American Airlines is a major U.S. network carrier providing scheduled passenger and cargo air transportation. American operates a hub-and-spoke model across nine domestic hubs, concentrated in large U.S. metro areas including Dallas/Fort Worth (DFW), Miami, Chicago O'Hare, Charlotte, and New York. American serves over 350 destinations globally and carried approximately 224 million passengers in 2025. A regional feeder network operates under the "American Eagle" brand through wholly-owned subsidiaries and third-party partners, feeding traffic into American's hubs from smaller markets. American earns revenue primarily by selling seats across mainline and regional operations, with ticket pricing varying by cabin, route, and fare class. Premium cabins account for roughly half of total ticket revenue despite representing a smaller share of seats, and American is targeting 30% overall premium seat growth by 2030. The AAdvantage loyalty program is a core earnings driver — cash payments from co-branded credit card and other partners totaled $6.2B in 2025, and American targets growing that figure to ~$10B annually by the end of the decade. Citi became the exclusive U.S. issuer of the AAdvantage co-branded credit card in 2026, replacing Barclays. Internationally, American is strongest in the transatlantic market, where it operates a joint business with British Airways, Iberia, Aer Lingus, and Finnair. Labor and fuel are the two largest costs, representing approximately 38% and 20% of operating expenses, respectively. American does not hedge fuel. American is currently focused on debt reduction, having brought total debt from ~$50B in mid-2021 to $36.5B by end of 2025, targeting below $35B by 2026.