ACI World Report Shows 11.4% Revenue Shortfall Despite Passenger Traffic Nearly Returning to Pre-Pandemic Levels
(IN SHORT) ACI World’s latest report highlights a continued disparity between the recovery of passenger traffic and total airport revenues. While passenger traffic nearly reached pre-pandemic levels in 2023, airport revenues still lagged by 11.4%. The report shows that while total airport revenues increased by 21.4% to US$146 billion in 2023, they remain below 2019 levels. The industry faces significant financial challenges, with increased capital costs and debt levels. To accommodate future air travel growth, ACI World estimates that US$2.4 trillion will be needed for airport infrastructure investments by 2040.
(PRESS RELEASE) MONTREAL, 2025-Apr-28 — /Travel PR News/ — Airports Council International (ACI) World has released its latest economic and financial performance data, revealing a significant gap between the recovery of passenger traffic and overall airport revenues. In 2023, while passenger traffic nearly returned to pre-pandemic levels—just 5.4% below 2019—airport revenues lagged behind, falling short by 11.4%, according to the ACI World Airport Economics Report.
The report, which draws data from over 1,060 airports worldwide, provides a comprehensive view of the sector’s recovery. These airports represent 82% of global pre-pandemic passenger traffic, offering valuable insights into the ongoing recovery of the aviation industry.
Total Revenues: Global airport revenues in 2023 reached US$146 billion, a 21.4% increase compared to 2022. However, this remains 11.4% lower than the US$158.6 billion reported in 2019.
Aeronautical and Non-Aeronautical Revenues: Aeronautical revenues, which continue to be the primary source of income, amounted to US$79 billion in 2023—14% below 2019 levels, accounting for 53.6% of total revenues (slightly down from 54% in 2019). Non-aeronautical (commercial) revenues were US$54 billion, down 17% from 2019, and now represent 36.7% of the total, a slight decline from 40.2% in 2019.
Capital Costs: Capital costs rose by 4% from 2022 and were 1% above pre-pandemic levels, reaching US$40 billion. This increase was largely driven by an 18% rise in interest expenses, reflecting the financial strain airports face due to increased debt.
Debt-to-EBITDA Ratio: The debt-to-EBITDA ratio improved to 5.74:1 in 2023, indicating progress in managing debt. However, it remains elevated compared to pre-pandemic levels, highlighting ongoing financial challenges.
The weakened financial health of airports presents significant challenges in meeting future infrastructure demands. According to ACI World, global passenger numbers are expected to reach 17.7 billion by 2043 and 22.3 billion by 2053—almost 2.4 times the projected volume for 2024. To accommodate this growth, an estimated US$2.4 trillion in capital investment will be needed by 2040 to ensure airports are equipped to handle future passenger volumes.
Such investments are critical to supporting a sustainable aviation ecosystem that maximizes the social and economic benefits of air travel, including job creation and regional development.
“While passenger traffic has rebounded, airport revenues continue to lag, highlighting the ongoing financial challenges. With air travel demand expected to rise significantly in the coming decades, it is vital that regulators implement flexible policies to support airport infrastructure investments, ensuring the sustainable growth of aviation and maximizing its social and economic benefits,” said ACI World Director General, Justin Erbacci.
Access the 2025 ACI World Airport Economics Report and Key Performance Indicators.
Media contacts:
Sabrina Guerrieri
Director, Communications
ACI World
Telephone : +1 514 373 1254
Email : mediarelations@aci.aero
SOURCE: ACI World
