Grupo Aeromexico, S.A.B. de C.V. (AERO) Q3 2026 Earnings Report
MX:AERO Q3 2026 EPS Results
- Actual EPS
- MXN 0.52
- Consensus EPS
- MXN 0.55
- Beat/Miss
- Missed by -MXN 0.03
- One Year Ago EPS
- MXN 1.20
MX:AERO Q3 2026 Revenue Results
- Actual Revenue
- MXN 27.96B
- Expected Revenue
- MXN 28.37B
- Beat/Miss
- Missed by -MXN 416.61M
- YoY Revenue Growth
- +5.31%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/19/2026
- Time
- After Close
- Conference Call
- Monday, October 19, 2026
Grupo Aeromexico, S.A.B. de C.V.'s next earnings date is estimated for April 28, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Aeromexico reported record revenue, a 12% operating margin, healthy demand, strong cash generation, improving cost trends, declining debt, and constructive fourth-quarter and full-year guidance. The principal challenges were historically high fuel prices, inflationary and foreign-exchange-related cost pressure, and regulatory uncertainty around future U.S. expansion, but management emphasized that revenue initiatives, disciplined capacity management, liquidity, and operating leverage were helping offset these pressures.
For the fourth quarter, Aeromexico expects capacity to increase between 7% and 8% year-over-year, revenue growth of approximately 14% to 16%, CASM ex-fuel to remain flat versus last year over year, an adjusted EBITDA margin between 19.5% and 21.5%, and an operating margin between 7.5% and 9.5%, based on an all-in fuel price of approximately $4.05 per gallon and an exchange rate of approximately 18 pesos per dollar; full-year 2026 capacity growth is expected to be approximately 2% to 3%, year-over-year revenue growth approximately 13.5% to 14.5%, full-year adjusted EBITDA margin between 21.5% and 22.5%, and full-year operating margin between 8.5% and 9.5%. Andrés said that, adjusting for the peso, fourth-quarter revenue growth would be between 16% and 18% versus the Q4 of 2025 and could be close to 20% year-on-year, while the additional fuel impact versus the July guidance is $170 million, around 11 margin points.
- Record Quarterly RevenueThird-quarter total revenue reached a record $1.62 billion, up 13.6% year over year. Management attributed the performance to strong demand across the network and commercial initiatives.
- Strong Operating ProfitabilityOperating income was $190 million, resulting in a 12% operating margin. Adjusted EBITDA was $389 million, representing a 24% margin, despite higher-than-expected and volatile fuel prices.
- Healthy Demand and Load FactorsDemand remained healthy, supported by a peak season that extended through September. Load factors reached 90% in August and 87% in September, while forward bookings remained strong.
- International and Domestic Revenue GrowthInternational revenue increased 17.4% year over year, led by long-haul markets and the U.S. region. Domestic revenue grew 6.7% year over year as performance strengthened after the temporary World Cup impact.
- Premium and Loyalty Revenue ExpansionPremium revenue represented 42% of total revenue, up 1 percentage point year over year. Loyalty penetration reached 40%, up 8 points year over year and 19 points since the program's reacquisition and rebranding in 2023.
- Loyalty Program Revenue GrowthRedemption revenue grew 27% year over year, twice the rate of total revenue growth. The company also updated its loyalty-program breakage rate, recognizing $49 million of revenue for the period and adjusting its deferred liability.
- Improved Direct Online and Retailing PerformanceThe redesigned branded fare structure generated incremental revenue by aligning products with customer needs and willingness to pay. Direct online share remained at a record 48%, up 2 points year over year and 23 points versus 2019.
- Disciplined Capacity ManagementThird-quarter capacity increased approximately 1% year over year, generally in line with guidance. International ASMs grew while domestic ASMs declined 3%, reflecting management's stated effort to align supply with demand and prioritize profitability.
- Fuel Efficiency and Improving CASM Ex-Fuel TrendFuel consumption declined 2% and fuel burn per ASM declined 3%. CASM ex-fuel increased 7% year over year in the third quarter, an improvement from the approximately 15% increase recorded during the first half of the year; fourth-quarter CASM ex-fuel is expected to remain flat year over year, and management said the metric is expected to improve further.
- Strong Cash Flow and LiquidityNet cash from operating activities was approximately $542 million through September 30, 2026. Cash and cash equivalents ended the period at $965 million, up $31 million year over year, while total liquidity reached $1.2 billion after the revolving credit facility was renewed and upsized from $200 million to $250 million.
- Balance-Sheet Strengthening Without Additional DebtAeromexico repaid an additional $7 million of debt during the third quarter. Financial debt and leases continued on a downward trajectory, and the company said it is maintaining its investment program without raising additional debt.
- Positive Fourth-Quarter and Full-Year GuidanceFourth-quarter capacity is expected to increase 7% to 8%, revenue is expected to grow approximately 14% to 16%, adjusted EBITDA margin is expected to be between 19.5% and 21.5%, and operating margin is expected to be between 7.5% and 9.5%. Full-year 2026 guidance calls for capacity growth of approximately 2% to 3%, revenue growth of approximately 13.5% to 14.5%, adjusted EBITDA margin of 21.5% to 22.5%, and operating margin of 8.5% to 9.5%.
- Strong Commercial MomentumThe September fall sales campaign generated 45% more revenue than the previous year. Management reported strong demand across all geographies, with fourth-quarter load factors booked 2 to 3 points ahead despite the planned capacity increase.
- Long-Haul Network ExpansionFourth-quarter capacity growth will be driven primarily by widebodies, including expansion in Europe and Asia. Planned initiatives include making Monterrey-Paris year-round, annualizing Mexico City-Barcelona service, growing Europe capacity approximately 25% in the fourth quarter, and moving toward daily service to Incheon later in the winter period.
- Domestic Growth Enabled by Additional Mexico City SlotsThe company plans to grow domestic capacity between 3% and 4% in the fourth quarter, enabled by an increase in Mexico City slots from 44 to 46 per hour. Management said the company is covering its pro-rata share of the increase.
- Expanded Network Plans for 2027Aeromexico plans to relaunch or add routes in 2027, including Mexico City-Milan, Guadalajara-Paris, Nassau, and Montego Bay. Management described the approach as selective and focused on markets with attractive opportunities for profitable returns.
- Removal of U.S. Service RestrictionThe U.S. Department of Transportation revoked its prior order disapproving scheduled service to a Mexican carrier. Management said this removes an important restriction on adding frequencies and launching new scheduled services between Mexico City and the United States, although any new U.S. flying would not occur this year and could begin at the start of 2027.
- Industry-Leading Operational ReliabilityCirium recognized Aeromexico as the most on-time airline in the world during the third quarter. Combined with its first- and second-quarter performance, this positions the company to potentially receive the recognition for a third consecutive year, which management said no other airline has achieved.
- Sustained Demand Across Customer SegmentsManagement reported strong demand across leisure and corporate segments. A corporate survey found that the vast majority of companies viewed fourth-quarter demand as stable or slightly up, while high-end leisure and corporate demand were both described as strong after the World Cup period.
- Continued Investment in the BusinessAeromexico said it is not delaying its CapEx plan and will continue implementing planned investments while reducing financial debt. Management also plans to continue investing in customer experience and the network.
MX:AERO Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Apr 28, 2027 | 2027 (Q1) | ―- | 0.14 | ― | ― |
| Oct 19, 2026 | 2026 (Q3) | 0.550.52 | 1.2 | -57.11% (-0.69) | |
| Jul 13, 2026 | 2026 (Q2) | -0.48-0.70 | 0.91 | -176.40% (-1.61) | |
| Apr 21, 2026 | 2026 (Q1) | 0.130.14 | 0.31 | -55.23% (-0.17) | |
| Feb 16, 2026 | 2025 (Q4) | 0.831.17 | 11.05 | -89.42% (-9.88) | |
| Nov 12, 2025 | 2025 (Q3) | ―1.20 | 27.11 | -95.56% (-25.91) | |
| Jul 28, 2025 | 2025 (Q2) | ―0.91 | 30.64 | -97.03% (-29.73) | |
| Apr 30, 2025 | 2025 (Q1) | ―0.31 | 12.98 | -97.64% (-12.68) | |
| Feb 26, 2025 | 2024 (Q4) | ―11.05 | 11.39 | -3.00% (-0.34) | |
| Oct 19, 2022 | 2022 (Q3) | ―1.54 | -16449550 | 100.00% (+16449551.54) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.