Higher passenger numbers fail to boost earnings at Heathrow
By Abigail Townsend
Date: Wednesday 25 Feb 2026
(Sharecast News) - Heathrow Airport posted flat annual earnings on Wednesday, as an uptick in passenger numbers was offset by lower charges and higher costs.
The hub, which is seeking approval for a £33bn expansion plan, saw revenues rise 1.8% in the year to 31 December to £3.6bn, while passenger numbers ticked up 0.7% at 84.5m.
Heathrow said it had been its busiest year to date. However, adjusted earnings before interest, tax, depreciation and amortisation were £2.03bn, broadly unchanged on 2024.
Heathrow attributed the subdued earnings performance to the Civil Aviation Authority setting lower airport changes, increased maintenance costs and the ongoing expenditure required to support operations.
Looking to the current year, Heathrow said it expected passenger numbers to reach 85m, but warned: "Demand continues to outpace the limits of the airport's current infrastructure, reinforcing the need for expansion."
Heathrow has long lobbied to build a third runway, but had met with opposition from previous governments, environmental groups and local residents.
However, chancellor Rachel Reeves has backed the project - which Heathrow says will be entirely privately financed - and the lengthy planning process is now underway. Parliament is due to vote on proposals later this year, although the project is unlikely to be completed until close to 2040.
Thomas Woldbye, chief executive, said: "With strong foundations in place and with the airport now operating very close to capacity, the next chapter is crucial to our success.
"Expansion will unlock significant economic benefits and create an extraordinary airport, fit for the future."
Heathrow paid its owners, which include French private equity firm Ardian and the Qatar Investment Authority, dividends totalling £550m in 2025, the first payouts in five years.
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