Grupo Aeromexico (AERO) Q4 2025 earnings summary

Executive summary

• Achieved record or near-record financial results in 2025, with strong recovery momentum in the second half and global recognition for operational excellence, including being named the world's most on-time airline and receiving top industry awards.

• Premium revenue mix reached 42% in 2025, reflecting a focus on higher-yield segments and enhanced customer experience.

• Successfully modernized fleet, launched a new app, and expanded loyalty program participation, supporting premium revenue and brand strength.

Financial highlights

• 4Q25 total revenue was $1.4 billion, up 0.2% year-over-year; FY25 revenue was $5.4 billion, down 4.6% year-over-year.

• 4Q25 Adjusted EBITDAR margin reached a record 35%; FY25 Adjusted EBITDAR margin was 31%, the highest in company history.

• 4Q25 operating income was $303 million (21% margin, +18% YoY); FY25 operating income was $928 million (17% margin, -13% YoY).

• FY25 net income was $352 million (6.6% margin); 4Q25 net income was $165 million (11.5% margin, up 119% YoY).

• Adjusted net debt to EBITDA/EBITDAR ratio improved to 1.8x; $156 million in debt reduction over the year.

Outlook and guidance

• FY26 capacity (ASMs) expected to grow 3–5%; revenue guidance $5.77–$5.88 billion, with Adjusted EBITDA/EBITDAR margin of 28.5%–30.5% and operating margin of 15%–17%.

• 1Q26 revenue guidance: $1.30–$1.33 billion, with Adjusted EBITDA/EBITDAR margin of 26%–28% and operating margin of 11%–13%.

• Premium revenue share and loyalty participation expected to continue growing, supported by product investments.

• FY26 net leverage expected at ~1.6x.

• Guidance based on FX rate of 18.3 pesos/USD and jet fuel at $69/barrel.