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LATAM Airlines Group
LATAM Airlines Group (LTM) investor relations material
LATAM Airlines Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved record net income of $1.5 billion for 2025, up 49.4% year-over-year, with a net income margin of 11.2% and EPS of $4.95.
Transported over 87 million passengers, with a capacity increase of 8.2% for the year and a healthy load factor of 84.4%.
Expanded network with 22 new routes (15 international), and grew fleet to 371 aircraft with 26 new deliveries.
Achieved record Net Promoter Score of 54 and Organizational Health Index of 83, entering the top decile for the first time.
Recognized with multiple international awards for customer experience, operational excellence, and brand improvement.
Financial highlights
Full-year net income reached $1.5 billion (+50% YoY), with EPS of $4.95 and adjusted EBITDAR of $4.1 billion (+31.6% YoY).
Q4 revenues were $3.95 billion (+16.3% YoY), with net income of $484 million (+78.1% YoY); passenger revenue rose 20.3% while cargo revenue declined 9.6%.
Adjusted operating margin for 2025 was 16.2%, up 3.5pp YoY; Q4 margin was 16.7%.
Adjusted operating cash flow for 2025 was $3.3 billion, with $1.4 billion in cash generated after all business commitments.
Total revenues for 2025 reached $14.5 billion, up 11.2% from 2024.
Outlook and guidance
2026 guidance projects revenue of $15.5–$16.0 billion, capacity growth of 8–10%, and adjusted operating margin of 15–17%.
Adjusted leveraged free cash flow expected to exceed $1.7 billion, with liquidity projected above $5 billion by year-end 2026.
CapEx for 2026 is planned at $1.7 billion (net of financing), with 41 aircraft deliveries expected.
Net leverage targeted at or below 1.4x, with net debt below $6.2 billion.
$1–$1.6 billion available for additional capital allocation initiatives after CapEx and minimum dividends.
What drives 2026 CASK ex-fuel normalization?
How will shareholder returns evolve post-2025?
What drives the fleet mix shift by 2028?
What drove the 9.6% cargo revenue decline in 4Q?
How will 2026-2027 debt calls impact WACD
How to sustain margin with 8-10% ASK growth
What are the capital allocation priorities for 2026?
How will E2s enhance Brazil domestic network?
How does LATAM sustain premium segment advantage?
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Next LATAM Airlines Group earnings date
Q1 202628 Apr, 2026
LATAM Airlines Group
Next LATAM Airlines Group earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
LATAM Airlines Group S.A. is a Chilean airline holding company and the largest in Latin America. It operates a broad network of passenger and cargo services, covering destinations across the Americas, Europe, Oceania, and Africa. The company provides both domestic and international flights through its subsidiaries in Argentina, Brazil, Chile, Colombia, Ecuador, and Peru. LATAM Airlines Group focuses on providing a range of services from economy to premium classes, ensuring connectivity and efficient travel options for both individuals and businesses. The company is headquartered in Santiago, Chile, and its shares are listed on the NYSE.
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