In 2024, airports worldwide handled 9.4 billion passengers, representing a 4% increase compared to 2019. Despite this recovery in demand, total global airport revenues reached US$194.9 billion, remaining 2.1% below pre-pandemic levels in real terms.
The report highlights ongoing financial pressures across the airport sector, as revenue recovery lags behind traffic growth. This gap reflects broader challenges, including inflationary pressures, evolving travel patterns and operational constraints.
Aeronautical revenues accounted for 54% of total airport income in 2024 and remained 3% below 2019 levels. These revenues are expected to recover in 2025. Non-aeronautical revenues, representing 37% of total income, were 9% below pre-pandemic levels and are projected to recover by mid-2026.
Global return on invested capital (ROIC) reached 6.3% in 2024. However, it remains below the sector’s weighted average cost of capital (WACC), indicating that airports continue to face financial challenges in achieving sustainable profitability.
The report was released amid continued volatility affecting the aviation sector, including disruptions to airspace availability, changes in route networks and rising operating costs. These factors continue to influence airport financial performance globally.
Looking ahead, airport revenues are expected to exceed pre-pandemic levels from 2026 onwards, aligning with continued growth in passenger demand. However, the pace of recovery will depend on financing conditions, regulatory environments, inflation and broader geopolitical and economic developments.
Justin Erbacci, Director General of ACI World, stated: “Passenger demand has fully rebounded, but airport revenues are still catching up, underscoring the financial pressures airports continue to face. As global air travel demand is set to grow strongly in the coming decades, policymakers must support regulatory frameworks that allow airports to strengthen their financial resilience and invest in the infrastructure needed to sustain connectivity and economic growth.
Tags: airports Justin Erbacci, ACI World
