After a year marked by solid passenger growth and strong financial performance, the airport network operated by Grupo Aeroportuario del Pacífico is entering 2026 with early signs of traffic volatility. While the group handled nearly 64 million passengers across its portfolio in 2025, the first months of 2026 have seen traffic decline across several major hubs, reflecting operational disruptions, weather impacts in the Caribbean and evolving airline capacity adjustments.
Operating 14 airports across Mexico and Jamaica, the group plays a central role in the connectivity of the Pacific tourism corridor and several key North American travel routes.
Strong financial momentum in 2025
The group closed 2025 with a solid financial performance, supported by a combination of traffic growth, tariff adjustments and expanding commercial activities across its airports.
Total revenues increased significantly year-on-year, driven by double-digit growth in both aeronautical and non-aeronautical revenue streams. The latter — including retail concessions, food and beverage, duty-free operations and transportation services — recorded particularly strong expansion as airports continued diversifying their revenue models.
Operating profitability also improved. EBITDA reached approximately MXN 5.1 billion in the fourth quarter of 2025, reflecting continued efficiency improvements and higher commercial yields across the network.
Despite this operational strength, net income declined compared with the previous year, largely due to financial and accounting adjustments rather than underlying operational weakness.
Passenger traffic reaches nearly 64 million
Across the network, passenger traffic reached around 63.7 million travelers in 2025, marking moderate but stable growth compared with 2024.
Several airports played a key role in sustaining this momentum.
The largest hub, Guadalajara International Airport, handled more than 18.7 million passengers, confirming its position as one of Mexico’s most important aviation gateways.
Meanwhile, Tijuana International Airport continued to benefit from strong cross-border travel demand between Mexico and the United States, while tourism-driven destinations such as Los Cabos International Airport and Puerto Vallarta International Airport maintained steady traffic volumes supported by North American leisure travel.
Together, these tourism-focused airports form one of the most dynamic aviation corridors in Latin America.
Hurricane disruptions hit Caribbean operations
While Mexican airports recorded relatively stable growth, the group’s Caribbean operations faced more significant challenges.
The network includes two airports in Jamaica: Sangster International Airport in Montego Bay and Norman Manley International Airport in Kingston.
Montego Bay, the country’s main tourism gateway, experienced a sharp decline in traffic following Hurricane Melissa, which forced the temporary closure of the airport and disrupted operations during the final quarter of 2025. Passenger volumes at the airport fell noticeably compared with the previous year.
Kingston’s airport proved more resilient, posting moderate growth despite the regional disruption.
These events highlight the vulnerability of Caribbean aviation infrastructure to extreme weather events, particularly in destinations heavily dependent on international tourism.
Early-2026 traffic shows signs of slowdown
Traffic data for the beginning of 2026 suggests a more cautious outlook.
Across the network, passenger traffic declined 2.2% in January 2026, with around 5.5 million passengers handled during the month. The slowdown accelerated in February, when traffic fell 5.5% year-on-year.
Several key airports experienced declines during this period, including Tijuana and Puerto Vallarta, while Guadalajara recorded a smaller contraction.
Although the decline partly reflects temporary disruptions rather than structural demand weakness, it indicates a period of adjustment after the strong recovery seen in previous years.
Operational disruptions affect key hubs
Operational events also played a role in the early-2026 traffic volatility.
Security-related incidents in western Mexico triggered a wave of flight cancellations across several airports within the network, particularly at Guadalajara and Puerto Vallarta. Over the course of two days, more than 200 flights were cancelled across these airports, illustrating how local security situations can quickly affect airline schedules and airport traffic volumes.
Such disruptions are not uncommon in complex aviation networks and are typically absorbed over subsequent months as airlines readjust their operations.
Commercial activities drive airport profitability
One of the most significant structural trends highlighted in the results is the growing importance of non-aeronautical revenue.
Retail, food and beverage concessions, ground transportation services and commercial real estate activities are becoming central to airport business models worldwide, and the Pacific airport network is no exception.
The strong expansion of these commercial segments has helped offset volatility in passenger traffic while improving overall profitability.
This diversification strategy reflects a broader transformation in the airport industry, where passenger spending and commercial partnerships increasingly complement traditional aeronautical revenues.
Outlook: moderate growth expected in 2026
Despite the softer start to the year, the group expects moderate growth to resume over the remainder of 2026.
Management forecasts passenger traffic growth between 2% and 5%, supported by continued tourism demand, expanding airline connectivity and ongoing infrastructure investments across several airports.
Revenue growth is expected to remain robust, with both aeronautical and commercial activities contributing to improved financial performance. The group also plans substantial capital expenditure to expand capacity and modernize infrastructure across its network.
A resilient airport network facing short-term volatility
Taken together, the results highlight a resilient airport system that remains closely tied to tourism flows and cross-border travel demand.
While the first months of 2026 reveal short-term volatility — driven by weather disruptions, operational events and airline adjustments — the underlying fundamentals of the network remain strong.
For the Pacific region of Mexico and key Caribbean destinations, the continued recovery of international travel and strategic airport investments are likely to sustain aviation growth over the coming years.
