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American Airlines Group · AAL (Nasdaq) · FY2025

American Airlines AAdvantage by the numbers

AAdvantage is the largest loyalty balance sheet in the industry: US$10.6 billion of miles owed at the end of 2025, growing by half a billion a year, backed by US$6.2 billion of annual cash from Citi and other partners.

Written and reviewed by the Points Plug team. Last reviewed .

What American Airlines Group reports

Loyalty revenue
US$7.5 billion
2025: US$4,036m of loyalty travel revenue inside passenger revenue plus US$3,511m of loyalty marketing services revenue inside other revenue, of US$54.6bn total (2024: US$3,843m plus US$3,257m).
Cash from card and other partners
US$6.2 billion
"Cash payments from co-branded credit card and other partners" in 2025, against US$6.1bn in 2024, which included a one-off payment tied to the new Citi agreement.
Deferred revenue for unredeemed miles
US$10.6 billion
Loyalty program liability at 31 December 2025 (US$3,725m current, US$6,839m non-current), up from US$10,054m; US$11,573m at 30 June 2026.

Card partners and deals

  • Citi became the exclusive US issuer of AAdvantage cards from 2026 under a 10-year agreement; Barclays left the portfolio at the end of 2025.
  • Mastercard extended in July 2025 as exclusive network under a new 10-year contract.
  • Management put the projected benefit of the new Citi deal at about US$1.5 billion of annual pre-tax income (January 2025 investor materials).
  • Co-brand card spend rose 8% in 2025 and AAdvantage enrolments 7%; in the second quarter of 2026 enrolments were up 30% year on year.

Financing: The March 2021 US$10 billion AAdvantage financing is partly repaid: at 31 December 2025 the 5.50% notes stood at US$583m (originally US$3.5bn), the 5.75% notes at US$3.0bn with US$250m quarterly instalments from July 2026, the 2021 term loan at US$2,264m and a May 2025 AAdvantage term loan at US$995m.

How the miles are accounted for

  • Miles sold to partners and earned on flights create a contract liability, recognised as revenue when redeemed. In 2025 American deferred US$4,445m of new miles and recognised US$3,935m.
  • Mileage credits expire after 24 months of inactivity, and expired credits drop out of the liability.
  • American does not disclose its member count or a loyalty segment result.

What it means

The program brought in US$7.5 billion of recognised revenue in 2025, about 14% of American's US$54.6 billion total, in a year when the whole group made only US$111 million of net income. Without the loyalty cash the airline would have lost money, which is why the 2025 switch to Citi as sole issuer, with its estimated US$1.5 billion annual benefit, mattered more to the share price than any fleet decision.

The liability keeps rising because American issues more miles than members redeem: US$4.4 billion deferred against US$3.9 billion recognised in 2025. That gap is the bank paying for miles faster than members can fly them, and it is why the airline moved to dynamic award pricing and lets Basic Economy earn nothing.

American still carries about US$6.8 billion of debt secured on AAdvantage from the 2021 financing. The cash flows from Citi service that debt, so the program has to keep growing enrolments and card spend to keep the lenders comfortable.

What it means for your American Airlines AAdvantage balance

A program that earns more from selling miles to banks than from flights has an incentive to keep issuing them, and the deferred revenue line is the airline's own estimate of what an average outstanding mile will cost it to honour. Compare that with published valuations and with what Points Plug pays to see where your balance stands.

American Airlines AAdvantage finances: FAQ

How much does American earn from AAdvantage?
US$7.5 billion of recognised loyalty revenue in 2025 and US$6.2 billion of cash from Citi and other partners. That is about 14% of group revenue.
How big is American's miles liability?
US$10.6 billion at 31 December 2025 and US$11.6 billion at 30 June 2026, the largest of any airline.
Who issues AAdvantage credit cards?
Citi alone in the US from 2026, on a 10-year deal, with Mastercard as the network. Barclays exited at the end of 2025.

Sources

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