CORPORACION AMERICA AIRPORTS S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CORPORACION AMERICA AIRPORTS S.A. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,366	1,575	1,426	1,559	607	707	1,379	1,400	1,843	1,962
Cost of revenue	859	1,030	971	1,138	654	622	963	915	1,237	1,272
Gross profit	507	545	455	420	-46.2	84.5	416	485	606	690
Selling, general and administrative	171	194	172	168	102	102	141	139	198	220
Operating income	332	369	299	224	-164	6.46	305	541	447	488
Interest expense	273	302	331	234	215	131	196	407	-110	244
Interest income	37.5	62.6	76.3	51.9	35.7	28.1	63.9	102	71.4	68.3
Pre-tax income	95.1	114	3.5	15.2	-372	-90.7	191	202	607	333
Income tax	56.4	46.9	14.1	17.1	-14.3	69.1	24.9	-24.2	299	75
Income from continuing operations	38.7	-66.9	10.6	-1.88	-357	-160	166	226	308	258
Net income to minority interests	-4.52	3.4	-17.7	-14.9	-109	-63.2	-2.53	-13	25.2	10
Net income	33.8	63.5	7.13	9.1	-253	-118	168	240	283	248
EBITDA	339	377	308	234	-154	14.8	458	671	630
EPS, basic	0.23	0.43	0.04	0.06	-1.58	-0.73	1.05	1.49	1.76	1.53
EPS, diluted	0.23	0.43	0.04	0.06	-1.58	-0.73	1.05	1.49	1.75	1.52

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	182	222	245	376	281	376	385	370	440	593
Inventory						11.5	15.8	16.1	11.4	14.7
Total current assets	507	579	533	508	520	626	647	750	766	985
Property, plant and equipment	66	74.5	74.3	79.6	80.8	75.5	74.7	74.9	77.8	86.1
Lease right-of-use assets				8.38	13.4	12.9	9.19	10.5	9.92	8.93
Goodwill		51		50.2
Intangible assets				71.9	29.7
Total assets	3,627	3,801	3,845	3,882	3,406	3,621	3,836	3,542	4,181	4,449
Accounts payable	114	128	115	149	151	116	124	113	121	131
Short-term debt	142	373	98.9	175	216	421	178	200	115	139
Total current liabilities	663	732	451	562	553	842	676	686	604	729
Lease liabilities				5.78	10.2	8.48	5.53	10.3	7.01	5.41
Total liabilities	2,824	3,004	2,623	2,684	2,600	2,847	2,973	2,738	2,663	2,788
Total debt	1,107	1,486	1,127	1,208	1,345	1,440	1,465	1,333	1,158	1,095
Paid-in capital	0	0	180	180	183	183	183	183	183	221
Retained earnings	27.7	138	394	403	150	32.7	201	439	719	965
Shareholders' equity	449	462	768	764	489	470	716	725	1,369	1,587
Minority interests	354	335	454	435	316	304	146	78.9	149	74.2
Total equity	803	797	1,223	1,199	805	774	862	804	1,518	1,661
Total liabilities and equity	3,627	3,801	3,845	3,882	3,406	3,621	3,836	3,542	4,181	4,449

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	29.2	66.9	-10.6	-5.82	-362	-181	166	226	308	258
Depreciation and amortization	7.15	7.64	9.23	9.94	9.48	8.38	153	130	182
Cash from operations		-49.4	192	-19.7	0.84	108	303	356	405	465
Capital expenditures	-10.4	-11.5	-11.1	-17.1	-8.95	-7.67	-9.09	-9.66	-12.2	-16.7
Cash from investing		-45.2	-59.2	-8.87	1.72	9.63	9.39	-66.4	-32.5	-71.9
Debt issued	52.1	594	195	197	224	367	372	87.8	190	18.1
Debt repaid	-143	-250	-517	-90.5	-71.5	-267	-329	-200	-314	-115
Stock issued			196
Share buybacks							-172
Cash from financing		129	-65.7	24.6	90.5	-3.67	-234	-202	-271	-235
Exchange rate effect	-4.76	5.11	-43.5	-41.9	-7.67	-16.7	-53.5	-104	-31.6	-5.73
Net change in cash		34.4	66.8	-4.01	93.1	114	77.7	88.4	102	159
Free cash flow		-60.9	181	-36.8	-8.11	100	294	347	393	449

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $23.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.2%	Gross profit / revenue.
Operating margin	24.9%	Operating income / revenue.
Pre-tax margin	17.0%	Pre-tax income / revenue.
Net margin	12.6%	Net income / revenue.
FCF margin	22.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.7%	Cash from operations / revenue.
Effective tax rate	22.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.7%	Net income / average total assets.
Return on invested capital (ROIC)	18.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.2%	Selling, general and administrative expense / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	9.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	17.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-12.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-13.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	253.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	15.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	15.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	30.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	26.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.35x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.81x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.69x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.6%	Total debt / total assets.
Liabilities / assets	62.7%	Total liabilities / total assets.
Net debt	$502.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.00x	Operating income / interest expense.
Working capital	$256.5M	Current assets - current liabilities.
Tangible book value	$1.59B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	23.9x	Revenue / average property, plant and equipment.
Inventory turnover	97.3x	Cost of revenue / average inventory.
Days inventory	4 days	365 x average inventory / cost of revenue.
Days payables	36 days	365 x average accounts payable / cost of revenue.
FCF conversion	181.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.53	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$3.95B	Share price x shares outstanding.
Enterprise value	$4.45B	Market cap + total debt - cash - short-term investments.
P/E	15.9x	Market cap / net income. Only when net income is positive.
P/S	2.01x	Market cap / revenue.
P/B	2.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.49x	Market cap / tangible book value, when positive.
P/FCF	8.80x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.48x	Market cap / cash from operations, when positive.
EV/Sales	2.27x	Enterprise value / revenue.
EV/EBIT	9.11x	Enterprise value / operating income, when both are positive.
EV/FCF	9.92x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.4%	Free cash flow / market cap.
Earnings yield	6.3%	Net income / market cap (the inverse of P/E).
PEG	1.21x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CORPORACION AMERICA AIRPORTS S.A.'s revenue in fiscal 2025?

CORPORACION AMERICA AIRPORTS S.A. reported revenue of $1.96B for fiscal 2025, 6.4% higher than the year before.

Was CORPORACION AMERICA AIRPORTS S.A. profitable in fiscal 2025?

Yes. Net income was $247.7M, a net margin of 12.6%.

How much free cash flow did CORPORACION AMERICA AIRPORTS S.A. generate in fiscal 2025?

Cash from operations of $465.2M minus capital expenditures of $16.7M left free cash flow of $448.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to CORPORACION AMERICA AIRPORTS S.A.