LATAM Airlines Group S.A. (LTM) Cash Flow Statement
Where LTM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.26B +5.0% vs 2024
- Capital expenditures
- $1.77B 12.4% of revenue
- Free cash flow
- $1.49B 10.4% margin
- Returned to shareholders
- $1.19B 80% of free cash flow
- Change in cash
- $185.2M cash at year-end $2.15B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LTM operating cash flow, capex and free cash flow
LTM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $992.1M2016 | $3.26B2025 | +14.1%/yr | |
| Capital expenditures | $783.0M2016 | $1.77B2025 | +9.5%/yr | |
| Free cash flow | $209.2M2016 | $1.49B2025 | +24.4%/yr | |
| Free cash flow margin | 2.3%2016 | 10.4%2025 | +8.1 pts | |
| Operating cash flow / net income | 14.332016 | 2.232025 | −12.10 | |
| Stock-based compensation | $8.1M2016 | $3.3M2019 | −25.9%/yr | |
| Dividends paid | $41.2M2016 | $605.2M2025 | +34.8%/yr | |
| Share buybacks (net) | $02022 | $584.8M2025 | — | |
| Capex / revenue | 8.7%2016 | 12.4%2025 | +3.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LTM cash flow by activity
LTM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LTM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.46B | $977.0M | $581.8M | $1.34B | −$4.65B | −$4.55B | $190.4M | $309.8M | $155.3M | $69.2M |
| Depreciation & amortization | $1.73B | $1.43B | $998.3M | $965.2M | $988.8M | $1.14B | $1.23B | $1.17B | $774.8M | $916.4M |
| Stock-based compensation | — | — | — | — | — | — | $3.3M | −$7.2M | $13.2M | $8.1M |
| Change in working capital | −$2.26B | −$1.64B | −$1.60B | −$1.44B | — | — | — | — | — | — |
| Other non-cash items | $2.33B | $2.34B | $2.28B | −$765.2M | $3.47B | $2.91B | $1.40B | $48.2M | $723.5M | −$1.6M |
| Cash from operating activities | $3.26B | $3.11B | $2.26B | $96.8M | −$184.1M | −$494.7M | $2.83B | $1.52B | $1.67B | $992.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.77B | −$1.42B | −$795.8M | −$830.7M | −$675.8M | −$399.7M | −$1.42B | −$756.9M | −$491.0M | −$783.0M |
| Investments (net) | — | −$1.17B | −$659.5M | −$749.0M | −$552.5M | $33.6M | — | — | — | — |
| Acquisitions & other investing | $59.5M | $1.42B | $795.8M | $830.7M | $685.6M | $399.7M | −$2.4M | $398.5M | $203.6M | $339.9M |
| Cash from investing activities | −$1.71B | −$1.17B | −$659.5M | −$749.0M | −$542.7M | $33.6M | −$1.42B | −$358.4M | −$287.4M | −$443.0M |
| Financing activities | ||||||||||
| Dividends paid | −$605.2M | −$174.8M | $0 | $0 | $0 | −$571,000 | −$55.1M | −$72.6M | −$66.6M | −$41.2M |
| Share repurchases & issuance (net) | −$584.8M | $0 | $0 | $549.0M | — | — | — | — | — | — |
| Net borrowing (repayment) | −$137.3M | −$598.5M | −$567.4M | −$1.93B | $225.3M | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $549.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$82.0M | −$791.5M | −$582.9M | $1.69B | −$115.7M | $1.12B | −$1.29B | −$979.6M | −$1.11B | −$355.1M |
| Cash from financing activities | −$1.41B | −$1.56B | −$1.15B | $855.0M | $109.6M | $1.12B | −$1.34B | −$1.05B | −$1.18B | −$396.3M |
| Summary | ||||||||||
| Net change in cash | $185.2M | $243.0M | $498.1M | $169.8M | −$649.0M | $623.3M | −$9.1M | −$60.4M | $192.7M | $195.8M |
| Cash at end of period | $2.15B | $1.96B | $1.71B | $1.22B | $1.05B | $1.70B | $1.07B | $1.08B | $1.14B | $949.3M |
| Free cash flow | $1.49B | $1.69B | $1.47B | −$733.9M | −$859.9M | −$894.4M | $1.41B | $760.0M | $1.18B | $209.2M |
| Free cash flow margin | 10.4% | 13.1% | 12.6% | −7.8% | −17.6% | −22.8% | 14.0% | 7.7% | 12.2% | 2.3% |
| Capex / revenue | 12.4% | 11.1% | 6.8% | 8.9% | 13.8% | 10.2% | 14.1% | 7.6% | 5.1% | 8.7% |
| Operating cash flow / net income | 2.23 | 3.18 | 3.89 | 0.07 | — | — | 14.84 | 4.90 | 10.73 | 14.33 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $125.2M | $576.0M | $483.7M | $374.4M | $242.4M | $355.3M | $271.9M | $301.2M | $145.5M | $258.3M | $83.0M | $231.8M |
| Depreciation & amortization | — | $488.8M | $186.4M | $446.6M | $428.7M | $388.9M | $138.6M | $367.4M | $326.3M | $332.8M | $100.6M | $302.4M |
| Change in working capital | — | — | −$2.26B | −$1.68B | −$1.15B | −$602.2M | −$1.64B | −$1.14B | — | — | — | — |
| Other non-cash items | $484.5M | −$131.6M | $2.67B | $1.74B | $1.16B | $536.4M | $2.22B | $1.23B | $424.9M | −$133.0M | $521.8M | $54.2M |
| Cash from operating activities | $609.8M | $933.2M | $1.07B | $881.6M | $687.0M | $678.3M | $991.1M | $760.4M | $896.7M | $458.1M | $705.3M | $588.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$390.9M | −$345.0M | −$501.7M | −$334.8M | −$566.2M | −$395.4M | −$545.5M | −$377.3M | −$347.0M | −$102.5M | −$377.1M | −$200.5M |
| Investments (net) | — | — | — | −$307.7M | −$547.3M | −$323.2M | −$529.3M | −$307.8M | −$301.8M | −$30.8M | −$321.5M | −$167.2M |
| Acquisitions & other investing | $53.0M | $57.8M | $53.2M | $306.1M | $539.1M | $395.4M | $545.5M | $377.3M | $347.0M | $102.5M | $377.1M | $200.5M |
| Cash from investing activities | −$337.9M | −$287.2M | −$448.4M | −$336.4M | −$574.5M | −$323.2M | −$529.3M | −$307.8M | −$301.8M | −$30.8M | −$321.5M | −$167.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$38.0M | −$89.3M | −$312.1M | −$2.3M | −$293.9M | −$304,000 | −$174.8M | −$174.8M | −$174.5M | −$289,000 | $0 | $0 |
| Share repurchases & issuance (net) | — | — | −$2.1M | −$429.4M | −$152.4M | — | — | $0 | — | — | — | — |
| Net borrowing (repayment) | $55.7M | −$65.6M | — | −$95.5M | $225.5M | −$107.8M | −$170.0M | −$137.1M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$181.8M | −$135.8M | −$152.5M | −$88.0M | $2.4M | −$91.5M | −$106.4M | $1.3M | −$362.1M | −$266.2M | −$318.1M | −$298.5M |
| Cash from financing activities | −$164.1M | −$290.7M | −$466.7M | −$615.2M | −$218.4M | −$199.7M | −$451.2M | −$310.6M | −$536.6M | −$266.5M | −$318.1M | −$298.5M |
| Summary | ||||||||||||
| Net change in cash | $110.1M | $390.6M | $135.7M | −$50.0M | −$79.4M | $188.5M | −$52.4M | $156.8M | $2.0M | $136.6M | $85.3M | $104.3M |
| Cash at end of period | $2.65B | $2.54B | $2.15B | $2.02B | $2.07B | $2.15B | $1.96B | $2.01B | $1.85B | $1.85B | $1.71B | $1.63B |
| Free cash flow | $218.9M | $588.1M | $571.3M | $546.8M | $120.8M | $283.0M | $445.6M | $383.1M | $549.7M | $355.6M | $328.2M | $387.9M |
| Free cash flow margin | 5.3% | 14.4% | 14.7% | 14.4% | 3.7% | 8.5% | 13.4% | 11.8% | 18.1% | 10.9% | 10.2% | 12.8% |
| Capex / revenue | 9.5% | 8.5% | 12.9% | 8.8% | 17.4% | 11.8% | 16.3% | 11.6% | 11.5% | 3.1% | 11.7% | 6.6% |
| Operating cash flow / net income | 4.87 | 1.62 | 2.22 | 2.35 | 2.83 | 1.91 | 3.64 | 2.52 | 6.16 | 1.77 | 8.50 | 2.54 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LTM cash generation
In fiscal 2025 (ended December 31, 2025), LATAM Airlines generated $3.3 billion of cash from operations (up 5.0%) and spent $1.8 billion on capital expenditures, leaving free cash flow of $1.5 billion, 10.4% of revenue. It returned $1.2 billion to shareholders through dividends ($605.2 million) and net share buybacks ($584.8 million). Cash and equivalents rose by $185.2 million over the year.
Related: LTM income statement, LTM balance sheet, LTM dividend history. See the LTM stock overview for the latest quote and news.
LTM cash flow FAQ
What is LATAM Airlines's free cash flow?
LATAM Airlines's free cash flow was $1.5 billion in fiscal 2025: $3.3 billion of operating cash flow minus $1.8 billion of capital expenditures It was $1.7 billion a year earlier..
How much cash does LATAM Airlines generate from operations?
LATAM Airlines generated $3.3 billion of cash from operating activities in fiscal 2025, 2.23 times its net income of $1.5 billion.
How much does LATAM Airlines spend on capital expenditures?
LATAM Airlines spent $1.8 billion on capital expenditures in fiscal 2025, 12.4% of revenue, compared with $1.4 billion the year before.
How much stock does LATAM Airlines buy back?
LATAM Airlines spent $584.8 million on net share repurchases in fiscal 2025.
How much does LATAM Airlines pay in dividends?
LATAM Airlines paid $605.2 million in dividends in fiscal 2025, 40.7% of free cash flow.