LATAM AIRLINES GROUP S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LATAM AIRLINES GROUP 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	8,988	9,614	9,895	10,070	3,924	4,884	9,363	11,641	12,833	14,265
Cost of revenue	6,967	7,279	7,773	7,951	4,513	4,963	8,103	8,817	9,566	10,105
Gross profit	2,021	2,335	2,122	2,119	-590	-79.5	1,259	2,824	3,267	4,160
General and administrative	873	953	736	735	500	439	576	683	824	870
Operating income	493	862	940	753	-4,530	-3,426	1,212	1,078	1,541	2,336
Interest expense	416	579	539	590	587	806	942	698	882	721
Interest income	74.9	78.7	53.3	26.3	50.4	21.1	1,052	125	142	146
Pre-tax income	274	313	416	142	-5,106	-4,084	1,346	596	994	1,619
Income tax	163	159	73.9	-53.7	-550	569	8.91	14.9	16.5	155
Income from continuing operations			342	196	-4,556	-4,653	1,337
Net income to minority interests	41.5	45.5	32	5.18	-9.65	-5.65	-2.07	-0.28	0.47	3.58
Net income	69.2	109	310	190	-4,546	-4,647	1,339	582	977	1,460
EBITDA	1,454	2,239	2,313	2,223	-3,141	-2,260	2,391	2,284	2,989	4,072
EPS, basic	0.09	0.18	0.51	0.31	-7.50	-7.66	0.01	0.00	0.00	0.00
EPS, diluted	0.09	0.18	0.51	0.31	-7.50	-7.66	0.01	0.00	0.00	0.00

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	949	1,142	1,082	685	1,539	1,047	1,217	1,715	1,958	2,150
Receivables	1,108	1,203	1,163	1,244	599	882	1,008	1,386	1,164	1,382
Inventory	241	237	279	354	324	287	478	593	439	459
Total current assets	3,627	3,758	3,276	4,018	3,144	2,614	3,536	4,203	3,900	4,383
Property, plant and equipment	10,498	12,931	12,502	12,920	10,730	9,490	8,412	9,091	10,187	11,947
Lease right-of-use assets							640
Goodwill	2,710	2,673	2,294	2,210
Intangible assets	1,610	1,617	1,441	1,448	1,047	1,019	1,080	1,152	1,000	1,130
Total assets	19,198	21,674	2,695	2,888	15,650	13,292	13,211	14,667	15,253	17,641
Accounts payable	359	1,669	1,674	2,223	2,322	4,839	1,628	1,765	2,134	2,685
Short-term debt	1,815	1,289	1,397	1,421	2,244	3,869	629
Total current liabilities	6,222	6,213	5,932	6,961	7,492	12,315	5,089	5,688	6,291	7,294
Lease liabilities			59
Total liabilities	15,013	17,717	16,638	17,959	18,092	20,358	13,180	14,229	14,542	16,304
Total debt	8,605	11,039	10,120	10,366	10,854	10,396	6,782	6,936	7,150	8,089
Retained earnings	366	-41	219	352	-4,194	-8,841	-7,502	464	1,148	2,170
Shareholders' equity	4,097	3,866	3,361	3,131	-2,436	-7,057	42.3	450	723	1,346
Minority interests	88.6	90.5	79.9	-1.61	-6.67	-10.4	-11.6	-12	-11.9	-8.39
Total equity	4,185	3,966	3,441	3,129	-2,442	-7,067	30.7	438	711	1,337
Total liabilities and equity	19,198	21,674	20,079	21,088	15,650	13,292	13,211	14,667	15,253	17,641

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	111	154	342	196	-4,556	-4,653	1,337	582	977	1,464
Depreciation and amortization	960	1,377	1,373	1,470	1,389	1,165	1,180	1,205	1,448	1,736
Cash from operations	981	2,187	2,073	2,827	-495	-174	96.8	2,264	3,106	3,737
Capital expenditures	-694	-404	-661	-1,277	-324	-597	-781	-796	-1,325	-1,776
Cash from investing	-432	-287	-358	-1,419	33.6	-553	-749	-660	-1,170	-1,580
Debt issued		1,451	1,128	1,903	373	130	771	0	0
Debt repaid		-2,213	2,112	2,343	-916	-566	-8,891	-567	-2,349	-1,486
Stock issued	608					0	549	0	0
Share buybacks								0	0	-585
Dividends paid	-41.2	-66.6	-72.6	-55.1	-0.57		0	0	-175	-605
Cash from financing	-396	-1,699	-1,609	-1,344	1,121	110	855	-1,150	-1,565	-2,020
Exchange rate effect	43	-7.55	-167	-73	-36.5	-31.9	-33	44.2	-129	54.6
Net change in cash	196	193	-60.4				0	0	0	0
Free cash flow	287	1,783	1,413	1,550	-819	-771	-684	1,468	1,781	1,961
Income taxes paid	59.6	-92	-29.2	45.3	65.7	9.44	14.3	18.4	43.4	145

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $52.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.2%	Gross profit / revenue.
Operating margin	16.4%	Operating income / revenue.
EBITDA margin	28.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.3%	Pre-tax income / revenue.
Net margin	10.2%	Net income / revenue.
FCF margin	13.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.2%	Cash from operations / revenue.
Effective tax rate	9.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	141.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.9%	Net income / average total assets.
Return on invested capital (ROIC)	32.0%	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%.
Capex / revenue	12.4%	Capital expenditures / revenue.
D&A / revenue	12.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	27.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	48.9%	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	51.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	24.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	36.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	49.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	53.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-43.3%	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	20.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	238.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	86.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	216.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	15.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.1%	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	2.4%	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	0.60x	Current assets / current liabilities.
Quick ratio	0.48x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	6.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.9%	Total debt / total assets.
Liabilities / assets	92.4%	Total liabilities / total assets.
Net debt	$5.94B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.46x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.24x	Operating income / interest expense.
Working capital	-$2.91B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$215.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	1.29x	Revenue / average property, plant and equipment.
Inventory turnover	22.5x	Cost of revenue / average inventory.
Days inventory	16 days	365 x average inventory / cost of revenue.
Receivables turnover	11.2x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	87 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-38 days	Days inventory + days sales outstanding - days payables.
FCF conversion	134.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	47.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.00	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	$0.00	Net income per basic share, as reported (split-adjusted).
Payout ratio	41.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	29.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.06B	Share price x shares outstanding.
Enterprise value	$21.00B	Market cap + total debt - cash - short-term investments.
P/E	10.3x	Market cap / net income. Only when net income is positive.
P/S	1.06x	Market cap / revenue.
P/B	11.2x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	69.8x	Market cap / tangible book value, when positive.
P/FCF	7.68x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.03x	Market cap / cash from operations, when positive.
EV/Sales	1.47x	Enterprise value / revenue.
EV/EBIT	8.99x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.16x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.0%	Free cash flow / market cap.
Earnings yield	9.7%	Net income / market cap (the inverse of P/E).
Dividend yield	4.0%	Dividends paid over the period / market cap.
Shareholder yield	7.9%	(Dividends paid + share buybacks) / market cap.

What was LATAM AIRLINES GROUP S.A.'s revenue in fiscal 2025?

LATAM AIRLINES GROUP S.A. reported revenue of $14.27B for fiscal 2025, 11.2% higher than the year before.

Was LATAM AIRLINES GROUP S.A. profitable in fiscal 2025?

Yes. Net income was $1.46B, a net margin of 10.2%.

How much free cash flow did LATAM AIRLINES GROUP S.A. generate in fiscal 2025?

Cash from operations of $3.74B minus capital expenditures of $1.78B left free cash flow of $1.96B.

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.

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