American Airlines Group

AAL Airlines & Travel 6/10 Medium Risk
6/10
— 6 → 6 over 22 weeks
Sector avg: 4.1/10

American Airlines Group carries $25.3B in long-term debt, with $28.6B in scheduled principal maturities. With $8.1B (28% of maturities) due within 24 months, AAL faces a meaningful refinancing window. AAL shows interest coverage of just 0.7x, meaning operating income barely covers interest payments. DebtCanary scores AAL at 6/10, indicating moderate refinancing pressure.

Maturity Schedule

As of 2025-12-31 (latest SEC filing with maturity data). Debt actions taken after this date will only appear once SEC processes the relevant XBRL filing.
Year 1 $3.6B Year 2 $4.5B Year 3 $7.3B Year 4 $4.0B Year 5 $2.5B Beyond 5 $6.6B
Period Amount Due % of Total
Year 1 (0-12 months) $3.6B 12.7%
Year 2 (12-24 months) $4.5B 15.6%
Year 3 (24-36 months) $7.3B 25.6%
Year 4 (36-48 months) $4.0B 14.1%
Year 5 (48-60 months) $2.5B 8.7%
Beyond 5 Years $6.6B 23.2%
Total Scheduled Maturities $28.6B 100.0%
Why don't these totals match? Total scheduled maturities ($28.6B) exceeds balance-sheet long-term debt ($25.3B) by about 12%. The two figures come from different disclosures: the maturity schedule aggregates gross principal repayments from the debt footnote — typically including the current portion of long-term debt and sometimes finance leases — while balance-sheet long-term debt is a carrying value that excludes the current portion and is net of unamortized discounts, premiums, and issuance costs. They can also come from filings with different period-end dates (2025-12-31 vs 2026-06-30). Both numbers are shown exactly as reported to the SEC.

Key Metrics

Total Long-Term Debt
$25.3B
Near-Term (12mo)
$3.6B
Interest Coverage
0.7x
Debt/Equity
N/A
Cash Coverage
0.85x
Operating Income
$1.5B
EBITDA
$3.7B
Debt / EBITDA
6.9x
EBITDA / Interest
1.7x

Refinancing Cost Shock

If American Airlines Group refinanced the $8.1B due within 24 months at today's market yields, its annual interest bill would change by an estimated +$466M/year — about 31.8% of operating income.

Show the full calculation
Debt due within 24 months (Year 1 + Year 2 buckets): $8.1B
Current average rate = interest expense / interest-bearing debt = $2.1B / $25.3B = 8.49%
Synthetic rating bucket from coverage (EBITDA/interest 1.7x, operating income/interest 0.7x): CCC
Market yield for CCC bucket (ICE BofA via FRED, 2026-07-23): 14.25% (BAMLH0A3HYCEY)
Rate change: 14.25% − 8.49% = +5.76 pp
Annual cost change: +5.76% × $8.1B = +$466M/yr
As share of operating income ($1.5B): 31.8%
Index-level estimate, not issuer-level bond pricing: the rating bucket is inferred from interest coverage (not an agency rating), and actual new-issue pricing depends on tenor, security, and market conditions. See the methodology.
Hidden future pain — added interest run-rate as the schedule rolls
+1yr
+$210M/yr (14.3%)
+2yr
+$466M/yr (31.8%)
+3yr
+$888M/yr (60.5%)
+4yr
+$1.1B/yr (76.4%)
+5yr
+$1.3B/yr (86.2%)
Cumulative run-rate change once all debt maturing by each horizon has refinanced. Assumes yields hold. Market-wide view on the Hidden Future Pain page.
What if yields move? market yield 14.25% (+0 bps)
24-month wall refinanced at that yield: = of operating income

Compare across all companies on the Refinancing Cliff Map →

How This Score Was Computed

Weighted average of 3 scored components (raw 6.07, rounded to 6). Weights of skipped components are redistributed proportionally among those scored.

Component Value Sub-Score Weight Used
Near-Term Maturity Concentration
Show calculation
Year-1 maturities / Total scheduled maturities
Year-1 maturities: $3.6B
Total scheduled maturities: $28.6B
 12.7% 3/10 40%
Interest Coverage Ratio
Show calculation
Operating income / Interest expense
Operating income: $1.5B
Interest expense: $2.1B
 0.68x 9/10 33%
Debt-to-Equity Ratio
Stockholders' equity is negative (-$4.0B); a debt-to-equity ratio is not meaningful against negative equity.
 N/A — not scored
Cash Coverage of Near-Term Debt
Show calculation
Cash & equivalents / Debt due within 12 months
Cash from operations: $3.1B
Near-term debt: $3.6B
Cash & equivalents was not reported; annual operating cash flow is used as the numerator instead.
 0.85x 7/10 27%
Cash Runway
Only scored when a company is burning cash. Operating cash flow is positive (or unreported), so runway isn't a constraint.
 N/A — not scored

"Weight Used" shows each component's share after the weights of unscored components are redistributed. Full thresholds and formulas are on the methodology page.

Recent SEC Filings

Material disclosures from American Airlines Group's most recent EDGAR filings. 8-K item labels indicate the type of event reported.

Date Form Details
2026-07-23 10-Q Quarterly report
2026-07-23 8-K Earnings Results, Reg FD Disclosure
2026-07-15 8-K Officer / Director Change, Reg FD Disclosure
2026-06-16 8-K Officer / Director Change, Reg FD Disclosure
2026-06-10 8-K Officer / Director Change, Shareholder Vote
2026-05-29 8-K Material Agreement, New Debt Obligation
2026-04-28 DEFA14A Additional proxy materials
2026-04-28 DEF 14A Proxy statement

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Data Source: Financial data sourced from SEC EDGAR XBRL filings (10-K annual reports). Fiscal period end: 2026-06-30. Filing date: 2026-07-23. Data last fetched: 2026-07-26. Maturity schedules reflect the company's most recently reported debt repayment obligations. Data quality: Partial.
View SEC EDGAR filings for American Airlines Group →