Q3 FY2026
Filed Oct 20, 2026Grupo Aeroportuario del Pacifico Announces Results for the Third Quarter of 2026
Total revenues increased 21.8% and EBITDA increased 19.2%, supported by CBX consolidation and IFRIC-12 concession-asset improvements, while total passengers decreased 1.4%, net income increased 8.1%, and Jamaican airport activity remained weak.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| 3Q26 total revenuesother | 11.67B | – | 21.8% |
| 3Q26 aeronautical services revenuesother | 5.62B | – | 2.6% |
| 3Q26 non-aeronautical services revenuesother | 3.33B | – | 37.0% |
| 3Q26 improvements to concession assets (IFRIC-12) revenuesother | 2.72B | – | 62.8% |
| 3Q26 total operating costsother | 6.62B | – | 22.0% |
| 3Q26 costs of servicesother | 1.93B | – | 26.8% |
| 3Q26 employee costsother | 714.2M | – | 12.8% |
| 3Q26 maintenanceother | 358.3M | – | 16.5% |
| 3Q26 safety, security & insuranceother | 280.6M | – | 15.1% |
| 3Q26 utilitiesother | 171.4M | – | (2.0%) |
| 3Q26 professional servicesother | 52.05M | – | 20.0% |
| 3Q26 business operated directly by us expensesother | 87.61M | – | 3.4% |
| 3Q26 other operating expensesother | 169.9M | – | 345.6% |
| 3Q26 CBX operating expensesother | 100.7M | – | 100.0% |
| 3Q26 technical assistance feesother | 43.00M | – | (81.0%) |
| 3Q26 concession taxesother | 926.8M | – | (13.8%) |
| 3Q26 depreciation and amortizationother | 1.02B | – | 8.7% |
| 3Q26 cost of improvements to concession assets (IFRIC-12)other | 2.72B | – | 62.8% |
| 3Q26 income from operationsother | 5.05B | – | 21.6% |
| 3Q26 operating income marginother | 43.3% | – | (0.2%) |
| 3Q26 operating income margin (excluding IFRIC-12)other | 56.4% | – | 7.5% |
| 3Q26 EBITDAnon-GAAP | 6.06B | – | 19.2% |
| 3Q26 EBITDA marginnon-GAAP | 52.0% | – | (2.1%) |
| 3Q26 EBITDA margin (excluding IFRIC-12)non-GAAP | 67.8% | – | 5.4% |
| 3Q26 financial resultother | −1.04B | – | 57.6% |
| 3Q26 income before income taxesother | 4.00B | – | 14.8% |
| 3Q26 income taxesother | −1.09B | – | 37.7% |
| 3Q26 net incomeother | 2.91B | – | 8.1% |
| 3Q26 comprehensive incomeother | 3.27B | – | 32.8% |
| 3Q26 comprehensive income attributable to controlling interestother | 3.10B | – | 31.4% |
| 3Q26 comprehensive income per shareother | 5.4874 pesos | – | 12.8% |
| 3Q26 comprehensive income per ADSother | 3.0383 US dollars | – | 12.8% |
| 3Q26 total passengersother | 15,437.8 | – | (1.4%) |
| 3Q26 total cargo volume (in WLUs)other | 771.4 | – | 7.5% |
| 3Q26 total WLUsother | 16,209.3 | – | (1.0%) |
| 3Q26 net cash flows provided by operating activitiesother | 5.50B | – | 29.0% |
| 3Q26 net cash used by investment activitiesother | −3.55B | – | 13.2% |
| 3Q26 net cash flows used in financing activitiesother | 2.55B | – | 121.0% |
| 9M26 total revenuesother | 34.33B | – | 8.9% |
| 9M26 income from operationsother | 15.09B | – | 12.4% |
| 9M26 EBITDAnon-GAAP | 18.02B | – | 11.1% |
| 9M26 net incomeother | 9.12B | – | 11.1% |
| 9M26 comprehensive incomeother | 9.08B | – | 21.0% |
| 9M26 net cash flows provided by operating activitiesother | 15.72B | – | 19.8% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| GuadalajaraAeronautical services increased 8.6%, non-aeronautical services increased 14.0%, and improvements to concession assets (IFRIC 12) increased 3352.0%. | 3.36B | – | 61.7% |
| TijuanaAeronautical services increased 7.4%, non-aeronautical services increased 1.8%, and improvements to concession assets (IFRIC 12) increased 17.6%. | 1.50B | – | 9.7% |
| Los CabosNon-aeronautical services decreased 10.8%, while aeronautical services increased 1.2%. | 1.17B | – | (1.4%) |
| Puerto VallartaNon-aeronautical services decreased 10.3% and improvements to concession assets (IFRIC 12) decreased 18.4%. | 1.02B | – | (8.9%) |
| Cargo and bonded warehouse businessNon-aeronautical services increased 21.1%. | 675.1M | – | 21.1% |
| Montego BayAeronautical services decreased 28.2% and non-aeronautical services decreased 17.6%. | 649.4M | – | (16.0%) |
| GuanajuatoImprovements to concession assets (IFRIC 12) decreased 43.6%. | 420.9M | – | (10.9%) |
| HermosilloImprovements to concession assets (IFRIC 12) decreased 67.2%. | 199.4M | – | (2.2%) |
| Cross Border XpressCross Border Xpress figures correspond to operations from May to September 2026. | 775.5M | – | 100.0% |
| OthersOthers include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports, and other subsidiaries. | 1.89B | – | 4.4% |
Capital returns
- Dividends declared and paid: - (in thousands of pesos) in 3Q26, compared to (4,254,436) (in thousands of pesos) in 3Q25.
- Dividends declared and paid: (203,882) (in thousands of pesos) in 9M26, compared to (8,508,872) (in thousands of pesos) in 9M25.
- Dividends payable: 12,512,864 (in thousands of pesos) as of September 30, 2026.
- Reserve for share repurchase: 2,500,000 (in thousands of pesos) as of September 30, 2026.
What drove it
- The business combination effective May 1, 2026 integrated CBX operations and internalized technical assistance and technology transfer services.
- CBX generated revenues of Ps. 775.5 million, equivalent to US$44.6 million, during 3Q26.
- Mexican airport aeronautical revenues increased by Ps. 247.7 million, or 5.3%, primarily driven by gradual implementation of maximum tariffs approved for the 2025–2029 regulatory period and an increase in passenger traffic of 0.4%.
- Mexican airport non-aeronautical revenues increased by Ps. 163.2 million, or 7.6%.
- Revenues from businesses operated directly by the Company increased by Ps. 164.0 million, or 14.2%.
- Cargo operation and bonded warehouse revenue increased 20.7%.
- IFRIC-12 revenue increased by Ps. 1,049.6 million, or 62.8%, and the Company stated that IFRIC-12 recognition does not have a cash impact or impact on operating results.
Concerns
- Total passengers decreased by 222.0 thousand, representing a 1.4% decrease compared to 3Q25.
- International terminal passengers decreased 4.5%, including declines of 23.0% at Montego Bay, 24.8% at Puerto Vallarta, and 16.2% at Los Cabos.
- Jamaican airport aeronautical revenues decreased by Ps. 105.7 million, or 12.7%, primarily due to a 15.8% decrease in passenger traffic and Mexican peso appreciation against the U.S. dollar.
- Financial result was a net expense of Ps. 1,043.1 million in 3Q26, compared with a net expense of Ps. 661.8 million in 3Q25.
- Interest expense increased by Ps. 473.9 million, or 41.8%, primarily due to higher debt levels to finance airport CAPEX and the acquisition of a 25% equity interest in CBX.
- EBITDA margin decreased from 53.1% in 3Q25 to 52.0% in 3Q26 when including IFRIC-12.
- The Company is determining fair values of assets acquired and liabilities assumed in the business combination; reported amounts are preliminary and subject to adjustment.
What to watch
- Passenger-traffic trends across the 14 airports, particularly international volumes at Montego Bay, Puerto Vallarta and Los Cabos.
- The pace at which maximum tariffs approved for the 2025–2029 regulatory period support Mexican airport aeronautical revenue.
- CBX revenue, passenger volume and EBITDA contribution following its May 1, 2026 consolidation.
- The impact of Mexican peso appreciation against the U.S. dollar on Jamaican airport revenues and translation.
- Debt, interest expense, capital expenditure and dividend-payable developments following the CBX business combination.
Balance sheet and cash flow
- Cash and cash equivalents: 23,939,139 (in thousands of pesos) as of September 30, 2026, compared to 11,669,498 (in thousands of pesos) as of September 30, 2025.
- Total assets: 146,421,749 (in thousands of pesos) as of September 30, 2026, compared to 82,906,577 (in thousands of pesos) as of September 30, 2025.
- Total liabilities: 88,028,579 (in thousands of pesos) as of September 30, 2026, compared to 59,563,896 (in thousands of pesos) as of September 30, 2025.
- Bank loans and interest payable: 19,434,447 (in thousands of pesos) as of September 30, 2026, compared to 5,028,636 (in thousands of pesos) as of September 30, 2025.
- Bank loans: 5,519,003 (in thousands of pesos) as of September 30, 2026, compared to 5,309,086 (in thousands of pesos) as of September 30, 2025.
- Long-term local bonds payable: 42,761,266 (in thousands of pesos) as of September 30, 2026, compared to 43,283,722 (in thousands of pesos) as of September 30, 2025.
- Machinery, equipment and improvements to concession assets: (3,679,727) (in thousands of pesos) in 3Q26 and (8,622,782) (in thousands of pesos) in 9M26.
- Acquisition of a 25% interest in CBX: (8,445,060) (in thousands of pesos) in 9M26.
- Cash and cash equivalentes from business combination: 5,428,000 (in thousands of pesos) in 9M26.
Analysis
GAP reported 3Q26 total revenues of 11,667,818 (in thousands of pesos), up 21.8% from 3Q25. The increase was led by non-aeronautical services, which rose 37.0%, and improvements to concession assets under IFRIC-12, which rose 62.8%. Aeronautical services grew 2.6%. The Company stated that the business combination effective May 1, 2026 added CBX operations, and CBX generated Ps. 775.5 million of revenue during the quarter.
Underlying traffic was weaker than consolidated revenue growth. Total passengers decreased 1.4%, as domestic terminal passengers increased 0.6% but international terminal passengers decreased 4.5%. Guadalajara total terminal passengers rose 8.0%, while Montego Bay declined 23.0%, Puerto Vallarta declined 11.0%, and Los Cabos declined 6.8%. Mexican airport revenue benefited from gradual implementation of the maximum tariffs approved for the 2025–2029 regulatory period, but Jamaican results were affected by lower traffic and Mexican peso appreciation against the U.S. dollar.
Profitability improved on an IFRIC-12-excluded basis. Income from operations increased 21.6% to 5,047,681 (in thousands of pesos), while EBITDA increased 19.2% to 6,064,586 (in thousands of pesos). EBITDA margin including IFRIC-12 declined from 53.1% to 52.0%, whereas EBITDA margin excluding IFRIC-12 increased from 64.3% to 67.8%. The Company identified CBX as a contributor of Ps. 558.2 million of EBITDA, with an EBITDA margin of 72.0%. Net income increased 8.1%, trailing EBITDA growth as financial expenses and income taxes increased.
Cash flow and the balance sheet reflect the CBX transaction and investment program. Net cash flows provided by operating activities were 5,499,146 (in thousands of pesos) in 3Q26, up 29.0%. For 9M26, the Company reported (8,445,060) (in thousands of pesos) for acquisition of a 25% interest in CBX, while cash and cash equivalents ended at 23,939,139 (in thousands of pesos). Bank loans and interest payable increased to 19,434,447 (in thousands of pesos), and the Company said interest expense rose primarily because of higher debt levels financing airport CAPEX and the CBX acquisition.
The reported period combines strong revenue, EBITDA and operating-income growth with weaker passenger traffic and pressure in the Jamaican airports. The reported revenue mix was materially affected by CBX and IFRIC-12 concession-asset improvements, which the Company states have no cash impact or operating-results impact. Attention remains on traffic recovery, the sustainability of tariff-led Mexican revenue growth, CBX integration, interest costs, and the preliminary purchase-accounting amounts related to the business combination.
Not in the filing
stated, not guessed- Forward guidance was not provided.
- Previous-period outlook was not provided.
- Gross profit and gross margin were not reported.
- GAAP financial statements were not provided; the Company reported under IFRS.
- Free cash flow was not reported.
- Share repurchases during 3Q26 or 9M26 were not reported.
- Prior-quarter financial comparisons were not reported.
- Named executive quotations were not provided. The filing identifies Saúl Villarreal García as Chief Financial Officer but does not attribute a quotation to him.,
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.