American Airlines has reported a $5.4 billion financial deficit for 2021.

However, the airline carried more than 165 million passengers last year, more than any other carrier based in the United States.

“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 completed the year with a total accessible liquidity balance of $15.8 billion, the most considerable year-end liquidity level in company history.

Despite flying “much more than any other airline,” the carrier said it accomplished its best performance in on-time arrivals, on-time departures, and completion factors since the start of the pandemic.