American Airlines 8-K Regulation FD Disclosure

Exhibi 99.2

Investor Relations Update

January 11, 2017

General Overview

• Pre-tax Margin–The Company expects its fourth quarterpre-tax margin excluding special items to be approximately 7 to 9 percent¹.

• Special Items–The Company expects the value of its net special items (before the impact of taxes) in the fourth quarter to be approximately $275 million, principally consisting of merger integration expenses relating to fleet restructuring, information technology, professional fees, alignment of labor union contracts, andre-branding of aircraft, airport facilities and uniforms.

• Profit Sharing – On March 23, 2016, the Company announced that it would institute a profit sharing program, retrospective to January 1, 2016. As a result, the Company will now accrue 5 percent of itspre-tax profits excluding special items¹ for this program, with an anticipated distribution to employees in early 2017.

• CASM – Mainline CASM excluding fuel and special items¹ is expected to be up approximately 5 to 7 percent in 2016. This forecast incorporates the impact of the joint contracts with the Company’s customer service and reservation agents, dispatchers, flight crew training instructors and flight simulator engineers, as well as the interim agreement with the Company’s fleet service clerks and mechanics and the amended agreement with the Company’s regional pilots. This guidance and the CASM guidance in the following pages includes the impact of profit sharing.

• Capacity–2016 total system capacity was up 1.7 percent vs. 2015. Full year domestic capacity was up 1.8 percent year-over-year, while international capacity was up 1.4 percent vs. 2015.

• Liquidity– As of December 31, 2016, the Company had approximately $8.8 billion in total available liquidity, comprised of unrestricted cash and investments of $6.4 billion and $2.4 billion in undrawn revolver capacity. The Company also had a restricted cash position of $638 million.

• Fuel– The Company expects to pay an average of between $1.54 and $1.59 per gallon of mainline jet fuel (including taxes) in the fourth quarter. Forecasted volume and fuel prices are provided in the following pages.

• Cargo / Other Revenue–Includes cargo revenue, loyalty program revenue, ticket change fees, excess/overweight baggage fees, first and second bag fees, contract services, airport clubs and inflight service revenues.

• Taxes– Following the filing of its annual tax return, the Company had approximately $10.5 billion of federal net operating losses (NOLs) and $4.0 billion of state NOLs, substantially all of which are expected to be available in 2016 to reduce future federal and state taxable income. The Company expects to recognize a provision for income taxes in 2016 at an effective rate of approximately 38 percent, which will be substantiallynon-cash.

Notes:

1. For a reconciliation of special items (including the Company’s estimates for the fourth quarter and full-year), please see the GAAP tonon-GAAP reconciliation at the end of this document.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Mainline Update

January 11, 2017

Mainline Comments

• All operating expenses are for mainline operated flights only. Please refer to the following page for information pertaining to regional data.

• The year-over-year increase in mainline CASM excluding fuel and special items for the fourth quarter is primarily driven by investments in new labor agreements, maintenance timing, and increased depreciation and amortization resulting from increased capex.

• Othernon-operating expense has increased from previous guidance due to the strengthening US dollar.

	1Q16A			2Q16A			3Q16A			4Q16E			FY16E2
Mainline Guidance1
Available Seat Miles (ASMs) (bil)		57.6			62.7			63.8			~57.7			~241.7
CASM ex fuel and special items (YOY % change)3		9.62			9.12			9.32			+9% to +11	%		+5% to +7	%
Cargo Revenues ($ mil)		162			174			171			~195			~700
Other Revenues ($ mil)		1,186			1,194			1,273			~1,245			~4,900
Average Fuel Price (incl. taxes) ($/gal) (as of 12/29/2016)		1.20			1.41			1.46			1.54 to 1.59			1.39 to 1.44
Fuel Gallons Consumed (mil)		855			931			953			~857			~3,596
Interest Income ($ mil)		(13	)		(16	)		(16	)		~(16	)		~(61	)
Interest Expense ($ mil)		239			249			250			~255			~993
OtherNon-Operating (Income)/Expense ($ mil)4,5		(8	)		(11	)		8			~20			~9
CAPEX Guidance ($ mil) Inflow/(Outflow)
Non-Aircraft CAPEX		(258	)		(304	)		(338	)		~(380	)		~(1,280	)
Gross Aircraft CAPEX & net PDPs		(1,295	)		(1,161	)		(834	)		~(1,084	)		~(4,373	)
Assumed Aircraft Financing6		1,501			1,178			870			~1,059			~4,608
Net Aircraft CAPEX & PDPs2		206			17			37			~(25	)		~236

Notes:

1. Includes guidance on certainnon-GAAP measures. Please see the GAAP tonon-GAAP reconciliation at the end of this document.

2. Numbers may not recalculate due to rounding.

3. CASM ex fuel and special items is anon-GAAP financial measure. Please see the GAAP tonon-GAAP reconciliation at the end of this document. All CASM guidance includes the impact of profit sharing.

4. Excludes special items; please see the GAAP tonon-GAAP reconciliation at the end of this document.

5. OtherNon-Operating (Income)/Expense primarily includes gains and losses from foreign currency.

6. Includes financing for 2016 aircraft deliveries, as well as the $1.1 billion of EETC financing completed in Q1 2016 for aircraft delivered in prior years.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Regional Update

January 11, 2017

Regional Comments

• The Company receives feed from 10 regional airlines, including wholly owned subsidiaries Envoy, PSA Airlines and Piedmont Airlines.

• Republic Airways Holdings Inc. filed for Chapter 11 bankruptcy on February 25, 2016 and the court-supervised restructuring of that company is underway. As part of the restructuring process, Republic capacity provided to the Company has been significantly reduced commencing in the second quarter of 2016.

	1Q16A		2Q16A		3Q16A		4Q16E		FY16E2
Regional Guidance1
Available Seat Miles (ASMs) (bil)		7.50		8.08		8.16		~7.93		~31.68
CASM ex fuel and special items (YOY % change)3		16.11		15.29		15.08		-2% to -4%		-2% to -4%
Average Fuel Price (incl. taxes) ($/gal) (as of 12/29/2016)		1.24		1.46		1.55		1.63 to 1.68		1.46 to 1.51
Fuel Gallons Consumed (mil)		178		191		196		~187		~751

Regional Airlines
Envoy4	Mesa Airlines, Inc.
SkyWest Airlines, Inc.5	Piedmont Airlines, Inc.4
ExpressJet Airlines, Inc.5	PSA Airlines, Inc.4
Republic Airline Inc.	Trans States Airlines, Inc.
Air Wisconsin Airlines Corporation	Compass Airlines, LLC

Notes:

1. Includes guidance on certainnon-GAAP measures. Please see the GAAP tonon-GAAP reconciliation at the end of this document.

2. Numbers may not recalculate due to rounding.

3. CASM ex fuel and special items is anon-GAAP financial measure. Please see the GAAP tonon-GAAP reconciliation at the end of this document. All CASM guidance includes the impact of profit sharing.

4. Wholly owned subsidiary of American Airlines Group Inc.

5. Pro-rate agreement and capacity purchase agreement.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Fleet Update

January 11, 2017

Fleet Comments

• In 2016, the Company took delivery of 55 mainline aircraft including 25 A321 aircraft, 20 B738 aircraft, 2 B773 aircraft, 4 B788 aircraft and 4 B789 aircraft. Also in 2016, the Company retired 71 mainline aircraft, including 4 A320 aircraft, 13 B757 aircraft, 14 B763 aircraft and 40 MD80 aircraft.

• In 2016, the Company increased the regional fleet count by 19 aircraft, with the addition of 18 CRJ700 aircraft, 18 CRJ900 aircraft and 15 E175 aircraft and the reduction of 8 CRJ200 aircraft, 3 Dash8-100 aircraft, 20 E170 aircraft and the temporary storage of 1 ERJ140 aircraft.

			Active Mainline Ending Fleet Count
	2015A		1Q16A		2Q16A		3Q16A		4Q16A
A319		125		125		125		125		125
A320		55		51		51		51		51
A321		174		180		187		193		199
A332		15		15		15		15		15
A333		9		9		9		9		9
B738		264		269		274		279		284
B757		64		57		55		52		51
B763		45		40		40		35		31
B772		47		47		47		47		47
B773		18		20		20		20		20
B788		13		15		17		17		17
B789		—		—		—		1		4
E190		20		20		20		20		20
MD80		97		94		87		58		57
		946		942		947		922		930

			Active Regional Ending Fleet Count 1
	2015A		1Q16A		2Q16A			3Q16A		4Q16A
CRJ200		128		125		124			123		120
CRJ700		61		61		67			69		79
CRJ900		100		107		115			118		118
DASH8-100		26		26		26			26		23
DASH8-300		11		11		11			11		11
E170		20		20		2			—		—
E175		109		115		118			118		124
ERJ140		14		14		19			16		13
ERJ145		118		118		118			118		118
							��
		587		597		600			599		606

Notes:

1. At the end of the fourth quarter, the Company had 46 ERJ140 regional aircraft in temporary storage not included in the active regional ending fleet count.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Shares Outstanding

January 11, 2017

Shares Outstanding Comments

• The estimated weighted average shares outstanding for 2016 are listed below.

• On April 21, 2016, the Company’s Board authorized a new $2.0 billion share repurchase program which was completed in December 2016. The total amount of shares authorized and repurchased since the merger is $9.0 billion.

• In the fourth quarter, the Company repurchased 12.2 million shares at a cost of $554 million. Including share repurchases, shares withheld to cover taxes associated with employee equity awards and share distributions, and the cash extinguishment of convertible debt, the Company’s share count has dropped 33 percent from 756.1 million at merger close to 507.3 million shares on December 31, 2016.

2016 Shares Outstanding (shares mil)1
	Shares
For Q4	Basic		Diluted
Earnings		515		518
Net loss		515		515
	Shares
For FY 2016 Average	Basic		Diluted
Earnings		552		556
Net loss		552		552

Notes:

1. Shares outstanding are based upon several estimates and assumptions, including average per share stock price and stock award activity. The number of shares in actual calculations of earnings per share will likely be different from those set forth above.

Please refer to the footnotes and the forward looking statements page of this document for additional information

GAAP toNon-GAAP Reconciliation

January 11, 2017

The Company is providing disclosure of the reconciliation of reportednon-GAAP financial measures to their comparable financial measures on a GAAP basis. The Company believes that thenon-GAAP financial measures provide investors the ability to measure financial performance excluding special items, which is more indicative of the Company’s ongoing performance and is more comparable to measures reported by other major airlines. The Company believes that the presentation of mainline CASM excluding fuel and special items and regional CASM excluding fuel and special items is useful to investors because both the cost and availability of fuel are subject to many economic and political factors beyond the Company’s control.

	American Airlines Group Inc GAAP toNon-GAAP Reconciliation
	($ mil except ASM and CASM data)
	1Q16			2Q16			3Q16		4Q16 Range				FY16 Range
	Actual			Actual			Actual		Low		High		Low		High
Mainline1
Mainline operating expenses	$	6,668		$	7,094		$	7,625	$	7,380	$	7,529	$	28,582	$	29,059
Less mainline fuel expense		1,029			1,314			1,393		1,320		1,363		5,056		5,099
Less special items		99			62			289		261		261		711		711
Mainline operating expense excluding fuel and special items		5,540			5,718			5,943		5,799		5,905		22,815		23,250
Mainline CASM (cts)		11.58			11.32			11.96		12.79		13.05		11.83		12.02
Mainline CASM excluding fuel and special items(Non-GAAP) (cts)		9.62			9.12			9.32		10.05		10.23		9.44		9.62
Mainline ASMs (bil)		57.6			62.7			63.8		57.7		57.7		241.7		241.7
Regional1
Regional operating expenses	$	1,432		$	1,518		$	1,538	$	1,532	$	1,567	$	6,014	$	6,126
Less regional fuel expense		219			279			303		305		314		1,106		1,115
Less special items		5			3			5		2		2		15		15
Regional operating expenses excluding fuel and special items		1,208			1,236			1,230		1,226		1,251		4,893		4,995
Regional CASM (cts)		19.10			18.78			18.85		19.32		19.76		18.98		19.34
Regional CASM excluding fuel and special items(Non-GAAP) (cts)		16.11			15.29			15.08		15.46		15.78		15.45		15.77
Regional ASMs (bil)		7.50			8.08			8.16		7.93		7.93		31.68		31.68
Othernon-operating (income)/expense1
Othernon-operating (income)/expense	$	(8	)	$	25		$	8	$	32	$	32	$	57	$	57
Less special items		—			36			—		12		12		48		48
Othernon-operating (income)/expense excluding special items		(8	)		(11	)		8		20		20		9		9

Notes: Amounts may not recalculate due to rounding.

(1) Includes the Company’s estimate for special items for the fourth quarter and full-year. Special items for this period may include items related to merger/transition costs (including aircraft fleet restructuring costs and labor-related costs), bankruptcy-related costs and certain other costs.

Please refer to the footnotes and the forward looking statements page of this document for additional information

Forward Looking Statements

January 11, 2017

Cautionary Statement Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about future financial and operating results, the Company’s plans, objectives, estimates, expectations and intentions, and other statements that are not historical facts such as, without limitation, statements that discuss the possible future effects of known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assumed. These forward-looking statements are based on the Company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to the following: significant operating losses in the future; downturns in economic conditions that adversely affect the Company’s business; the impact of continued periods of high volatility in fuel costs, increased fuel prices and significant disruptions in the supply of aircraft fuel; competitive practices in the industry, including the impact of low cost carriers, airline alliances and industry consolidation; the challenges and costs of integrating operations and realizing anticipated synergies and other benefits of the merger transaction with US Airways Group, Inc.; costs of ongoing data security compliance requirements and the impact of any significant data security breach; the Company’s substantial indebtedness and other obligations and the effect they could have on the Company’s business and liquidity; an inability to obtain sufficient financing or other capital to operate successfully and in accordance with the Company’s current business plan; increased costs of financing, a reduction in the availability of financing and fluctuations in interest rates; the effect the Company’s high level of fixed obligations may have on its ability to fund general corporate requirements, obtain additional financing and respond to competitive developments and adverse economic and industry conditions; the Company’s significant pension and other postretirement benefit funding obligations; the impact of any failure to comply with the covenants contained in financing arrangements; provisions in credit card processing and other commercial agreements that may materially reduce the Company’s liquidity; the impact of union disputes, employee strikes and other labor-related disruptions; any inability to maintain labor costs at competitive levels; interruptions or disruptions in service at one or more of the Company’s hub airports; any inability to obtain and maintain adequate facilities, infrastructure and slots to operate the Company’s flight schedule and expand or change its route network; the Company’s reliance on third-party regional operators or third-party service providers that have the ability to affect the Company’s revenue and the public’s perception about its services; any inability to effectively manage the costs, rights and functionality of third-party distribution channels on which the Company relies; extensive government regulation, which may result in increases in the Company’s costs, disruptions to the Company’s operations, limits on the Company’s operating flexibility, reductions in the demand for air travel, and competitive disadvantages; the impact of the heavy taxation on the airline industry; changes to the Company’s business model that may not successfully increase revenues and may cause operational difficulties or decreased demand; the loss of key personnel or inability to attract and retain additional qualified personnel; the impact of conflicts overseas, terrorist attacks and ongoing security concerns; the global scope of the Company’s business and any associated economic and political instability or adverse effects of events, circumstances or government actions beyond its control, including the impact of foreign currency exchange rate fluctuations and limitations on the repatriation of cash held in foreign countries; the impact of environmental and noise regulation; the impact associated with climate change, including increased regulation to reduce emissions of greenhouse gases; the Company’s reliance on technology and automated systems and the impact of any failure of these technologies or systems; challenges in integrating the Company’s computer, communications and other technology systems; losses and adverse publicity stemming from any accident involving any of the Company’s aircraft or the aircraft of its regional or codeshare operators; delays in scheduled aircraft deliveries, or other loss of anticipated fleet capacity, and failure of new aircraft to perform as expected; the Company’s dependence on a limited number of suppliers for aircraft, aircraft engines and parts; the impact of changing economic and other conditions beyond the Company’s control, including global events that affect travel behavior such as an outbreak of a contagious disease, and volatility and fluctuations in the Company’s results of operations due to seasonality; the effect of a higher than normal number of pilot retirements, more stringent duty-time regulations, increased flight hour requirements for commercial airline pilots and other factors that have caused a shortage of pilots; the impact of possible future increases in insurance costs or reductions in available insurance coverage; the effect on the Company’s financial position and liquidity of being party to or involved in litigation; an inability to use net operating losses carried forward from prior taxable years (NOL Carryforwards); any impairment in the amount of the Company’s goodwill and an inability to realize the full value of the Company’s intangible or long-lived assets and any material impairment charges that would be recorded as a result; price volatility of the Company’s common stock; the effects of the Company’s capital deployment program and the limitation, suspension or discontinuation of the Company’s share repurchase programs or dividend payments thereunder; delay or prevention of stockholders’ ability to change the composition of the Company’s board of directors and the effect this may have on takeover attempts that some of the Company’s stockholders might consider beneficial; the effect of provisions of the Company’s Restated Certificate of Incorporation and Amended and Restated Bylaws that limit ownership and voting of its equity interests, including its common stock; the effect of limitations in the Company’s Restated Certificate of Incorporation on acquisitions and dispositions of its common stock designed to protect its NOL Carryforwards and certain other tax attributes, which may limit the liquidity of its common stock; and other economic, business, competitive, and/or regulatory factors affecting the Company’s business, including those set forth in the Company’s Quarterly Report on Form10-Q for the quarter ended September 30, 2016 (especially in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A, Risk Factors) and other risks and uncertainties listed from time to time in the Company’s other filings with the SEC. There may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law.

Please refer to the footnotes and the forward looking statements page of this document for additional information