$AAL Q1 RESULTS (VS. ESTIMATES & Y/Y): 🔸 Revenue: $12.55B (-0.2% y/y, est. $12.53B) 🔸 Adj. EPS: -$0.59 (est. -$0.69, y/y -$0.34) 🔸 Adj. Net Loss: $386M (+71% y/y, est. $468.8M) 🔸 Passenger Revenue: $11.39B (-0.6% y/y, est. $11.36B) 🔸 ASM: 69.90B (-0.9% y/y, est. 69.91B) 🔸 RPM: 56.36B (-1.9% y/y, est. 57.23B) 🔸 Load Factor: 80.6% (vs. 81.5% y/y, est. 81.9%) 🔸 Passenger Yield: 20.21¢ (+1.4% y/y) 🔸 CASM-Ex Fuel: $14.54 (+7.8% y/y) 🔸 Total CASM: $18.34 (+2.9% y/y) 🔸 PRASM: $16.30 (+0.3% y/y) 🔸 Aircraft: 1,552 (+2.3% y/y) Q2 Guidance: 🔸 Adj. EPS: $0.50–$1.00 (est. $0.96) 🔸 Capacity: +2% to +4% 🔸 Revenue: -2% to +1% 🔸 CASM-Ex: +3% to +5% 🔸 Adj. Op. Margin: +6% to +8.5%

MARKET UPDATES: CONSUMER: 🔸 $DG upgraded to Overweight (BofA). 🔸 Macau casinos ($WYNN, $LVS, $MLCO, $MGM): Gaming revenue +0.8% YoY. 🔸 $LI: March deliveries 36,674 (+26.5% YoY). 🔸 $NIO: March deliveries 15,039 (+14% MoM). 🔸 $PVH: Q4 EPS $3.27 (beat), revenue -4.8% YoY. 🔸 $TSLA: Denmark sales -65.6% YoY. 🔸 $ULTA: Upgraded to Buy, price target raised to $423. ENERGY & INDUSTRIALS: 🔸 $AAL, $DAL, $LUV: Downgraded (Jefferies). 🔸 Oil: Brent stabilizes after Trump’s Russia comments. 🔸 $CVX: Sells East Texas gas assets ($1.2B+ value). 🔸 $EE: 7M-share secondary offering priced at $26.50. FINANCIALS: 🔸 $LPLA: 4.7M-share secondary offering at $320. 🔸 $V: $375M escrow deposit, reducing Class B shares. 🔸 $WRB: Downgraded (BofA). HEALTHCARE: 🔸 $JNJ: $10B talc settlement rejected by U.S. judge. 🔸 Drugmakers: Lobby Trump to phase in pharma tariffs. TECH & MEDIA: 🔸 $LYV, $SEAT: Fall after Trump’s executive order on ticket pricing. 🔸 $PRGS: Q1 EPS $1.31 (beat), raises full-year guidance. 🔸 $SPIR: Q4 EPS loss ($2.21), weak Q1 outlook.

Companies are telling their investors how President Donald Trump’s plan to radically remake the US government poses new risks to their businesses, per Bloomberg. In recent weeks, Chipotle Mexican Grill, $CMG, warned about potential tariffs on avocados and limes. Johnson & Johnson, $JNJ, sees a risk that Food and Drug Administration cuts will slow down medicine approvals. And American Airlines, $AAL, alerted shareholders to possible additional charges for aircraft and parts from outside the US.

Everything you need to know on The Rundown podcast by @public TOP MARKET HEADLINES * $EA suffers from slowdown in its soccer franchise * $AAL falls as botched strategic shift dents corporate travel demand * $GE Aerospace surges on profit beat https://t.co/aDJ5B4fNkD

$AAL RESULTS: Q4 🔸 ADJ EPS $0.86 vs. $0.29 y/y, EST $0.65 🔸 ADJ net income $609M vs. $192M y/y, EST $471.3M 🔸 Passenger revenue $12.40B, +3.3% y/y, EST $12.28B 🔸 Operating revenue $13.66B, +4.6% y/y, EST $13.43B 🔸 Available seat miles 71.50B, +2.5% y/y, EST 71.31B 🔸 Revenue passenger miles 60.68B, +4% y/y, EST 61.03B 🔸 Load factor 84.9% vs. 83.6% y/y, EST 85.5% 🔸 Passenger yield +20.44c, -0.7% y/y 🔸 CASM excluding fuel $13.99, +5.7% y/y 🔸 Cost per available seat mile $17.52, -1.5% y/y 🔸 PRASM $17.34, +0.8% y/y 🔸 Total aircraft at end of period 1,562, +2.7% y/y

#Upgrades - Dec 10, 2024 • $AAL: Bernstein Upgrades to Outperform from Market Perform - PT $24 (from $14) • $BALL: Mizuho Upgrades to Outperform from Neutral - PT $67 • $CIFR: JPMorgan Upgrades to Overweight from Neutral - PT $8 • $CLSK: JPMorgan Upgrades to Overweight from Neutral - PT $17 (from $10.50) • $CXW: Wedbush Upgrades to Outperform from Neutral - PT $30 (from $19) • $GM: Morgan Stanley Upgrades to Equalweight from Underweight - PT $54 (from $46) • $GPMT: KBW Upgrades to Market Perform from Underperform - PT $3.25 (from $3) • $IPG: Wells Fargo Upgrades to Equal Weight from Underweight - PT $34 (from $26) • $JLL: KBW Upgrades to Outperform from Market Perform - PT $325 (from $292) • $MARA: JPMorgan Upgrades to Neutral from Underweight - PT $23 (from $12) • $NCLH: Goldman Sachs Upgrades to Buy from Neutral - PT $35 (from $29) • $RSG: Deutsche Bank Upgrades to Buy from Hold - PT $237 (from $219) • $SLG: JPMorgan Upgrades to Neutral from Underweight - PT $80 (from $51) • $TRV: HSBC Upgrades to Buy from Hold - PT $290 • $UPS: BMO Capital Upgrades to Outperform from Market Perform - PT $150 (from $155) • $VMEO: Piper Sandler Upgrades to Overweight from Neutral - PT $10 (from $7) • $VSCO: UBS Upgrades to Neutral from Sell - PT $47 (from $18)

#Downgrades - Nov 26, 2024 • $AAL: UBS Downgrades to Neutral from Buy - PT $16 • $BC: B.Riley Downgrades to Neutral from Buy - PT $88 (from $95) • $EG: Jefferies Downgrades to Hold from Buy - PT $429 (from $420) • $GS: HSBC Downgrades to Hold from Buy • $HUBB: Deutsche Bank Downgrades to Hold from Buy - PT $473 (from $493) • $LUV: UBS Downgrades to Sell from Buy - PT $27 • $MS: HSBC Downgrades to Hold from Buy • $SUM: Citi Downgrades to Neutral from Buy - PT $52.50 (from $55) • $SUM: Longbow Downgrades to Neutral from Buy - PT $52.50 • $SUM: Wolfe Research Downgrades to Peerperform from Outperform • $SUM: Loop Capital Downgrades to Hold from Buy - PT $52.50 (from $54) • $SAVA: H.C. Wainwright Downgrades to Neutral from Buy • $TGT: Daiwa Securities Downgrades to Neutral from Outperform - PT $130 (from $170) • $FIBK: DA Davidson Upgrades to Buy from Neutral - PT $42 • $GMS: DA Davidson Downgrades to Neutral from Buy - PT $97

$AAL F/Y GUIDANCE 🔸 Sees ADJ EPS $1.35 to $1.60, saw $0.70 to $1.30, EST $1.23 GUIDANCE: Q4 🔸 Sees ADJ EPS $0.25 to $0.50, EST $0.30 RESULTS: Q3 🔸 ADJ EPS $0.30 vs. $0.38 y/y, EST $0.14 🔸 ADJ net income $205M, -22% y/y, EST $101.1M 🔸 Passenger revenue $12.52B, +0.8% y/y, EST $12.37B 🔸 Operating revenue $13.65B, +1.2% y/y, EST $13.5B 🔸 Available seat miles 75.67B, +3.2% y/y, EST 75.67B 🔸 Revenue passenger miles 65.50B, +6.4% y/y, EST 63.70B 🔸 Load factor 86.6% vs. 84% y/y, EST 84.2% 🔸 Passenger yield +19.12c, -5.3% y/y 🔸 CASM excluding fuel $13.39, +2.8% y/y 🔸 Cost per available seat mile $17.92, -4.2% y/y 🔸 PRASM $16.55, -2.4% y/y 🔸 Total aircraft at end of period 1,546, +3.1% y/y

🔸 $AAL RESULTS: Q2 • ADJ EPS $1.09 vs. $1.92 y/y, EST $1.05 • ADJ net income $774M, -44% y/y, EST $746.7M • Passenger revenue $13.20B, +1.7% y/y, EST $13.21B • Operating revenue $14.33B, +2% y/y, EST $14.35B • Available seat miles 75.26B, +8% y/y, EST 75.32B • Revenue passenger miles 65.14B, +8.5% y/y, EST 64.43B • Load factor 86.6% vs. 86.2% y/y, EST 85.5% • Passenger yield +20.27c, -6.2% y/y • CASM excluding fuel $13.14, -0.2% y/y • Cost per available seat mile $17.21, +0.8% y/y • PRASM $17.54, -5.9% y/y • Total aircraft at end of period 1,529, +4% y/y

$AAL AMERICAN AIR SEES FY ADJ EPS 70C TO $1.30, SAW $2.25 TO $3.25