Heathrow will submit proposals for a third runway this summer in a bid to achieve planning permission by the end of the current Parliament.
But the London hub warned that policy changes are needed to deliver the project successfully.
Heathrow said: “We will also be working with ministers to agree these changes, particularly around airspace modernisation, planning reform and adjustments to the regulatory model for a third runway.
“Our aim is to meet the government’s ambition to have planning permission for a third runway before the end of this Parliament.”
The projection came as Heathrow reported a 6% year-on-year rise in passenger numbers in 2024 to reach a record 83.9 million from 79.2 million the previous year.
However, the airport warned that “constrained capacity” will “likely see a smaller uptick in annual performance” this year with growth coming from airlines using “larger, fuller” aircraft.
Despite record passenger numbers, Heathrow’s total revenue declined to £3.6 billion with adjusted profits [ebitda] also down to £2 billion as a result of a lower airport charge set by the Civil Aviation Authority.
However, pre-tax profit rose by almost 31% to £917 million.
“We continue to focus on reducing costs and delivering more efficiencies to improve our ebitda margin,” the airport said.
“Our financial resilience remains robust including a strong liquidity position at £3.4 billion.”
Heathrow has decided to pay a dividend of £250 million to its ultimate shareholders for the first time in five years as a result of the strong 2024 business performance
Chief executive Thomas Woldbye said: “2024 underscores why Heathrow is the UK’s gateway to growth.
“Our colleagues welcomed a record number of passengers with good service, cargo volumes increased 10% boosting British trade and we invested over £1 billion to improve facilities and boost resilience which creates more value for customers at Britain’s front door.”
He added: “Securing future economic growth means investing in the infrastructure that powers it. Over the next decade, we will be making the largest private investment in the UK’s transport network which will modernise Heathrow and unlock new capacity for growth.
“This will grow the economy, make Heathrow better for all of our customers and give the UK a competitive world-class hub fit for the future.
“This is an exciting time for our customers, our colleagues and the country and we’re looking forward to working with the government to deliver it.”