AAL Q2 revenue +16% but operating income plunges 61% as fuel costs surge 83%

Filed July 23, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 24, 2025 · ~1 min read

Key Changes

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  Operating income fell 61% YoY to $446M despite 16.3% revenue growth, driven by fuel expense surging 83% to $4.9B as average fuel price jumped 77% to $4.05/gallon from $2.29/gallon.

  MD&A: Operating Results verify on EDGAR →
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  Fuel price volatility intensified with H1 2026 spot prices ranging from $1.86 to $4.78 per gallon (157% swing); filing now explicitly cites Middle East and Ukraine conflicts as ongoing drivers.

  MD&A: Fuel Price Volatility verify on EDGAR →
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  Passenger yield rose 12% to 22.33 cents and PRASM increased 10% to 18.59 cents, reversing prior-year declines and indicating pricing power despite fuel headwinds.

  MD&A: Passenger Revenue verify on EDGAR →