Markets: Mexico
Key Facts
—Who. Grupo Aeroportuario del Pacífico (GAP), the Mexican operator of 14 airports including Guadalajara, Tijuana, Los Cabos and Puerto Vallarta, listed in New York as PAC.
—What. Third-quarter net income rose 8.1% to Ps 2.91 billion (about US$158 million), while revenue grew 21.8% to Ps 11.67 billion (about US$634 million).
—Traffic. Passengers fell 1.4% to 15.4 million, with international traffic down 4.5% and Montego Bay in Jamaica down 23.0%.
—Why it matters. US investors who hold PAC are getting growth from shops, services and a new border bridge business rather than from more travellers.
—Margin. EBITDA, or earnings before interest, tax, depreciation and amortisation, rose 19.2% to Ps 6.06 billion (about US$330 million), lifting its margin to 67.8%.
Grupo Aeroportuario del Pacífico (GAP), the Mexican company that runs the Guadalajara, Tijuana and Los Cabos airports, reported third-quarter net income of Ps 2.91 billion (about US$158 million), up 8.1%. Revenue jumped 21.8% even though passenger numbers fell 1.4%, as income from shops and services and from construction accounting grew fast.
The shares trade in New York as PAC, so the figures matter directly to US investors. The group also runs the airports that many US visitors use to reach Los Cabos, Puerto Vallarta and Guadalajara.
The company published the results after the US market close on Monday 19 October 2026. Our full company profile of GAP carries the background on its airports and ownership.
What GAP Reported for the Quarter
Total revenue reached Ps 11.67 billion (about US$634 million), up 21.8% on the third quarter of 2025. Peso amounts in this article are converted at about Ps 18.40 per US dollar, the market rate on 20 October.
Revenue from aeronautical services, mainly fees charged to airlines and passengers, rose 2.6% to Ps 5.62 billion (about US$305 million). Non-aeronautical income from shops, restaurants and other commercial services jumped 37.0% to Ps 3.33 billion (about US$181 million).
A third line, improvements to concession assets, added Ps 2.72 billion (about US$148 million) and rose 62.8%. It is an accounting entry under IFRIC 12, the rule that books airport construction as revenue, so it reflects spending rather than new customers.
Without that construction line, revenue grew 13.2% to Ps 8.95 billion (about US$486 million). That figure is our calculation from the company’s reported numbers.
Profit and Margins
EBITDA, a standard measure of earnings before interest, tax, depreciation and amortisation, rose 19.2% to Ps 6.06 billion (about US$330 million). Operating income climbed 21.6% to Ps 5.05 billion (about US$274 million).
Measured against revenue without the construction line, the EBITDA margin widened to 67.8% from 64.3% a year earlier. In plain terms, about 68 centavos of every peso of airport and commercial income turned into EBITDA.
Net income grew more slowly, up 8.1% to Ps 2.91 billion (about US$158 million). Comprehensive income, a broader measure that includes items outside the income statement, rose 32.8% to Ps 3.27 billion (about US$177 million).
Comprehensive income per American depositary share (ADS), the form in which US investors hold GAP stock, was US$3.04, up 12.8%. On the standard Wall Street count, earnings were US$2.84 per ADS against an average estimate of US$2.72 from three analysts surveyed by Zacks Investment Research, according to an Associated Press earnings snapshot.
Over the first nine months, revenue rose 8.9% to Ps 34.33 billion (about US$1.87 billion). Net income for the period grew 11.1% to Ps 9.12 billion (about US$496 million).
Live Company IntelligenceGrupo Aeroportuario del Pacífico S.A.B. de C.V — the full investor dossier
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Passengers: Guadalajara Up, Resorts Down
GAP’s 14 airports handled 15.4 million passengers in the quarter, 1.4% fewer than a year earlier. That is about 222,000 fewer travellers.
Domestic traffic edged up 0.6% to 9.5 million, while international traffic fell 4.5% to 5.95 million. The decline therefore came from international routes.
Guadalajara grew 8.0%, while Tijuana slipped 0.5%. The resort airports were weaker, with Los Cabos down 6.8% and Puerto Vallarta down 11.0%.
Montego Bay, one of GAP’s two Jamaican airports, fell 23.0%. Readers following the island’s tourism rebuild can find more in our report on Jamaica tourism jobs after Hurricane Melissa.
CBX: The Border Bridge Joins the Group
GAP’s business combination with Cross Border Xpress (CBX) took effect on 1 May 2026. CBX is a pedestrian bridge that links Tijuana airport with a terminal in San Diego, California.
The same transaction included what the company calls the internalization of technical assistance. From May to September, CBX recorded 1.03 million users, and the company reported 8.4% growth in that number.
CBX revenue came to Ps 775.5 million, which the company puts at US$44.6 million, or US$43.1 per user. GAP says the amounts from the transaction are preliminary and subject to adjustment, so the figures are provisional.
Cash and Debt
Cash and equivalents stood at Ps 23.94 billion (about US$1.30 billion) on 30 September, up 105.1%. Bank debt was Ps 24.95 billion (about US$1.36 billion).
For wider context on Mexican airline and airport conditions, see our report on the US lifting limits on Mexican airlines. Our Mexico coverage tracks the other companies reporting this season.
What It Means for You
For US investors in PAC, the quarter shows earnings that lean on commercial income and the new border business more than on passenger growth. A recovery at Los Cabos and Puerto Vallarta would add to that.
For travellers, a smaller passenger count at resort airports does not by itself mean fewer flights or higher fares. Anyone flying from Tijuana can use CBX, which handled about 1.03 million users in five months.
What Is Not Known
The release does not explain why traffic fell at Los Cabos, Puerto Vallarta and Montego Bay. It also does not say why net income grew more slowly than EBITDA.
We could not confirm what drove the jump in cash. The CBX figures remain preliminary, so later filings could change them.
Frequently Asked Questions
What did GAP earn in the third quarter of 2026?
Net income was Ps 2.91 billion (about US$158 million at Ps 18.40 per US dollar), up 8.1%. Revenue rose 21.8% to Ps 11.67 billion (about US$634 million).
Did GAP beat analyst expectations?
On the standard Wall Street count, earnings were US$2.84 per ADS against an average estimate of US$2.72 from three analysts surveyed by Zacks Investment Research. That is a beat on that measure.
Why did revenue rise while passenger numbers fell?
Passengers fell 1.4%, but non-aeronautical income rose 37.0% and construction accounting rose 62.8%. Excluding construction, revenue still grew 13.2%.
What is CBX?
Cross Border Xpress is a pedestrian bridge linking Tijuana airport with a terminal in San Diego. It joined GAP through a business combination effective 1 May 2026.
Which airports does GAP operate?
GAP runs 14 airports in Mexico and Jamaica, including Guadalajara, Tijuana, Los Cabos, Puerto Vallarta and Montego Bay. Its US-listed shares trade as PAC.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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