Revenue growth has turned negative, contracting by 4.61% in the most recent period, while operating margins have experienced significant compression from a peak of 22.3% in 2024Q3 to 10.7% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 5.53B | 5.36B | 5.62B | 4.92B | 3.81B | 108.93M | 26.4B | 3.57B | 3.65B | 3.25B | 2.88B | 2.96B | 3.23B | 3.12B | 3.01B | 2.89B | 2.22B | 1.65B | 2.19B |
| Revenue Growth % | 1.02% | -4.61% | 14.32% | 28.96% | 3399.49% | -99.59% | 639.21% | -2.21% | 12.5% | 12.55% | -2.42% | -8.34% | 3.32% | 3.61% | 4.41% | 29.76% | 34.83% | -24.73% | - |
| Cost of Goods Sold | 4.03B | 3.88B | 3.87B | 3.59B | 3.31B | 107.56M | 38.46B | 3.13B | 3.26B | 2.81B | 2.41B | 2.49B | 2.8B | 2.66B | 2.54B | 2.32B | 1.05B | 1.34B | 1.91B |
| COGS % of Revenue | - | 72.41% | 68.79% | 72.93% | 86.92% | 98.75% | 145.67% | 87.5% | 89.28% | 86.5% | 83.67% | 84.32% | 86.94% | 85.24% | 84.24% | 80.33% | 47.02% | 81.11% | 87.29% |
| Gross Profit | 1.5B | 1.48B | 1.75B | 1.33B | 498.6M | 1.37M | -12.06B | 446.38M | 391.51M | 438.39M | 471.22M | 463.55M | 421.29M | 460.78M | 474.81M | 567.43M | 1.18B | 311.52M | 278.51M |
| Gross Margin % | 27.09% | 27.59% | 31.21% | 27.07% | 13.08% | 1.25% | -45.67% | 12.5% | 10.72% | 13.5% | 16.33% | 15.68% | 13.06% | 14.76% | 15.76% | 19.67% | 52.98% | 18.89% | 12.71% |
| Gross Profit Growth % | - | -15.67% | 31.81% | 166.86% | 36375.39% | 100.01% | -2801.43% | 14.01% | -10.69% | -6.97% | 1.65% | 10.03% | -8.57% | -2.96% | -16.32% | -51.84% | 278.19% | 11.85% | - |
| Operating Expenses | 659.69M | 638.5M | 686.99M | 598.26M | 450.96M | 15.87M | 4.27B | 347.31M | 387.07M | 297.89M | 306.63M | 303.15M | 295.06M | 272.5M | 289.73M | 285.19M | 967.6M | 394.14M | 417.53M |
| OpEx % of Revenue | - | 11.91% | 12.22% | 12.17% | 11.83% | 14.57% | 16.17% | 9.72% | 10.6% | 9.18% | 10.63% | 10.25% | 9.15% | 8.73% | 9.62% | 9.88% | 43.51% | 23.9% | 19.06% |
| Selling, General & Admin | 541.02M | 508.28M | 522.42M | 459.86M | 358.22M | 13.73M | 4.27B | 349.56M | 371.49M | 349.81M | 306.63M | 293.89M | 295.06M | 272.5M | 289.73M | 285.19M | 967.6M | 394.14M | 417.53M |
| SG&A % of Revenue | - | 9.48% | 9.3% | 9.35% | 9.4% | 12.6% | 16.17% | 9.79% | 10.17% | 10.77% | 10.63% | 9.94% | 9.15% | 8.73% | 9.62% | 9.88% | 43.51% | 23.9% | 19.06% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 130.22M | 164.57M | 138.41M | 92.74M | 2.15M | -423K | -2.24M | 15.58M | -51.91M | 0 | 9.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 839.44M | 840.59M | 1.07B | 732.32M | 47.64M | -14.51M | -16.33B | 99.06M | 4.43M | 140.49M | 164.59M | 160.4M | 126.23M | 188.27M | 185.08M | 282.24M | 210.54M | -82.62M | -139.02M |
| Operating Margin % | 15.17% | 15.68% | 18.98% | 14.9% | 1.25% | -13.32% | -61.84% | 2.77% | 0.12% | 4.33% | 5.71% | 5.43% | 3.91% | 6.03% | 6.14% | 9.78% | 9.47% | -5.01% | -6.34% |
| Operating Income Growth % | - | -21.21% | 45.69% | 1437.25% | 428.42% | 99.91% | -16582.21% | 2133.68% | -96.84% | -14.64% | 2.61% | 27.07% | -32.96% | 1.72% | -34.42% | 34.05% | 354.83% | 40.57% | - |
| EBITDA | 1.59B | 1.57B | 1.72B | 1.31B | 501.18M | 8.37M | -4.51B | 719.32M | 252.3M | 359.72M | 327.04M | 318.66M | 253.7M | 310.01M | 233.57M | 315.74M | 266.67M | -48.26M | -104.02M |
| EBITDA Margin % | 28.72% | 29.3% | 30.64% | 26.69% | 13.15% | 7.68% | -17.08% | 20.14% | 6.91% | 11.08% | 11.34% | 10.78% | 7.87% | 9.93% | 7.75% | 10.94% | 11.99% | -2.93% | -4.75% |
| EBITDA Growth % | -4.11% | -8.77% | 31.24% | 161.8% | 5888.49% | 100.19% | -726.8% | 185.11% | -29.86% | 9.99% | 2.63% | 25.61% | -18.17% | 32.73% | -26.02% | 18.4% | 652.59% | 53.61% | - |
| D&A (Non-Cash Add-back) | 749.88M | 730.29M | 655.06M | 579.78M | 453.55M | 22.87M | 11.82B | 620.26M | 247.86M | 219.23M | 162.46M | 158.25M | 127.47M | 121.74M | 48.48M | 33.5M | 56.13M | 34.36M | 35M |
| EBIT | 845.36M | 791.66M | 989.71M | 582.69M | 346.03M | -44.3M | -16.33B | 99.06M | 4.43M | 140.49M | 164.59M | 160.4M | 126.23M | 188.27M | 185.08M | 282.24M | 210.54M | -82.62M | -139.02M |
| Net Interest Income | -422.26M | -346.07M | -237.03M | -230.83M | -270.44M | -10.64M | -4.5B | -257M | -156.24M | -143.16M | -100.86M | -98.09M | -91.06M | -76.22M | -20.3M | -5.6M | -71.4M | -64.29M | -67.93M |
| Interest Income | 22.46M | 31.64M | 55.47M | 64.18M | 15.33M | 196.95K | 85.31M | 11.28M | 15.84M | 16.34M | 8.04M | 6.69M | 6.71M | 7.77M | 11.04M | 11.92M | 0 | 0 | 0 |
| Interest Expense | 444.72M | 377.71M | 292.49M | 295.01M | 285.77M | 10.84M | 4.58B | 268.28M | 172.08M | 159.5M | 108.91M | 104.77M | 97.77M | 83.98M | 31.34M | 17.52M | 71.4M | 64.29M | 67.93M |
| Other Income/Expense | -438.79M | -426.63M | -369.69M | -444.64M | 12.61M | -40.64M | -23.46B | -271.65M | -167.18M | -147.75M | -85.23M | -62.4M | -28.68M | -92.85M | -56.53M | -76.02M | -70.05M | -94.99M | 12.11M |
| Pretax Income | 400.65M | 413.95M | 697.22M | 287.68M | 60.25M | -55.14M | -39.79B | -172.58M | -162.74M | -7.25M | 79.36M | 98M | 97.55M | 95.42M | 128.55M | 206.21M | 140.49M | -177.61M | -126.91M |
| Pretax Margin % | 7.24% | 7.72% | 12.41% | 5.85% | 1.58% | -50.62% | -150.7% | -4.83% | -4.46% | -0.22% | 2.75% | 3.31% | 3.02% | 3.06% | 4.27% | 7.15% | 6.32% | -10.77% | -5.79% |
| Income Tax | 58.83M | 62.09M | 79.73M | 14.31M | 124.48M | -5.52M | -420.26M | -49.54M | -65.09M | -3.6M | 19.88M | 25M | 38.69M | 10.82M | 27.85M | 63.6M | -48.13M | -6.36M | 33.64M |
| Effective Tax Rate % | 14.68% | 15% | 11.44% | 4.97% | 206.59% | 10.01% | 1.06% | 28.71% | 40% | 49.58% | 25.06% | 25.51% | 39.66% | 11.34% | 21.66% | 30.84% | -34.26% | 3.58% | -26.51% |
| Net Income | 341.82M | 351.86M | 617.44M | 273.33M | -64.25M | -49.63M | -39.37B | -123.06M | -97.67M | -3.65M | 59.47M | 73M | 58.86M | 84.62M | 100.71M | 142.5M | 184.82M | -169.47M | -160.92M |
| Net Margin % | 6.18% | 6.56% | 10.99% | 5.56% | -1.69% | -45.56% | -149.11% | -3.45% | -2.67% | -0.11% | 2.06% | 2.47% | 1.82% | 2.71% | 3.34% | 4.94% | 8.31% | -10.28% | -7.34% |
| Net Income Growth % | -35.79% | -43.01% | 125.89% | 525.44% | -29.47% | 99.87% | -31891.1% | -26% | -2573.34% | -106.14% | -18.53% | 24.03% | -30.45% | -15.97% | -29.33% | -22.9% | 209.06% | -5.31% | - |
| Net Income (Continuing) | 341.82M | 351.86M | 617.49M | 273.37M | -64.22M | -49.62M | -39.37B | -123.04M | -97.65M | -3.66M | 59.48M | 73M | 58.86M | 84.6M | 100.7M | 142.62M | 188.61M | -171.25M | -160.55M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 2.05M | 2M | 1.97M | 11.59K | 4.4M | 213.99K | 186.61K | 169.74K | 164.5K | 189.85K | 202.58K | 545.08K | 580.12K | 540.96K | 4.71M | 7.32M | 6.82M |
| EPS (Diluted) | 2.34 | 2.40 | 45.10 | 19.00 | -4.70 | -3.30 | -2885.10 | -999999.00 | -999999.00 | -258593.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 0.00 | 0.00 |
| EPS Growth % | -93.66% | -94.68% | 137.37% | 504.26% | -42.42% | 99.89% | 99.97% | -27.17% | -2616.91% | -106.18% | -18.44% | 24.44% | -30.18% | -16.78% | -27.4% | 410.6% | - | - | - |
| EPS (Basic) | - | 2.40 | 46.00 | 19.00 | -4.70 | -3.30 | -2885.10 | -999999.00 | -999999.00 | -258593.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 145.9M | 145.9M | 13.64M | 14.52M | 13.64M | 13.64M | 13.65M | 13 | 13 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 96 | 0 | 0 |
| Basic Shares Outstanding | 145.9M | 144.91M | 13.36M | 14.52M | 13.64M | 13.64M | 13.65M | 13 | 13 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 96 | 96 | 96 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
AICM capacity constraints
According to the provided quarterly income statements, Aeroméxico's revenue growth has exhibited significant volatility, recently contracting by 4.61% in the most recent period, which suggests that the carrier is struggling to maintain top-line momentum amidst a challenging regulatory environment at its primary Mexico City hub.
The inconsistency in revenue performance appears to reflect the difficulty of balancing capacity constraints at AICM with the broader demand environment. Investors should monitor whether this contraction signals a permanent shift toward yield-focused operations or if it indicates a loss of market share to more agile competitors.
As reported in financial statements, the company's gross margin fluctuated between 19.6% and 37.7% over the last ten quarters, highlighting a high degree of sensitivity to fuel costs and seasonal demand patterns that characterize the full-service carrier business model in the Mexican market.
The wide variance in gross profitability suggests that the company lacks the pricing power to fully insulate its margins from external cost shocks. This instability warrants further investigation into the effectiveness of current fuel hedging strategies and the sustainability of premium yields in the transborder segment.
Based on the reported figures, operating income has failed to scale consistently with gross profit, as evidenced by operating margins that peaked at 22.3% in 2024Q3 before compressing to 10.7% in 2026Q1, indicating that fixed costs remain a significant burden on the bottom line.
The inability to maintain operating margin expansion during periods of revenue growth suggests that the company's cost structure is heavily weighted toward fixed obligations. This may indicate that management is struggling to achieve the necessary economies of scale required to offset the high costs of fleet maintenance and airport fees.
Analysis of the income statement reveals that net income has experienced extreme swings, with EPS dropping from 17.20 in 2024Q2 to 0.08 in 2026Q1, a trend that appears to be driven by non-operating items and potential foreign exchange impacts on dollar-denominated debt.
The dramatic decline in EPS suggests that reported net income may not be a reliable indicator of core operational health. Investors should be cautious of these fluctuations, as they likely mask the underlying cash-generating capability of the airline and complicate the assessment of true shareholder value.
While the company relies on its AICM slot concentration as a competitive moat, the recent income statement data suggests that this strategy may be reaching a point of diminishing returns, as evidenced by the inability to sustain revenue growth despite the premium nature of the hub.
Short-term margin compression and revenue contraction may indicate that the 'fortress hub' strategy is becoming a liability rather than an asset. If the company cannot bypass these regulatory bottlenecks, it may face a long-term stagnation trap that limits its ability to compete effectively against regional peers.
Quick answers to the most common questions about buying AERO stock.
For fiscal year 2025, Grupo Aeroméxico, S.A.B. de C.V. (AERO) reported total revenue of $5.36B. This represents a 144.6% increase compared to $2.19B in 2008.
Grupo Aeroméxico, S.A.B. de C.V. (AERO) is profitable, generating $351.9M in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
Grupo Aeroméxico, S.A.B. de C.V. (AERO) reported an operating income of $840.6M, resulting in an operating profit margin of 15.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Grupo Aeroméxico, S.A.B. de C.V. (AERO) generated $1.48B in gross profit for the year, representing a gross profit margin of 27.6%. This demonstrates the company's core pricing power and production efficiency.