Airports recorded negative economic profit in 2024, even as passenger traffic fully returned to prepandemic levels. Collectively, airports lost roughly $4 billion in 2024, an improvement from 2023’s $7 billion loss but still well below their 2012–19 average performance. Results diverged sharply by region, with Asia–Pacific the biggest drag for the airport sector overall. Across the aviation value chain, economic losses reached $14 billion, although six of the 11 subsectors tracked achieved positive economic profit. Greater resilience and innovation could help the aviation industry navigate this turbulent moment, note McKinsey’s Steve Saxon, Vik Krishnan, and Jaap Bouwer.
To read the article, see “Which aviation subsectors are flying high, and which face turbulence?,” December 8, 2025.