Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) reported 21.8% revenue growth in the third quarter of 2026 as newly included Cross Border Xpress operations lifted revenue despite declining passenger traffic.
Revenue totaled 11.67 billion Mexican pesos for the quarter ended Sept. 30. Across GAP’s 14 airports, passenger traffic fell 1.4% from a year earlier to 15.44 million.
Domestic passengers numbered 9.49 million, up 0.6%, while international passengers declined 4.5% to 5.95 million. GAP also reported weaker traffic at its Jamaican airports.
Cross Border Xpress (CBX), a San Diego terminal connected to Tijuana airport, contributed 775.5 million pesos in quarterly revenue. GAP began including CBX operations in its results on May 1. The company said total revenue would have grown 13.7% without that addition.
The CBX investment also contributed to higher borrowing costs. Interest expense rose 41.8%, which GAP attributed mainly to debt used for airport investment and the purchase of a 25% stake in CBX.
Another 2.72 billion pesos of reported revenue came from improvements to airport concession assets, an increase of 62.8% from a year earlier. GAP recorded the same amount in costs. The construction accounting had no effect on cash or operating results, the company said.
Excluding CBX operations, revenue from aeronautical and non-aeronautical services combined increased 3.4%. That measure grew more slowly than total reported revenue, which included both CBX and the construction entries.
Net income rose 8.1% to 2.91 billion pesos. Earnings before interest, taxes, depreciation and amortization increased 19.2% to 6.06 billion pesos, while the margin excluding the effects of concession construction accounting widened to 67.8% from 64.3% a year earlier.
