Revenue momentum remains robust with 20.1% year-over-year growth in 2026Q1, though gross margins remain sensitive to passenger mix, fluctuating between 30.7% and 38.2% over the last ten quarters.
| Sales/Revenue | 2.1B | 1.96B | 1.84B | 1.4B | 1.38B | 706.91M | 607.36M | 1.56B | 1.43B | 1.58B | 1.37B | 1.19B |
| Revenue Growth % | 13.26% | 6.45% | 31.66% | 1.55% | 95.03% | 16.39% | -61.03% | 9.29% | -9.46% | 15.28% | 15.1% | - |
| Cost of Goods Sold | 1.36B | 1.27B | 1.24B | 914.68M | 962.98M | 622.38M | 653.58M | 1.14B | 971.42M | 1.03B | 859.07M | 759.15M |
| COGS % of Revenue | - | 64.85% | 67.13% | 65.33% | 69.85% | 88.04% | 107.61% | 73.04% | 68.12% | 65.39% | 62.87% | 63.95% |
| Gross Profit | 749.06M | 689.77M | 605.93M | 485.36M | 415.69M | 84.53M | -46.23M | 420.21M | 454.72M | 545.17M | 507.26M | 427.94M |
| Gross Margin % | 35.6% | 35.15% | 32.87% | 34.67% | 30.15% | 11.96% | -7.61% | 26.96% | 31.88% | 34.61% | 37.13% | 36.05% |
| Gross Profit Growth % | - | 13.84% | 24.84% | 16.76% | 391.75% | 282.86% | -111% | -7.59% | -16.59% | 7.47% | 18.54% | - |
| Operating Expenses | 207.17M | 194.56M | 170.63M | 67.53M | 129.89M | 104.65M | 117.47M | 196.58M | 155.75M | 176.02M | 175.45M | 154.31M |
| OpEx % of Revenue | - | 9.92% | 9.26% | 4.82% | 9.42% | 14.8% | 19.34% | 12.61% | 10.92% | 11.17% | 12.84% | 13% |
| Selling, General & Admin | 141.93M | 131.32M | 120.44M | 91.68M | 91.64M | 61.61M | 58.78M | 86.69M | 104.48M | 120.06M | 107.95M | 108.08M |
| SG&A % of Revenue | - | 6.69% | 6.53% | 6.55% | 6.65% | 8.71% | 9.68% | 5.56% | 7.33% | 7.62% | 7.9% | 9.1% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 63.23M | 50.19M | -24.15M | 38.26M | 43.05M | 58.69M | 109.89M | 51.27M | 55.96M | 67.5M | 46.23M |
| Operating Income | 541.89M | 495.21M | 435.3M | 417.83M | 285.79M | -20.12M | -163.7M | 223.63M | 298.97M | 369.15M | 331.81M | 273.62M |
| Operating Margin % | 25.75% | 25.24% | 23.62% | 29.84% | 20.73% | -2.85% | -26.95% | 14.35% | 20.96% | 23.44% | 24.28% | 23.05% |
| Operating Income Growth % | - | 13.76% | 4.18% | 46.2% | 1520.51% | 87.71% | -173.2% | -25.2% | -19.01% | 11.25% | 21.27% | - |
| EBITDA | 776.73M | 724.29M | 638.31M | 569.43M | 458.27M | 140.51M | 37.09M | 405.9M | 474.8M | 507.28M | 454.69M | 345.87M |
| EBITDA Margin % | 36.91% | 36.91% | 34.63% | 40.67% | 33.24% | 19.88% | 6.11% | 26.04% | 33.29% | 32.21% | 33.28% | 29.14% |
| EBITDA Growth % | 22.63% | 13.47% | 12.1% | 24.25% | 226.14% | 278.85% | -90.86% | -14.51% | -6.4% | 11.56% | 31.46% | - |
| D&A (Non-Cash Add-back) | 234.84M | 229.08M | 203.01M | 151.59M | 172.48M | 160.63M | 200.79M | 182.27M | 175.83M | 138.13M | 122.88M | 72.25M |
| EBIT | 494.38M | 423.51M | 714.2M | 297.41M | 354.81M | 34.86M | -272.68M | 107.88M | 99.8M | 229.04M | 213.3M | 120.5M |
| Net Interest Income | -48.7M | -61.39M | -34.46M | -46.59M | -125.25M | -111.67M | -84.3M | -70.34M | -80.01M | -180.49M | -209.05M | -62.23M |
| Interest Income | 45.23M | 40.36M | 73M | 52.68M | 43.92M | 17.64M | 17.59M | 31.33M | 27.2M | 39.23M | 19.01M | 12.37M |
| Interest Expense | 93.92M | 101.75M | 107.46M | 99.27M | 169.17M | 129.31M | 101.89M | 101.67M | 107.22M | 219.71M | 228.06M | 74.6M |
| Other Income/Expense | -139.36M | -162.53M | 171.43M | -215.61M | -95.28M | -70.55M | -208M | -208.44M | -295.47M | -255.33M | -236.74M | -222.35M |
| Pretax Income | 402.53M | 332.68M | 606.73M | 202.23M | 190.52M | -90.67M | -371.7M | 15.2M | 3.5M | 113.82M | 95.08M | 51.27M |
| Pretax Margin % | 19.13% | 16.96% | 32.92% | 14.44% | 13.82% | -12.83% | -61.2% | 0.97% | 0.25% | 7.23% | 6.96% | 4.32% |
| Income Tax | 94.41M | 74.96M | 298.82M | -24.24M | 24.88M | 69.11M | -14.29M | 17.08M | 14.1M | 46.92M | 56.36M | 44.97M |
| Effective Tax Rate % | 23.45% | 22.53% | 49.25% | -11.99% | 13.06% | -76.22% | 3.85% | 112.39% | 402.66% | 41.23% | 59.28% | 87.71% |
| Net Income | 289.19M | 247.72M | 282.67M | 239.51M | 168.17M | -117.75M | -253.05M | 9.1M | 7.13M | 63.49M | 33.76M | 105.49M |
| Net Margin % | 13.74% | 12.63% | 15.34% | 17.11% | 12.2% | -16.66% | -41.66% | 0.58% | 0.5% | 4.03% | 2.47% | 8.89% |
| Net Income Growth % | 69.34% | -12.36% | 18.02% | 42.42% | 242.81% | 53.47% | -2881.11% | 27.71% | -88.78% | 88.07% | -68% | - |
| Net Income (Continuing) | 308.12M | 257.72M | 307.91M | 226.47M | 165.63M | -159.78M | -357.4M | -1.88M | -10.6M | 66.89M | 38.72M | 6.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -21.2M | -4.49M | -3.94M | 0 | 0 | -9.48M | 108.99M |
| Minority Interest | 76.64M | 74.17M | 148.69M | 78.93M | 146.27M | 303.88M | 315.88M | 434.73M | 454.45M | 335.36M | 354.17M | 371.34M |
| EPS (Diluted) | 1.76 | 1.52 | 1.76 | 1.49 | 1.05 | -1.00 | -2.26 | -0.04 | 0.04 | 0.40 | 0.23 | 0.71 |
| EPS Growth % | 66.04% | -13.64% | 18.12% | 41.9% | 205% | 55.75% | -6108.79% | -191% | -90% | 73.91% | -67.61% | - |
| EPS (Basic) | - | 1.53 | 1.76 | 1.49 | 1.05 | -0.60 | -1.55 | 0.06 | 0.04 | 0.04 | 0.26 | 0.08 |
| Diluted Shares Outstanding | 163.94M | 162.45M | 161.19M | 160.89M | 160.79M | 160.5M | 160.02M | 160.02M | 178.13M | 160.02M | 148.12M | 148.12M |
| Basic Shares Outstanding | 163.94M | 162.29M | 161.01M | 160.89M | 160.75M | 160.5M | 160.02M | 160.02M | 178.13M | 160.02M | 148.12M | 148.12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 247.08% | 210.04% | 37.54% | 147.32% | 72.87% |
Argentine sovereign regulatory exposure
Based on the provided income statement data, CAAP has demonstrated a clear upward trajectory in top-line performance, with revenue reaching $537.6 million in 2026Q1, representing a 20.1% year-over-year growth rate that suggests a robust recovery in passenger throughput across its core concession network.
The acceleration in revenue appears to be primarily fueled by the normalization of international passenger volumes, which carry higher fee structures than domestic traffic. Investors should monitor whether this growth remains sustainable as the company laps easier comparisons from previous periods of regional economic volatility.
As reported in the quarterly financial filings, CAAP's gross margin has fluctuated between 30.7% and 38.2% over the last ten quarters, reflecting the inherent volatility of a business model heavily reliant on passenger mix and the inflationary pressures impacting its concession-based cost structure.
The margin expansion observed in 2026Q1 to 36.9% suggests that the company is successfully capturing higher-yield international traffic. However, the structural reliance on concession fees means that any shift in regulatory pricing or local economic conditions may lead to rapid margin compression.
According to the income statement data, CAAP maintains significant operating leverage, as evidenced by the scaling of operating income to $139.9 million in 2026Q1, which indicates that incremental revenue gains are flowing efficiently to the operating line despite the company's high fixed infrastructure cost base.
The ability to keep SG&A expenses relatively contained while revenue grows suggests disciplined overhead management. This operating leverage is a critical component of the investment thesis, as it implies that future traffic growth could lead to disproportionate improvements in bottom-line profitability.
Based on the reported figures, CAAP's net income exhibits significant volatility, with quarterly results ranging from $14.7 million to $152.7 million, a trend that warrants further investigation into the impact of hyperinflationary accounting and non-cash amortization charges inherent in the company's concession-based business model.
The wide variance in net margins suggests that headline EPS may not accurately reflect the underlying cash-generative capacity of the airport operations. Analysts should prioritize Adjusted EBITDA and cash flow metrics to strip away the accounting noise created by IFRIC 12 and IAS 29 adjustments.
While recent performance appears strong, a critical analysis of the provided data suggests that the company's reliance on a single geographic market for the majority of its revenue creates a concentrated risk profile that could undermine the current growth narrative if local regulatory conditions deteriorate.
Short-term investors should be wary of the potential for margin volatility if the company faces unexpected increases in concession fees or maintenance capex. The current valuation may be overly optimistic regarding the company's ability to navigate long-term political and currency risks in its primary operating region.
Quick answers to the most common questions about buying CAAP stock.
For fiscal year 2025, Corporación América Airports S.A. (CAAP) reported total revenue of $1.96B. This represents a 65.3% increase compared to $1.19B in 2015.
Corporación América Airports S.A. (CAAP) is profitable, generating $247.7M in net income for the fiscal year ending 2025 with a net profit margin of 12.6%.
Corporación América Airports S.A. (CAAP) reported an operating income of $495.2M, resulting in an operating profit margin of 25.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Corporación América Airports S.A. (CAAP) generated $689.8M in gross profit for the year, representing a gross profit margin of 35.2%. This demonstrates the company's core pricing power and production efficiency.