AERONYSEAir Transportation, ScheduledUS GAAP · USD

Grupo Aeromexico, S.A.B. de C.V.

Grupo Aeroméxico, S.A.B. de C.V. is a holding company whose subsidiaries provide scheduled commercial air transport and passenger loyalty services. Its airline business is centered in Mexico, with a hub at Mexico City International Airport and a network spanning Mexico, the Americas, Europe, and Asia.

Revenue5,360m USD
−4.6 %y/y
Operating profit (EBIT)928m USD
−6.2 %y/y
EBIT margin17.3%
−0.3 ppy/y
Net income352m USD
−43.0 %y/y
Free cash flow913m USD
+4.5 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

02,0004,0006,000m USD2022: 3,812 m USD2022: EBIT 346 m USD20222023: 4,916 m USD2023: EBIT 583 m USD20232024: 5,620 m USD2024: EBIT 990 m USD20242025: 5,360 m USD2025: EBIT 928 m USD2025TTM 2026: 5,517 m USDTTM 2026: EBIT 842 m USDTTM5,517842
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
Passenger air transportation80 %

Scheduled flight services for domestic and international travelers.

Ancillary travel services10 %

Baggage, seat selection, upgrades and other passenger add-ons.

Loyalty program services5 %

Passenger loyalty and frequent-flyer related services.

Alliance and partner services5 %

Connectivity and network benefits linked to airline partnerships.

Customers

Aeroméxico serves leisure and business travelers purchasing domestic and international flights across its network. It also serves repeat travelers through loyalty-program engagement and customers connecting through alliance and joint-venture relationships, particularly on Mexico-U.S. routes. Corporate and premium passengers are important because they value schedule frequency, network breadth, and service options.

Leisure passengers

Buy domestic and international leisure travel for vacations and personal trips.

Business travelers

Buy higher-frequency and premium itineraries for work-related travel.

Mexico-U.S. cross-border travelers

Buy transborder flights and connecting itineraries for trade, family and business travel.

Loyalty members

Engage with the loyalty program and generate repeat bookings and ancillary spend.

Alliance and partner passengers

Use SkyTeam and joint-venture connectivity for broader network access.

Strategy

Aeroméxico’s strategy is built around network connectivity, hub strength in Mexico City, and premium transborder service, especially on Mexico-U.S. routes. The company also relies on loyalty, alliance partnerships, and fleet composition to support demand, improve network utility, and deepen customer retention.

Protect and expand Mexico-U.S. connectivityMedium term

Transborder traffic is strategically important for volumes, pricing, and network relevance.

Maximize hub-and-spoke efficiency from Mexico CityMedium term

A strong hub improves connection options and aircraft utilization across the network.

Deepen loyalty and repeat-customer engagementShort term

Frequent flyers and loyalty members support repeat bookings and ancillary revenue.

Use alliances to extend reachMedium term

Partnerships increase itinerary choices and make the airline more attractive to connecting passengers.

Geography

Aeroméxico’s core operations are anchored in Mexico, especially Mexico City, where its main operations center is located. The company’s network extends across Mexico, the United States, Canada, Central America, South America, Asia and Europe, making international and transborder traffic a central part of the business.

Risks

Aeroméxico is exposed to fuel, labor, aircraft, currency and demand volatility inherent in scheduled aviation, along with operational disruptions at airports and on key routes. The business also depends on regulatory approvals and cross-border arrangements, which can materially affect network access and competitive positioning.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Fuel cost volatility1Airport and operational disruptions2Regulatory and antitrust risk on U.S.-Mexico partnership3Demand and traffic cyclicality4Foreign exchange exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Fuel cost volatilityImpact: HighLikelihood: High

    Jet fuel is a major input in airline operations and can move quickly with market conditions.

    Exposure: Entire route network

  2. Airport and operational disruptionsImpact: HighLikelihood: Medium

    Flight schedules depend on airport and local operating conditions, which can suspend or delay service on affected stations.

    Exposure: Mexico airport stations and hub operations

  3. Regulatory and antitrust risk on U.S.-Mexico partnershipImpact: HighLikelihood: Medium

    The Delta joint venture depends on government and court decisions that can change access to coordinated service benefits.

    Exposure: Mexico-U.S. network

  4. Demand and traffic cyclicalityImpact: MediumLikelihood: High

    Passenger volumes are tied to consumer spending, corporate travel and seasonality.

    Exposure: Domestic and international passenger demand

  5. Foreign exchange exposureImpact: MediumLikelihood: High

    The company presents in USD but earns and spends across multiple currencies, creating translation and transaction effects.

    Exposure: Mexico and international routes

Accounting

Judgemental items
Revenue recognition for air tickets

Passenger revenue is tied to travel timing, refunds and unused tickets, so recognition depends on when service is delivered.

Impact: impacts reported revenue timing and deferrals

Aircraft leases and lease accounting

The fleet includes leased aircraft and flight equipment, which creates lease liabilities and right-of-use assets.

Impact: affects leverage, assets and operating expense presentation

Depreciation and amortization

A large aircraft fleet makes depreciation a major estimate in earnings and asset carrying values.

Impact: affects operating profit and asset valuation

USD presentation currency

The company uses USD as functional and presentation currency, while operating in multiple currencies.

Impact: affects foreign exchange translation and comparability

Publicly listed companies with a comparable business focus.

Last updated: 28/09/2026