$American Airlines (AAL.US)$ today reported its second-quarter 2024 financial results, including:

• Highest-ever quarterly revenue of $14.3 billion.

• Second-quarter net income of $717 million, or $1.01 per diluted share. Excluding net special items, second-quarter net income of $774 million, or $1.09 per diluted share.

• Generated operating cash flow of approximately $1.1 billion and free cash flow of approximately $850 million in the second quarter.

• Reduced total debt by approximately $680 million in the second quarter.

• On track to reduce total debt from peak levels by $15 billion by year-end 2025.

• Full-year adjusted earnings per diluted share expected to be between $0.70 and $1.30.

“American has a fleet, network and product built to deliver results, but during the second quarter, we did not perform to our initial expectations due to our prior sales and distribution strategy and an imbalance of domestic supply and demand,” said American’s CEO Robert Isom. “We are taking this challenge head-on, with clear and decisive actions to deliver on a strategy that maximizes our revenue and profitability, and importantly, one that makes it easy for customers to do business with American. When we return to the level of revenue generation we know we can achieve, and we couple that with our operational reliability and best-in-class cost management, we will unlock significant value.”