GAP Reports Preliminary Passenger Traffic Figures for May 2026
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 05 2026
0mins
Source: Newsfilter
- Overall Traffic Decline: In May 2026, GAP's 12 Mexican airports experienced a 2.8% decrease in total passenger traffic compared to May 2025, indicating a softening market demand that could impact the company's future revenue growth.
- Guadalajara Airport Outperformance: Despite the overall decline, Guadalajara Airport saw a 7.1% increase in passenger traffic, reaching 1,585,800, suggesting a recovery in tourism and business activities in the region, potentially providing GAP with a stable revenue source.
- Traffic Drop at Other Airports: In contrast, Puerto Vallarta, Tijuana, and Los Cabos reported declines of 14.4%, 9.8%, and 6.0% respectively, which may negatively affect economic activities in these areas, further increasing operational pressure on GAP.
- Weak International Flight Demand: International passenger traffic fell by 8.2%, with Montego Bay experiencing a significant 19.1% drop, reflecting ongoing weakness in international travel demand that could affect GAP's market share and profitability in the international sector.
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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: 250.580
Low
260.00
Averages
260.00
High
260.00
Current: 250.580
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.
GAP Releases 2025 Sustainability Report Highlighting ESG Initiatives
- Report Release: Grupo Aeroportuario del Pacífico (GAP) announced the publication of its 2025 Sustainability Report on June 8, 2026, detailing the company's performance and progress in environmental, social, and governance (ESG) matters, showcasing its commitment to sustainable development.
- Compliance with Standards: The report was prepared in accordance with Global Reporting Initiative (GRI) standards and the Sustainability Accounting Standards Board (SASB) framework, while also aligning with the IFRS Sustainability Disclosure Standards S1 and S2 issued by the International Sustainability Standards Board (ISSB), ensuring transparency and compliance.
- Operational Overview: GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as four tourist destinations, highlighting its significant role in the regional aviation market and its strategic importance in tourism.
- Whistleblower Program: In accordance with Section 806 of the Sarbanes-Oxley Act, GAP has implemented a whistleblower program that allows anonymous reporting of suspected criminal activities or violations, enhancing corporate governance and compliance, thereby boosting investor confidence.
See More
GAP Reports Preliminary Passenger Traffic Figures for May 2026
- Overall Traffic Decline: In May 2026, GAP's 12 Mexican airports experienced a 2.8% decrease in total passenger traffic compared to May 2025, indicating a softening market demand that could impact the company's future revenue growth.
- Guadalajara Airport Outperformance: Despite the overall decline, Guadalajara Airport saw a 7.1% increase in passenger traffic, reaching 1,585,800, suggesting a recovery in tourism and business activities in the region, potentially providing GAP with a stable revenue source.
- Traffic Drop at Other Airports: In contrast, Puerto Vallarta, Tijuana, and Los Cabos reported declines of 14.4%, 9.8%, and 6.0% respectively, which may negatively affect economic activities in these areas, further increasing operational pressure on GAP.
- Weak International Flight Demand: International passenger traffic fell by 8.2%, with Montego Bay experiencing a significant 19.1% drop, reflecting ongoing weakness in international travel demand that could affect GAP's market share and profitability in the international sector.
See More
GAP Initiates Energy and Infrastructure Trust Program
- Trust Program Launch: Grupo Aeroportuario del Pacífico (GAP) has announced the initiation of an irrevocable trust program aimed at attracting funds through the issuance of Energy and Infrastructure Investment Trust Certificates (FIBRA GAP), with plans to invest in minority equity interests across 12 airports, which is expected to support future development.
- Significant Investment: The FIBRA GAP initiative is set to provide approximately Ps. 40 billion for the Master Development Program covering the 2026-2029 period, which will significantly enhance airport infrastructure, including a projected 60% increase in terminal capacity.
- Economic Development Boost: These investments are anticipated to create direct and indirect employment opportunities, while also driving economic growth in the areas surrounding the airports through a multiplier effect, thereby strengthening GAP's market position in Mexico's Pacific region.
- Diversified Funding Sources: The investment from FIBRA GAP will serve as an additional funding source for GAP, complementing the debt securities issued since 2015 for airport infrastructure, ensuring the company's ongoing development and expansion in the future.
See More
GAP Reports 6.3% Decline in April 2026 Passenger Traffic
- Overall Traffic Decline: In April 2026, GAP's 12 Mexican airports experienced a 6.3% decrease in total passenger traffic compared to April 2025, indicating a softening market demand that could adversely affect future revenue growth.
- Divergent Airport Performance: While Guadalajara airport saw a slight increase of 0.9% in passenger traffic, Puerto Vallarta, Tijuana, and Los Cabos reported declines of 17.0%, 10.5%, and 8.1% respectively, reflecting an uneven recovery in the tourism market that may necessitate a reassessment of resource allocation.
- Impact on International Flights: International passenger traffic fell by 10.8%, with Puerto Vallarta down 23.5% and Montego Bay down 22.0%, indicating significant external impacts such as natural disasters that may require enhanced risk management strategies.
- Seat and Load Factor Changes: Available seats decreased by 8.3% in April 2026, yet the load factor improved from 80.8% to 81.5%, suggesting that despite fewer flights, the efficiency of remaining flights has increased, potentially providing a competitive edge for the company.
See More
GAP Annual Shareholders' Meeting Resolutions Overview
- Financial Report Approval: At the shareholders' meeting, GAP approved its unconsolidated financial statements for the year ended December 31, 2025, reporting a net income of 9.34 billion pesos, which underscores the company's commitment to financial transparency and compliance, thereby enhancing investor confidence.
- Dividend Distribution Decision: The company declared a dividend of 20.80 pesos per share from retained earnings, totaling approximately 2.04 billion pesos, which is expected to attract more investor interest and enhance shareholder returns, reflecting confidence in future profitability.
- Board Member Appointments: GAP confirmed the new board members, including Laura Díez Barroso Azcárraga as Chairwoman, ensuring stability and effectiveness in corporate governance, which facilitates the smooth implementation of strategic decisions.
- Share Buyback Program: The company approved a share buyback program with a maximum allocation of 2.5 billion pesos, aimed at boosting earnings per share and enhancing market confidence in the company's stock, demonstrating management's positive outlook on future performance.
See More
Grupo Aeroportuario del Pacífico Q1 2026 Earnings Call Insights
- Traffic Decline: Grupo Aeroportuario del Pacífico reported a 5.5% decrease in total passenger traffic for Q1 2026, yet management highlighted the resilience of aeronautical revenues, demonstrating the company's ability to withstand global macroeconomic volatility and security incidents.
- Revenue Growth: Total revenues increased by 2.8%, with aeronautical revenues growing by 3.9% and a notable 9.3% increase in Mexico, primarily driven by the implementation of maximum tariffs for the 2025-2029 regulatory period, showcasing the effectiveness of the company's pricing strategy.
- Shareholder Return Plan: Management announced a proposed dividend of MXN 20.8 per share over the next 12 months, supported by a cash balance of MXN 23.2 billion at quarter-end, reflecting the company's prudent capital allocation and commitment to shareholders.
- Future Outlook: While maintaining a traffic growth guidance of 2% to 6% for 2026, management cautioned about uncertainties from fuel prices and geopolitical tensions, indicating a potential review of guidance in Q2, which underscores the company's sensitivity to market dynamics.
See More
GAP Releases 2025 Sustainability Report Highlighting ESG Initiatives
- Report Release: Grupo Aeroportuario del Pacífico (GAP) announced the publication of its 2025 Sustainability Report on June 8, 2026, detailing the company's performance and progress in environmental, social, and governance (ESG) matters, showcasing its commitment to sustainable development.
- Compliance with Standards: The report was prepared in accordance with Global Reporting Initiative (GRI) standards and the Sustainability Accounting Standards Board (SASB) framework, while also aligning with the IFRS Sustainability Disclosure Standards S1 and S2 issued by the International Sustainability Standards Board (ISSB), ensuring transparency and compliance.
- Operational Overview: GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as four tourist destinations, highlighting its significant role in the regional aviation market and its strategic importance in tourism.
- Whistleblower Program: In accordance with Section 806 of the Sarbanes-Oxley Act, GAP has implemented a whistleblower program that allows anonymous reporting of suspected criminal activities or violations, enhancing corporate governance and compliance, thereby boosting investor confidence.
See More
GAP Reports Preliminary Passenger Traffic Figures for May 2026
- Overall Traffic Decline: In May 2026, GAP's 12 Mexican airports experienced a 2.8% decrease in total passenger traffic compared to May 2025, indicating a softening market demand that could impact the company's future revenue growth.
- Guadalajara Airport Outperformance: Despite the overall decline, Guadalajara Airport saw a 7.1% increase in passenger traffic, reaching 1,585,800, suggesting a recovery in tourism and business activities in the region, potentially providing GAP with a stable revenue source.
- Traffic Drop at Other Airports: In contrast, Puerto Vallarta, Tijuana, and Los Cabos reported declines of 14.4%, 9.8%, and 6.0% respectively, which may negatively affect economic activities in these areas, further increasing operational pressure on GAP.
- Weak International Flight Demand: International passenger traffic fell by 8.2%, with Montego Bay experiencing a significant 19.1% drop, reflecting ongoing weakness in international travel demand that could affect GAP's market share and profitability in the international sector.
See More
GAP Initiates Energy and Infrastructure Trust Program
- Trust Program Launch: Grupo Aeroportuario del Pacífico (GAP) has announced the initiation of an irrevocable trust program aimed at attracting funds through the issuance of Energy and Infrastructure Investment Trust Certificates (FIBRA GAP), with plans to invest in minority equity interests across 12 airports, which is expected to support future development.
- Significant Investment: The FIBRA GAP initiative is set to provide approximately Ps. 40 billion for the Master Development Program covering the 2026-2029 period, which will significantly enhance airport infrastructure, including a projected 60% increase in terminal capacity.
- Economic Development Boost: These investments are anticipated to create direct and indirect employment opportunities, while also driving economic growth in the areas surrounding the airports through a multiplier effect, thereby strengthening GAP's market position in Mexico's Pacific region.
- Diversified Funding Sources: The investment from FIBRA GAP will serve as an additional funding source for GAP, complementing the debt securities issued since 2015 for airport infrastructure, ensuring the company's ongoing development and expansion in the future.
See More
GAP Reports 6.3% Decline in April 2026 Passenger Traffic
- Overall Traffic Decline: In April 2026, GAP's 12 Mexican airports experienced a 6.3% decrease in total passenger traffic compared to April 2025, indicating a softening market demand that could adversely affect future revenue growth.
- Divergent Airport Performance: While Guadalajara airport saw a slight increase of 0.9% in passenger traffic, Puerto Vallarta, Tijuana, and Los Cabos reported declines of 17.0%, 10.5%, and 8.1% respectively, reflecting an uneven recovery in the tourism market that may necessitate a reassessment of resource allocation.
- Impact on International Flights: International passenger traffic fell by 10.8%, with Puerto Vallarta down 23.5% and Montego Bay down 22.0%, indicating significant external impacts such as natural disasters that may require enhanced risk management strategies.
- Seat and Load Factor Changes: Available seats decreased by 8.3% in April 2026, yet the load factor improved from 80.8% to 81.5%, suggesting that despite fewer flights, the efficiency of remaining flights has increased, potentially providing a competitive edge for the company.
See More
GAP Annual Shareholders' Meeting Resolutions Overview
- Financial Report Approval: At the shareholders' meeting, GAP approved its unconsolidated financial statements for the year ended December 31, 2025, reporting a net income of 9.34 billion pesos, which underscores the company's commitment to financial transparency and compliance, thereby enhancing investor confidence.
- Dividend Distribution Decision: The company declared a dividend of 20.80 pesos per share from retained earnings, totaling approximately 2.04 billion pesos, which is expected to attract more investor interest and enhance shareholder returns, reflecting confidence in future profitability.
- Board Member Appointments: GAP confirmed the new board members, including Laura Díez Barroso Azcárraga as Chairwoman, ensuring stability and effectiveness in corporate governance, which facilitates the smooth implementation of strategic decisions.
- Share Buyback Program: The company approved a share buyback program with a maximum allocation of 2.5 billion pesos, aimed at boosting earnings per share and enhancing market confidence in the company's stock, demonstrating management's positive outlook on future performance.
See More
Grupo Aeroportuario del Pacífico Q1 2026 Earnings Call Insights
- Traffic Decline: Grupo Aeroportuario del Pacífico reported a 5.5% decrease in total passenger traffic for Q1 2026, yet management highlighted the resilience of aeronautical revenues, demonstrating the company's ability to withstand global macroeconomic volatility and security incidents.
- Revenue Growth: Total revenues increased by 2.8%, with aeronautical revenues growing by 3.9% and a notable 9.3% increase in Mexico, primarily driven by the implementation of maximum tariffs for the 2025-2029 regulatory period, showcasing the effectiveness of the company's pricing strategy.
- Shareholder Return Plan: Management announced a proposed dividend of MXN 20.8 per share over the next 12 months, supported by a cash balance of MXN 23.2 billion at quarter-end, reflecting the company's prudent capital allocation and commitment to shareholders.
- Future Outlook: While maintaining a traffic growth guidance of 2% to 6% for 2026, management cautioned about uncertainties from fuel prices and geopolitical tensions, indicating a potential review of guidance in Q2, which underscores the company's sensitivity to market dynamics.
See More
