American Airlines Group (AAL) Q4 FY2023 earnings: revenue $13.1 billion, down 1.0% on the year

American Airlines Group Inc. (AAL) reported revenue of $13.1 billion for Q4 FY2023, the quarter ended 31 December 2023, down 1.0% on the same quarter a year earlier. Net income was $19 million, down 97.6% on the year, and diluted earnings per share $0.03. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$13.1 billiondown 1.0%

Net income$19 milliondown 97.6%

Diluted EPS$0.03

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	13,062	13,482	n/a	n/a
Operating income	656	-223	n/a	n/a
Operating margin	5.0%	-1.7%	n/a
Interest expense	520	537	n/a	n/a
Pre-tax income	31.0	-690	n/a	n/a
Income tax	12.0	-145	n/a	n/a
Effective tax rate	38.7%	n/a	n/a
Net income	19.0	-545	n/a	n/a
Net margin	0.1%	-4.0%	n/a
Diluted EPS	$0.03	-$0.83	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	-1,351	58.0	n/a	n/a
Capital expenditure	843	509	n/a	n/a
Free cash flow	-2,194	-451	n/a	n/a
Free cash flow margin	-16.8%	-3.3%	n/a
Cash from investing	2,159	1,084	n/a	n/a
Cash from financing	-814	-1,234	n/a	n/a
Depreciation and amortisation	480	487	n/a	n/a
Diluted shares, weighted	720m	654m	n/a	n/a
Shares outstanding at period end	654m	654m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	-5,202	-5,136	n/a	n/a
Debt	28,895	29,308	n/a	n/a
Operating lease liabilities	6,452	6,329	n/a	n/a
Finance lease liabilities	375	n/a	n/a	n/a
Other liabilities	32,538	35,210	n/a	n/a
Total liabilities and equity	63,058	65,711	n/a	n/a
Goodwill	4,091	4,091	n/a	n/a
Intangible assets	2,051	2,053	n/a	n/a
Investments	7,000	10,005	n/a	n/a
Cash and equivalents	681	687	n/a	n/a
Receivables	2,026	2,021	n/a	n/a
Other assets	47,209	46,854	n/a	n/a
Total assets	63,058	65,711	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	13,482	13,062	12,570	14,334	13,647	13,660	12,551	14,392	13,691	13,999	13,912	16,735
Operating income	-223	656	7.0	1,384	89.0	1,134	-270	1,135	151	451	-41.0	446
Operating margin	-2%	5%	0%	10%	1%	8%	-2%	8%	1%	3%	-0%	3%
Interest expense	537	520	497	486	480	471	428	433	432	423	397	409
Pre-tax income	-690	31.0	-413	1,028	-256	795	-648	838	-142	142	-476	107
Tax rate	n/a	39%	n/a	30%	n/a	26%	n/a	29%	n/a	30%	n/a	34%
Net income	-545	19.0	-312	717	-149	590	-473	599	-114	99.0	-382	71.0
Net margin	-4%	0%	-2%	5%	-1%	4%	-4%	4%	-1%	1%	-3%	0%
Diluted EPS	-$0.83	$0.03	-$0.48	$1.01	-$0.23	$0.94	-$0.72	$0.91	-$0.17	$0.15	-$0.58	$0.11
Operating cash flow	58.0	-1,351	2,180	1,128	277	398	2,456	963	-46.0	-274	4,223	471
Capital expenditure	509	843	824	651	468	740	824	499	826	1,630	811	822
Free cash flow	-451	-2,194	1,356	477	-191	-342	1,632	464	-872	-1,904	3,412	-351
Shares outstanding	654m	654m	656m	657m	657m	658m	659m	660m	660m	660m	661m	662m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 21 February 2024, accession 0000006201-24-000010: the filing on EDGAR. All of American Airlines Group Inc.'s filings: EDGAR company page.

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