Revenue growth accelerated to 21.9% in 2026Q1, while gross margins expanded to 31.3% from 24.3% in 2023Q4, indicating successful post-restructuring fleet optimization.
| 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 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 15.01B | 14.27B | 12.83B | 11.64B | 9.36B | 4.88B | 3.92B | 10.07B | 9.9B | 9.61B | 8.99B | 9.74B | 12.09B | 12.92B | 9.72B | 5.55B | 4.39B | 3.52B | 4.1B | 3.52B | 3.03B | 2.51B | 2.09B | 1.64B | 1.45B | 1.43B | 1.43B | 1.24B | 1.08B | 969.8M |
| Revenue Growth % | 15.8% | 11.16% | 10.24% | 24.33% | 91.7% | 24.47% | -61.04% | 1.76% | 2.93% | 6.96% | -7.72% | -19.46% | -6.43% | 32.94% | 75.02% | 26.52% | 24.76% | -14.12% | 16.25% | 16.18% | 21.05% | 19.75% | 27.71% | 12.83% | 1.69% | 0.22% | 15.24% | 14.15% | 11.71% | - |
| Cost of Goods Sold | 10.54B | 10.1B | 9.57B | 8.82B | 8.1B | 4.96B | 3.65B | 7.95B | 7.77B | 7.44B | 6.97B | 7.64B | 9.62B | 10.06B | 7.64B | 4.08B | 3.01B | 2.52B | 2.89B | 2.18B | 2.2B | 1.96B | 1.21B | 1.35B | 1.27B | 754.78M | 876.01M | 683.79M | 640.4M | 564.8M |
| COGS % of Revenue | - | 70.84% | 74.54% | 75.74% | 86.55% | 101.63% | 92.99% | 78.96% | 78.56% | 77.41% | 77.51% | 78.41% | 79.58% | 77.81% | 78.61% | 73.42% | 68.62% | 71.69% | 70.62% | 61.73% | 72.52% | 78.35% | 58% | 82.44% | 87.5% | 52.84% | 61.47% | 55.29% | 59.11% | 58.24% |
| Gross Profit | 4.47B | 4.16B | 3.27B | 2.82B | 1.26B | -79.47M | 275.19M | 2.12B | 2.12B | 2.17B | 2.02B | 2.1B | 2.47B | 2.87B | 2.08B | 1.51B | 1.38B | 996.38M | 1.23B | 1.35B | 833.87M | 542.5M | 879.05M | 287.82M | 181.62M | 673.56M | 549.14M | 552.88M | 436.9M | 405M |
| Gross Margin % | 29.76% | 29.16% | 25.46% | 24.26% | 13.45% | -1.63% | 7.01% | 21.04% | 21.44% | 22.59% | 22.49% | 21.59% | 20.42% | 22.19% | 21.39% | 27.13% | 31.38% | 28.31% | 30.1% | 38.27% | 27.48% | 21.65% | 42% | 17.56% | 12.5% | 47.16% | 38.53% | 44.71% | 40.33% | 41.76% |
| Gross Profit Growth % | - | 27.33% | 15.69% | 124.29% | 1684.29% | -128.88% | -87.01% | -0.15% | -2.3% | 7.46% | -3.9% | -14.81% | -13.89% | 37.88% | 38.01% | 9.37% | 38.28% | -19.22% | -8.56% | 61.77% | 53.71% | -38.29% | 205.42% | 58.47% | -73.04% | 22.66% | -0.68% | 26.55% | 7.88% | - |
| Operating Expenses | 1.86B | 1.82B | 1.73B | 1.75B | 47.46M | 3.35B | 4.81B | 1.37B | 1.18B | 1.47B | 1.53B | 1.65B | 1.93B | 1.64B | 1.83B | 2.26B | 749.51M | 697.03M | 894.95M | 935.55M | 531.24M | 400.87M | 706.95M | 176.12M | 119.49M | 623.22M | 473.86M | 502.04M | 398.57M | 325.4M |
| OpEx % of Revenue | - | 12.79% | 13.45% | 15% | 0.51% | 68.52% | 122.47% | 13.56% | 11.94% | 15.24% | 17% | 16.99% | 15.94% | 12.71% | 18.85% | 40.76% | 17.07% | 19.81% | 21.84% | 26.54% | 17.51% | 15.99% | 33.78% | 10.75% | 8.23% | 43.63% | 33.25% | 40.6% | 36.79% | 33.55% |
| Selling, General & Admin | 1.51B | 1.45B | 1.43B | 1.27B | 1B | 731.31M | 793.79M | 1.32B | 1.35B | 1.64B | 1.62B | 1.66B | 1.94B | 2.16B | 1.67B | 1.22B | 331.83M | 269.59M | 1.09B | 489.55M | 898.4M | 795.13M | 711.96M | 621.61M | 809.95M | 200.53M | 223.46M | 206.34M | 360.2M | 309.2M |
| SG&A % of Revenue | - | 10.16% | 11.15% | 10.92% | 10.71% | 14.97% | 20.23% | 13.06% | 13.66% | 17.04% | 18.03% | 17.06% | 16.02% | 16.73% | 17.21% | 22% | 7.56% | 7.66% | 26.61% | 13.89% | 29.61% | 31.72% | 34.02% | 37.93% | 55.77% | 14.04% | 15.68% | 16.69% | 33.25% | 31.88% |
| 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 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 375.18M | 295.4M | 475.2M | -955.57M | 2.62B | 4.01B | 50.4M | -170.01M | -173.25M | -92.34M | -6.5M | -10.15M | -519.87M | 159.21M | 1.04B | 34.16M | 100.48M | -195.49M | 446M | -367.16M | -394.26M | -5.01M | -445.49M | -690.46M | 422.69M | 250.41M | 295.7M | 38.38M | 16.2M |
| Operating Income | 2.6B | 2.34B | 1.54B | 1.08B | 1.21B | -3.43B | -4.53B | 753.13M | 940.48M | 706.78M | 493.3M | 448.54M | 541.42M | 585.81M | 246.22M | 404.67M | 628.29M | 300.77M | 471.93M | 413.37M | 302.62M | 141.64M | 172.1M | 111.72M | 62.06M | 50.25M | 75.28M | 50.84M | 44.4M | 79.6M |
| Operating Margin % | 17.35% | 16.37% | 12.01% | 9.26% | 12.94% | -70.14% | -115.45% | 7.48% | 9.5% | 7.35% | 5.49% | 4.61% | 4.48% | 4.53% | 2.53% | 7.28% | 14.31% | 8.55% | 11.52% | 11.73% | 9.97% | 5.65% | 8.22% | 6.82% | 4.27% | 3.52% | 5.28% | 4.11% | 4.1% | 8.21% |
| Operating Income Growth % | - | 51.56% | 42.93% | -11.01% | 135.37% | 24.38% | -701.5% | -19.92% | 33.07% | 43.28% | 9.98% | -17.15% | -7.58% | 137.92% | -39.16% | -35.59% | 108.89% | -36.27% | 14.17% | 36.6% | 113.66% | -17.7% | 54.05% | 80.01% | 23.5% | -33.24% | 48.07% | 14.51% | -44.23% | - |
| EBITDA | 2.95B | 3.27B | 2.34B | 1.28B | 2.26B | -3.34B | -4.58B | 711.36M | 1.72B | 1.71B | 1.41B | 1.38B | 1.52B | 1.63B | 1.04B | 798.98M | 964.27M | 604.84M | 725.79M | 567.22M | 425.42M | 225.19M | 252.71M | 39.09M | -5.75M | -1.19M | 117.31M | 91.99M | 77.42M | 95.8M |
| EBITDA Margin % | 19.69% | 22.96% | 18.24% | 10.99% | 24.12% | -68.31% | -116.6% | 7.06% | 17.34% | 17.76% | 15.68% | 14.17% | 12.53% | 12.59% | 10.65% | 14.38% | 21.96% | 17.19% | 17.71% | 16.09% | 14.02% | 8.98% | 12.07% | 2.38% | -0.4% | -0.08% | 8.23% | 7.44% | 7.15% | 9.88% |
| EBITDA Growth % | 21.6% | 39.91% | 82.95% | -43.34% | 167.68% | 27.08% | -743.15% | -58.53% | 0.45% | 21.14% | 2.13% | -8.92% | -6.88% | 57.19% | 29.59% | -17.14% | 59.43% | -16.67% | 27.95% | 33.33% | 88.92% | -10.89% | 546.55% | 779.28% | -384.75% | -101.01% | 27.52% | 18.82% | -19.18% | - |
| D&A (Non-Cash Add-back) | 428.74M | 939.11M | 799.55M | 0 | 0 | 0 | 0 | 0 | 774.97M | 1B | 916.42M | 931.81M | 974.18M | 1.04B | 789.16M | 394.31M | 335.98M | 304.06M | 253.86M | 153.85M | 122.8M | 83.55M | 80.61M | -72.63M | -67.82M | -51.44M | 42.03M | 41.15M | 33.03M | 16.2M |
| EBIT | 2.52B | 2.34B | 1.54B | 1.28B | 2.26B | -3.34B | -4.58B | 711.36M | 944.52M | 767.03M | 493.3M | 56.05M | 493.08M | 585.81M | 422.51M | 518.14M | 625.32M | 395.75M | 572.82M | 444.32M | 348.88M | 211.99M | 228.18M | 141.3M | 62M | 50.2M | -800.74M | 50.84M | 44.4M | 79.6M |
| Net Interest Income | -525.41M | -574.23M | -678.44M | -682.89M | -862M | -784.44M | -536.58M | -563.65M | -485.88M | -314.4M | -341.1M | -337.34M | -333.68M | -389.7M | -217.11M | -124.62M | -140.33M | -134.93M | -125.49M | -58.18M | -52.84M | -26.77M | -25.63M | -33.1M | -37M | -29.99M | -26.41M | 0 | -17M | 0 |
| Interest Income | 104.38M | 146.04M | 142.41M | 0 | 49.82M | 21.11M | 50.4M | 26.28M | 53.25M | 78.65M | 74.89M | 74.87M | 88.94M | 72.83M | 77.49M | 14.45M | 14.95M | 18.18M | 16.21M | 18.04M | 7.9M | 12.43M | 10.83M | 6.28M | 3.76M | 5.48M | 5.26M | 0 | 0 | 0 |
| Interest Expense | 629.8M | 720.27M | 820.85M | 682.89M | 911.83M | 805.54M | 586.98M | 589.93M | 539.14M | 393.04M | 415.99M | 412.21M | 422.62M | 462.52M | 260.23M | 139.08M | 155.28M | 153.11M | 82.69M | 76.22M | 60.74M | 39.19M | 36.46M | 39.35M | 40.76M | 35.46M | 31.67M | 0 | 17M | 0 |
| Other Income/Expense | -718.39M | -716.92M | -547.11M | -481.67M | 134.47M | -658.42M | -575.64M | -611.21M | -524.82M | -332.56M | -219.43M | -805.65M | -476.18M | -869.7M | 0 | -24.39M | -126.26M | -21.83M | -72.67M | -45.27M | -14.48M | 33.22M | 19.75M | -9.8M | -24.3M | 0 | -16.48M | -3.08M | -13.37M | -8.1M |
| Pretax Income | 1.89B | 1.62B | 993.93M | 596.49M | 1.35B | -4.08B | -5.11B | 141.92M | 415.67M | 374.22M | 273.87M | -357.12M | 65.23M | -283.89M | 126.6M | 380.27M | 502.03M | 277.52M | 400.43M | 368.1M | 288.14M | 174.86M | 191.84M | 101.9M | 37.81M | 10.29M | 58.79M | 47.97M | 31.03M | 71.5M |
| Pretax Margin % | 12.56% | 11.35% | 7.75% | 5.12% | 14.38% | -83.62% | -130.13% | 1.41% | 4.2% | 3.89% | 3.05% | -3.67% | 0.54% | -2.2% | 1.3% | 6.85% | 11.43% | 7.89% | 9.77% | 10.44% | 9.5% | 6.98% | 9.17% | 6.22% | 2.6% | 0.72% | 4.13% | 3.88% | 2.86% | 7.37% |
| Income Tax | 200.3M | 155.06M | 16.49M | 14.94M | 8.91M | 568.93M | -550.19M | -53.7M | 83.78M | 173.5M | 163.2M | -178.38M | 142.19M | -20.07M | 102.21M | 61.79M | 81.11M | 44.49M | 64.69M | 59.77M | 46.84M | 28.26M | 28.29M | 18.34M | 7.01M | -552K | 10.41M | 385K | 77.9M | 7.4M |
| Effective Tax Rate % | 10.62% | 9.58% | 1.66% | 2.5% | 0.66% | -13.93% | 10.78% | -37.84% | 20.16% | 46.36% | 59.59% | 49.95% | 217.98% | 7.07% | 80.73% | 16.25% | 16.16% | 16.03% | 16.16% | 16.24% | 16.26% | 16.16% | 14.75% | 18% | 18.53% | -5.36% | 17.7% | 0.8% | 251.04% | 10.35% |
| Net Income | 1.68B | 1.46B | 976.97M | 581.83M | 1.34B | -4.65B | -4.55B | 190.43M | 181.94M | 155.3M | 69.22M | -219.27M | -109.79M | -281.11M | 10.96M | 320.2M | 419.7M | 231.13M | 335.74M | 308.32M | 241.3M | 146.6M | 163.55M | 83.56M | 30.81M | 10.84M | 48.39M | 47.58M | 31M | 64.1M |
| Net Margin % | 11.2% | 10.23% | 7.61% | 5% | 14.3% | -95.16% | -115.86% | 1.89% | 1.84% | 1.62% | 0.77% | -2.25% | -0.91% | -2.17% | 0.11% | 5.76% | 9.56% | 6.57% | 8.19% | 8.75% | 7.95% | 5.85% | 7.81% | 5.1% | 2.12% | 0.76% | 3.4% | 3.85% | 2.86% | 6.61% |
| Net Income Growth % | 62.74% | 49.44% | 67.91% | -56.55% | 128.82% | -2.24% | -2487.17% | 4.67% | 17.15% | 124.36% | 131.57% | -99.72% | 60.94% | -2665.85% | -96.58% | -23.71% | 81.59% | -31.16% | 8.89% | 27.78% | 64.6% | -10.36% | 95.74% | 171.21% | 184.15% | -77.59% | 1.69% | 53.49% | -51.64% | - |
| Net Income (Continuing) | 1.69B | 1.46B | 977.45M | 581.55M | 1.34B | -4.65B | -4.56B | 195.61M | 341.79M | 154.39M | 110.67M | -178.73M | -227.17M | -263.82M | -5.64M | 320.57M | 420.93M | 233.03M | 338.31M | 367.81M | 240.06M | 146.6M | 163.55M | 84.5M | 31.2M | 10.8M | 48.39M | 47.72M | 31.04M | 64.1M |
| 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 | 0 | 0 | 0 |
| Minority Interest | -7.76M | -8.39M | -11.94M | -12.03M | -11.56M | -10.36M | -6.67M | -1.6M | 79.94M | 91.15M | 88.64M | 81.01M | 101.8M | 87.64M | 26.73M | 12.05M | 3.25M | 7.1M | 5.72M | 5.19M | 4.31M | 3.37M | 3.7M | 4.11M | 3.93M | 2.2M | 604K | 521K | 400K | 100K |
| EPS (Diluted) | 5.86 | 5.00 | 3.20 | 2.00 | 27.20 | -860.00 | -840.00 | 35.00 | 56.60 | 28.60 | 14.20 | -44.80 | -53.20 | -56.80 | -5.20 | 104.00 | 136.60 | 75.40 | 109.40 | 102.80 | 83.60 | 50.80 | 56.60 | 29.00 | 10.60 | 3.80 | 16.80 | 16.40 | 10.80 | 23.20 |
| EPS Growth % | 52.17% | 56.25% | 60% | -92.65% | 103.16% | -2.38% | -2500% | -38.16% | 97.9% | 101.41% | 131.7% | 15.79% | 6.34% | -992.31% | -105% | -23.87% | 81.17% | -31.08% | 6.42% | 22.97% | 64.57% | -10.25% | 95.17% | 173.58% | 178.95% | -77.38% | 2.44% | 51.85% | -53.45% | - |
| EPS (Basic) | - | 5.00 | 3.20 | 2.00 | 27.80 | -860.00 | -840.00 | 35.00 | 56.60 | 28.60 | 14.20 | -44.80 | -53.20 | -56.80 | -5.20 | 104.00 | 137.00 | 75.40 | 109.40 | 102.80 | 83.60 | 50.80 | 56.00 | 29.00 | 10.60 | 3.80 | 16.80 | 16.40 | 10.80 | 23.20 |
| Diluted Shares Outstanding | 287.11M | 294.65M | 302.22M | 302.22M | 49.27M | 5.44M | 5.44M | 5.44M | 5.44M | 5.44M | 4.9M | 4.89M | 4.89M | 4.95M | 3.7M | 3.08M | 3.07M | 3.06M | 3.06M | 3.06M | 2.88M | 2.89M | 2.92M | 2.88M | 2.64M | 2.94M | 2.85M | 2.85M | 2.9M | 2.76M |
| Basic Shares Outstanding | 287.11M | 294.83M | 302.22M | 302.22M | 48.31M | 5.44M | 5.44M | 5.44M | 5.44M | 5.44M | 4.9M | 4.89M | 4.89M | 4.95M | 3.7M | 3.08M | 3.06M | 3.06M | 3.06M | 2.99M | 2.88M | 2.89M | 2.92M | 2.88M | 2.64M | 2.94M | 2.85M | 2.85M | 2.9M | 2.76M |
| Dividend Payout Ratio | - | 41.45% | 17.9% | - | - | - | - | 28.94% | 39.92% | 42.91% | 59.55% | - | - | - | 1139.35% | 60% | 37.03% | 60.55% | 66.36% | 68.39% | 35.19% | 29.7% | 49.88% | 58.76% | 4.72% | 134.1% | 21.59% | 27.72% | 61.81% | 40.25% |
Regional Macroeconomic Volatility
According to the latest quarterly financial data, LTM achieved a 21.9% year-over-year revenue growth in 2026Q1, marking a significant acceleration from the 2.5% growth observed in 2025Q1, suggesting that the company's strategic capacity deployment and the Delta joint venture are successfully capturing increased regional travel demand.
The acceleration in top-line growth appears to be driven by a combination of disciplined capacity management and improved yield performance across key international corridors. Investors should monitor whether this growth trajectory remains sustainable as the company faces potential saturation in its core domestic markets.
As reported in recent income statements, LTM's gross margin reached 31.3% in 2026Q1, a notable improvement from the 24.3% recorded in 2023Q4, indicating that the post-Chapter 11 fleet optimization and lease renegotiations are yielding tangible benefits to the company's underlying unit economics and pricing power.
The expansion in gross margins suggests that management has successfully lowered the break-even point for its wide-body fleet. However, the sustainability of these margins remains sensitive to fuel price volatility and the inherent currency mismatch between USD-denominated costs and local currency revenue streams.
Based on the provided financial figures, operating income surged to $818.3 million in 2026Q1, representing a 20.1% operating margin, which demonstrates that LTM is effectively scaling its overhead costs while revenue expands, a trend that warrants further investigation into the durability of these operational efficiencies.
The ability to grow operating income faster than gross profit suggests that SG&A expenses are being managed with increased discipline. This operating leverage appears to be a critical component of the company's current profitability profile, though it may be vulnerable to inflationary pressures on labor and maintenance costs.
As indicated by the quarterly data, net income reached $576.0 million in 2026Q1, reflecting a 14.1% net margin, though analysts should remain cautious as these figures may be influenced by non-cash foreign exchange revaluations of USD-denominated debt that often obscure the underlying operational performance of the business.
The absence of stock-based compensation suggests a clean earnings profile, yet the volatility in net income across the observed periods implies that non-operating items remain a significant factor. Investors should distinguish between core operational cash generation and accounting gains derived from currency fluctuations.
While current performance is robust, a critical counter-analysis suggests that LTM's reliance on the Brazilian market and the potential for renewed capacity wars could lead to margin compression, as historical cycles in the region have frequently resulted in rapid profitability erosion despite initial periods of growth.
The primary risk to the current narrative is the potential for management to engage in aggressive capacity expansion, which has historically preceded downturns in the Latin American aviation sector. Furthermore, the sensitivity to BRL/USD exchange rates remains a structural vulnerability that could quickly reverse recent margin gains.
Quick answers to the most common questions about buying LTM stock.
For fiscal year 2025, LATAM Airlines Group S.A. (LTM) reported total revenue of $14.27B. This represents a 1370.9% increase compared to $969.8M in 1997.
LATAM Airlines Group S.A. (LTM) is profitable, generating $1.46B in net income for the fiscal year ending 2025 with a net profit margin of 10.2%.
LATAM Airlines Group S.A. (LTM) reported an operating income of $2.34B, resulting in an operating profit margin of 16.4%. This margin reflects the operational efficiency of the business before interest and taxes.
LATAM Airlines Group S.A. (LTM) generated $4.16B in gross profit for the year, representing a gross profit margin of 29.2%. This demonstrates the company's core pricing power and production efficiency.