Summary of Results 3Q25 vs. 3Q24
The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,174.0 million, or 17.4%. Total revenues increased by Ps. 1,343.9 million, or 16.3%.
Cost of services increased by Ps. 201.8 million, or 14.1%.
Income from operations increased by Ps. 429.6 million, or 11.5%.
EBITDA increased by Ps. 578.0 million, or 12.8%, an increase from Ps. 4,507.6 million in 3Q24 to Ps. 5,085.6 million in 3Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 67.0% in 3Q24 to 64.3% in 3Q25.
Comprehensive income decreased by Ps. 162.8 million, or 6.2%, from an income of Ps. 2,620.6 million in 3Q24 to an income of Ps. 2,457.8 million in 3Q25.
Company's Financial Position:
As of September 30, 2025, the Company reported a cash and cash equivalents position of Ps. 11,699.5 million. During 3Q25, GAP issued long-term bond certificates (Certificados Bursátiles) for a total amount of Ps. 8,500.0 million, under the ticker symbols "GAP 25-2" and "GAP 25-3", for Ps. 4,050.0 million and Ps. 4,450.0 million, respectively. The proceeds from these issuances will be used to finance capital investments amounting to Ps. 7,000.0 million, and to repay a bank loan with Banco Santander, S.A. for Ps. 1,500.0 million. In addition, on September 18, 2025, the Company refinanced its credit line for USD$40.0 million with Banco Nacional de México, S.A. ("Banamex"), establishing a new maturity date of September 18, 2030.
Passenger Traffic
During 3Q25, the 14 airports operated by GAP recorded an increase of 386.5 thousand total passengers, representing a 2.5% growth compared to 3Q24.
During this period, the following new routes were inaugurated:
Domestic:
Airline
Departure
Arrival
Opening date
Frequencies
Volaris
Morelia
Puerto Vallarta
July 4, 2025
3 weekly
Volaris
Puerto Vallarta
Morelia
July 4, 2025
3 weekly
Volaris
Morelia
Zihuatanejo
July 4, 2025
3 weekly
Volaris
Morelia
Mexicali
July 5, 2025
3 weekly
Volaris
Mexicali
Morelia
July 6, 2025
3 weekly
TAR
La Paz
Los Mochis
July 7, 2025
3 weekly
TAR
Los Mochis
La Paz
July 7, 2025
3 weekly
TAR
La Paz
Aguascalientes
July 7, 2025
4 weekly
TAR
Aguascalientes
La Paz
July 7, 2025
4 weekly
LIAT Air
Montego Bay
Kingston
July 11, 2025
3 weekly
LIAT Air
Kingston
Montego Bay
July 11, 2025
3 weekly
Note: Frequencies can vary without prior notice.
International:
Airline
Departure
Arrival
Opening date
Frequencies
Volaris
Guadalajara
New York (EWR)
July 1, 2025
4 weekly
Volaris
Morelia
Dallas-Fort Worth
July 4, 2025
4 weekly
Volaris
Morelia
Ontario, California
July 4, 2025
4 weekly
Volaris
Los Cabos
Ontario, California
July 4, 2025
5 weekly
Volaris
Morelia
Sacramento
July 4, 2025
4 weekly
Volaris
Guanajuato
Ontario, California
July 5, 2025
3 weekly
Volaris
Morelia
San Antonio
July 5, 2025
3 weekly
Volaris
Morelia
Houston (IAH)
July 5, 2025
3 weekly
Spirit
Montego Bay
Baltimore-Washington
July 11, 2025
3 weekly
Aeroregional
Montego Bay
Quito
July 18, 2025
1 weekly
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers, 14 airports (in thousands):
Airport
3Q24
3Q25
Change
9M24
9M25
Change
Guadalajara
3,113.2
3,183.2
2.2
%
8,779.7
9,295.2
5.9
%
Tijuana*
2,204.9
2,237.3
1.5
%
6,288.3
6,434.0
2.3
%
Los Cabos
791.4
762.1
(3.7
%)
2,119.7
2,170.7
2.4
%
Puerto Vallarta
804.2
870.7
8.3
%
2,121.6
2,354.6
11.0
%
Montego Bay
0.0
0.0
0.0
%
0.0
0.0
0.0
%
Guanajuato
547.0
576.0
5.3
%
1,545.3
1,668.3
8.0
%
Hermosillo
524.2
537.1
2.5
%
1,512.7
1,591.3
5.2
%
Kingston
1.3
0.8
(34.4
%)
2.4
1.0
(58.8
%)
Morelia
165.0
208.5
26.4
%
464.5
567.7
22.2
%
La Paz
320.5
347.2
8.3
%
879.9
955.9
8.6
%
Mexicali
250.5
330.4
31.9
%
765.1
929.2
21.4
%
Aguascalientes
158.5
164.0
3.5
%
467.0
483.2
3.5
%
Los Mochis
144.0
178.5
24.0
%
412.0
522.9
26.9
%
Manzanillo
28.1
31.5
11.8
%
94.4
97.6
3.4
%
Total
9,052.8
9,427.3
4.1
%
25,452.6
27,071.6
6.4
%
*Cross Border Xpress (CBX) users are classified as international passengers.
International Terminal Passengers, 14 airports (in thousands):
Airport
3Q24
3Q25
Change
9M24
9M25
Change
Guadalajara
1,493.1
1,502.0
0.6
%
4,353.1
4,396.2
1.0
%
Tijuana*
1,067.9
974.6
(8.7
%)
3,001.9
3,041.2
1.3
%
Los Cabos
881.2
893.2
1.4
%
3,489.0
3,500.5
0.3
%
Puerto Vallarta
529.0
498.3
(5.8
%)
2,970.5
2,819.9
(5.1
%)
Montego Bay
1,154.7
1,243.5
7.7
%
3,897.1
3,847.2
(1.3
%)
Guanajuato
284.3
266.4
(6.3
%)
773.6
782.1
1.1
%
Hermosillo
19.0
19.1
0.5
%
62.6
59.3
(5.3
%)
Kingston
514.3
527.9
2.7
%
1,324.9
1,409.6
6.4
%
Morelia
169.9
195.7
15.1
%
483.9
525.7
8.6
%
La Paz
2.6
7.9
210.0
%
8.7
25.5
193.1
%
Mexicali
1.8
1.9
6.5
%
5.6
5.5
(0.6
%)
Aguascalientes
90.9
89.5
(1.5
%)
242.1
245.7
1.5
%
Los Mochis
2.1
2.2
2.1
%
6.1
6.1
(1.4
%)
Manzanillo
9.6
10.2
6.4
%
65.7
72.4
10.1
%
Total
6,220.3
6,232.3
0.2
%
20,684.7
20,736.8
0.3
%
*CBX users are classified as international passengers.
Total Terminal Passengers, 14 airports (in thousands):
Airport
3Q24
3Q25
Change
9M24
9M25
Change
Guadalajara
4,606.3
4,685.1
1.7
%
13,132.8
13,691.5
4.3
%
Tijuana*
3,272.7
3,211.9
(1.9
%)
9,290.2
9,475.2
2.0
%
Los Cabos
1,672.6
1,655.3
(1.0
%)
5,608.7
5,671.1
1.1
%
Puerto Vallarta
1,333.2
1,369.0
2.7
%
5,092.1
5,174.5
1.6
%
Montego Bay
1,154.7
1,243.5
7.7
%
3,897.1
3,847.2
(1.3
%)
Guanajuato
831.3
842.4
1.3
%
2,318.8
2,450.4
5.7
%
Hermosillo
543.3
556.2
2.4
%
1,575.3
1,650.5
4.8
%
Kingston
515.5
528.7
2.6
%
1,327.3
1,410.6
6.3
%
Morelia
335.0
404.2
20.7
%
948.4
1,093.4
15.3
%
La Paz
323.0
355.1
9.9
%
888.6
981.4
10.4
%
Mexicali
252.3
332.3
31.7
%
770.7
934.7
21.3
%
Aguascalientes
249.3
253.6
1.7
%
709.1
728.9
2.8
%
Los Mochis
146.1
180.7
23.7
%
418.1
529.0
26.5
%
Manzanillo
37.7
41.6
10.5
%
160.1
170.0
6.2
%
Total
15,273.1
15,659.6
2.5
%
46,137.3
47,808.4
3.6
%
*CBX users are classified as international passengers.
CBX Users (in thousands):
Airport
3Q24
3Q25
Change
9M24
9M25
Change
Tijuana
1,048.7
954.4
(9.0
%)
2,956.3
2,984.0
0.9
%
Consolidated Results for the Third Quarter of 2025 (in thousands of pesos):
3Q24
3Q25
Change
Revenues
Aeronautical services
4,627,601
5,474,043
18.3
%
Non-aeronautical services
2,103,878
2,431,480
15.6
%
Improvements to concession assets (IFRIC-12)
1,501,188
1,671,060
11.3
%
Total revenues
8,232,667
9,576,583
16.3
%
Operating costs
Costs of services:
1,435,204
1,637,006
14.1
%
Employee costs
573,117
633,119
10.5
%
Maintenance
213,360
307,625
44.2
%
Safety, security & insurance
220,486
243,706
10.5
%
Utilities
160,803
174,887
8.8
%
Business operated directly by us
72,858
84,697
16.3
%
Other operating expenses
194,580
192,972
(0.8
%)
Technical assistance fees
200,635
226,322
12.8
%
Concession taxes
598,091
963,943
61.2
%
Depreciation and amortization
787,295
935,683
18.8
%
Cost of improvements to concession assets (IFRIC-12)
1,501,188
1,671,060
11.3
%
Other (income)
(10,082
)
(7,397
)
(26.6
%)
Total operating costs
4,512,331
5,426,617
20.3
%
Income from operations
3,720,336
4,149,966
11.5
%
Financial Result
(1,059,983
)
(661,828
)
(37.6
%)
Income before income taxes
2,660,353
3,488,138
31.1
%
Income taxes
(677,524
)
(792,158
)
16.9
%
Net income
1,982,829
2,695,980
36.0
%
Currency translation effect
651,897
(231,955
)
(135.6
%)
Cash flow hedges, net of income tax
(12,124
)
2,692
(122.2
%)
Remeasurements of employee benefit, net income tax
(2,052
)
(8,929
)
335.1
%
Comprehensive income
2,620,550
2,457,788
(6.2
%)
Non-controlling interest
(140,692
)
(96,975
)
(31.1
%)
Comprehensive income attributable to controlling interest
2,479,858
2,360,813
(4.8
%)
3Q24
3Q25
Change
EBITDA
4,507,631
5,085,649
12.8
%
Comprehensive income
2,620,550
2,456,860
(6.2
%)
Comprehensive income per share (pesos)
5.1864
4.8624
(6.2
%)
Comprehensive income per ADS (US dollars)
2.8272
2.6506
(6.2
%)
Operating income margin
45.2
%
43.3
%
(4.1
%)
Operating income margin (excluding IFRIC-12)
55.3
%
52.5
%
(5.0
%)
EBITDA margin
54.8
%
53.1
%
(3.0
%)
EBITDA margin (excluding IFRIC-12)
67.0
%
64.3
%
(3.9
%)
Costs of services and improvements / total revenues
35.7
%
34.5
%
(3.2
%)
Cost of services / total revenues (excluding IFRIC-12)
21.3
%
20.7
%
(2.9
%)
- Net income and comprehensive income per share for 3Q25 and 3Q24 were calculated based on 505,277,464 shares outstanding as of September 30, 2025, and September 30, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.3442 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on September 30, 2025.
- For consolidating the Jamaican airports, an average exchange rate of Ps. 18.6456 per U.S. dollar was used, corresponding to the three-month period ended September 30, 2025.
Revenues (3Q25 vs. 3Q24)
Aeronautical services revenues increased by Ps. 846.4 million, or 18.3%.
Non-aeronautical services revenues increased by Ps. 327.6 million, or 15.6%.
Revenues from improvements to concession assets increased by Ps. 169.9 million, or 11.3%.
Total revenues increased by Ps. 1,343.9 million, or 16.3%.
The change in aeronautical services revenues was primarily due to the following factors:
Revenues at the Mexican airports increased by Ps. 789.6 million, or 20.5%, compared to 3Q24, mainly due to a Ps. 693.3 million, or 21.5%, increase in the passenger fee revenue. This increase was driven by the new airport maximum tariffs approved for the 2025–2029 regulatory period, effective as of March 2025, as well as a 2.1% increase in passenger traffic during the quarter.
Revenues at the Jamaican airports increased by Ps. 56.8 million, or 7.3%, compared to 3Q24, mainly due to a 6.1% increase in passenger traffic during the quarter and an increase in U.S. dollar revenue of USD$2.6 million, or 3.5%. This effect was partially offset by the appreciation of the Mexican peso against the U.S. dollar, which went from an average exchange rate of Ps. 18.9229 in 3Q24 to Ps. 18.6456 in 3Q25, representing an appreciation of 1.5%. This exchange rate effect reduced the revenue reported in pesos.
The change in non-aeronautical services revenues was primarily driven by the following factors:
Revenues at Mexican airports increased by Ps. 301.2 million, or 16.4%, compared to 3Q24. Revenues from businesses operated directly by us increased by Ps. 270.9 million, or 30.5%, mainly driven by the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 168.9 million, or 47.7%, to this growth. Revenues from businesses operated by third parties increased Ps. 31.9 million, or 3.5%, primarily driven by the opening of new commercial spaces and the renegotiation of commercial contracts. The fastest-growing business lines were food and beverage, retail stores, duty-free, ground transportation, and timeshares, which together increased by Ps. 41.5 million, or 7.0%. This increase was partially offset by a decrease in leasing of space revenues, which declined Ps. 18.0 million, or 23.5%.
Revenues at the Jamaican airports increased by Ps. 26.4 million, or 9.8%, compared to 3Q24. In U.S. dollar terms, revenues increased by USD$1.6 million, or 11.4%, which was partially offset by the 1.5% appreciation of the peso against the average exchange rate of 3Q24.
3Q24
3Q25
Change
Businesses operated by third parties:
Food and beverage
291,059
321,111
10.3
%
Car rental
209,871
216,384
3.1
%
Duty-free
184,931
193,930
4.9
%
Retail
174,816
182,824
4.6
%
Leasing of space
111,224
98,210
(11.7
%)
Timeshares
63,608
64,409
1.3
%
Ground transportation
41,301
43,384
5.0
%
Other commercial revenues
30,260
37,085
22.6
%
Communications and financial services
26,446
29,791
12.7
%
Total
1,133,516
1,187,128
4.7
%
Businesses operated directly by us:
Cargo operation and bonded warehouse
390,385
558,941
43.2
%
Car parking
171,497
194,318
13.3
%
Convenience stores
137,122
158,158
15.3
%
VIP Lounges
130,000
152,028
16.9
%
Advertising
52,977
71,445
34.9
%
Hotel operation
28,189
48,892
73.4
%
Total
910,169
1,183,783
30.1
%
Recovery of costs
60,193
60,569
0.6
%
Total Non-aeronautical Revenues
2,103,878
2,431,480
15.6
%
Figures expressed in thousands of Mexican pesos.
‐ Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 169.9 million, or 11.3%, compared to 3Q24. The change was composed of:
Improvements to concession assets at the Company's Mexican airports, which increased by Ps. 115.4 million, or 8.6%, following investments under the Master Development Program for the 2025-2029 period.
Improvements to concession assets at the Company's Jamaican airports, which increased Ps. 54.4 million, or 33.1%.
1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 "Service Concession Arrangements" (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company's operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company's Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using "Total Revenues" include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact.
Total operating costs increased by Ps. 914.3 million, or 20.3%, compared to 3Q24, mainly due to higher technical assistance and concession fees, which together increased Ps. 391.6 million, or 49.0%; a Ps. 201.8 million, or 14.1%, increase in the cost of services; a Ps. 169.9 million increase in the cost of improvements to concession assets (IFRIC-12); and a Ps. 148.4 million, or 18.9%, increase in depreciation and amortization, derived from the recognition of the fair values of the cargo and bonded warehouse business. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 744.5 million, or 24.7%, compared to 3Q24.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
Operating costs increased by Ps. 723.3 million, or 19.8%, compared to 3Q24, mainly due to higher technical assistance and concession fees, which together increased Ps. 256.7 million, or 53.4%; a Ps. 207.8 million, or 17.3%, increase in the cost of services; a Ps. 141.6 million, or 21.7%, increase in depreciation and amortization; and a Ps. 115.4 million, or 8.6%, increase in the cost of improvements to the concession assets (IFRIC-12). the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 607.9 million, or 26.2%.
The change in the cost of services at our Mexican airports during 3Q25 was mainly due to:
Maintenance increased by Ps. 89.8 million, or 52.3%, due to the opening of new operational areas, airfield maintenance, and the operation of jet bridges by Ps. 47.6 million.
Employee costs increased by Ps. 60.2 million, or 11.7%, mainly due to salary adjustments and amendments to the Federal Labor Law.
Safety, security and insurance increased by Ps. 21.4 million, or 13.2%, driven by an increase in security personnel, minimum wage adjustments, changes to the Federal Labor Law, and the opening of additional operational areas.
Utilities increased by Ps. 20.0 million, or 17.6%, compared to 3Q24.
Jamaican Airports:
Operating costs increased by Ps. 190.9 million, or 22.3%, compared to 3Q24, mainly due to an increase in concession fees of Ps. 134.8 million, or 42.4%; an increase in the cost of improvements to concession assets (IFRIC-12) of Ps. 54.4 million, or 33.1%; and an increase in depreciation and amortization of Ps. 6.8 million, or 5.0%. These effects were partially offset by a decrease in the cost of services of Ps. 6.0 million, or 2.6%.
Operating income margin decreased from 45.2% in 3Q24 to 43.3% in 3Q25. Excluding the effects of IFRIC-12, the operating income margin declined from 55.3% in 3Q24 to 52.5% in 3Q25. Income from operations increased by Ps. 429.6 million, or 11.5%, compared to 3Q24.
EBITDA margin decreased from 54.8% in 3Q24 to 53.1% in 3Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 67.0% in 3Q24 to 64.3% in 3Q25. The nominal value of EBITDA increased by Ps. 578.0 million, or 12.8%, compared to 3Q24.
Financial results decreased in expense by Ps. 398.2 million, or 37.6%, going from a net expense of Ps. 1,060.0 million in 3Q24 to a net expense of Ps. 661.8 million in 3Q25. This change was mainly the result of:
Foreign exchange fluctuations, which changed from an expense of Ps. 313.4 million in 3Q24 to an income of Ps. 60.9 million in 3Q25, resulting in a foreign exchange gain of Ps. 374.4 million due to the appreciation of the peso. In addition, the foreign currency translation effect contributed to a Ps. 874.2 million increase in expense compared to 3Q24.
Interest expense decreased by Ps. 137.8 million, or 12.8%, compared to 3Q24, mainly due to a decrease in reference rates.
Interest income decreased by Ps. 114.1 million, or 34.8%, compared to 3Q24, mainly due to a decrease in the cash and cash equivalents average balance and changes in the reference rates.
In 3Q25, net and comprehensive income decreased by Ps. 162.8 million, or 6.2%, compared to 3Q24, mainly due to a Ps. 874.2 million increase in foreign currency translation losses versus the same period of last year. Income before taxes increased by Ps. 827.8 million, or 31.1%.
During 3Q25, net income increased by Ps. 713.2 million, or 36.0%, compared to 3Q24. Income tax for the period increased by Ps. 114.6 million, composed of a Ps. 116.0 million increase in current income tax and a Ps. 1.4 million decrease in deferred tax benefit. This was mainly due to a lower inflation effect, which decreased from 1.5% in 3Q24 to 1.0% in 3Q25, partially offset by the application of tax loss carryforwards for Ps. 47.2 million, compared to 3Q24.
Consolidated Results for the Nine Months of 2025 (in thousands of pesos):
9M24
9M25
Change
Revenues
Aeronautical services
14,150,663
17,236,364
21.8
%
Non-aeronautical services
5,521,018
7,268,014
31.6
%
Improvements to concession assets (IFRIC-12)
4,314,977
7,009,385
62.4
%
Total revenues
23,986,658
31,513,762
31.4
%
Operating costs
Costs of services:
3,720,973
4,644,243
24.8
%
Employee costs
1,522,994
1,885,203
23.8
%
Maintenance
555,642
821,358
47.8
%
Safety, security & insurance
602,508
691,429
14.8
%
Utilities
396,811
448,850
13.1
%
Business operated directly by us
219,017
258,665
18.1
%
Other operating expenses
424,000
538,738
27.1
%
Technical assistance fees
627,172
731,901
16.7
%
Concession taxes
1,991,302
2,954,025
48.3
%
Depreciation and amortization
2,137,595
2,793,217
