Aeroméxico Posts Record $1.6B 3Q26 Revenue but Profit Falls 58% on Fuel Costs

summarizeSummary

Aeroméxico set a record $1.6 billion revenue quarter but net income fell 58% to $40.6 million as fuel costs ran $93 million over plan; 4Q26 margin guidance steps down to 19.5-21.5%.

check_boxKey Events · Earnings and Guidance · AERO

• Record Revenue, Weaker Profit

  3Q26 revenue reached a record $1,619 million, up 13.6% year over year, but operating income fell 25.0% to $189.6 million and net income dropped 58.1% to $40.6 million.

• Fuel Overshoot Eats the Quarter

  Fuel expense rose 57.6% to $469.0 million, about $93.0 million above the company's 3Q26 guidance, with fuel at $3.99 per gallon versus $2.48 a year earlier.

• Fourth-Quarter Margin Guidance Steps Down

  4Q26 Adjusted EBITDAR margin is guided to 19.5-21.5% versus the 24.0% just reported, on revenue growth of 14-16% and capacity growth of 7-8%; FY26 margin guided to 21.5-22.5%.

• Liquidity and Leverage Hold

  Liquidity was $1.2 billion (20.7% of LTM revenue) after the revolver was renewed and upsized from $200 million to $250 million; net leverage was 2.1x and $7.2 million of financial debt was repaid in the quarter.

auto_awesomeAnalysis · AERO · Energy & Transportation

Revenue hit a quarterly record of $1.6 billion, up 13.6%, and the 24% EBITDAR margin shows the airline passed through most of a 57.6% fuel-cost jump. But the bottom line did not keep up: operating income fell 25% to $189.6 million and net income dropped 58% to $40.6 million, with fuel running $93 million above the company's own 3Q26 plan. Management's 4Q26 guide of 19.5-21.5% EBITDAR margin is below the 24% just delivered, so the fuel squeeze is expected to persist into year-end. The balance sheet is the offset — $1.2 billion of liquidity, 2.1x net leverage, and a revolver upsized to $250 million — so this is a margin story, not a solvency one.