For the year ending 2025-12-31, AAL had $154M increase in cash & cash equivalents over the period. -$680M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net cash provided by operating activities | 3,099 | 3,983 | 3,803 | 2,173 |
| Capital expenditures and aircraft purchase deposits | 3,779 | 2,683 | 2,596 | 2,546 |
| Airport construction projects, net of reimbursements | - | - | - | 360 |
| Proceeds from sale-leaseback transactions and sale of property and equipment | 344 | 654 | 230 | 86 |
| Proceeds from sale of property and equipment | - | - | - | 61 |
| Sales of short-term investments | 6,189 | 8,013 | 8,861 | 14,972 |
| Purchases of short-term investments | 4,905 | 7,194 | 7,323 | 11,257 |
| Decrease in restricted short-term investments | -3 | -177 | -51 | -1 |
| Purchase of equity investments | - | 0 | 0 | 321 |
| Other investing activities | -254 | -65 | -275 | 0 |
| Net cash used in investing activities | -1,894 | -968 | -502 | 636 |
| Payments on long-term debt and finance leases | 5,504 | 4,467 | 7,718 | 3,752 |
| Proceeds from issuance of long-term debt | 3,773 | 1,670 | 4,822 | 1,069 |
| Deferred financing costs | - | - | - | 4 |
| Shares withheld for taxes pursuant to employee stock plans and treasury stock repurchases | - | - | - | 21 |
| Proceeds from issuance of equity | - | - | 0 | 0 |
| Dividend payments | - | - | - | 0 |
| Net proceeds from fuel financing-Fuel Financing Arrangement | 840 | - | - | - |
| Other financing activities | -160 | 3 | -310 | 77 |
| Net cash used in financing activities | -1,051 | -2,794 | -3,206 | -2,631 |
| Net increase in cash and restricted cash | 154 | 221 | 95 | 178 |
| Cash and cash equivalents at beginning of period | 902 | 681 | 586 | 408 |
| Cash and cash equivalents at end of period | 1,056 | 902 | 681 | 586 |
American Airlines Group Inc. (AAL)
American Airlines Group Inc. (AAL)