American Airlines Group (AAL)

Debt-to-capital ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	29,813,000	3,700,000	34,903,000	37,323,000	32,021,000
Total stockholders’ equity	US$ in thousands	-3,977,000	-5,202,000	-5,799,000	-7,340,000	-6,867,000
Debt-to-capital ratio		1.15	—	1.20	1.24	1.27

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $29,813,000K ÷ ($29,813,000K + $-3,977,000K)
= 1.15

American Airlines Group's debt-to-capital ratio has shown a gradual decline over the past few years, decreasing from 1.27 in December 2020 to 1.15 in December 2024. This downward trend indicates that the company has been reducing its reliance on debt to finance its operations relative to its total capital structure. The absence of available data for December 2023 makes it difficult to analyze the exact trajectory of the ratio during that period. Overall, the decreasing trend in the debt-to-capital ratio suggests that American Airlines Group may be managing its debt levels effectively, which could potentially improve its financial stability and reduce financial risk.