Analyst Consensus ?
ConsensusHold15 ratings
Bullish853.4%
Neutral533.3%
Bearish213.3%
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. · PAC · FY2026 Q2 · Calendar Q3 2026
GAP Q2 2026: Non-Aeronautical Growth Offsets Weaker Traffic
GAP's diversified non-aeronautical growth and CBX integration are offsetting weaker passenger traffic, while the investment case still depends on traffic recovery and execution against its infrastructure and commercial plans.
Reported Before market openNYSEIndustrials
$11.29B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.80
Consensus $3.10
EPS surprise
-9.7%
Reported versus consensus
Reported revenue
$648.7M
Consensus $732.3M
Revenue surprise
-11.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.9%
Event window
SPY move
+0.4%
Same window
Abnormal move
-3.3%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-5.5%
Up to 20 sessions
PACSPY benchmark
Ask FN2 about PAC FY2026 Q2
Transcript, numbers and history already loaded
Why did PAC fall 2.9% after missing EPS estimates in FY2026 Q2?What changed in PAC's guidance and outlook in FY2026 Q2?Give me the bull and bear case for PAC after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Passenger traffic remained weak, but non-aeronautical growth and CBX consolidation supported higher revenue and EBITDA. Management also provided a quantified 2026 outlook and highlighted FIBRA GAP as a funding path for the Master Development Plan.
Guidance delta
Management updated 2026 guidance to passenger traffic of -3% to flat, aeronautical revenue growth of 1%-4%, non-aeronautical revenue growth of 21%-24%, and EBITDA growth of 10%-12%.
Key takeaways
- Passenger traffic fell 5.6%, but revenue increased 4.9% and EBITDA rose 8.4%.
- Non-aeronautical revenue grew 23.9%, supported by cargo, advertising, hotels and CBX integration.
- CBX contributed MXN 216 million of EBITDA in its first two months of consolidation.
- Management is targeting about MXN 4 billion of 2026 capital expenditure.
Management priorities
- Expand capacity and passenger experience under the 2025-2029 Master Development Plan.
- Further integrate CBX and pursue ancillary-revenue opportunities.
- Advance the FIBRA GAP trust to fund infrastructure investment.
- Add routes and frequencies while expanding hotels, retail and logistics.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$217.41Current
$135Low
$211.25Average
$285High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| HSBC | Buy | Hold | Upgrade | Oct 5, 2026 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | Aug 5, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 4, 2026 |
| Citigroup | Buy | Neutral | Upgrade | Jul 20, 2026 |
| Banco Bradesco BBI S.A | Outperform | Neutral | Upgrade | May 5, 2026 |
| B of A Securities | Buy | Underperform | Upgrade | Dec 11, 2025 |
| Scotiabank | Sector Perform | Sector Outperform | Downgrade | Dec 4, 2025 |
| JP Morgan | Overweight | Neutral | Upgrade | Nov 14, 2025 |
| Jefferies | Hold | Underperform | Upgrade | Feb 12, 2025 |
| Barclays | Equal Weight | Overweight | Downgrade | Jan 21, 2025 |
| UBS | Buy | Neutral | Upgrade | Nov 26, 2024 |
| Bank of America | Underperform | Neutral | Downgrade | Jun 2, 2016 |
| Scotia Howard Weil | Sector Perform | Outperform | Downgrade | Nov 2, 2015 |
| Credit Suisse | Outperform | Neutral | Upgrade | Jul 26, 2013 |
| Itau BBA | Underperform | Outperform | Downgrade | Nov 1, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $217.41. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| HSBC | Analyst unavailable | $277 | $200.9 | +27.4% | Oct 5, 2026 |
| Morgan Stanley | Jens Spiess | $225 | $220.7 | +3.5% | Aug 5, 2026 |
| Goldman Sachs | Analyst unavailable | $275 | $218.14 | +26.5% | Aug 4, 2026 |
| Bradesco | Rodolfo Ramos | $285 | $246.27 | +31.1% | May 5, 2026 |
| Bradesco | Rodolfo Ramos | $260 | $262.45 | +19.6% | Jan 5, 2026 |
| Citigroup | Stephen Trent | $206 | $173.07 | -5.2% | Oct 14, 2024 |
| Scotiabank | Sector Perform | $185 | $184.83 | -14.9% | Sep 25, 2024 |
| Bank of America Securities | Carlos Peyrelongue | $174.5 | $171.69 | -19.7% | Aug 28, 2024 |
| Bradesco | Rodolfo Ramos | $210 | $156.89 | -3.4% | Aug 28, 2024 |
| Goldman Sachs | Bruno Amorim | $175 | $154.65 | -19.5% | Jan 25, 2024 |
| Bradesco | Rodolfo Ramos Cevallos | $135 | $114.05 | -37.9% | Oct 31, 2023 |
| HSBC | Cenk Orcan | $175 | $147.47 | -19.5% | Aug 25, 2022 |
Track every rating change on PAC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationGrupo Aeroportuario del Pacífico, S.A.B. de C.V., through its subsidiaries, is dedicated to the comprehensive management, operation, and development of airports, predominantly situated in Mexico's Pacific region. The company oversees a network of twelve airports, encompassing key locations such as Guadalajara, Puerto Vallarta, Tijuana, San José del Cabo, Guanajuato (Bajío), Hermosillo, Mexicali, Los Mochis, La Paz, Manzanillo, Morelia, and Aguascalientes. Established in 1998, its corporate headquarters are located in Guadalajara, Mexico.
Historical context
All PAC earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| GE GE Aerospace | FY2026 Q3 · Calendar Q4 2026 | +11.9% | -3.7% | GE Aerospace: Strong Q3, Higher Guidance, Capacity Investment |
| SPCX Space Exploration Technologies Corp. | FY2026 Q3 · Calendar Q4 2026 | — | -0.1% | SPCX Q3 2026: Starlink and AI Compute Drive Expansion |
| RTX RTX Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -0.3% | RTX: Q3 growth and backlog support raised outlook |
| MMM 3M Company | FY2026 Q3 · Calendar Q4 2026 | — | +5.7% | 3M Raises EPS Outlook as New Products and EBO Gain Traction |
| NOC Northrop Grumman Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +5.1% | Northrop Grumman Raises Guidance as Backlog Reaches $110B |
| EFX Equifax Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +11.4% | Equifax: AI-led margin gains offset weaker mortgage outlook |
Latest beats and misses
Who reports nextBeat on EPS
- SYF-PAFY2026 Q3 · October 20, 2026+10.7% EPS— move
- SYFFY2026 Q3 · October 20, 2026+10.7% EPS-1.2% move
- SYF-PBFY2026 Q3 · October 20, 2026+10.7% EPS— move
- GEFY2026 Q3 · October 20, 2026+11.9% EPS-3.7% move
- NFLXFY2026 Q3 · October 20, 2026+6.1% EPS-1.7% move
- CCKFY2026 Q3 · October 19, 2026+5.8% EPS-2.0% move
Missed on EPS
- AGNCMFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
- STLDFY2026 Q3 · October 19, 2026-4.0% EPS-0.3% move
- AGNCFY2026 Q3 · October 19, 2026-0.6% EPS+4.1% move
- HDBFY2027 Q2 · October 17, 2026-2.0% EPS— move
- TFC-PIFY2026 Q3 · October 16, 2026-50.9% EPS— move
- TFC-POFY2026 Q3 · October 16, 2026-50.9% EPS— move
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Sources
- Earnings call transcript and parsed analysis · 2026-07-15T21:03:04.295071+00:00
- FN2 earnings calendar · 2026-08-19T01:23:14.696161+00:00
- Polygon adjusted daily market bars · 2026-10-21T02:50:44.235078+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-21T02:50:44.232230+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-21. For educational purposes only; not investment advice.