Q3 FY2026
Filed Oct 22, 2026ASUR announced 3Q26 results with total passenger traffic down 1.2% YoY, revenue up 18.9% YoY to Ps.10,420.5 million, and consolidated EBITDA up 1.7% YoY to Ps.4,719.3 million.
Revenue, EBITDA, net income and earnings per share increased year over year, supported by acquired U.S. commercial operations and Brazil & Others. However, total passenger traffic declined 1.2%, Mexico and San Juan traffic fell, and Adjusted EBITDA Margin excluding IFRIC 12 decreased to 60.3% from 66.7%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenueother | 10.42B | – | 18.9% |
| Revenue excluding construction servicesother | . | – | 12.6% |
| Commercial Revenues per PAXother | 130.5 | – | 3.5% |
| EBITDAnon-GAAP | 4.72B | – | 1.7% |
| Adjusted EBITDA Margin excluding IFRIC 12non-GAAP | 60.3% | – | – |
| Net Incomeother | 2.31B | – | 4.4% |
| Majority Net Incomeother | 2.16B | – | 2.1% |
| Earnings per Share (in pesos)other | 7.1960 | – | 2.1% |
| Earnings per ADS (in US$)other | 3.9825 | – | 2.1% |
| Capexother | 2.72B | – | 45.1% |
| Cash & Cash Equivalentsother | 20.09B | – | 23.6% |
| Net Debtother | 49.88B | – | 903.1% |
| Net Debt/ LTM EBITDAother | 2.6 | – | 953.0% |
| Total Passenger Trafficother | decreased 1.2% YoY | – | (1.2)% |
| Mexico Passenger Trafficother | 9,084,716 | – | (4.6)% |
| San Juan Passenger Trafficother | 3,247,661 | – | (3.2)% |
| Colombia Passenger Trafficother | 4,679,491 | – | 5.2% |
| Brazil & Others Passenger Trafficother | 3,924,970 | – | 1.4% YoY pro-forma for the acquisition completed on September 1, 2026 |
| U.S. commercial operations revenueother | Ps.456.4 million | – | – |
| Brazil & Others revenue excluding construction from one full month of operationsother | Ps.676.4 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MexicoPassenger traffic decreased 4.6%, reflecting a decrease of 11.8% in international traffic, partially offset by an increase of 1.6% in domestic traffic. | 6.68B | – | 3.1% |
| San JuanPassenger traffic decreased 3.2%, reflecting decreases of 3.1% and 3.9% in domestic and international traffic, respectively. | 1.27B | – | (4.1)% |
| ColombiaPassenger traffic increased 5.2%, reflecting increases of 6.5% in domestic traffic and 1.0% in international traffic. | 1.17B | – | 22.0% |
| U.S.3Q26 included revenue from the U.S. commercial operations acquired in December 2025, with no comparable contribution in 3Q25. | Ps.456.4 million | – | – |
| Brazil & OthersOperating and financial data reflect performance for September 2026 following the September 1, 2026 acquisition. Passenger traffic increased 1.4% YoY pro-forma, reflecting increases of 2.6% in Brazil and 1.7% in Ecuador, partially offset by decreases of 6.1% in Costa Rica and 0.9% in Curazao. | 841.2M | – | – |
What drove it
- Revenue increased 18.9% YoY to Ps.10,420.5 million, while revenue excluding construction services increased 12.6%.
- 3Q26 included Ps.456.4 million in revenue from U.S. commercial operations acquired in December 2025, with no comparable contribution in 3Q25.
- Brazil & Others contributed Ps.676.4 million excluding construction from one full month of operations following the September 1, 2026 acquisition.
- Commercial revenue per passenger increased 3.5% YoY to Ps.130.5.
- Colombia revenue increased 22.0% and passenger traffic increased 5.2%.
Concerns
- Total passenger traffic decreased 1.2% YoY.
- Mexico passenger traffic decreased 4.6%, including an 11.8% decrease in international traffic.
- San Juan passenger traffic decreased 3.2%, while San Juan revenue decreased 4.1%.
- Adjusted EBITDA Margin excluding IFRIC 12 decreased to 60.3% from 66.7% in 3Q25.
- Net Debt increased 903.1% YoY to 49,878,072 (thousands of Mexican pesos), and Net Debt/ LTM EBITDA increased to 2.6 from 0.2.
What to watch
- Mexico international passenger traffic, which decreased 11.8% in 3Q26.
- The contribution from U.S. commercial operations acquired in December 2025.
- The integration and revenue contribution of Brazil & Others after the September 1, 2026 acquisition.
- Adjusted EBITDA Margin excluding IFRIC 12, which was 60.3% versus 66.7% in 3Q25.
- Capex and leverage following the increase in Net Debt/ LTM EBITDA to 2.6.
Balance sheet and cash flow
- Cash and cash equivalents totaled Ps.20,091.8 million.
- Net Debt was 49,878,072 (thousands of Mexican pesos).
- Net Debt-to-LTM EBITDA was 2.6x.
- Capex was 2,716,593 (thousands of Mexican pesos), up 45.1% YoY.
Analysis
ASUR reported an acquisition-supported revenue increase in 3Q26, but underlying traffic trends were negative at the consolidated level. Total revenue rose 18.9% YoY to Ps.10,420.5 million, while revenue excluding construction services increased 12.6%. The company stated that U.S. commercial operations acquired in December 2025 contributed Ps.456.4 million of revenue and that one full month of Brazil & Others operations acquired on September 1, 2026 contributed Ps.676.4 million excluding construction, with neither contribution comparable in 3Q25.
Traffic declined 1.2% YoY. Mexico passenger traffic fell 4.6%, as an 11.8% decrease in international traffic outweighed 1.6% domestic growth. San Juan traffic declined 3.2%, and its revenue decreased 4.1%. Colombia was the major organic growth area, with passenger traffic up 5.2% and revenue up 22.0%. Brazil & Others traffic increased 1.4% YoY on a pro-forma basis, although reported operating and financial data for that business represent September 2026 after the acquisition.
Profit growth lagged revenue growth. Consolidated EBITDA increased 1.7% YoY to Ps.4,719.3 million, while net income increased 4.4% and majority net income increased 2.1%. Adjusted EBITDA Margin excluding IFRIC 12 declined to 60.3% from മായ 66.7% in 3Q25. Commercial Revenues per PAX increased 3.5% to Ps.130.5, although Mexico and San Juan commercial revenue per passenger declined 10.4% and 2.1%, respectively, while Colombia increased 10.3%.
Capital spending increased 45.1% YoY to 2,716,593 (thousands of Mexican pesos). Cash and cash equivalents totaled Ps.20,091.8 million, but net debt rose to 49,878,072 (thousands of Mexican pesos) and Net Debt/ LTM EBITDA was 2.6, compared with 0.2 in the prior-year table. The filing did not provide forward guidance, dividend information, share repurchases, operating cash flow, free cash flow, gross profit, operating income, or gross debt.
Not in the filing
stated, not guessed- Forward guidance
- Prior-outlook comparison
- Gross profit and gross margin
- Operating income and operating margin
- Operating cash flow
- Free cash flow
- Gross debt
- Dividend information
- Share repurchase information
- Management quotes from named executives
- Absolute value for revenue excluding construction services
- Prior-year adjusted EBITDA amount
- Year-over-year change for Adjusted EBITDA Margin excluding IFRIC 12
- Year-over-year revenue comparison for U.S.
- Year-over-year revenue comparison for Brazil & Others
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.