Global airport revenues are yet to fully recover despite passenger traffic surpassing pre-pandemic levels, according to the latest report by Airports Council International World.
The Airport Economics Report and Key Performance Indicators show that airports worldwide handled 9.4 billion passengers in 2024, exceeding 2019 figures by four percent. However, total revenues reached $194.9 billion, still about 2.1 percent below pre-pandemic levels in real terms, highlighting a slower financial recovery compared to traffic growth.
The report points to a lag in both aeronautical and non-aeronautical revenue streams. Aeronautical revenues, which account for more than half of total airport income, remain about three percent below 2019 levels but are expected to recover in 2025. Commercial revenues, including retail and concessions, continue to trail further behind, sitting nine percent below pre-pandemic benchmarks and projected to recover by mid-2026.
While financial performance is gradually improving, the sector continues to face underlying pressure. Global return on invested capital rose to 6.3 percent in 2024 but remains below the weighted average cost of capital, indicating that many airports are still not generating sufficient returns to cover investment costs.
According to Justin Erbacci, the mismatch between strong passenger demand and slower revenue recovery underscores the financial strain airports are operating under. He noted that as global air travel continues to expand, there is a growing need for supportive regulatory frameworks that enable airports to strengthen resilience and invest in infrastructure.
The report also highlights broader challenges affecting airport finances, including geopolitical tensions, fluctuating operating costs and ongoing disruptions to airspace and route networks. These factors continue to shape the pace of recovery and add uncertainty to long-term planning.
Looking ahead, airport revenues are expected to exceed pre-pandemic levels from 2026, driven by sustained passenger growth. However, the speed and scale of that recovery will depend on a mix of economic conditions, financing availability, inflation trends and regulatory support, all of which remain critical to the sector’s ability to meet future demand and maintain global connectivity.
