What Should American Airlines Stock Investors Be Watching Now?

American Airlines (AAL) posted record quarterly revenue for the second quarter of fiscal 2026, growing sales 16.3% from a year earlier. Yet this top-line expansion has not translated to market success. The stock has lost 25% over the three months to October 8, 2026, while the S&P 500 gained 2.8%. A single cost at American is expanding far faster than overall sales, and executives spent much of their July 2026 earnings call addressing it. So what is that cost, and how big has it become.