American Airlines takes stake in Republic Airways, joining Delta and United
American Airlines now owns more than 9.7 million of Republic Airways' shares.
Filings have revealed that American Airlines has joined the list of Republic Airways shareholders, taking a 20.8% stake in the regional carrier, which provides capacity to the airline, as well as its main competitors, Delta Air Lines and United Airlines.
United States Securities and Exchange Commission (SEC) filings published on December 19, 2025, showed that American Airlines now has a 20.8% stake in Republic Airways, with the carrier now owning more than 9.7 million shares in the newly merged entity.
“[American Airlines] acquired the securities described in this Schedule 13D in connection with the closing of the Merger and intends to review [its] investment in [Republic Airways] on a continuing basis.”
The mainline carrier will be able to make its decisions based on such factors as Republic Airways’ business, financial condition, operations, and prospects, the filing read, adding that American Airlines also has the option to acquire more shares in the regional capacity provider.
In addition, American Airlines “may engage in discussions with management, the board of directors, other securityholders” of Republic Airways, or “encourage, cause, or seek to cause” the regional airline’s to consider “a merger, reorganization, or other transaction,” security offerings and/or stock repurchases, sales or acquisition of assets or businesses, changes to the dividend policy, “or other material changes,” including Republic Airways’ management and/or board of directors.
However, the filing said that currently, American Airlines has no “plans or proposals” to do so.
Republic Airways already announced its Chief Executive Officer (CEO) succession plans on December 15, naming Matthew Koscal, the company’s current President and Chief Commercial Officer (CCO), as its “expected” CEO, who will be promoted to the position “within the year 2026,” replacing the current interim CEO, David Grizzle.
“Any final succession decision will be determined at a future undetermined date, in the sole discretion of the Board of Directors and publicly announced as legally required.”
American Airlines joined Delta Air Lines and United Airlines in becoming shareholders of the regional airline.
On November 28, Republic Airways and United Airlines’ SEC filings indicated that the latter obtained over 7.7 million shares in the former, representing an 18.2% stake, which was a part of the three-way merger agreement between Mesa Airlines, Republic Airways, and United Airlines.
“[…] on November 25, 2025, United forgave, extinguished, and released all of the debt and other obligations that Mesa Airlines, Inc. and its affiliates owed to United […].”
Meanwhile, on December 3, Delta Air Lines and Republic Airways' filings indicated that the former now owned 6.7 million shares of the latter, or a 14.4% stake.
Mesa Airlines and Republic Airways consummated their merger on November 25.
Rytis Beresnevicius
On December 18, Republic Airways filed its nine-month financial report, indicating that during the first nine months of 2025, the airline had committed 246 Embraer E170 and E175 aircraft to American Airlines (123), Delta Air Lines (57), and United Airlines (66).
The carrier’s revenues were $1.2 billion during the period, with income from American Airlines, Delta Air Lines, and United Airlines being $531 million, $306.7 million, and $356 million, respectively. Republic Airways designated another $18.7 million as ‘other’ revenue.
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