Airports handled 9.4 billion passengers in 2024 (Pictured: Budapest Ferenc Liszt International Airport).

Non-aeronautical (commercial) revenues – which account for 37% of total airport income – remained 9% below 2019 levels in 2024 and are not expected to fully recover until mid-2026, according to new data from Airports Council International World (ACI).

The findings, published in ACI World’s latest Airport Economics Report and Key Performance Indicators, underline the continued pressure on airport finances despite a full recovery in passenger traffic.

Globally, airports handled 9.4 billion passengers in 2024, exceeding pre-pandemic levels by 4%. However, total revenues reached US$194.9 billion, still 2.1% below 2019 levels in real terms.

Aeronautical revenues – representing 54% of total income – also remain below pre-pandemic benchmarks, down 3%, although they are expected to recover in 2025.

The gap between traffic and revenue recovery highlights the financial challenges facing airports, particularly as they continue to invest in infrastructure and operations while navigating rising costs and ongoing market volatility.

The report also notes that global return on invested capital rose to 6.3% in 2024 but remains below the sector’s weighted average cost of capital, pointing to sustained financial pressure across the industry.

ACI World said that external factors including geopolitical uncertainty, shifting route networks and airspace constraints continue to affect performance, further complicating the recovery trajectory.

Looking ahead, airport revenues are expected to surpass pre-pandemic levels from 2026 onwards, broadly in line with passenger growth. However, the pace of recovery will depend on regulatory frameworks, financing conditions and inflationary pressures.

ACI World Director General Justin Erbacci said: “Passenger demand has fully rebounded, but airport revenues are still catching up, underscoring the financial pressures airports continue to face. 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.”

The report reinforces the importance of commercial revenues – including travel retail – as a critical driver of airport income as the sector works towards full financial recovery.

Access the report here.

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