Pacific Airport (PAC) Company Report

Analyst Coverage

Research analysts who have asked questions during Pacific Airport earnings calls.

Alan Macias

Bank of America

5 questions for PAC

Also covers: ASR, OMAB, VTMX

Guilherme Mendes

J.P. Morgan Chase & Co.

5 questions for PAC

Also covers: AERO, ASR, AZUL +5 more

Jens Spiess

Morgan Stanley

5 questions for PAC

Also covers: AERO, ASR, CPA +2 more

Alberto Valerio

UBS Group AG

4 questions for PAC

Also covers: ASR, AZUL, CPA +4 more

Gabriel Himelfarb

Bank of Nova Scotia

4 questions for PAC

Fernanda Recchia

BTG Pactual

3 questions for PAC

Also covers: ASR, CAAP, IOCJY +1 more

Jorge Vargas Cuadra

Grupo Bursátil Mexicano (GBM)

3 questions for PAC

Pablo Monsivais

Barclays

3 questions for PAC

Also covers: AERO, ASR, CPA +3 more

Rodolfo Ramos

Bradesco BBI

3 questions for PAC

Also covers: ASR, OMAB, VTMX

Daniela Guzman

Ashmore

2 questions for PAC

Edson Margul

Sumacap

2 questions for PAC

Edson Murguia

SummaCap

2 questions for PAC

Enrique Cantu

DBM

2 questions for PAC

Also covers: OMAB, VTMX

Enrique Sojo

Fundamenta Investments

2 questions for PAC

Also covers: ASR, VTMX

Jay Singh

Citigroup

2 questions for PAC

Also covers: CAAP, VLRS

Jorge Vargas

GBM

2 questions for PAC

Also covers: VTMX

Julia Orsi

JPMorgan Chase & Co.

2 questions for PAC

Also covers: LTM, OMAB

Pablo Ricalde Martinez

Santander

2 questions for PAC

Also covers: ASR, VTMX

Rafael Simonetti

UBS Group AG

2 questions for PAC

Also covers: CPA, VLRS

Stephen Trent

Citigroup Inc.

2 questions for PAC

Also covers: AAL, AER, AL +14 more

Abraham Fuentes Salinas

Santander

1 question for PAC

Also covers: OMAB, VLRS, VTMX

Bernardo Malpica

Banco Santander

1 question for PAC

Ernst Mortenkotter

Grupo Bursátil Mexicano (GBM)

1 question for PAC

Also covers: ASR

Gabriel Himmelfarb

Bank of Nova Scotia

1 question for PAC

Also covers: OMAB

Guilherme G. Mendes

JPMorgan Chase & Co.

1 question for PAC

Isabela Salazar

GBM

1 question for PAC

Juan Ponce

Bradesco BBI

1 question for PAC

Also covers: ASR, OMAB, VTMX

Pablo Ricalde

Itaú Corretora de Valores S.A.

1 question for PAC

Also covers: ASR, OMAB, VIV +1 more

Latest news

Recent press releases and 8-K filings for PAC.

Pacific Airport Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance

PAC

Earnings

Guidance Update

M&A

For Q4 2025, Pacific Airport reported a 0.9% decrease in passenger traffic, primarily due to a 35% decline in Jamaica following Hurricane Melissa, while combined aeronautical and non-aeronautical service revenues increased by 12.8%, and EBITDA grew 7.5% to MXN 5.1 billion.
For the full year 2025, the company achieved 19.4% growth in aeronautical revenues and 26.5% growth in non-aeronautical revenues, with EBITDA increasing 17.8% to MXN 21.3 billion and an EBITDA margin of 65.6%.
Pacific Airport issued 2026 guidance expecting passenger traffic growth between 2% and 5%, total revenue growth between 8% and 11%, and EBITDA growth between 8% and 11%, with EBITDA margins around 65% ±1%.
The business combination between CBX and Terminal Agreement was approved in December 2025 and is expected to be fully consolidated in Q2 2026.
Recent incidents in Jalisco on February 22-23, 2026, caused flight cancellations at Guadalajara and Puerto Vallarta airports, with operations returning to normal by February 25, 2026, and an estimated impact of 50,000 passengers.

3 days ago

Transcript

Pacific Airport Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance

PAC

Earnings

Guidance Update

M&A

Pacific Airport (GAP) reported a 0.9% decrease in Q4 2025 passenger traffic compared to Q4 2024, primarily due to a 35% decline in Jamaica following Hurricane Melissa, while Mexico's traffic grew 2.9%. Combined aeronautical and non-aeronautical service revenues increased by 12.8%, and EBITDA grew 7.5% to MXN 5.1 billion, though net income declined.
For the full year 2025, the company achieved strong growth with aeronautical revenues up 19.4% and non-aeronautical revenues up 26.5%, leading to a 17.8% increase in EBITDA to MXN 21.3 billion.
The company provided 2026 guidance, projecting total revenue growth between 8% and 11% and EBITDA growth between 8% and 11%, with EBITDA margins expected to remain solid at approximately 65% ±1%.
The business combination between CBX and Terminal Agreement was approved in December 2025, with full consolidation anticipated in Q2 2026 and expected to contribute significant efficiencies by Q4 2026.

3 days ago

Transcript

Grupo Aeroportuario del Pacífico Reports Q4 and Full Year 2025 Results and Provides 2026 Guidance

PAC

Earnings

Guidance Update

M&A

Grupo Aeroportuario del Pacífico (GAP) reported a 0.9% decrease in Q4 2025 passenger traffic due to Hurricane Melissa in Jamaica, yet combined revenues increased 12.8% and EBITDA grew 7.5% to MXN 5.1 billion.
For the full year 2025, GAP's EBITDA increased 17.8% to MXN 21.3 billion, and non-aeronautical revenue grew 26.5%, with revenue per passenger reaching MXN 152.
GAP projects 2026 passenger traffic growth of 2% to 5%, total revenue growth of 8% to 11%, and EBITDA growth of 8% to 11%, maintaining EBITDA margins around 65% ±1%.
The business combination of CBX and Terminal Agreement was approved in December 2025, with full consolidation anticipated in Q2 2026 and full synergies by mid-2027. The Turks and Caicos tender process was canceled.
Recent incidents in Jalisco on February 22-23, 2026, caused flight cancellations at Guadalajara and Puerto Vallarta, impacting an estimated 50,000 passengers, but operations normalized by February 25, 2026.

3 days ago

Transcript

Pacific Airport Group Announces Q4 and Full-Year 2025 Results and 2026 Guidance

PAC

Earnings

Guidance Update

New Projects/Investments

For Q4 2025, Pacific Airport Group reported a 2.8% increase in total revenues and a 7.5% increase in EBITDA, reaching Ps. 5,114.3 million. However, net income decreased by 17.4% and comprehensive income by 34.3% compared to 4Q24. For the full year 2025, total revenues grew by 23.2% and net income by 12.7% compared to 2024.
Total passenger traffic decreased by 0.9% in 4Q25 compared to 4Q24, primarily due to the impact of Hurricane Melissa on Jamaican airports. As of December 31, 2025, the company held Ps. 10,453.2 million in cash and cash equivalents. The tender for Howard Hamilton International Airport was cancelled, and recent events in Jalisco led to flight cancellations at Guadalajara and Puerto Vallarta airports on February 22-23, 2026.
The company provided 2026 guidance, projecting passenger traffic growth of 2% - 5%, total revenues growth of 8% - 11%, and EBITDA growth of 8% - 11%, with planned CAPEX of Ps. 13.5 billion. This guidance does not include the Cross Border Xpress (CBX) business combination.

4 days ago

6-K

Pacific Airport Announces Fourth Quarter and Full Year 2025 Results and 2026 Guidance

PAC

Earnings

Guidance Update

New Projects/Investments

Grupo Aeroportuario del Pacífico (GAP) reported a 2.8% increase in total revenues to Ps. 9,894.778 million and a 7.5% increase in EBITDA to Ps. 5,114.3 million for the fourth quarter ended December 31, 2025 (4Q25), compared to 4Q24. However, comprehensive income decreased by 34.3%.
For the full year 2025, GAP's total revenues increased by 23.2% to Ps. 41,408.540 million, and net income grew by 12.7% to Ps. 10,000.609 million compared to 2024.
The company provided a 2026 growth outlook, projecting 8% - 11% growth in total revenues and EBITDA, with passenger traffic expected to increase by 2% - 5%. CAPEX is guided at Ps. 13.5 billion.
Total terminal passengers for 4Q25 decreased by 0.9% compared to 4Q24, but for the full year 2025, they increased by 2.5% compared to 2024.
The Government of the Turks and Caicos Islands cancelled the Howard Hamilton International Airport redevelopment project tender, in which GAP was participating.

5 days ago

Press Release

Pacific Airport Reports January 2026 Passenger Traffic Decrease

PAC

Demand Weakening

Grupo Aeroportuario del Pacífico (GAP) reported an overall 2.2% decrease in total terminal passenger traffic for January 2026 compared to January 2025, totaling 5,521.7 thousand passengers.
The 12 Mexican airports operated by GAP experienced a 1.2% increase in total passenger traffic, with Guadalajara and Puerto Vallarta airports growing by 3.6% and 2.6% respectively.
Jamaican airports, Montego Bay and Kingston, recorded significant decreases of 37.7% and 6.9% respectively, primarily due to disruptions caused by Hurricane Melissa.
Seats available increased by 3.0% in January 2026 compared to January 2025, while load factors decreased from 83.9% to 79.7% during the same period.

Feb 5, 2026, 10:09 PM

Press Release

Pacific Airport Group Reports December 2025 Passenger Traffic

PAC

Demand Weakening

New Projects/Investments

Grupo Aeroportuario del Pacífico (PAC) reported a 0.1% increase in total terminal passenger traffic for December 2025 compared to December 2024, reaching 5,874.0 thousand passengers.
For the full year 2025 (January-December), total terminal passenger traffic increased by 2.5% to 63,685.7 thousand passengers compared to the same period in 2024.
Mexican airports operated by GAP saw a 4.2% increase in total passenger traffic in December 2025, with Guadalajara and Puerto Vallarta airports reporting growth of 9.2% and 4.0% respectively.
Jamaican airports, Montego Bay and Kingston, experienced decreases of 43.8% and 2.9% respectively in December 2025, primarily due to disruptions caused by Hurricane Melissa.
Available seats increased by 10.6% in December 2025 compared to December 2024, while load factors decreased from 85.5% to 77.4% during the same period.

Jan 6, 2026, 9:58 PM

6-K

Grupo Aeroportuario del Pacífico Reports December 2025 Passenger Traffic

PAC

Demand Weakening

New Projects/Investments

Grupo Aeroportuario del Pacífico (GAP) reported a 0.1% increase in total terminal passenger traffic across all its airports in December 2025 compared to December 2024.
The 12 Mexican airports operated by GAP experienced a 4.2% increase in total passenger traffic in December 2025 compared to the previous year, with Guadalajara and Puerto Vallarta growing by 9.2% and 4.0%, respectively.
Jamaican airports, Montego Bay and Kingston, saw significant decreases of 43.8% and 2.9% in December 2025, respectively, primarily due to disruptions caused by Hurricane Melissa.
Seats available increased by 10.6% in December 2025 compared to December 2024, while load factors decreased from 85.5% in December 2024 to 77.4% in December 2025.
The company also announced new routes for several airports, including Guadalajara, Puerto Vallarta, Los Cabos, and Montego Bay.

Jan 6, 2026, 9:50 PM

Press Release

Pacific Airport Group Shareholders Approve Business Combination

PAC

M&A

Proxy Vote Outcomes

New Projects/Investments

Grupo Aeroportuario del Pacífico (GAP) shareholders approved the business combination of the Cross Border Xpress (CBX) and technical assistance and technology transfer services.
The approval occurred during an Ordinary and Extraordinary General Shareholders’ Meeting with an 88.1% quorum, where approximately 96% of the votes cast were in favor.
This transaction is expected to result in the issuance of approximately 90 million net new shares, increasing the estimated total shares outstanding from 505 million to 595 million.

Dec 11, 2025, 7:54 PM

6-K

Pacific Airport Group Reports November 2025 Passenger Traffic Decrease

PAC

Demand Weakening

New Projects/Investments

Grupo Aeroportuario del Pacífico (PAC) reported a 2.0% decrease in total terminal passenger traffic in November 2025 compared to November 2024.
This decline was largely due to a 73.4% decrease in passenger traffic at Montego Bay Airport, impacted by Hurricane Melissa, which struck on October 28, 2025.
In contrast, GAP's 12 Mexican airports experienced a 3.5% increase in total terminal passengers during November 2025 compared to the previous year.
For the period of January - November 2025, total terminal passengers across all GAP airports increased by 2.7% year-over-year.