Operational cash flow consistently outpaces net income, evidenced by a 2026Q1 FCF margin of 18.4% and a CapEx/Revenue ratio maintained below 2% over the last ten quarters.
| Cash from Operations | 487.27M | 465.22M | 405.3M | 356.42M | 287.93M | 105.46M | 738K | -22.99M | 191.66M | -49.42M | 164.62M | 1.62M |
| Operating CF Margin % | - | 23.71% | 21.99% | 25.46% | 20.88% | 14.92% | 0.12% | -1.47% | 13.44% | -3.14% | 12.05% | 0.14% |
| Operating CF Growth % | 343.24% | 14.78% | 13.72% | 23.79% | 173.01% | 14190.38% | 103.21% | -111.99% | 487.81% | -130.02% | 10036.51% | - |
| Net Income | 289.19M | 257.72M | 282.67M | 239.51M | 168.17M | -117.75M | -253.05M | 9.1M | 7.13M | 63.49M | 33.76M | 105.49M |
| Depreciation & Amortization | 234.84M | 229.08M | 203.01M | 151.59M | 172.48M | 160.63M | 200.79M | 182.27M | 175.83M | 138.13M | 122.88M | 72.14M |
| Stock-Based Compensation | 2.09M | 1.08M | 1.14M | 1.05M | 667K | 1.02M | 1.8M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 81.98M | 74.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -18.66M | -26.2M | 51.97M | 17.56M | 4.26M | 73.82M | 17.11M | -60.94M | 88.52M | -90K | 161.81M | -4.92M |
| Working Capital Changes | -114.6M | -71.43M | -133.49M | -53.3M | -57.64M | -12.26M | 34.1M | -153.42M | -79.81M | -250.95M | -153.83M | -171.09M |
| Change in Receivables | -39.92M | -58.97M | -68.85M | -32.43M | -55.06M | -4.5M | 46.57M | -103.91M | -41.57M | -78.3M | -97.04M | -64.22M |
| Change in Inventory | -3.87M | -2.47M | 5.01M | -1.55M | -3.57M | -2.77M | 2.36M | -1.4M | -999K | -909K | 987K | 4.38M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -57.89M | -71.91M | -32.49M | -66.4M | 9.39M | 9.63M | 1.72M | -8.87M | -59.19M | -45.16M | 27.75M | -269.94M |
| Capital Expenditures | -17.37M | -16.71M | -12.22M | -9.66M | -9.09M | -7.67M | -8.95M | -17.12M | -11.14M | -11.5M | -10.39M | -8.49M |
| CapEx % of Revenue | 0.83% | 0.85% | 0.66% | 0.69% | 0.66% | 1.08% | 1.47% | 1.1% | 0.78% | 0.73% | 0.76% | 0.72% |
| Acquisitions | -348K | -423K | 0 | 0 | 0 | -1.13M | 0 | 0 | 0 | 0 | 0 | -39.92M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -15.56M | 2M | -20.27M | -56.74M | 18.48M | 18.43M | 10.67M | 8.24M | -48.05M | -33.66M | 38.14M | -221.53M |
| Cash from Financing | -205.36M | -234.66M | -271.19M | -201.63M | -234.29M | -3.67M | 90.54M | 24.57M | -65.68M | 128.96M | -159.38M | 219.54M |
| Debt Issued (Net) | -84.5M | -101.72M | -128.13M | -115.75M | 38.87M | 94.98M | 148.87M | 101.39M | -322.71M | 344.16M | -90.59M | 129.72M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -172.03M | 0 | 0 | 0 | 195.6M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -1.51M | -22.48M | -14.96M | -23.84M | -49.73M | -76.88M |
| Share Repurchases | 0 | 0 | 0 | 0 | -172.03M | 0 | 0 | 0 | 0 | -28.89M | -25.98M | 436.93M |
| Other Financing | -120.86M | -132.94M | -143.06M | -85.88M | -273.16M | -98.64M | -58.32M | -76.81M | 257.03M | -191.37M | -19.05M | 166.7M |
| Net Change in Cash | 217.61M | 152.91M | 70M | -15.42M | 9.48M | 94.75M | 85.33M | -49.17M | 23.26M | 39.48M | 28.23M | -63.24M |
| Free Cash Flow | 468.03M | 446.5M | 393.08M | 346.75M | 278.84M | 97.8M | -8.21M | -40.1M | 180.52M | -60.92M | 154.23M | -6.87M |
| FCF Margin % | 22.24% | 22.76% | 21.33% | 24.77% | 20.23% | 13.83% | -1.35% | -2.57% | 12.66% | -3.87% | 11.29% | -0.58% |
| FCF Growth % | 51.53% | 13.59% | 13.36% | 24.36% | 185.12% | 1290.77% | 79.52% | -122.22% | 396.3% | -139.5% | 2345.9% | - |
| FCF per Share | 2.85 | 2.75 | 2.44 | 2.16 | 1.73 | 0.61 | -0.05 | -0.25 | 1.01 | -0.38 | 1.04 | -0.05 |
| FCF Conversion (FCF/Net Income) | 1.62x | 1.88x | 1.43x | 1.49x | 1.71x | -0.90x | -0.00x | -2.53x | 26.90x | -0.78x | 4.88x | 0.02x |
| Interest Paid | 34.02M | 0 | 96.17M | 83.79M | 111.39M | 86.11M | 41.15M | 78.83M | 70.64M | 106.95M | 48.56M | 38.33M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Argentine sovereign regulatory exposure
According to the provided financial data, CAAP consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio reaching a peak of 7.56 in 2024Q3, highlighting the substantial non-cash amortization charges that frequently obscure the company's underlying cash-generative capacity in its concession-based model.
The persistent gap between net income and operating cash flow suggests that accounting-driven depreciation and amortization charges are the primary drivers of reported earnings volatility. Investors should interpret this as a sign that the company's true cash-generating ability is more stable than the headline net income figures imply.
As reported in recent quarterly filings, CAAP has maintained a positive free cash flow trajectory, with margins peaking at 37.5% in 2024Q1, demonstrating that the business model effectively converts passenger throughput into liquidity despite the inherent cyclicality of the South American aviation market and regional economic pressures.
The ability to sustain positive free cash flow even during periods of lower net income suggests that the company's infrastructure-heavy model is highly efficient once fixed costs are covered. This trend warrants further investigation into how future traffic growth might continue to expand these margins without requiring proportional increases in capital expenditure.
Based on the provided figures, CAAP maintains a remarkably low capital intensity, with CapEx/Revenue ratios consistently remaining below 2% over the last ten quarters, which indicates that the company is currently in a maintenance-heavy phase rather than an aggressive expansionary cycle for its airport infrastructure assets.
This low level of capital expenditure appears to be a key factor in the company's ability to generate robust free cash flow. Analysts should monitor whether this trend is sustainable or if future regulatory requirements for airport upgrades will necessitate a significant increase in capital deployment.
As indicated by the quarterly cash flow statements, CAAP experiences significant working capital swings, with a notable cash outflow of $61.9 million in 2026Q1, suggesting that timing differences in collections and concession fee payments can create meaningful, albeit temporary, pressure on the company's quarterly cash position.
The recurring negative working capital changes suggest that the company's cash flow is sensitive to the timing of operational payments and regulatory settlements. Investors should interpret these fluctuations as a standard feature of the business rather than a sign of underlying operational distress.
Quick answers to the most common questions about buying CAAP stock.
Corporación América Airports S.A. (CAAP) generated $465.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Corporación América Airports S.A. (CAAP) generated $446.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Corporación América Airports S.A. (CAAP) spent $16.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.