Part I, Item 2 of this report should be read in conjunction with Part II, Item 7 of AAG’s and American’s Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). The information contained herein is not a comprehensive discussion and analysis of the financial condition and results of operations of AAG and American, but rather updates disclosures made in the 2025 Form 10-K. Financial Overview Business and Macroeconomic Conditions Worldwide macroeconomic, political and military events, including war, terrorist activity, and conflict in the Middle East (particularly if it intensifies or is prolonged) and in Ukraine, have contributed, and are likely to continue to contribute, to oil and natural gas price volatility. These factors, along with changes in U.S. or international trade policies and continued uncertainty surrounding such policies, could lead to weakened business conditions for the transportation industry, which may adversely impact our operations through increased supply chain challenges, commodity price volatility and a decline in discretionary spending and consumer confidence, among others. Our operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business. Because of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of aircraft fuel can have a material effect on our operating results and liquidity. Market prices for aircraft fuel have fluctuated substantially during the first six months of 2026 and prices continue to be highly volatile, with market spot prices ranging from a low of approximately $1.86 per gallon to a high of approximately $4.78 per gallon during the first six months of 2026. AAG’s Second Quarter 2026 Results The selected financial data presented below is derived from AAG’s unaudited condensed consolidated financial statements included in Part I, Item 1A of this report and should be read in conjunction with those financial statements and the related notes thereto. Three Months Ended June 30, Increase (Decrease) Percent Increase (Decrease) 2026 2025 (In millions, except percentage changes) Passenger revenue $ 15,214 $ 13,123 $ 2,091 15.9 Cargo revenue 273 211 62 29.7 Other operating revenue 1,248 1,058 190 17.9 Total operating revenues 16,735 14,392 2,343 16.3 Aircraft fuel and related taxes 4,881 2,663 2,218 83.3 Salaries, wages and benefits 4,639 4,382 257 5.9 Total operating expenses 16,289 13,257 3,032 22.9 Operating income 446 1,135 (689) (60.7) Pre-tax income 107 838 (731) (87.2) Income tax provision 36 239 (203) (84.9) Net income 71 599 (528) (88.2) Pre-tax income – GAAP $ 107 $ 838 $ (731) (87.2) Adjusted for: pre-tax net special items (1) 37 31 6 16.5 Pre-tax income excluding net special items $ 144 $ 869 $ (725) (83.5) (1)See “Reconciliation of GAAP to Non-GAAP Financial Measures” below and Note 2 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for details on the components of net special items. 39 Table of Contents Pre-Tax Income and Net Income Pre-tax income and net income were $107 million and $71 million, respectively, in the second quarter of 2026. This compares to second quarter of 2025 pre-tax income and net income of $838 million and $599 million, respectively. Excluding the effects of pre-tax net special items, pre-tax income was $144 million and $869 million in the second quarters of 2026 and 2025, respectively. The period-over-period decrease in pre-tax income on both a GAAP basis and excluding pre-tax net special items was principally driven by increases in certain operating expenses including aircraft fuel and related taxes, salaries, wages and benefits and other operating expenses, offset in part by an increase in passenger revenue. Revenue In the second quarter of 2026, we reported total operating revenues of $16.7 billion, an increase of $2.3 billion, or 16.3%, from the second quarter of 2025. Passenger revenue was $15.2 billion in the second quarter of 2026, an increase of $2.1 billion, or 15.9%, from the second quarter of 2025. Passenger revenue performance improved in the second quarter of 2026, primarily due to strong domestic and international demand for air travel. Passenger revenue per available seat mile (PRASM) increased 10.0% compared to the second quarter of 2025, primarily driven by higher passenger yield, which increased 11.9% year over year. Cargo revenue increased $62 million, or 29.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to a 22.5% increase in cargo ton miles and a 5.8% increase in cargo yield. Other operating revenue increased $190 million, or 17.9%, in the second quarter of 2026 from the second quarter of 2025, driven primarily by higher revenue associated with our loyalty program. During the three months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $1.8 billion and $1.4 billion, respectively. Our total revenue per available seat mile (TRASM) was 20.45 cents in the second quarter of 2026, a 10.3% increase as compared to 18.54 cents in the second quarter of 2025. Fuel Aircraft fuel and related taxes was $4.9 billion in the second quarter of 2026, which was $2.2 billion, or 83.3%, higher as compared to the second quarter of 2025. This was primarily due to a 77.1% increase in the average price per gallon of aircraft fuel including related taxes to $4.05 in the second quarter of 2026 compared to $2.29 in the second quarter of 2025 and a 3.5% increase in gallons of fuel consumed due to increased capacity. As of June 30, 2026, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. See Part I, Item 1A. Risk Factors – “Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity” in our 2025 Form 10-K. Other Costs We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel. Additionally, we continue to focus on initiatives to reengineer our business through the use of digital solutions, process enhancements and procurement transformation and we intend to continue to invest in reengineering our business through the remainder of 2026 and beyond to build an even more efficient airline and continue to manage costs while delivering a better experience for our customers and team. Our 2026 second quarter total operating cost per available seat mile (CASM) was 19.90 cents, an increase of 16.5% compared to 17.08 cents in the second quarter of 2025. The increase in CASM was primarily driven by higher costs for aircraft fuel, maintenance, materials and repairs and other operating expenses. 40 Table of Contents Our 2026 second quarter CASM excluding net special items, fuel and profit sharing was 13.93 cents, an increase of 2.9% compared to 13.53 cents in the second quarter of 2025, which was primarily driven by higher costs for maintenance, materials and repairs and other operating expenses. For a reconciliation of CASM to CASM excluding net special items, fuel and profit sharing see “Reconciliation of GAAP to Non-GAAP Financial Measures” below. Liquidity As of June 30, 2026, we had $11.3 billion in total available liquidity, consisting of $7.8 billion in unrestricted cash and short-term investments, and $3.5 billion in total undrawn capacity under revolving credit and other facilities. During the first six months of 2026, we completed the following financing transactions (see Note 5 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on 2026 financing activities): •repaid in full $629 million of the outstanding principal amount of the senior short-term term loan facility; •prepaid in full $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes; •amended the terms of the 2025 AAdvantage Term Loan Facility to reduce the applicable interest rate margin; •increased the aggregate revolving commitments under the 2013 Revolving Facility, the 2014 Revolving Facility and the 2023 Revolving Facility from $3.0 billion to $3.1 billion and extended the maturity of each facility from June 2029 to March 2031; •extended the maturity date of a revolving credit facility that provides for borrowing capacity of up to $350 million by an additional year to March 2028; •extended the maturity date of the term loans under the 2014 Credit Agreement from January 2027 to May 2033, refinanced in full the existing term loans of approximately $1.1 billion and incurred incremental term loans of $703 million; •prepaid $310 million of the outstanding principal amounts of certain equipment notes issued under enhanced equipment trust certificates (EETCs); •repaid all outstanding fuel financing obligations, including $914 million of repayments; and •received approximately $2.7 billion in proceeds from EETCs, equipment loans and other notes payable in connection with the financing of certain aircraft and spare engines. Reconciliation of GAAP to Non-GAAP Financial Measures We sometimes use financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with accounting principles generally accepted in the U.S. (GAAP) to understand and evaluate our current operating performance and to allow for period-to-period comparisons. We believe these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. We are providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The following table presents the reconciliation of pre-tax income (loss) (GAAP measure) to pre-tax income (loss) excluding net special items (non-GAAP measure). Management uses this non-GAAP financial measure to evaluate our current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items provides management with an additional tool to understand our core operating performance. 41 Table of Contents Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items: Pre-tax income (loss) – GAAP $ 107 $ 838 $ (369) $ 189 Pre-tax net special items (1): Mainline operating special items, net 7 47 21 118 Nonoperating special items, net 30 (16) 164 32 Total pre-tax net special items 37 31 185 150 Pre-tax income (loss) excluding net special items $ 144 $ 869 $ (184) $ 339 (1)See Note 2 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items. Additionally, the table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding net special items, fuel and profit sharing (non-GAAP measure) and CASM to CASM excluding net special items, fuel and profit sharing. Management uses total operating costs excluding net special items, fuel and profit sharing and CASM excluding net special items, fuel and profit sharing to evaluate our current operating performance and for period-to-period comparisons. The price of fuel, over which we have no control, impacts the comparability of period-to-period financial performance. Additionally, we exclude profit sharing to allow investors to better understand and analyze our operating cost performance and to provide a more meaningful comparison of our core operating costs to the airline industry. The adjustment to exclude net special items, fuel and profit sharing provides management with an additional tool to understand and analyze our non-fuel costs and core operating performance. Amounts may not recalculate due to rounding. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Reconciliation of CASM Excluding Net Special Items, Fuel and Profit Sharing: (In millions) Total operating expenses – GAAP $ 16,289 $ 13,257 $ 30,242 $ 26,079 Operating net special items (1): Mainline operating special items, net (7) (47) (21) (118) Aircraft fuel and related taxes (4,881) (2,663) (7,809) (5,250) Profit sharing — (41) — (41) Total operating expenses, excluding net special items, fuel and profit sharing $ 11,401 $ 10,506 $ 22,412 $ 20,670 Total available seat miles (ASM) 81,843 77,636 153,852 147,539 (In cents) CASM 19.90 17.08 19.66 17.68 Operating net special items per ASM (1): Mainline operating special items, net (0.01) (0.06) (0.01) (0.08) Aircraft fuel and related taxes per ASM (5.96) (3.43) (5.08) (3.56) Profit sharing per ASM — (0.05) — (0.03) CASM, excluding net special items, fuel and profit sharing 13.93 13.53 14.57 14.01 (1)See Note 2 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items. 42 Table of Contents AAG’s Results of Operations Operating Statistics The table below sets forth selected operating data for the three and six months ended June 30, 2026 and 2025. Amounts may not recalculate due to rounding. Three Months Ended June 30, Increase (Decrease) Six Months Ended June 30, Increase (Decrease) 2026 2025 2026 2025 Revenue passenger miles (millions) (a) 68,118 65,762 3.6% 126,669 122,118 3.7% Available seat miles (millions) (b) 81,843 77,636 5.4% 153,852 147,539 4.3% Passenger load factor (percent) (c) 83.2 84.7 (1.5)pts 82.3 82.8 (0.5)pts Yield (cents) (d) 22.33 19.96 11.9% 21.88 20.07 9.0% Passenger revenue per available seat mile (cents) (e) 18.59 16.90 10.0% 18.01 16.62 8.4% Total revenue per available seat mile (cents) (f) 20.45 18.54 10.3% 19.92 18.26 9.1% Fuel consumption (gallons in millions) 1,204 1,163 3.5% 2,270 2,206 2.9% Average aircraft fuel price including related taxes (dollars per gallon) 4.05 2.29 77.1% 3.44 2.38 44.5% Total operating cost per available seat mile (cents) (g) 19.90 17.08 16.5% 19.66 17.68 11.2% Aircraft at end of period (h) 1,609 1,539 4.5% 1,609 1,539 4.5% Full-time equivalent employees at end of period 143,400 138,100 3.8% 143,400 138,100 3.8% (a)Revenue passenger mile (RPM) – A basic measure of sales volume. One RPM represents one passenger flown one mile. (b)Available seat mile (ASM) – A basic measure of production. One ASM represents one seat flown one mile. (c)Passenger load factor – The percentage of available seats that are filled with revenue passengers. (d)Yield – A measure of airline revenue derived by dividing passenger revenue by RPMs. (e)Passenger revenue per available seat mile (PRASM) – Passenger revenue divided by ASMs. (f)Total revenue per available seat mile (TRASM) – Total revenues divided by ASMs. (g)Total operating cost per available seat mile (CASM) – Total operating expenses divided by ASMs. (h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are four Bombardier CRJ900 regional aircraft that are held in temporary storage as of June 30, 2026. 43 Table of Contents Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Operating Revenues Three Months Ended June 30, Increase Percent Increase 2026 2025 (In millions, except percentage changes) Passenger $ 15,214 $ 13,123 $ 2,091 15.9 Cargo 273 211 62 29.7 Other 1,248 1,058 190 17.9 Total operating revenues $ 16,735 $ 14,392 $ 2,343 16.3 This table presents our passenger revenue and the period-over-period change in certain operating statistics: Increase (Decrease)vs. Three Months Ended June 30, 2025 Three Months Ended June 30, 2026 RPMs ASMs LoadFactor PassengerYield PRASM (In millions) Passenger revenue $ 15,214 3.6% 5.4% (1.5)pts 11.9% 10.0% Passenger revenue increased $2.1 billion, or 15.9%, in the second quarter of 2026 from the second quarter of 2025, primarily due to strong domestic and international demand for air travel. PRASM increased 10.0% compared to the second quarter of 2025, primarily driven by higher passenger yield, which increased 11.9% year over year. Cargo revenue increased $62 million, or 29.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to a 22.5% increase in cargo ton miles and a 5.8% increase in cargo yield. Other operating revenue increased $190 million, or 17.9%, in the second quarter of 2026 from the second quarter of 2025, driven primarily by higher revenue associated with our loyalty program. During the three months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $1.8 billion and $1.4 billion, respectively. Operating Expenses Three Months Ended June 30, Increase (Decrease) Percent Increase (Decrease) 2026 2025 (In millions, except percentage changes) Aircraft fuel and related taxes $ 4,881 $ 2,663 $ 2,218 83.3 Salaries, wages and benefits 4,639 4,382 257 5.9 Regional expenses 1,435 1,331 104 7.8 Maintenance, materials and repairs 1,027 927 100 10.8 Other rent and landing fees 976 894 82 9.2 Aircraft rent 308 303 5 1.8 Selling expenses 603 535 68 12.7 Depreciation and amortization 478 476 2 0.4 Mainline operating special items, net 7 47 (40) (85.1) Other 1,935 1,699 236 13.8 Total operating expenses $ 16,289 $ 13,257 $ 3,032 22.9 Aircraft fuel and related taxes increased $2.2 billion, or 83.3%, in the second quarter of 2026 from the second quarter of 2025, primarily due to a 77.1% increase in the average price per gallon of aircraft fuel including related taxes to $4.05 in the second quarter of 2026 compared to $2.29 in the second quarter of 2025 and a 3.5% increase in gallons of fuel consumed due to increased capacity. 44 Table of Contents Salaries, wages and benefits increased $257 million, or 5.9%, in the second quarter of 2026 from the second quarter of 2025, primarily due to annual contractual wage rate increases and a 3.4% increase in mainline full-time equivalent employees subsequent to the second quarter of 2025. Regional expenses increased $104 million, or 7.8%, in the second quarter of 2026 from the second quarter of 2025, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 9.0% in the second quarter of 2026 from the second quarter of 2025. Maintenance, materials and repairs increased $100 million, or 10.8%, in the second quarter of 2026 from the second quarter of 2025, primarily due to increased costs for engine overhauls driven by higher volume. Other rent and landing fees increased $82 million, or 9.2%, in the second quarter of 2026 from the second quarter of 2025, primarily due to rate increases at certain airports. Selling expenses increased $68 million, or 12.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses. Other operating expenses increased $236 million, or 13.8%, in the second quarter of 2026 from the second quarter of 2025, primarily driven by higher costs for onboard food and catering, crew travel, international navigation fees, ground and cargo handling, Wi-Fi and certain general and administrative expenses. Operating Special Items, Net Three Months Ended June 30, 2026 2025 (In millions) Litigation reserve adjustments $ — $ 47 Other operating special items, net 7 — Mainline operating special items, net $ 7 $ 47 Nonoperating Results Three Months Ended June 30, Increase (Decrease) Percent Increase (Decrease) 2026 2025 (In millions, except percentage changes) Interest income $ 74 $ 100 $ (26) (25.8) Interest expense, net (409) (433) 24 (5.5) Other income (expense), net (4) 36 (40) nm(1) Total nonoperating expense, net $ (339) $ (297) $ (42) 14.2 (1)Not meaningful or greater than 100% change. Interest income decreased $26 million, or 25.8%, in the second quarter of 2026 from the second quarter of 2025, primarily due to lower interest rates and a lower average balance of our short-term investments, resulting in reduced returns. Interest expense, net decreased $24 million, or 5.5%, in the second quarter of 2026 from the second quarter of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the second quarter of 2025. In the second quarter of 2026, other nonoperating expense, net, included $30 million of net special charges, primarily related to mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $18 million of non-service-related pension and other postretirement benefit plan income. In the second quarter of 2025, other nonoperating income, net, primarily included $16 million of net special credits and $11 million of non-service-related pension and other postretirement benefit plan income. 45 Table of Contents Income Taxes In the second quarter of 2026, we recorded an income tax provision of $36 million. Substantially all of our income before income taxes is attributable to the United States. See Note 6 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for additional information on income taxes. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Operating Revenues Six Months Ended June 30, Increase Percent Increase 2026 2025 (In millions, except percentage changes) Passenger $ 27,709 $ 24,514 $ 3,195 13.0 Cargo 487 400 87 21.7 Other 2,451 2,029 422 20.8 Total operating revenues $ 30,647 $ 26,943 $ 3,704 13.7 This table presents our passenger revenue and the period-over-period change in certain operating statistics: Increase (Decrease)vs. Six Months Ended June 30, 2025 Six Months Ended June 30, 2026 RPMs ASMs LoadFactor PassengerYield PRASM (In millions) Passenger revenue $ 27,709 3.7% 4.3% (0.5)pts 9.0% 8.4% Passenger revenue increased $3.2 billion, or 13.0%, in the first six months of 2026 from the first six months of 2025, primarily due to strong domestic and international demand for air travel. PRASM increased 8.4% compared to the first six months of 2025, primarily driven by higher passenger yield, which increased 9.0% year over year. Cargo revenue increased $87 million, or 21.7%, in the first six months of 2026 from the first six months of 2025, primarily due to a 16.0% increase in cargo ton miles and a 4.9% increase in cargo yield. Other operating revenue increased $422 million, or 20.8%, in the first six months of 2026 from the first six months of 2025, driven primarily by higher revenue associated with our loyalty program. During the six months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $4.7 billion and $3.2 billion, respectively. Cash remuneration for the first six months of 2026 included a one-time cash payment associated with the extension of a partner agreement announced in 2025. 46 Table of Contents Operating Expenses Six Months Ended June 30, Increase (Decrease) Percent Increase (Decrease) 2026 2025 (In millions, except percentage changes) Aircraft fuel and related taxes $ 7,809 $ 5,250 $ 2,559 48.7 Salaries, wages and benefits 9,314 8,604 710 8.2 Regional expenses 2,839 2,683 156 5.8 Maintenance, materials and repairs 2,008 1,848 160 8.7 Other rent and landing fees 1,867 1,720 147 8.5 Aircraft rent 617 600 17 2.9 Selling expenses 1,110 985 125 12.7 Depreciation and amortization 953 944 9 1.0 Mainline operating special items, net 21 118 (97) (82.4) Other 3,704 3,327 377 11.3 Total operating expenses $ 30,242 $ 26,079 $ 4,163 16.0 Aircraft fuel and related taxes increased $2.6 billion, or 48.7%, in the first six months of 2026 from the first six months of 2025, primarily due to a 44.5% increase in the average price per gallon of aircraft fuel including related taxes to $3.44 in the first six months of 2026 compared to $2.38 in the first six months of 2025 and a 2.9% increase in gallons of fuel consumed due to increased capacity. Salaries, wages and benefits increased $710 million, or 8.2%, in the first six months of 2026 from the first six months of 2025, primarily due to annual contractual wage rate increases and a 3.4% increase in mainline full-time equivalent employees subsequent to the first six months of 2025. Regional expenses increased $156 million, or 5.8%, in the first six months of 2026 from the first six months of 2025, primarily due to an increase in regional flight operations as regional capacity, as measured by ASMs, increased 6.8% in the first six months of 2026 from the first six months of 2025. Maintenance, materials and repairs increased $160 million, or 8.7%, in the first six months of 2026 from the first six months of 2025, primarily due to increased costs for engine overhauls, component part repairs and airframe heavy checks driven by higher volume and flight hours. Other rent and landing fees increased $147 million, or 8.5%, in the first six months of 2026 from the first six months of 2025, primarily due to rate increases at certain airports. Selling expenses increased $125 million, or 12.7%, in the first six months of 2026 from the first six months of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses. Other operating expenses increased $377 million, or 11.3%, in the first six months of 2026 from the first six months of 2025, primarily driven by higher costs for onboard food and catering, crew travel, ground and cargo handling, Wi-Fi, international navigation fees and certain general and administrative expenses. 47 Table of Contents Operating Special Items, Net Six Months Ended June 30, 2026 2025 (In millions) Litigation reserve adjustments $ 12 $ 77 Labor contract expenses (1) 2 31 Other operating special items, net 7 10 Mainline operating special items, net $ 21 $ 118 (1)Labor contract expenses for the six months ended June 30, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with our mainline maintenance and fleet service team members. Nonoperating Results Six Months Ended June 30, Increase (Decrease) Percent Increase (Decrease) 2026 2025 (In millions, except percentage changes) Interest income $ 130 $ 194 $ (64) (33.3) Interest expense, net (807) (861) 54 (6.4) Other expense, net (97) (8) (89) nm Total nonoperating expense, net $ (774) $ (675) $ (99) 14.7 Interest income decreased $64 million, or 33.3%, in the first six months of 2026 from the first six months of 2025, primarily due to a lower average balance of our short-term investments and lower interest rates, resulting in reduced returns. Interest expense, net decreased $54 million, or 6.4%, in the first six months of 2026 from the first six months of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the second quarter of 2025. In the first six months of 2026, other nonoperating expense, net, included $164 million of net special charges primarily related to mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $36 million of non-service-related pension and other postretirement benefit plan income. In the first six months of 2025, other nonoperating expense, net, included $32 million of net special charges primarily related to costs associated with debt refinancings and extinguishments and mark-to-market net unrealized losses associated with certain equity investments, offset in part by $22 million of non-service-related pension and other postretirement benefit plan income. Income Taxes In the first six months of 2026, we recorded an income tax benefit of $58 million. Substantially all of our loss before income taxes is attributable to the United States. See Note 6 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for additional information on income taxes. 48 Table of Contents American’s Results of Operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Operating Revenues Three Months Ended June 30, Increase Percent Increase 2026 2025 (In millions, except percentage changes) Passenger $ 15,214 $ 13,123 $ 2,091 15.9 Cargo 273 211 62 29.7 Other 1,247 1,056 191 18.0 Total operating revenues $ 16,734 $ 14,390 $ 2,344 16.3 Passenger revenue increased $2.1 billion, or 15.9%, in the second quarter of 2026 from the second quarter of 2025, primarily due to strong domestic and international demand for air travel. PRASM increased compared to the second quarter of 2025, primarily driven by higher passenger yield. Cargo revenue increased $62 million, or 29.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to an increase in cargo ton miles and cargo yield. Other operating revenue increased $191 million, or 18.0%, in the second quarter of 2026 from the second quarter of 2025, driven primarily by higher revenue associated with American’s loyalty program. During the three months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $1.8 billion and $1.4 billion, respectively. Operating Expenses Three Months Ended June 30, Increase (Decrease) Percent Increase (Decrease) 2026 2025 (In millions, except percentage changes) Aircraft fuel and related taxes $ 4,881 $ 2,663 $ 2,218 83.3 Salaries, wages and benefits 4,636 4,379 257 5.9 Regional expenses 1,426 1,325 101 7.6 Maintenance, materials and repairs 1,027 927 100 10.8 Other rent and landing fees 976 894 82 9.2 Aircraft rent 308 303 5 1.8 Selling expenses 603 535 68 12.7 Depreciation and amortization 477 475 2 0.4 Mainline operating special items, net 7 47 (40) (85.1) Other 1,936 1,700 236 13.8 Total operating expenses $ 16,277 $ 13,248 $ 3,029 22.9 Aircraft fuel and related taxes increased $2.2 billion, or 83.3%, in the second quarter of 2026 from the second quarter of 2025, primarily due to a 77.1% increase in the average price per gallon of aircraft fuel including related taxes to $4.05 in the second quarter of 2026 compared to $2.29 in the second quarter of 2025 and a 3.5% increase in gallons of fuel consumed due to increased capacity. Salaries, wages and benefits increased $257 million, or 5.9%, in the second quarter of 2026 from the second quarter of 2025, primarily due to annual contractual wage rate increases and a 3.4% increase in mainline full-time equivalent employees subsequent to the second quarter of 2025. Regional expenses increased $101 million, or 7.6%, in the second quarter of 2026 from the second quarter of 2025, primarily due to an increase in regional flight operations and costs at American’s regional carriers. Maintenance, materials and repairs increased $100 million, or 10.8%, in the second quarter of 2026 from the second quarter of 2025, primarily due to increased costs for engine overhauls driven by higher volume. 49 Table of Contents Other rent and landing fees increased $82 million, or 9.2%, in the second quarter of 2026 from the second quarter of 2025, primarily due to rate increases at certain airports. Selling expenses increased $68 million, or 12.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses. Other operating expenses increased $236 million, or 13.8%, in the second quarter of 2026 from the second quarter of 2025, primarily driven by higher costs for onboard food and catering, crew travel, international navigation fees, ground and cargo handling, Wi-Fi and certain general and administrative expenses. Operating Special Items, Net Three Months Ended June 30, 2026 2025 (In millions) Litigation reserve adjustments $ — $ 47 Other operating special items, net 7 — Mainline operating special items, net $ 7 $ 47 Nonoperating Results Three Months Ended June 30, Increase (Decrease) Percent Increase (Decrease) 2026 2025 (In millions, except percentage changes) Interest income $ 215 $ 247 $ (32) (12.7) Interest expense, net (403) (440) 37 (8.5) Other income (expense), net (5) 36 (41) nm Total nonoperating expense, net $ (193) $ (157) $ (36) 22.0 Interest income decreased $32 million, or 12.7%, in the second quarter of 2026 from the second quarter of 2025, primarily due to lower interest rates and a lower average balance of American’s short-term investments, resulting in reduced returns. Interest expense, net decreased $37 million, or 8.5%, in the second quarter of 2026 from the second quarter of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the second quarter of 2025. In the second quarter of 2026, other nonoperating expense, net, included $30 million of net special charges, primarily related to mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $18 million of non-service-related pension and other postretirement benefit plan income. In the second quarter of 2025, other nonoperating income, net, primarily included $16 million of net special credits and $11 million of non-service-related pension and other postretirement benefit plan income. Income Taxes American is a member of AAG’s consolidated federal and certain state income tax returns. In the second quarter of 2026, American recorded an income tax provision of $70 million. Substantially all of American’s income before income taxes is attributable to the United States. See Note 5 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B for additional information on income taxes. 50 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Operating Revenues Six Months Ended June 30, Increase Percent Increase 2026 2025 (In millions, except percentage changes) Passenger $ 27,709 $ 24,514 $ 3,195 13.0 Cargo 487 400 87 21.7 Other 2,449 2,026 423 20.9 Total operating revenues $ 30,645 $ 26,940 $ 3,705 13.8 Passenger revenue increased $3.2 billion, or 13.0%, in the first six months of 2026 from the first six months of 2025, primarily due to strong domestic and international demand for air travel. PRASM increased compared to the first six months of 2025, primarily driven by higher passenger yield. Cargo revenue increased $87 million, or 21.7%, in the first six months of 2026 from the first six months of 2025, primarily due to an increase in cargo ton miles and cargo yield. Other operating revenue increased $423 million, or 20.9%, in the first six months of 2026 from the first six months of 2025, driven primarily by higher revenue associated with American’s loyalty program. During the six months ended June 30, 2026 and 2025, cash payments from co-branded credit card and other partners were $4.7 billion and $3.2 billion, respectively. Cash remuneration for the first six months of 2026 included a one-time cash payment associated with the extension of a partner agreement announced in 2025. Operating Expenses Six Months Ended June 30, Increase (Decrease) Percent Increase (Decrease) 2026 2025 (In millions, except percentage changes) Aircraft fuel and related taxes $ 7,809 $ 5,250 $ 2,559 48.7 Salaries, wages and benefits 9,308 8,599 709 8.2 Regional expenses 2,826 2,674 152 5.7 Maintenance, materials and repairs 2,008 1,848 160 8.7 Other rent and landing fees 1,867 1,720 147 8.5 Aircraft rent 617 600 17 2.9 Selling expenses 1,110 985 125 12.7 Depreciation and amortization 951 941 10 1.0 Mainline operating special items, net 21 118 (97) (82.4) Other 3,707 3,330 377 11.3 Total operating expenses $ 30,224 $ 26,065 $ 4,159 16.0 Aircraft fuel and related taxes increased $2.6 billion, or 48.7%, in the first six months of 2026 from the first six months of 2025, primarily due to a 44.5% increase in the average price per gallon of aircraft fuel including related taxes to $3.44 in the first six months of 2026 compared to $2.38 in the first six months of 2025 and a 2.9% increase in gallons of fuel consumed due to increased capacity. Salaries, wages and benefits increased $709 million, or 8.2%, in the first six months of 2026 from the first six months of 2025, primarily due to annual contractual wage rate increases and a 3.4% increase in mainline full-time equivalent employees subsequent to the first six months of 2025. Regional expenses increased $152 million, or 5.7%, in the first six months of 2026 from the first six months of 2025, primarily due to an increase in regional flight operations and costs at American’s regional carriers. 51 Table of Contents Maintenance, materials and repairs increased $160 million, or 8.7%, in the first six months of 2026 from the first six months of 2025, primarily due to increased costs for engine overhauls, component part repairs and airframe heavy checks driven by higher volume and flight hours. Other rent and landing fees increased $147 million, or 8.5%, in the first six months of 2026 from the first six months of 2025, primarily due to rate increases at certain airports. Selling expenses increased $125 million, or 12.7%, in the first six months of 2026 from the first six months of 2025, primarily due to higher commissions from renegotiated agency contracts, higher credit card fees driven by the overall increase in passenger revenue and increased advertising expenses. Other operating expenses increased $377 million, or 11.3%, in the first six months of 2026 from the first six months of 2025, primarily driven by higher costs for onboard food and catering, crew travel, ground and cargo handling, Wi-Fi, international navigation fees and certain general and administrative expenses. Operating Special Items, Net Six Months Ended June 30, 2026 2025 (In millions) Litigation reserve adjustments $ 12 $ 77 Labor contract expenses (1) 2 31 Other operating special items, net 7 10 Mainline operating special items, net $ 21 $ 118 (1)Labor contract expenses for the six months ended June 30, 2025 included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with American’s mainline maintenance and fleet service team members. Nonoperating Results Six Months Ended June 30, Increase (Decrease) Percent Increase (Decrease) 2026 2025 (In millions, except percentage changes) Interest income $ 408 $ 483 $ (75) (15.6) Interest expense, net (803) (893) 90 (10.0) Other expense, net (99) (8) (91) nm Total nonoperating expense, net $ (494) $ (418) $ (76) 18.3 Interest income decreased $75 million, or 15.6%, in the first six months of 2026 from the first six months of 2025, primarily due to a lower average balance of American’s short-term investments and lower interest rates, resulting in reduced returns. Interest expense, net decreased $90 million, or 10.0%, in the first six months of 2026 from the first six months of 2025, primarily due to repayments of higher interest debt, offset in part by the issuance of debt subsequent to the second quarter of 2025. In the first six months of 2026, other nonoperating expense, net, included $164 million of net special charges primarily related to mark-to-market net unrealized losses associated with certain equity investments and costs associated with debt refinancings and extinguishments, offset in part by $35 million of non-service-related pension and other postretirement benefit plan income. In the first six months of 2025, other nonoperating expense, net, included $32 million of net special charges primarily related to costs associated with debt refinancings and extinguishments and mark-to-market net unrealized losses associated with certain equity investments, offset in part by $21 million of non-service-related pension and other postretirement benefit plan income. 52 Table of Contents Income Taxes American is a member of AAG’s consolidated federal and certain state income tax returns. In the first six months of 2026, American recorded an income tax provision of $7 million. Substantially all of American’s loss before income taxes is attributable to the United States. See Note 5 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B for additional information on income taxes. Liquidity and Capital Resources Liquidity At June 30, 2026, AAG had $11.3 billion in total available liquidity and $709 million in restricted cash and short-term investments. Additional detail regarding our available liquidity is provided in the table below (in millions): AAG American June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Cash $ 1,028 $ 954 $ 1,017 $ 936 Short-term investments 6,742 4,882 6,739 4,880 Undrawn facilities 3,510 3,397 3,510 3,397 Total available liquidity $ 11,280 $ 9,233 $ 11,266 $ 9,213 In the ordinary course of our business, we or our affiliates may, at any time and from time to time, seek to prepay, retire or repurchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, prepayments, retirements or exchanges, if any, will be conducted on such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, legal and contractual restrictions and other factors. The amounts involved may be material. Certain Covenants Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, may restrict our ability and that of our subsidiaries to incur additional indebtedness, pay dividends or repurchase stock. Our debt agreements also contain customary change of control provisions, which may require us to repay or redeem such indebtedness upon certain events constituting a change of control under the relevant agreement, in certain cases at a premium. Additionally, certain of our debt financing agreements (including our secured notes, term loans and revolving credit facilities) contain loan to value (LTV) or collateral coverage ratio covenants and certain agreements require us to appraise the related collateral annually or semi-annually. Pursuant to such agreements, if the applicable LTV or collateral coverage ratio exceeds or falls below a specified threshold, as the case may be, we will be required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), withhold additional cash in certain accounts, or pay down such financing, in whole or in part, or the interest rate for the relevant financing will be increased. Additionally, a significant portion of our debt financing agreements contain covenants requiring us to maintain an aggregate of at least $2.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities. The AAdvantage Financing contains a peak debt service coverage ratio, pursuant to which failure to comply with a certain threshold may result in early repayment, in whole or in part, of the AAdvantage Financing. As of the most recent applicable measurement dates, we were in compliance with each of the foregoing covenants. Sources and Uses of Cash AAG Operating Activities Our net cash provided by operating activities was $4.7 billion and $3.4 billion for the first six months of 2026 and 2025, respectively, a $1.3 billion period-over-period increase driven primarily by working capital increases principally in our air traffic liability and loyalty program deferred revenue, offset in part by lower profitability in the first six months of 2026 as compared to the same period in 2025. 53 Table of Contents Investing Activities Our net cash used in investing activities was $3.4 billion and $2.5 billion for the first six months of 2026 and 2025, respectively. Our principal investing activities in the first six months of 2026 included $1.9 billion in net purchases of short-term investments and $1.6 billion of capital expenditures, which primarily related to the purchase of 14 Boeing 737 MAX aircraft, eight Embraer E175 aircraft, four Bombardier CRJ900 aircraft, one Airbus A319 aircraft lease repurchase, 10 aircraft engines and aircraft purchase deposits. Our principal investing activities in the first six months of 2025 included $1.3 billion of capital expenditures, which primarily related to the purchase of 11 Boeing 737 MAX aircraft, three Bombardier CRJ900 aircraft, two Embraer E175 aircraft, one Airbus A321neo aircraft, one Boeing 787-9 aircraft, one Airbus A320 aircraft lease repurchase and five aircraft engines. Additionally, we had $1.6 billion in net purchases of short-term investments. These cash outflows were offset in part by $328 million in net proceeds from the issuance of the Tulsa Municipal Airport Trust (TMAT) special facility revenue bonds and $200 million in proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at Los Angeles International Airport (LAX). Financing Activities Our net cash used in financing activities was $1.2 billion and $912 million for the first six months of 2026 and 2025, respectively. Our principal financing activities in the first six months of 2026 included $4.7 billion in long-term debt and finance lease repayments, consisting of $2.1 billion in scheduled repayments, $1.3 billion of early repayments, including $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes and $310 million of equipment notes issued under EETCs, and $1.1 billion from the refinancing in connection with the 2014 Term Loan Facility. Additionally, we repaid all outstanding fuel financing obligations, including $914 million of repayments. These cash outflows were offset in part by $4.5 billion of proceeds from the issuance of long-term debt, primarily consisting of $2.7 billion from the issuance of EETCs, equipment loans and other notes payable in connection with the financing of certain aircraft and spare engines and proceeds from the 2014 Term Loan Facility, which refinanced $1.1 billion of existing term loans and provided $703 million of incremental term loan borrowings. Our principal financing activities in the first six months of 2025 primarily included $2.4 billion in long-term debt and finance lease repayments, consisting of $1.6 billion in scheduled repayments, $487 million of early repayments for the outstanding principal amount of equipment notes issued under EETCs and $308 million of early repayments toward portions of the outstanding principal amounts of the 10.75% senior secured IP notes (IP Notes) and 10.75% senior secured LGA/DCA notes (LGA/DCA Notes). These cash outflows were offset in part by $1.7 billion of proceeds from the issuance of long-term debt, consisting of $1.0 billion from the issuance of the 2025 AAdvantage Term Loan Facility and $712 million from the issuance of equipment loans and other notes payable in connection with the financing of certain aircraft. American Operating Activities American’s net cash provided by operating activities was $4.6 billion and $3.3 billion for the first six months of 2026 and 2025, respectively, a $1.4 billion period-over-period increase driven primarily by working capital increases principally in American’s air traffic liability and loyalty program deferred revenue, offset in part by lower profitability in the first six months of 2026 as compared to the same period in 2025. Investing Activities American’s net cash used in investing activities was $3.4 billion and $2.4 billion for the first six months of 2026 and 2025, respectively. American’s principal investing activities in the first six months of 2026 included $1.9 billion in net purchases of short-term investments and $1.6 billion of capital expenditures, which primarily related to the purchase of 14 Boeing 737 MAX aircraft, eight Embraer E175 aircraft, four Bombardier CRJ900 aircraft, one Airbus A319 aircraft lease repurchase, 10 aircraft engines and aircraft purchase deposits. 54 Table of Contents American’s principal investing activities in the first six months of 2025 included $1.3 billion of capital expenditures, which primarily related to the purchase of 11 Boeing 737 MAX aircraft, three Bombardier CRJ900 aircraft, two Embraer E175 aircraft, one Airbus A321neo aircraft, one Boeing 787-9 aircraft, one Airbus A320 aircraft lease repurchase and five aircraft engines. Additionally, American had $1.6 billion in net purchases of short-term investments. These cash outflows were offset in part by $328 million in net proceeds from the issuance of the TMAT special facility revenue bonds and $200 million in proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at LAX. Financing Activities American’s net cash used in financing activities was $1.2 billion and $817 million for the first six months of 2026 and 2025, respectively. American’s principal financing activities in the first six months of 2026 included $4.7 billion in long-term debt and finance lease repayments, consisting of $2.1 billion in scheduled repayments, $1.3 billion of early repayments, including $1.0 billion of the outstanding principal amount of the 8.50% senior secured notes and $310 million of equipment notes issued under EETCs, and $1.1 billion from the refinancing in connection with the 2014 Term Loan Facility. Additionally, American repaid all outstanding fuel financing obligations, including $914 million of repayments. These cash outflows were offset in part by $4.5 billion of proceeds from the issuance of long-term debt, primarily consisting of $2.7 billion from the issuance of EETCs, equipment loans and other notes payable in connection with the financing of certain aircraft and spare engines and proceeds from the 2014 Term Loan Facility, which refinanced $1.1 billion of existing term loans and provided $703 million of incremental term loan borrowings. American’s principal financing activities in the first six months of 2025 primarily included $2.4 billion in long-term debt and finance lease repayments, consisting of $1.6 billion in scheduled repayments, $487 million of early repayments for the outstanding principal amount of equipment notes issued under EETCs and $308 million of early repayments toward portions of the outstanding principal amounts of the IP Notes and LGA/DCA Notes. These cash outflows were offset in part by $1.7 billion of proceeds from the issuance of long-term debt, consisting of $1.0 billion from the issuance of the 2025 AAdvantage Term Loan Facility and $712 million from the issuance of equipment loans and other notes payable in connection with the financing of certain aircraft. Commitments Significant Indebtedness As of June 30, 2026, AAG had $28.6 billion in long-term debt, including current maturities of $3.0 billion. As of June 30, 2026, American had $24.8 billion in long-term debt, including current maturities of $3.0 billion. All material changes in our significant indebtedness since our 2025 Form 10-K are discussed in Note 5 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A and Note 4 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B. Aircraft and Engine Purchase Commitments As of June 30, 2026, we had definitive purchase agreements for the acquisition of the following new aircraft (1): Remainder of 2026 2027 2028 2029 and Thereafter Total Airbus A320 Family(2) 15 25 36 91 167 Boeing 737 Family — — — 115 115 787 Family — 6 3 10 19 Embraer E175 11 14 17 30 72 Total 26 45 56 246 373 (1)Delivery schedule represents our best estimate as of the date of this report as described in footnote (d) to the “Contractual Obligations” table below. Actual delivery dates are subject to change, which could be material, based on various potential factors including production delays by the manufacturer and regulatory concerns. See Part I, Item 1A. Risk Factors – “We depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in 55 Table of Contents scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition” in our 2025 Form 10-K. (2)The table above and the “Contractual Obligations” table below reflect our exercise of purchase options for six Airbus A320 Family aircraft in July 2026. In addition, we have agreements for 58 spare engines to be delivered in the third quarter of 2026 and beyond. The “Contractual Obligations” table below reflects these commitments. We intend to finance future aircraft deliveries and option exercises using cash on hand and long-term debt. Off-Balance Sheet Arrangements An off-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or that engages in leasing, hedging or research and development arrangements with us. There have been no material changes in our off-balance sheet arrangements as discussed in our 2025 Form 10-K. 56 Table of Contents Contractual Obligations The following table provides details of our estimated material cash requirements from contractual obligations as of June 30, 2026 (in millions). The table does not include commitments that are contingent on events or other factors that are uncertain or unknown at this time and is subject to other conventions as set forth in the applicable accompanying footnotes. Payments Due by Period Remainder of 2026 2027 2028 2029 2030 2031 and Thereafter Total American Long-term debt: Principal amount (a), (c) $ 1,279 $ 3,448 $ 7,743 $ 3,775 $ 869 $ 7,705 $ 24,819 Interest obligations (b), (c) 687 1,288 957 626 495 1,322 5,375 Finance lease obligations 72 156 121 108 102 319 878 Aircraft and engine purchase commitments (d) 1,404 3,145 3,712 5,593 3,526 6,944 24,324 Operating lease commitments 751 1,405 1,298 1,186 1,014 3,235 8,889 Regional capacity purchase agreements (e) 581 1,151 1,080 899 457 398 4,566 Minimum pension obligations (f) — 89 21 — — — 110 Retiree medical and other postretirement benefits (f) 56 113 116 115 112 588 1,100 Other purchase obligations (g) 4,900 4,476 3,550 1,894 694 4,433 19,947 Total American Contractual Obligations 9,730 15,271 18,598 14,196 7,269 24,944 90,008 AAG Parent and Other AAG Subsidiaries Long-term debt: Principal amount (a) — — — — 1,757 1,989 3,746 Interest obligations (b) 105 229 227 221 176 50 1,008 Finance lease obligations 4 5 5 5 2 — 21 Operating lease commitments 7 9 8 7 6 35 72 Minimum pension obligations (f) 1 1 1 1 1 1 6 Other purchase obligations 8 13 5 2 — — 28 Total AAG Contractual Obligations $ 9,855 $ 15,528 $ 18,844 $ 14,432 $ 9,211 $ 27,019 $ 94,889 (a)Amounts represent contractual amounts due. Excludes $330 million and $2 million of unamortized debt discount, premium and issuance costs as of June 30, 2026 for American and AAG Parent, respectively. For additional information, see Note 5 and Note 4 to AAG’s and American’s Condensed Consolidated Financial Statements in Part I, Items 1A and 1B, respectively. (b)For variable-rate debt, future interest obligations are estimated using the current forward rates at June 30, 2026. (c)Includes $8.6 billion of future principal payments and $1.6 billion of future interest payments as of June 30, 2026, related to EETCs associated with mortgage financings of certain aircraft and spare engines. (d)See “Aircraft and Engine Purchase Commitments” above for additional information about the firm commitments for the acquisition of aircraft and engines, including the anticipated aircraft delivery schedule. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our most current estimate based on contractual delivery schedules adjusted for updates and revisions to such schedules communicated to management by the applicable equipment manufacturer and certain management assumptions. However, the actual delivery schedule may differ, potentially materially, based on various potential factors including production delays by the equipment manufacturers and regulatory concerns. (e)These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American’s actual payments could differ materially. 57 Table of Contents (f)Represents minimum pension contributions and expected contributions to our retiree medical and other postretirement plans based on actuarially determined estimates as of December 31, 2025 and is based on estimated payments through 2035. During the first six months of 2026, we made required contributions of $237 million and supplemental contributions of $50 million to our defined benefit pension plans. (g)Includes purchase commitments for aircraft fuel, flight equipment maintenance and information technology support and excludes obligations under certain fuel offtake agreements or other agreements for which the timing of the related expenditure is uncertain, or which are subject to material contingencies, such as the construction of a production facility. Capital Raising Activity and Other Possible Actions In light of our significant financial commitments related to, among other things, the servicing and amortization of existing debt and equipment leasing arrangements and new flight equipment, we and our subsidiaries will regularly consider, and enter into negotiations related to, capital raising and liability management activity, which may include the entry into leasing transactions and future issuances of, and transactions designed to manage the timing and amount of, secured or unsecured debt obligations or additional equity or equity-linked securities in public or private offerings or otherwise. The cash available from operations (if any) and these sources, however, may not be sufficient to cover our cash obligations because economic factors may reduce the amount of cash generated by operations or increase costs. For instance, an economic downturn or general global instability caused by governmental actions, military actions, terrorism, disease outbreaks, natural disasters or other causes could reduce the demand for air travel, which would reduce the amount of cash generated by operations. See Part I, Item 1A. Risk Factors – “Downturns in economic conditions could adversely affect our business” in our 2025 Form 10-K for additional discussion. An increase in costs, either due to an increase in borrowing costs caused by a reduction in credit ratings or a general increase in interest rates, due to an increase in the cost of fuel, maintenance, aircraft, aircraft engines or parts, or due to an increase in tariffs, could decrease the amount of cash available to cover cash contractual obligations. Moreover, certain of our financing arrangements contain significant minimum cash balance or similar liquidity requirements. As a result, we cannot use all of our available cash to fund operations, capital expenditures and cash obligations without violating these requirements. In the past, we have from time to time refinanced, redeemed or repurchased our debt and taken other steps to reduce or otherwise manage the aggregate amount and cost of our debt, lease and other obligations or otherwise improve our balance sheet. Going forward, depending on market conditions, our cash position and other considerations, we may continue to take such actions, and the amounts involved may be material. Critical Accounting Policies and Estimates For information regarding our critical accounting policies and estimates, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – “Critical Accounting Policies and Estimates” in our 2025 Form 10-K.