American Airlines Group has cut its 2026 financial outlook to an adjusted loss of $1.00–$1.60 per diluted share, as a sharp rise in fuel costs outweighed record third-quarter revenue. The Fort Worth, Texas-based airline reported revenue of $16.3 billion, up 19.3% year on year, but recorded a GAAP net loss of $269 million, or $0.41 per diluted share, for the quarter.
Fuel expense increased 67.5% from a year earlier to approximately $4.6 billion. American paid an average of $3.85 per gallon, compared with $2.37 in the same quarter of 2025, adding $1.9 billion to the quarterly fuel bill. The adjusted net loss was $182 million, or $0.28 per diluted share.
The revised full-year range is substantially weaker than the previous outlook, which spanned an adjusted loss of $0.65 per share to a profit of $0.65 per share. American expects fourth-quarter revenue to rise 19.5%–22.5% year on year, but forecasts an adjusted loss of $0.50–$1.10 per diluted share.
Based on the forward fuel curve, the airline is assuming an average fourth-quarter fuel price of about $4.70 per gallon. At that level, fourth-quarter fuel expense would be approximately $2.8 billion higher than a year earlier, while total 2026 fuel costs are expected to exceed 2025 levels by more than $7 billion. American also plans to slow capacity growth in 2027 as elevated fuel prices continue to pressure profitability.