Airport Economics
2023 Report
A comprehensive view of the
industry’s financial performance
2 2023 ACI Airport Economics Report
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Airport Economics Report
(2023)
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32023 ACI Airport Economics Report
Acknowledgements
ACI World extends its gratitude to all airport operators that contributed detailed nancial
data in a timely manner as it allows us to produce accurate airport economic indicators
and analyses. The lists of the contributing operators and airports that have made this
report possible are included in the annex.
ACI World would also like to acknowledge the valuable input from colleagues in ACI
regional ofces on earlier drafts of the Airport Economics Survey on which this report is
based. We also thank the regional ofces for collaborating with airports on the collection
of nancial and related economic data.
ACI World contributors
ACI World Airport Economics Report: Catherine Joyal, Senior Data Analyst, Airport
Economics; Patrick Lucas, Vice President, Economics; Aram Karagueuzian, Director,
Trafc and Economic Statistics; Carlos Charpenel, Director, Economic Policy
ACI World Airport Economics KPIs: Catherine Joyal, Senior Data Analyst, Airport
Economics (lead); Aram Karagueuzian, Director, Trafc and Economic Statistics; Patrick
Lucas, Vice President, Economics, ACI World
Editorial management and project coordination: Sabrina Guerrieri, Interim Director,
Publications and Communications; Gabriela Arrieta, Publications Coordinator
2023 ACI World Airport Economics Report
A comprehensive view of the industry’s financial performance
4 2023 ACI Airport Economics Report
Contents
Message from the Director General .............................................................. 6
Report methodology .......................................................................................7
Sample and coverage ................................................................................... 7
Financial year 2021 ...................................................................................... 8
Estimation and simulation ............................................................................. 9
International comparability ............................................................................ 9
1. Global Analysis ......................................................................................... 10
1.1 The global economy ............................................................................. 10
1.2 Air transport demand ............................................................................ 12
1.2.1 Passenger trafc ......................................................................... 12
1.2.2 Air cargo trafc ............................................................................ 14
2. Airport Revenues ...................................................................................... 16
2.1 The airport industry .............................................................................. 16
2.2 Aeronautical revenues ......................................................................... 21
2.3 Non-aeronautical revenues .................................................................. 26
3. Airport Costs ............................................................................................. 31
3.1 Operating costs .................................................................................... 33
3.2 Capital costs ........................................................................................ 35
3.3 Economies of scale—cost structure by airport size .............................. 37
4. Airport Financial Performance ................................................................ 40
4.1 Margins: operating surplus and net prot ............................................. 43
4.2 Return on invested capital .................................................................... 44
4.3 Comparative returns ............................................................................. 46
4.4 Airport nancial performance and airport size ...................................... 47
5. Look Ahead ............................................................................................... 49
52023 ACI Airport Economics Report
List of charts and tables
Table A: Data coverage
Chart A: Distribution of passenger trafc coverage by nancial year
Chart 1: Global economic growth (year-over-year % change in GDP, 2019–2024)
Chart 2: Evolution of global airport passenger trafc (billion passengers, 2015–2022)
Chart 3: Passenger trafc growth rates by region (2020/2019 and 2021/2019)
Chart 4: Evolution of global airport cargo trafc (million tonnes, 2015–2022)
Chart 5: Distribution of airport revenues by key source (2019, 2020, and 2021)
Chart 6: Evolution of industry total revenue (million US$) and year-over-year % growth (2015–2021)
Chart 7: Evolution of total revenue per passenger and year-over-year % growth (US$, 2015–2021)
Chart 8: Distribution of global airport revenues (2019, 2020, and 2021)
Table 1: Estimated industry revenues and costs (million US$, 2021)
Chart 9: Distribution of aeronautical revenue sources (2019, 2020, and 2021)
Chart 10: Year-over-year % change in selected aeronautical revenue sources (2021/2020)
Chart 11: Year-over-year % change in selected aeronautical revenue sources (2020/2019 and 2021/2019)
Chart 12: Ratio of aircraft-related to passenger-related revenues by region (2021)
Chart 13: Ratio of aircraft-related to passenger-related revenues (2015–2021)
Chart 14: Distribution of non-aeronautical revenue by source (2019, 2020, and 2021)
Chart 15: Year-over-year % change in selected non-aeronautical revenues (2021/2020)
Chart 16: Year-over-year % change in selected non-aeronautical revenues (2020/2019 and 2021/2019)
Chart 17: Distribution of non-aeronautical revenue by region (% of total non aeronautical revenue, 2021)
Table 2: Year-over-year % change in selected non-aeronautical revenues (2021/2020)
Chart 18: Evolution of total industry costs and year over year growth (million US$, 2015–2021)
Chart 19: Distribution of airports’ total costs (2019, 2020, and 2021)
Chart 20: Evolution of total industry costs per passenger and year-over-year % growth (US$, 2015–2021)
Chart 21: Distribution of operating expenses (2019, 2020, and 2021)
Chart 22: Year-over-year % change in selected operating expense categories (2021/2020)
Chart 23: Year-over-year % change in selected operating expense categories (2020/2019 and 2021/2019)
Chart 24: Distribution of capital costs (2019, 2020, and 2021)
Chart 25: Year-over-year % change in capital costs (2020/2019, 2021/2020, 2021/2019)
Chart 26: Distribution of airports’ total costs by airport size (2021)
Chart 27: Total cost per passenger by airport size (2019, 2021)
Chart 28: Evolution of unit revenues costs per passengers (2014–2021, indexed 2014=100)
Chart 29: Evolution of aeronautical and non-aeronautical revenue per passenger vs. operating expenses
and capital costs per passenger (US$, 2015–2021)
Chart 30: Debt-to-EBITDA ratio (2015–2021)
Chart 31: Operating surplus and net prot margins (2015–2021)
Chart 32: Return on invested capital—advanced versus emerging economies (2019, 2020, and 2021)
Chart 33: ROA, ROCE, and ROIC by airport size (2021)
Chart 34: Share of loss-making airports by airport size (2019, 2020, and 2021)
Chart 35: Share of loss-making airports by airport size excluding non-operating revenues (2019, 2020,
and 2021)
Chart 36: Medium-term global passenger trafc projection (indexed, 2019 = 100, as of February 2023)
6 2023 ACI Airport Economics Report
Message from the Director General
Dear Colleagues and Industry Partners,
It is my pleasure to present the 2023 ACI Airport Economics Report. The report
provides a comprehensive analysis of the economic performance of airports
around the world and offers valuable insights into the challenges and opportunities
facing the industry. ACI’s publication features data for the 2021 nancial year,
gathered from over 1,000 airports of all sizes and business models, representing
82% of the world’s pre-pandemic trafc.
The past year has been a challenging one for the aviation industry, with the
ongoing global health crisis causing signicant disruptions to air travel and
economic activity. Despite this, airports have continued to play a vital role in the
global economy, serving as critical infrastructure for the movement of people and
goods.
This year’s report presents an overview of the industry’s nancial recovery trends
across the world as we come out of the pandemic. The data supporting the
summaries and commentary is available in the 2023 Airport Key Performance
Indicators, which provides insight into areas, such as nancial and employee
performance, xed-asset productivity, and airport operations, and includes 53
detailed statistical tables.
I would like to acknowledge and thank all the airports that submitted data while
continuing to struggle with the lasting effects from the ongoing health crisis. This
data is crucial for our industry and for our advocacy efforts.
I hope that the insights and data in this report provide valuable guidance to
navigate the path to recovery. Together, we can continue to support the growth
and development of the global aviation ecosystem.
Sincerely,
Luis Felipe de Oliveira
Director General
ACI World
72023 ACI Airport Economics Report
Report methodology
Sample and coverage
The key performance indicators (KPIs) and the contents of this report are based
on an annual survey that generated responses from 1,087 airports for the 2021
nancial year. Together, these airports handled over 7 billion passengers or about
82% of worldwide passenger trafc in 2019.
The objectives of the sampling were three-fold. The rst objective was to maximize
participation and coverage of the world’s top airports in terms of passenger and
cargo trafc. The second objective was to increase the participation of airports
with lower trafc levels to introduce analytical variation and rigour to the dataset.
Finally, we regarded regional representation as a vital component in presenting a
global picture of the industry. Simulations were conducted based on the sample
to produce an accurate distribution of trafc across the world’s regions.
In terms of the actual number of participating airports, Asia-Pacic represents
the largest portion of the sample (330), followed by Europe (260), North America
(225), Latin America-Caribbean (189) and Middle East (19). Table A below
provides a breakdown of the report’s coverage. Regarding airport size categories,
airports were classied as per their 2019 passenger trafc to ensure continuity
within a group: 268 airports are in the less than 1m category; 179 airports are in
the 1–5m category; 96 airports are in the 5–15m category; 33 airports are in the
15–25m category; 29 airports are in the 25–40m category; and 40 airports are
in the over 40m category. Some operators provided aggregate data for multiple
airports, but these responses were treated differently; included in analyses by
region but excluded from the analyses by airport size category.
When collecting the data, each individual airport’s submission was analyzed
for consistency and coherence across each indicator in the Airport Economics
Survey. Various quality indicators were used to detect any outliers or anomalies
in the dataset. Statistical quality control was conducted in consultation with airport
data providers as needed.
8 2023 ACI Airport Economics Report
Financial year 2021
To facilitate the collection of nancial data, the following periods are included in
the 2021 nancial year as submitted by the airports: Q2 2020 – Q1 2021, Q3
2020 – Q2 2021, Q4 2020 – Q3 2021, calendar year 2021, Q2 2021 – Q1 2022,
Q3 2021 – Q2 2022.
Although the majority of the sample reported their nancial data in the calendar
year, there are discrepancies between regions in terms of nancial year reporting.
Notably, in North America, 32% of the sample in terms of passenger trafc ended
their nancial year in June 2021. In Africa, 16% of the sample ended their nancial
year in March 2021 and 23% of the sample ended their nancial year in June
2021.
When interpreting the results, it is crucial to understand where airports stand in
their recovery of passenger trafc in relation to their nancial year. For example,
an airport in the United States may have seen a growth of 67% of in passenger
trafc over the calendar year 2021 and at the same time, a decrease of 52% in
passenger trafc over their nancial year 2021, starting July 2020 and ending in
June 2021. This is also true for Africa and Asia-Pacic.
Table A: Data coverage
Region
Number of
participating airports
Passenger*
trafc covered 2019
Africa
Asia-Pacic
Europe
Latin America-Caribbean
Middle East
North America
World
64
330
260
189
19
225
1087
66%
82%
76%
74%
52%
99.6%
82%
<1m
1–5m
5–15m
15–25m
25–40m
>40m
268
179
96
33
29
40
27%
39%
57%
58%
74%
74%
* Passenger trafc refers to arriving, departing and transit passengers
92023 ACI Airport Economics Report
Estimation and simulation
In certain instances where data was not readily available for the reference period,
various techniques were used to estimate missing data. Depending on the
variable being analyzed and the availability of past time series data, econometric
techniques or other simulation methods were used to estimate missing data.
International comparability
Individual airport nancial data was submitted in 61 different currency
denominations and converted into US dollars (US$) using ofcial exchange rates
determined by the foreign exchange market and/or national authorities. The
exchange rate was calculated as an annual average based on monthly averages
and expressed as local currency units relative to the US dollar.
The nancial gures for the previous year (2020) were adjusted by the ination
rate, dened as the change in average consumer prices. This mitigates currency
uctuations through 2020 and 2021 and allows the comparability and accuracy of
US$ amounts across the two years.
Both ination and exchange rates were obtained from the International Monetary
Fund’s (IMF) World Economic Outlook Databases and International Financial
Statistics.
Africa Asia-Pacific Europe Latin America
-Caribbean
Middle East North America World
Q3 2021 - Q2 2022 Q2 2021 - Q1 2022 Calendar year 2021
Q4 2020 - Q3 2021 Q3 2020 - Q2 2021 Q2 2020 - Q1 2021
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Chart A:
Distribution of passenger trafc coverage by nancial year
Source: ACI World 2023 Airport Key Performance Indicators
10 2023 ACI Airport Economics Report
1. Global Analysis
1.1 The global economy
After the 2020 slump produced by the COVID-19 pandemic, economic activity
swiftly recovered in 2021 and 2022. People and businesses were able to adapt to
a new reality dominated by looming uncertainty. This condition is set to persist in
the short-term as there are numerous obstacles for the global economy, such as
high ination, supply-chain disruptions and geopolitical conicts.
The International Monetary Fund (IMF) estimates growth of 3.4% in 2022 for
the world’s Gross Domestic Product (GDP) (Chart 1). One factor contributing to
this growth is the continued rollout of vaccines for COVID-19 and the alleviation
of travel restrictions. As more and more people are vaccinated, restrictions on
travel and commerce have been lifted, leading to an increase in global trade
and economic activity. This is an essential factor for air travel to be able to fully
deploy its multiplier effect, especially when trafc to and from major airport hubs
is untapped.
Economic recovery in emerging markets outpaced that of advanced economies.
For instance, the IMF estimates GDP growth for emerging markets in 2022 was
3.9%, compared with 2.7% for advanced economies. This is due in part to the fact
that many emerging markets were not as severely impacted by the pandemic as
advanced economies and therefore were able to keep steady levels of growth.
Despite this positive pace of recovery, there are still risks to the global economy.
The most obvious manifestation of such risks is the signicant increase in ination
across many economies. G20 countries registered an 8.6% ination rate for
2022, for instance. The interplay between geopolitical conicts and rising prices
remains a top threat to the global economy. Many analysts suggest that the
ination rate has already peaked and will subside in 2023 based on aggressive
monetary tightening by central banks. Although higher interest rates help to
cool aggregate demand and ensure price stability, it may induce an economic
slowdown. Aviation is very much linked to such macroeconomic factors. As with
any other good or service, the impact of prices and disposable income remain
important determinants of air transport demand. Thus, uncertainty regarding a
full recovery of the aviation industry remains omnipresent, especially in the near
term.
112023 ACI Airport Economics Report
World Advanced economies Emerging markets and developing economies
2.8%
-3.0%
6.2%
3.4%
2.9%
3.1%
1.4%
1.7%
-4.4%
5.4%
2.7%
1.2%
3.6%
-1.9%
6.7%
3.9%
4.0%
4.2%
2019 2020 2021 2022* 2023* 2024*
Chart 1:
Global economic growth
(year-over-year % change in GDP, 2019–2024)
*Projected
Source: International Monetary Fund (IMF), World Economic Outlook Database (2022)
Overall, the global economy had a rapid recovery in 2022 after the pandemic-
induced crisis. The speed of recovery for 2023 and beyond still depends on
several factors with a number of market pendulums moving in opposite directions
creating a level of uncertainty. On the one hand, the possible contraction in GDP
or slowdown in growth in major economies coupled with the rise in airfares due
to higher jet fuel prices weigh negatively on demand, representing a downside
risk for the industry in 2023. This could dampen or delay the recovery from the
COVID-19 pandemic and a return to 2019 passenger trafc volumes. On the
other hand, a strong labor market and the re-opening of China, the second
biggest aviation market after the United States, represents an important boost to
global passenger trafc. Even with the ongoing presence of COVID-19 variants
and the recent imposition of travel restrictions and testing requirements on
travellers departing China by several countries, the re-opening of China’s borders
represents an overall gain for domestic and international travel.
12 2023 ACI Airport Economics Report
Chart 2:
Evolution of global airport passenger trafc
(billion passengers, 2015–2022*)
* Preliminary gures
Source: ACI World Annual Trafc Database
Year-over-year % change
Total passengers Year-over-year % change
7.3
7.7
8.3
8.9
9.2
3.6
4.6
6.6
6.4% 6.5%
7.5%
6.4%
3.5%
-60.7%
28.4%
42.0%
-70.0%
-50.0%
-30.0%
-10.0%
10.0%
30.0%
50.0%
70.0%
0
1
2
3
4
5
6
7
8
9
10
2015 2016 2017 2018 2019 2020 2021 2022*
Total airport passenger traffic (billion passengers)
1.2 Air transport demand
1.2.1 Passenger trafc
Global passenger trafc continues a steady recovery after the worst crisis in its
history. During 2021, passenger trafc grew 28.4% compared with 2020, the
equivalent of 1.0 billion passengers (Chart 2). This trend continued during 2022,
with an estimated increase of 42.0% compared with 2021. This is one of the most
signicant increases of the last decade, but still leaves the industry 2.6 billion
passengers behind its 2019, pre-pandemic level. In 2022, passenger trafc was at
72% of 2019 levels.
132023 ACI Airport Economics Report
Recovery has been heterogenous across the globe. For instance, Asia-Pacic
lagged as China’s sizable aviation market experienced international travel
restrictions during 2021 and 2022. However, as China lifted travel restrictions in
early 2023, growth in the Asia-Pacic region picked up as the Beijing, Guangzhou
and Shanghai hubs resumed their role as major trafc connectors. This situation
is shared by some of the major European and Middle Eastern hubs, as their high
dependency on international connections has prevented them from achieving
pre-pandemic trafc volumes.
North America has seen the best recovery levels worldwide with passenger trafc
reaching 66% of 2019 levels during 2021 (Chart 3). A swift vaccine distribution,
the easing of travel restrictions, and a solid domestic market fostered the return
of North American travellers to the skies for both leisure and business purposes.
Latin America-Caribbean and Africa also posted strong numbers for 2021 and
were 37% and 49% below 2019 trafc levels respectively by the end of the year.
These two regions have beneted from a growing low-cost carrier industry that
promotes the swap from road to air travel.
Chart 3:
Passenger trafc growth rates by region
(2020/2019 and 2021/2019)
Africa Asia-Pacific Europe Latin America-
Caribbean
Middle East North America
2020/2019 % Change
2021/2019 % Change
-66%
-54%
-69%
-60%
-67%
-61%
-49%
-56%
-56%
-37%
-58%
-34%
Source: ACI World Annual Trafc Database
14 2023 ACI Airport Economics Report
Chart 4:
Evolution of global airport cargo trafc
(million tonnes, 2015–2022*)
* Preliminary gures
Source: ACI World Annual Trafc database
Year-over-year % change
Total cargo Year-over-year % change
106.1
110.3
118.8
122.9
120.1
108.6
125.3
115.9
2.6%
4.0%
7.7%
3.4%
-2.2%
-
9.6%
15.4%
-7.5%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0
20
40
60
80
100
120
140
2015 2016 2017 2018 2019 2020 2021 2022*
Total airport cargo traffic in metric tonnes (million tonnes)
1.2.2 Air cargo trafc
Air cargo had its best year in history in 2021, with 125.3 metric tons transported
through airports worldwide (Chart 4). Unlike passenger trafc, cargo trafc was not
heavily affected by international travel restrictions. Even with the reduced capacity
due to less passenger plane belly cargo, air cargo kept growing as it positioned
itself as the fastest and most reliable transportation option. Additionally, disruptions
to maritime transportation promoted the move to air cargo for many products and
industries. Another key element for air cargo during 2021 was e-commerce, with
companies demanding more capacity to transport parcels. Air cargo volume had an
estimated decrease of 7.5% during 2022, partially due to adverse macroeconomic
conditions and increases in oil prices.
152023 ACI Airport Economics Report
Methodological note:
Figures in Charts 2, 3 and 4 represent the most comprehensive sample
of airports for which annual trafc data for the year 2021 was collected.
These charts are taken from the ACI 2021 World Annual Trafc Report. The
subsequent analyses of revenues, costs and other economic indicators
are based on a smaller sample of airports, as per Table A above. Hence,
readers are advised against reconciling global trafc data with sample-
specic economic analyses.
16 2023 ACI Airport Economics Report
2. Airport Revenues
2.1 The airport industry
Revenues derived from passengers are the main source of funds for airports
around the world, and 2021 was no different. Given the high correlation between
airport revenues and passenger trafc, the implosion in passenger trafc—
resulting from international travel restrictions—had a direct impact on airport
revenues, forcing airports to nd such additional sources of capital as issuing
debt and equity.
Before the pandemic, there was a solid balance between aeronautical and non-
aeronautical revenues. Annual growth rates for both revenue sources were at an
average of about 5% for the 10 years preceding the pandemic. As passenger trafc
was disrupted, revenue growth stopped, and the distributional balance between
aeronautical and non-aeronautical revenues was broken. Since cargo trafc was
the only source of revenues that remained stable, aeronautical revenues gained
more importance due to the constant ow of cargo aircraft landing and parking
charges.
Another key factor that served as a lifeline for multiple airports worldwide is non-
operating revenue. This category comprises interest income, subsidies, grants,
asset divestments and other related non-operating items. Non-operating revenues
experienced some growth as several legislations around the world approved crisis
support packages to help airports cope with the massive decrease in passenger
trafc though this was not uniform across regions.
In 2021, aeronautical revenue was the largest source of income for airports,
representing 50% of the total (up 2 percentage points from 2020), whereas non-
aeronautical revenues made up 34%, down 5 percentage points from 2020. Non-
operating revenue represented 16% in 2021, up 2 percentage points from 2020,
mainly due to the aforementioned grants, subsidies and other pandemic-related
help packages (Chart 5).
172023 ACI Airport Economics Report
40%
39%
34%
6%
14%
16%
54%
48%
50%
2019 2020 2021
Non-aeronautical Non-operating Aeronautical
Source: ACI World Airport Economics Database
In 2021, total airport revenue amounted to US$85.5 billion, down US$0.4 billion
from 2020 and signicantly down from US$158.6 billion in 2019 (Chart 6). This
represents a decrease of 0.4% compared with 2020, and a decrease of 43%
compared with 2019. Though trafc showed signs of a recovery, airport revenues
decreased marginally in 2021, mainly due to the decreases in non-aeronautical
revenues as relief measures from airports to commercial concessionaires went
into effect.
Prior to the pandemic, per passenger revenue was falling slightly due to the rapid
expansion in passenger trafc during the 2010s. In 2021, revenue per passenger
surpassed pre-pandemic levels reaching a decade-high number (Chart 7). This
increase was mainly due to a collapsing trafc base as part of the denominator.
Chart 5:
Distribution of airport revenues by key source
(2019, 2020, and 2021)
18 2023 ACI Airport Economics Report
Chart 6:
Evolution of industry total revenue (million US$)
and year-over-year % growth (2015–2021)
Chart 7:
Evolution of total revenue per passenger
and year-over-year % growth (US$, 2015–2021)
Source: ACI World Airport Economics Database
Note: Previous years’ data was adjusted to present value according to the level of ination. Time series represent
real values with 2021 being the base year.
Source: ACI World Airport Economics Database
Note: Previous years’ data was adjusted to present value according to the level of ination. Time series represent
real values with 2021 being the base year.
Total industry revenue (millions US$) Year-over-year % growth
Year-over-year % change
$133,397
$141,138
$149,920
$156,369
$158,600
$85,900
$85,500
6.0%
5.8%
6.2%
4.3%
1.4%
-43.0%
-0.4%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
2015 2016 2017 2018 2019 2020 2021
Total airport industry revenue (millions US$)
Year-over-year % change
Total revenue per passenger Year-over-year % change
$22.12
$21.07
$20.89
$20.63
$19.87
$23.49
$25.32
-10.6%
-4.7%
-0.9%
-1.3%
-3.7%
18.2%
7.8%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
$-
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
$22
$24
$26
$28
2015 2016 2017 2018 2019 2020 2021
Total revenue per passenger (US$)
192023 ACI Airport Economics Report
Chart 8:
Distribution of global airport revenues (2019, 2020, and 2021)
Source: ACI World Airport Economics Database
In terms of revenue share by region, North America remained the top region
worldwide during 2021 with 32% of total revenues (Chart 8). Government grants
in the United States through the CARES Act, coupled with a solid domestic
market, were key factors behind North America’s prime positioning. A stronger
intra-European travel market allowed Europe to follow closely with 32% of
total revenues, a recovery of 4 percentage points from 2020. Asia-Pacic fell 4
percentage points from 2020 to 2021, the 21% share of revenues largely a result
of international travel restrictions prevalent in China. The Latin America-Caribbean
region had strong results, however, due to rapidly recovering passenger trafc
and expansion in the low-cost carrier market and achieved an 8% share of total
airport revenue in 2021. Finally, the Middle East and Africa remained stable with
a 5% and 2% share respectively.
Africa Asia-Pacific Europe Latin America-Caribbean Middle East North America
2%
2%
2%
26%
25%
21%
6%
6%
8%
35%
28%
32%
9%
4%
5%
22%
34%
32%
2019 2020 2021
158.6b $US
85.5b $US
85.9b $US
20 2023 ACI Airport Economics Report
Table 1: Estimated industry revenues and costs (million US$, 2021)
Africa 1,400 -30.8% 900 -27.4% 400 -36.7% 100 -34.8%
Asia-Pacic 18,200 -16.9% 7,700 -15.6% 8,700 -20.7% 1,800 19.1%
Europe 27,500 17.0% 14,500 24.3% 11,300 5.9% 1,700 6.5%
Latin America-Caribbean 6,500 27.2% 4,300 40.2% 1,900 18.1% 300 -1.8%
Middle East 4,400 18.1% 2,300 24.6% 1,900 15.2% 200 -1.8%
North America 27,500 -3.9% 13,300 -3.1% 7,500 -11.7% 6,700 -0.5%
World 85,500 -0.4% 43,000 3.2% 31,700 -7.7% 10,800 2.6%
Operating
expenses
2018/2017
% change Capital costs
2018/2017
% c%hange
Total cost
(operating +
capital costs)
2018/2017 %
change
Africa 1,200 -8.2% 700 -6.7% 1,900 -9.1%
Asia-Pacic 16,600 -2.8% 8,600 -4.6% 25,100 -3.4%
Europe 21,000 -8.8% 13,200 -12.1% 34,200 -10.1%
Latin America-Caribbean 3,500 15.6% 2,300 -14.6% 5,800 -3.2%
Middle East 3,800 7.1% 2,800 -2.0% 6,600 3.0%
North America 13,600 -12.3% 12,500 -1.7% 26,100 -7.6%
World 59,700 -6.7% 40,100 -6.8% 99,700 -6.9%
Region
Total
revenue
2021/2020
% change
Aeronautical
revenue
2021/2020 %
change
Non-aero-
nautical
revenue
2021/2020 %
change
Non-operating
revenue
2021/2020
% change
Source: ACI World 2023 Airport Key Performance Indicators
Region
Operating
expenses
2021/2020
% change
Capital
costs
2021/2020 %
change
Total cost
(operating
+ capital
costs)
2021/2020 %
change
The recovery of airport revenues varied throughput the world and is correlated
to the recovery of passenger trafc. Overall, during nancial year 2021, airport
revenues saw a small decrease of 0.4% compared with 2020 (Table 1). The
Latin America-Caribbean region had the largest revenue increase with a 27.2%
change year over year, due to the expansion of low-cost carriers and relaxation
of international travel restrictions. The Middle East followed with an increase of
18.1%, as the main hubs in the region started to recover connectivity. Europe
was able to bounce back 17.0%, supported by strong intra-European travel to
leisure destinations. North America had a stable result with a decrease of 3.9%
compared with 2020. Lastly, Asia-Pacic saw the result of the travel restrictions
in China manifested in a 16.9% decrease in revenues, while Africa had a 30.8%
decrease as the region’s international travel markets suffered and vaccination
rates among the African population lagged.
212023 ACI Airport Economics Report
2.2 Aeronautical revenues
Aeronautical revenues are generated from an array of charges and fees that are
levied on users and passengers of airport facilities and services.
These revenues play a crucial role in the development and maintenance of
airport infrastructure. They are used to upgrade and modernize facilities in line
with sustainability goals, to improve safety and security measures and to adopt
new technologies and services. This ensures that airports can meet the growing
demand for travel and provide passengers with a smooth and efcient experience.
Aircraft operators, both commercial airlines and general/business aviation,
typically pay charges for the use of airside infrastructure (including runways,
taxiways, aprons, parking stands and airbridges) at airports. These charges are
usually based on an aircraft weight formula. They can also vary depending on
the length of time an aircraft is parked. Meanwhile, passengers typically pay
charges for the use of passenger processing facilities, including terminals, ground
access to terminals and security services. These charges are normally collected
by aircraft operators on behalf of airports to avoid delays and bottlenecks in
facilitation. Passenger-related charges are accrued on a per-passenger basis.
Finally, a transfer charge may be levied on passengers transferring to other
aircraft.
Prior to the pandemic, many airports moved toward charging systems that aim
to accommodate and satisfy airline customers by rebalancing the scale between
aircraft-related charges and passenger-related charges, depending on the
specic requirements and local circumstances. This move took place in a context
of increased competition, capacity constraints and congestion, especially at many
of the world’s major airports.
Chart 9 provides a detailed breakdown of global aeronautical revenues. As shown,
passenger charges continue to be the largest source of aeronautical revenue
for airports at 31%, followed by landing charges at 24% and terminal rentals at
18%. Due to the steep decline in passenger volume, passenger-related revenues
have not been able to fully recover their pre-pandemic share of total aeronautical
revenues and in 2021 were still 13 percentage points behind their 2019 level.
The share of terminal rentals
1
paid by airlines for space utilization almost doubled
in 2020 and now accounts for 18% of global aeronautical revenue, though this
revenue source is mainly limited to North America.
1
The Federal Aviation Administration (FAA) classies terminal rentals as passenger/airline
aeronautical revenues.
22 2023 ACI Airport Economics Report
Chart 9:
Distribution of aeronautical revenue sources (2019, 2020, and 2021)
When looking at individual aeronautical revenue sources, passenger charges
were able to recover 4% in 2021, having drastically fallen during the pandemic.
The remainder of aeronautical charges followed a positive path alongside trafc
recovery, the only exception being terminal rentals, which fell 6%.
Chart 10 summarizes growth rates for the major sources of aeronautical revenue.
Chart 10:
Year-over-year % change in selected aeronautical revenue sources
(2021/2020)
* Airport improvement fees.
** Passenger facility charges.
*** Includes miscellaneous passenger-related, aircraft-related, cargo-related charges, and all
other unidentied charges of aeronautical nature.
Source: ACI World Airport Economics Database
* Airport improvement fees.
** Passenger facility charges.
Source: ACI World 2023 Airport Key Performance Indicators
Landing charges Passenger charges (AIF* and PFC** included)
Terminal rentals Security charges Other***
22%
25%
24%
44%
31%
31%
12%
20%
18%
8%
6%
5%
15%
19%
21%
2019
2020
2021
Terminal
rentals
Parking
charges
Landing
charges
Passenger charges
(AIF* and PFC**
included)
Security
charges
Boarding bridge
charges
Ground handling
charges
4%
24%
15%
10%
5%
10%
-6%
232023 ACI Airport Economics Report
Except for the United States, where the Passenger Facility Charge (PFC) limits the
collection of PFC fees to US$4.50 for every departing passenger at commercial
airports controlled by public agencies, many airports emphasise generating
revenues by charging passengers as opposed to aircraft operators. The ratio of
passenger-related versus aircraft-related revenue reveals this emphasis. As was
the case prior to the pandemic, the Middle East, Latin America-Caribbean and
Africa recorded the highest proportion of revenue coming from passenger-related
charges in 2021 (Chart 12).
Globally, in 2021, 43% of airport revenues was passenger-related, 38% was
aircraft-related, and 19% was terminal rentals. When looking at the regional
difference, most airport revenues in North America were terminal rentals. In
Africa, Europe, Latin America-Caribbean and the Middle East, the percentage
of passenger-related revenues was much higher, between 60% and 82%. Asia-
Pacic continued to record a more balanced ratio of revenues from aircraft-related
charges and passenger-related charges.
* Airport improvement fees.
** Passenger facility charges.
Source: ACI World 2023 Airport Key Performance Indicators
Chart 11:
Year-over-year % change in selected aeronautical revenue sources
(2020/2019 and 2021/2019)
2021/2019
2020/2019
-
63%
-
59%
-
50%
-
50%
-
39%
-
19%
-
17%
-
65%
-
61%
-
58%
-
55%
-
42%
-
29%
-
14%
Parking
charges
Terminal
rentals
Landing
charges
Passenger
charges (AIF* and
PFC** included)
Security
charges
Boarding bridge
charges
Ground handling
charges
24 2023 ACI Airport Economics Report
Chart 12:
Ratio of aircraft-related to passenger-related revenues by region
(2021)
Over the years, there was a reliance on passenger-based revenues, comprising
about 55%–56% of airport aeronautical revenues. The pandemic-related decrease
in passenger trafc disrupted this norm. Despite the sharp decline in landing
charges due to the pandemic, there were still air cargo operations. Thus, the
relative share of aircraft-related revenues has been more signicant since 2020
compared with passenger-related revenue. In 2021, passenger-based and aircraft-
related revenues had similar shares at 43% and 38% respectively (Chart 13).
Aircraft-related revenues* Terminal rentals** Passenger-related revenues***
32%
55%
39%
17%
29%
37%
38%
1%
4%
0.4%
1%
0.8%
41%
19%
67%
41%
60%
82%
70%
22%
43%
Africa Asia-Pacific Europe Latin America-
Caribbean
Middle East North America World
* Landing charges, parking charges, boarding bridge charges, noise and environmental charges,
navaid charges and all other aircraft-related charges.
** Terminal rentals are mainly limited to North America. The Federal Aviation Administration (FAA)
classies terminal rentals as passenger airline aeronautical revenues.
*** Passenger charges (including AIF and PFC charges), security charges, transfer/transit charges
and all other passenger-related charges.
Source: ACI World 2023 Airport Key Performance Indicators
252023 ACI Airport Economics Report
Aircraft-related revenues* Terminal rentals** Passenger-related revenues***
34%
32%
33%
34%
33%
39%
38%
11%
11%
12%
11%
11%
20%
19%
56%
56%
55%
56% 56%
41%
43%
2015 2016 2017 2018 2019 2020 2021
Chart 13:
Ratio of aircraft-related to passenger-related revenues
(2015–2021)
* Landing charges, parking charges, boarding bridge charges, noise and environmental charges,
navaid charges and all other aircraft-related charges.
** Terminal rentals are mainly limited to North America. The Federal Aviation Administration (FAA)
classies terminal rentals as passenger airline aeronautical revenues.
*** Passenger charges (including AIF and PFC charges), security charges, transfer/transit charges
and all other passenger-related charges.
Source: ACI World Airport Economics Database
26 2023 ACI Airport Economics Report
2.3 Non-aeronautical revenues
Because aeronautical revenues are insufcient to cover the full cost of the
infrastructure and other services, it is important to diversify the airport portfolio
of activities and revenues to offer passengers, customers and local business
communities a wide range of services.
Consequently, revenue sources on the commercial side of the airport business
(i.e., non-aeronautical revenues) tend to be more diverse than traditional
aeronautical revenue streams. In normal times, these non-aeronautical revenues
constitute a vital component of an airport’s income statement and its bottom
line. Such sources of revenue also tend to generate higher net prot margins
than aeronautical revenues. Not only do non-aeronautical sources of revenue
provide diversication of airport income streams but also they serve as an
additional cushion during economic downturns. Nevertheless, the decreased ow
of passengers also affected non-aeronautical revenues. The fact is that these
revenues depend on passenger trafc and is one of the reasons why the industry
was forced into survival mode during the crisis.
Non-aeronautical revenue may be derived from rents charged to concessionaires
offering a wide range of services to passengers, including car parks within the
airport boundary, retail, banking, advertising and car rental facilities on the airport
site. It may also relate to revenue from rents for ofce accommodation on airport
land, either in the form of rents for ofces built by the airport operator or rents for
airport land leased to third parties on which ofces or other facilities have been
built. Other minor sources of non-aeronautical revenue may include such various
charges as those for third-party employee security passes, pass-through charges
for utilities consumption or access charges for public transport operators.
Chart 14 provides the global breakdown of non-aeronautical revenue by source.
The pandemic shifted the balance for non-aeronautical activities, giving less
weight to passenger-dependent sources, such as retail concessions, which fell
from 26% in 2019 to 13% in 2021. On the other hand, property and real estate
revenue has gained 10 percentage points since 2019 to become the largest
source, accounting for 25% of all non-aeronautical revenues. This increase is
partly due to the role the cargo industry has played during the pandemic, with
freight forwarders and cargo handling companies continuing to lease space for
their operations within airports’ grounds. Finally, car parking remained stable
as the North America domestic market provided a steady source of income
throughout the pandemic.
272023 ACI Airport Economics Report
Although passenger trafc partially recovered in 2021, there were multiple non-
aeronautical revenue sources that experienced further declines compared with
2020. For instance, revenue from retail concessions fell 36% as many airports
implemented support measures to help retailers cope with the crisis (Chart 15).
Similarly, advertising and food and beverage had declines of 22 and 17 percentage
points respectively due to their high dependency on passenger trafc. The best
performing category was fuel and oil, mainly due to the increase in crude oil
prices that has a direct impact on variable fees paid to airports
Chart 14:
Distribution of non-aeronautical revenue by source
(2019, 2020, and 2021)
* Includes revenue from airport-operated parking lots and car parking concessions revenue
** Includes revenue from other unspecied concessions, revenue from other unspecied activities
undertaken by an airport and other unspecied non-aeronautical activities
Source: ACI World Airport Economics Database
Retail concessions Property and real estate revenue or rent Car parking*
Rental car concessions Food and beverage Fuel and oil
Other non-aeronautical revenue**
26%
17%
13%
15%
25%
25%
21%
19%
20%
6%
8%
9%
6%
5%
5%
3%
3%
2%
23%
24%
26%
2019
2020
2021
28 2023 ACI Airport Economics Report
Non-aeronautical revenues have recovered slower than aeronautical revenues.
Chart 16 illustrates the lasting impact the pandemic has had on several non-
aeronautical categories. A key factor behind this is the incentives many airports
have provided to commercial operators, such as rent reductions and discounts.
Two major categories feeling the effect of the incentives are retail concessions
and food and beverage, which are still 65% and 53% behind their 2019 levels.
Chart 15:
Year-over-year % change in selected non-aeronautical revenues
(2021/2020)
* Includes revenue from airport-operated parking lots and car parking concessions revenue
Source: ACI World 2023 Airport Key Performance Indicators
-36%
-22%
-17%
-9%
-5%
-
3%
0.3%
4%
6%
Retail
concessions
Advertising Food and
beverage
Property and
real estate
revenue or rent
Car parking* Aviation
catering
service
Utility
recharges
Rental car
concessions
Fuel and oil
292023 ACI Airport Economics Report
Property and real estate has become the most important non-aeronautical revenue
category for Asia-Pacic (44%), Middle East (28%), Europe (27%) and Africa
(22%) (Chart 17). The resilience of this category during the pandemic—mostly
fueled by cargo-related businesses—has been a key lifeline for many airports
worldwide. North America continues to lead the world in car parking revenue. Car
parking generates 36% of non-aeronautical revenue in the region, more than four
times the share of Africa (8%) and Asia-Pacic (7%).
In terms of regional changes by category year over year, Africa and Asia-Pacic
both struggled with a 63% reduction in retail concessions revenue from 2020
to 2021 (Table 2). Likewise, North America and Europe experienced decreases
of 34% and 8% respectively in this category. The Latin America-Caribbean
region had a strong year during 2021, however, with increases of 34% for retail
concessions, 28% for food and beverage, and 36% for car parking due to growing
demand for air travel and the removal of travel restrictions.
* Includes revenue from airport-operated parking lots and car parking concessions revenue
Source: ACI World Airport Economics Database
Chart 16:
Year-over-year % change in selected non-aeronautical revenues
(2020/2019 and 2021/2019)
2020/2019
2021/2019
-65%
-64%
-53%
-49%
-43%
-42%
-31%
-25%
-12%
-75%
-63%
-56%
-51%
-53%
-56%
-28%
-24%
-20%
Retail
concessions
AdvertisingFood and
beverage
Property and
real estate
revenue or rent
Car parking*Aviation
catering
service
Utility
recharges
Rental car
concessions
Fuel and oil
30 2023 ACI Airport Economics Report
Table 2:
Year-over-year % change in selected non-aeronautical revenues
(2021/2020)
Source: ACI World 2023 Airport Key Performance Indicators
Region
Retail
concessions
Food and
beverage
Car
parking
Property and
real estate
revenue or rent
Rental car
concessions
Africa -61% -13% -58% -28% -73%
Asia-Pacic -63% -42% -19% -21% -32%
Europe -9% -8% 33% -1% 13%
Latin America-Caribbean
35% 30% 39% 0.4% 54%
Middle East -4% -30% 16% 17% -53%
North America -36% -24% -14% -1% 3%
Chart 17:
Distribution of non-aeronautical revenue by region
(% of total non-aeronautical revenue, 2021)
* Includes revenue from airport-operated parking lots and car parking concessions revenue
** Includes revenue from other unspecied concessions, revenue from other unspecied activities
undertaken by an airport and other unspecied non-aeronautical activities
Source: ACI World Airport Economics Database
18%
15%
18%
17%
22%
5%
3%
2%
5%
6%
2%
7%
8%
7%
15%
9%
9%
37%
23%
44%
27%
15%
28%
12%
2%
0.6%
3%
7%
1%
21%
46%
32%
31%
46%
37%
18%
Africa
Asia-Pacific
Europe
Latin America
-Caribbean
Middle East
North America
Retail concessions Food and beverage Car parking*
Property and real estate revenue or rent Rental car concessions Other non-aeronautical revenue**
312023 ACI Airport Economics Report
3. Airport Costs
Airports are infrastructure intensive businesses—the cost structure is
characterized by prominent xed costs. The maintenance and operation of airport
components, such as runways, taxiways, aprons, parking stands and terminal
buildings, necessitate high xed costs. Above operating expenses, airports must
expand and invest in sustainable solutions to respond to air transport demand.
In 2021, total airport costs were US$99.7 billion, down from US$106.4 billion
in 2020 (Chart 18). After adjusting for ination, the evolution of industry costs
prior to the pandemic reveals modest growth levels over the period 2015–2019.
Prior to the pandemic, airport costs grew at a slower pace than global air trafc
demand. This growth in costs was broken in 2020 as airports implemented cost
saving strategies in response to the COVID-19 crisis. In 2021, total airport costs
decreased 6.9% while global air transport demand measured by passenger trafc
increased 28.4%.
The controlled growth in costs between 2015–2019 and the decrease in costs in
2020–2021 demonstrate the sustainable cost management strategy implemented
by the industry. Being infrastructure intensive and having high xed costs does
limit the ability of airports to reduce costs, however.
Chart 18:
Evolution of total industry costs and year-over-year % growth
(million US$, 2015–2021
Source: ACI World Airport Economics Database
Note: Previous years’ data was adjusted to present value according to the level of ination. Time
series represent real values with 2021 being the base year.
Total industry costs (millions US$) Year-over-year % growth
Year-over-year % change
$104,100
$106,100
$109,700
$113,900
$117,000
$106,400
$99,700
4.3%
2.0%
3.4%
3.8%
2.7%
-9.0%
-6.9%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
2015 2016 2017 2018 2019 2020 2021
Total airport industry costs (millions US$)
32 2023 ACI Airport Economics Report
Even though total airport costs have dropped in absolute terms, costs on a per-
passenger basis have increased as passenger trafc is signicantly below its
2019 level.
As shown in Chart 20, the cost per passenger was steadily decreasing until 2020
and has been rising since. As passenger trafc returns, the cost per passenger
should slowly return to pre-COVID levels.
Chart 19:
Distribution of airports’ total costs
(2019, 2020, and 2021)
Total airport costs can be divided between operating expenses and capital costs.
Operating expenses made up 60% of total costs in 2021, up from 59% of total
costs in 2020, the remaining 40% being allocated to capital costs, down from
41% in 2020 (Chart 19). The largely xed nature of capital costs resulted in these
higher shares for 2020 and 2021 compared with 2019.
65%
59% 60%
35%
41% 40%
2019 2020 2021
Operating expenses Capital costs
Source: ACI World Airport Economics Database
332023 ACI Airport Economics Report
3.1 Operating costs
Personnel continue to represent the largest component of operating expenses,
accounting for 36%. Contracted services, which are activities outsourced to third
parties, represent the second-largest component. These services account for
26% of operating expenses (Chart 21).
The extent to which an airport chooses to operate essential services using its
own employees (insourcing) or to contract services to third parties (outsourcing)
inevitably affects the proportions of its costs in these two main operating expense
categories. The combined share of the two labour-related cost categories—
personnel expenses and contracted services—has remained by far the largest
cost centre for airports, at around 62% of total operating expenses.
Chart 20:
Evolution of total industry costs per passenger and year-over-year
% growth (US$, 2015–2021)
Source: ACI World Airport Economics Database
Note: Previous years’ data was adjusted to present value according to the level of ination. Time
series represent real values with 2021 being the base year.
Total cost per passenger Year-over-year % change
Year-over-year % change
Total revenue per passenger (US$)
$17.35
$16.40
$15.60
$15.39
$14.85
28.91
-12.3%
-5.5%
-4.9%
-1.3%
-3.6%
92.3%
1.3%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
$-
$5
$10
$15
$20
$25
$30
$35
2015 2016 2017 2018 2019 2020 2021
$28.55
34 2023 ACI Airport Economics Report
Compared with 2020, personnel expenses declined 10% (Chart 22), as many airports
reduced their Full Time Equivalent (FTE) in response to the trafc decline. General
and administration expenses dropped 15% while materials, equipment supplies,
communications, utility, energy, waste, contracted services and maintenance
decreased between 2% and 7%. Insurance, claims, and settlements increased 3%.
Chart 21:
Distribution of operating expenses
(2019, 2020, and 2021)
* Other category includes unidentied expenses incurred in carrying out an airport’s day-to-day
activities and normal business operations.
Source: ACI World Airport Economics Database
Personnel expenses Contracted services General and administration expenses
Communications, utilities, energy and waste Materials, equipment, supplies
34%
37%
36%
26%
25%
26%
4%
4%
4%
7%
7%
7%
3%
4%
4%
6%
6%
7%
5%
3%
4%
15%
14%
10%
2019
2020
2021
Maintenance (excluding contracted
services)
Lease, rent, concession fee payments Other*
Chart 22:
Year-over-year % change in selected operating expense categories
(2021/2020)
Source: ACI World 2023 Airport Key Performance Indicators
-15%
-10%
-7%
- 5%
-5%
-2%
1%
3%
General and
administration
expenses
Personnel
expenses
Communications,
utilities, energy
and waste
Materials,
equipment,
supplies
Contracted
services
Maintenance
(excluding
contracted
services)
Lease, rent,
concession
fee payments
Insurance,
claims,
settlements
352023 ACI Airport Economics Report
Looking at operating expenses throughout the pandemic, lease, rent and concession
fee payments were low compared with 2019 as certain COVID-19 relief measures
remained in place. More importantly, airports reduced costs for all categories in which
they have some control (Chart 23). However, with the return of trafc, it is expected
that personnel expenses, maintenance, utilities, energy, waste, and other expenses
will rise due to higher utilization rates across airports.
3.2 Capital costs
Capital costs have a signicant impact on airports’ bottom lines. They include
interest on outstanding debt and depreciation on airport infrastructure. When
capital costs are taken into consideration within the overall cost structure, the
signicant weighting of depreciation as part of capital costs relative to operating
expenses is indicative of the role that xed assets and infrastructure play in the
overall accounting of airports’ costs.
Depreciation, which is the cost of a xed asset allocated over time, makes up
as much as 63% of capital costs and more than one quarter of all costs and
expenses incurred by a typical airport. Chart 24 shows the breakdown of capital
costs for 2021, 2020 and 2019.
Source: ACI World Airport Economics Database
Chart 23:
Year-over-year % change in selected operating expense categories
(2020/2019 and 2021/2019)
2020/2019
2021/2019
-48%
-23%
-23%
-20%
-20%
-14%
-11%
8%
-49%
-27%
-36%
-23%
-31%
-18%
-20%
23%
Lease, rent,
concession
fee payments
Materials,
equipment,
supplies
General and
administration
expenses
Contracted
services
Maintenance
(excluding
contracted
services)
Communications,
utilities,
energy and
waste
Personnel
expenses
Insurance,
claims,
settlements
36 2023 ACI Airport Economics Report
28%
31% 31%
7%
3%
6%
66%
66%
63%
2019 2020 2021
Interest expenses Other capital costs Depreciation/amortization
Source: ACI World Airport Economics Database
In 2020, capital costs rose 9% compared with 2019, driven by the increase in
depreciation and other capital costs, including impairment. In 2021, capital costs
decreased 7%. Nonetheless, interest expenses increased 4% in 2020, followed
by 3% in 2021 as airports took on more debt to nance diverse aspects of the
business. In comparison with 2019, interest expenses have increased 9% in two
years. Depreciation, meanwhile, increased 2% in the same period (Chart 25).
Chart 24:
Distribution of capital costs
(2019, 2020, and 2021)
372023 ACI Airport Economics Report
2020/2019 2021/2020 2021/2019
8.8%
4.1%
7.8%
- 6.7%
3.3%
-1.5%
3.3%
8.9%
1.5%
Capital cost Interest expense Depreciation/amortization
Source: ACI World Airport Economics Database
Chart 25:
Year-over-year % change in capital costs
(2020/2019, 2021/2020, 2021/2019)
3.3 Economies of scale—cost structure by airport size
As shown in Chart 26, the fraction of total cost apportioned to depreciation tends
to be greater for smaller airports. On the other hand, larger airports have higher
interest expenses. Interest expense is often referred to as the cost of capital or
the cost to nance certain airport activities or expansion. Airports serving larger
markets often depend on bond markets and other instruments to nance or expand
operations. As a result, the interest paid on those debt instruments represent a
more signicant proportion of capital costs. Smaller airports frequently rely on
subsidies to nance their operations or nancial shortfall beyond revenue.
38 2023 ACI Airport Economics Report
65%
60% 60%
55% 55% 55%
32%
31%
23%
26%
31%
25%
3%
6%
12%
18%
11%
17%
1%
2%
5%
1%
3% 3%
<1m
1–5m 5–15m 15–25m 25– 40m
>40m
Operating expense Depreciation/amortization Interest expenses Other capital costs
* Size categories based on 2019 passenger trafc
Source: ACI World 2023 Airport Key Performance Indicators
Airports’ average total costs tend to decline as their market size expands, as xed
costs are spread over an expanding throughput. Chart 27 shows that for small
airports, total cost per passenger exceeded US$20 in 2019 and is in the region
of US$13–US$16 per passenger for other airports. As trafc fell away during the
pandemic, larger airports found themselves having to support infrastructures
meant to welcome millions of passengers with a fraction of those numbers. As
shown in Chart 27, airports with over 40 million passengers in 2019 saw the
largest increase in total cost per passenger with a 141% increase between 2019
and 2021.
Chart 26:
Distribution of airports’ total costs by airport size*
(2021)
392023 ACI Airport Economics Report
* Size categories based on 2019 passenger trafc
Source: ACI World 2023 Airport Key Performance Indicators
Chart 27:
Total cost per passenger by airport size*
(2019, 2021)
20.82
13.44
13.31
13.00
13.71
16.01
29.94
22.88
24.29
24.01
23.25
38.51
<1m
1– 5m 5 –15m 15 – 25m 25 – 40m
>40m
2019 2021
40 2023 ACI Airport Economics Report
4. Airport Financial Performance
Measuring protability is a complex task for the airport industry because of the
diversity of capital structures. Though some airports are listed on stock exchanges
across the globe, the highest proportion is government owned. An estimated
majority (86%) of the 4,300 airports with scheduled trafc are public, in that they
are owned by a government or governmental entity. The ACI inventory of privatized
airports (2018) reveals that over 650 commercial airports have private sector
participation. Although these account for an estimated 14% of airports worldwide,
they handle over 40% of global trafc. Consequently, the measurement of airport
nancial performance and the subsequent interpretation of economic indicators
must consider institutional objectives, in both national and local contexts. Some
airports are geared toward maximizing returns for investors or shareholders, but
others are mandated purely to recover the costs they incur in providing airport
services and infrastructure.
Any discussion about airport revenue and protability would be incomplete without
considering the role played by economic regulation. An airport’s capacity to
generate revenue is a function of throughput and its market characteristics, but
this capacity varies depending on the jurisdiction in which an airport operates.
Not only do airport managers face multifaceted challenges in the areas of safety,
security and the environment but also they must comply with economic regulations
that govern the pricing of airport services. Airport economic regulations governing
revenues, particularly those relating to airport charges, exert a direct impact on
airport nancial performance and protability.
As trafc declined due to the COVID-19 pandemic, airports’ ability to collect those
charges decreased proportionally. With less exibility in operating expenditures,
coupled with capital costs that are largely xed, the crisis posed an important
challenge for airport operators.
Airport operators have a strong incentive to spread out costs by expanding
trafc to achieve economies of scale. Independently of capacity and regulatory
constraints, this also permits revenues to be generated at given trafc levels at a
point where either a return on investment is achieved or, at the very least, the costs
of operating an airport are covered.
With restrictions on travel and the collapse in air transport demand, airport
operators did not have sufcient trafc to drive down per trafc unit costs and
achieve economies of scale, or to generate signicant aeronautical or commercial
revenues to cover costs and to service debt levels.
412023 ACI Airport Economics Report
Historically, prior to the pandemic unit revenues and unit costs would move in
tandem with each other. Despite the decrease in total costs, in 2020 and 2021, the
average cost per passenger has exceeded the average revenue per passenger
(Charts 28 and 29). That is, unit costs far exceeded unit revenues. Even so,
many airport operators provided relief measures to their tenants and users
of infrastructure despite the shortfall. A survey of ACI member airports on their
COVID-19 response in terms of aeronautical charges indicates that a vast majority
of airports (68%) have implemented some form of discount or incentive to their
charges specically to address pandemic problems and the recovery.
Chart 28:
Evolution of unit revenues costs per passengers
(2014–2021, indexed 2014=100)
Source: ACI World Airport Economics Database
Total revenue per passenger Total cost per passenger
60
80
100
120
140
160
180
2014 2015 2016 2017 2018 2019 2020 2021
42 2023 ACI Airport Economics Report
Chart 29:
Evolution of aeronautical and non-aeronautical revenue per
passenger vs. operating expenses and capital costs per passenger
(US$, 2015–2021)
* Landing charges, parking charges, boarding bridge charges, noise and environmental charges,
navaid charges and all other aircraft-related charges
** Passenger charges (including AIF and PFC charges), security charges, transfer/transit charges
and all other passenger-related charges
Source: ACI World Airport Economics Database
The impact of the COVID-19 outbreak on airport trafc has caused investors to
re-evaluate the risk of airports. The future of airport businesses and the timing
and extent of trafc recovery remain uncertain. Changes in the structure and
composition of travel demand (e.g., slower and possibly permanently reduced
business demand) and shifts in market structure and general economic conditions
must also be considered.
As a result, many airports have had their credit ratings downgraded. There is
evidence that asset betas (a measure of market risk) of listed airport companies
show a marked increase since the start of the pandemic.
3.64
3.44
3.42 3.31
3.18
3.85
4.47
5.83
5.81 5.85
5.72
5.44 4.18
5.11
2.90
2.73
2.55
2.48
2.37
3.29
3.07
8.26
7.84
7.72
7.61
7.55
8.64
8.63
1.48
1.25
1.36
1.51
1.33
3.53
4.04
10.70
10.06
9.84
9.67
9.48
16.30
17.22
6.65
6.34
5.76
5.72
5.37
12.25
11.70
2015 2016 2017 2018 2019 2020 2021
Aircraft related revenues* Passenger related revenues**
Other aeronautical revenues
Non-aeronautical revenues Non-operating revenues Operating expenses
Capital Cost
432023 ACI Airport Economics Report
Chart 30:
Debt-to-EBITDA ratio (2015-2021)
Acceptable debt levels vary from one jurisdiction to the next due to differing
ownership, nancing structures and legal considerations. Global debt-to-EBIDTA
(earnings before interest, tax, depreciation and amortization) levels have
consistently oscillated in the realm of 5:1 for many years, though a declining
trend was observed in the years prior to the pandemic. But the revenue shortfall
during the pandemic has meant that debt-to-EBIDTA ratios have exceeded 13:1,
requiring airports to request debt relief or to renance existing debt at higher costs
(Chart 30).
4.91
4.55
4.59
4.19
4.39
15.53
13.64
2015 2016 2017 2018 2019 2020 2021
Source: ACI World Airport Economics Database
4.1 Margins: operating surplus and net prot
An airport’s operating surplus (EBITDA) serves as a measure for investors
and airport managers to assess the overall nancial performance of an airport
company.
Additionally, the net prot (or loss) is dened as the difference between total
revenue (aeronautical, non-aeronautical and non-operating revenues) and total
costs (operating expenses, capital costs and taxes). Because this gure is the
result of an airport’s operations for any given period, it effectively summarizes in
a single measure the management’s ability to run the business.
In 2021, the operating surplus of the airport industry was 32%, for a net prot
margin of -13% (up from -21% in 2020, but still down 18 percentage points
compared with 2019) (Chart 31).
44 2023 ACI Airport Economics Report
4.2 Return on invested capital
Return on invested capital (ROIC) is a measure that combines almost every
element of an airport’s income statement and balance sheet. It is a robust
measure of protability, because within a single measure not only does it consider
the effective management of total revenues and total costs in a nancial year
but also it takes invested capital into account. From an investor’s perspective,
ROIC measures the payment that both debt and equity holders would receive by
providing their capital. In the case of equity holders, ROIC is the return for bearing
the equity risk. When examined through the lens of this measure, actual returns
are considerably lower across the industry compared with net prot margins.
Because of the dramatic drop in trafc and aeronautical and non-aeronautical
revenues during the COVID-19 crisis, it could take years to restore the nancial
health of individual airports and the sector in general. Because airports have
become more vulnerable, their risk prole has deteriorated, resulting in a higher
cost of capital. Debt or equity investors will factor in a risk premium to nance
airport operations and capital expenditures (CAPEX) to the same degree as
before. They will require the risk gap to be bridged via higher retained earnings or
equity capital or will charge higher lending rates.
Chart 31:
Operating surplus and net prot margins
(2015–2021)
Source: ACI World Airport Economics Database
50%
51%
50%
51%
50%
28%
32%
17%
22%
21%
21%
19%
-21%
-13%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
0%
10%
20%
30%
40%
50%
60%
2015 2016 2017 2018 2019 2020 2021
Net profit margin
EBITDA margin
Operating surplus margin (EBITDA) Net profit margin
452023 ACI Airport Economics Report
4.8%
-3.2%
-1.9%
6.8%
-2.4%
-3.5%
5.3%
-3.1%
-2.2%
2019 2020 2021
Advanced economies Emerging and developing economies World
* Return on invested capital excluding non-operating income
Source: ACI World 2023 Airport Key Performance Indicators
Chart 32:
Return on invested capital*—advanced versus emerging economies
(2019, 2020, and 2021)
Previous studies have pointed to the global airport industry weighted average
cost of capital (WACC) being in the realm of 6% to 8% with some stability over
the last decade. It is important to note that WACC varies according to jurisdiction,
nancing structure, market conditions, trafc risk and political risk depending on
where airport operators and investors place their capital investments, to name but
a few dimensions.
Overall, the industry’s ROIC showed little variability prior to the pandemic, which
is a testament to the industry’s stability in terms of cashow. The ROIC remained
within the global range of the WACC. This means that airports were breaking
even over this period. However, following the collapse in trafc in 2020, a huge
wedge exists between the industry’s ROIC, which is negative, and the increasing
WACC. Globally, the adverse effect of the pandemic brought the global ROIC
into negative territory at -2.2% for the industry in 2021. The difference in ROIC
between airports in advanced economies and airports located in emerging markets
has oscillated since the beginning of the pandemic. In normal times, airports in
emerging and developing economies were reporting higher returns than airports
in advanced economies. In 2021, airports in advanced economies recorded lower
declines in ROIC than airports in emerging and developing economies as trafc
recovery took hold in North America and Europe while Asia-Pacic lagged due to
travel restrictions (Chart 32).
46 2023 ACI Airport Economics Report
4.3 Comparative returns
Although ROIC addresses the relative return from net prots before interest as a
proportion of invested capital (equity and debt), return on assets (ROA) is used to
analyze net prots relative to total assets. Both measures indicate a company’s
ability to generate a nal net prot (after taxes) for every dollar invested, but
ROA does not consider a company’s liabilities, which are subtracted from its total
assets in calculating ROIC.
Return on capital employed (ROCE) addresses the return on EBITDA. ROCE
examines an airport’s ability to generate returns from operating activities
independent of taxes and capital costs. The principal difference between ROA
and ROCE lies in the denominator. ROA uses total assets as its denominator and
ROCE is calculated using employed capital—the sum of shareholders’ equity and
long-term debt nance—as the denominator.
Chart 33 illustrates the three measures described above by airport size. Returns
vary by airport throughput and size category. Although ROCE remained positive
for all airport size categories in 2021, the pandemic meant an 8.7 percentage
points reduction in airports’ ROCE compared with 2019. Likewise, drastic changes
and declines were recorded for each airport size category in terms of ROA and
ROIC. Better performance for all three measures of return can be seen in the two
categories of airports that have 1-5m and 5-15m passengers per annum. This is
partly due to their ability to recoup a certain volume of ights following the crisis.
5.9%
6.2%
5.9%
3.9%
6.1%
2.7%
-4.6%
-2.9%
-1.6%
-0.9%
-1.1%
-2.3%
-0.6%
-0.4%
-0.1%
-1.9%
-1.5%
-3.2%
<1m
1–5m 5 –15m 15 – 25m 25 – 40m
>40m
ROCE ROIC* ROA
* Return on invested capital excluding non-operating income
** Size categories based on 2019 passenger trafc
Source: ACI World 2023 Airport Key Performance Indicators
Chart 33:
ROA, ROCE, and ROIC* by airport size**
(2021)
472023 ACI Airport Economics Report
4.4 Airport nancial performance and airport size
Airports are asset-intensive businesses that require large minimum investments
just to accommodate a single aircraft landing. They must achieve a critical mass
before they can start recovering their investments in infrastructure and operating
costs.
Prior to the pandemic, airport nancial statements show that a signicant number
of individual airports were in the red despite the airport industry as a whole being
protable. The latest estimates, based on the pre-pandemic realities, suggest
that as many as 68% of the world’s airports operated at a net loss. Most of these
airports are small, each handling less than one million passengers per annum.
In pre-pandemic times, the industry’s overall earning propensity and protability
was concentrated among airports with higher passenger throughput. As the crisis
advanced, however, even airports with large trafc volumes started operating at
a loss. As an example, in the over 40m passengers per annum category, 72% of
airports recorded a loss during 2021 (Chart 34).
81%
66%
42%
33%
26%
12%
9%
4%
8%
81%
52%
58%
45%
58%
56%
52%
73%
62%
75%
48%
46%
34%
46%
45%
58%
46%
72%
0-150K 150k-350k 350k-600k 600k-1000k
1– 5m 5 –15m 15 –25m 25 – 40m
>40m
2019 2020 2021
* Size categories based on 2019 passenger trafc
Source: ACI World Airport Economics Database
Chart 34:
Share of loss-making airports by airport size*
(2019, 2020, and 2021)
48 2023 ACI Airport Economics Report
Chart 35 presents the share of loss-making airports excluding non-operating
revenues, which is made up of interest income, subsidies, grants and asset
divestments. For many smaller airports below ve million passengers per annum,
grants and subsidies make up a signicant proportion of revenues to ensure that
they remain economically viable. On a broader scale across all size categories,
this underscores the importance of non-operating income for many airports as
cashows from aeronautical and non-aeronautical revenues are insufcient to
cover costs and break even.
0-150K 150k-350k 350k-600k 600k-1000k
1– 5m 5–15m 15 –25m 25 – 40m
>40m
2019 2020 2021
93%
82%
76%
63%
52%
25%
33%
27%
21%
93%
92%
88%
84% 84%
71%
79%
85%
87%
93%
88%
82%
75%
73%
75%
73%
77%
90%
* Size categories based on 2019 passenger trafc
Source: ACI World Airport Economics Database
Chart 35:
Share of loss-making airports by airport size* excluding non-
operating revenues
(2019, 2020, and 2021)
492023 ACI Airport Economics Report
5. Look Ahead
Global passenger trafc is forecast to reach 92% of 2019 levels in 2023 (Chart
36). Although demand for leisure travel will likely remain strong in the rst half of
2023, growth levels may be more subdued in the latter half of 2023 as the effects
of higher interest rates are felt across economies. COVID-19 surges and its
variants continue to pose a challenge for seamless international travel, especially
amid knee-jerk reactions by a number of governments. This was especially
apparent when testing requirements for travellers from China were resurrected.
Despite headwinds, the opening of Chinese aviation markets represents positive
momentum on the path to recovery. The baseline projections for global passenger
trafc indicate that the industry will recover to 2019 levels by 2024. Even with the
huge surge in international travel, the recovery of the sector to pre-COVID-19
levels is mainly driven by domestic travel. International travel is forecast to
recover by 2025.
From a regional perspective, recovery patterns remain uneven in 2023. Africa,
with its continued reliance on international travel, continues to be vulnerable to
external shocks. That said, the continent’s full recovery is expected by 2024. The
Asia-Pacic markets continue to make a comeback, especially with the opening of
China, although the re-imposition of travel restrictions may represent a near-term
challenge. Although Asia-Pacic is enjoying a boom in travel with the removal of
most restrictions, it lags other markets in terms of reaching 2019 volumes.
The war in Ukraine seems unlikely to end in 2023 and the economic impact on air
transport will continue to be felt not only in European markets but also globally.
In 2022, hubs in Southeast Europe and the Middle East experienced the positive
substitution effect resulting from closed airspace and ight bans with Russia.
The diversion of trafc toward these hubs has boosted their international trafc
numbers.
The Americas is home to several markets where passenger numbers have already
reached 2019 levels. In fact, the sizable markets of Colombia and Mexico have
surpassed 2019 trafc numbers. Overall, despite the prospect of a recession later
in the year, North American markets are expected to come close to 2019 numbers
by the end of 2023 whereas markets in Latin America and the Caribbean have a
good chance of surpassing 2019 levels in 2023.
50 2023 ACI Airport Economics Report
71
99
110
119
127
134
92
104
113
121
127
83
92
99
105
111
100
105
109
114
119
124
129
135
140
79
84
91
97
39
51
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Optismistic Scenario
Base Scenario
Pessimistic Scenario
Pre-COVID Forecast
Historical Data
Source: ACI World Annual Airport Trafc Forecasts
Chart 36:
Medium-term global passenger trafc projection
(indexed, 2019 = 100, as of February 2023)
512023 ACI Airport Economics Report
ANNEX
Participating airports
Africa
Congo
AERCO - Aéroports du Congo
Oyo (OLL)
Pointe Noire (PNR)
Brazzaville (BZV)
Egypt
Egyptian Holding Company for Airport and Air
Navigation (EHCAAN)
Sharm El Sheikh (SSH)
Hurghada (HRG)
Cairo (CAI)
Assiut (ATZ)
Aswan (ASW)
Borg El Arab (HBE)
Luxor (LXR)
Sohag (HMB)
Ghana
Ghana Airports Company Ltd
Accra (ACC)
Kenya
Kenya Airports Authority (KAA)
Eldoret (EDL)
Mombasa (MBA)
Nairobi (NBO)
Madagascar
Aéroports de Madagascar - ADEMA
Mahajanga (MJN)
Toamasina (TMM)
Ravinala Airports
Antananarivo (TRN)
Nosy Be (NOS)
Mauritius
Airports of Mauritius Co. Ltd.
Plaine Magnien (MRU)
Morocco
Ofce National des Aéroports (ONDA)
Agadir (AGA)
Al Hoceima (AHU)
Ben Slimane (GMD)
Beni Mellal (BEM)
Bouarfa (UAR)
Casablanca (CMN)
Dakhla (VIL)
Errachidia (ERH)
Essaouira (ESU)
Fez (FEZ)
Goulimime (GLN)
Ifrane (GMFI)
Laayoune (EUN)
Marrakech (RAK)
52 2023 ACI Airport Economics Report
Nador (NDR)
Ouarzazate (OZZ)
Oujda (OUD)
Rabat (RBA)
Tan Tan (TTA)
Tanger (TNG)
Tetouan (TTU)
Zagora (OZG)
Nigeria
Federal Airports Authority of Nigeria (FAAN)
Enugu (ENU)
Kano (KAN)
Lagos (LOS)
Port Harcourt (PHC)
Abuja (ABV)
Senegal
Limak-Aibd-Summa (LAS)
Diass (DSS)
Seychelles
Seychelles Civil Aviation Authority (SCAA)
Victoria (SEZ)
South Africa
Airports Company South Africa (ACSA)
Cape Town (CPT)
Durban (DUR)
East London (ELS)
George (GRJ)
Johannesburg (JNB)
Kimberley (KIM)
Port Elizabeth (PLZ)
Upington (UTN)
Bloemfontein (BFN)
Tunisia
TAV Tunisie S.A.
Monastir (MIR)
Endha (NBE)
Zambia
Zambia Airports Corporation Limited
Livingstone (LVI)
Lusaka (LUN)
Mfuwe (MFU)
Ndola (NLA)
Asia-Pacic
Australia
Adelaide Airport Limited
Adelaide (ADL)*
Australia Pacic Airports Corporation Limited
Melbourne (MEL)*
Brisbane Airport Corporation
Brisbane (BNE)*
Perth Airport Pty Ltd
Perth (PER)*
Queensland Airports Limited
Gold Coast (OOL)*
Longreach (LRE)*
532023 ACI Airport Economics Report
Mount Isa (ISA)*
Townsville (TSV)*
Sydney Airport
Sydney (SYD)*
Cambodia
(Kingdom of
Cambodia)
Cambodia Airports
Siem Reap (REP)
Phnom Penh (PNH)
Sihanouk Ville (KOS)
China (People's
Beijing Capital International Airport Co., Ltd.
Beijing (PEK)
Republic of
China)
Chongqing Jiangbei International Airport
Eastern Airports Co., Ltd.
Chongqing (CKG)*
Changzhou (CZX)*
Huaian (HIA)*
Lianyungang (LYG)*
Nanjing (NKG)*
Taizhou (YTY)*
Xuzhou (XUZ)*
Yancheng (YNZ)*
Guangdong Airport Authority
Guangzhou (CAN)
Gansu Airport Group
Lanzhou (LHW)*
Jiayuguan (JGN)*
Dunhuang (DNH)*
Qingyang (IQN)*
Jinchang (JIC)*
Zhangye (YZY)*
Longnan (LNL)*
Guangxi Airport Group
Baise (AEB)*
Beihai (BHY)*
Guilin (KWL)*
Hechi (HCJ)*
Liuzhou (LZH)*
Nanning (NNG)*
Wuzhou (WUZ)*
Haikou Meilan International Airport
Haikou (HAK)*
Hangzhou Xiaoshan International Airport Co. Ltd.
Hangzhou (HGH)
Shanghai Airport Authority
Shanghai (PVG)*
Shanghai (SHA)*
Shenzhen Airport Company Ltd.
Shenzhen (SZX)*
Sichuan Province Airport Group Co., Ltd.
Chengdu (CTU)*
Dazhou (DAX)*
Guangyuan (GYS)*
Panzhihua (PZI)*
54 2023 ACI Airport Economics Report
Xichang (XIC)*
Chengdu (TFU)*
Wuxi Sunan International Airport Group Co., Ltd.
Wuxi (WUX)*
Zhejiang Provincial Airport Group
Ningbo (NGB)*
Quzhou (JUZ)*
Taizhou (HYN)*
Wenzhou (WNZ)*
Yiwu (YIW)*
Zhoushan (HSN)*
Chinese Taipei
Kaohsiung International Airport, CAA
Kaohsiung (KHH)
Taoyuan International Airport Corporation Ltd.
Taipei (TPE)
Cook Islands
Airport Authority Cook Islands
Aitutaki (AIT)
Rarotonga (RAR)
Fiji
Fiji Airports
Nadi (NAN)
Suva (SUV)
French
Polynesia
ADT - Aéroport de Tahiti
Papeete (PPT)
Guam
A.B. Won Pat International Airport Authority, Guam
(GIAA)
Hagatña (GUM)
Hong Kong,
China
Airport Authority Hong Kong
Hong Kong (HKG)
India
Airports Authority of India
Madras (MAA)
Calcutta (CCU)
New Delhi (137 airports) *
Bangalore International Airport Limited
Bangalore (BLR)
Cochin International Airport Limited
Cochin (COK)Limited
Delhi International Airport (P) Ltd
New Delhi (DEL)
GMR Hyderabad International Airport Limited
Hyderabad (HYD)
Indonesia
PT Angkasa Pura I
Ambon (AMQ)*
Bajarmasin (BDJ)*
Balikpapan (BPN)*
Biak (BIK)*
Denpasar (DPS)*
Kupang (KOE)*
Makassar (UPG)*
Manado (MDC)*
Mataram (LOP)*
Sedati (SUB)*
Semarang (SRG)*
552023 ACI Airport Economics Report
Surakarta (SOC)*
Yogyakarta (JOG)*
Yogyakarta (YIA)*
PT (Persero) Angkasa Pura II
Bandung (BDO)
Banyuwangi (BWX)
Bengkulu (BKS)
Jakarta (CGK)
Jakarta (HLP)
Lampung (TKG)
Majalengka (KJT)
Medan (KNO)
Padang (PDG)
Palangkaraya (PKY)
Palembang (PLM)
Pangkal Pinang (PGK)
Pekanbaru (PKU)
Pontianak (PNK)
Tanjung Pinang (TNJ)
Banda Aceh (BTJ)
Jambi (DJB)
Siborong-Borong (DTB)
Purbalingga (PWL)
Tanjung Pandan (TJQ)
Japan
Japan Airport Terminal Co., Ltd.
Tokyo (HND)
Kansai Airports
Kobe (UKB)
Osaka (ITM)
Osaka (KIX)
Narita International Airport Corporation
Tokyo (NRT)
Korea (Rep of
Korea)
Incheon International Airport Corporation
Incheon (ICN)
Korea Airports Corporation
Busan (PUS)
Jeju (CJU)
Seoul (GMP)
Malaysia
Malaysia Airports Holdings Berhad
Alor Setar (AOR)
Ba’kelalan (BKM)
Bario (BBN)
Bintulu (BTU)
Ipoh (IPH)
Kota Bharu (KBR)
Kota Kinabalu (BKI)
56 2023 ACI Airport Economics Report
Kuala Lumpur (KUL)
Kuala Terengganu (TGG)
Kuantan (KUA)
Kuching (KCH)
Kudat (KUD)
Labuan (LBU)
Lahad Batu (LDU)
Langkawi (LGK)
Lawas (LWY)
Limbang (LMN)
Long Akah (LKH)
Long Banga (LBP)
Long Lellang (LGL)
Long Seridan (ODN)
Malacca (MKZ)
Marudi (MUR)
Miri (MYY)
Mukah (MKM)
Mulu (MZV)
Pangkor (PKG)
Penang (PEN)
Redang (RDN)
Sandakan (SDK)
Sibu (SBW)
Subang (SZB)
Tawau (TWU)
Tioman (TOD)
Nepal
Tribhuvan International Airport Civil Aviation Ofce,
Kathmandu, Nepal
Kathmandu (KTM)
New Caledonia
Chambre de commerce et d'industrie de
Nouvelle-Calédonie
Noumea (NOU)
New Zealand
Auckland International Airport Ltd.
Auckland (AKL)
Christchurch International Airport Ltd.
Christchurch (CHC)*
Dunedin International Airport Ltd.
Dunedin (DUD)
Hawke's Bay Airport Ltd.
Hawke’s Bay (NPE)*
Wellington International Airport Ltd.
Wellington (WLG)*
Queenstown Airport Corporation Ltd.
Queenstown (ZQN)*
Wānaka (WKA)*
Northern
Mariana Islands
Commonwealth Ports Authority
Saipan (SPN)**
572023 ACI Airport Economics Report
Pakistan
Sialkot International Airport Ltd.
Sialkot (SKT)*
Philippines
Manila International Airport Authority
Manila (MNL)*
Singapore
Changi Airport Group (Singapore) Pte Ltd
Singapore (SIN)
Sri Lanka Airport & Aviation Services
(Sri Lanka) Limited
Colombo (CMB)
Thailand
Airports of Thailand Public Co. Ltd.
Bangkok (DMK)
Chiang Mai (CNX)
Chiang Rai (CEI)
Hat Yai (HDY)
Phuket (HKT)
Bangkok (BKK)
Vietnam
Airports Corporation of Vietnam
Ban Me Thuot (BMV)*
Ca Mau (CAH)*
Cantho (VCA)*
Con Dao (VCS)*
Da Nang (DAD)*
Dalat (DLI)*
Dien Bien Phu (DIN)*
Dong Hoi (VDH)*
Haiphong (HPH)*
Hanoi (HAN)*
Ho Chi Minh City (SGN)*
Hue (HUI)*
Nha Trang (CXR)*
Phuquoc (PQC)*
Pleiku (PXU)*
Qui Nhon (UIH)*
Rach Gia (VKG)*
Tamky (VCL)*
Thanh Hoe (THD)*
Tuy Hoa (TBB)*
Vinh (VII)*
Europe
Albania
Tirana International Airport SHPK
Tirana (TIA)
Austria
Kärntner Flughafen Betriebsgesellschaft m. b. H.
Klagenfurt (KLU)
Flughafen Graz Betriebs GmbH
Graz (GRZ)
Flughafen Wien AG
Vienna (VIE)
Salzburger Flughafen GmbH
Salzburg (SZG)
58 2023 ACI Airport Economics Report
Belgium
Brussels Airport Company nv
Brussels (BRU)
Brussels South Charleroi Airport SA
Charleroi (CRL)
Liège Airport SA
Liege (LGG)
Bosnia &
Herzegovina
Sarajevo International Airport
Sarajevo (SJJ)
Bulgaria
Fraport Twin Star Airport Management AD
Bourgas (BOJ)
Varna (VAR)
Soa International Airport EAD
Soa (SOF)
Croatia
Dubrovnik Airport Ltd
Dubrovnik (DBV)
Osijek Airport Ltd
Osijek (OSI)
Split Airport Ltd
Split (SPU)
Zadar Airport Ltd
Zadar (ZAD)
Zagreb Airport Ltd
Zagreb (ZAG)
Cyprus
Hermes Airports Ltd
Paphos (PFO)
Larnaca (LCA)
Czech Republic
LETISTE BRNO a.s.
Brno (BRQ)
Prague Airport
Prague (PRG)
Denmark
Københavns Lufthavne A/S
Copenhagen (CPH)
Estonia
Tallinn Airport Ltd
Tallinn (TLL)
Finland
FINAVIA Corporation
Helsinki (HEL)
France
ADP - Aéroports de Paris
Paris (CDG)
Paris (ORY)
Aéroport de Strasbourg-Entzheim S.A.
Strasbourg (SXB)
CCI de Bastia et de la Haute-Corse
Bastia (BIA)
CCI de La Rochelle
La Rochelle (LRH)
CCI de Pau
Pau (PUF)
SA Aéroport Marseille-Provence
Marseille (MRS)
SA Toulouse-Blagnac
Toulouse (TLS)
Syndicat Mixte de l'Aérodrome Biarritz-Anglet-
Bayonne
Biarritz (BIQ)
VINCI Airports
Nantes (NTE)
Georgia
TAV Airports Holding Co.
Tbilisi (TBS)
Batumi (BUS)
Germany
Flughafen Berlin-Brandenburg GmbH
Berlin (BER)
Flughafen Bremen GmbH
Bremen (BRE)
Flughafen Düsseldorf GmbH
Düsseldorf (DUS)
Flughafen Hamburg GmbH
Hamburg (HAM)
Flughafen Köln/Bonn GmbH
Cologne (CGN)
Flughafen München GmbH
Munich (MUC)
592023 ACI Airport Economics Report
Flughafen Stuttgart GmbH
Stuttgart (STR)
Fraport AG
Frankfurt (FRA)
Greece
Athens International Airport S.A.
Athens (ATH)
Fraport Greece - Regional Airports of Greece
Chania (CHQ)
Kavala (KVA)
Kefallinia (EFL)
Kerkyra (CFU)
Kos (KGS)
Mikonos (JMK)
Mytilene (MJT)
Preveza (PVK)
Rhodes (RHO)
Samos (SMI)
Santorini/Thira (JTR)
Skiathos (JSI)
Thessaloniki (SKG)
Zakynthos Island (ZTH)
Hellenic Civil Aviation Authority (HCAA)
Alexandroupolis (AXD)
Araxos/Patras (GPA)
Astypalaia (JTY)
Chios (JKH)
Ikaria (JIK)
Ioannina (IOA)
Kalamata (KLX)
Kalymnos (JKL)
Karpathos (AOK)
Kasos (KSJ)
Kastelorizo (KZS)
Kastoria (KSO)
Kithira (KIT)
Kozani (KZI)
Leros (LRS)
Limnos (LXS)
Milos (MLO)
Naxos (JNX)
Paros (PAS)
Sitia (JSH)
Skiros (SKU)
Syros Island (JSY)
60 2023 ACI Airport Economics Report
Volos (VOL)
Hungary
Budapest Airport Zrt.
Budapest (BUD)
Iceland
Isavia - Keavik Airport
Keavik (KEF)
Ireland
Dublin Airport Authority
Dublin (DUB)
Cork (ORK)
Shannon Group plc
Shannon (SNN)
Italy
ADR S.p.A.
Rome (CIA)
Rome (FCO)
Aeroporto FVG S.p.A.
Trieste (TRS)
Aeroporto G. Marconi di Bologna S.p.A.
Bologna (BLQ)
GESAC S.p.A.
Naples (NAP)
GESAP S.p.A.
Palermo (PMO)
SACBO S.p.A.
Milan (BGY)
Sagat S.p.A.
Turin (TRN)
So.G.Aer. S.p.A.
Cagliari (CAG)
Società Esercizi Aeroportuali S.p.A.
Milan (LIN)
Milan (MXP)
Latvia
SJSC Riga International Airport
Riga (RIX)
Malta
Malta International Airport
Malta (MLA)
Moldova (Rep of)
LLC Avia Invest - Chisinau International Airport
Chisinau (KIV)
Montenegro
Airports of Montenegro
Tivat (TIV)
Podgorica (TGD)
Netherlands
Amsterdam Airport Schiphol (Royal Schiphol Group)
Amsterdam (AMS)
Eindhoven (EIN)
Lelystad (LEY)
Rotterdam (RTM)
Norway
Avinor
Oslo (OSL)
Stavanger (SVG)*
Trondheim (TRD)*
Bergen (BGO)
Other airports (41)*
Poland
Krakow Airport
Krakow (KRK)
Polish Airports State Enterprise (PPL)
Warsaw (WAW)
Poznan Airport Ltd
Poznan (POZ)
Wroclaw Airport Co
Wroclaw (WRO)
Portugal
Aeroportos de Portugal S.A
Beja (BYJ)
Faro (FAO)
Flores (FLW)
Funchal (FNC)
612023 ACI Airport Economics Report
Horta (HOR)
Lisbon (LIS)
Ponta Delgada (PDL)
Porto (OPO)
Porto Santo (PXO)
Santa Maria (SMA)
Romania
Aeroportul Oradea RA
Oradea (OMR)
Arad International Airport
Arad (ARW)
Bucharest Airports National Company
Bucharest (BBU)
Bucharest (OTP)
Cluj Avram Iancu International Airport
Cluj (CLJ)
Constanta International Airport
Constanta (CND)
R.A. Aeroportul International "George Enescu"
Bacau
Bacau (BCM)
Regia Autonoma Aeroportul Sibiu Turnisor
Sibiu (SBZ)
Satu Mare International Airport
Satu Mare (SUJ)
Russian
Federation
Moscow Domodedovo Airport
Moscow (DME)
Slovenia
Airports Authority of India
Ljubljana (LJU)
Spain
Aena Aeropuertos S.A.
A Coruna (LCG)
Albacete (ABC)
Algeciras (AEI)
Alicante (ALC)
Almería (LEI)
Asturias (OVD)
Badajoz (BJZ)
Barcelona (BCN)
Bilbao (BIO)
Burgos (RGS)
Ceuta (JCU)
Córdoba (ODB)
El Hierro (VDE)
Fuerteventura (FUE)
Girona (GRO)
Gran Canaria (LPA)
Granada (GRX)
Huesca-Pirineos (HSK)
Ibiza (IBZ)
Jerez (XRY)
62 2023 ACI Airport Economics Report
La Gomera (GMZ)
La Palma (SPC)
Lanzarote (ACE)
León (LEN)
Logroño (RJL)
Madrid (LECU)
Madrid (MAD)
Malaga (AGP)
Melilla (MLN)
Menorca (MAH)
Murcia (RMU)
Palma de Mallorca (PMI)
Pamplona (PNA)
Reus (REU)
Sabadell (QSA)
Salamanca (SLM)
San Sebastián (EAS)
Santander (SDR)
Santiago de Compostela (SCQ)
Sevilla (SVQ)
Son Bonet (LESB)
Tenerife (TFN)
Tenerife (TFS)
Valencia (VLC)
Valladolid (VLL)
Vigo (VGO)
Vitoria (VIT)
Zaragoza (ZAZ)
Sweden
Swedavia AB
Gothenburg (GOT)
Kiruna (KRN)
Luleå (LLA)
Malmö (MMX)
Ostersund (OSD)
Ronneby (RNB)
Stockholm (ARN)
Stockholm (BMA)
Umeå (UME)
Switzerland
Aéroport International de Genève
Geneva (GVA)*
EuroAirport Basel Mulhouse Freiburg
Basel (BSL)
632023 ACI Airport Economics Report
Flughafen Zurich AG
Zurich (ZRH)
Turkey
Fraport IC Içtas Antalya Airport Terminal
Investment and Management Inc.
Antalya (AYT)
General Directorate of State Airports (DHMI)
Adana (ADA)
Bodrum (BJV)
Gaziantep (GZT)
Gazipasa (GZP)
Kayseri (ASR)
Trabzon (TZX)
Istanbul Sabiha Gokcen International Airport
Investment Development and Operation Inc
Istanbul (SAW)
TAV Airports Holding Co.
Ankara (ESB)
Izmir (ADB)
Ukraine
Boryspil International Airport
Kiev (KBP)
United Kingdom
Birmingham Airport Holdings Ltd
Birmingham (BHX)*
Edinburgh Airport Ltd
Edinburgh (EDI)*
Gatwick Airport Ltd
London (LGW)
Heathrow Airport Limited
London (LHR)
London City Airport Ltd
London (LCY)
London Luton Airport
London (LTN)
Manchester Airports Group
East Midlands (EMA)*
London (STN)*
Manchester (MAN)*
Latin America-Caribbean
Argentina
Aeropuertos Argentina 2000
Buenos Aires (AEP)
Buenos Aires (EZE)
Catamarca (CTC)
Comodoro Rivadavia (CRD)
Córdoba (COR)
Esquel (EQS)
Formosa (FMA)
General Pico (GPO)
Iguazú (IGR)
Jujuy (JUJ)
La Rioja (IRJ)
Malargüe (LGS)
Mar del Plata (MDQ)
Mendoza (MDZ)
Paraná (PRA)
64 2023 ACI Airport Economics Report
Posadas (PSS)
Puerto Madryn (PMY)
Reconquista (RCQ)
Resistencia (RES)
Rio Cuarto (RCU)
Río Gallegos (RGL)
Río Grande (RGA)
Salta (SLA)
San Carlos de Bariloche (BRC)
San Fernando (SFD)
San Juan (UAQ)
San Luis (LUQ)
San Rafael (AFA)
Santa Rosa (RSA)
Santiago del Estero (SDE)
Termas de Río Hondo (RHD)
Tucumán (TUC)
Viedma (VDM)
Villa Mercedes (VME)
Bahamas
Nassau Airport Development Company
Nassau (NAS)
Brazil
Aeroportos do Nordeste do Brasil S.A.
Aracaju (AJU)*
Campina Grande (CPV)*
Joao Pessoa (JPA)*
Juazerio do Norte (JDO)*
Maceió (MCZ)*
Recife (REC)*
Aeroporto Rio de Janeiro S/A
Rio de Janeiro (GIG)
Empresa Brasileira de Infraestructura Aeroportuária
- INFRAERO
Altamira (ATM)
Bagé (BGX)
Belém (BEL)
Belém (BDC)
Belo Horizonte (BHZ)
Belo Horizonte (PLU)
Boa Vista (BVB)
Campo Grande (CGR)
Carajás (CKS)
Corumbá (CMG)
Cruzeiro do Sul (CZS)
652023 ACI Airport Economics Report
Curitiba (bfhBFH)
Curitiba (CWB)
Foz do Iguaçú (IGU)
Goiania (GYN)
Imperatriz (IMP)
Joinville (JOI)
Londrina (LDB)
Macapá (MCP)
Manaus (MAO)
Marabá (MAB)
Montes Claros (MOC)
Navegantes (NVT)
Palmas (PMW)
Parnaiba (PHB)
Paulo Afonso (PAV)
Pelotas (PET)
Petrolina (PNZ)
Ponta Porã (PMG)
Porto Velho (PVH)
Rio Branco (RBR)
Rio de Janeiro (SDU)
Rio de Janeiro (RRJ)
Sãao Josée dos Campos (SJK)
São Luís (SLZ)
São Paulo (CGH)
São Paulo (MAE)
Santarém (STM)
Tabatinga (TBT)
Tefé (TFF)
Teresinha (THE)
Uberlandia (UDI)
Uruguaiana (URG)
Uberaba (UBA)
Florianopolis International Airport
Florianopolis (FLN)
GRU Airport - Concessionária do Aeroporto
Internacional de Guarulhos S.A.
São Paulo (GRU)*
SPE Concessionaria Aeroeste Aeroportos S.A.
Alta Floresta (AFL)*
Cuiabá (CGB)*
Maranhão (OSP)*
66 2023 ACI Airport Economics Report
Rondonópolis (ROO)*
Vinci SA
Salvador (SSA)
Zurich Airport Brazil
Macaé (MEA)
Vitoria (VIX)
Chile
A-port Operaciones S.A (A-port)
Antofagasta (ANF)
Iquique (IQQ)
Sociedad Concesionaria Nuevo Pudahuel S.A.
Santiago (SCL)*
Colombia
OPAIN S.A.
Bogotá (BOG)
Sociedad Aeroportuaria de la Costa S.A. - SACSA
Cartagena (CTG)
Costa Rica
AERIS Holding Costa Rica S.A.
San José (SJO)
Ecuador
Corporación Quiport S.A.
Quito (UIO)
ECOGAL S. A.
Baltra (GPS)
Terminal Aeroportuaria de Guayaquil, S.A. - TAGSA
Guayaquil (GYE)
Guyana
Cheddi Jagan International Airport Corporation
Georgetown (GEO)
Jamaica
MBJ Airports Limited
Montego Bay (MBJ)
Grupo Aeroportuario del Pacíco
Kingston (KIN)
Mexico
Aeropuerto y Servicios Auxiliares - ASA
Campeche (CPE)
Chetumal (CTM)
Ciudad del Carmen (CME)
Ciudad Obregón (CEN)
Ciudad Victoria (CVM)
Colima (CLQ)
Guaymas (GYM)
Ixtepec (IZT)
Loreto (LTO)
Matamoros (MAM)
Nogales (NOG)
Nuevo Laredo (NLD )
Poza Rica (PAZ)
Puebla (PBC)
Puerto Escondido (PXM)
Tamuín (TSL)
Tehuacán (TCN)
Tepic (TPQ)
Uruapan (UPN)
Aeropuertos del Sureste - ASUR
Cancún (CUN)
Cozumel (CZM)
Huatulco (HUX)
Mérida (MID)
672023 ACI Airport Economics Report
Minatitlán (MTT)
Oaxaca (OAX)
Tapachula (TAP)
Veracruz (VER)
Villahermosa (VSA)
Grupo Aeroportuario de la Ciudad de México S.A.
C.V. (AICM)
Mexico City (MEX)
Grupo Aeroportuario del Centro Norte (OMA)
Acapulco (ACA)*
Chihuahua (CUU)*
Ciudad Juarez (CJS)*
Culiacan (CUL)*
Durango (DGO)*
Mazatlán (MZT)*
Monterrey (MTY)*
Reynosa (REX)*
San Luis Potosí (SLP)*
Tampico (TAM)*
Torreón (TRC)*
Zacatecas (ZCL)*
Zihuatanejo (ZIH)*
Grupo Aeroportuario del Pacíco - Servicios a la
Infraestructura
Aguascalientes (AGU)
Aeroportuaria del Pacíco
Guadalajara (GDL)
Hermosillo (HMO)
La Paz (LAP)
León/Guanajuato (BJX)
Los Mochis (LMM)
Manzanillo (ZLO)
Mexicali (MXL)
Morelia (MLM)
Puerto Vallarta (PVR)
San José del Cabo (SJD)
Tijuana (TIJ)
Netherlands
Antilles
Aruba Airport Authority N.V.
Oranjstead (AUA)
Flamingo Airport - Bonaire International Airport N.V.
Kralendijk (BON)
Panama
Tocumen S. A.
Panama City (PTY)
Peru
Aeropuertos del Perú - ADP
Anta (ATA)
Cajamarca (CJA)
Chachapoyas (CHH)
68 2023 ACI Airport Economics Report
Chiclayo (CIX)
Iquitos (IQT)
Pisco (PIO)
Piura (PIU)
Pucallpa (PCL)
Talara (TYL)
Tarapoto (TPP)
Trujillo (TRU)
Tumbes (TBP)
Lima Airport Partners S.R.L.
Lima (LIM)
Puerto Rico
Puerto Rico Ports Authority
Aguadilla (BQN)**
Ceiba (NRR)**
Culebra (CPX)**
Ponce (PSE)**
San Juan (SIG)**
San Juan (SJU)
Mayaguez (MAZ)**
Vieques (VQS)**
Trinidad &
Tobago
Airports Authority of Trinidad & Tobago
Tobago (TAB)
Port of Spain (POS)
Uruguay
Consorcio Aeropuertos Internacionales S.A. -
CAISA
Punta del Este (PDP)
Puerta del Sur, S.A.
Montevideo (MVD)
Middle East
Bahrain
(Kingdom of
Bahrain)
Bahrain Airport Company
Bahrain (BAH)
Iran (Islamic
Republic of Iran)
Iran Airports Company
Ahvaz (AWZ)
Bandar Abbas (BND)
Isfahan (IFN)
Mashhad (MHD)
Shiraz (SYZ)
Tabriz (TBZ)
Tehran (THR)
Zahedan (ZAH)
Israel
Israel Airports Authority
Eilat (ETH)
Eilat (ETM)
Haifa (HFA)
692023 ACI Airport Economics Report
Tel Aviv (TLV)
Jordan
Airport International Group (AIG)
Amman (AMM)
Qatar
Hamad International Airport (Operator)
Doha (DOH)
Saudi Arabia
(Kingdom of
Saudi Arabia)
Tibah Airports Operation Co. Ltd.
Madinah (MED)
United Arab
Emirates
Dubai Airports
Dubai (DXB)***
North America
Canada
Aéroport de Québec Inc.
Quebec QC (YQB)
Aéroports de Montréal
Montreal QC (YMX)
Montreal QC (YUL)
Calgary Airport Authority
Calgary AB (YYC)
City of Kelowna
Kelowna BC (YLW)*
Edmonton International Airport
Edmonton AB (YEG)*
Fort McMurray Airport Authority
Fort McMurray AB (YMM)
Fredericton International Airport Authority, Inc.
Fredericton NB (YFC)*
Greater Moncton International Airport Authority Inc.
Moncton NB (YQM)*
Greater Toronto Airports Authority
Toronto ON (YYZ)
Halifax International Airport Authority Halifax
Staneld International Airport
Halifax NS (YHZ)
North Bay Jack Garland Airport Corporation
North Bay ON (YYB)*
Ottawa Macdonald-Cartier Intl. Airport Authority
Ottawa International Airport
Ottawa ON (YOW)
Prince George Airport Authority Prince George
Airport
Prince George BC (YXS)*
Regina Airport Authority Inc.
Regina SK (YQR)*
Saint John Airport Inc.
St John NB (YSJ)*
Saskatoon Airport Authority
Saskatoon SK (YXE)*
St. John's International Airport Authority
St John NL (YYT)*
Thunder Bay International Airports Authority Inc.
Thunder Bay ON (YQT)*
Vancouver Airport Authority
Vancouver BC (YVR)
Victoria Airport Authority
Victoria BC (YYJ)*
Winnipeg Airports Authority Inc.
Winnipeg MB (YWG)
United States
AFCO AvPORTS
White Plains NY (HPN)**
Akron-Canton Airport
Akron OH (CAK)**
Albany County Airport Authority
Albany NY (ALB)
Asheville Regional Airport Authority
Asheville NC (AVL)
Aspen/Pitkin County Airport
Aspen CO (ASE)**
Augusta Aviation Commission
Augusta GA (AGS)**
70 2023 ACI Airport Economics Report
Bangor International Airport
Bangor ME (BGR)**
Barkley Regional Airport Authority
Paducah KY (PAH)**
Baton Rouge Airport Authority
Baton Rouge LA (BTR)**
Billings Department of Aviation & Transit
Billings MT (BIL)**
Birmingham Airport Authority
Birmingham AL (BHM)**
Bloomington-Normal Airport Authority
Bloomington IL (BMI)**
Board of County Commissioners Palm Beach
County Department of Airports
West Palm Beach FL (PBI)
Boise Airport
Boise ID (BOI)
Broward County Aviation Department Fort
Lauderdale-Hollywood Intl. Airport
Fort Lauderdale FL (FLL)
Brown County Airport Department
Green Bay WI (GRB)**
Buffalo Niagara International Airport
Buffalo NY (BUF)**
Burbank-Glendale-Pasadena Airport Authority -
Hollywood Burbank Airport
Burbank CA (BUR)**
Burlington International Airport
Burlington VT (BTV)**
Capital Region Airport Authority
Lansing MI (LAN)**
Capital Region Airport Commission
Richmond VA (RIC)
Cedar Rapids Airport Commission
Cedar Rapids IA (CID)
Casper–Natrona County International Airport
Casper WY (CPR)**
Central West Virginia Regional Airport Authority
Charleston WV (CRW)**
Charles M. Schulz - Sonoma County Airport
Santa Rosa CA (STS)**
Charleston County Aviation Authority
Charleston SC (CHS)
Punta Gorda FL (PGD)**
Charlotte Aviation Department
Charlotte NC (CLT)
Charlottesville Albemarle Airport Authority
Charlottesville VA (CHO)**
Chattanooga Metropolitan Airport Authority
Chattanooga TN (CHA)**
Chicago Department of Aviation
Chicago IL (MDW)
Chicago IL (ORD)
Chicago Rockford International Airport
Rockford IL (RFD)**
Cincinnati/Northern Kentucky Intl. Airport
Cincinnati OH (CVG)
City and County of Denver-Denver International
Airport
Denver CO (DEN)
City of Abilene
Abilene TX (ABI)**
City of Albany Aviation Commission
Albany GA (ABY)**
City of Albuquerque Aviation Department
Albuquerque NM (ABQ)
City of Atlanta Department of Aviation Hartseld-
Jackson Atlanta Int'l Airport
Atlanta GA (ATL)
City of Austin Aviation Department
Austin TX (AUS)
City of Bismarck
Bismarck ND (BIS)**
712023 ACI Airport Economics Report
City of Brownsville
Brownsville TX (BRO)**
City of Colorado Springs
Colorado Springs CO (COS)
City of Concord
Concord NC (USA)**
City of Corpus Christi
Corpus Christi TX (CRP)**
City of Dayton Department of Aviation Dayton
International Airport
Dayton OH (DAY)**
City of Durango & La Plata County
Durango CO (DRO)**
City of El Paso-El Paso International Airport
El Paso TX (ELP)
City of Eugene
Eugene OR (EUG)**
City of Fresno Airports Division
Fresno CA (FAT)**
City of Garden City
Garden City KS (GCK)**
City of Idaho Falls
Idaho Falls ID (IDA)**
City of Monroe
Monroe LA (MLU)**
City of Phoenix Aviation Department
Phoenix AZ (PHX)
City of Pocatello
Pocatello ID (PIH)**
City of Redding
Redding CA (RDD)**
City of San Jose Airport Department Norman Y.
Mineta San Jose Intl. Airport
San Jose CA (SJC)**
City of Springeld Airport Board
Springeld MO (SGF)**
City of Tallahassee
Tallahassee FL (TLH)
City of Twin Falls
Twin Falls ID (TWF)**
City of Waterloo
Waterloo IA (ALO)**
Clark County Department of Aviation McCarran
International Airport
Las Vegas NV (LAS/HSH/VGT)
Cleveland Airport System Cleveland Hopkins
International Airport
Cleveland OH (CLE)**
Columbia Metropolitan Airport
Columbia SC (CAE)
Columbus Regional Airport Authority
Columbus OH (CMH)
Columbus OH (LCK)**
Connecticut Airport Authority
Hartford CT (BDL)**
Dallas Department of Aviation
Dallas TX (DAL)
Dallas Fort Worth International Airport
Dallas/Fort Worth TX (DFW)
Dane County Regional Airport
Madison WI (MSN)
Daytona Beach International Airport
Daytona Beach FL (DAB)**
Des Moines Airport Authority Des Moines
International Airport
Des Moines IA (DSM)
Dothan-Houston County Airport Authority
Dothan AL (DHN)**
England Authority
Alexandria LA (AEX)**
Evansville/Vanderburgh Airport Authority
Evansville IN (EVV)**
Fairbanks International Airport
Fairbanks AK (FAI)
72 2021 ACI Airport Economics Report
Flathead Municipal Airport Authority
Kalispell MT (FCA)**
Fort Wayne-Allen County Airport Authority
Fort Wayne IN (FWA)
Fort Smith Airport Commission
Fort Smith AR (FSM)**
Friedman Memorial Airport Authority
Hailey (SUN)**
Gainesville-Alachua County Regional Airport
Authority
Gainesville FL (GNV)**
Gallatin Airport Authority
Bozeman MT (BZN)**
Gerald R. Ford International Airport Authority
Grand Rapids MI (GRR)**
Glynn County
Brunswick GA (BQK)**
Grand Forks Regional Airport Authority
Grand Forks ND (GFK)**
Grand Junction Regional Airport
Grand Junction CO (GJT)**
Greater Orlando Aviation Authority
Orlando FL (MCO)
Greenbrier County Airport Authority
Lewisburg WV (LWB)**
Greenville-Spartanburg Airport District
Greer SC (GSP)
Gulfport-Biloxi Regional Airport Authority
Gulfport MS (GPT)**
Harrisburg International Airport
Harrisburg PA (MDT)**
Hawaii Department of Transportation
Hilo HI (ITO)**
Honolulu HI (HNL)
Kahului HI (OGG)**
Kailua-Kona HI (KOA)**
Lihue HI (LIH)**
Horry County Dept. of Airports
Myrtle Beach SC (MYR)**
Houston Airport System
Houston TX (HOU)
Houston TX (EFD)
Houston TX (IAH)
Huntsville International Airport
Huntsville AL (HSV)
Indianapolis Airport Authority Indianapolis
International Airport
Indianapolis IN (IND)
Jackson County
Medford OR (MFR)**
Jackson Municipal Airport Authority
Jackson MS (JAN)**
Jacksonville Aviation Authority (JAA)
Jacksonville FL (JAX)
John Wayne Airport Orange County
Santa Ana CA (SNA)
Kansas City Aviation Department
Kansas City MO (MCI)**
Kern County Department of Airports
Bakerseld CA (BFL)**
Lafayette Airport Commission
Lafayette LA (LFT)**
Lee County Port Authority Southwest Florida
International Airport
Fort Myers FL (RSW)
Lehigh-Northampton Airport Authority
Allentown PA (ABE)
Lexington-Fayette Urban County Airport Board Blue
Grass Airport
Lexington KY (LEX)**
732023 ACI Airport Economics Report
Little Rock Municipal Airport Commission
Little Rock AR (LIT)
Long Beach Airport
Long Beach CA (LGB)
Los Angeles World Airports
Los Angeles CA (LAX)
Louisville Regional Airport Authority
Louisville KY (SDF)
Manchester - Boston Regional Airport
Manchester NH (MHT)**
Marathon County and Portage County
Mosinee WI (CWA)**
Maryland Aviation Administration
Baltimore MD (BWI)
Massachusetts Port Authority
Boston MA (BOS)
Memphis-Shelby County Airport Authority Memphis
International Airport
Memphis TN (MEM)
Metropolitan Airport Authority of Peoria
Peoria IL (PIA)**
Metropolitan Airport Authority of Rock Island County
Moline IL (MLI)**
Metropolitan Government of Nashville and
Davidson County
Nashville TN (BNA)
Metropolitan Knoxville Airport Authority McGhee
Tyson Airport
Knoxville TN (TYS)
Metropolitan Washington Airports Authority
Washington DC (DCA)
Washington DC (IAD)
Miami-Dade County Aviation Department
Miami FL (MIA)
Milwaukee Mitchell International Airport
Milwaukee WI (MKE)
Minneapolis-Saint Paul Metropolitan Airports
Commission
Minneapolis MN (MSP)
Mobile Airport Authority
Mobile AL (MOB)**
Montrose County
Montrose CO (MTJ)**
Monroe County Airport Authority
Rochester NY (ROC)**
Monterey Peninsula Airport District
Monterey CA (MRY)
Niagara Frontier Transportation Authority
New York NY (IAG)**
New Orleans Aviation Board
New Orleans LA (MSY)
Norfolk Airport Authority
Norfolk VA (ORF)**
Northwest Arkansas Regional Airport Authority
Fayetteville AR (XNA)**
Northwest Florida Beaches International Airport
Panama City FL (ECP)**
Oakland International Airport
Oakland CA (OAK)
Oklahoma City Airport Trust
Oklahoma City OK (OKC)
Omaha Airport Authority
Omaha NE (OMA)
Ontario International Airport Authority
Ontario CA (ONT)**
Orlando Melbourne International Airport
Melbourne FL (MLB)
Palm Springs International Airport City of Palm
Springs Department of Aviation
Palm Springs CA (PSP)**
Pensacola International Airport
Pensacola FL (PNS)
Philadelphia International Airport
Philadelphia PA (PHL)
74 2021 ACI Airport Economics Report
Phoenix-Mesa Gateway Airport Authority
Phoenix AZ (AZA)
Piedmont Triad Airport Authority
Greensboro NC (GSO)
Pinellas County
St Petersburg FL (PIE)**
Pittsburgh International Airport Allegheny County
Airport Authority
Pittsburgh PA (PIT)
Port Authority of New York and New Jersey
New York NY (JFK)
New York NY (LGA)
Newark NJ (EWR)
New Windsor NY (SWF)**
Port Of Bellingham
Bellingham WA (BLI)**
Port of Pasco Tri-Cities Airport
Pasco WA (PSC)**
Port of Portland International Airport
Portland OR (PDX)**
Portland International Jetport
Portland ME (PWM)
Raleigh-Durham Airport Authority
Raleigh-Durham NC (RDU)**
Reno-Tahoe Airport Authority
Reno NV (RNO)
Rhode Island Airport Corporation
Warwick RI (PVD)
Roanoke Regional Airport Commission
Roanoke VA (ROA)**
Routt County
Hayden CO (HDN)**
Sacramento County Airport System
Sacramento CA (SMF/MHR/SAC)
Salt Lake City Department of Airports
Salt Lake City UT (SLC)
San Antonio Airport System
San Antonio TX (SAT)**
San Diego County Regional Airport Authority
San Diego CA (SAN)
San Francisco Airport Commission
San Francisco CA (SFO)
San Luis Obispo County
San Luis Obispo CA (SBP)**
Sanford Airport Authority
Sanford FL (SFB)**
Santa Barbara Airport Department
Santa Barbara CA (SBA)**
Santa Maria Public Airport
Santa Maria CA (SMX)**
Sarasota Manatee Airport Authority
Sarasota FL (SRQ)
Savannah Airport Commission
Savannah GA (SAV)**
Seattle-Tacoma International Airport
Seattle WA (SEA)
Shreveport Airport Authority
Shreveport LA (SHV)**
Sioux Falls Regional Airport Authority
Sioux Falls SD (FSD)**
Sioux Gateway Airport Authority
Sioux City IA (SUX)**
Spokane International Airport
Spokane WA (GEG)**
Springeld Airport Authority
Springeld IL (SPI)**
St. Joseph County Airport Authority
South Bend IN (SBN)**
St. Louis Airport Authority-St. Louis Lambert
International Airport
St Louis MO (STL)
Stockton Metropolitan Airport
Stockton CA (SCK)**
752023 ACI Airport Economics Report
* Data obtained from the airports’ annual reports
** Data obtained from FAA Form 5100-127 - Operating and Financial Summary
*** Data estimated by ACI
Syracuse Hancock International Airport
Syracuse NY (SYR)**
Tampa International Airport
Tampa FL (TPA)
Ted Stevens Anchorage International Airport
Anchorage AK (ANC)**
The Peninsula Airport Commission
Newport News VA (PHF)**
The South Jersey Transportation Authority
Atlantic City NJ (ACY)**
Toledo–Lucas County Port Authority
Toledo OH (TOL)**
Tri-Cities Airport Authority
Blountville TN (TRI)**
Tucson Airport Authority Tucson International Airport
Tucson AZ (TUS)
Tulsa Airport Authority
Tulsa OK (TUL)**
Tweed-New Haven Regional Airport Authority
New Haven CT (HVN)**
Vail/Eagle County Regional Airport
Eagle CO (EGE)**
Walla Walla County
Walla Walla (ALW)**
Wayne County Airport Authority
Detroit MI (DTW)
Wichita Airport Authority
Wichita KS (ICT)
Wilmington Airport Authority
Wilmington NC (ILM)**
