Heathrow
A regulated hub with aeronautical charges, retail, property and other income. The regulated asset base, allowed returns, service quality and capital programme shape long-run cash flows.
Business at a glance
A regulated hub with aeronautical charges, retail, property and other income. The regulated asset base, allowed returns, service quality and capital programme shape long-run cash flows.
Operating footprint: London Heathrow Airport
Managed airports and airport interests
This profile covers London Heathrow Airport. The passenger history below therefore already describes one individual airport; the financial series follows the Heathrow reporting group.
Airport codes are IATA unless marked ICAO. Expand a portfolio below to see the airports and the group’s role.
United KingdomAirport operator
- London Heathrow (LHR)
Former BAA airports are not part of this current operating portfolio.
Individual airport information
| Airport / code | Country | Reporting period | Passengers | Airport detail |
|---|---|---|---|---|
| London Heathrow · LHR | United Kingdom | January–June 2026 | 40.0m | Regulated London hub · aeronautical charges, retail and property income |
This is a half-year passenger figure, not a full-year total. Annual Heathrow traffic, revenue, EBITDA and regulated assets remain in the historical section below.
Portfolio research checked 30 September 2026. An unavailable airport metric is left unreported; group financials are not allocated by passenger share.
Key operating and financial figures
Source: Heathrow investor results. Currency and non-GAAP definitions follow the operator’s release.
Performance over time
Calendar years · year ended 31 December
Heathrow Airport traffic and Heathrow (SP) Limited financial results. These are not the separate Heathrow Holdings financial statements.
Passengers
Revenue
Adjusted EBITDA
Retail revenue
Charts use annual results. Gaps indicate unavailable values; the table shows the annual series.
Full-year history
Read across the years to compare traffic, income and the economics of the airport business. Scroll horizontally on smaller screens.
| Indicator / unit | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Passengersmillion · Traffic | 19.4 | 61.6 | 79.2 | 83.9 | 84.5 |
| Traffic growth, calculated% · Traffic | — | 217.5 | 28.6 | 5.9 | 0.7 |
| Revenue£m · Financial | 1,214.0 | 2,913.0 | 3,687.0 | 3,559.0 | 3,623.0 |
| Aeronautical revenue£m · Financial | 554.0 | 1,879.0 | 2,473.0 | 2,229.0 | 2,258.0 |
| Retail revenue£m · Commercial | 217.0 | 564.0 | 698.0 | 772.0 | 791.0 |
| Other revenue£m · Financial | 443.0 | 470.0 | 516.0 | 558.0 | 574.0 |
| Adjusted EBITDA£m · Financial | 384.0 | 1,684.0 | 2,228.0 | 2,035.0 | 2,034.0 |
| Regulated asset base£m · Capital | 17,474.0 | 19,182.0 | 19,804.0 | 20,422.0 | 21,263.0 |
Traffic growth is calculated from consecutive years in the traffic series above and may differ slightly from growth rates published using unrounded or adjusted figures. The first year has no preceding year in this table.
What the numbers say
Traffic recovered to record levels, but revenue and EBITDA did not rise proportionately. Lower regulated charges in 2024 reduced aeronautical revenue even as passengers increased.
Retail revenue kept growing through 2025. The expanding regulated asset base shows why airport returns depend on the allowed tariff and investment framework as well as terminal activity.
Historical sources and comparability
- Adjusted EBITDA uses Heathrow (SP) Limited’s definition consistently. Heathrow Holdings reports a different financial perimeter and EBITDA figure.
- Regulated asset base is a regulatory capital measure, not market value or net debt. All amounts are nominal and as reported.
- Annual history is separate from the latest interim or rolling-period snapshot. Operator definitions and reporting perimeters differ, so these profiles are not a like-for-like league table.
What drives the airport business
Assess airport charges within the UK regulatory settlement and service obligations.
Track retail spend and other non-airline income per passenger.
Compare capital spending and debt capacity with the regulated asset base.
Source and method
This profile uses the operator’s own published figures. Group metrics are not assigned to an individual airport. Passenger volume is an activity measure, not revenue; construction-accounting and adjusted-profit labels follow the source. Where a comparable financial measure is not publicly available, it is not estimated.
Read the official Heathrow investor results ↗