Grupo Aeroméxico (NYSE: AERO) reports record revenue as fuel costs climb

What happened

Grupo Aeroméxico S.A.B. de C.V. (NYSE: AERO) reported record quarterly revenue of $1.6 billion for 3Q26 on October 19, 2026. Revenue rose 13.6% from the same period of 2025, adjusted EBITDAR was $389.2 million with a 24.0% margin, and operating income was $189.6 million with an 11.7% margin.

The company said total fuel expense reached $469.0 million, up 57.6% year over year, while capacity increased 1.3%. Net income was $40.6 million. Aeroméxico also said cash and cash equivalents were $965.1 million, net cash from operating activities was $541.7 million, liquidity totaled $1.2 billion, and total adjusted net debt to EBITDAR ended the quarter at 2.1x. The operating fleet reached 170 aircraft, and the company received one Boeing 787-9 during the quarter.

Key numbers

Metric	Latest	Change	Source
Total revenue	$1.6 billion	from $1.43 billion, +13.6%	SEC 6-K
Adjusted EBITDAR	$389.2 million	from $442 million, -11.9%	SEC 6-K
Operating income	$189.6 million	from $253 million, -25.0%	SEC 6-K
Net income	$40.6 million	from $97 million, -58.1%	SEC 6-K
Fuel expense	$469.0 million	from $297 million, +57.6%	SEC 6-K
Liquidity	$1.2 billion		SEC 6-K

Read more: Grupo Aeroméxico S.A.B. de C.V. (AERO) stock analysis and investment case

Why it matters

OptimistFi's case is none on file, so this filing establishes a baseline for revenue, margin, cash and guidance. Adjusted EBITDAR margin of 24.0% was 12.3 percentage points above operating margin of 11.7%. The filing says revenue growth was driven primarily by higher passenger revenue, international markets, targeted pricing actions and complementary revenues, including loyalty and cargo.

The main caveat is that fuel expense rose 57.6% year over year. The filing also says the updated loyalty-program breakage approach recognized $48.7 million of revenue in the quarter, alongside an adjustment to deferred liability. The filing says the loyalty breakage change was the first such alignment since 2018.

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What's next

The company said its 3Q26 earnings call is scheduled for Tuesday, October 20, 2026, at 10:00 a.m. ET and 8:00 a.m. CT. Aeroméxico also guided 4Q26 revenue to rise 14.0% to 16.0%, with 4Q26 adjusted EBITDAR margin guided at 19.5% to 21.5% and operating income margin at 7.5% to 9.5%.

For FY26, the company guided revenue to rise 13.5% to 14.5%, adjusted EBITDAR margin to 21.5% to 22.5% and operating income margin to 8.5% to 9.5%. Hitting those ranges would support the revenue record, while a miss or softer outlook would weaken the update.

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