$PAC · Pacific Airport Group
Grupo Aeroportuario del Pacífico (GAP) filed a 6-K reporting preliminary September 2026 passenger traffic. Total passengers across all 14 airports fell 7.3% YoY to 4.08 million, driven by a 9.5% domestic decline and a 3.2% international decline. Year-to-date traffic is down 4.2% to 45.79 million passengers.
- Total September 2026 passenger traffic fell 7.3% YoY to 4.08 million across all airports.
- Domestic traffic dropped 9.5% YoY, with Tijuana (-17.2%), Mexicali (-24.1%), and Morelia (-23.2%) hit hardest.
- International traffic declined 3.2% YoY; Montego Bay fell 16.6% and Los Cabos international fell 14.7%.
- Available seats decreased 7.2% YoY, while load factors edged up to 81.0% from 80.7%.
- Hurricane Polo partially disrupted operations at Puerto Vallarta and Los Cabos in the final days of September.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The broad-based traffic decline, particularly in key tourist hubs, is likely to pressure near-term sentiment for this $10.86B airport operator.
A 7.3% passenger decline at Mexico's largest Pacific-region airport operator signals potential revenue pressure heading into Q4, with domestic routes showing the sharpest deterioration.
Mexican airport operators face headwinds from airline capacity reductions; peer ASR and OMAB may show similar domestic softness when they report September traffic.
Hurricane Polo's impact on Puerto Vallarta and Los Cabos highlights weather-related operational risk. Domestic seat capacity cuts by airlines, the primary driver of the decline, signal potential structural demand weakness in Mexican domestic air travel.
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