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Airports & air services · Industrials · Fiscal year ends Dec 31
Corporacion America Airports reported revenue of $2B in the fiscal year ended Dec 2025, up 6.4% from the year before. Operating income was $488M, an operating margin of 24.9%, and net income was $258M. Operating cash flow of $465M less capital expenditure of $17M left free cash flow of $449M. Net debt was $502M.
Ranks among the 3 airports & air services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 707 | 1,379 | 1,400 | 1,843 | 1,962 |
| Cost of revenue | 622 | 963 | 915 | 1,237 | 1,272 |
| Gross profit | 84.5 | 416 | 485 | 606 | 690 |
| Selling, general & admin | 102 | 141 | 139 | 198 | 220 |
| Operating income | 6.5 | 305 | 541 | 447 | 488 |
| Interest expense | 126 | 164 | 95.2 | 107 | 90.8 |
| Pre-tax income | −90.7 | 191 | 202 | 607 | 333 |
| Income tax | 69.1 | 24.9 | −24.2 | 299 | 75.0 |
| Net income | −181 | 166 | 226 | 308 | 258 |
| Diluted EPS | −0.73 | 1.05 | 1.49 | 1.75 | 1.52 |
| Diluted shares | 161 | 161 | 161 | 161 | 162 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 376 | 385 | 370 | 440 | 593 |
| Receivables | 82.7 | 111 | 127 | 158 | 178 |
| Inventory | 11.5 | 15.8 | 16.1 | 11.4 | 14.7 |
| Current assets | 626 | 647 | 750 | 766 | 985 |
| Net PP&E | 75.5 | 74.7 | 74.9 | 77.8 | 86.1 |
| Total assets | 3,621 | 3,836 | 3,542 | 4,181 | 4,449 |
| Payables | 116 | 124 | 113 | 121 | 131 |
| Current liabilities | 842 | 676 | 686 | 604 | 729 |
| Short-term debt | 421 | 178 | 200 | 115 | 139 |
| Long-term debt | 1,018 | 1,287 | 1,134 | 1,043 | 956 |
| Total liabilities | 2,847 | 2,973 | 2,738 | 2,663 | 2,788 |
| Shareholders' equity | 470 | 716 | 725 | 1,369 | 1,587 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 108 | 303 | 356 | 405 | 465 |
| Capital expenditure | 7.7 | 9.1 | 9.7 | 12.2 | 16.7 |
| Free cash flow | 100 | 294 | 347 | 393 | 449 |
| Depreciation & amortisation | 8.4 | 153 | 130 | 182 | 229 |
| Stock-based compensation | 1.0 | 0.7 | 1.1 | 1.1 | 1.1 |
| Share buybacks | – | 172 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 95.0% | 1.6% | 31.7% | 6.4% |
| Operating income growth (YoY) | – | 4614.8% | 77.5% | −17.3% | 9.2% |
| EPS growth (YoY) | – | – | 41.9% | 17.4% | −13.1% |
| Gross margin | 12.0% | 30.2% | 34.7% | 32.9% | 35.2% |
| Operating margin | 0.9% | 22.1% | 38.6% | 24.3% | 24.9% |
| Net margin | −25.6% | 12.0% | 16.2% | 16.7% | 13.1% |
| Return on equityBlank when equity is negative | −38.5% | 23.1% | 31.2% | 22.5% | 16.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.2% | 9.6% | 18.9% | 12.5% | 13.1% |
| Free cash flow margin | 14.2% | 21.3% | 24.8% | 21.3% | 22.9% |
| Cash conversion (CFO ÷ net income) | −0.60x | 1.83x | 1.57x | 1.32x | 1.81x |
| Receivable days | 43 | 29 | 33 | 31 | 33 |
| Inventory days | 7 | 6 | 6 | 3 | 4 |
| Payable days | 68 | 47 | 45 | 36 | 38 |
| Interest cover | 0.05x | 1.85x | 5.68x | 4.16x | 5.38x |
| Debt ÷ equity | 3.06x | 2.05x | 1.84x | 0.85x | 0.69x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,064 | 1,080 | 963 | 718 | 502 |
| Current ratio | 0.74x | 0.96x | 1.09x | 1.27x | 1.35x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.