Revenue growth has decelerated sharply to 2.6% in 2026Q1, while operating margins have compressed to 52.9% from a 2024Q1 peak of 61.6%.
| 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 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 37.47B | 37.24B | 31.33B | 25.82B | 25.31B | 18.78B | 12.62B | 16.82B | 15.41B | 12.51B | 9.75B | 8.99B | 5.88B | 5.45B | 5.12B | 4.57B | 4.24B | 3.13B | 3.17B | 2.79B | 2.24B | 2.06B | 1.98B | 1.47B | 1.24B | 1.16B | 1.16B |
| Revenue Growth % | 14.64% | 18.84% | 21.34% | 2.01% | 34.76% | 48.79% | -24.95% | 9.16% | 23.15% | 28.3% | 8.44% | 52.99% | 7.95% | 6.37% | 11.95% | 7.98% | 35.27% | -1.18% | 13.74% | 24.43% | 8.49% | 4.45% | 34.73% | 18.22% | 6.56% | 0.51% | - |
| Cost of Goods Sold | 16.31B | 16.64B | 11.17B | 10.26B | 6.55B | 6.53B | 6.63B | 5.06B | 4.48B | 4.13B | 3.45B | 4.72B | 1.66B | 1.58B | 1.65B | 1.62B | 1.69B | 788.56M | 810.1M | 743.64M | 620.04M | 536.38M | 467.35M | 369.73M | 343.92M | 288.19M | 269.92M |
| COGS % of Revenue | - | 44.68% | 35.65% | 39.73% | 25.87% | 34.75% | 52.48% | 30.09% | 29.06% | 33.02% | 35.41% | 52.53% | 28.25% | 29.04% | 32.18% | 35.41% | 39.9% | 25.18% | 25.57% | 26.69% | 27.69% | 25.99% | 23.65% | 25.21% | 27.72% | 24.75% | 23.3% |
| Gross Profit | 21.16B | 20.6B | 20.16B | 15.56B | 18.77B | 12.26B | 6B | 11.76B | 10.93B | 8.38B | 6.3B | 4.27B | 4.22B | 3.86B | 3.47B | 2.95B | 2.55B | 2.34B | 2.36B | 2.04B | 1.62B | 1.53B | 1.51B | 1.1B | 896.68M | 876.06M | 888.4M |
| Gross Margin % | 56.48% | 55.32% | 64.35% | 60.27% | 74.13% | 65.25% | 47.52% | 69.91% | 70.94% | 66.98% | 64.59% | 47.47% | 71.75% | 70.96% | 67.82% | 64.59% | 60.1% | 74.82% | 74.43% | 73.31% | 72.31% | 74.01% | 76.35% | 74.79% | 72.28% | 75.25% | 76.7% |
| Gross Profit Growth % | - | 2.17% | 29.56% | -17.07% | 53.11% | 104.31% | -48.99% | 7.58% | 30.42% | 33.04% | 47.55% | 1.23% | 9.15% | 11.29% | 17.54% | 16.05% | 8.66% | -0.68% | 15.49% | 26.15% | 5.99% | 1.25% | 37.54% | 22.33% | 2.35% | -1.39% | - |
| Operating Expenses | 4.49B | 3.61B | 2.64B | 319.2M | 4.07B | 3.6B | 2.72B | 3.28B | 3.15B | 6.9B | 1.37B | 196.99M | 1.06B | 993.22M | 942.31M | 859.53M | 821.18M | 1.01B | 974.91M | 873.69M | 789.26M | 719.06M | 653.3M | 560.31M | 530.89M | 492.12M | 501.76M |
| OpEx % of Revenue | - | 9.69% | 8.43% | 1.24% | 16.07% | 19.16% | 21.57% | 19.49% | 20.46% | 55.18% | 14.02% | 2.19% | 17.98% | 18.24% | 18.4% | 18.79% | 19.39% | 32.11% | 30.77% | 31.36% | 35.25% | 34.84% | 33.06% | 38.2% | 42.79% | 42.27% | 43.32% |
| Selling, General & Admin | 347.95M | 346.05M | 319.64M | 319.2M | 287.06M | 1.61B | 947.01M | 1.65B | 1.53B | 1.02B | 837.89M | 196.99M | 602.82M | 574.95M | 540.76M | 476.79M | 441.97M | 375.79M | 373.4M | 104.02M | 301.47M | 124.34M | 105.76M | 121.01M | 106.99M | 99.59M | 211.45M |
| SG&A % of Revenue | - | 0.93% | 1.02% | 1.24% | 1.13% | 8.55% | 7.5% | 9.79% | 9.91% | 8.15% | 8.59% | 2.19% | 10.25% | 10.56% | 10.56% | 10.43% | 10.44% | 12% | 11.78% | 3.73% | 13.46% | 6.02% | 5.35% | 8.25% | 8.62% | 8.55% | 18.25% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 3.26B | 2.32B | 0 | 3.78B | 1.99B | 1.78B | 1.63B | -134.64M | 0 | 0 | 0 | 0 | 0 | 0 | 859.53M | 821.18M | 1.01B | 974.91M | 873.69M | 789.26M | 719.06M | 653.3M | 560.31M | 530.89M | 492.12M | 501.76M |
| Operating Income | 16.67B | 16.99B | 17.52B | 15.24B | 14.7B | 8.66B | 3.28B | 8.48B | 7.78B | 1.48B | 4.93B | 4.07B | 3.16B | 2.87B | 2.53B | 2.09B | 1.72B | 1.34B | 1.38B | 1.17B | 829.67M | 799.39M | 837.61M | 501.83M | 355.17M | 377.24M | 386.65M |
| Operating Margin % | 44.48% | 45.64% | 55.92% | 59.03% | 58.06% | 46.09% | 25.95% | 50.42% | 50.48% | 11.8% | 50.57% | 45.28% | 53.76% | 52.72% | 49.41% | 45.8% | 40.71% | 42.71% | 43.67% | 41.86% | 37.06% | 38.73% | 42.39% | 34.22% | 28.63% | 32.4% | 33.38% |
| Operating Income Growth % | - | -3% | 14.93% | 3.71% | 69.77% | 164.26% | -61.37% | 9.03% | 426.73% | -70.06% | 21.11% | 28.85% | 10.09% | 13.49% | 20.79% | 21.47% | 28.94% | -3.35% | 18.65% | 40.56% | 3.79% | -4.56% | 66.91% | 41.29% | -5.85% | -2.43% | - |
| EBITDA | 20.1B | 20.25B | 19.84B | 17.31B | 16.76B | 10.65B | 5.21B | 10.32B | 9.54B | 7.36B | 5.46B | 4.54B | 3.62B | 3.29B | 2.93B | 2.48B | 2.1B | 1.97B | 1.99B | 1.71B | 1.32B | 1.23B | 1.24B | 856.46M | 690.27M | 680.18M | 96.34M |
| EBITDA Margin % | 53.65% | 54.39% | 63.33% | 67.05% | 66.2% | 56.7% | 41.28% | 61.34% | 61.91% | 58.83% | 56% | 50.5% | 61.49% | 60.4% | 57.26% | 54.17% | 49.66% | 62.81% | 62.65% | 61.27% | 58.84% | 59.77% | 62.61% | 58.4% | 55.64% | 58.42% | 8.32% |
| EBITDA Growth % | -1.65% | 2.08% | 14.61% | 3.31% | 57.33% | 104.4% | -49.5% | 8.16% | 29.58% | 34.78% | 20.26% | 25.63% | 9.91% | 12.21% | 18.34% | 17.77% | 6.95% | -0.93% | 16.3% | 29.57% | 6.81% | -0.3% | 44.45% | 24.08% | 1.48% | 605.99% | - |
| D&A (Non-Cash Add-back) | 3.44B | 3.26B | 2.32B | 2.07B | 2.06B | 1.99B | 1.93B | 1.84B | 1.76B | 5.89B | 529.66M | 469M | 454.26M | 418.27M | 401.55M | 382.74M | 379.21M | 629.51M | 601.51M | 540.82M | 487.79M | 434.08M | 399.55M | 354.63M | 335.1M | 302.94M | -290.3M |
| EBIT | 14.82B | 14.96B | 21.2B | 15.75B | 14.94B | 8.97B | 3.12B | 8.75B | 8.15B | 9.01B | 5.16B | 4.11B | 3.16B | 2.82B | 2.61B | 2.18B | 1.79B | 1.37B | 1.38B | 1.17B | 860.86M | 863.06M | 934.46M | 588.92M | 365.79M | 457.37M | 403.95M |
| Net Interest Income | -820.54M | -94.83M | 788.36M | 223.46M | -405.26M | -640.24M | -663.94M | -740.68M | -950.03M | -373.04M | 58.38M | 58.7M | 39.55M | 59.75M | 69.71M | 27.31M | 14.57M | 43.84M | 137.45M | 106.48M | 103.32M | 110.7M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.14B | 1.44B | 1.62B | 1.35B | 450.26M | 202.15M | 262.37M | 343.61M | 280.62M | 245.79M | 184.57M | 155.72M | 121.37M | 136.04M | 92.08M | 66.73M | 54.44M | 43.84M | 137.45M | 106.48M | 103.32M | 110.7M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.96B | 1.54B | 826.71M | 1.13B | 855.52M | 842.39M | 926.31M | 1.08B | 1.23B | 618.83M | 126.19M | 97.02M | 81.81M | 76.29M | 22.36M | 39.42M | 39.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.51B | -2.03B | 2.85B | -623.44M | -613.42M | -531.64M | -420.48M | -819.56M | -862.27M | 6.91B | 98.78M | -59.04M | -78.53M | -124.81M | 54.78M | 50.69M | 25.82M | 4.77M | 164.54M | 12.76M | -456K | 14.88M | -51.79M | -62.88M | 27.17M | -38.53M | -31.6M |
| Pretax Income | 14.15B | 14.96B | 20.37B | 14.62B | 14.08B | 8.13B | 2.86B | 7.66B | 6.92B | 8.39B | 5.03B | 4.01B | 3.08B | 2.75B | 2.58B | 2.15B | 1.75B | 1.34B | 1.55B | 1.18B | 844.88M | 822.14M | 808.9M | 526.05M | 382.34M | 412.14M | 372.35M |
| Pretax Margin % | 37.77% | 40.17% | 65.02% | 56.62% | 55.64% | 43.26% | 22.62% | 45.55% | 44.88% | 67.02% | 51.59% | 44.63% | 52.43% | 50.43% | 50.48% | 46.91% | 41.32% | 42.86% | 48.86% | 42.32% | 37.74% | 39.84% | 40.94% | 35.87% | 30.82% | 35.4% | 32.15% |
| Income Tax | 3.89B | 4.03B | 6.34B | 3.94B | 3.44B | 1.73B | 729.15M | 1.98B | 1.8B | 1.64B | 1.4B | 1.1B | 798.68M | 449.43M | 509.37M | 553.07M | 475M | 544.69M | 498.77M | 145.53M | 301.11M | 249.98M | 184.2M | 231.94M | 151.51M | 152.7M | 162.91M |
| Effective Tax Rate % | 27.46% | 26.97% | 31.13% | 26.98% | 24.42% | 21.27% | 25.53% | 25.82% | 25.98% | 19.51% | 27.87% | 27.41% | 25.91% | 16.36% | 19.71% | 25.78% | 27.14% | 40.58% | 32.22% | 12.34% | 35.64% | 30.41% | 22.77% | 44.09% | 39.63% | 37.05% | 43.75% |
| Net Income | 9.83B | 10.49B | 13.55B | 10.2B | 9.99B | 5.98B | 1.97B | 5.47B | 4.99B | 5.83B | 3.63B | 2.91B | 2.28B | 2.3B | 2.08B | 1.59B | 1.28B | 797.41M | 1.05B | 522.36M | 528.12M | 563.19M | 606.99M | 276.19M | 220.28M | 252.75M | 209.44M |
| Net Margin % | 26.25% | 28.17% | 43.25% | 39.52% | 39.45% | 31.85% | 15.62% | 32.49% | 32.37% | 46.62% | 37.21% | 32.39% | 38.84% | 42.17% | 40.53% | 34.82% | 30.11% | 25.47% | 33.12% | 18.75% | 23.59% | 27.29% | 30.72% | 18.83% | 17.76% | 21.71% | 18.08% |
| Net Income Growth % | -29.68% | -22.6% | 32.81% | 2.17% | 66.89% | 203.39% | -63.92% | 9.59% | -14.52% | 60.76% | 24.56% | 27.59% | -0.57% | 10.68% | 30.33% | 24.88% | 59.91% | -24.02% | 100.91% | -1.09% | -6.23% | -7.22% | 119.77% | 25.38% | -12.84% | 20.68% | - |
| Net Income (Continuing) | 10.27B | 10.92B | 14.03B | 10.68B | 10.65B | 6.4B | 2.13B | 5.68B | 5.12B | 6.75B | 3.63B | 2.91B | 2.28B | 2.3B | 2.08B | 1.59B | 1.28B | 797.41M | 1.05B | 522.36M | 547.97M | 608.04M | 677.18M | 324.12M | 230.83M | 309.93M | 218.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.97B | 6.9B | 7.4B | 6.65B | 7.39B | 8.59B | 8.03B | 7.61B | 7.58B | 6.58B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 327.81 | 349.60 | 451.70 | 340.10 | 332.90 | 199.50 | 65.70 | 182.20 | 166.30 | 194.50 | 121.00 | 97.10 | 76.10 | 76.60 | 69.20 | 53.10 | 42.50 | 26.60 | 35.00 | 17.40 | 18.30 | 20.30 | 22.60 | 13.80 | 11.00 | 10.10 | 7.30 |
| EPS Growth % | -29.67% | -22.6% | 32.81% | 2.16% | 66.87% | 203.65% | -63.94% | 9.56% | -14.5% | 60.74% | 24.61% | 27.6% | -0.65% | 10.69% | 30.32% | 24.94% | 59.77% | -24% | 101.15% | -4.92% | -9.85% | -10.18% | 63.77% | 25.45% | 8.91% | 38.36% | - |
| EPS (Basic) | - | 349.60 | 451.70 | 340.10 | 332.90 | 199.50 | 65.70 | 182.20 | 166.30 | 194.50 | 121.00 | 97.10 | 76.10 | 76.60 | 69.20 | 53.10 | 42.50 | 26.60 | 35.00 | 17.40 | 18.30 | 20.30 | 22.60 | 13.80 | 11.00 | 10.10 | 7.30 |
| Diluted Shares Outstanding | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 29.99M | 30.01M | 30M | 30M | 30M | 30M | 30M | 30M | 30.92M | 30M | 30M | 29.95M | 29.96M | 20M | 20M | 20M | 20M |
| Basic Shares Outstanding | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 29.99M | 30.01M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 30M | 29.95M | 29.96M | 20M | 20M | 20M | 20M |
| Dividend Payout Ratio | - | 228.81% | 46.33% | 58.6% | 45.15% | 41.16% | - | 54.89% | 40.78% | 31.67% | 46.37% | 52.51% | - | 109.71% | 52.04% | 56.52% | 58.82% | 236.26% | 57.17% | 44.27% | 39.89% | 34.13% | 29.11% | 56.47% | 213.05% | - | - |
Regulatory and Concession Uncertainty
According to the provided financial data, ASR's revenue growth has exhibited significant volatility, decelerating from a peak of 31.2% in 2024Q4 to a modest 2.6% in 2026Q1, suggesting that the post-pandemic travel surge is normalizing and potentially facing saturation in its core Cancun market.
The deceleration in top-line growth indicates that the company is struggling to maintain the high-double-digit expansion rates observed in previous periods. Investors should monitor whether this trend reflects a structural shift in tourism demand or merely a temporary lull in international passenger throughput.
As reported in the quarterly income statements, ASR's gross margin has fluctuated wildly between 30.2% and 98.2%, a variance that appears largely driven by accounting adjustments related to infrastructure construction rather than underlying changes in the profitability of its core airport concession services.
The extreme swings in gross margin suggest that headline figures are heavily distorted by IFRIC 12 construction accounting, which obscures the true profitability of aeronautical and commercial operations. Analysts should focus on normalized margins to determine if the company is successfully maintaining its pricing power amidst rising operational costs.
Based on the income statement analysis, ASR's operating margin has compressed from a high of 61.6% in 2024Q1 to 52.9% in 2026Q1, suggesting that the company is experiencing difficulty in scaling its operating income in proportion to its revenue growth during this recent period.
The inability to maintain operating margins at historical highs may indicate rising fixed costs or increased regulatory compliance burdens. This trend warrants further investigation into whether the company's cost structure is becoming less efficient as it navigates a more challenging regulatory environment in Mexico.
As evidenced by the reported figures, EPS has experienced significant downward pressure, falling from 122.50 in 2024Q2 to 95.50 in 2026Q1, which suggests that the quality of net income is being challenged by both top-line deceleration and potential margin compression across the business.
The consistent decline in EPS growth over the last several quarters indicates that the company's bottom-line performance is struggling to keep pace with historical benchmarks. Investors should be cautious, as the lack of stock-based compensation does not fully mitigate the risks associated with the observed earnings contraction.
Based on the recent revision of the Mexican maximum tariff framework, there is a significant risk that ASR's historical profitability is unsustainable, as state intervention may permanently lower the ceiling on aeronautical revenue and limit the company's ability to pass costs to passengers.
Short-sellers would likely focus on the potential for further government encroachment on concession terms, which could fundamentally impair the company's long-term earnings power. The market may be underestimating the impact of these regulatory shifts on the company's ability to maintain its premium valuation relative to regional peers.
Quick answers to the most common questions about buying ASR stock.
For fiscal year 2025, Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) reported total revenue of $37.24B. This represents a 3114.8% increase compared to $1.16B in 2000.
Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is profitable, generating $10.49B in net income for the fiscal year ending 2025 with a net profit margin of 28.2%.
Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) reported an operating income of $16.99B, resulting in an operating profit margin of 45.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) generated $20.60B in gross profit for the year, representing a gross profit margin of 55.3%. This demonstrates the company's core pricing power and production efficiency.