American Airlines has reported a net loss of $5.4 billion, or $8.38 per share, for 2021.
However, the airline transported more than 165 million passengers last year, more than any other United States-based carrier.
“Over the past year, we have experienced periods of high travel demand countered by periods of decreased demand due to new Covid-19 variants,” said American chief executive, Doug Parker.
“This volatility has created the most challenging planning environment in the history of commercial aviation.”
He added: “Looking ahead, I’m excited about the future of American with Robert Isom as its new chief executive.
“While we still have work to do as the recovery from the pandemic continues, I have no doubt the best is yet to come for American.”
American ended the year with $15.8 billion of total available liquidity, the highest year-end liquidity balance in company history.
The carrier said it also achieved its best performance in on-time arrivals, on-time departures and completion factor since the start of the pandemic, despite flying “significantly more than any other airline”.