EarningsQ3 2026 Earnings Report
MX:GAPB Q3 2026 EPS Results
Actual EPS$4.90
Consensus EPS$4.83
Beat/MissBeat by +$0.07
One Year Ago EPS$5.34
MX:GAPB Q3 2026 Revenue Results
Actual Revenue$11.67B
Expected Revenue$11.49B
Beat/MissBeat by +$180.48M
YoY Revenue Growth+21.84%
Earnings Announcement Details
QuarterQ3 2026
Date10/20/2026
TimeBefore Open
Conference CallTuesday, October 20, 2026
MX:GAPB Upcoming Earnings
Grupo Aeroportuario del Pacifico SAB de CV's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:GAPB Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive, supported by strong revenue, EBITDA and margin growth; meaningful contributions from CBX, cargo and directly operated businesses; continued infrastructure expansion; and a stable funding position. However, passenger traffic remained below prior-year levels, international leisure markets and Jamaica faced challenges, commercial categories such as duty-free weakened, and the full-year traffic outlook requires a meaningful fourth-quarter improvement. The highlights significantly outweighed the lowlights.Company Guidance
Strong Revenue, EBITDA and Margin Growth
Third-quarter revenues excluding construction services increased by 13.2%, EBITDA grew by 19.2% to MXN 6.1 billion, and EBITDA margin expanded by 350 basis points to 67.8%. The results were driven by the consolidation of Cross Border Xpress, internalization of GAP technical assistance services, and growth in directly operated businesses together with gradual implementation of the approved maximum tariff.
Improved Passenger Traffic Trend Versus the Prior Quarter
GAP's 14 airports handled approximately 18.4 million passengers in the third quarter, a 1.4% decrease from the third quarter of 2025, improving from the 5.6% decline experienced in the second quarter of 2026.
Domestic Traffic and Guadalajara Growth
Domestic traffic increased by 0.6%. Guadalajara passenger traffic increased by 8%, supported by growth in both domestic and international volumes, while international passengers in Guadalajara grew by 13.1%.
CBX Passenger and Capture-Rate Growth
CBX users increased by 8.4% to approximately 1 million passengers during the quarter, despite a slight contraction in Tijuana Airport traffic. CBX's capture rate improved from 29.7% in the third quarter of 2025 to 32.4% in the third quarter of 2026.
CBX Financial Contribution and Commercial Upside
CBX generated MXN 775 million in third-quarter revenue, average revenue per passenger of $43 versus $42.8 in the second quarter of 2026, and MXN 558 million of consolidated EBITDA. Management is working on pricing strategies, commercial integration, customer penetration and a new food-and-beverage area expected to be in place by the end of the coming year.
Aeronautical Revenue Growth in Mexico
Aeronautical services increased by 2.6% year over year, while aeronautical revenue at Mexican airports grew by 5.3%, primarily due to the gradual implementation of the maximum tariff approved for the 2025-2029 regulatory period.
Non-Aeronautical Revenue Expansion
Non-aeronautical revenues increased by 37%, supported largely by CBX consolidation and growth in GAP-operated businesses. Excluding CBX, directly operated business revenue increased by approximately 13.7%.
Cargo and Logistics Growth
Cargo operations and the bonded warehouse business grew by 20.7% to approximately MXN 674 million in quarterly revenue. At Guadalajara Airport, cargo volume increased by around 6%, while cargo value also increased, supported by electronic, AI-related and semiconductor manufacturing activity. Typical government cargo-facility concessions run for 10 years plus an additional 10-year extension.
Growth Across Directly Operated Businesses
Advertising revenue grew by 18.2%, convenience-store revenue by 11.6%, and VIP-lounge revenue by 5.6%. Management stated that diversification is producing a measurable contribution and identified opportunities to expand logistics services and directly operated businesses subject to disciplined investment decisions and execution.
Internalization of Technical Assistance Services
Internalization of technical assistance services reduced technical assistance fees and allowed GAP to retain more of the value generated by its operations. The internalization, together with CBX consolidation, contributed to the increase in consolidated EBITDA and margin.
Underlying Performance Excluding CBX
Excluding CBX, revenues from aeronautical and non-aeronautical services increased by 3.4%, while EBITDA grew by approximately 8.3%.
Large Infrastructure Investment Program
GAP incurred total expenditure of MXN 8.6 billion during the first nine months of 2026 under its 2025-2029 Master Development Program in Mexico and capital development programs in Jamaica. Management described the current investment cycle as the largest infrastructure expansion program undertaken under GAP's concession framework.
Airport Capacity Expansion
The expansion of the Guadalajara, Puerto Vallarta and Tijuana airports and other infrastructure improvements are intended to increase capacity, improve operational efficiency and support long-term network development. By 2029, terminal square meters in Mexico are expected to increase by 60%; Guadalajara and the Cabos terminal building are expected to have doubled capacity, while Tijuana terminal capacity is expected to increase by almost 40%.
Disciplined Capital Allocation
Management stated that discretionary growth projects will continue to be evaluated based on expected returns, execution risk and capital needs. The company has flexibility regarding non-committed investments such as commercial services and a new hotel, while committed investments under the master plan remain unchanged.
Dividend Intention
Following approval at the April 2026 annual shareholders meeting, GAP intends to distribute a cash dividend of MXN 20.80 per share in a single installment. The company is in the final stage of updating its outstanding share count before formally announcing the payment date.
FIBRA GAP Progress
GAP expects the establishment transaction for FIBRA GAP to be completed during November, subject to the applicable process and conditions. Management views FIBRA GAP as a potential tool to broaden funding alternatives, improve capital efficiency and preserve flexibility to finance airport investment programs.
Winter Capacity Recovery Expectations
Management expects Jamaica to recover almost 90% of the original seats that were available one year ago for the winter season. It also expects increased seat offerings for Puerto Vallarta and Los Cabos after Thanksgiving and noted new international routes from Guadalajara to Washington and Nashville.
2027 Traffic Growth Outlook
Management's initial view is that 2027 traffic could be in the middle of the mid-single-digit range, with weaker comparisons in Mexico and easier comparisons in Jamaica. The potential Viva and Volaris merger effect has already been taken into account in the traffic numbers discussed.
CBX Margin and Synergy Outlook
CBX is running at close to a 70% EBITDA margin on a nine-month basis, above the high-60% level anticipated when the transaction was announced. Management expects CBX's long-term EBITDA margin to reach approximately 72% to 73% and expects to fully implement potential synergies over the coming 24 months.
Planned Mexican Tariff Increase
GAP expects to increase tariffs in the first week of January of the coming year, with a compound increase of around 7% across airports and approximately 95% fulfillment of the maximum tariff.
Funding and Interest-Rate Position
GAP's U.S.-dollar debt represents around 10% of total debt. Management said Mexican interest rates are stable, it does not foresee a material interest-rate risk or effect, and it remains comfortable with its rates and debt strategy while funding the capital expenditure program and CBX acquisition.
Continued Shareholder Distribution and Growth Strategy
Management stated that GAP will continue evaluating future inorganic growth opportunities while also delivering shareholder distributions according to results and growth in results. The company expects CBX integration to expand net income and distributions.
Positive View on Mexico's Aviation Category Status
Management said the Mexican government and Civil Aviation Authority are making strong efforts to address FAA audit observations through changes to aviation and airport laws and modernization of security, safety and operational frameworks. Management's personal view was that there would not be a downgrade in the coming year.
MX:GAPB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed