October 22, 2026 — American Airlines reported a third-quarter loss on Thursday despite record revenue, and now expects to lose money for all of 2026 as fuel costs surge. CEO Robert Isom said growth will slow “considerably” in 2027. The widebody order flagged ahead of earnings was not announced; Isom said he hopes to finish that deal this year.
Update: our October 21 story said American could order up to 70 widebodies alongside these results. No order came with Thursday’s release.
The numbers
Revenue rose 19.3% to a third-quarter record, but fuel expense jumped 67.5% as American paid an average of $3.85 a gallon. The airline expects fuel to average about $4.70 a gallon in the fourth quarter.
| Measure (Q3 2026) | Result |
|---|---|
| Total revenue | $16.3 billion, up 19.3% |
| Net loss (GAAP) | $269 million, or $0.41 a share (loss of $114 million a year earlier) |
| Adjusted net loss | $182 million, or $0.28 a share |
| Fuel expense | $4.6 billion, up $1.9 billion |
| Load factor | 83.4%, down 2.6 points |
| Departures | About 585,000, up 3.7% |
| Employees (full-time equivalent) | 141,100 (107,700 mainline, 33,400 regional), up 3.1% |
| Liquidity | $11.8 billion |
Premium revenue grew 22.9% and managed corporate revenue 27.6%. AAdvantage enrollments rose 27.4%.
Outlook
- Fourth quarter 2026: capacity up 5.5% to 6.5%, revenue up 19.5% to 22.5%, and an adjusted loss of $0.50 to $1.10 a share.
- Full year 2026: an adjusted loss of $1.00 to $1.60 a share. Reuters notes the previous range, from a 65-cent profit to a 65-cent loss, had allowed for a profit.
- 2027: no capacity figure yet. Management said growth will slow from 2026 levels, that any capacity changes are more likely to be cuts, and that flying fewer hours per aircraft is the first lever it would pull.
Widebody order and fleet
On the earnings call, Isom said American has been running a widebody campaign for six or seven months, that it would let the airline replace its Boeing 777-200 fleet in the next decade, and that he hopes to wrap it up this year. Aircraft type, number and delivery dates are TBA.
- Starlink Wi-Fi is being expanded to more than 1,000 mainline aircraft.
- Seatback screens are coming to narrowbodies, starting with new deliveries in 2028.
- A narrowbody retrofit will raise premium seating to about 40% of seats, from about 30% today. Timing beyond “the coming years” is TBA.
Chief commercial officer Nat Pieper said the Dallas Fort Worth rebank delivered record passenger volumes with fewer missed connections, and that schedule work is under way in Chicago, Miami, Philadelphia and Phoenix.
What it means for non-revs
- Slightly more room right now. Load factor fell 2.6 points to 83.4% in the third quarter while departures grew, which helps standby odds at the margin.
- Holiday seats are growing. Fourth-quarter capacity is planned up 5.5% to 6.5%, so there should be more seats in the system for Thanksgiving and Christmas than last year. Peak days will still be full; check loads early.
- 2027 could be tighter. Slower growth and lower aircraft utilization usually mean fewer off-peak and late-night flights. Expect fuller planes if American trims schedules next year; details are TBA.
- More premium seats over time. The narrowbody retrofit will add first-class and premium seats, which may help pass riders whose privileges allow upgrades.
- No pass policy changes were announced with the results.
Sources
- American Airlines Group via StockTitan — American sets new revenue records amid historic fuel cost
- Reuters via Investing.com — American Airlines forecasts 2026 loss as fuel costs outpace fare gains
- Benzinga — American Airlines Group Q3 2026 Earnings Call Transcript
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