American Airlines lost $269m, or $0.41 per diluted share, in the third quarter of 2026, as a $1.9bn jump in fuel expense outweighed revenue of $16.3bn, which the company called a third-quarter record. The loss, reported on 22 October 2026, is wider than the net loss of $114m a year earlier. Fuel expense rose 67.5% to $4.6bn as the average price paid climbed to $3.85 a gallon from $2.37.
- Total revenue · Q3 202616.3 $bn
- Fuel expense · Q3 20264.6 $bn
- GAAP net loss · Q3 2026269 $m
- Average fuel price · Q3 20263.85 $ per gallon
- Total available liquidity · 30 September 202611.8 $bn
Revenue rose 19.3% year on year. Premium revenue grew 22.9% and Main Cabin revenue 19.5%, while managed corporate revenue rose 27.6%, the sixth straight quarter of double-digit growth. Capacity grew 4.2% and the load factor fell to 83.4% from 86.0%. Unit costs excluding fuel, special items and profit sharing rose 3.0%. The adjusted net loss was $182m, or $0.28 per share.
“While historically high fuel prices significantly impacted our financial results, our focus remains on restoring profitability and building a stronger American for the long term.”
How United compares
| Measure | American Airlines | United Airlines |
|---|---|---|
| Total revenue | $16.3bn | $17.9bn |
| Revenue growth, year on year | 19.3% | 17.4% |
| Fuel expense | $4.6bn | $4.8bn |
| Fuel expense growth, year on year | 67.5% | 61.6% |
| Average fuel price per gallon | $3.85 | $3.90 |
| GAAP net income (loss) | ($269m) | $1,029m |
Source: American Airlines Group, Q3 2026 results (Form 8-K, Exhibit 99.1); United Airlines Holdings, Q3 2026 results (Form 8-K, Exhibit 99.1), 30 September 2026.
United, which reported on 20 October 2026, paid $3.90 a gallon and saw fuel expense rise $1.8bn. It still earned net income of $1.0bn, or $3.14 per diluted share, with a pre-tax margin of 7.3%.
For Q4 2026, American expects revenue to rise 19.5% to 22.5% year on year and capacity 5.5% to 6.5%. Based on the forward fuel curve on 19 October 2026, it expects to pay about $4.70 a gallon, which it said is nearly double its Q4 2025 price. It guided to an adjusted loss of $0.50 to $1.10 per diluted share for the quarter and expects network growth in 2027 to slow from 2026 levels.
- American Airlines Group, Q3 2026 results (Form 8-K, Exhibit 99.1), 22 Oct 2026, 13:00 CEST
- United Airlines Holdings, Q3 2026 results (Form 8-K, Exhibit 99.1), 20 Oct 2026, 22:00 CEST