American Airlines Group (NASDAQ: AAL) reported fourth-quarter adjusted earnings that came in well below Wall Street expectations, while revenue narrowly missed forecasts amid disruptions from a U.S. government shutdown.

The airline posted adjusted earnings of $0.16 per share for the quarter, falling sharply short of analysts' expectations of $0.38. Revenue reached a quarterly record of $14.0 billion but came in slightly below the $14.04 billion consensus. Management said the government shutdown reduced fourth-quarter revenue by roughly $325 million.

For full-year 2025, American Airlines delivered record revenue of $54.6 billion and adjusted earnings of $0.36 per share. The company also reduced total debt by $2.1 billion during the year.

Looking ahead, American provided fiscal 2026 adjusted earnings guidance of $1.70 to $2.70 per share, with the midpoint modestly above the analyst consensus of $2.01. For the first quarter of 2026, the carrier projected an adjusted loss of $0.10 to $0.50 per share, compared with expectations for a $0.29 loss.

The airline also highlighted the impact of Winter Storm Fern, which caused more than 9,000 flight cancellations, marking the largest weather-related disruption in the company's history. As a result, first-quarter 2026 capacity was expected to decline by approximately 1.5 percentage points, with an estimated revenue hit of $150 million to $200 million. Despite these challenges, American said it still expected first-quarter revenue to rise 7% to 10% year over year.