Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMAB) Cash Flow Statement
Where OMAB’s cash came from and went, 2025
December 31, 2025 · Mexican pesos- Cash from operations
- MX$7.53B +21.5% vs 2024
- Capital expenditures
- MX$163.3M 1.0% of revenue
- Free cash flow
- MX$7.36B 46.1% margin
- Returned to shareholders
- MX$4.47B 61% of free cash flow
- Change in cash
- MX$1.44B cash at year-end MX$3.10B
Drawn to scale: where the cash came from and how it was used. Hover for values.
OMAB operating cash flow, capex and free cash flow
OMAB cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | MX$2.39B2016 | MX$7.53B2025 | +13.6%/yr | |
| Capital expenditures | MX$120.4M2016 | MX$163.3M2025 | +3.4%/yr | |
| Free cash flow | MX$2.27B2016 | MX$7.36B2025 | +14.0%/yr | |
| Free cash flow margin | 40.8%2016 | 46.1%2025 | +5.3 pts | |
| Operating cash flow / net income | 0.912016 | 1.412025 | +0.50 | |
| Stock-based compensation | MX$184.1M2016 | −MX$1.67B2023 | — | |
| Dividends paid | MX$1.37B2016 | MX$4.47B2025 | +14.0%/yr | |
| Share buybacks (net) | MX$02016 | MX$2.5M2025 | — | |
| Capex / revenue | 2.2%2016 | 1.0%2025 | −1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OMAB cash flow by activity
OMAB 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).
OMAB cash flow statement in Mexican pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | MX$5.34B | MX$7.07B | MX$7.06B | MX$5.29B | MX$3.84B | MX$1.49B | MX$4.60B | MX$3.99B | MX$2.95B | MX$2.62B |
| Depreciation & amortization | MX$877.6M | MX$757.0M | MX$641.3M | MX$551.2M | MX$487.2M | MX$435.3M | MX$415.3M | MX$351.7M | MX$299.2M | MX$276.6M |
| Stock-based compensation | — | — | −MX$1.67B | — | — | — | MX$358.1M | MX$295.5M | MX$261.9M | MX$184.1M |
| Change in working capital | −MX$371.9M | −MX$800.2M | −MX$284.9M | MX$16.2M | MX$4.3M | −MX$413.9M | −MX$483.0M | −MX$59.7M | MX$21.1M | −MX$340.0M |
| Other non-cash items | MX$1.68B | −MX$829.4M | MX$583.9M | −MX$874.8M | MX$119.5M | −MX$210.3M | −MX$1.14B | −MX$863.8M | −MX$608.1M | −MX$357.8M |
| Cash from operating activities | MX$7.53B | MX$6.20B | MX$6.33B | MX$4.99B | MX$4.45B | MX$1.30B | MX$3.75B | MX$3.71B | MX$2.92B | MX$2.39B |
| Investing activities | ||||||||||
| Capital expenditures | −MX$163.3M | −MX$321.3M | −MX$404.0M | −MX$2.91B | −MX$1.93B | −MX$1.44B | −MX$87.3M | −MX$211.2M | −MX$1.58B | −MX$120.4M |
| Investments (net) | — | −MX$2.51B | −MX$2.79B | −MX$2.75B | −MX$1.79B | −MX$1.32B | −MX$952.2M | −MX$1.09B | −MX$1.54B | −MX$471.4M |
| Acquisitions & other investing | −MX$2.34B | MX$321.3M | MX$404.0M | MX$2.91B | MX$1.93B | MX$1.44B | MX$57.1M | MX$211.2M | MX$1.60B | MX$120.4M |
| Cash from investing activities | −MX$2.50B | −MX$2.51B | −MX$2.79B | −MX$2.75B | −MX$1.79B | −MX$1.32B | −MX$982.4M | −MX$1.09B | −MX$1.53B | −MX$471.4M |
| Financing activities | ||||||||||
| Dividends paid | −MX$4.47B | −MX$4.21B | −MX$3.74B | −MX$6.62B | −MX$1.98B | −MX$1.98B | −MX$1.60B | −MX$1.61B | −MX$1.58B | −MX$1.37B |
| Share repurchases & issuance (net) | −MX$2.5M | — | MX$0 | MX$0 | −MX$474.9M | −MX$150.0M | −MX$244.2M | MX$0 | −MX$34.2M | MX$184.4M |
| Net borrowing (repayment) | MX$2.13B | MX$659.5M | MX$2.04B | MX$2.49B | MX$3.12B | −MX$58.0M | −MX$76.3M | −MX$11.7M | −MX$36.5M | −MX$58.9M |
| Shares issued | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 |
| Other financing | −MX$1.22B | −MX$1.12B | −MX$2.60B | −MX$746.0M | −MX$377.2M | MX$1.66B | −MX$327.3M | −MX$323.1M | −MX$348.1M | −MX$268.0M |
| Cash from financing activities | −MX$3.56B | −MX$4.66B | −MX$4.30B | −MX$4.88B | MX$292.3M | −MX$528.9M | −MX$2.25B | −MX$1.94B | −MX$1.99B | −MX$1.51B |
| Summary | ||||||||||
| Net change in cash | MX$1.44B | −MX$919.9M | −MX$760.2M | −MX$2.65B | MX$3.03B | −MX$471.1M | MX$471.0M | MX$625.9M | −MX$672.8M | MX$400.6M |
| Cash at end of period | MX$3.10B | MX$1.66B | MX$2.58B | MX$3.34B | MX$5.99B | MX$2.96B | MX$3.43B | MX$2.96B | MX$2.33B | MX$3.01B |
| Free cash flow | MX$7.36B | MX$5.88B | MX$5.93B | MX$2.08B | MX$2.52B | −MX$138.2M | MX$3.66B | MX$3.50B | MX$1.34B | MX$2.27B |
| Free cash flow margin | 46.1% | 39.0% | 41.0% | 17.4% | 28.9% | −2.6% | 42.9% | 44.2% | 18.8% | 40.8% |
| Capex / revenue | 1.0% | 2.1% | 2.8% | 24.3% | 22.1% | 26.9% | 1.0% | 2.7% | 22.2% | 2.2% |
| Operating cash flow / net income | 1.41 | 0.88 | 0.90 | 0.94 | 1.16 | 0.87 | 0.81 | 0.93 | 0.99 | 0.91 |
| 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 | MX$2.05B | MX$1.77B | MX$1.22B | MX$2.10B | MX$1.89B | MX$1.80B | MX$1.19B | MX$1.90B | MX$1.79B | MX$1.52B | MX$1.76B | MX$2.00B |
| Depreciation & amortization | MX$234.1M | MX$231.3M | MX$230.2M | MX$222.2M | MX$217.5M | MX$207.6M | MX$201.1M | MX$191.0M | MX$186.1M | MX$178.9M | MX$171.5M | MX$165.4M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −MX$51.7M | −MX$760.1M |
| Change in working capital | −MX$332.7M | MX$51.5M | −MX$239.5M | MX$113.0M | −MX$341.4M | MX$205.9M | −MX$162.1M | −MX$159.1M | −MX$598.3M | MX$180.1M | MX$83.1M | −MX$407.1M |
| Other non-cash items | −MX$194.7M | −MX$324.1M | MX$643.2M | −MX$500.1M | MX$54.9M | −MX$294.2M | MX$644.2M | −MX$175.2M | −MX$340.2M | −MX$344.7M | −MX$185.1M | MX$500.2M |
| Cash from operating activities | MX$1.76B | MX$1.73B | MX$1.85B | MX$1.94B | MX$1.82B | MX$1.92B | MX$1.87B | MX$1.75B | MX$1.04B | MX$1.53B | MX$1.78B | MX$1.50B |
| Investing activities | ||||||||||||
| Capital expenditures | −MX$837.5M | −MX$841.6M | −MX$72.8M | −MX$541.8M | −MX$606.1M | −MX$823.6M | −MX$93.6M | −MX$737.7M | −MX$133.6M | −MX$502.5M | −MX$112.7M | −MX$547.2M |
| Investments (net) | — | — | — | −MX$479.7M | −MX$574.8M | −MX$781.4M | −MX$846.5M | −MX$694.1M | −MX$544.2M | −MX$425.0M | −MX$1.15B | −MX$505.5M |
| Acquisitions & other investing | MX$61.7M | MX$50.5M | −MX$590.1M | MX$541.8M | MX$606.1M | MX$823.6M | — | MX$737.7M | MX$133.6M | MX$502.5M | MX$112.7M | MX$547.2M |
| Cash from investing activities | −MX$775.8M | −MX$791.2M | −MX$662.9M | −MX$479.7M | −MX$574.8M | −MX$781.4M | — | −MX$694.1M | −MX$544.2M | −MX$425.0M | −MX$1.15B | −MX$505.5M |
| Financing activities | ||||||||||||
| Dividends paid | −MX$2.43B | MX$0 | −MX$2.23B | −MX$9.1M | −MX$2.23B | −MX$2.10B | −MX$2.10B | −MX$10.1M | −MX$2.10B | −MX$25.9M | −MX$25.9M | −MX$502.1M |
| Share repurchases & issuance (net) | — | — | −MX$2.5M | — | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | MX$663.3M | −MX$39.4M | −MX$21.8M | −MX$8.9M | MX$2.33B | −MX$167.1M | MX$582.2M | MX$1.0M | — | — | — | −MX$14.9M |
| Shares issued | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 |
| Other financing | −MX$296.8M | −MX$336.3M | −MX$279.0M | −MX$347.1M | −MX$239.5M | MX$1.75B | −MX$263.6M | −MX$280.8M | −MX$248.1M | −MX$211.7M | −MX$240.1M | −MX$281.0M |
| Cash from financing activities | −MX$2.06B | −MX$375.7M | −MX$2.54B | −MX$365.2M | −MX$138.1M | −MX$519.4M | −MX$1.78B | −MX$289.9M | −MX$2.35B | −MX$237.7M | −MX$266.1M | −MX$798.0M |
| Summary | ||||||||||||
| Net change in cash | −MX$1.08B | MX$564.2M | −MX$1.35B | MX$1.09B | MX$1.09B | MX$610.2M | −MX$741.3M | MX$787.6M | −MX$1.83B | MX$862.4M | MX$356.4M | MX$213.7M |
| Cash at end of period | MX$2.58B | MX$3.66B | MX$3.10B | MX$4.45B | MX$3.35B | MX$2.27B | MX$1.66B | MX$2.40B | MX$1.61B | MX$3.44B | MX$2.58B | MX$2.22B |
| Free cash flow | MX$921.5M | MX$887.7M | MX$1.78B | MX$1.40B | MX$1.21B | MX$1.09B | MX$1.78B | MX$1.02B | MX$908.7M | MX$1.03B | MX$1.67B | MX$950.9M |
| Free cash flow margin | 20.6% | 23.3% | 43.2% | 35.6% | 27.9% | 30.7% | 43.2% | 27.4% | 26.0% | 27.4% | 45.0% | 24.3% |
| Capex / revenue | 18.8% | 22.1% | 1.8% | 13.8% | 13.9% | 23.1% | 2.3% | 19.9% | 3.8% | 13.4% | 3.0% | 14.0% |
| Operating cash flow / net income | 0.86 | 0.98 | 1.52 | 0.92 | 0.96 | 1.07 | 1.58 | 0.92 | 0.58 | 1.01 | 1.01 | 0.75 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Mexican pesos as reported; data from EODHD.
OMAB cash generation
In fiscal 2025 (ended December 31, 2025), Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. generated MX$7.5 billion of cash from operations (up 21.5%) and spent MX$163.3 million on capital expenditures, leaving free cash flow of MX$7.4 billion, 46.1% of revenue. It returned MX$4.5 billion to shareholders through dividends (MX$4.5 billion) and net share buybacks (MX$2.5 million). Cash and equivalents rose by MX$1.4 billion over the year.
Related: OMAB income statement, OMAB balance sheet, OMAB dividend history. See the OMAB stock overview for the latest quote and news.
OMAB cash flow FAQ
What is Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s free cash flow?
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s free cash flow was MX$7.4 billion in fiscal 2025: MX$7.5 billion of operating cash flow minus MX$163.3 million of capital expenditures It was MX$5.9 billion a year earlier..
How much cash does Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. generate from operations?
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. generated MX$7.5 billion of cash from operating activities in fiscal 2025, 1.41 times its net income of MX$5.3 billion.
How much does Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. spend on capital expenditures?
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. spent MX$163.3 million on capital expenditures in fiscal 2025, 1.0% of revenue, compared with MX$321.3 million the year before.
How much stock does Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. buy back?
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. spent MX$2.5 million on net share repurchases in fiscal 2025.
How much does Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. pay in dividends?
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. paid MX$4.5 billion in dividends in fiscal 2025, 60.7% of free cash flow.