American Airlines Group posted record third-quarter revenue of $16.3 billion, but a sharp increase in fuel costs pushed the carrier to a GAAP net loss of $269 million. Revenue rose 19.3% year on year, exceeding the high end of previous guidance, while fuel expense climbed 67.5% to approximately $4.6 billion, underscoring the pressure on airline margins from higher energy prices.
The Fort Worth-based group reported an adjusted net loss of $182 million, or $0.28 per diluted share, compared with an adjusted loss of $111 million a year earlier. The GAAP loss was $0.41 per diluted share, versus $0.17 in the third quarter of 2025.
American paid an average of $3.85 per gallon for fuel during the quarter. The increase added $1.9 billion to costs year on year and more than offset stronger commercial performance. Passenger revenue increased 19.5%, while cargo revenue rose 29.1%; premium-cabin growth led the improvement. CASM-ex increased 3.0%, which American described as the strongest unit-cost performance among network carriers.
The airline lowered its profitability outlook and now expects an adjusted loss for 2026 and the fourth quarter. Fourth-quarter revenue is forecast to grow 19.5% to 22.5% year on year, but fuel prices are expected to average about $4.70 per gallon, potentially adding approximately $2.8 billion to fuel expense compared with the same period in 2025.