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# American Airlines' Fuel Bill Rose $1.9 Billion, Pushing Third-Quarter Net Loss To $269 Million
- URL: https://www.bullished.co/american-airlines-fuel-bill-rose-1-9-billion-pushing-third-quarter-net-loss-to-269-million-671cae2c/
- Published: 2026-10-22T11:07:03.000Z
- Updated: 2026-10-22T11:07:03.000Z
- Description: Revenue grew 19.3% to $16.3 billion, and the airline guides to an adjusted loss of $0.50 to $1.10 per share for the fourth quarter.
- Author: Matteo Parrino
- Tags: Earnings, AAL, Industry: Industrials

American Airlines lost [$269 million](https://www.sec.gov/Archives/edgar/data/0000006201/000000620126000064/a8kerexhibit991q3-26.htm?ref=bullished.co), or $0.41 per diluted share, in the third quarter, even as revenue rose 19.3% to $16.3 billion, the company said in an earnings release filed Thursday. Fuel expense rose $1.9 billion, or 67.5%, from a year earlier.

## What the release says

Revenue came in above the high end of the company's earlier guidance range. The company said the [19.3% growth](https://www.sec.gov/Archives/edgar/data/0000006201/000000620126000064/a8kerexhibit991q3-26.htm?ref=bullished.co) is its highest outside the years following the pandemic.

American paid an average of $3.85 per gallon for fuel in the quarter. Operating income fell to $115 million from $151 million a year earlier.

On an adjusted basis, which excludes special items, the net loss was $182 million, or $0.28 per share. The company noted that this was only $71 million worse than the third quarter of 2025, despite the fuel increase.

CEO Robert Isom called it "record third-quarter revenue and the strongest year-over-year revenue growth in my career." He added that "historically high fuel prices significantly impacted our financial results."

Premium revenue rose 22.9% and Main Cabin revenue rose 19.5%. Managed corporate revenue grew 27.6%, the sixth straight quarter of double-digit growth. Unit costs excluding fuel, special items and profit sharing rose 3.0%, which the company said was the best among network carriers.

## The fuel assumption behind the outlook

For the fourth quarter, American expects revenue growth of 19.5% to 22.5% and an adjusted loss of $0.50 to $1.10 per share. For the full year, it guides to an adjusted loss of $1.00 to $1.60 per share.

Those figures rest on the forward fuel curve as of Oct. 19, which implies about $4.70 per gallon, nearly double the fourth quarter of 2025\. At that price, fuel expense would rise about $2.8 billion from a year earlier.

Because of elevated fuel prices, American expects network growth in 2027 to slow from 2026 levels.

The company ended the quarter with $11.8 billion of total available liquidity. Net debt stood at $28.079 billion.

## Before the report

A Seeking Alpha preview [pointed to rising fuel and non-fuel unit costs](https://seekingalpha.com/news/4653937-american-airlines-q3-preview-what-guidance-says-about-fuel-cost-risks?ref=bullished.co) weighing on profit despite strong sales. Zacks consensus, [carried by Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/exploring-analyst-estimates-american-airlines-121505225.html?ref=bullished.co), had called for a $0.28 per-share loss on $16.2 billion of revenue.

The fourth-quarter report will show whether revenue growth lands in the 19.5% to 22.5% range with fuel near $4.70 a gallon.

### Sources

- [8-K Filing — American Airlines Group Inc. (AAL)](https://www.sec.gov/Archives/edgar/data/0000006201/000000620126000064/a8kerexhibit991q3-26.htm?ref=bullished.co) — SEC EDGAR
- [Exploring Analyst Estimates for American Airlines (AAL) Q3 Earnings, Beyond Revenue and EPS](https://finance.yahoo.com/markets/stocks/articles/exploring-analyst-estimates-american-airlines-121505225.html?ref=bullished.co) — Yahoo Finance
- [American Airlines Q3 preview: What guidance says about fuel-cost risks | Seeking Alpha](https://seekingalpha.com/news/4653937-american-airlines-q3-preview-what-guidance-says-about-fuel-cost-risks?ref=bullished.co) — seekingalpha.com