American Airlines Reports $54.2 Billion Revenue in 2024: Key Financial Highlights
American Airlines Group achieved record revenue in 2024 and significantly reduced its debt by $15 billion, one year ahead of schedule. The airline also signed a key deal with Citi, improved operational efficiency, and reported strong growth in key international markets
American Airlines Group has released its financial results for the fourth quarter and full year 2024, highlighting record-breaking annual revenue and a significant reduction in total debt.
Total revenue for the fourth quarter reached $13.7 billion, representing a 4.6% increase compared to the same period in 2023. For the full year, revenue totaled $54.2 billion, reflecting a 2.7% year-over-year growth. GAAP net income stood at $590 million in the fourth quarter and $846 million for the entire year of 2024.
Excluding special items, adjusted net income amounted to $609 million in the fourth quarter and $1.4 billion for the year. Special items include one-off financial adjustments or charges not directly tied to the company’s ongoing operations.
Operational performance
American Airlines improved its load factor, reaching 84.9% in 2024, a rise of 1.4 percentage points compared to 2023. During the fourth quarter, passenger numbers rose 4.2%, driven by growth across all regions, with the Pacific region leading at 41% traffic growth.
Fuel expenses, a key cost component, decreased by 20.8% in the fourth quarter, driven by a 23.5% drop in the average price per gallon. However, labor costs increased by 9.9% for the year, reflecting new collective agreements with key employees.
Slight revenue decline in Latin America but with strong load factors.
Key Highlights
- Agreement with Citi: American Airlines signed a 10-year exclusive contract with Citi to issue AAdvantage® credit cards in the United States starting in 2026. This agreement generated $6.1 billion in revenue in 2024, a 17% increase compared to 2023.
- Regional performance:
- Domestic: Revenue grew by 3.5% in the fourth quarter, maintaining a load factor of 85%.
- Pacific: The fastest-growing region, with a 39.4% revenue increase and a load factor of 85.8%.
- Latin America: Slight revenue contraction of 0.7% in the quarter, while achieving a load factor of 85.2%.
American Airlines successfully achieved its goal of reducing total debt by $15 billion from its peak levels in 2021, achieving this milestone one year ahead of schedule. The airline also reported a record free cash flow of $2.2 billion in 2024, closing the year with $10.3 billion in total liquidity.
For 2025, the company projects an adjusted loss of $0.20 to $0.40 per share in the first quarter, driven by seasonal factors. However, it expects to deliver an annual adjusted profit between $1.70 and $2.70 per share.
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