财经外刊精读 · 互动版 · B1 入门

American Airlines had record sales and still lost money

美航销售额创纪录，却还是亏了钱
2026 年 10 月 24 日 · 星期六 本期：航空 · 燃油成本 · 票价与运力（CEFR B1）
An airliner wing above a sea of clouds at sunset
Full planes, higher fares, and a fuel bill that grew faster than both.
Photo: Unsplash (stock image, not the original news picture)

30 秒速读

先建立框架，再进原文。默认只给英文，点摘要段落（或右上角「译」）出中文对译，点数字卡展开中文。

American Airlines earned a record $16.3 billion in the third quarter, yet lost $269 million, because its fuel bill rose 67 per cent. Fares are up, but not fast enough to catch jet fuel above $200 a barrel.

美国航空第三季度营收创纪录，达 163 亿美元，却净亏 2.69 亿美元，因为燃油支出涨了 67%。机票在涨，但追不上突破 200 美元/桶 的航空燃油。

$16.3bn
Record third-quarter revenue, 19.3% more than a year earlier.
创纪录的三季度营收，同比增长 19.3%。
$269m
Net loss for the quarter, against a $114m loss a year earlier.
本季度净亏损，去年同期亏损 1.14 亿美元。
+67.5%
Rise in the fuel bill, to $4.6 billion, at $3.85 a gallon.
燃油支出涨幅，总额 46 亿美元，均价每加仑 3.85 美元。
$206
Jet fuel price per barrel this week, the highest since the conflict began.
本周航空燃油每桶价格，为冲突爆发以来最高。
22.9%
Growth in premium cabin revenue; premium is 30% of seats but half of ticket money.
高端舱位收入增速；高端座位占三成，却贡献一半票款。
$1.00–1.60
Expected full-year loss per share, down from break-even in July.
全年每股亏损预期，7 月时还是盈亏平衡。

原文精读 · Full Text

25 段（含标题）。点每段右上角的「译」展开中文翻译与结构配色；配图已就近排在相关段落之后。
颜色 = 句子成分，中英同色表示对应
主语 Subject 谓语 / 动词 Verb 宾语 · 表语 Object 从句 · 非谓语 Clause 状语 Adverbial 插入语 · 引述 Attribution
TITLE
American Airlines had record sales and still lost money
美航有创纪录的销售额，却仍然亏了钱
PARA 01
On Thursday, American Airlines reported third-quarter revenue of $16.3 billion, up 19.3 per cent. It was the best third quarter in its history. Planes were full and fares were higher.
周四，美航公布第三季度营收 163 亿美元，同比增长 19.3%。这是公司史上最好的第三季度。飞机坐满了，票价也更高。
PARA 02
But in the quarter, the airline reported a net loss2 of $269 million. A year earlier, the same quarter lost $114 million. The loss was more than twice last year's.
但本季度，这家航空公司录得净亏损 2.69 亿美元。一年前，同一季度亏损 1.14 亿美元。亏损额超过去年的两倍。
PARA 03
The reason is fuel. In the quarter, American spent $4.6 billion on jet fuel, 67.5 per cent more than a year earlier. In one quarter, fuel took the whole gain from higher fares.
原因是燃油。本季度，美航花了 46 亿美元买航空燃油，比一年前多 67.5%。一个季度里，燃油吃掉了涨价带来的全部收益。
A refinery: jet fuel costs twice as much as crude oil, because refineries cannot make enough of it.
A refinery: jet fuel costs twice as much as crude oil, because refineries cannot make enough of it. 炼油厂：航空燃油比原油贵一倍，因为炼厂产量跟不上。 Photo: Unsplash (stock image, not the original news picture)
PARA 04
Fuel is the largest single cost for an airline. It takes about a third of operating costs,4 and has no substitute. No other cost comes close.
燃油是航空公司最大的一项成本。它占运营成本的三分之一左右，而且没有替代品。其他成本都远远比不上。
PARA 05
This year, jet fuel3 became much more expensive. This week it traded at $206 a barrel, the highest since the Middle East conflict began. Airlines cannot switch to a cheaper fuel.
今年，航空燃油变得贵得多。本周它的价格达到每桶 206 美元，为中东冲突爆发以来最高。航空公司无法改用更便宜的燃料。
PARA 06
Crude oil costs about $100 a barrel. Jet fuel costs twice that, because refineries cannot make enough of it. Refining, not drilling, is the bottleneck.
原油价格是每桶约 100 美元。航空燃油要花两倍的价钱，因为炼油厂产量不够。瓶颈在炼油，而不是钻井。
One barrel of fuel, three prices US dollars per barrel, week of 19 October 2026 Crude oil, WTI $100 Jet fuel, world avg $190 Jet fuel, US $206
Chart 2 | Jet fuel trades at twice the price of crude, because refining is the bottleneck. Sources: WTI around $100 (market reports); IATA global average $190.18 for the week to 9 October; Argus US jet fuel $206 on 22 October. Benchmarks differ.
PARA 07
Airlines tried to pass the cost on to passengers. In the past year, US fares rose almost 23 per cent. For the same seat, passengers paid more.
航空公司试图把成本转嫁给乘客。过去一年里，美国机票价格上涨近 23%。同一个座位，乘客花了更多钱。
PARA 08
That helped, but not enough. Fares climbed more slowly than fuel, so the gap stayed open. The airline absorbed the rest of the bill.
这有帮助，但还不够。票价上涨得比燃油慢，所以缺口一直存在。航空公司自己承担了剩下的账单。
PARA 09
American also earns money outside the ticket. Its loyalty programme added 27.4 per cent more members this quarter. That income is steadier than ticket sales.
美航还赚机票之外的钱。其常旅客计划本季度增加了 27.4% 的会员。这笔收入比机票销售更稳定。
PARA 10
Even so, revenue1 rose 19.3 per cent, faster than the company had told investors to expect. Demand held up better than expected.
即便如此，营收增长 19.3%，快于公司此前告诉投资者的预期。需求比预期更稳。
Fuel grew three times faster than sales American Airlines, year-on-year change, third quarter 2026 Jet fuel cost +67.5% Corporate travel +27.6% US air fares +23.0% Premium cabin +22.9% Main cabin +19.5% Total revenue +19.3% Unit cost ex-fuel +3.0%
Chart 1 | A 67.5 per cent fuel bill against 19.3 per cent more revenue: the gap is the loss. Source: company results, 22 October 2026; US fare data from the Labor Department. Premium and main cabin are revenue, not seat counts.
PARA 11
Premium cabins5 did most of the work. Business and first class brought in 22.9 per cent more revenue. Travellers kept paying for extra space.
高端舱位立了大部分功劳。商务舱和头等舱带来了高出 22.9% 的收入。旅客继续付钱买更大的空间。
PARA 12
Main cabin revenue rose 19.5 per cent. Corporate travel did even better, at 27.6 per cent. Companies sent staff on the road again.
经济舱收入增长 19.5%。企业差旅表现更好，达到 27.6%。企业又派人出门出差了。
PARA 13
Premium seats are only about 30 per cent of the cabin. They bring in about half of the ticket money. The front of the plane pays for the back.
高端座位只占客舱的约 30%。它们带来约一半的票款。飞机前部养活了后半舱。
Seats in the cabin: about 30 per cent are premium, and they bring in about half of the ticket money.
Seats in the cabin: about 30 per cent are premium, and they bring in about half of the ticket money. 客舱里的座位：约三成是高端座位，却带来约一半的票款。 Photo: Unsplash (stock image, not the original news picture)
PARA 14
That is why American is adding more of them. New planes and refitted cabins will carry more premium seats. Refits take years, not months.
这正是美航要增加这类座位的原因。新飞机与改装后的客舱将提供更多高端座位。改装要花几年，而不是几个月。
PARA 15
Revenue per seat mile6 rose 14.5 per cent. It measures how much each seat earns on every mile. Each seat earned more, not just each plane.
单位座位里程收入增长 14.5%。它衡量每个座位每飞一英里能赚多少。每个座位赚得更多，而不只是每架飞机。
PARA 16
None of this could cover the fuel bill. In the fourth quarter, American expects to pay $4.70 a gallon, almost double last year's price.
这些都不能覆盖燃油账单。第四季度，美航预计支付每加仑 4.70 美元，接近去年价格的两倍。
PARA 17
As a result, American cut its guidance for the year.7 That money cannot be earned back quickly.
因此，美航下调了全年业绩指引。这笔钱不可能很快赚回来。
PARA 18
It now expects a loss of $1.00 to $1.60 per share. Before, it had promised something close to break-even. Investors worry more about a cut like this than about one bad quarter.
它现在预计每股亏损 1.00 到 1.60 美元。此前，它承诺的是接近盈亏平衡的结果。投资者更担心这样的下调，而不是一个糟糕的季度。
PARA 19
Other airlines face the same problem: United, Delta and Southwest this month cut their forecasts too. All four big US carriers have now done the same thing.
其他航空公司面临同样的问题：美联航、达美和西南航空本月下调了各自的预期。美国四大航空公司现在都做了同样的事。
PARA 20
The industry expects US airlines to lose $12 billion on fuel this year. In May, Spirit, a budget airline, stopped flying. It was the first big casualty.
整个行业预计美国航司今年仅燃油一项就亏损 120 亿美元。在 5 月，廉价航空精神航空停止了飞行。它成了第一个倒下的大公司。
PARA 21
In 2027, American will fly less: thin routes are the first to go. Airlines call this capacity,8 and cut it when fuel is expensive.
2027 年，美航将飞得更少：客流少的航线是最先被砍掉的。航空公司把这称为「运力」，并在燃油昂贵时削减。
An airliner at the gate: American will fly less in 2027, starting with thin routes.
An airliner at the gate: American will fly less in 2027, starting with thin routes. 停在廊桥的客机：美航 2027 年将减少运力，首先砍掉客流少的航线。 Photo: Unsplash (stock image, not the original news picture)
PARA 22
At today's fuel price, a full plane can still lose money. One thin route can lose money all year.
在今天的燃油价格下，满座的飞机仍可能亏钱。一条客流少的航线可能亏钱一整年。
PARA 23
Fares are unlikely to fall back soon. Airlines say prices rarely return to the old level, even when costs do. A fare rise is hard to give back.
票价不太可能很快回落。航空公司说即使成本回落，价格也很少回到原来的水平。一次涨价很难退回去。
PARA 24
For investors, two numbers matter most now: the fuel price, and how many people still pay for premium seats. Both are outside the airline's control.
对投资者来说，两个数字现在最重要：燃油价格，以及还有多少人愿意为高端座位付钱。两者都不在航空公司的掌控之中。

核心术语 · Glossary

编号与正文上标一一对应，点正文里的数字可跳到对应卡片。默认只显示英文解释（练阅读）；想看中文，点卡片标题。
1revenue/ˈrevənjuː/ 点击看中文解释 ↓

The money a company receives from selling things, before any costs are taken out.

Why it matters here ▸ American's revenue was $16.3 billion, the best third quarter in its history.

营收：公司卖东西收到的钱，还没扣任何成本。它不等于利润。

拓展知识：营收创纪录、利润却是负的，这在航空、零售、汽车都很常见。看财报先分两行：上面是营收，下面是利润，中间隔着全部成本。
Extended note: Revenue is the top line; profit is what is left after every cost. A record top line can still end in a loss.
2net loss/net lɒs/ 点击看中文解释 ↓

When a company spends more than it earns, the money it loses after everything is counted.

Why it matters here ▸ The quarter ended with a net loss of $269 million, wider than last year's $114 million.

净亏损：把所有收入和成本都算完以后，公司仍然少掉的钱。

拓展知识：「净」字表示已经算上利息和税。媒体常说 adjusted loss（调整后亏损），那是把一次性项目剔掉后的口径，两家公司对比时要用同一个口径。
Extended note: Net means after interest and tax. Adjusted loss strips out one-off items, so compare like with like.
3jet fuel/dʒet ˈfjuːəl/ 点击看中文解释 ↓

The special fuel that planes burn. Airlines buy it by the gallon, and it is priced in dollars.

Why it matters here ▸ American's jet fuel cost $4.6 billion in the quarter, 67.5 per cent more than a year earlier.

航空燃油：飞机烧的专用油，按加仑买、按美元计价，是航空公司最大的单项成本。

拓展知识：航空燃油不是原油：它要经过炼厂加工，所以炼厂产能紧张时，油价没涨多少，航空燃油也能翻倍。看油价新闻时别把两者混为一谈。
Extended note: Jet fuel is a refined product, not crude. When refineries are tight, its price can double while oil barely moves.
4operating costs/ˈɒpəreɪtɪŋ kɒsts/ 点击看中文解释 ↓

The money a company spends to run its business every day: fuel, staff, airports, maintenance.

Why it matters here ▸ Fuel takes about a third of an airline's operating costs, so a fuel shock hits fast.

运营成本：公司日常经营要花的钱，包括燃油、人力、机场费用、维修。

拓展知识：航空公司的运营成本里，燃油通常占三成上下、人力约三成、机场与维修占其余。燃油没有替代品，所以这一项涨了就只能涨价或减班。
Extended note: Fuel is roughly a third of operating costs and has no substitute, so airlines can only raise fares or fly less.
5premium cabin/ˈpriːmiəm ˈkæbɪn/ 点击看中文解释 ↓

The front of the plane: business and first class. Fewer seats, much higher prices.

Why it matters here ▸ Premium cabins brought in 22.9 per cent more revenue, and about half of all ticket money.

高端舱位：飞机前部的商务舱、头等舱，座位少、价格高。

拓展知识：高端座位通常只占客舱三成，却贡献一半票款。所以航空公司一边减经济舱座位、一边加高端座位——卖同样的飞机，收更多的钱。
Extended note: Premium is about 30 per cent of seats but half of ticket revenue, so airlines keep adding premium rows.
6revenue per seat mile/ˈrevənjuː pə siːt maɪl/ 点击看中文解释 ↓

How much money one seat earns for each mile it flies. Airlines use it to compare quarters.

Why it matters here ▸ It rose 14.5 per cent, which means each seat earned more, not just each plane.

单位座位里程收入：一个座位飞一英里能带来多少钱，用来比较不同季度、不同航线的赚钱效率。

拓展知识：这个数涨，可能是票价涨，也可能是满座率提高。反过来，如果航班变多、票价没涨，这个数就会掉——增运力不一定增收。
Extended note: It rises when fares or load factors rise. Adding seats without filling them pushes the number down.
7guidance/ˈɡaɪdns/ 点击看中文解释 ↓

The company's own forecast for the year, given to investors. It can be raised or cut.

Why it matters here ▸ American cut its guidance to a full-year loss of $1.00 to $1.60 per share.

业绩指引：公司自己对全年业绩的预测，可以上调也可以下调。

拓展知识：指引比单季数字更重要，因为它代表管理层对未来的判断。下调指引通常比一个季度亏钱更伤股价——它说明问题还没结束。
Extended note: Guidance is forward-looking. A cut often hurts the shares more than one bad quarter, because it says the problem continues.
8capacity/kəˈpæsəti/ 点击看中文解释 ↓

The number of seats an airline puts in the air: planes multiplied by flights.

Why it matters here ▸ American will cut capacity in 2027: fewer seats, and fewer thin routes.

运力：航空公司投入市场的座位总数，等于飞机数乘以航班数。

拓展知识：燃油贵的时候，减运力是最直接的自救：少飞一班就少烧一箱油。代价是收入也会少，所以航司通常先砍客流最少的航线。
Extended note: Cutting capacity saves fuel immediately but also cuts revenue, so the thinnest routes go first.

俚语与短语 · Slang & Phrases

文中出现的口语化表达与固定搭配，共 8 条。默认只给英文解释（练阅读），点标题看中文；每条都能一键加入生词本。
pass on/pɑːs ɒn/

to make someone else pay a cost that you have to bear

Airlines tried to pass the cost on to passengers.

把（成本）转嫁出去

航空公司试图把成本转嫁给乘客。
on average/ɒn ˈævərɪdʒ/

when you add everything up and divide by the number of items

The airline paid $3.85 for a gallon of fuel on average.

平均来看、平均而言

公司平均每加仑燃油支付 3.85 美元。
a third of/ə θɜːd əv/

one of three equal parts of something

Fuel takes about a third of operating costs.

三分之一

燃油占运营成本的三分之一左右。
even so/ˈiːvn səʊ/

used to say that something is true although the last fact suggests otherwise

Even so, revenue rose 19.3 per cent.

即便如此、话虽如此

即便如此，营收仍增长 19.3%。
bring in/brɪŋ ɪn/

to earn a particular amount of money

Premium seats bring in about half of the ticket money.

带来（收入）

高端座位带来约一半的票款。
cut its guidance/kʌt ɪts ˈɡaɪdns/

to lower the forecast a company has given to investors

American cut its guidance for the full year.

下调业绩指引

美航下调了全年业绩指引。
fall back/fɔːl bæk/

to go down to an earlier, lower level

Fares may not fall back soon.

回落、降回去

票价可能不会很快回落。
the first to go/ðə fɜːst tə ɡəʊ/

the thing that is removed or cut before anything else

Thin routes are the first to go.

最先被砍掉的东西

客流少的航线是最先被砍掉的。

读后测验 · Check Your Understanding

3 道题。点选项立即判分；解析需要单独点开。
Q1What happened to American Airlines in the third quarter?
正确答案：A
第一、二段说得很清楚：营收 163 亿美元创纪录，但净亏损 2.69 亿美元。B 项与原文相反；C 项与 19.3% 的营收增长相反；D 项原文没有提。
Revenue reached $16.3 billion, the best third quarter in its history. But the airline reported a net loss of $269 million. Record revenue and a loss can sit in the same quarter: the top line grew, the costs grew faster.
Q2Why did the airline lose money when sales were so high?
正确答案：B
第三、四段给出原因：燃油支出 46 亿美元，同比多 19 亿美元、涨幅 67.5%，而营收只涨 19.3%。A 项与「美国机票涨近 23%」相反；C、D 项原文均未提。
American spent $4.6 billion on jet fuel, $1.9 billion more than a year earlier. The gap between 67.5 per cent and 19.3 per cent is the whole story of the quarter.
Q3What does it mean when the text says thin routes are "the first to go"?
正确答案：C
「the first to go」是固定说法，意思是「最先被去掉的」。上文说美航 2027 年减少运力，燃油贵时先砍客流少的航线。A 项方向相反；B 项与「客流少」矛盾；D 项原文未提。
Thin routes are the first to go. A full plane can still lose money. In cost-cutting language, 'the first to go' always means the first thing to be removed.
财经外刊精读 · 互动版 · 2026-10-24 · 由 WorkBuddy 自动生成 · 仅供个人英语精读学习使用，版权归原作者与出版方所有
Adapted for B1 readers from the American Airlines results release and same-day coverage: figures, names and dates are unchanged; sentences were shortened and direct quotes were turned into indirect speech. 英文正文：American Airlines 2026 年第三季度业绩（2026-10-22），TravelWires / Reuters 报道；燃油价格与行业数据经 Forbes、CNBC、IATA。正文按精读节奏切分为 25 段（含标题），直接引语改为间接引语，事实与数字未作改动。
转载源与交叉核对：美国航空三季度业绩提供全部公司口径数字（营收 163 亿美元、净亏 2.69 亿美元、燃油支出 46 亿美元、每加仑 3.85 美元、四季度 4.70 美元、全年每股亏损 1.00–1.60 美元）；Forbes 引 Argus 指数给出本周美国航空燃油 206 美元/桶、较冲突前涨 96%；IATA 监测给出全球均价 190.18 美元/桶（同比 +111.2%）；美国劳工部数据显示美国机票过去一年涨近 23%；A4A 预计美国航司今年仅燃油一项就亏损 120 亿美元；精神航空 5 月停飞。配图：Unsplash 无版权图库素材（非新闻原图），图表按公开数据自绘；本材料不构成任何投资建议。
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