Aeroméxico Delivers Record 34.9% Q4 EBITDAR Margin on $1.4B Revenue
Aeroméxico generated $1.4 billion in 4Q25 revenue, up 0.2% year-over-year (3.4% ex-nonrecurring items), while record adjusted EBITDAR reached $501.6 million with a 34.9% margin and operating income hit $303.1 million (21.1%). For FY25, revenue totaled $5.4 billion with adjusted EBITDAR at $1.7 billion (31.2% margin) and net debt/EBITDAR at 1.8x.
1. Q4 2025 Results
Aeroméxico posted total revenue of $1.4 billion in 4Q25, up 0.2% year-over-year (3.4% excluding non-recurring items), driven by premium revenue at 42%. Adjusted EBITDAR reached $501.6 million (34.9% margin), operating income hit $303.1 million (21.1%), and cost per ASM ex-fuel rose to 10.4¢.
2. Full-Year 2025 Performance
For full-year 2025, revenue reached $5.4 billion, a 4.6% decline (1.9% ex-non-recurring items), while adjusted EBITDAR set a record at $1.7 billion (31.2% margin). Operating income totaled $928.1 million (17.3% margin) and cost per ASM ex-fuel increased to 9.3¢.
3. Debt Position and 2026 Outlook
Total adjusted net debt to EBITDAR ended 2025 at 1.8x, reflecting a strengthened balance sheet. The company provided guidance for 1Q26 and full-year 2026, outlining capacity and financial targets to sustain profitable growth.