v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Instrument [Line Items]  
Debt Debt
Debt included in the condensed consolidated balance sheets consisted of (in millions):
June 30, 2026December 31, 2025
Secured
2013 Term Loan Facility, variable interest rate of 5.94%, installments until due in February 2028
$960 $970 
2014 Term Loan Facility, variable interest rate of 6.67%, installments until due in May 2033
1,850 1,159 
2023 Term Loan Facility, variable interest rate of 5.91%, installments until due in June 2029
1,078 1,078 
7.25% senior secured notes, interest only payments until due in February 2028
750 750 
8.50% senior secured notes
— 1,000 
5.50% senior secured notes (1)
— 583 
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)
3,000 3,000 
2021 AAdvantage Term Loan Facility, variable interest rate of 5.93%, installments until due in April 2028 (1)
2,252 2,264 
2025 AAdvantage Term Loan Facility, variable interest rate of 6.43%, installments until due in May 2032 (1)
990 995 
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.41%, maturing from 2026 to 2038
8,627 6,912 
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.37%, averaging 5.43%, maturing from 2027 to 2038
4,523 4,719 
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036
789 789 
24,819 24,219 
Unsecured
PSP1 Promissory Note, variable interest rate of 5.68%, interest only payments until due in April 2030
1,757 1,757 
PSP2 Promissory Note, variable interest rate of 5.68%, interest only payments until due in January 2031
1,030 1,030 
PSP3 Promissory Note, variable interest rate of 5.68%, interest only payments until due in April 2031
959 959 
Senior short-term term loan facility— 629 
3,746 4,375 
Total28,565 28,594 
Less: Total unamortized debt discount, premium and issuance costs332 314 
Less: Current maturities2,979 3,641 
Long-term debt, net of current maturities$25,254 $24,639 
(1)Collectively referred to as the AAdvantage Financing.
As of June 30, 2026, the maximum availability under our revolving credit and other facilities is as follows (in millions):
2013 Revolving Facility$363 
2014 Revolving Facility 1,296 
2023 Revolving Facility 1,451 
Other facilities (1)
400 
Total$3,510 
(1)Includes a revolving credit facility that provides for borrowing capacity of up to $350 million. In March 2026, American elected to exercise its option to extend the maturity date of the revolving credit facility by an additional year to March 2028. Additionally, American currently has $50 million of available borrowing capacity under a cargo receivables facility that is scheduled to expire in December 2026. There are no amounts drawn under these facilities.
Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.
2026 Financing Activities
2013 Credit Facilities
In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments and established new revolving commitments in an aggregate amount of $363 million and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $155 million (the newly established revolving commitments, the 2013 Revolving Facility), which mature in March 2031. All other terms of the 2013 Revolving Facility are substantially similar to the prior revolving commitments.
2014 Credit Facilities
In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015 (as amended, the Prior 2014 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments and established new revolving commitments in an aggregate amount of approximately $1.3 billion and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $195 million (the newly established revolving commitments, the 2014 Revolving Facility), which mature in March 2031. All other terms of the 2014 Revolving Facility are substantially similar to the prior revolving commitments.
In May 2026, American and AAG entered into the Twelfth Amendment to the Amended and Restated Credit and Guaranty Agreement (the Twelfth Amendment), amending the Prior 2014 Credit Agreement (as amended, the 2014 Credit Agreement), pursuant to which American refinanced in full the existing term loans under the then-existing credit agreement, which were scheduled to mature in January 2027, by incurring term loans in an aggregate principal amount of approximately $1.1 billion (the 2026 Refinancing Term Loans) and incurred incremental term loans in an aggregate principal amount of $703 million (the 2026 Incremental Term Loans and, together with the 2026 Refinancing Term Loans, the 2026 Term Loans, and such facility, the 2014 Term Loan Facility). Additionally, as a result of the Twelfth Amendment, the 2026 Term Loans bear interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 2.00% per annum or, at American’s option, the Secured Overnight Financing Rate (SOFR) for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 3.00% per annum. The 2026 Term Loans mature in May 2033, and shall be repaid in annual installments of 1.00% of the aggregate amount of 2026 Term Loans outstanding, which is scheduled to begin in May 2027.
2023 Credit Facilities
In March 2026, American and AAG entered into the Fourth Amendment to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement, dated as of December 4, 2023, pursuant to which American terminated all then-existing revolving commitments and established new revolving commitments in an aggregate amount of approximately $1.5 billion (the newly established revolving commitments, the 2023 Revolving Facility), which mature in March 2031. All other terms of the 2023 Revolving Facility are substantially similar to the prior revolving commitments.
2025 AAdvantage Term Loan Facility
In February 2026, American and AAdvantage Loyalty IP Ltd., a Cayman Islands exempted company incorporated with limited liability and an indirect wholly-owned subsidiary of American (together with American, the AAdvantage Issuers) entered into a fourth amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the AAdvantage Fourth Amendment). As a result of the AAdvantage Fourth Amendment, the term loans outstanding under the 2025 AAdvantage Term Loan Facility were replaced with new term loans in the same principal amount. Pursuant to the AAdvantage Fourth Amendment, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 1.75% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 2.75% per annum. All other terms of the 2025 AAdvantage Term Loan Facility remain substantially similar.
2026-1 Class (B)R Aircraft EETCs
In March 2026, American entered into agreements under which it borrowed $870 million in connection with the financing of certain aircraft that had been previously delivered. Debt incurred under these agreements is junior to existing equipment notes secured by such previously delivered aircraft, matures in 2028 through 2029 and bears interest at a fixed rate of 5.61%.
2025-1 Aircraft EETCs
In November 2025, American created two pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2025-1 Class A and Class B EETCs (the 2025-1 Aircraft EETCs) in connection with the financing of 25 aircraft delivered to American from October 2025 through March 2026 (the 2025-1 Aircraft). In 2025, $978 million of the proceeds were used to purchase equipment notes issued by American in connection with the financing of 21 of the 2025-1 Aircraft. During the first six months of 2026, approximately $127 million of proceeds were used to purchase equipment notes issued by American in connection with the financing of the four remaining 2025-1 Aircraft. As of June 30, 2026, there were no remaining proceeds held in escrow, and all proceeds had been used to purchase equipment notes issued by American. Interest and principal payments on equipment notes issued in connection with the 2025-1 Aircraft EETCs are payable semi-annually in May and November each year, with interest payments that began in May 2026 and principal payments scheduled to begin in November 2026.
Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of June 30, 2026, is set forth in the table below:
 2025-1 Aircraft EETCs
 Series ASeries B
Aggregate principal issued$884 million$221 million
Fixed interest rate per annum4.90%5.65%
Maturity dateMay 2038November 2034
2026-1 Aircraft EETCs
In May 2026, American created two pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2026-1 Class A and Class B EETCs (the 2026-1 Aircraft EETCs) in connection with the financing of 32 aircraft previously delivered or to be delivered to American from April 2013 through July 2026 (the 2026-1 Aircraft). As of June 30, 2026, approximately $973 million of the proceeds were used to purchase equipment notes issued by American in connection with the financing of 29 of the 2026-1 Aircraft. Interest and principal payments on equipment notes issued in connection with the 2026-1 Aircraft EETCs are payable semi-annually in May and November each year, with interest and principal payments scheduled to begin in November 2026. The remaining proceeds of approximately $168 million as of June 30, 2026, were being held in escrow with a depositary for the benefit of the holders of the 2026-1 Aircraft EETCs until such time as American issues additional equipment notes with respect to the remaining 2026-1 Aircraft to the pass-through trusts, which will purchase such additional equipment notes with the escrowed funds. These escrowed funds are not guaranteed by American and are not reported as debt on its consolidated balance sheet because the proceeds held by the depositary for the benefit of the holders of the 2026-1 Aircraft EETCs are not American’s assets.
Certain information regarding the 2026-1 Aircraft EETC equipment notes, as of June 30, 2026, is set forth in the table below:
 2026-1 Aircraft EETCs
 Series ASeries B
Aggregate principal issued$905 million$236 million
Remaining escrowed proceeds$133 million$35 million
Fixed interest rate per annum5.25%5.75%
Maturity dateNovember 2038May 2035
2026 Engine EETCs
In June 2026, American created two pass-through trusts which issued $567 million aggregate face amount of 2026 Engine EETCs (the 2026 Engine EETCs), to refinance in full the $228 million outstanding principal amount of the 2019-1 Engine EETCs upon maturity and incur incremental borrowings in the aggregate principal amount of $339 million. The 2026 Engine EETCs have maturity dates from June 2031 to June 2033 and bear interest at a fixed rate of 5.46% to 6.04%.
Equipment Loans and Other Notes Payable Issued in 2026
During the first six months of 2026, American entered into agreements under which it borrowed $150 million in connection with the financing of certain aircraft. Debt incurred under these agreements matures in 2038 and bears interest at variable rates (comprised of SOFR plus an applicable margin) averaging 4.31% as of June 30, 2026.
Other Financing Activities
During the first six months of 2026, American paid in full $629 million of the outstanding principal amount of the senior short-term term loan facility due January 2026 and prepaid in full $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes. Additionally, American prepaid $310 million of the outstanding principal amounts of equipment notes issued under EETCs, and these amounts were applied to repay the related trust certificates.
American Airlines, Inc.  
Debt Instrument [Line Items]  
Debt Debt
Debt included in the condensed consolidated balance sheets consisted of (in millions):
June 30, 2026December 31, 2025
Secured
2013 Term Loan Facility, variable interest rate of 5.94%, installments until due in February 2028
$960 $970 
2014 Term Loan Facility, variable interest rate of 6.67%, installments until due in May 2033
1,850 1,159 
2023 Term Loan Facility, variable interest rate of 5.91%, installments until due in June 2029
1,078 1,078 
7.25% senior secured notes, interest only payments until due in February 2028
750 750 
8.50% senior secured notes
— 1,000 
5.50% senior secured notes (1)
— 583 
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)
3,000 3,000 
2021 AAdvantage Term Loan Facility, variable interest rate of 5.93%, installments until due in April 2028 (1)
2,252 2,264 
2025 AAdvantage Term Loan Facility, variable interest rate of 6.43%, installments until due in May 2032 (1)
990 995 
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.15%, averaging 4.41%, maturing from 2026 to 2038
8,627 6,912 
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 6.37%, averaging 5.43%, maturing from 2027 to 2038
4,523 4,719 
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036
789 789 
24,819 24,219 
Unsecured
Senior short-term term loan facility— 629 
Total24,819 24,848 
Less: Total unamortized debt discount, premium and issuance costs330 313 
Less: Current maturities2,979 3,641 
Long-term debt, net of current maturities$21,510 $20,894 
(1)Collectively referred to as the AAdvantage Financing.
As of June 30, 2026, the maximum availability under American’s revolving credit and other facilities is as follows (in millions):
2013 Revolving Facility$363 
2014 Revolving Facility1,296 
2023 Revolving Facility1,451 
Other facilities (1)
400 
Total$3,510 
(1)Includes a revolving credit facility that provides for borrowing capacity of up to $350 million. In March 2026, American elected to exercise its option to extend the maturity date of the revolving credit facility by an additional year to March 2028. Additionally, American currently has $50 million of available borrowing capacity under a cargo receivables facility that is scheduled to expire in December 2026. There are no amounts drawn under these facilities.
Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.
2026 Financing Activities
2013 Credit Facilities
In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments and established new revolving commitments in an aggregate amount of $363 million and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $155 million (the newly established revolving commitments, the 2013 Revolving Facility), which mature in March 2031. All other terms of the 2013 Revolving Facility are substantially similar to the prior revolving commitments.
2014 Credit Facilities
In March 2026, American and AAG entered into the Eleventh Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015 (as amended, the Prior 2014 Credit Agreement), pursuant to which American terminated all then-existing revolving commitments and letter of credit commitments and established new revolving commitments in an aggregate amount of approximately $1.3 billion and new letter of credit commitments (which are part of, and not in addition to, the revolving credit commitments) in an aggregate amount of $195 million (the newly established revolving commitments, the 2014 Revolving Facility), which mature in March 2031. All other terms of the 2014 Revolving Facility are substantially similar to the prior revolving commitments.
In May 2026, American and AAG entered into the Twelfth Amendment to the Amended and Restated Credit and Guaranty Agreement (the Twelfth Amendment), amending the Prior 2014 Credit Agreement (as amended, the 2014 Credit Agreement), pursuant to which American refinanced in full the existing term loans under the then-existing credit agreement, which were scheduled to mature in January 2027, by incurring term loans in an aggregate principal amount of approximately $1.1 billion (the 2026 Refinancing Term Loans) and incurred incremental term loans in an aggregate principal amount of $703 million (the 2026 Incremental Term Loans and, together with the 2026 Refinancing Term Loans, the 2026 Term Loans, and such facility, the 2014 Term Loan Facility). Additionally, as a result of the Twelfth Amendment, the 2026 Term Loans bear interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 2.00% per annum or, at American’s option, the Secured Overnight Financing Rate (SOFR) for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 3.00% per annum. The 2026 Term Loans mature in May 2033, and shall be repaid in annual installments of 1.00% of the aggregate amount of 2026 Term Loans outstanding, which is scheduled to begin in May 2027.
2023 Credit Facilities
In March 2026, American and AAG entered into the Fourth Amendment to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement, dated as of December 4, 2023, pursuant to which American terminated all then-existing revolving commitments and established new revolving commitments in an aggregate amount of approximately $1.5 billion (the newly established revolving commitments, the 2023 Revolving Facility), which mature in March 2031. All other terms of the 2023 Revolving Facility are substantially similar to the prior revolving commitments.
2025 AAdvantage Term Loan Facility
In February 2026, American and AAdvantage Loyalty IP Ltd., a Cayman Islands exempted company incorporated with limited liability and an indirect wholly-owned subsidiary of American (together with American, the AAdvantage Issuers) entered into a fourth amendment to the term loan credit and guaranty agreement dated March 24, 2021 (the AAdvantage Fourth Amendment). As a result of the AAdvantage Fourth Amendment, the term loans outstanding under the 2025 AAdvantage Term Loan Facility were replaced with new term loans in the same principal amount. Pursuant to the AAdvantage Fourth Amendment, the 2025 AAdvantage Term Loan Facility bears interest at a base rate (subject to a floor of 0.00%) plus an applicable margin of 1.75% per annum or, at the AAdvantage Issuers’ option, the SOFR rate for a tenor of three months (subject to a floor of 0.00%), plus an applicable margin of 2.75% per annum. All other terms of the 2025 AAdvantage Term Loan Facility remain substantially similar.
2026-1 Class (B)R Aircraft EETCs
In March 2026, American entered into agreements under which it borrowed $870 million in connection with the financing of certain aircraft that had been previously delivered. Debt incurred under these agreements is junior to existing equipment notes secured by such previously delivered aircraft, matures in 2028 through 2029 and bears interest at a fixed rate of 5.61%.
2025-1 Aircraft EETCs
In November 2025, American created two pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2025-1 Class A and Class B EETCs (the 2025-1 Aircraft EETCs) in connection with the financing of 25 aircraft delivered to American from October 2025 through March 2026 (the 2025-1 Aircraft). In 2025, $978 million of the proceeds were used to purchase equipment notes issued by American in connection with the financing of 21 of the 2025-1 Aircraft. During the first six months of 2026, approximately $127 million of proceeds were used to purchase equipment notes issued by American in connection with the financing of the four remaining 2025-1 Aircraft. As of June 30, 2026, there were no remaining proceeds held in escrow, and all proceeds had been used to purchase equipment notes issued by American. Interest and principal payments on equipment notes issued in connection with the 2025-1 Aircraft EETCs are payable semi-annually in May and November each year, with interest payments that began in May 2026 and principal payments scheduled to begin in November 2026.
Certain information regarding the 2025-1 Aircraft EETC equipment notes, as of June 30, 2026, is set forth in the table below:
 2025-1 Aircraft EETCs
 Series ASeries B
Aggregate principal issued$884 million$221 million
Fixed interest rate per annum4.90%5.65%
Maturity dateMay 2038November 2034
2026-1 Aircraft EETCs
In May 2026, American created two pass-through trusts which issued approximately $1.1 billion aggregate face amount of Series 2026-1 Class A and Class B EETCs (the 2026-1 Aircraft EETCs) in connection with the financing of 32 aircraft previously delivered or to be delivered to American from April 2013 through July 2026 (the 2026-1 Aircraft). As of June 30, 2026, approximately $973 million of the proceeds were used to purchase equipment notes issued by American in connection with the financing of 29 of the 2026-1 Aircraft. Interest and principal payments on equipment notes issued in connection with the 2026-1 Aircraft EETCs are payable semi-annually in May and November each year, with interest and principal payments scheduled to begin in November 2026. The remaining proceeds of approximately $168 million as of June 30, 2026, were being held in escrow with a depositary for the benefit of the holders of the 2026-1 Aircraft EETCs until such time as American issues additional equipment notes with respect to the remaining 2026-1 Aircraft to the pass-through trusts, which will purchase such additional equipment notes with the escrowed funds. These escrowed funds are not guaranteed by American and are not reported as debt on its consolidated balance sheet because the proceeds held by the depositary for the benefit of the holders of the 2026-1 Aircraft EETCs are not American’s assets.
Certain information regarding the 2026-1 Aircraft EETC equipment notes, as of June 30, 2026, is set forth in the table below:
 2026-1 Aircraft EETCs
 Series ASeries B
Aggregate principal issued$905 million$236 million
Remaining escrowed proceeds$133 million$35 million
Fixed interest rate per annum5.25%5.75%
Maturity dateNovember 2038May 2035
2026 Engine EETCs
In June 2026, American created two pass-through trusts which issued $567 million aggregate face amount of 2026 Engine EETCs (the 2026 Engine EETCs), to refinance in full the $228 million outstanding principal amount of the 2019-1 Engine EETCs upon maturity and incur incremental borrowings in the aggregate principal amount of $339 million. The 2026 Engine EETCs have maturity dates from June 2031 to June 2033 and bear interest at a fixed rate of 5.46% to 6.04%.
Equipment Loans and Other Notes Payable Issued in 2026
During the first six months of 2026, American entered into agreements under which it borrowed $150 million in connection with the financing of certain aircraft. Debt incurred under these agreements matures in 2038 and bears interest at variable rates (comprised of SOFR plus an applicable margin) averaging 4.31% as of June 30, 2026.
Other Financing Activities
During the first six months of 2026, American paid in full $629 million of the outstanding principal amount of the senior short-term term loan facility due January 2026 and prepaid in full $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes. Additionally, American prepaid $310 million of the outstanding principal amounts of equipment notes issued under EETCs, and these amounts were applied to repay the related trust certificates.