Grupo Aeroportuario del Pacífico: 3 Key Takeaways for Long-Term Investors

On its third-quarter 2026 earnings call, held on Oct. 20, 2026, Grupo Aeroportuario del Pacífico (NYSE:PAC) announced that revenue excluding construction services increased 13% year over year. Passenger traffic declined 1% during the same period. This resilience demonstrates that expanding non-aeronautical revenue streams like cargo and commercial services can protect profitability during traffic slowdowns. Three things management said stand out.

1. Non-Aeronautical Services Drive Revenue Beyond Passenger Volume

Grupo Aeroportuario del Pacífico is shifting its revenue model toward business lines it directly controls, such as cargo logistics, convenience stores, and VIP lounges. These non-aeronautical services, which are commercial activities outside standard flight landing fees, grew rapidly and offset lower passenger traffic.

Non-aeronautical revenues increased by 37% compared to the third quarter of last year. This performance was largely supported by the consolidation of CBX as well as the continued growth in the several business lines operated directly by GAP.
-- Raul Revuelta, Chief Executive Officer

2. Cross Border Xpress Opens New Pricing Strategies and Commercial Upside

The full integration of Cross Border Xpress, a pedestrian bridge linking Tijuana Airport to California, gives Grupo Aeroportuario del Pacífico high-margin revenue and pricing flexibility. Management plans to introduce seasonal pricing and open new food and beverage options to boost spending per traveler.

So what we are expecting is for the coming year, an increase on the revenue per passenger on CBX that will come for sure mainly from pricing actions, but also for commercial development.
-- Raul Revuelta, Chief Executive Officer

3. Cost Base Adjustments Permanently Boost Operating Profitability

Management permanently reduced expenses by internalizing technical assistance services, which are advisory functions previously outsourced to third parties. Bringing those operations in-house lowers ongoing operating costs and expands operating profit margins across the airport network.

Internalized technical assistance services represent a structural change in our cost base, allowing GAP to retain more of the value generated by its operations.
-- Raul Revuelta, Chief Executive Officer

Looking Ahead

Passenger traffic is recovering at different speeds across leisure destinations, and caution remains the guiding principle for airline flight schedules. The company maintains structural advantages through its monopoly cross-border bridge and regulated maximum tariffs, while management focuses on disciplined pricing strategies.

Looking ahead, we remain cautious about how quickly traffic will recover. We anticipate that airlines capacity, passenger demand and the restoration of tourist infrastructure will return at different speeds across our destinations.
-- Raul Revuelta, Chief Executive Officer

Diversified operations now insulate the business against single-market downturns as expansion projects come online across the airport network.

Passenger traffic is fundamental to GAP. At the same time, our third quarter performance illustrates how a more diversified infrastructure and mobility platform is able to strengthen profitability and reduce reliance on any single growth driver.
-- Raul Revuelta, Chief Executive Officer

The Motley Fool recommends Grupo Aeroportuario Del PacíficoB. De C.v. The Motley Fool has a disclosure policy.