframe heavy checks. Maintenance, materials and repairs increased $434 million, or 18.2%, in the first nine months of 2024 from the first nine months of 2023, primarily due to increased costs for engine overhauls, airframe heavy checks and component part repairs driven by higher volume. Other rent and landing fees increased $300 million, or 13.5%, in the first nine months of 2024 from the first nine months of 2023, primarily driven by rate increases at certain airports as a result of extensive redevelopment projects at various airports and an 8.3% increase in the number of departures, as well as incremental engine leases. Aircraft rent decreased $86 million, or 8.3%, in the first nine months of 2024 from the first nine months of 2023, primarily due to decreased rental payments associated with aircraft operating lease extensions. Selling expenses decreased $26 million, or 1.9%, in the first nine months of 2024 from the first nine months of 2023, primarily due to a decrease in commissions expense, offset in part by higher credit card fees driven by the overall increase in passenger revenues, and an increase in advertising expense. Other operating expenses increased $356 million, or 7.9%, in the first nine months of 2024 from the first nine months of 2023, primarily driven by the increase in flight operations, including increased costs for onboard food and catering, crew travel, passenger accommodation, ground handling and airport lounge operations, as well as certain general and administrative expenses. 47

Interest expense, net(1,464)(1,626)162 (10.0) Other expense, net(20)(119)99 (83.0) Total nonoperating expense, net$(1,121)$(1,289)$168 (13.0) Interest income decreased $93 million, or 20.4%, in the first nine months of 2024 from the first nine months of 2023, primarily due to a decrease in short-term investments subsequent to the third quarter of 2023. Interest expense, net decreased $162 million, or 10.0%, in the first nine months of 2024 from the first nine months of 2023, primarily due to lower outstanding debt subsequent to the third quarter of 2023. In the first nine months of 2024, other nonoperating expense, net included $31 million of foreign currency losses and $30 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments, offset in part by $76 million of non-service related pension and other postretirement benefit plan income. In the first nine months of 2023, other nonoperating expense, net primarily included $146 million of net special charges for debt refinancings and extinguishments and mark-to-market net unrealized losses associated with certain equity investments, offset in part by $32 million of non-service related pension and other postretirement benefit plan income.

Income Taxes In the first nine months of 2024, we recorded an income tax provision of $103 million. Substantially all of our income before income taxes is attributable to the United States.

527 1,052 (525)(49.9) Pre-tax income excluding net special items$271 $362 $(91)(25.2) (1)See "Reconciliation of GAAP to Non-GAAP Financial Measures" below and Note 2 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A for details on the components of net special items.

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023 Operating Revenues Three Months EndedSeptember 30,IncreasePercentIncrease

Nonoperating Results Three Months Ended September 30,Increase (Decrease) Percent Increase (Decrease) 20242023 (In millions, except percentage changes)

See Note 5 to American's Condensed Consolidated Financial Statements in Part I, Item 1B for additional information on income taxes. Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

Income Taxes American is a member of AAG's consolidated federal and certain state income tax returns. In the first nine months of 2024, American recorded an income tax provision of $208 million. Substantially all of American's income before income taxes is attributable to the United States.

Liquidity At September 30, 2024, AAG had $11.8 billion in total available liquidity and $752 million in restricted cash and short-term investments. Additional detail regarding our available liquidity is provided in the table below (in millions):

Sources and Uses of Cash AAG Operating Activities Our net cash provided by operating activities was $3.6 billion and $5.2 billion for the first nine months of 2024 and 2023, respectively, a period-over-period decrease of $1.6 billion. This decrease in operating cash flows from the 2023 period to the 2024 period was due to lower profitability in the first nine months of 2024 and net working capital changes. In addition, we contributed $296 million to our defined benefit pension plans in the first nine months of 2024 as compared to $68 million in the first nine months of 2023.

American Operating Activities American's net cash provided by operating activities was $3.5 billion and $5.1 billion for the first nine months of 2024 and 2023, respectively, a period-over-period decrease of $1.6 billion. This decrease in operating cash flows from the 2023 period to the 2024 period was due to lower profitability in the first nine months of 2024 and net working capital changes. In addition, American contributed $292 million to its defined benefit pension plans in the first nine months of 2024 as compared to $67 million in the first nine months of 2023.

Commitments Significant Indebtedness As of September 30, 2024, AAG had $31.4 billion in long-term debt, including current maturities of $5.3 billion. As of September 30, 2024, American had $26.2 billion in long-term debt, including current maturities of $3.8 billion. All material changes in our significant indebtedness since our 2023 Form 10-K are discussed in Note 5 to AAG's Condensed Consolidated Financial Statements in Part I, Item 1A and Note 4 to American's Condensed Consolidated Financial Statements in Part I, Item 1B.

Aircraft and Engine Purchase Commitments As of September 30, 2024, we had definitive purchase agreements for the acquisition of the following new aircraft (1):

Remainderof 202420252026202720282029 and ThereafterTotal Airbus A320neo Family3 7 28 34 14 64 150 Boeing 737 MAX Family (2) - 17 23 - 20 95 155 787 Family1 10 4 5 5 5 30

Aircraft rent314 344 (30)(8.6) Selling expenses456 489 (33)(6.8) Depreciation and amortization474 483 (9)(1.9) Other1,640 1,495 145 9.7 Total operating expenses$12,950 $11,892 $1,058 8.9 42 Aircraft fuel and related taxes increased $338 million, or 12.4%, in the second quarter of 2024 from the second quarter of 2023 primarily due to an 8.8% increase in gallons of fuel consumed due to increased capacity and a 3.3% increase in the average price per gallon of aircraft fuel including related taxes to $2.70 in the second quarter of 2024 from $2.62 in the second quarter of 2023. Salaries, wages and benefits increased $318 million, or 8.7%, in the second quarter of 2024 from the second quarter of 2023 primarily driven by higher wage rates and costs for benefit-related items associated with the ratification of a new collective bargaining agreement with our mainline pilots in August 2023. Regional expenses increased $115 million, or 10.0%, in the second quarter of 2024 from the second quarter of 2023 primarily due to an increase in regional flight operations at our wholly-owned regional carriers. An increase in the volume of engine overhauls also contributed to higher costs for maintenance, materials and repairs. Maintenance, materials and repairs increased $142 million, or 17.6%, in the second quarter of 2024 from the second quarter of 2023 primarily due to increased costs for engine overhauls, component part repairs and airframe heavy checks driven by higher volume and flight hours. Other rent and landing fees increased $72 million, or 9.5%, in the second quarter of 2024 from the second quarter of 2023 primarily driven by rate increases at certain airports and incremental engine leases. Aircraft rent decreased $30 million, or 8.6%, in the second quarter of 2024 from the second quarter of 2023 primarily due to decreased rental payments associated with aircraft operating lease extensions. Selling expenses decreased $33 million, or 6.8%, in the second quarter of 2024 from the second quarter of 2023 primarily due to a decrease in commissions expense, offset in part by higher credit card fees driven by the overall increase in passenger revenues. Other operating expenses increased $145 million, or 9.7%, in the second quarter of 2024 from the second quarter of 2023 primarily driven by the increase in flight operations, including increased costs for onboard food and catering, crew travel, ground handling and airport lounge operations, as well as certain general and administrative expenses.

Income Taxes American is a member of AAG's consolidated federal and certain state income tax returns. In 2023, American recorded an income tax provision of $394 million with an effective rate of approximately 25%, which was substantially non-cash. Substantially all of American's income before income taxes is attributable to the United States. At December 31, 2023, American had approximately $13.7 billion of gross federal NOLs and $3.6 billion of other carryforwards available to reduce future federal taxable income, of which $3.8 billion will expire beginning in 2033 if unused and $13.5 billion can be carried forward indefinitely. American also had approximately $5.3 billion of NOL carryforwards to reduce future state taxable income at December 31, 2023, which will expire in taxable years 2023 through 2043 if unused.

Total available liquidity$10,440 $11,998 $10,427 $11,985 In the ordinary course of our business, we or our affiliates may, at any time and from time to time, seek to prepay, retire or repurchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, prepayments, retirements or exchanges, if any, will be conducted on such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, legal and contractual restrictions and other factors. The amounts involved may be material. For further information regarding our debt repurchases for the year ended December 31, 2023, see Note 4 to AAG's Consolidated Financial Statements in Part II, Item 8A and Note 3 to American's Consolidated Financial Statements in Part II, Item 8B.

Off-Balance Sheet Arrangements An off-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or that engages in leasing, hedging or research and development arrangements with us. We have no off-balance sheet arrangements of the types described in the first three categories above that we believe may have a material current or future effect on financial condition, liquidity or results of operations. 72

(b)For variable-rate debt, future interest obligations are estimated using the current forward rates at June 30, 2024. 54 (c)Includes $7.1 billion of future principal payments and $895 million of future interest payments as of June 30, 2024, related to EETCs associated with mortgage financings of certain aircraft and spare engines. (d)See "Aircraft and Engine Purchase Commitments" above for additional information about the firm commitment aircraft delivery schedule, in particular the footnote to the table thereunder as to potential changes to such delivery schedule. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the manufacturer and regulatory concerns. Additionally, the amounts in the table exclude three and two Boeing 787 Family aircraft scheduled to be delivered in 2024 and 2025, respectively, in each case for which we have obtained committed lease financing. This financing is reflected in the operating lease commitments line above. (e)Represents minimum payments under capacity purchase agreements with third-party regional carriers. These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American's actual payments could differ materially. Rental payments under operating leases for certain aircraft flown under these capacity purchase agreements are reflected in the operating lease commitments line above. (f)Represents minimum pension contributions based on actuarially determined estimates as of December 31, 2023 and is based on estimated payments through 2033. During the first six months of 2024, we made required contributions of $281 million to our defined benefit pension plans. (g)Includes purchase commitments for aircraft fuel, flight equipment maintenance and information technology support and excludes obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility.

Capital Raising Activity and Other Possible Actions In light of our significant financial commitments related to, among other things, the servicing and amortization of existing debt and equipment leasing arrangements and new flight equipment, we and our subsidiaries will regularly consider, and enter into negotiations related to, capital raising and liability management activity, which may include the entry into leasing transactions and future issuances of, and transactions designed to manage the timing and amount of, secured or unsecured debt obligations or additional equity or equity-linked securities in public or private offerings or otherwise. The cash available from operations (if any) and these sources, however, may not be sufficient to cover our cash obligations because economic factors may reduce the amount of cash generated by operations or increase costs. For instance, an economic downturn or general global instability caused by military actions, terrorism, disease outbreaks (such as the COVID-19 pandemic), natural disasters or other causes could reduce the demand for air travel, which would reduce the amount of cash generated by operations. See Part II, Item 1A. Risk Factors - "Downturns in economic conditions could adversely affect our business" for additional discussion. An increase in costs, either due to an increase in borrowing costs caused by a reduction in credit ratings or a general increase in interest rates, or due to an increase in the cost of fuel, maintenance, aircraft, aircraft engines or parts, could decrease the amount of cash available to cover cash contractual obligations. Moreover, certain of our financing arrangements contain significant minimum cash balance or similar liquidity requirements. As a result, we cannot use all of our available cash to fund operations, capital expenditures and cash obligations without violating these requirements. In the past, we have from time to time refinanced, redeemed or repurchased our debt and taken other steps to reduce or otherwise manage the aggregate amount and cost of our debt, lease and other obligations or otherwise improve our balance sheet. Going forward, depending on market conditions, our cash position and other considerations, we may continue to take such actions, and the amounts involved may be material.

(f)Total revenue per available seat mile (TRASM) - Total revenues divided by ASMs. (g)Total operating cost per available seat mile (CASM) - Total operating expenses divided by ASMs. (h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are 65 regional aircraft in temporary storage as of June 30, 2024 as follows: 55 Embraer 145, eight Bombardier CRJ 700 and two Embraer 170. 41