Airports Need Investment Support as Traffic Growth Outpaces Revenue Recovery

Global airport traffic has rebounded beyond pre-pandemic levels, but airport revenues continue to lag, highlighting the financial pressures facing operators as they work to fund infrastructure, improve operations, and prepare for long-term passenger growth.

That is according to Airports Council International World’s latest Airport Economics Report and Key Performance Indicators, which found airports worldwide served 9.4 billion passengers in 2024, 4% above 2019 levels. Total global airport revenues reached $194.9 billion, but remained 2.1% below pre-pandemic levels in real terms.

The findings point to a continuing gap between traffic recovery and airport financial performance at a time when airports are under pressure to invest in facilities, technology, and operational capacity to support future demand.

Aeronautical revenues, which account for 54% of total airport revenue, remained 3% below 2019 levels in 2024 and are expected to recover this year. Non-aeronautical revenues, representing 37% of total revenue, were still 9% below pre-pandemic levels and are projected to recover by mid-2026.

ACI World also reported global return on invested capital rose to 6.3% in 2024, but remained below the sector’s weighted average cost of capital, signaling continued financial strain across the airport sector.

For airport operators and their ground support partners, the report reinforces the need for continued investment in infrastructure and operational efficiency as passenger demand rises and the industry faces added volatility tied to airspace constraints, shifting route networks, and higher operating costs.

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