Free cash flow remains highly inconsistent, fluctuating from a peak of $449.2 million in 2023Q4 to $131.3 million in 2026Q1, while capital expenditures continue to pressure liquidity with a 5.4% CapEx/Revenue ratio.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | 937.5M | 925.47M | 1.37B | 1.36B | -209.28M | 3.77M | -439.19M | 612.27M | 128.87M | 298.23M | 494.62M | 295.38M | 206M | 300.54M | 176.89M | 263.26M | 114.66M | 35.46M | 57.69M |
| Operating CF Margin % | - | 17.26% | 24.35% | 27.59% | -5.49% | 3.46% | -1.66% | 17.14% | 3.53% | 9.19% | 17.15% | 9.99% | 6.39% | 9.63% | 5.87% | 9.12% | 5.16% | 2.15% | 2.63% |
| Operating CF Growth % | -62.8% | -32.38% | 0.91% | 748.12% | -5649.8% | 100.86% | -171.73% | 375.11% | -56.79% | -39.71% | 67.45% | 43.39% | -31.46% | 69.9% | -32.81% | 129.6% | 223.37% | -38.53% | - |
| Net Income | 341.82M | 352.99M | 614.89M | 275.63M | -64.5M | -45.06M | -39.37B | -123.06M | -97.67M | -3.65M | 59.47M | 73M | 58.86M | 84.62M | 100.71M | 142.5M | 184.82M | -169.47M | -160.92M |
| Depreciation & Amortization | 749.97M | 732.64M | 652.36M | 584.64M | 455.33M | 22.82M | 11.82B | 620.26M | 247.86M | 219.23M | 162.46M | 158.25M | 127.47M | 121.74M | 48.48M | 33.5M | 56.13M | 34.36M | 35M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 26.54M | 24.64M | 21.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -7.95M | 18.46M | 328.07M | 184.56M | -109.35M | 21.4M | 23.7B | 30.27M | -20.95M | -17.94M | 104.88M | -52.52M | 62.9M | 75.5M | 83.44M | 184.51M | -22.88M | 68.24M | 139.41M |
| Working Capital Changes | -173.34M | -203.27M | -248.38M | 311.57M | -490.76M | 4.61M | 3.41B | 84.8M | -377.19K | 100.6M | 167.82M | 116.64M | -43.22M | 18.68M | -55.75M | -97.25M | -103.41M | 102.32M | 44.19M |
| Change in Receivables | -47.97M | 41.76M | -44.15M | -108.23M | -168.07M | -1.11M | 2.08B | 52.74M | -43.57M | -17.63M | -91.28M | -7.32M | -55.11M | -33.66M | -18.35M | -55.66M | -41.15M | -13.53M | -14.32M |
| Change in Inventory | -33.58M | -33.16M | -33.28M | -10.01M | -19.6M | -492.84K | 8.27M | -7.63M | -11.68M | -19.01M | -14.46M | -8.86M | -14.56M | -14.7M | -8.32M | -13.41M | -6.1M | 4.99M | -10.31M |
| Change in Payables | -45.45M | -143M | 5.11M | 315.59M | 38.53M | -3.6M | -1.47B | 31.34M | 68.67M | 99.33M | 198.4M | -7M | 73.55M | 113.5M | -4.76M | 46.47M | -133.6M | 58.3M | 151.52M |
| Cash from Investing | -291.55M | -280.77M | -493.81M | -409.61M | -526.18M | -6.9M | -5.33B | -241.33M | -138.26M | -42.92M | -323.89M | -301.14M | -212.59M | -261.8M | -191.58M | -367.21M | 9.99M | -76.24M | -139.08M |
| Capital Expenditures | -376.47M | -376.97M | -450.05M | -369.52M | -214.41M | -9.51M | -3.47B | -264.7M | -233.54M | -253.85M | -299.89M | -229.47M | -197.45M | -201.96M | -215.57M | -125.98M | -25.96M | -22.63M | -49.73M |
| CapEx % of Revenue | 6.8% | 7.03% | 8.01% | 7.52% | 5.62% | 8.73% | 13.13% | 7.41% | 6.39% | 7.82% | 10.4% | 7.76% | 6.12% | 6.47% | 7.16% | 4.37% | 1.17% | 1.37% | 2.27% |
| Acquisitions | 33.66M | 33.66M | 2.78M | 160.33K | -260.84M | 2.55M | 3.03M | 23.37M | 44.01M | 5.59M | 7.42M | 1.3M | 436.45K | 728.74K | 369.51K | 4.68M | 42.39M | 2.15M | 6.53M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -21.62M | -10.35M | -55.66M | -40.26M | -50.93M | 90.25K | -1.87B | 0 | 51.26M | 205.33M | -31.42M | -72.96M | -15.57M | -51.24M | 23.62M | -245.92M | 1.92M | -50.97M | -95.88M |
| Cash from Financing | -499.5M | -497.82M | -916.26M | -917.46M | 598.02M | 31.81M | 5.06B | -374.41M | -76.78M | -237.14M | 90.67M | 157.66M | 76.97M | 62.78M | 21.95M | 200.47M | -69.68M | -1.73M | 191.77M |
| Debt Issued (Net) | -79.27M | -91.87M | 267.98M | -338.68M | 30.9M | 33.71M | 8.53B | -41.12M | -65.6M | -427.35M | 94.17M | 161.28M | 83.58M | 74.72M | -30.92M | -61.47M | -69.68M | -37.65M | -5.1M |
| Equity Issued (Net) | -39.17M | -39.17M | -815.17M | -273.38M | 680.27M | 0 | -4.09M | -6.58M | -11.18M | -23.46M | -3.5M | -3.62M | -2.94M | -4.3M | 52.87M | 261.94M | 0 | 36.9M | 196.34M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -205.29M | -205.29M | -815.17M | -277.47M | -42.57M | 0 | -16.5M | -8.27M | -12.69M | -36.09M | -4.74M | -4.24M | -3.68M | -4.36M | -16.49M | -2.84M | 0 | -10.68M | -601.54K |
| Other Financing | -381.05M | -366.78M | -369.07M | -305.4M | -113.15M | -1.89M | -3.47B | -326.7M | 0 | 213.68M | 0 | 0 | -3.66M | -7.64M | 0 | 0 | 0 | -971.95K | 522.49K |
| Net Change in Cash | 178.55M | 182.33M | -95.75M | 95.43M | -136.93M | 27.63M | -1.37B | 17.75M | -57.98M | 67.14M | 160.87M | 79.51M | -27.73M | 44.71M | 27.02M | 61.67M | 89.71M | -17.7M | 35.43M |
| Free Cash Flow | 599.88M | 589.89M | 947.61M | 1.02B | -409.94M | -5.52M | -3.85B | 353.64M | -101.02M | 48.79M | 215.13M | 72.93M | 24.25M | 120.95M | -31.64M | 137.28M | 88.7M | 12.82M | 7.96M |
| FCF Margin % | 10.84% | 11% | 16.86% | 20.76% | -10.75% | -5.07% | -14.56% | 9.9% | -2.77% | 1.5% | 7.46% | 2.47% | 0.75% | 3.87% | -1.05% | 4.76% | 3.99% | 0.78% | 0.36% |
| FCF Growth % | -32.21% | -37.75% | -7.13% | 348.92% | -7322.89% | 99.86% | -1187.36% | 450.07% | -307.04% | -77.32% | 194.99% | 200.7% | -79.95% | 482.27% | -123.05% | 54.77% | 591.75% | 61.17% | - |
| FCF per Share | 4.11 | 4.04 | 69.46 | 70.26 | -30.05 | -0.40 | -281.80 | 999999.00 | -999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | -999999.00 | 999999.00 | 923973.23 | - | - |
| FCF Conversion (FCF/Net Income) | 1.75x | 2.63x | 2.22x | 4.96x | 3.26x | -0.08x | 0.01x | -4.98x | -1.32x | -81.63x | 8.32x | 4.05x | 3.50x | 3.55x | 1.76x | 1.85x | 0.62x | -0.21x | -0.36x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
AICM capacity constraints
According to the provided cash flow data, the ratio of operating cash flow to net income has fluctuated wildly, reaching a high of 18.31 in 2026Q1, which suggests that reported earnings are frequently decoupled from the actual cash generated by core airline operations.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings are heavily influencing the bottom line. Investors should monitor whether this volatility reflects genuine operational friction or accounting adjustments related to the company's post-restructuring capital structure.
As reported in financial statements, free cash flow has shown extreme inconsistency, ranging from a peak of $449.2M in 2023Q4 to $111.7M in 2025Q1, indicating that the company's ability to generate surplus cash is highly sensitive to seasonal demand and operational cost spikes.
The erratic FCF trajectory suggests that the airline's business model remains vulnerable to external shocks, preventing the establishment of a predictable cash-generative baseline. This inconsistency complicates long-term debt service planning and limits the company's flexibility to navigate periods of industry-wide capacity constraints.
Based on the reported figures, capital expenditures have remained a consistent drain on liquidity, with CapEx/Revenue ratios peaking at 10.1% in 2025Q4, reflecting the ongoing necessity of maintaining a modern fleet to compete in the premium international travel segment.
The persistent capital intensity suggests that the company is locked into a cycle of high maintenance and fleet renewal costs to preserve its competitive moat. This ongoing investment requirement may continue to limit free cash flow generation, especially if revenue growth remains stagnant due to hub-related capacity caps.
Analysis of the cash flow statements reveals that working capital changes have been highly volatile, including a significant $201.7M inflow in 2023Q4 followed by a $215.4M outflow in 2024Q3, which suggests that timing differences in collections and payables are distorting quarterly cash flow visibility.
These large, erratic swings in working capital appear to be a primary driver of the company's inconsistent cash flow performance. Investors should investigate whether these movements are indicative of structural shifts in supplier payment terms or merely seasonal fluctuations in ticket sales and loyalty program liabilities.
As indicated by the cash flow data, the company utilized $409.3M for share repurchases in 2024Q4, a move that appears aggressive given the underlying volatility in operating cash flow and the ongoing constraints at the Mexico City hub.
The decision to prioritize share repurchases over debt reduction or cash preservation warrants further investigation, particularly given the company's history of financial distress. This capital allocation strategy may suggest a management focus on supporting equity valuation that potentially conflicts with the need for a more robust liquidity buffer.
Quick answers to the most common questions about buying AERO stock.
Grupo Aeroméxico, S.A.B. de C.V. (AERO) generated $925.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Grupo Aeroméxico, S.A.B. de C.V. (AERO) generated $589.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Grupo Aeroméxico, S.A.B. de C.V. (AERO) spent $377.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Grupo Aeroméxico, S.A.B. de C.V. (AERO) spent $205.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.