What American Airlines Group Inc. told the SEC could break it.

Tariffs on aircraft from Brazil — the sole source of American's new regional jets (Embraer) — raise costs and threaten the regional fleet supply chain.

“In addition, we source a portion of our aircraft, aircraft engines and parts from outside the U.S., and any tariffs imposed may lead to higher costs, negatively affect our supply chains and adversely affect our business and results of operations. For example, there are presently in place tariffs on certain goods, including aircraft, from Brazil, which is the sole source of our new regional jets.”

The FAA Authorization Renewal codified consumer-protection rulemakings that could be costly to implement; new fees, compliance costs and penalties could adversely impact operations (OBBBA added $12.5B for ATC modernization).

“The FAA Authorization Renewal also codified several consumer protection rulemakings that could be challenging to implement and have negative financial impacts. Any new or enhanced requirements resulting from the FAA Authorization Renewal, including any new fees, costs we may be required to incur to comply with new rules and compensation or other penalties we may be required to pay for violations of such rules, have the potential to increase our costs or adversely impact our operation.”

Aircraft fuel is one of American's largest single cost items; a 1-cent/gallon move shifts 2026 fuel expense ~$50M, and spot prices ranged $1.83–$3.82/gal across 2023–2025.

“Aircraft Fuel Our operations and financial results are materially affected by the availability and price of aircraft fuel, which represents one of the largest single cost items in our business. Based on our 2026 forecasted mainline and regional fuel consumption, we estimate that a one cent per gallon increase in the price of aircraft fuel would increase our 2026 annual fuel expense by approximately $50 million.”

American's fleet is sourced from a handful of manufacturers (Airbus/Boeing mainline, Embraer/Bombardier regional); limited suppliers, constrained capacity and long lead times threaten timely delivery of aircraft on order.

“Due to the limited number of suppliers, constraints on production capacity, large order books and long production lead times, manufacturers have faced and are expected to continue to face challenges in timely fulfilling our aircraft on order, and we may face competition from other carriers in securing an adequate supply of aircraft in the future.”

Substantially all of American's flights originate at or fly into nine domestic hubs plus partner gateways; a disruption at one hub could materially impact operations, and substantially all pre-tax income is U.S.-attributable.

“We operate principally through our hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. and partner gateways including London Heathrow (among others). Substantially all of our flights either originate at or fly into one of these locations.”