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Airlines · Industrials · Fiscal year ends Dec 31
Latam Airlines reported revenue of $14.3B in the fiscal year ended Dec 2025, up 11.2% from the year before. Operating income was $2.3B, an operating margin of 16.4%, and net income was $1.5B. Operating cash flow of $3.7B less capital expenditure of $1.8B left free cash flow of $2B. Net debt was $5.9B.
Ranks among the 11 airlines 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 | 4,884 | 9,363 | 11,641 | 12,833 | 14,265 |
| Cost of revenue | 4,963 | 8,103 | 8,817 | 9,566 | 10,105 |
| Gross profit | −79.5 | 1,259 | 2,824 | 3,267 | 4,160 |
| Operating income | −3,426 | 1,212 | 1,078 | 1,541 | 2,336 |
| Interest expense | 806 | 942 | 698 | 882 | 721 |
| Pre-tax income | −4,084 | 1,346 | 596 | 994 | 1,619 |
| Income tax | 569 | 8.9 | 14.9 | 16.5 | 155 |
| Net income | −4,653 | 1,337 | 582 | 977 | 1,464 |
| Diluted EPS | −7.66 | 0.01 | 0.00 | 0.00 | 0.00 |
| Diluted shares | 606 | 96,614 | 604,438 | 604,438 | 589,302 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,047 | 1,217 | 1,715 | 1,958 | 2,150 |
| Receivables | 882 | 1,008 | 1,386 | 1,164 | 1,382 |
| Inventory | 287 | 478 | 593 | 439 | 459 |
| Current assets | 2,614 | 3,536 | 4,203 | 3,900 | 4,383 |
| Net PP&E | 9,490 | 8,412 | 9,091 | 10,187 | 11,947 |
| Total assets | 13,292 | 13,211 | 14,667 | 15,253 | 17,641 |
| Payables | 4,839 | 1,628 | 1,765 | 2,134 | 2,685 |
| Current liabilities | 12,315 | 5,089 | 5,688 | 6,291 | 7,294 |
| Short-term debt | 7,436 | 4,565 | – | – | – |
| Long-term debt | 3,567 | 2,216 | 6,936 | 7,150 | 8,089 |
| Total liabilities | 20,358 | 13,180 | 14,229 | 14,542 | 16,304 |
| Shareholders' equity | −7,057 | 42.3 | 450 | 723 | 1,346 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −174 | 96.8 | 2,264 | 3,106 | 3,737 |
| Capital expenditure | 597 | 781 | 796 | 1,325 | 1,776 |
| Free cash flow | −771 | −684 | 1,468 | 1,781 | 1,961 |
| Depreciation & amortisation | 1,165 | 1,180 | 1,205 | 1,448 | 1,736 |
| Share buybacks | – | – | 0.0 | 0.0 | 585 |
| Dividends paid | – | 0.0 | 0.0 | 175 | 605 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 91.7% | 24.3% | 10.2% | 11.2% |
| Operating income growth (YoY) | – | – | −11.0% | 42.9% | 51.6% |
| EPS growth (YoY) | – | – | −92.9% | 67.8% | 53.3% |
| Gross margin | −1.6% | 13.4% | 24.3% | 25.5% | 29.2% |
| Operating margin | −70.1% | 12.9% | 9.3% | 12.0% | 16.4% |
| Net margin | −95.3% | 14.3% | 5.0% | 7.6% | 10.3% |
| Return on equityBlank when equity is negative | – | 3162.7% | 129.1% | 135.1% | 108.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −351.0% | 14.9% | 12.0% | 17.2% | 22.6% |
| Free cash flow margin | −15.8% | −7.3% | 12.6% | 13.9% | 13.7% |
| Cash conversion (CFO ÷ net income) | 0.04x | 0.07x | 3.89x | 3.18x | 2.55x |
| Receivable days | 66 | 39 | 43 | 33 | 35 |
| Inventory days | 21 | 22 | 25 | 17 | 17 |
| Payable days | 356 | 73 | 73 | 81 | 97 |
| Interest cover | −4.25x | 1.29x | 1.54x | 1.75x | 3.24x |
| Debt ÷ equity | – | 160x | 15.4x | 9.89x | 6.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 9,956 | 5,565 | 5,221 | 5,193 | 5,938 |
| Current ratio | 0.21x | 0.69x | 0.74x | 0.62x | 0.60x |
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.