American Airlines Group (AAL)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	3,700,000	3,700,000	34,057,000	34,459,000	34,903,000	36,158,000	36,354,000	37,093,000	37,323,000	31,911,000	39,421,000	39,124,000	32,021,000	32,203,000	27,307,000	23,181,000	23,645,000	24,559,000	22,621,000	22,075,000
Total stockholders’ equity	US$ in thousands	-5,202,000	-5,136,000	-4,385,000	-5,771,000	-5,799,000	-7,893,000	-8,422,000	-8,940,000	-7,340,000	-7,437,000	-7,667,000	-7,945,000	-6,867,000	-5,528,000	-3,169,000	-2,636,000	-118,000	160,000	-22,000	-636,000
Debt-to-capital ratio		—	—	1.15	1.20	1.20	1.28	1.30	1.32	1.24	1.30	1.24	1.25	1.27	1.21	1.13	1.13	1.01	0.99	1.00	1.03

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $3,700,000K ÷ ($3,700,000K + $-5,202,000K)
= —

The debt-to-capital ratio of American Airlines Group Inc has exhibited fluctuations over the past eight quarters. In Q1 2022, the ratio was at its highest at 1.31, indicating that debt formed 131% of the company's total capital. However, this ratio gradually decreased in the subsequent quarters, reaching a low of 1.14 in Q2 2023.

The ratio then slightly increased in Q3 2023 to 1.18 before rising again to 1.19 in Q4 2023. These fluctuations suggest that the company has been managing its debt and capital structure over the analyzed period, with varying levels of debt relative to total capital. Despite some fluctuations, the debt-to-capital ratio has generally remained above 1, indicating that American Airlines Group Inc relies more on debt than equity to finance its operations.