American Airlines shares are down 23% year to date at $11.87, lagging United (down 14%), Delta (up 8%), the U.S. Global Jets ETF (down 8%) and the S&P 500 (up 13%). Higher fuel costs drove the drop: in Q2 2026 revenue rose 16.3% to $16.7 billion, but aircraft fuel expense jumped 83.3% to $4.9 billion, operating margin fell to 2.7% from 7.9%, and net income dropped 88.2% to $71 million. Management cut its full-year adjusted outlook to a range from a loss of $0.65 to a profit of $0.65 per share, and guided to a Q3 adjusted loss of $0.70 to $0.10 per share. Premium revenue per unit rose 13.4% and managed corporate business grew 26%, but the company carries a stockholders' deficit of $3.97 billion and total debt of $34.7 billion. The article says the stock could rebound if fuel prices ease, and Q3 results are expected on October 22.
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