LATAM Airlines Group (LTM) financial statements
LATAM Airlines Group reported revenue of $14.3B in fiscal 2025, up 5.3% a year over 9 years.
Net income was $1.5B and the operating margin 16.4%, against 5.5% in 2016.
Free cash flow was $2.0B, and the company returned $605M in dividends and $585M in net buybacks.
The diluted share count rose 97079% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from LATAM Airlines Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.0B | $9.6B | $9.9B | $10.1B | $3.9B | $4.9B | $9.4B | $11.6B | $12.8B | $14.3B |
| Cost of revenue | $7.0B | $7.3B | $7.8B | $8.0B | $4.5B | $5.0B | $8.1B | $8.8B | $9.6B | $10.1B |
| Gross profit | $2.0B | $2.3B | $2.1B | $2.1B | -$590M | -$79M | $1.3B | $2.8B | $3.3B | $4.2B |
| Selling, general and admin | $1.6B | $1.6B | $1.4B | $1.3B | $794M | $731M | $1.0B | $1.3B | $1.4B | $1.4B |
| Operating income | $493M | $862M | $940M | $753M | -$4.5B | -$3.4B | $1.2B | $1.1B | $1.5B | $2.3B |
| Interest expense | $416M | $579M | $539M | $590M | $587M | $806M | $942M | $698M | $882M | $721M |
| Pre-tax income | $274M | $313M | $416M | $142M | -$5.1B | -$4.1B | $1.3B | $596M | $994M | $1.6B |
| Income tax | $163M | $159M | $74M | -$54M | -$550M | $569M | $9M | $15M | $16M | $155M |
| Net income | $69M | $109M | $310M | $190M | -$4.5B | -$4.6B | $1.3B | $582M | $977M | $1.5B |
| EPS (diluted) | $0.13 | $0.18 | $0.51 | $0.31 | -$7.50 | -$7.66 | $0.01 | $0.00 | $0.00 | $0.00 |
| Diluted shares | — | — | — | — | — | 606M | 96.61B | 604.44B | 604.44B | 589.30B |
| Gross margin | 22.5% | 24.3% | 21.4% | 21.0% | -15.0% | -1.6% | 13.4% | 24.3% | 25.5% | 29.2% |
| Operating margin | 5.5% | 9.0% | 9.5% | 7.5% | -115.5% | -70.1% | 12.9% | 9.3% | 12.0% | 16.4% |
| Net margin | 0.8% | 1.1% | 3.1% | 1.9% | -115.9% | -95.2% | 14.3% | 5.0% | 7.6% | 10.2% |
Balance sheet
Fiscal years, from LATAM Airlines Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $949M | $1.1B | $1.1B | $1.1B | $1.7B | $1.0B | $1.2B | $1.7B | $2.0B | $2.2B |
| Receivables | $1.1B | $1.2B | $1.2B | $1.2B | $599M | $882M | $1.0B | $1.4B | $1.2B | $1.4B |
| Inventory | $241M | $237M | $279M | $354M | $324M | $287M | $478M | $593M | $439M | $459M |
| Total current assets | $3.6B | $3.8B | $3.3B | $4.0B | $3.1B | $2.6B | $3.5B | $4.2B | $3.9B | $4.4B |
| Property, plant and equipment | $10.5B | $12.9B | $12.5B | $12.9B | $10.7B | $9.5B | $8.4B | $9.1B | $10.2B | $11.9B |
| Goodwill | $2.7B | $2.7B | $2.3B | $2.2B | — | — | — | — | — | — |
| Total assets | $19.2B | $21.7B | $20.1B | $21.1B | $15.7B | $13.3B | $13.2B | $14.7B | $15.3B | $17.6B |
| Total current liabilities | $6.2B | $6.2B | $5.9B | $7.0B | $7.5B | $12.3B | $5.1B | $5.7B | $6.3B | $7.3B |
| Long-term debt | $6.8B | $6.6B | $5.9B | $5.8B | $5.5B | $3.6B | — | — | — | — |
| Total liabilities | $15.0B | $17.7B | $16.6B | $18.0B | $18.1B | $20.4B | $13.2B | $14.2B | $14.5B | $16.3B |
| Shareholders' equity | $4.1B | $3.9B | $3.4B | $3.1B | -$2.4B | -$7.1B | $42M | $450M | $723M | $1.3B |
| Net debt | $7.7B | $6.7B | $6.2B | $11.9B | $11.5B | $10.0B | $3.3B | -$1.7B | -$2.0B | -$2.2B |
Cash flow
Fiscal years, from LATAM Airlines Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $981M | $2.2B | $2.1B | $2.8B | -$495M | -$174M | $97M | $2.3B | $3.1B | $3.7B |
| Capital spending | $783M | $491M | $757M | $1.3B | $324M | $597M | $781M | $796M | $1.3B | $1.8B |
| Free cash flow | $198M | $1.7B | $1.3B | $1.6B | -$819M | -$771M | -$684M | $1.5B | $1.8B | $2.0B |
| Dividends paid | $41M | $67M | $73M | $55M | $571,000 | — | $0 | $0 | $175M | $605M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$585M |
| Net borrowing | — | -$763M | $3.2B | $4.2B | -$543M | -$436M | -$8.1B | -$567M | -$2.3B | -$1.5B |
| Free cash flow margin | 2.2% | 17.6% | 13.3% | 15.4% | -20.9% | -15.8% | -7.3% | 12.6% | 13.9% | 13.7% |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
Questions
What was LATAM Airlines Group's revenue in 2025?
$14.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does LATAM Airlines Group generate?
$2.0B in fiscal 2025 (operating cash flow minus capital spending).
From LATAM Airlines Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.