American Airlines CFO Devon May said on July 25, 2024, that the company was tracking ahead of its $15 billion debt-reduction plan and expected to meet the target in 2025. That was a forecast, not a current progress update. Later company reports showed total debt of $36.5 billion at year-end 2025 and $34.7 billion at the end of the first quarter of 2026. The latest reviewed update, from the second quarter of 2026, reaffirmed the company’s debt-reduction priority but did not report a new total-debt figure.
What the CFO said about the $15 billion plan
On American Airlines Group’s July 25, 2024, second-quarter earnings call, CFO Devon May said the airline was “tracking ahead” of its $15 billion debt-reduction plan. He expected the company to meet that target in 2025 while producing free cash flow and maintaining solid liquidity. The earnings-call transcript records May’s statement.
“Tracking ahead” described management’s assessment at that time. It did not independently verify how much debt had already been repaid, and it should not be read as a statement of the airline’s current debt position.
What subsequent reports showed
American’s later reports provide a clearer timeline. These are company-reported figures and targets; they should be distinguished from the 2024 forecast.
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| Reporting point | Figure or outlook | What it represents |
|---|---|---|
| July 2024 | $15 billion target; expected to be met in 2025 | Management’s forecast on the Q2 2024 earnings call. |
| Year-end 2025 | $2.1 billion reduction during 2025; $36.5 billion total debt at year-end | American’s reported annual reduction and year-end total. The company said it expected total debt to fall below $35 billion in 2026, a year earlier than its prior schedule. FY 2025 results release |
| End of Q1 2026 | $34.7 billion total debt | American reported this as its lowest total-debt level since mid-2015. Q1 2026 results release |
| Q2 2026 | $11.3 billion available liquidity; lower net debt expected at year-end than at the start of 2026 | The reported liquidity figure and May’s outlook; the release did not provide a new total-debt balance. Q2 2026 results release Q2 2026 earnings-call transcript |
What “total debt” includes
American’s total-debt measure is broader than conventional borrowing. The company says it includes debt, finance and operating lease liabilities, and pension obligations. That definition applies to the company’s $34.7 billion Q1 2026 figure and is important when comparing reported balances across periods. It is not interchangeable with net debt, which accounts for cash and other relevant balances.
What the Q2 2026 update does—and does not—establish
In its second-quarter 2026 materials, American said it remained committed to reducing debt, lowering interest expense, and achieving its leverage objectives. May said that, at the midpoint of the company’s current 2026 guidance, American expected positive free cash flow for the year and lower net debt at year-end than at the start of the year. Those statements were outlook, not a reported year-end result or a new total-debt balance.
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The latest reviewed results period is Q2 2026. As of October 7, 2026, American had not yet reported Q3 results; its Q3 earnings call was scheduled for October 22, 2026. Therefore, the company’s full-year 2026 debt outcome was not yet known.
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