Massive earnings surprise. Corporacion America Airports SA (NYSE: CAAP) reported Q4 2025 GAAP EPS of $0.65, versus the consensus estimate of $0.32. The airport operator delivered net income of $107 million for the quarter. Year-over-year, EPS surged 209.5% from $0.21 in Q4 2024.
Revenue tops estimates. Revenue reached $545.4 million, exceeding the analyst consensus of $457.8 million. The top line climbed 18.3% from $461.1 million in the year-ago quarter. Revenue per passenger increased nearly 8% to $20.8 from $19.4 in Q4 2024, driven by double-digit growth in both aeronautical and commercial revenues across the portfolio. Passenger traffic rose 9% year-over-year to 22.3 million.
Record traffic across key markets. CEO Martin Eurnekian stated, “We finished 2025 with a very solid performance. Across the business, we saw continued revenue momentum, strong profitability and important progress on the strategic front”. CFO Jorge Arruda highlighted the operating leverage: “Total cost and expenses, excluding IFRIC 12 increased nearly 11% broadly in line with higher operating activity and well below revenue growth of 17%, resulting in positive operating leverage during the quarter”. Argentina, Armenia, Italy and Uruguay all set annual traffic records, with Argentina’s international traffic up 15% supported by route reactivations from Emirates, Delta, China Eastern and ITA Airways.
Strong momentum continues. The company reported adjusted EBITDA ex IFRIC 12 up nearly 40% to $211 million, with margin expansion driven by Argentina’s 42% EBITDA growth and 7.5 percentage point margin improvement. Net leverage improved to 0.7 times at year-end from higher levels. Management secured a 35-year concession extension in Armenia through 2067 and received concession awards for Baghdad and Luanda airports, though definitive agreements remain pending.
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