How American Airlines Group Makes Money (2026)
American Airlines Group makes money mainly from Passenger. Its FY2025 total revenue was $54,633 million ($54.6 billion), with Passenger the biggest disclosed revenue line at $49,643 million ($49.6 billion) and 90.9% of total revenue (computed from the 10-K FY2025). American’s sales of loyalty miles to partners combine transportation and marketing revenue.
Last checked 2026-10-18 on the official pages.
Revenue breakdown
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Passenger | $49,643 million ($49.6 billion) | 90.9% | 10-K FY2025 ↗ |
| Cargo | $839 million | 1.5% | 10-K FY2025 ↗ |
| Loyalty program marketing services | $3,511 million ($3.5 billion) | 6.4% | 10-K FY2025 ↗ |
| Other revenue | $640 million | 1.2% | 10-K FY2025 ↗ |
| Total revenue | $54,633 million ($54.6 billion) | — | 10-K FY2025 ↗ |
The hidden model
American’s sales of loyalty miles to partners combine transportation and marketing revenue.
American’s sales of loyalty miles to partners combine transportation and marketing revenue. verified
Sales of mileage credits to co-branded credit card and non-airline business partners are comprised of two revenue elements: a transportation component and a marketing component.
The loyalty financing structure granted American a royalty-bearing sublicense to use the transferred program intellectual property. verified
HoldCo2 has in turn granted to American an exclusive, irrevocable (subject to certain termination rights), perpetual, worldwide, royalty-bearing sublicense to use the Transferred AAdvantage IP
Business models
Watch the episode
Why Airline Miles Were Priced Higher Than the Airline ✈️
Why airline loyalty programs were valued higher than the airlines themselves in 2020.
Premieres 19 Oct 2026, 17:00 CEST (Europe/Copenhagen) ↗
- United Airlines Holdings · Airlines
- Delta Air Lines · Airlines
- American Airlines Group · Airlines
- American Express · Financial services
Related companies
- Delta Air Lines · Airlines
- Starbucks · Restaurants
- United Airlines Holdings · Airlines
Business model comparisons
Filter revenue mixes in the explorer
We are not collecting emails yet. Nothing you type here is sent anywhere. This is a placeholder for the future weekly newsletter.
Frequently asked questions
How does American Airlines Group make money?
American Airlines Group makes money mainly from Passenger. Its FY2025 total revenue was $54,633 million ($54.6 billion), with Passenger the biggest disclosed revenue line at $49,643 million ($49.6 billion) and 90.9% of total revenue (computed from the 10-K FY2025). American’s sales of loyalty miles to partners combine transportation and marketing revenue.
What is American Airlines Group’s business model?
American Airlines Group’s business model is Loyalty and Stored Value. A business sells rewards to partners or collects customer cash before redemption. Deferred obligations and repeat engagement become part of its economics; redemption terms determine the eventual cost. American’s sales of loyalty miles to partners combine transportation and marketing revenue.
What is American Airlines Group’s hidden model?
American’s sales of loyalty miles to partners combine transportation and marketing revenue.