Revenue has moderated to a trailing 5.9% growth rate while net margin has held in a 30-38% band, with the latest quarter's 31.8% net margin and 53.4% operating margin indicating the profitability base remains structurally strong despite a softer top line.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) annual income statement — 21-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 17.19B | 15.96B | 15.07B | 14.46B | 11.93B | 8.72B | 5.37B | 8.53B | 7.91B | 7.13B | 5.55B | 4.49B | 3.73B | 3.42B | 3.14B | 2.79B | 2.57B | 2.54B | 1.99B | 1.9B | 1.69B | 1.43B |
| Revenue Growth % | 7.64% | 5.91% | 4.26% | 21.13% | 36.87% | 62.46% | -37.05% | 7.84% | 10.9% | 28.46% | 23.54% | 20.46% | 9.12% | 8.81% | 12.6% | 8.36% | 1.47% | 27.6% | 4.8% | 12.45% | 18.3% | - |
| Cost of Goods Sold | 6.07B | 4.78B | 5B | 4.95B | 4.6B | 3.57B | 2.85B | 2.98B | 3.04B | 2.87B | 2.03B | 1.81B | 1.66B | 1.69B | 1.47B | 1.38B | 1.43B | 1.09B | 458.82M | 1.17B | 1.06B | 374.94M |
| COGS % of Revenue | - | 29.91% | 33.15% | 34.22% | 38.51% | 40.95% | 53.05% | 34.95% | 38.43% | 40.25% | 36.55% | 40.22% | 44.4% | 49.46% | 46.67% | 49.52% | 55.74% | 42.9% | 23.07% | 61.63% | 62.89% | 26.29% |
| Gross Profit | 11.11B | 11.19B | 10.08B | 9.51B | 7.34B | 5.15B | 2.52B | 5.55B | 4.87B | 4.26B | 3.52B | 2.69B | 2.07B | 1.73B | 1.68B | 1.41B | 1.14B | 1.45B | 1.53B | 727.92M | 626.1M | 1.05B |
| Gross Margin % | 64.66% | 70.09% | 66.85% | 65.78% | 61.49% | 59.05% | 46.95% | 65.05% | 61.57% | 59.75% | 63.45% | 59.78% | 55.6% | 50.54% | 53.33% | 50.48% | 44.26% | 57.1% | 76.93% | 38.37% | 37.11% | 73.71% |
| Gross Profit Growth % | - | 11.05% | 5.95% | 29.6% | 42.52% | 104.35% | -54.57% | 13.94% | 14.28% | 20.96% | 31.13% | 29.5% | 20.05% | 3.11% | 18.97% | 23.58% | -21.35% | -5.29% | 110.14% | 16.26% | -40.45% | - |
| Operating Expenses | 1.95B | 2.25B | 2B | 1.44B | 1.27B | 1.04B | 798.3M | 691.62M | 735.56M | 1.02B | 738.08M | 649.11M | 604.84M | 518.09M | 515.19M | 488.93M | 418.95M | 889.33M | 842.29M | 0 | 0 | 563.97M |
| OpEx % of Revenue | - | 14.08% | 13.28% | 9.99% | 10.67% | 11.91% | 14.87% | 8.11% | 9.3% | 14.32% | 13.3% | 14.45% | 16.22% | 15.16% | 16.4% | 17.53% | 16.27% | 35.05% | 42.36% | - | - | 39.54% |
| Selling, General & Admin | 921.73M | 871.26M | 776.41M | 661.45M | 667.6M | 586.54M | 518.06M | 542.66M | 563.15M | 722.99M | 642.35M | 558.22M | 539.75M | 501.23M | 457.75M | 434.53M | 380.47M | 382.68M | 318.32M | 256.73M | 237.47M | 235.84M |
| SG&A % of Revenue | - | 5.46% | 5.15% | 4.58% | 5.59% | 6.73% | 9.65% | 6.36% | 7.12% | 10.14% | 11.57% | 12.43% | 14.47% | 14.66% | 14.57% | 15.58% | 14.78% | 15.08% | 16.01% | 13.53% | 14.07% | 16.54% |
| Research & Development | 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 | 2M | 1.38B | 1.23B | 782.55M | 606.38M | 452.19M | 280.24M | 148.95M | 172.41M | 297.82M | 95.74M | 90.89M | 65.09M | 16.86M | 57.44M | 54.4M | 38.48M | 506.65M | 523.97M | -256.73M | -237.47M | 328.13M |
| Operating Income | 9.16B | 8.94B | 8.07B | 8.07B | 6.06B | 4.11B | 1.72B | 4.86B | 4.13B | 3.24B | 2.78B | 2.04B | 1.47B | 1.21B | 1.16B | 919.27M | 720.52M | 559.38M | 687.37M | 727.92M | 626.1M | 487.35M |
| Operating Margin % | 53.29% | 56.01% | 53.56% | 55.8% | 50.81% | 47.14% | 32.07% | 56.94% | 52.26% | 45.43% | 50.15% | 45.33% | 39.39% | 35.38% | 36.93% | 32.95% | 27.99% | 22.05% | 34.57% | 38.37% | 37.11% | 34.17% |
| Operating Income Growth % | - | 10.74% | 0.09% | 33.01% | 47.54% | 138.77% | -64.54% | 17.49% | 27.58% | 16.37% | 36.68% | 38.64% | 21.46% | 4.24% | 26.21% | 27.58% | 28.81% | -18.62% | -5.57% | 16.26% | 28.47% | - |
| EBITDA | 10.1B | 9.82B | 8.83B | 8.71B | 6.62B | 4.6B | 2.16B | 5.27B | 4.48B | 3.54B | 3.06B | 2.28B | 1.69B | 1.41B | 1.35B | 1.08B | 869.75M | 971.27M | 1.05B | 1.06B | 918.2M | 706.9M |
| EBITDA Margin % | 58.75% | 61.5% | 58.59% | 60.23% | 55.43% | 52.72% | 40.18% | 61.81% | 56.71% | 49.63% | 55.14% | 50.65% | 45.39% | 41.27% | 42.88% | 38.87% | 33.78% | 38.28% | 53.01% | 56.08% | 54.42% | 49.56% |
| EBITDA Growth % | 2.58% | 11.19% | 1.41% | 31.62% | 43.89% | 113.17% | -59.08% | 17.53% | 26.74% | 15.62% | 34.49% | 34.4% | 20.02% | 4.72% | 24.22% | 24.67% | -10.45% | -7.86% | -0.94% | 15.89% | 29.89% | - |
| D&A (Non-Cash Add-back) | 939.19M | 877.63M | 756.98M | 641.34M | 551.2M | 487.23M | 435.34M | 415.25M | 351.75M | 299.19M | 276.63M | 238.81M | 223.98M | 201.23M | 186.8M | 165.09M | 149.23M | 411.89M | 366.72M | 336.2M | 292.1M | 219.55M |
| EBIT | 9.33B | 9.11B | 8.4B | 8.33B | 6.23B | 4.35B | 1.91B | 4.98B | 4.31B | 3.24B | 2.95B | 2.08B | 1.52B | 1.28B | 1.21B | 896.58M | 737.87M | 573.5M | 687.37M | 727.92M | 626.1M | 487.35M |
| Net Interest Income | -1.27B | -1.26B | -1.08B | -971.53M | -762.79M | -387.2M | -308.61M | -204.77M | -131.47M | -225.53M | -131.09M | -254.02M | -187.22M | -136.71M | -76.08M | -82.35M | -71.3M | -22.13M | 0 | 126.66M | 133.45M | 0 |
| Interest Income | 239.19M | 214.01M | 245.06M | 297.91M | 171.31M | 129.48M | 111.89M | 171.24M | 194.09M | 127.29M | 199.6M | 80.74M | 77.15M | 72.65M | 27.76M | 16.08M | 15.79M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.5B | 1.48B | 1.33B | 1.27B | 934.1M | 516.68M | 420.5M | 376.01M | 325.56M | 352.82M | 330.69M | 334.76M | 264.37M | 209.36M | 103.85M | 98.43M | 87.09M | 26.2M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.28B | -1.31B | -1B | -1.01B | -771.62M | -274.58M | -229.09M | -255.65M | -146.95M | -288.6M | -160.27M | -287.81M | -209.68M | -142.91M | -52.91M | -121.12M | -69.73M | -12.07M | 93.34M | 88.63M | 39.65M | 33.72M |
| Pretax Income | 7.88B | 7.63B | 7.07B | 7.06B | 5.29B | 3.84B | 1.49B | 4.6B | 3.99B | 2.95B | 2.62B | 1.75B | 1.26B | 1.07B | 1.11B | 798.15M | 650.78M | 547.31M | 780.71M | 816.55M | 665.75M | 521.07M |
| Pretax Margin % | 45.84% | 47.81% | 46.9% | 48.83% | 44.35% | 43.99% | 27.8% | 53.94% | 50.41% | 41.38% | 47.26% | 38.92% | 33.76% | 31.2% | 35.25% | 28.61% | 25.28% | 21.57% | 39.26% | 43.04% | 39.46% | 36.53% |
| Income Tax | 2.41B | 2.27B | 2.13B | 2.04B | 1.38B | 972.18M | 394.5M | 1.37B | 1.12B | 813.07M | 746.78M | 512.11M | 232.34M | -134.88M | 288.17M | 182.07M | -8.8M | 77.78M | -180.5M | -187.25M | -112.78M | -4.41M |
| Effective Tax Rate % | 30.56% | 29.7% | 30.17% | 28.89% | 25.99% | 25.34% | 26.43% | 29.83% | 28.14% | 27.56% | 28.47% | 29.28% | 18.45% | -12.65% | 26.03% | 22.81% | -1.35% | 14.21% | -23.12% | -22.93% | -16.94% | -0.85% |
| Net Income | 5.44B | 5.34B | 4.93B | 5.01B | 3.9B | 2.86B | 1.09B | 3.22B | 2.85B | 2.13B | 1.87B | 1.23B | 1.02B | 1.2B | 818.12M | 615.82M | 660.9M | 469.52M | 541.8M | 31.19M | 469.24M | 367.3M |
| Net Margin % | 31.67% | 33.46% | 32.7% | 34.67% | 32.69% | 32.77% | 20.39% | 37.76% | 36.07% | 29.84% | 33.7% | 27.46% | 27.47% | 35.1% | 26.04% | 22.07% | 25.67% | 18.51% | 27.25% | 1.64% | 27.81% | 25.75% |
| Net Income Growth % | 2.46% | 8.38% | -1.66% | 28.48% | 36.53% | 161.09% | -66.01% | 12.9% | 34.04% | 13.76% | 51.58% | 20.4% | -14.58% | 46.63% | 32.85% | -6.82% | 40.76% | -13.34% | 1636.99% | -93.35% | 27.75% | - |
| Net Income (Continuing) | 5.47B | 5.37B | 4.94B | 5.02B | 3.92B | 2.86B | 1.1B | 3.23B | 2.86B | 2.14B | 1.88B | 1.24B | 1.03B | 1.2B | 819.09M | 616.08M | 659.58M | 470.99M | 541.8M | 31.19M | 469.24M | 367.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 187.07M | 166.45M | 159.46M | 168.04M | 185.41M | 182.27M | 175.91M | 172.38M | 164.75M | 159.45M | 132.43M | 81.37M | 51.19M | 16.99M | 8.57M | 7.58M | 7.47M | 8.84M | 1.16M | 0 | 0 | 0 |
| EPS (Diluted) | 112.74 | 110.64 | 116.24 | 101.28 | 78.80 | 59.92 | 20.72 | 65.92 | 59.44 | 45.60 | 42.32 | 27.28 | 21.44 | 24.16 | 16.40 | 13.52 | 12.96 | 9.28 | 11.84 | 0.62 | 9.04 | 10.72 |
| EPS Growth % | 3.15% | -4.82% | 14.77% | 28.53% | 31.51% | 189.19% | -68.57% | 10.9% | 30.35% | 7.75% | 55.13% | 27.24% | -11.26% | 47.32% | 21.3% | 4.32% | 39.66% | -21.62% | 1809.68% | -93.14% | -15.67% | - |
| EPS (Basic) | - | 110.64 | 116.24 | 101.28 | 78.80 | 59.92 | 20.72 | 65.92 | 59.44 | 45.60 | 42.32 | 27.28 | 21.44 | 24.16 | 16.40 | 13.52 | 12.96 | 9.28 | 11.84 | 0.62 | 9.04 | 10.72 |
| Diluted Shares Outstanding | 48.27M | 48.27M | 48.27M | 48.27M | 48.27M | 48.27M | 48.76M | 49.09M | 49.18M | 49.21M | 49.1M | 49.23M | 49.56M | 49.88M | 49.88M | 49.88M | 49.87M | 49.79M | 49.54M | 49.94M | 49.4M | 49M |
| Basic Shares Outstanding | 48.27M | 48.27M | 48.27M | 48.27M | 48.27M | 48.27M | 48.76M | 49.09M | 49.18M | 49.21M | 49.1M | 49.23M | 49.56M | 49.88M | 49.88M | 49.88M | 49.87M | 49.79M | 49.54M | 49.95M | 49.4M | 49M |
| Dividend Payout Ratio | - | 83.66% | 85.36% | 74.58% | 169.26% | 69.29% | - | 49.65% | 56.31% | 74.03% | 73.34% | - | - | - | 24.24% | 64.8% | 60.35% | 87.65% | 79.04% | 734.88% | 95.19% | - |
Quick answers to the most common questions about buying OMAB stock.
For fiscal year 2025, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) reported total revenue of $15.96B. This represents a 1019.3% increase compared to $1.43B in 2005.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) is profitable, generating $5.34B in net income for the fiscal year ending 2025 with a net profit margin of 33.5%.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) reported an operating income of $8.94B, resulting in an operating profit margin of 56.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) generated $11.19B in gross profit for the year, representing a gross profit margin of 70.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leverage amid decelerating revenue
Top-Line Momentum Moderating Materially
Based on reported figures, OMAB's trailing revenue growth of 5.9% year over year represents a clear step down from the double-digit expansion seen in earlier periods, suggesting the growth engine is cooling.
The quarterly series shows revenue swinging between roughly 3.6 and 4.8 billion pesos with no sustained acceleration, implying growth is now driven more by incremental traffic and tariff adjustments than by a structural step-up. Whether this deceleration reflects normalizing passenger demand or regulatory tariff constraints cannot be determined from the supplied data alone. Investors should monitor whether upcoming quarters stabilize around mid-single-digit growth or continue to fade.
Structurally High Margins Under Pressure
As reported in financial statements, OMAB's gross margin ranges from roughly 58% to 76% across recent quarters, with the most recent quarter at 58.1%, indicating meaningful quarter-to-quarter volatility in unit economics.
The reported gross margin compression in the latest quarter, from prior levels above 65%, may reflect shifts in the mix of construction revenue under IFRIC 12, which carries near-zero margin and can dilute the reported ratio. Operating margins holding near 53% to 54% in recent quarters suggest the core concession economics remain intact despite gross-level noise. The margin profile appears structurally advantaged relative to peers, though the sustainability of these levels depends on regulatory tariff outcomes.
Operating Income Tracking Revenue Closely
According to recent SEC filings, OMAB's operating income of roughly 2.1 to 2.6 billion pesos has moved broadly in line with revenue, indicating limited operating leverage at the current stage of the cycle.
Because SG&A remains relatively flat at about 207 to 236 million pesos per quarter, the operating line has been largely driven by top-line movements rather than by overhead discipline. This suggests the fixed-cost base is being absorbed by revenue rather than producing outsized incremental margin. Operating leverage would likely reassert itself if traffic growth resumes, but that cannot be confirmed from the current dataset.
Net Income Quality Appears Consistent
Based on OMAB's reported figures, net margin holding in a 30% to 38% band and EPS volatility of several percent per quarter suggests earnings are broadly consistent, though no stock-based compensation is disclosed.
Net income tracks operating income closely, with no evident large non-operating swings in the supplied series, which supports the view that reported earnings reflect core operations. The absence of disclosed stock-based compensation simplifies quality assessment but limits comparison on dilution. Investors should still verify tax and financing items, since the elevated leverage could introduce interest expense sensitivity.
Leverage Limits the Margin for Error
Based on the supplied data, a debt-to-equity ratio of 1.19 combined with decelerating revenue growth suggests the balance sheet may offer less cushion if traffic or tariff conditions weaken further.
The strongest bear case is that headline margins and a 48.6% return on equity are partly a product of leverage, so any sustained revenue slowdown could compress coverage ratios faster than the margin profile would suggest. Regulatory uncertainty around maximum-rate calculations adds a potential earnings headwind that the reported margins may not yet fully reflect. Investors should monitor debt service capacity and any reinstatement of formal guidance before assuming the current profitability is durable.