Airports around the world are facing significant financial challenges despite a near-complete rebound in passenger traffic, according to the latest Airport Economics Report released by Airports Council International (ACI) World. While passenger traffic in 2023 was just 5.4% below 2019 levels, total airport revenues still trailed more substantially, falling short by 11.4% compared to the pre-pandemic year.
The comprehensive report, based on fiscal data from more than 1,060 airports worldwide—which together accounted for 82% of global pre-pandemic passenger traffic—offers a detailed look into the economic and financial performance of the airport sector during 2023. It reveals a mixed recovery picture: although air travel demand has largely returned, the revenue streams that airports depend on have not kept pace.
Global airport revenues reached US$146 billion in 2023, reflecting a 21.4% increase from 2022. Despite this positive momentum, the figure remains significantly below the US$158.6 billion recorded in 2019. Aeronautical revenues—generated from airline charges like landing and passenger fees—made up the largest share of income, totaling US$79 billion in 2023. This marks a 14% decline from 2019 and maintained a relatively stable share of overall airport revenues at 53.6%, compared to 54.0% in the pre-pandemic year.
Non-aeronautical or commercial revenues, including retail, dining, parking, and duty-free sales, remain a vital pillar for airport financial sustainability. These revenues amounted to US$54 billion in 2023, which is 17% below their 2019 levels. Their contribution to overall revenues also declined slightly, dropping from 40.2% in 2019 to 36.7% in 2023.
Capital expenditures climbed to US$40 billion in 2023, a 4% increase from the previous year and slightly above the pre-pandemic figure by 1%. This growth was primarily driven by an 18% surge in interest expenses, reflecting the continued strain airports face in servicing debt. Although the debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio improved to 5.74:1 in 2023, it remains higher than levels seen before the pandemic, signaling that many airports are still dealing with significant financial stress.
These financial pressures raise concerns about airports’ capacity to fund the infrastructure development required to meet future growth in air travel demand. ACI World projects global passenger traffic will grow significantly in the coming decades, reaching 17.7 billion by 2043 and 22.3 billion by 2053—nearly 2.4 times the projected 2024 volume. To support this expansion, airports worldwide will require an estimated US$2.4 trillion in capital investment by 2040.
Meeting this infrastructure demand is vital not just for the aviation industry but also for broader economic and social development, including job creation, regional growth, and global connectivity. However, the ongoing financial challenges highlighted in the report underscore the urgent need for supportive regulatory frameworks that enable flexible and sustained investment in airport infrastructure, ensuring the long-term resilience and sustainability of the aviation ecosystem.
