GAP Reports Growth in Passenger Traffic Amid Market Recovery
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 04 2024
0mins
Grupo Aeroportuario del Pacifico SAB de CV (GAP) saw its stock rise by 4.08% as it reached a 52-week high. The company reported a 1.2% increase in passenger traffic across its 12 Mexican airports in January 2026 compared to the previous year, with notable growth in Guadalajara and Puerto Vallarta airports. This growth is expected to enhance overall company revenue, despite a decline in international traffic due to external factors like Hurricane Melissa affecting Montego Bay airport.
The increase in domestic passenger traffic and seating capacity indicates a potential recovery in the market, which could lead to improved profitability for GAP in the future. However, the drop in load factor suggests that demand may not fully align with the increased capacity, posing challenges ahead.
Overall, the positive domestic traffic growth signals a favorable outlook for GAP as tourism recovers, potentially attracting more travelers and boosting revenue.
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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: 254.420
Low
260.00
Averages
260.00
High
260.00
Current: 254.420
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.
Grupo Aeroportuario del Pacífico Reports 5.1% Decline in June Passenger Traffic
- Traffic Decline: In June 2026, Grupo Aeroportuario del Pacífico reported a total passenger traffic of 4.92 million, reflecting a 5.1% year-over-year decrease primarily driven by a 9.1% drop in international traffic, which negatively impacts revenue and market share.
- Divergent Hub Performance: While overall traffic declined, Guadalajara airport experienced a 6.0% increase with 1.57 million passengers, indicating strong regional demand, whereas Puerto Vallarta and Los Cabos faced significant declines of 18.7% and 9.7%, respectively, highlighting pressures in the tourism market.
- Reduced Seat Availability: Available seats in June 2026 decreased by 4.9% year-over-year, while the average load factor remained relatively stable, slightly declining from 82.2% to 82.0%, indicating the company's adaptability in adjusting flights to meet changing demand.
- International Network Expansion: The operator added 19 new routes in June, aiming to enhance its market competitiveness and prepare for future recovery despite the ongoing challenges of declining passenger traffic.
See More
GAP Reports Preliminary Passenger Traffic Figures for June 2026
- Traffic Decline: In June 2026, GAP's 12 Mexican airports experienced a 3.5% decrease in total passenger traffic compared to June 2025, indicating a potential market weakness that could impact future revenue growth for the company.
- Guadalajara Airport Outperformance: Despite the overall decline, Guadalajara Airport saw a 6.0% increase in passenger traffic, suggesting enhanced competitiveness in attracting travelers, which may provide GAP with a relatively stable revenue source.
- Poor Performance at Other Airports: Puerto Vallarta, Los Cabos, and Tijuana airports reported declines of 18.7%, 9.7%, and 4.6%, respectively, indicating weak tourism demand in these regions that could negatively affect GAP's overall performance.
- International Flight Traffic Changes: International passenger traffic decreased by 9.1%, with Montego Bay airport experiencing a significant drop of 23.4%, reflecting uncertainties in the international travel market that may hinder GAP's international business development.
See More
GAP Reports Preliminary Passenger Traffic Figures for June 2026
- Traffic Decline: In June 2026, GAP's 12 Mexican airports experienced a 3.5% decrease in total passenger traffic compared to June 2025, indicating overall market weakness that could impact the company's future revenue growth.
- Guadalajara Airport Outperformance: Despite the overall decline, Guadalajara Airport saw a 6.0% increase in passenger traffic, suggesting enhanced competitiveness in attracting travelers, which may provide GAP with a relatively stable revenue source.
- Poor Performance at Other Airports: Puerto Vallarta, Los Cabos, and Tijuana airports reported decreases of 18.7%, 9.7%, and 4.6%, respectively, reflecting fluctuations in tourism demand that could lead to a loss of market share for GAP in these regions.
- International Flight Traffic Changes: International passenger traffic overall decreased by 9.1%, with Montego Bay airport experiencing a significant drop of 23.4%, which may affect GAP's competitiveness in the international market, necessitating attention to future route adjustment strategies.
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
Grupo Aeroportuario del Pacífico Reports 5.1% Decline in June Passenger Traffic
- Traffic Decline: In June 2026, Grupo Aeroportuario del Pacífico reported a total passenger traffic of 4.92 million, reflecting a 5.1% year-over-year decrease primarily driven by a 9.1% drop in international traffic, which negatively impacts revenue and market share.
- Divergent Hub Performance: While overall traffic declined, Guadalajara airport experienced a 6.0% increase with 1.57 million passengers, indicating strong regional demand, whereas Puerto Vallarta and Los Cabos faced significant declines of 18.7% and 9.7%, respectively, highlighting pressures in the tourism market.
- Reduced Seat Availability: Available seats in June 2026 decreased by 4.9% year-over-year, while the average load factor remained relatively stable, slightly declining from 82.2% to 82.0%, indicating the company's adaptability in adjusting flights to meet changing demand.
- International Network Expansion: The operator added 19 new routes in June, aiming to enhance its market competitiveness and prepare for future recovery despite the ongoing challenges of declining passenger traffic.
See More
GAP Reports Preliminary Passenger Traffic Figures for June 2026
- Traffic Decline: In June 2026, GAP's 12 Mexican airports experienced a 3.5% decrease in total passenger traffic compared to June 2025, indicating a potential market weakness that could impact future revenue growth for the company.
- Guadalajara Airport Outperformance: Despite the overall decline, Guadalajara Airport saw a 6.0% increase in passenger traffic, suggesting enhanced competitiveness in attracting travelers, which may provide GAP with a relatively stable revenue source.
- Poor Performance at Other Airports: Puerto Vallarta, Los Cabos, and Tijuana airports reported declines of 18.7%, 9.7%, and 4.6%, respectively, indicating weak tourism demand in these regions that could negatively affect GAP's overall performance.
- International Flight Traffic Changes: International passenger traffic decreased by 9.1%, with Montego Bay airport experiencing a significant drop of 23.4%, reflecting uncertainties in the international travel market that may hinder GAP's international business development.
See More
GAP Reports Preliminary Passenger Traffic Figures for June 2026
- Traffic Decline: In June 2026, GAP's 12 Mexican airports experienced a 3.5% decrease in total passenger traffic compared to June 2025, indicating overall market weakness that could impact the company's future revenue growth.
- Guadalajara Airport Outperformance: Despite the overall decline, Guadalajara Airport saw a 6.0% increase in passenger traffic, suggesting enhanced competitiveness in attracting travelers, which may provide GAP with a relatively stable revenue source.
- Poor Performance at Other Airports: Puerto Vallarta, Los Cabos, and Tijuana airports reported decreases of 18.7%, 9.7%, and 4.6%, respectively, reflecting fluctuations in tourism demand that could lead to a loss of market share for GAP in these regions.
- International Flight Traffic Changes: International passenger traffic overall decreased by 9.1%, with Montego Bay airport experiencing a significant drop of 23.4%, which may affect GAP's competitiveness in the international market, necessitating attention to future route adjustment strategies.
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
