American Airlines Group (AAL) — Working Capital to Net Assets Ratio
American Airlines Group (AAL) has a Working Capital to Net Assets ratio of 314.2% as of June 2026. Working capital of $-12.48 Billion (current assets of $14.28 Billion minus current liabilities of $26.76 Billion) is measured against net assets of $-3.97 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. For the complete balance sheet picture, see AAL asset base.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
American Airlines Group Working Capital to Net Assets (1985–2025)
This chart shows how American Airlines Group's Working Capital to Net Assets ratio has evolved across 41 annual periods from 1985 to 2025. As of June 2026, the ratio stands at 314.2%, reflecting working capital of $-12.48 Billion against net assets of $-3.97 Billion USD. Explore how much does American Airlines Group reinvest in capital to see what proportion of operating cash flow is directed to capital expenditures.
Annual Working Capital to Net Assets for American Airlines Group (1985–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for American Airlines Group from 1985 to 2025, covering 41 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. Read American Airlines Group balance sheet liabilities for a breakdown of total debt and financial obligations.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 329.7% | $-12.29 Billion | $-3.73 Billion | $12.21 Billion | $24.49 Billion | ▲ +49.5 pp |
| 2024 | 280.1% | $-11.14 Billion | $-3.98 Billion | $13.15 Billion | $24.30 Billion | ▲ +116.9 pp |
| 2023 | 163.2% | $-8.49 Billion | $-5.20 Billion | $13.57 Billion | $22.06 Billion | ▲ +55.8 pp |
| 2022 | 107.4% | $-6.23 Billion | $-5.80 Billion | $15.27 Billion | $21.50 Billion | ▲ +84.6 pp |
| 2021 | 22.8% | $-1.67 Billion | $-7.34 Billion | $17.34 Billion | $19.01 Billion | ▼ -57.0 pp |
| 2020 | 79.7% | $-5.47 Billion | $-6.87 Billion | $11.10 Billion | $16.57 Billion | ▼ -8483.8 pp |
| 2019 | 8563.6% | $-10.11 Billion | $-118.00 Million | $8.21 Billion | $18.31 Billion | ▲ +2966.5 pp |
| 2018 | 5597.0% | $-9.46 Billion | $-169.00 Million | $8.64 Billion | $18.10 Billion | ▲ +4800.6 pp |
| 2017 | 796.4% | $-6.21 Billion | $-780.00 Million | $9.15 Billion | $15.36 Billion | ▲ +890.1 pp |
| 2016 | -93.7% | $-3.55 Billion | $3.79 Billion | $10.32 Billion | $13.87 Billion | ▼ -29.5 pp |
| 2015 | -64.2% | $-3.62 Billion | $5.63 Billion | $9.98 Billion | $13.61 Billion | ▲ +17.6 pp |
| 2014 | -81.8% | $-1.65 Billion | $2.02 Billion | $11.75 Billion | $13.40 Billion | ▼ -62.9 pp |
| 2013 | -18.9% | $517.00 Million | $-2.73 Billion | $14.32 Billion | $13.81 Billion | ▼ -43.2 pp |
| 2012 | 24.3% | $-1.94 Billion | $-7.99 Billion | $7.07 Billion | $9.01 Billion | ▼ -2.1 pp |
| 2011 | 26.3% | $-1.87 Billion | $-7.11 Billion | $6.76 Billion | $8.63 Billion | ▼ -22.9 pp |
| 2010 | 49.2% | $-1.94 Billion | $-3.94 Billion | $6.84 Billion | $8.78 Billion | ▲ +18.1 pp |
| 2009 | 31.1% | $-1.09 Billion | $-3.49 Billion | $6.64 Billion | $7.73 Billion | ▼ -86.0 pp |
| 2008 | 117.2% | $-3.44 Billion | $-2.94 Billion | $5.93 Billion | $9.37 Billion | ▲ +164.4 pp |
| 2007 | -47.2% | $-1.25 Billion | $2.66 Billion | $7.23 Billion | $8.48 Billion | ▼ -311.7 pp |
| 2006 | 264.5% | $-1.60 Billion | $-606.00 Million | $6.90 Billion | $8.51 Billion | ▲ +118.6 pp |
| 2005 | 145.9% | $-2.16 Billion | $-1.48 Billion | $6.16 Billion | $8.32 Billion | ▼ -206.5 pp |
| 2004 | 352.3% | $-2.05 Billion | $-581.00 Million | $4.97 Billion | $7.02 Billion | ▲ +4432.8 pp |
| 2003 | -4080.4% | $-1.88 Billion | $46.00 Million | $4.68 Billion | $6.56 Billion | ▼ -3839.8 pp |
| 2002 | -240.6% | $-2.30 Billion | $957.00 Million | $4.94 Billion | $7.24 Billion | ▼ -222.6 pp |
| 2001 | -18.1% | $-972.00 Million | $5.37 Billion | $6.54 Billion | $7.51 Billion | ▲ +7.1 pp |
| 2000 | -25.2% | $-1.81 Billion | $7.18 Billion | $5.18 Billion | $6.99 Billion | ▼ -4.2 pp |
| 1999 | -21.0% | $-1.44 Billion | $6.86 Billion | $4.42 Billion | $5.86 Billion | ▼ -9.6 pp |
| 1998 | -11.4% | $-764.00 Million | $6.70 Billion | $4.88 Billion | $5.64 Billion | ▼ -2.6 pp |
| 1997 | -8.8% | $-546.00 Million | $6.22 Billion | $5.07 Billion | $5.62 Billion | ▲ +10.6 pp |
| 1996 | -19.3% | $-1.10 Billion | $5.67 Billion | $4.47 Billion | $5.57 Billion | ▲ +22.5 pp |
| 1995 | -41.8% | $-1.56 Billion | $3.72 Billion | $3.14 Billion | $4.69 Billion | ▲ +11.3 pp |
| 1994 | -53.1% | $-1.80 Billion | $3.38 Billion | $3.12 Billion | $4.91 Billion | ▼ -12.7 pp |
| 1993 | -40.4% | $-1.73 Billion | $4.28 Billion | $2.69 Billion | $4.42 Billion | ▲ +14.9 pp |
| 1992 | -55.3% | $-1.85 Billion | $3.35 Billion | $2.87 Billion | $4.72 Billion | ▼ -4.3 pp |
| 1991 | -51.0% | $-1.94 Billion | $3.79 Billion | $2.81 Billion | $4.74 Billion | ▲ +7.1 pp |
| 1990 | -58.1% | $-2.17 Billion | $3.73 Billion | $2.66 Billion | $4.82 Billion | ▼ -21.3 pp |
| 1989 | -36.9% | $-1.39 Billion | $3.77 Billion | $2.09 Billion | $3.48 Billion | ▼ -31.1 pp |
| 1988 | -5.7% | $-180.60 Million | $3.15 Billion | $2.62 Billion | $2.80 Billion | ▼ -8.5 pp |
| 1987 | 2.8% | $75.30 Million | $2.68 Billion | $2.15 Billion | $2.07 Billion | ▼ -2.2 pp |
| 1986 | 5.0% | $124.40 Million | $2.48 Billion | $2.11 Billion | $1.99 Billion | ▼ -16.4 pp |
| 1985 | 21.5% | $467.90 Million | $2.18 Billion | $2.27 Billion | $1.80 Billion | — |