This traffic decline is a clear negative operational signal, especially after the strong 2025 annual results reported in the 20-F. Monitor May and June traffic data for trend confirmation. The Montego Bay disruption from Hurricane Melissa may be transitory, but the broad-based weakness across Mexican tourist destinations warrants caution. The stock may face near-term selling pressure as the market digests this data point against the bullish backdrop from the CBX acquisition and bond refinancing.
Price Chart
Executive Summary
Pacific Airport Group reported a 7.6% decline in total passenger traffic for April 2026 versus April 2025, driven by a 10.8% drop in international passengers and a 5.0% decline in domestic traffic. The decrease was broad-based across key tourist hubs (Puerto Vallarta -17.0%, Los Cabos -8.1%) and Jamaican airports (Montego Bay -22.0% due to Hurricane Melissa), partially offset by a 0.9% increase at Guadalajara. This is a material negative operational update that contrasts with the strong financial results reported in the recent 20-F annual filing.
Key Facts
- Total passenger traffic in April 2026 decreased 7.6% year-over-year (5,531.0K to 5,113.4K passengers).
- International passenger traffic fell 10.8% in April 2026 vs. April 2025 (2,395.8K to 2,136.5K).
- Domestic passenger traffic declined 5.0% in April 2026 vs. April 2025 (3,135.2K to 2,976.9K).
- Montego Bay (Jamaica) traffic dropped 22.0% due to Hurricane Melissa disruptions.
- Puerto Vallarta traffic fell 17.0% and Tijuana traffic declined 10.5%.
- Seats available decreased 8.3% year-over-year; load factor improved slightly from 80.8% to 81.5%.
- Year-to-date (Jan-Apr 2026) total passenger traffic is down 6.0% vs. the same period in 2025.
Financial Impact
Passenger traffic is the primary revenue driver for airport operators. A 7.6% monthly decline and 6.0% YTD decline will pressure near-term aeronautical and non-aeronautical revenues, partially offset by the slight load factor improvement.
Risk Factors
- Continued weakness in international tourism demand to Mexican beach destinations.
- Prolonged impact from Hurricane Melissa on Jamaican operations.
- Potential for further traffic declines if economic conditions or travel patterns deteriorate.
- The 6.0% YTD decline suggests a trend that could persist into Q2 2026 results.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-003045 |
| Document: 0001171843-26-003045-index-headers.html | 0001171843-26-003045 |
| Document: 0001171843-26-003045-index.html | 0001171843-26-003045 |
| Document: 0001171843-26-003045.txt | 0001171843-26-003045 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 7, 2026 24w ago | 6-K | $24.89 $24.63 | ▼ −1.04% | ▼ −2.55% | $22.28 (−10.47%) |
May 5, 2026 24w ago | 6-K | $24.89 $24.63 | ▲ +1.04% | ▲ +2.18% | $22.28 (+10.47%) |
Apr 23, 2026 26w ago | 6-K | $26.70 $24.89 | ▼ −6.80% | ▼ −7.71% | $22.28 (−16.55%) |
Apr 17, 2026 27w ago | 20-F | $24.56 $26.70 | ▲ +8.71% | ▲ +7.80% | $22.28 (−9.28%) |
Mar 31, 2026 29w ago | 6-K | $24.56 $24.56 | · 0.00% | ▼ −3.77% | $22.28 (−9.28%) |
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