Airports Council International (ACI) World has released its latest Airport Economics Report and Key Performance Indicators (KPIs).
The report suggests that whilst global passenger traffic surpassed pre-pandemic levels in 2024, airport revenue has yet to recover, sitting 2.1% below previous records with a total of 194.9 billion USD.
In 2024, international airports served 9.4 billion passengers, exceeding levels from 2019 by 4%. However, airport revenues are yet to fully return to pre-pandemic benchmarks as recovery continues on a delayed timeline.
This gap, according to ACI, underscores both the need for financially resilient airports and supportive regulatory frameworks that allow for continued investments in order to sustain connectivity and improved operations, as well as for funding for necessary airport development in order to enable future passenger and economic growth.
Released amid heightened volatility; the report also states that aeronautical revenues, which represent 54% of total revenues, remained 3% below 2019 levels. They are expected to recover in 2025, whilst non-aeronautical (commercial) revenues, which account for 37% of total revenues, remained 9% below 2019 levels – and are projected to recover by mid-2026.
Elsewhere, 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), implying potential continued financial pressures.
From 2026 onward, airport revenues are expected to not only return to but exceed pre-pandemic levels, with growth set to be in line with passenger demand. However, pace of recovery will, ultimately, depend on financing conditions, inflationary pressures, regulatory frameworks, and broader geopolitical and economic uncertainty.
ACI World Director General Justin Erbacci, said:Passenger demand has fully rebounded, but airport revenues are still catching up, underscoring the financial pressures airports continue to face.
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.
