Grupo Aeroportuario del Pacífico, S.A.B. de C.V. · PAC · FY2026 Q3 · Calendar Q4 2026
GAP: EBITDA growth offsets continued passenger-traffic pressure
GAP’s Q3 results support a mixed operating picture: resilient earnings growth and diversification offset near-term passenger-traffic weakness, but the next-year outlook depends on traffic recovery, pricing execution and continued growth in non-aeronautical businesses.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior quarter, the supplied analysis shows stronger reported EBITDA growth and a larger contribution from CBX, cargo and logistics. Management also outlined a roughly 7% tariff increase targeted for January 2027, continued airport expansion and an expected November FIBRA GAP transaction.
Guidance delta
Management maintained full-year passenger-traffic guidance of -3% to 0%; the supplied analysis does not indicate a change to the broader guidance framework.
Key takeaways
- EBITDA grew 19.2% year over year to MXN 6.1 billion, with margin expanding to 67.8%.
- Non-aeronautical revenue rose 37%, supported by Cross Border Xpress, cargo and logistics.
- Passenger traffic declined 1.4%, while full-year traffic guidance remained -3% to 0%.
Management priorities
- Expand terminal capacity at Guadalajara, Puerto Vallarta, Tijuana and Cabos.
- Complete the FIBRA GAP transaction expected in November.
- Pursue CBX pricing and capture-rate improvements, cargo expansion and commercial partnerships.
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Try FN2 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.
Industrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| 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 |
| GE GE Aerospace | FY2026 Q3 · Calendar Q4 2026 | — | -2.1% | GE Aerospace: Strong Q3 Growth, Raised Guidance, Capacity Risks |
| JBHT J.B. Hunt Transport Services, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | -2.0% | J.B. Hunt: Strong demand, but margin repair remains central |
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Sources
- Earnings call transcript and parsed analysis · 2026-10-21T00:04:52.802975+00:00
- FN2 earnings calendar · 2026-10-20T01:23:14.154112+00:00
- Polygon adjusted daily market bars · 2026-10-21T00:10:40.094823+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-21T00:10:40.091029+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.
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.