GAP 3Q26: Revenue Up 21.8%, EBITDA Margin Ex-IFRIC-12 Hits 67.8% on CBX Consolidation
PAC is trading near its 52-week low of $192.645 (5.6% above the low).
Summary
GAP reported 3Q26 revenue up 21.8% and EBITDA up 19.2%, boosted by the first full quarter of CBX consolidation, while passenger traffic declined 1.4% and interest costs rose 41.8%.
Key Events · Earnings and Guidance · PAC
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3Q26 Revenue and EBITDA Growth
Total revenues rose 21.8% to Ps. 11,667.8M and EBITDA 19.2% to Ps. 6,064.6M. Excluding CBX, total revenues grew 13.7% and operating income 9.2%.
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Margin Expansion Ex-IFRIC-12
EBITDA margin excluding IFRIC-12 construction accounting rose to 67.8% from 64.3%, aided by an 81.0% (Ps. 183.3M) drop in technical assistance fees after internalization.
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Passenger Traffic Still Declining
Total passengers fell 1.4% in 3Q26 and 4.2% in 9M26. Montego Bay international traffic dropped 23.0% and Puerto Vallarta 24.8%, partly offset by Guadalajara's 8.0% growth.
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CBX Drives Non-Aeronautical Revenue
CBX generated Ps. 775.5M (US$44.6M) of revenue and Ps. 558.2M of EBITDA at a 72.0% margin in its first full consolidated quarter, lifting non-aeronautical revenue 37.0%.
Analysis · PAC · Energy & Transportation
Strip out the May 2026 CBX consolidation and the headline growth looks more modest: total revenues rose 13.7% and operating income 9.2%, still solid but a different picture. The real operating story is margin. EBITDA margin excluding IFRIC-12 construction accounting climbed to 67.8% from 64.3%, helped by a Ps. 183.3M drop in technical assistance fees now that those services are internalized. Against that, traffic is shrinking: total passengers fell 1.4% in the quarter and 4.2% year-to-date, with Montego Bay international traffic down 23.0% and Puerto Vallarta down 24.8%. Interest expense jumped 41.8% to fund CAPEX and the CBX stake, and the balance sheet now carries Ps. 37.9B of goodwill and intangibles whose fair values are still preliminary and subject to adjustment — a valuation risk if the CBX purchase price gets revised.
How filings like this one have moved
In the 30 days to Oct 20, 2026, 29.2% of the 1466 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PAC was trading at $203.51 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $12.1B. The 52-week trading range was $192.65 to $300.41. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.