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LTM

LATAM Airlines Group S.A.

LTM

LATAM Airlines Group S.A. • NYSE
$48.23 ▲ 0.46% (+0.22)
Market Cap $14.39 B
52w High $52.54
52w Low $26.18
Dividend Yield 1.01%
P/E 11.51
Volume 357.34K
Outstanding Shares 298.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.755B ▲ $457.343M ▲ $374.422M ▲ 9.972% ▲ $1.2 ▲ $1.146B ▲
Q2-2025 $3.254B ▼ $434.009M ▲ $242.413M ▼ 7.449% ▼ $0.8 ▼ $838.776M ▼
Q1-2025 $3.348B ▲ $390.301M ▼ $355.288M ▲ 10.61% ▲ $1.2 ▲ $904.87M ▲
Q4-2024 $3.337B ▲ $469.145M ▲ $271.939M ▼ 8.148% ▼ $1 $469.319M ▼
Q3-2024 $3.245B $401.514M $301.208M 9.282% $1 $708.496M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.109B ▲ $16.985B ▲ $15.891B ▲ $1.103B ▲
Q2-2025 $2.086B ▼ $16.584B ▲ $15.681B ▲ $913.639M ▼
Q1-2025 $2.206B ▲ $15.858B ▲ $14.918B ▲ $950.078M ▲
Q4-2024 $2.009B ▼ $15.253B ▲ $14.542B ▲ $723.267M ▼
Q3-2024 $2.076B $15.225B $14.51B $724.48M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $374.422M ▲ $881.614M ▲ $-336.406M ▲ $-615.223M ▼ $-49.968M ▲ $546.807M ▲
Q2-2025 $242.413M ▼ $687.041M ▲ $-574.472M ▼ $-218.373M ▼ $-79.381M ▼ $120.793M ▼
Q1-2025 $355.288M ▲ $678.345M ▼ $-323.188M ▲ $-199.696M ▲ $188.511M ▲ $282.969M ▼
Q4-2024 $271.939M ▲ $991.067M ▲ $-529.268M ▼ $-451.183M ▼ $-52.417M ▼ $445.611M ▲
Q3-2024 $0 $760.423M $-307.821M $-310.587M $156.846M $383.148M

Revenue by Products

Product Q1-2014Q2-2014Q3-2014Q1-2015
Other Segments
Other Segments
 $50.00M ▲$50.00M ▲$60.00M ▲$50.00M ▼
Personal Training
Personal Training
 $50.00M ▲$50.00M ▲$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement LATAM’s latest twelve months show a business that has clearly moved past its crisis phase and into a more stable operating rhythm. Revenue has been climbing steadily for several years, helped by the recovery in travel demand and the strength of its regional network. Profitability has improved meaningfully versus the pandemic years: gross profit is solid, operating profit is healthy, and the company has now delivered several consecutive years of positive net income after very heavy losses earlier in the decade. One nuance: the spike in profit a couple of years ago looks atypical and likely reflects one‑off restructuring or accounting effects, whereas the more recent profit levels feel closer to a “normal” run‑rate. EBITDA has eased slightly from its recent peak but remains strong in absolute terms, indicating that the core operations are generating solid earnings before financing and non‑cash charges. Overall, the income statement now looks like that of a mature, profitable airline, but still exposed to the usual sector risks: fuel prices, currency swings, and economic slowdowns in Latin America.

Balance Sheet

Balance Sheet The balance sheet tells the story of a company that has repaired a lot of past damage but still carries meaningful financial risk. Total assets have been fairly stable, while the debt load, although still sizable, has come down noticeably from its peak during the restructuring period. This reduction in borrowings is a clear positive and lowers financial strain. A key turning point is that shareholders’ equity has moved from deeply negative territory to a modest positive level. That means the company has rebuilt its capital base, but the equity cushion is still relatively thin compared with the size of the business. In practical terms, LATAM now has a healthier foundation than a few years ago, yet it remains more leveraged than many non‑airline industrial businesses. Cash on hand has improved and provides some buffer, but balance‑sheet discipline will remain important given the capital‑intensive nature of aviation and the history of volatility in the region.

Cash Flow

Cash Flow Cash flow is now one of LATAM’s main strengths. Operating cash generation has improved dramatically from near break‑even or negative levels a few years ago to clearly positive and robust levels in the most recent period. This shows that the company is not just posting accounting profits but is also turning those profits into real cash. Free cash flow has shifted from being consistently negative to clearly positive in the last couple of years, even as capital spending has ramped back up. This suggests the business is again able to fund fleet and technology investments from its own cash flows rather than relying excessively on new borrowing. The rising capital expenditures indicate a renewal and growth phase—likely aircraft, maintenance, and digital initiatives—which should support future operations, but it also means ongoing demands on cash that need to be managed carefully if conditions soften.

Competitive Edge

Competitive Edge LATAM holds a very strong competitive position in its home region. It operates the most extensive network in South America, with leading domestic positions in several key countries and broad international connectivity to North America, Europe, and other regions. This scale advantage—especially in South America where infrastructure and market access can be complex—creates a meaningful barrier for smaller rivals. Its joint venture with Delta Air Lines is strategically important, giving LATAM greater access to the US market, more connecting traffic, shared marketing, and enhanced loyalty benefits. The LATAM Pass program itself is a major asset, anchoring customer loyalty in a region where alternatives are more limited. The company also benefits from diversified revenue across passengers, cargo, and ancillary services. Risks to this position include competition from low‑cost carriers on price‑sensitive routes, economic and political volatility across Latin America, and the usual exposure to fuel and currency swings. Still, the combination of network breadth, partnerships, and brand recognition gives LATAM a durable edge relative to most regional peers.

Innovation and R&D

Innovation and R&D LATAM’s innovation focus is less about traditional laboratory R&D and more about digital transformation and operational technology. The company is deploying artificial intelligence and data analytics across many parts of the business, from predictive maintenance and fuel‑efficient route planning to fraud prevention and marketing optimization. This can improve punctuality, reduce costs, and squeeze more value out of existing assets. Customer‑facing innovation centers on its mobile app, digital self‑service, and the integration of its loyalty program, making the travel experience more seamless and personalized. The planned rollout of onboard Wi‑Fi on long‑haul flights and continued investment in digital platforms and “innovation hubs” point to an ongoing modernization push. At the same time, fleet renewal and sustainability initiatives support both cost efficiency and environmental positioning. The overall picture is of an airline trying to use technology not only to catch up with global leaders but to tailor solutions to the specific realities of the Latin American market.

Summary

Over the latest twelve months, LATAM looks like a company that has navigated through a very deep restructuring and come out with a more resilient, profitable business model, but one that still carries notable financial and macroeconomic risks. On the positive side, revenue has been growing, profits have stabilized at a healthy—though more normal—level, cash flow generation is strong, and free cash flow is once again positive even as investment ramps up. The balance sheet has improved substantially, with lower debt and positive equity, and the company benefits from a powerful regional network, a valuable partnership with Delta, and a large loyalty program. On the risk side, leverage remains meaningful, the equity cushion is still relatively slim, and the business is exposed to swings in fuel prices, currencies, and economic conditions across multiple Latin American countries. Competition, especially from low‑cost carriers, continues to pressure pricing. Overall, LATAM currently appears as a rebuilt regional champion: strategically well‑positioned and increasingly cash‑generative, yet still sensitive to shocks and reliant on maintaining discipline in both capital allocation and balance‑sheet management.