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LATAM Airlines Group (LTM) investor relations material
LATAM Airlines Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Achieved strong operational and financial results in Q3 2025, transporting 22.9 million passengers with 9.3% capacity growth and a consolidated load factor of 85.4%.
Achieved fourth consecutive quarter of year-over-year margin expansion, reflecting disciplined cost management and structurally sound results.
Net income attributable to owners reached $379 million for the quarter, up 25.8% year-over-year; year-to-date net income hit $1.0 billion.
Announced acquisition of up to 74 Embraer E2 aircraft, with 24 firm orders and deliveries starting in 4Q26, supporting network expansion and sustainability.
Recognized as APEX Five Star Global Airline for the fourth consecutive year and Air Cargo Airline of the Year 2025.
Financial highlights
Total revenues reached $3,856 million, up 17.3% year-over-year; passenger revenues rose 18.5% and cargo revenues increased 6.3%.
Adjusted EBITDAR was $1,150 million, up 38.9% year-over-year, with a margin of 29.8%.
Adjusted operating income reached $698 million, up 51.6% year-over-year, with an 18.1% margin.
Adjusted operating cash flow was $859 million; quarter-end liquidity stood at $3.6 billion (25.8% of LTM revenues).
Adjusted passenger CASK ex-fuel increased 11.6% to 4.4 US¢; passenger RASK rose 8.4% to 7.6 US¢.
Outlook and guidance
Full-year 2025 guidance for adjusted EBITDAR raised to $4.00–$4.10 billion, with adjusted operating margin guidance at 16.0–16.5%.
Revenue guidance raised to $14.4–$14.5 billion; adjusted operating income to $2.30–$2.40 billion.
Projected ASK growth of 8.0–9.5% for 2025; domestic Brazil ASK growth at 10.0–10.5%.
Adjusted levered free cash flow expected to exceed $1.5 billion; net debt/EBITDAR targeted at ≤1.4x.
Targeting high single-digit capacity growth for 2026.
Reason for revised LatAm Spanish domestic ASK growth
Embraer E2 fleet integration strategy
Impact of premium investments on CASK ex-fuel
Embraer E2 fleet: target markets and rollout plan
CASK ex-fuel increase: how to sustain efficiency?
Capital return strategy post-2025: priorities?
E2 aircraft: new destinations and fuel savings
Premium strategy: quantify revenue contribution
Brazil free bag law: expected financial impact?
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Next LATAM Airlines Group earnings date
Investor Day 20259 Dec, 2025
Next LATAM Airlines Group earnings date
Investor Day 20259 Dec, 2025
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Frequently asked questions
LATAM Airlines Group S.A. is a Chilean airline holding company and the largest in Latin America. It operates a broad network of passenger and cargo services, covering destinations across the Americas, Europe, Oceania, and Africa. The company provides both domestic and international flights through its subsidiaries in Argentina, Brazil, Chile, Colombia, Ecuador, and Peru. LATAM Airlines Group focuses on providing a range of services from economy to premium classes, ensuring connectivity and efficient travel options for both individuals and businesses. The company is headquartered in Santiago, Chile, and its shares are listed on the NYSE.
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