American Airlines Reports Earnings Thursday. What to Expect After United, Delta Broke Records.

It’s shaping up to be an earnings season for the history books for the largest U.S. airlines. But you wouldn’t know it looking at the stock market.

That’s because the strong summer travel season is a distant memory for investors who have more pressing matters to digest when it comes to airlines. Along with the guidance disappointment, United’s exposure to Israel is likely a significant factor behind its underperformance. Seaport Research analyst Daniel McKenzie said Israel accounts for around 2% of United’s total flying.

American’s impact from the Israel-Hamas conflict is likely to be less severe than that of United when it reports earnings Thursday. Analysts expect the company to report earnings per share of 25 cents in the third quarter on revenue of $13.5 billion, according to FactSet data.

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