Airports Council International (ACI) World’s 2024 Airport Economics Report and Key Performance Indicators (KPIs) report shows an industry-wide gap between airport traffic growth and revenue. While global airports served 9.4 billion passengers in 2024 — a 4% increase over pre-pandemic levels — global airport revenues only reached $194.9 billion, 2.1% below pre-pandemic earnings. While aeronautical revenues, which remained 3% below 2019 levels, are expected to recover in 2025, non-aeronautical revenues remained 9% below pre-pandemic metrics in 2024 and are not projected to recover until mid-2026. Global return on invested capital (ROIC) rose to 6.3% in 2024 but remained below the weighted average cost of capital (WACC) amid continued geopolitical and economic uncertainty.
“Passenger demand has fully rebounded, but airport revenues are still catching up, underscoring the financial pressures airports continue to face,” said ACI World director general Justin Erbacci. “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.”
