American Airlines Group Inc. expects an adjusted loss of $1.00 to $1.60 per diluted share in 2026 after third-quarter fuel expense increased $1.9 billion from a year earlier.
Revenue rose 19.3% to $16.3 billion in the quarter ended Sept. 30. American reported a net loss of $269 million, or $0.41 per diluted share, under generally accepted accounting principles (GAAP). After excluding $87 million in after-tax special items, the adjusted loss was $182 million, or $0.28 per diluted share.
Fuel expense was 67.5% higher than a year earlier. The airline reported an average third-quarter fuel price of $3.85 per gallon. American's 10-Q linked the increase in fuel expense to a 62.7% rise in average fuel prices and 3% more gallons used as capacity expanded.
Premium-cabin revenue rose 22.9% from a year earlier, while Main Cabin revenue increased 19.5%. For the fourth quarter, American projects an adjusted loss of $0.50 to $1.10 per diluted share and revenue growth of 19.5% to 22.5% year over year.
The fourth-quarter forecast assumes an average fuel price of about $4.70 per gallon, using the forward curve as of Oct. 19. American projects its fourth-quarter fuel bill will exceed the year-earlier quarter by roughly $2.8 billion.
The carrier expects network expansion to decelerate in 2027 from this year's pace as fuel costs remain high. Its Oct. 22 Form 8-K includes results for the three and nine months ended Sept. 30, along with the earnings release and an investor presentation.
