American Airlines Group (AAL) — Capital Reinvestment Ratio
American Airlines Group (AAL) has a Capital Reinvestment Ratio of 1.75x as of June 2026, meaning it reinvests 2% of its operating cash flow ($471.00 Million) in capital expenditures ($822.00 Million). Check AAL tangible net assets ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
American Airlines Group Capital Reinvestment Ratio (1989–2025)
This chart tracks American Airlines Group's Capital Reinvestment Ratio across 34 annual periods. For the full cash flow conversion analysis, see American Airlines Group cash conversion from operations.
Annual Capital Reinvestment Ratio for American Airlines Group (1989–2025)
Year-by-year Capital Reinvestment Ratio for American Airlines Group from 1989 to 2025. See how much free cash does American Airlines Group generate to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 1.22x | $3.10 Billion | $3.78 Billion | ▲ +81.0% |
| 2024 | 0.67x | $3.98 Billion | $2.68 Billion | ▼ -1.3% |
| 2023 | 0.68x | $3.80 Billion | $2.60 Billion | ▼ -49.0% |
| 2022 | 1.34x | $2.17 Billion | $2.91 Billion | ▲ +352.6% |
| 2021 | 0.30x | $704.00 Million | $208.00 Million | ▼ -73.6% |
| 2019 | 1.12x | $3.81 Billion | $4.27 Billion | ▲ +5.5% |
| 2018 | 1.06x | $3.53 Billion | $3.75 Billion | ▼ -15.8% |
| 2017 | 1.26x | $4.74 Billion | $5.97 Billion | ▲ +43.3% |
| 2016 | 0.88x | $6.52 Billion | $5.73 Billion | ▼ -10.8% |
| 2015 | 0.98x | $6.25 Billion | $6.15 Billion | ▼ -42.9% |
| 2014 | 1.72x | $3.08 Billion | $5.31 Billion | ▼ -62.6% |
| 2013 | 4.61x | $675.00 Million | $3.11 Billion | ▲ +214.0% |
| 2012 | 1.47x | $1.28 Billion | $1.89 Billion | ▼ -38.1% |
| 2011 | 2.37x | $680.00 Million | $1.61 Billion | ▲ +50.1% |
| 2010 | 1.58x | $1.24 Billion | $1.96 Billion | ▼ -3.3% |
| 2009 | 1.64x | $930.00 Million | $1.52 Billion | ▲ +343.2% |
| 2007 | 0.37x | $1.94 Billion | $714.00 Million | ▲ +35.0% |
| 2006 | 0.27x | $1.94 Billion | $530.00 Million | ▼ -58.9% |
| 2005 | 0.67x | $1.02 Billion | $681.00 Million | ▼ -53.6% |
| 2004 | 1.43x | $717.00 Million | $1.03 Billion | ▲ +26.6% |
| 2003 | 1.13x | $601.00 Million | $680.00 Million | ▼ -84.1% |
| 2001 | 7.12x | $511.00 Million | $3.64 Billion | ▲ +508.5% |
| 2000 | 1.17x | $3.14 Billion | $3.68 Billion | ▼ -25.1% |
| 1999 | 1.56x | $2.26 Billion | $3.54 Billion | ▲ +87.7% |
| 1998 | 0.83x | $3.19 Billion | $2.66 Billion | ▲ +75.0% |
| 1997 | 0.48x | $2.92 Billion | $1.39 Billion | ▲ +136.4% |
| 1996 | 0.20x | $2.72 Billion | $547.00 Million | ▼ -52.6% |
| 1995 | 0.42x | $2.19 Billion | $928.00 Million | ▼ -38.7% |
| 1994 | 0.69x | $1.61 Billion | $1.11 Billion | ▼ -54.2% |
| 1993 | 1.51x | $1.38 Billion | $2.08 Billion | ▼ -61.4% |
| 1992 | 3.91x | $843.00 Million | $3.30 Billion | ▼ -17.7% |
| 1991 | 4.75x | $744.00 Million | $3.54 Billion | ▲ +12.3% |
| 1990 | 4.23x | $685.80 Million | $2.90 Billion | ▲ +134.2% |
| 1989 | 1.81x | $1.33 Billion | $2.39 Billion | — |