Airport revenue recovery continues to lag behind traffic recovery despite passenger growth

Airports Council International (ACI) World has released the latest Airport Economics Report and Key Performance Indicators (KPIs), indicating that although global passenger traffic surpassed pre-pandemic levels in 2024, airport revenue has yet to fully recover.

In 2024, airports worldwide served 9.4 billion passengers, exceeding 2019 levels by 4%. However, airport revenues have not yet fully returned to pre-pandemic benchmarks, as recovery continues on a delayed timeline. This gap underscores the need for financially resilient airports and supportive regulatory frameworks that enable the investments required to sustain connectivity and improved operations, and to fund airport development needed to enable future passenger and economic growth.

“Passenger demand has fully rebounded, but airport revenues are still catching up, underscoring the financial pressures airports continue to face,” said ACI World Director General Justin Erbacci. 

The report is released amid heightened volatility, which continues to influence airspace availability, route networks, and operating costs across global aviation, adding further pressure on the financial health of airports worldwide.

Global airport financial performance (2024) and outlook:

• Global passenger traffic reached 9.4 billion in 2024, surpassing 2019 levels by 4%.
• Total global airport revenues reached US$194.9 billion in 2024, remaining 2.1% below pre-pandemic levels in real terms.
• Aeronautical revenues, which represent 54% of total revenues, remained 3% below 2019 levels. They are expected to recover in 2025.
• Non-aeronautical (commercial) revenues, which account for 37% of total revenues, remained 9% below 2019 levels. They are projected to recover by mid-2026.
• Global return on invested capital (ROIC) rose to 6.3% in 2024, though it remains below the sector’s weighted average cost of capital (WACC), pointing to continued financial pressures.
• From 2026 onward, airport revenues are expected to exceed pre-pandemic levels and grow in line with passenger demand. However, the pace of recovery will depend on financing conditions, inflationary pressures, regulatory frameworks, and broader geopolitical and economic uncertainty.

“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,” said Justin Erbacci.