GAP Reports 7.6% Decline in March 2026 Passenger Traffic
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 07 2026
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Should l Buy PAC?
Source: Yahoo Finance
- Traffic Decline: In March 2026, GAP's 12 Mexican airports experienced a 7.6% drop in total passenger traffic compared to March 2025, with Puerto Vallarta and Guadalajara seeing declines of 24.4% and 2.3%, respectively, indicating a weakening tourism demand that could adversely affect revenue and market share.
- Domestic Route Performance: Guadalajara airport recorded 1,063.1 thousand domestic passengers, a 2.4% decrease year-over-year, while Tijuana and Los Cabos saw declines of 5.3% and 6.4%, respectively, reflecting a sluggish recovery in the domestic tourism market that may diminish the company's competitive edge.
- International Route Fluctuations: Although Kingston airport's international passenger count increased by 1.0%, Montego Bay's traffic plummeted by 25.7% due to Hurricane Melissa disruptions, highlighting the uncertainties in the international market that could negatively impact GAP's overall performance.
- Seat and Load Factor Changes: Available seats in March 2026 decreased by 4.5%, with load factors dropping from 81.5% to 75.5%, which may pose challenges to the company's operational efficiency and profitability, necessitating measures to enhance flight utilization.
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Analyst Views on PAC
Wall Street analysts forecast PAC stock price to rise
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 245.980
Low
260.00
Averages
260.00
High
260.00
Current: 245.980
Low
260.00
Averages
260.00
High
260.00
About PAC
Grupo Aeroportuario del Pacifico SAB de CV is a holding company. The Company holds concessions to operate, maintain and develop approximately 10 international airports in the Pacific and Central regions of Mexico, and an international airport in Jamaica. The Company's segments include Guadalajara, Tijuana, Puerto Vallarta, San Jose del Cabo, Montego Bay, Hermosillo, Bajio, Other Airports and Others Companies. The Other Companies segment includes Servicios a la Infraestructura Aeroportuaria del Pacifico, S.A. de C.V. (SIAP), a company that provides technical assistance and professional services; Corporativo de Servicios Aeroportuarios, S.A. de C.V. (CORSA), a company that provides operative services specialized in aeronautical industry; Puerta Cero Parking, S.A. de C.V. (PCP), a company that manages the parking lot operation; Fundacion Grupo Aeroportuario del Pacifico, A.C., and Desarrollo de Concesiones Aeroportuarias, S.L. (DCA), as well as the Company's own operation.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Mexican Airport Stocks Poised for Investment Opportunities Amid Reshoring
- Reshoring Investment Theme: The reshoring trend in the U.S. positions Mexico as a key beneficiary, particularly in the aviation sector, which is expected to drive growth in airport stocks like Grupo Aeroportuario del Pacífico and Grupo Aeroportuario del Centro Norte.
- Tourism Recovery: Grupo Aeroportuario del Pacífico's stock is under scrutiny due to the recovery of Mexico's tourism sector, having dropped 15% recently due to cartel violence, but the long-term increase in international visitors is likely to boost its revenue.
- Market Potential: Grupo Aeroportuario del Centro Norte focuses on reshoring, with Monterrey airport's passenger traffic growing 8.5% year-over-year in 2025, and Monterrey itself growing 15%, reflecting the region's industrial strength and market demand.
- Attractive Dividend Yield: Grupo Aeroportuario del Centro Norte offers a 4.2% dividend yield and trades at 11.5 times EBITDA, indicating a more attractive investment value compared to Grupo Aeroportuario del Pacífico, drawing investor interest.
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Mexican Airport Stocks Present Investment Opportunities Amid Reshoring Trend
- Tourism and Industrial Growth: Mexican airports are expected to see increased traffic due to tourism and industrial development, with Grupo Aeroportuario del Pacífico and Grupo Centro Norte poised to benefit, particularly as Monterrey solidifies its status as a manufacturing hub.
- Reshoring Trend: The reshoring trend in the U.S. positions Mexico as a key beneficiary, with Grupo Aeroportuario del Centro Norte attracting numerous international flights through its Monterrey airport, driving local economic growth and expected to continue benefiting from this macroeconomic theme.
- Stock Performance: Grupo Aeroportuario del Pacífico's stock currently offers a 3.5% dividend yield and has seen a 286% revenue growth over the past decade despite global pandemic challenges, indicating strong market potential and presenting a buying opportunity for investors.
- Price Adjustment Rights: Grupo Aeroportuario del Centro Norte has been granted the right to increase prices by 38% over the next five years, which will enhance its profitability further, combined with a 4.2% dividend yield, making it a focal point for investors.
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Grupo Aeroportuario del Pacífico Reports March 2026 Passenger Traffic Decline
- Traffic Decline: Grupo Aeroportuario del Pacífico reported an 8.9% decrease in passenger traffic for March 2026 compared to March 2025, with Puerto Vallarta experiencing the largest drop at 24.4%, indicating a significant weakening in regional travel demand that could adversely affect overall revenue.
- Reduced Seat Availability: The number of available seats in March 2026 decreased by 4.5% compared to the previous year, reflecting the company's contraction strategy in response to market volatility, which may impact future flight schedules and customer options.
- Load Factor Drop: The load factor fell from 81.5% in March 2025 to 75.5% in March 2026, indicating a significant decline in passenger fill rates, which could put pressure on the company's operational efficiency and profitability.
- Natural Disaster Impact: Hurricane Melissa caused a 25.7% plunge in traffic at Montego Bay, while Kingston saw a slight gain of 1.0%, highlighting the potential instability in regional markets due to natural disasters affecting the aviation sector.
See More
GAP Reports 7.6% Decline in March 2026 Passenger Traffic
- Overall Traffic Decline: In March 2026, GAP's 12 Mexican airports experienced a 7.6% decrease in total passenger traffic compared to March 2025, indicating weak market demand that could adversely affect the company's future revenue growth.
- Major Airport Performance Issues: Airports in Puerto Vallarta, Tijuana, Los Cabos, and Guadalajara reported declines of 24.4%, 8.7%, 6.9%, and 2.3% respectively, suggesting challenges in tourism recovery that may lead to a loss of market share in these regions.
- International Flight Fluctuations: While Kingston airport saw a 1.0% increase in passenger traffic, Montego Bay suffered a 25.7% drop due to Hurricane Melissa, highlighting the significant impact of natural disasters on the aviation sector, which could result in short-term revenue volatility.
- New Route Launches: GAP introduced several new routes in March 2026, including Guadalajara to Mazatlan and Puerto Vallarta to San Diego, which, despite the overall traffic decline, may provide opportunities for future passenger recovery.
See More
GAP Reports 7.6% Decline in March 2026 Passenger Traffic
- Traffic Decline: In March 2026, GAP's 12 Mexican airports experienced a 7.6% drop in total passenger traffic compared to March 2025, with Puerto Vallarta and Guadalajara seeing declines of 24.4% and 2.3%, respectively, indicating a weakening tourism demand that could adversely affect revenue and market share.
- Domestic Route Performance: Guadalajara airport recorded 1,063.1 thousand domestic passengers, a 2.4% decrease year-over-year, while Tijuana and Los Cabos saw declines of 5.3% and 6.4%, respectively, reflecting a sluggish recovery in the domestic tourism market that may diminish the company's competitive edge.
- International Route Fluctuations: Although Kingston airport's international passenger count increased by 1.0%, Montego Bay's traffic plummeted by 25.7% due to Hurricane Melissa disruptions, highlighting the uncertainties in the international market that could negatively impact GAP's overall performance.
- Seat and Load Factor Changes: Available seats in March 2026 decreased by 4.5%, with load factors dropping from 81.5% to 75.5%, which may pose challenges to the company's operational efficiency and profitability, necessitating measures to enhance flight utilization.
See More
GAP Successfully Issues 107.18 Million Long-Term Bonds
- Bond Issuance Scale: GAP successfully issued 107.18 million long-term bonds in the Mexican market, totaling Ps. 10,718.0 million, with an oversubscription of 1.74x, reflecting strong market confidence in its financing needs.
- Tranche Structure: The issuance was divided into two tranches, with 'GAP 26' issuing Ps. 2,767.0 million in debt securities maturing in three years, with an interest rate of TIIE plus 45 basis points, aimed at optimizing short-term financing structure.
- Long-Term Financing Advantage: The second tranche, 'GAP 26-2', issued Ps. 7,951.0 million in debt securities maturing in ten years at a fixed rate of 9.87%, providing the company with stable long-term funding support to facilitate future growth.
- Clear Use of Proceeds: The proceeds from this bond issuance will primarily be used to acquire a 25% stake in Cross Border Xpress and fund capital expenditures in line with the 2025-2029 Master Development Program, enhancing the company's competitiveness in airport operations.
See More
Mexican Airport Stocks Poised for Investment Opportunities Amid Reshoring
- Reshoring Investment Theme: The reshoring trend in the U.S. positions Mexico as a key beneficiary, particularly in the aviation sector, which is expected to drive growth in airport stocks like Grupo Aeroportuario del Pacífico and Grupo Aeroportuario del Centro Norte.
- Tourism Recovery: Grupo Aeroportuario del Pacífico's stock is under scrutiny due to the recovery of Mexico's tourism sector, having dropped 15% recently due to cartel violence, but the long-term increase in international visitors is likely to boost its revenue.
- Market Potential: Grupo Aeroportuario del Centro Norte focuses on reshoring, with Monterrey airport's passenger traffic growing 8.5% year-over-year in 2025, and Monterrey itself growing 15%, reflecting the region's industrial strength and market demand.
- Attractive Dividend Yield: Grupo Aeroportuario del Centro Norte offers a 4.2% dividend yield and trades at 11.5 times EBITDA, indicating a more attractive investment value compared to Grupo Aeroportuario del Pacífico, drawing investor interest.
See More
Mexican Airport Stocks Present Investment Opportunities Amid Reshoring Trend
- Tourism and Industrial Growth: Mexican airports are expected to see increased traffic due to tourism and industrial development, with Grupo Aeroportuario del Pacífico and Grupo Centro Norte poised to benefit, particularly as Monterrey solidifies its status as a manufacturing hub.
- Reshoring Trend: The reshoring trend in the U.S. positions Mexico as a key beneficiary, with Grupo Aeroportuario del Centro Norte attracting numerous international flights through its Monterrey airport, driving local economic growth and expected to continue benefiting from this macroeconomic theme.
- Stock Performance: Grupo Aeroportuario del Pacífico's stock currently offers a 3.5% dividend yield and has seen a 286% revenue growth over the past decade despite global pandemic challenges, indicating strong market potential and presenting a buying opportunity for investors.
- Price Adjustment Rights: Grupo Aeroportuario del Centro Norte has been granted the right to increase prices by 38% over the next five years, which will enhance its profitability further, combined with a 4.2% dividend yield, making it a focal point for investors.
See More
Grupo Aeroportuario del Pacífico Reports March 2026 Passenger Traffic Decline
- Traffic Decline: Grupo Aeroportuario del Pacífico reported an 8.9% decrease in passenger traffic for March 2026 compared to March 2025, with Puerto Vallarta experiencing the largest drop at 24.4%, indicating a significant weakening in regional travel demand that could adversely affect overall revenue.
- Reduced Seat Availability: The number of available seats in March 2026 decreased by 4.5% compared to the previous year, reflecting the company's contraction strategy in response to market volatility, which may impact future flight schedules and customer options.
- Load Factor Drop: The load factor fell from 81.5% in March 2025 to 75.5% in March 2026, indicating a significant decline in passenger fill rates, which could put pressure on the company's operational efficiency and profitability.
- Natural Disaster Impact: Hurricane Melissa caused a 25.7% plunge in traffic at Montego Bay, while Kingston saw a slight gain of 1.0%, highlighting the potential instability in regional markets due to natural disasters affecting the aviation sector.
See More
GAP Reports 7.6% Decline in March 2026 Passenger Traffic
- Overall Traffic Decline: In March 2026, GAP's 12 Mexican airports experienced a 7.6% decrease in total passenger traffic compared to March 2025, indicating weak market demand that could adversely affect the company's future revenue growth.
- Major Airport Performance Issues: Airports in Puerto Vallarta, Tijuana, Los Cabos, and Guadalajara reported declines of 24.4%, 8.7%, 6.9%, and 2.3% respectively, suggesting challenges in tourism recovery that may lead to a loss of market share in these regions.
- International Flight Fluctuations: While Kingston airport saw a 1.0% increase in passenger traffic, Montego Bay suffered a 25.7% drop due to Hurricane Melissa, highlighting the significant impact of natural disasters on the aviation sector, which could result in short-term revenue volatility.
- New Route Launches: GAP introduced several new routes in March 2026, including Guadalajara to Mazatlan and Puerto Vallarta to San Diego, which, despite the overall traffic decline, may provide opportunities for future passenger recovery.
See More
GAP Reports 7.6% Decline in March 2026 Passenger Traffic
- Traffic Decline: In March 2026, GAP's 12 Mexican airports experienced a 7.6% drop in total passenger traffic compared to March 2025, with Puerto Vallarta and Guadalajara seeing declines of 24.4% and 2.3%, respectively, indicating a weakening tourism demand that could adversely affect revenue and market share.
- Domestic Route Performance: Guadalajara airport recorded 1,063.1 thousand domestic passengers, a 2.4% decrease year-over-year, while Tijuana and Los Cabos saw declines of 5.3% and 6.4%, respectively, reflecting a sluggish recovery in the domestic tourism market that may diminish the company's competitive edge.
- International Route Fluctuations: Although Kingston airport's international passenger count increased by 1.0%, Montego Bay's traffic plummeted by 25.7% due to Hurricane Melissa disruptions, highlighting the uncertainties in the international market that could negatively impact GAP's overall performance.
- Seat and Load Factor Changes: Available seats in March 2026 decreased by 4.5%, with load factors dropping from 81.5% to 75.5%, which may pose challenges to the company's operational efficiency and profitability, necessitating measures to enhance flight utilization.
See More
GAP Successfully Issues 107.18 Million Long-Term Bonds
- Bond Issuance Scale: GAP successfully issued 107.18 million long-term bonds in the Mexican market, totaling Ps. 10,718.0 million, with an oversubscription of 1.74x, reflecting strong market confidence in its financing needs.
- Tranche Structure: The issuance was divided into two tranches, with 'GAP 26' issuing Ps. 2,767.0 million in debt securities maturing in three years, with an interest rate of TIIE plus 45 basis points, aimed at optimizing short-term financing structure.
- Long-Term Financing Advantage: The second tranche, 'GAP 26-2', issued Ps. 7,951.0 million in debt securities maturing in ten years at a fixed rate of 9.87%, providing the company with stable long-term funding support to facilitate future growth.
- Clear Use of Proceeds: The proceeds from this bond issuance will primarily be used to acquire a 25% stake in Cross Border Xpress and fund capital expenditures in line with the 2025-2029 Master Development Program, enhancing the company's competitiveness in airport operations.
See More
