NYSE : LTM
LATAM Airlines Group S.A. — Financial statements
Industrials · Airlines · Chile
Last price 43.96 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.51B
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Financial statements
LATAM Airlines Group S.A. (LTM) reported revenue of 15.88B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 15.88B | 14.27B | 12.83B | 11.64B | 9.36B | 4.88B |
| Cost of Revenue | 11.59B | 10.10B | 9.57B | 8.82B | 8.10B | 4.96B |
| Gross Profit | 4.28B | 4.16B | 3.27B | 2.82B | 1.26B | -79.47M |
| Selling, General & Admin | 1.55B | 1.45B | 1.43B | 1.27B | 1.00B | 731.31M |
| Other Operating Expenses | 362.19M | 375.18M | 295.40M | 475.20M | 378.96M | 277.82M |
| Operating Expenses | 1.91B | 1.82B | 1.73B | 1.75B | 1.38B | 1.01B |
| Operating Income | 2.38B | 2.34B | 1.54B | 1.08B | -122.95M | -1.09B |
| Interest Expense | -628.02M | -620.07M | -820.85M | -682.89M | -911.83M | -748.02M |
| Interest & Investment Income | 162.84M | 146.28M | 142.41M | 125.36M | 49.82M | |
| Currency Exchange Gain (Loss) | -102.55M | -141.49M | 172.92M | 85.89M | 25.99M | 131.41M |
| Other Non Operating Income (Expenses) | -114.84M | -101.64M | -41.59M | -10.03M | 58.72M | -41.81M |
| EBT Excluding Unusual Items | 1.69B | 1.62B | 993.93M | 596.49M | -900.24M | -1.75B |
| Merger & Restructuring Charges | 1.68B | -2.34B | ||||
| Gain (Loss) on Sale of Assets | -345.41M | |||||
| Other Unusual Items | 911.76M | |||||
| Pretax Income | 1.69B | 1.62B | 993.93M | 596.49M | 1.35B | -4.08B |
| Income Tax Expense | 132.01M | 155.06M | 16.49M | 14.94M | 8.91M | 568.93M |
| Earnings From Continuing Operations | 1.56B | 1.46B | 977.45M | 581.55M | 1.34B | -4.65B |
| Minority Interest in Earnings | 3.61M | -3.58M | -473.00K | 281.00K | 2.07M | 5.65M |
| Net Income | 1.56B | 1.46B | 976.97M | 581.83M | 1.34B | -4.65B |
| Net Income to Common | 1.56B | 1.46B | 976.97M | 581.83M | 1.34B | -4.65B |
| Shares Outstanding (Basic) | 575.79B | 589.30B | 604.44B | 604.44B | 96.61B | 606.41M |
| Shares Outstanding (Diluted) | 575.80B | 589.31B | 604.44B | 604.44B | 98.53B | 606.41M |
| EPS (Basic) | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | -7.66 |
| EPS (Diluted) | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | -7.66 |
| Free Cash Flow | 2.22B | 1.96B | 1.78B | 1.47B | -683.74M | -771.34M |
| Free Cash Flow Per Share | 0.00 | 0.00 | 0.00 | 0.00 | -0.01 | -1.27 |
| Dividend Per Share | 0.00 | 0.00 | ||||
| Gross Margin | 26.97% | 29.16% | 25.46% | 24.26% | 13.45% | -1.63% |
| Operating Margin | 14.96% | 16.37% | 12.01% | 9.26% | -1.31% | -22.29% |
| Profit Margin | 9.85% | 10.23% | 7.61% | 5.00% | 14.30% | -95.16% |
| Free Cash Flow Margin | 14.00% | 13.75% | 13.88% | 12.61% | -7.30% | -15.79% |
| EBITDA | 3.69B | 3.56B | 2.60B | 1.82B | 576.10M | -434.04M |
| EBITDA Margin | 23.24% | 24.93% | 20.30% | 15.67% | 6.15% | -8.89% |
| D&A For EBITDA | 1.32B | 1.22B | 1.06B | 745.65M | 699.05M | 654.57M |
| EBIT | 2.38B | 2.34B | 1.54B | 1.08B | -122.95M | -1.09B |
| EBIT Margin | 14.96% | 16.37% | 12.01% | 9.26% | -1.31% | -22.29% |
| Effective Tax Rate | 7.80% | 9.58% | 1.66% | 2.50% | 0.66% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.65B | 2.15B | 1.96B | 1.71B | 1.22B | 1.05B |
| Short-Term Investments | 1.64M | |||||
| Trading Asset Securities | 4.68M | 8.82M | ||||
| Cash & Short-Term Investments | 2.65B | 2.15B | 1.96B | 1.71B | 1.23B | 1.05B |
| Accounts Receivable | 1.56B | 1.31B | 1.08B | 1.12B | 904.92M | 684.77M |
| Other Receivables | 256.98M | 230.28M | 210.75M | 375.86M | 239.54M | 266.20M |
| Receivables | 1.81B | 1.55B | 1.29B | 1.50B | 1.14B | 950.97M |
| Inventory | 565.00M | 458.57M | 438.53M | 592.88M | 477.79M | 287.34M |
| Other Current Assets | 323.41M | 229.35M | 211.67M | 398.82M | 688.68M | 327.45M |
| Total Current Assets | 5.35B | 4.38B | 3.90B | 4.20B | 3.54B | 2.61B |
| Property, Plant & Equipment | 12.90B | 11.95B | 10.19B | 9.09B | 8.41B | 9.49B |
| Long-Term Investments | 493.00K | 493.00K | 493.00K | 494.00K | 513.00K | 493.00K |
| Other Intangible Assets | 1.22B | 1.13B | 1.00B | 1.15B | 1.08B | 1.02B |
| Long-Term Deferred Tax Assets | 27.95M | 21.10M | 10.55M | 4.78M | 5.92M | 15.29M |
| Other Long-Term Assets | 153.39M | 159.11M | 155.04M | 215.56M | 176.12M | 152.76M |
| Total Assets | 19.65B | 17.64B | 15.25B | 14.67B | 13.21B | 13.29B |
| Accounts Payable | 3.43M | 7.71M | 12.88M | 7.44M | 123.75M | 331.09M |
| Accrued Expenses | 2.64B | 2.56B | 2.03B | 1.74B | 1.40B | 2.74B |
| Short-Term Debt | 159.16M | |||||
| Current Portion of Long-Term Debt | 331.89M | 174.44M | 104.02M | 185.22M | 472.82M | 4.17B |
| Current Portion of Leases | 660.13M | 570.86M | 531.19M | 410.84M | 330.02M | 778.62M |
| Current Income Taxes Payable | 23.02M | 31.95M | 6.28M | 2.37M | 1.03M | 675.00K |
| Current Unearned Revenue | 3.85B | 3.58B | 3.12B | 3.04B | 2.53B | 2.27B |
| Other Current Liabilities | 429.05M | 367.87M | 487.63M | 294.06M | 226.70M | 1.86B |
| Total Current Liabilities | 7.94B | 7.29B | 6.29B | 5.69B | 5.09B | 12.32B |
| Long-Term Debt | 3.59B | 3.43B | 2.88B | 2.88B | 3.00B | 2.58B |
| Long-Term Leases | 4.44B | 3.91B | 3.63B | 3.46B | 2.97B | 3.37B |
| Long-Term Unearned Revenue | 140.24M | 348.94M | 420.21M | 512.06M | ||
| Pension & Post-Retirement Benefits | 133.62M | 181.58M | 167.43M | 122.62M | 93.49M | 56.23M |
| Long-Term Deferred Tax Liabilities | 353.17M | 338.67M | 312.68M | 382.36M | 344.62M | 341.01M |
| Other Long-Term Liabilities | 1.20B | 1.15B | 1.12B | 1.35B | 1.25B | 1.19B |
| Total Liabilities | 17.66B | 16.30B | 14.54B | 14.23B | 13.18B | 20.36B |
| Common Stock | 4.42B | 4.42B | 5.00B | 5.00B | 13.30B | 3.15B |
| Retained Earnings | 2.66B | 2.17B | 1.15B | 464.41M | -7.50B | -8.84B |
| Treasury Stock | -178.00K | -178.00K | ||||
| Comprehensive Income & Other | -5.08B | -5.24B | -5.43B | -5.02B | -5.75B | -1.36B |
| Total Common Equity | 2.00B | 1.35B | 723.27M | 450.30M | 42.28M | -7.06B |
| Minority Interest | -14.99M | -8.39M | -11.94M | -12.03M | -11.56M | -10.36M |
| Shareholders' Equity | 1.99B | 1.34B | 711.33M | 438.27M | 30.72M | -7.07B |
| Total Liabilities & Equity | 19.65B | 17.64B | 15.25B | 14.67B | 13.21B | 13.29B |
| Total Debt | 9.03B | 8.09B | 7.15B | 6.94B | 6.78B | 11.06B |
| Net Cash (Debt) | -6.38B | -5.94B | -5.19B | -5.22B | -5.56B | -10.01B |
| Net Cash Per Share | -0.01 | -0.01 | -0.01 | -0.01 | -0.06 | -16.51 |
| Filing Date Shares Outstanding | 574.22B | 574.22B | 604.44B | 604.44B | 605.23B | 606.41M |
| Total Common Shares Outstanding | 574.22B | 574.22B | 604.44B | 604.44B | 605.23B | 606.41M |
| Working Capital | -2.58B | -2.91B | -2.39B | -1.48B | -1.55B | -9.70B |
| Book Value Per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -11.64 |
| Tangible Book Value | 784.06M | 215.63M | -276.90M | -701.68M | -1.04B | -8.08B |
| Tangible Book Value Per Share | 0.00 | 0.00 | -0.00 | -0.00 | -0.00 | -13.32 |
| Land | 40.84M | 39.78M | 39.82M | 44.24M | 44.35M | 43.28M |
| Buildings | 126.58M | 124.30M | 120.74M | 129.04M | 124.51M | 121.97M |
| Machinery | 14.49B | 13.80B | 12.13B | 11.17B | 11.52B | 11.39B |
| Construction In Progress | 852.90M | 682.77M | 479.87M | 258.25M | 388.81M | 473.80M |
| Leasehold Improvements | 271.03M | 255.49M | 236.51M | 266.63M | 202.75M | 248.73M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.56B | 1.46B | 976.97M | 581.83M | 1.34B | -4.65B |
| Depreciation & Amortization | 1.81B | 1.64B | 1.38B | 939.04M | 965.22M | 988.78M |
| Other Amortization | 92.83M | 91.22M | 72.56M | 59.30M | 54.36M | 45.38M |
| Other Operating Activities | 276.44M | 541.01M | 681.70M | 683.39M | -2.26B | 3.44B |
| Operating Cash Flow | 3.74B | 3.74B | 3.11B | 2.26B | 96.80M | -174.24M |
| Capital Expenditures | -1.52B | -1.78B | -1.33B | -795.79M | -780.54M | -597.10M |
| Sale of Property, Plant & Equipment | 75.00M | 102.03M | 97.30M | 46.52M | 56.38M | 105.00M |
| Divestitures | 752.00K | |||||
| Sale (Purchase) of Intangibles | -118.71M | -104.48M | -94.41M | -68.05M | -50.12M | -88.52M |
| Investment in Securities | 86.00K | -173.00K | ||||
| Other Investing Activities | 224.82M | 198.45M | 152.91M | 157.81M | 25.23M | 27.53M |
| Investing Cash Flow | -1.33B | -1.58B | -1.17B | -659.50M | -748.96M | -552.51M |
| Short-Term Debt Issued | 4.86B | 661.61M | ||||
| Long-Term Debt Issued | 1.35B | 1.75B | 3.13B | 130.10M | ||
| Total Debt Issued | 1.27B | 1.35B | 1.75B | 7.99B | 791.71M | |
| Short-Term Debt Repaid | -1.01B | |||||
| Long-Term Debt Repaid | -1.49B | -2.35B | -567.36M | -8.89B | -566.41M | |
| Lease Payments | -505.97M | -463.36M | -344.04M | -225.36M | -131.92M | -103.37M |
| Total Debt Repaid | -1.53B | -1.49B | -2.35B | -567.36M | -9.90B | -566.41M |
| Net Debt Issued (Repaid) | -264.83M | -137.29M | -598.52M | -567.36M | -1.91B | 225.30M |
| Issuance of Common Stock | 3.75B | |||||
| Repurchase of Common Stock | -432.84M | -584.84M | ||||
| Common Dividends Paid | -438.00M | -604.88M | -174.55M | |||
| Other Financing Activities | -717.73M | -692.57M | -791.79M | -582.85M | -985.48M | -115.66M |
| Financing Cash Flow | -1.85B | -2.02B | -1.56B | -1.15B | 854.96M | 109.64M |
| Foreign Exchange Rate Adjustments | 31.08M | 54.62M | -128.77M | 44.24M | -32.95M | -31.90M |
| Net Cash Flow | 582.30M | 192.32M | 243.03M | 498.09M | 169.84M | -649.01M |
| Free Cash Flow | 2.22B | 1.96B | 1.78B | 1.47B | -683.74M | -771.34M |
| Free Cash Flow Margin | 14.00% | 13.75% | 13.88% | 12.61% | -7.30% | -15.79% |
| Free Cash Flow Per Share | 0.00 | 0.00 | 0.00 | 0.00 | -0.01 | -1.27 |
| Levered Free Cash Flow | 1.36B | 1.53B | 1.59B | 1.01B | -4.12B | 1.85B |
| Unlevered Free Cash Flow | 1.76B | 1.91B | 2.11B | 1.44B | -3.55B | 2.32B |
| Free Cash Flow After Leases | 1.72B | 1.50B | 1.44B | 1.24B | -815.66M | -874.71M |
| Cash Interest Paid | 608.35M | 600.74M | 717.63M | 594.23M | 521.72M | 104.62M |
| Cash Income Tax Paid | 177.25M | 144.99M | 43.44M | 18.38M | 14.31M | 9.44M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.95B | 15.55B | 8.35B | 6.58B | 3.93B | 232.22M |
| Enterprise Value | 18.95B | 21.51B | 12.95B | 11.71B | 16.23B | 9.08B |
| Last Close Price | 44.69 | 53.94 | 26.49 | 1,133.14 | 931.48 | 781.38 |
| PE Ratio | 8.73 | 10.65 | 8.55 | 11.32 | 2.93 | |
| PS Ratio | 0.82 | 1.09 | 0.65 | 0.57 | 0.42 | 0.05 |
| PB Ratio | 6.52 | 11.63 | 11.74 | 15.02 | 127.77 | -0.03 |
| P/TBV Ratio | 16.51 | 72.10 | ||||
| P/FCF Ratio | 5.82 | 7.93 | 4.69 | 4.49 | ||
| P/OCF Ratio | 3.46 | 4.16 | 2.69 | 2.91 | 40.55 | |
| EV/Sales Ratio | 1.19 | 1.51 | 1.01 | 1.01 | 1.73 | 1.86 |
| EV/EBITDA Ratio | 5.14 | 6.05 | 4.97 | 6.42 | 28.18 | |
| EV/EBIT Ratio | 7.98 | 9.21 | 8.40 | 10.87 | ||
| EV/FCF Ratio | 8.52 | 10.97 | 7.27 | 7.98 | ||
| Debt / Equity Ratio | 4.54 | 6.05 | 10.05 | 15.83 | 220.76 | -1.56 |
| Debt / EBITDA Ratio | 2.16 | 2.03 | 2.45 | 3.44 | 8.05 | |
| Debt / FCF Ratio | 4.06 | 4.12 | 4.01 | 4.73 | ||
| Net Debt / Equity Ratio | 3.21 | 4.44 | 7.29 | 11.92 | 180.87 | -1.42 |
| Net Debt / EBITDA Ratio | 1.73 | 1.67 | 1.99 | 2.86 | 9.64 | -23.07 |
| Net Debt / FCF Ratio | 2.87 | 3.03 | 2.91 | 3.56 | -8.13 | -12.98 |
| Asset Turnover | 0.88 | 0.87 | 0.86 | 0.83 | 0.71 | 0.34 |
| Inventory Turnover | 22.64 | 22.53 | 18.55 | 16.47 | 21.18 | 16.25 |
| Quick Ratio | 0.56 | 0.51 | 0.52 | 0.56 | 0.47 | 0.16 |
| Current Ratio | 0.67 | 0.60 | 0.62 | 0.74 | 0.69 | 0.21 |
| Return on Equity (ROE) | 107.99% | 142.89% | 170.05% | 248.00% | ||
| Return on Assets (ROA) | 8.19% | 8.88% | 6.44% | 4.83% | -0.58% | -4.70% |
| Return on Invested Capital (ROIC) | 27.12% | 32.06% | 26.22% | 18.69% | -3.72% | -23.84% |
| Return on Capital Employed (ROCE) | 20.30% | 22.60% | 17.20% | 12.00% | -1.50% | -111.50% |
| Earnings Yield | 11.45% | 9.39% | 11.70% | 8.84% | 34.12% | -2,001.32% |
| FCF Yield | 17.17% | 12.61% | 21.32% | 22.29% | -17.42% | -332.16% |
| Dividend Yield | 2.14% | 3.51% | 2.65% | |||
| Payout Ratio | 18.73% | 41.43% | 17.87% | |||
| Buyback Yield / Dilution | 4.49% | 2.50% | 0.00% | -513.46% | -16,148.22% | |
| Total Shareholder Return | 6.63% | 2.50% | 3.51% | -510.80% | -16,148.22% |