GAP’s August 2025 passenger activity rose against August 2024, led by solid domestic demand across multiple gateways and continued growth in select international routes. The shift came as total terminal passengers across GAP’s 12 Mexican airports climbed 3.3% year over year, with domestic traffic up more strongly and international traffic showing a more modest gain. Notably, Puerto Vallarta, Guadalajara, and Los Cabos all posted meaningful increases in passenger flow, while Tijuana reflected a slight year-over-year dip. Beyond Mexico, Montego Bay in Jamaica registered a healthy rise in passengers year over year. The month also featured shifts in capacity and load factors that traders and analysts will watch as GAP positions its network for the remainder of 2025.
August 2025 Passenger Traffic Overview
During August 2025, GAP reported that the total number of terminal passengers across its 12 Mexican airports rose by 3.3% compared with August 2024. This is the headline performance metric for the month, underscoring a continued recovery in regional air travel and resilience in consumer demand for leisure and business travel alike. In the domestic terminal, the totals climbed 5.1% year over year, reflecting robust activity in several markets and airport hubs that have historically driven GAP’s domestic footprint.
On the international side, the total terminal passenger count increased by 0.8% year over year, signaling a softer but still positive international travel environment within GAP’s network. The combined result—the domestic growth sprint and the more modest international uptick—helped push the overall August total higher, despite the fact that some routes experienced declines and others delivered outsized gains.
A closer airport-by-airport readout reveals a nuanced picture of where demand is expanding and where it is contracting. Puerto Vallarta led the pack with a notable domestic increase, while Guadalajara followed with a strong domestic performance. Los Cabos also posted a positive domestic uptick, albeit more modest, and Tijuana experienced a small setback relative to August 2024. The Jamaica-focused gateway in Montego Bay recorded a double-digit improvement in some metrics, reinforcing GAP’s diversification strategy through its Caribbean portfolio. The month’s performance aligns with GAP’s broader growth narrative, which includes capacity management, market diversification, and an emphasis on high-potential tourist destinations.
To put the data into perspective, domestic traffic across GAP’s network for August 2025 was shaped by a mix of airports that posted gains and others that showed smaller gains or declines. Guadalajara domestic traffic advanced 4.7% year over year, from 1,050.5 thousand in August 2024 to 1,100.3 thousand in August 2025. The year-to-date domestic total for Guadalajara surged 6.4%, reaching 8,304.8 thousand versus 7,802.1 thousand in the prior year. Tijuana domestic traffic showed a modest rise of 0.7% for August 2025, moving from 780.2 thousand in August 2024 to 785.6 thousand in August 2025, with a year-to-date gain of 2.3% (5,758.6 thousand in Jan–Aug 2025 vs. 5,627.4 thousand in Jan–Aug 2024).
Los Cabos domestic traffic slipped by 2.3% in August 2025, slipping from 277.0 thousand in August 2024 to 270.7 thousand in August 2025, even as the year-to-date figure climbed to 1,962.2 thousand from 1,898.8 thousand. Puerto Vallarta domestic traffic surged by 12.8% in August 2025, up from 278.4 thousand in August 2024 to 314.0 thousand in August 2025, contributing to a year-to-date increase of 11.4% (2,119.4 thousand in Jan–Aug 2025 vs. 1,902.6 thousand in Jan–Aug 2024). Montego Bay domestic traffic remained flat in August 2025, with the prior-year comparison showing zero movement (0.0 in both August 2024 and August 2025) and a year-to-date growth pattern that remained flat at the overall level (0.0 in Jan–Aug 2025 vs. 0.0 in Jan–Aug 2024).
Guanajuato domestic traffic rose a modest 2.0% in August 2025 (187.6 thousand in Aug 2024 to 191.4 thousand in Aug 2025), while the year-to-date total climbed 8.5% (1,487.8 thousand in Jan–Aug 2025 vs. 1,371.2 thousand in Jan–Aug 2024). Hermosillo domestic traffic remained nearly flat with a 0.2% rise (176.8 thousand to 177.2 thousand), and the year-to-date grew by 5.8% (1,427.0 thousand in Jan–Aug 2025 vs. 1,349.0 thousand in Jan–Aug 2024). Kingston domestic traffic declined sharply by 39.1% for August 2025 (0.6 thousand to 0.4 thousand), though the year-to-date figures point to a substantial rebalancing in the Jamaica market (2.2 thousand to 0.7 thousand; a drop of 69.6% year to date).
Morelia showed a pronounced domestic recovery, increasing 28.6% in August 2025 (55.3 thousand to 71.2 thousand) with a robust year-to-date gain of 22.6% (506.6 thousand in Jan–Aug 2025 vs. 413.3 thousand in Jan–Aug 2024). La Paz domestic traffic climbed 7.6% in August 2025 (113.1 thousand to 121.7 thousand), contributing an 8.6% year-to-date increase (856.8 thousand in Jan–Aug 2025 vs. 789.1 thousand in Jan–Aug 2024). Mexicali domestic traffic surged 33.3% (85.8 thousand to 114.4 thousand) in August 2025, lifting the year-to-date total by 20.0% (834.6 thousand in Jan–Aug 2025 vs. 695.5 thousand in Jan–Aug 2024). Aguascalientes domestic traffic rose 2.9% (53.6 thousand to 55.2 thousand) in August 2025, with a 4.4% year-to-date improvement (433.8 thousand in Jan–Aug 2025 vs. 415.5 thousand in Jan–Aug 2024). Los Mochis domestic traffic surged 28.7% (49.1 thousand to 63.1 thousand) in August 2025, contributing a 27.7% year-to-date increase (469.2 thousand in Jan–Aug 2025 vs. 367.6 thousand in Jan–Aug 2024). Manzanillo domestic traffic rose 15.0% (9.8 thousand to 11.3 thousand) in August 2025, with a 2.9% year-to-date increase (89.0 thousand in Jan–Aug 2025 vs. 86.5 thousand in Jan–Aug 2024).
Totals for domestic terminals reflect a broad-based expansion in several markets, with the month contributing to a stronger year-to-date performance in multiple gateways. The domestic segment’s momentum points to a more favorable travel environment for leisure-oriented markets and for business travel in key regional hubs, while the mixed results in a few airports underscore the ongoing sensitivity of passenger flows to regional conditions, seasonality, and route mix.
On the international side, Guadalajara international traffic rose 2.9% in August 2025 (501.7 thousand in Aug 2024 to 516.2 thousand in Aug 2025), with a year-to-date increase of 1.3% (3,974.4 thousand in Jan–Aug 2025 vs. 3,922.2 thousand in Jan–Aug 2024). Tijuana international traffic declined 6.8% in August 2025 (350.8 thousand to 326.8 thousand), but the year-to-date figure rose by 2.2% (2,772.5 thousand Jan–Aug 2025 vs. 2,713.0 thousand Jan–Aug 2024). Los Cabos international traffic advanced 3.3% in August 2025 (282.8 thousand to 292.3 thousand) and held a modest year-to-date gain of 0.6% (3,303.4 thousand in Jan–Aug 2025 vs. 3,283.9 thousand in Jan–Aug 2024).
Puerto Vallarta international traffic fell 6.3% in August 2025 (172.6 thousand to 161.8 thousand), aligning with a negative year-to-date trend of 5.0% (2,712.5 thousand in Jan–Aug 2025 vs. 2,855.5 thousand in Jan–Aug 2024). Montego Bay international traffic rose 5.3% in August 2025 (424.8 thousand to 447.3 thousand), though the year-to-date figure showed a slight downturn of 1.4% (3,561.5 thousand in Jan–Aug 2025 vs. 3,610.5 thousand in Jan–Aug 2024). Kingston international traffic remained flat in August 2025 (199.0 thousand to 199.0 thousand), with a year-to-date increase of 7.2% (1,272.3 thousand in Jan–Aug 2025 vs. 1,187.3 thousand in Jan–Aug 2024).
Other international markets experienced varied changes. Morelia international traffic increased 16.0% in August 2025 (58.6 thousand to 68.0 thousand) and added an 8.0% increase for the year-to-date period (469.9 thousand in Jan–Aug 2025 vs. 435.2 thousand in Jan–Aug 2024). La Paz international traffic surged dramatically in August 2025, rising from 0.9 thousand to 3.0 thousand, a 237.6% gain, with a substantial year-to-date rise of 192.6% (23.1 thousand in Jan–Aug 2025 vs. 7.9 thousand in Jan–Aug 2024). Hermosillo international traffic increased 3.8% in August 2025 (6.1 thousand to 6.3 thousand) but remained down 5.9% year to date (53.3 thousand in Jan–Aug 2025 vs. 56.7 thousand in Jan–Aug 2024). Kingston international traffic held steady at 199.0 thousand in August 2024 and August 2025, with a year-to-date increase of 7.2%.
Mexicali and Los Mochis displayed generally modest international movements in August 2025, with Mexicali maintaining a small level of activity (0.6 thousand in both August 2024 and August 2025; a negative 2.5% year-to-date impact). Los Mochis international traffic remained at 0.7 thousand in both August 2024 and August 2025 with a minor year-to-date negative shift of 1.1%. Manzanillo international traffic was flat in August 2025 at 3.7 thousand, with a year-to-date increase of 10.3% (69.9 thousand in Jan–Aug 2025 vs. 63.3 thousand in Jan–Aug 2024).
The total international segment for August 2025 rose 0.8% year over year (2,145.3 thousand vs. 2,127.9 thousand in August 2024), and the year-to-date international total advanced 0.5% (19,155.7 thousand in Jan–Aug 2025 vs. 19,052.4 thousand in Jan–Aug 2024). These figures underscore a more modest international recovery relative to domestic trends, consistent with broader regional travel patterns and the ongoing normalization of cross-border travel in GAP’s key markets.
In addition to the primary airport-level performance, the data include cross-border passenger exchange (CBX) activity, which provides insight into the cross-border traffic that fuels the Tijuana corridor. CBX users in August 2025 declined 7.0% year over year (320.1 thousand in Aug 2025 vs. 344.1 thousand in Aug 2024), while the year-to-date CBX total grew by 1.8% (2,721.3 thousand in Jan–Aug 2025 vs. 2,672.9 thousand in Jan–Aug 2024). This shift highlights the mixed impact of cross-border travel patterns on GAP’s overall traffic mix, with potential implications for border-cities’ demand dynamics and cross-border cooperation strategies.
In summary, August 2025 saw a diversified performance across GAP’s network, with strong gains in several domestic markets and mixed results internationally. The airport-by-airport performance indicates a rebound in leisure travel to tourist hubs such as Puerto Vallarta and Morelia, while some gateway markets faced headwinds, underscoring the importance of continued capacity management and market diversification in GAP’s expansion strategy.
Domestic Terminal Traffic by Airport: Detailed Insights
Domestic terminal traffic offers a granular view of how GAP’s network is performing in its core Mexican markets. The month of August 2025 demonstrated a mix of double-digit gains, steady growers, and a handful of soft spots, reflecting regional travel demand variations, seasonality, and the evolving competitive landscape within GAP’s portfolio. The domestic figures also contribute to a broader narrative about GAP’s year-to-date momentum as the company navigates seasonal peaks and shoulder periods across its 12-airport footprint.
A core takeaway from the August 2025 domestic data is the breadth of airports delivering meaningful increases, alongside a subset experiencing more modest growth. Guadalajara, the company’s flagship hub, posted a robust domestic gain of 4.7% in August 2025, lifting its year-to-date domestic total by 6.4% and reinforcing its role as a central node for both regional and long-haul flows in GAP’s network. Tijuana, though, shows a milder uptick of 0.7% for August 2025, indicating that cross-border demand dynamics and the competitive landscape in northern Mexico remain nuanced, with the year-to-date progress of 2.3% signaling a more gradual improvement in domestic demand.
Los Cabos domestic traffic registered a slight decline of 2.3% in August 2025, reflecting an isolated softness that may be tied to seasonal fluctuations or competitive pricing pressures in resort-driven markets. Yet the year-to-date figure still shows positive momentum, rising to 3.3% above the prior year, suggesting a recovery trajectory for vacation destinations in the Baja California peninsula that may accelerate as demand patterns stabilize, particularly for peak travel windows.
Puerto Vallarta domestic traffic delivered the most pronounced August 2025 gain among GAP’s domestic airports, rising 12.8% year over year. This uptick underscores the airport’s continued appeal as a top leisure destination within GAP’s network, with the year-to-date total posting an even more compelling growth rate of 11.4%. The surge in Puerto Vallarta’s domestic traffic aligns with a broader trend of increasing leisure demand to Pacific coast resort markets, where partners and operators are actively optimizing availability, pricing, and in-market experiences to attract visitors.
Montego Bay’s domestic traffic remained unchanged for August 2025, continuing a neutral trajectory in the Jamaican gateway’s domestic operations. While August shows no change, Montego Bay’s year-to-date performance in this segment is disclosed as flat, reflecting a balancing act between inbound and outbound tourism flows across the Caribbean corridor in GAP’s geographic diversification strategy.
Guanajuato, Hermosillo, and Morelia all recorded modest yet meaningful gains in August 2025, contributing to a broader domestic growth story. Guanajuato domestic traffic rose 2.0% in August 2025, with a year-to-date increase of 8.5%, signaling healthy demand in a secondary but strategically important market within GAP’s network. Hermosillo’s domestic traffic was essentially flat with a 0.2% uptick, supporting a 5.8% year-to-date improvement, while Morelia delivered a strong bounce, up 28.6% for August 2025 and 22.6% year to date, underlining its expanding role in GAP’s domestic mix as a mid-sized city with growing travel demand.
La Paz also stood out, rising 7.6% in August 2025 and contributing an 8.6% year-to-date gain. The airport’s growth points to rising domestic traveler activity in a market that may benefit from targeted capacity and service enhancements to sustain the momentum. Mexicali, with a robust August 2025 ascent of 33.3%, led the sector among larger gateways, lifting the year-to-date total by 20.0% to 834.6 thousand, highlighting the market’s expanding domestic demand base and the potential for further route optimization. Aguascalientes and Los Mochis posted respectable gains, with Aguascalientes up 2.9% and Los Mochis up 28.7% in August 2025, the latter driving a 27.7% year-to-date increase to 469.2 thousand.
Manzanillo’s domestic traffic rose 15.0% in August 2025, with a year-to-date increase of 6.1% (from 149.8 thousand in Jan–Aug 2024 to 158.9 thousand in Jan–Aug 2025). The combined effect across these domestic markets paints a picture of broad-based expansion in GAP’s domestic network, supported by new capacity allocations, improved flight frequencies in growth markets, and continued demand from both leisure and business travelers.
Overall, the domestic domestic-traffic performance in August 2025 reflects a positive trend across a wide swath of the network, with more airports contributing to growing passenger volumes than those posting declines. This broader momentum sets the stage for a robust year-to-date trajectory as GAP continues to optimize its route network and capitalizes on the strong demand environment in many of its core markets.
Domestic Highlights by Airport (Selected Markets)
- Guadalajara: +4.7% Aug 2025; +6.4% Jan–Aug 2025 vs. 2024.
- Puerto Vallarta: +12.8% Aug 2025; +11.4% Jan–Aug 2025 vs. 2024.
- Morelia: +28.6% Aug 2025; +22.6% Jan–Aug 2025 vs. 2024.
- Mexicali: +33.3% Aug 2025; +20.0% Jan–Aug 2025 vs. 2024.
- La Paz: +7.6% Aug 2025; +8.6% Jan–Aug 2025 vs. 2024.
- Los Mochis: +28.7% Aug 2025; +27.7% Jan–Aug 2025 vs. 2024.
- Manzanillo: +15.0% Aug 2025; +6.1% Jan–Aug 2025 vs. 2024.
- Guanajuato: +2.0% Aug 2025; +6.7% Jan–Aug 2025 vs. 2024.
- Hermosillo: +0.2% Aug 2025; +5.8% Jan–Aug 2025 vs. 2024.
- Kingston: Aug 2025 flat; +7.2% Jan–Aug 2025 vs. 2024.
- Los Cabos: -2.3% Aug 2025; +1.6% Jan–Aug 2025 vs. 2024.
The domestic performance in August confirms GAP’s exposure to traveler demand in leisure-centric destinations and strategically important midsized markets. The breadth of gains across multiple airports is a positive signal about the resilience of domestic travel within GAP’s footprint, complemented by capacity adjustments that enable the network to absorb rising demand and optimize load factors.
International Terminal Traffic: Key Trends
International traffic across GAP’s network in August 2025 showed a more tempered ascent than the domestic side, reflecting ongoing normalization in international travel across the region. The total international traffic rose 0.8% year over year, moving from 2,127.9 thousand in August 2024 to 2,145.3 thousand in August 2025. The year-to-date international total advanced 0.5% to 19,155.7 thousand in Jan–Aug 2025 from 19,052.4 thousand in Jan–Aug 2024. These figures illustrate that while international travel is expanding, it is doing so at a steadier pace than domestic travel, which is common in periods of market normalization as consumer confidence and cross-border travel patterns stabilize following the pandemic era.
Among the international routes, Guadalajara and Los Cabos posted positive year-over-year changes in August 2025, with Guadalajara international traffic up 2.9% (from 501.7 thousand to 516.2 thousand) and Los Cabos international traffic up 3.3% (from 282.8 thousand to 292.3 thousand). These gains reflect ongoing demand for international gateways that serve tourism demand, business travel, and cross-border connectivity, underscoring the importance of these hubs within GAP’s international portfolio. Tijuana’s international traffic declined 6.8% in August 2025 (from 350.8 thousand to 326.8 thousand), highlighting the volatility in cross-border itineraries that can be sensitive to macro conditions, border policies, and competition from other gateways. The year-to-date picture for Tijuana shows a 2.2% increase to 2,772.5 thousand in Jan–Aug 2025 from 2,713.0 thousand in Jan–Aug 2024, indicating a partial rebound as the year progressed.
Puerto Vallarta international traffic declined 6.3% in August 2025 (172.6 thousand to 161.8 thousand), contributing to a year-to-date decrease of 5.0% (2,712.5 thousand in Jan–Aug 2025 vs. 2,855.5 thousand in Jan–Aug 2024). This deviation from the domestic performance may reflect shifts in outbound international demand or competitive dynamics in the Pacific tourism corridor, with implications for capacity planning and partner alignment in the travel ecosystem surrounding the destination.
Montego Bay international traffic increased 5.3% in August 2025 (424.8 thousand to 447.3 thousand), but the year-to-date trend shows a modest downturn of 1.4% (3,561.5 thousand in Jan–Aug 2025 vs. 3,610.5 thousand in Jan–Aug 2024). Kingston international traffic held steady at 199.0 thousand in August 2025 (no change from August 2024), while the year-to-date progression remains positive, rising 7.2% to 1,273.0 thousand in Jan–Aug 2025 from 1,189.4 thousand in Jan–Aug 2024.
Other notable international movements include Morelia, which posted a robust 16.0% increase in international traffic in August 2025 (58.6 thousand to 68.0 thousand), delivering an 8.0% year-to-date improvement (469.9 thousand in Jan–Aug 2025 vs. 435.2 thousand in Jan–Aug 2024). La Paz recorded a dramatic rise in international activity in August 2025, from 0.9 thousand to 3.0 thousand, a 237.6% increase, with a year-to-date climb of 192.6% (23.1 thousand in Jan–Aug 2025 vs. 7.9 thousand in Jan–Aug 2024), underscoring the volatility that can occur in smaller international markets and the potential for rapid shifts in demand due to route additions or promotional activity. Hermosillo international traffic grew 3.8% in August 2025 (from 6.1 thousand to 6.3 thousand) but remained down 5.9% year to date (53.3 thousand in Jan–Aug 2025 vs. 56.7 thousand in Jan–Aug 2024). Mexicali maintained a minimal international footprint, with traffic effectively flat at 0.6 thousand in August 2024 and August 2025 and a year-to-date decline of 2.5%.
Manzanillo international traffic remained flat at 3.7 thousand in August 2025, with a year-to-date increase of 10.3% (69.9 thousand in Jan–Aug 2025 vs. 63.3 thousand in Jan–Aug 2024). Los Mochis international traffic remained unchanged at 0.7 thousand in August 2025, contributing to a modest year-to-date decline of 1.1% (5.5 thousand in Jan–Aug 2025 vs. 5.5 thousand in Jan–Aug 2024).
These international movements highlight a mixed but generally positive trajectory for international travel within GAP’s network, with certain markets delivering notable gains and others experiencing normalization or slower growth. The data emphasize the importance of aligning capacity with evolving international demand, refining route strategies to optimize profitability, and leveraging GAP’s diversified portfolio to balance exposure across high-potential destinations and more sensitive markets.
International Highlights by Airport (Selected Markets)
- Guadalajara: +2.9% Aug 2025; +1.3% Jan–Aug 2025 vs. 2024.
- Los Cabos: +3.3% Aug 2025; +0.6% Jan–Aug 2025 vs. 2024.
- Tijuana: -6.8% Aug 2025; +2.2% Jan–Aug 2025 vs. 2024.
- Puerto Vallarta: -6.3% Aug 2025; -5.0% Jan–Aug 2025 vs. 2024.
- Montego Bay: +5.3% Aug 2025; -1.4% Jan–Aug 2025 vs. 2024.
- Kingston: 0.0% Aug 2025; +7.2% Jan–Aug 2025 vs. 2024.
- Morelia: +16.0% Aug 2025; +8.0% Jan–Aug 2025 vs. 2024.
- La Paz: +237.6% Aug 2025; +192.6% Jan–Aug 2025 vs. 2024.
- Hermosillo: +3.8% Aug 2025; -5.9% Jan–Aug 2025 vs. 2024.
- Mexicali: 0.6% Aug 2025; -2.5% Jan–Aug 2025 vs. 2024.
- Los Mochis: +0.0% Aug 2025; -1.1% Jan–Aug 2025 vs. 2024.
- Manzanillo: +0.0% Aug 2025; +10.3% Jan–Aug 2025 vs. 2024.
The international traffic picture, while showing a softer cadence than domestic, underscores GAP’s exposure to tourism and cross-border flows in key markets. It also highlights opportunities to optimize international capacity and partnerships, particularly in markets with meaningful growth signals, such as Morelia and La Paz, as well as to manage the more volatile segments that may respond rapidly to promotional activity or macro shifts.
Capacity, Seats, and Load Factors
An essential aspect of GAP’s August 2025 performance is the relationship between capacity, load factors, and realized demand. The press release notes that seats available during August 2025 increased by 3.6% relative to August 2024. This capacity expansion aligns with the network’s growth strategy, enabling GAP to capture rising demand in both domestic and select international markets. At the same time, the overall load factor for the month softened slightly, dropping from 84.3% in August 2024 to 84.0% in August 2025. This small decline suggests that the growth in seats slightly outpaced the growth in passenger traffic for the month, a dynamic that can reflect competitive pricing, route adjustments, or seasonal patterns typical of August.
The 3.6% capacity expansion, coupled with a marginal move in load factor, suggests a deliberate capacity planning approach. GAP appears to be testing the market with incremental capacity to support higher passenger volumes in key markets such as Puerto Vallarta, Morelia, Mexicali, and La Paz, while also maintaining exposure to markets with more modest growth or even declines such as Los Cabos (domestic) and Tijuana (international). This balance is consistent with a portfolio strategy that seeks to optimize yield and market share across high-potential leisure corridors and mid-sized urban centers.
Seats and load factors interact meaningfully with the airport-level results. In markets that posted double-digit domestic gains—such as Puerto Vallarta and Morelia—the improved demand can help maintain or uplift average yields if capacity is managed prudently and service frequencies align with traveler preferences. Conversely, markets with smaller or negative changes, like Los Cabos domestically and Puerto Vallarta internationally, may require careful monitoring to avoid underutilization or misalignment between flight schedules and passenger demand.
The combination of a modest year-over-year improvement in international traffic and a stronger domestic performance provides a nuanced signal for GAP’s near-term capacity planning. The company’s ability to optimize flight frequencies, adjust aircraft types, and selectively grow or reduce service in specific markets will influence both load factors and profitability as 2025 progresses. The data also suggest that GAP’s network remains well-positioned to respond to shifting demand patterns, with capacity enhancements in high-demand domestic markets and measured exposure to international routes that require ongoing evaluation of competitive dynamics and seasonality.
CBX (Cross-Border Exchange) activity adds another layer to capacity and demand considerations. The CBX segment registered a 7.0% decline in August 2025 compared with August 2024, indicating a near-term softness in cross-border flows through Tijuana. However, year-to-date CBX demand remains positive, rising 1.8% to 2,721.3 thousand in Jan–Aug 2025 from 2,672.9 thousand in Jan–Aug 2024. This dichotomy—monthly weakness but longer-term growth—could reflect broader macro trends and border policy nuances affecting short-term cross-border travel, while the overall cross-border travel engine remains resilient.
Taken together, the August 2025 figures illustrate GAP’s ongoing efforts to calibrate capacity and optimize fleet deployment in line with evolving demand across its network. The company’s capacity strategy—expanding seats in high-potential markets while maintaining discipline in others—aims to sustain a healthy load factor and maximize yield, even as external conditions fluctuate.
Company Profile and Strategic Context
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates a portfolio of 12 airports dispersed across Mexico’s Pacific region. The network links major urban centers such as Guadalajara and Tijuana with premier tourist destinations including Puerto Vallarta, Los Cabos, La Paz, and Manzanillo. The balance of the portfolio comprises six mid-sized markets: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. GAP’s corporate history features notable milestones that underpin its current strategic posture.
GAP’s shares have been listed on the New York Stock Exchange under the ticker PAC since February 2006, and on the Mexican Stock Exchange under the symbol GAP. The company’s growth trajectory was further strengthened in April 2015 with the acquisition of 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, operator of Sangster International Airport in Montego Bay, Jamaica. This acquisition diversified GAP’s geographic footprint beyond Mexico’s Pacific region and expanded its exposure to Caribbean tourism markets.
In October 2018, GAP entered into a concession agreement to operate Kingston’s Norman Manley International Airport in Jamaica and assumed control in October 2019. This expansion represents GAP’s broader strategic push to enhance its operating platform in Jamaica, complementing its strong Mexican footprint and enabling broader regional travel connectivity.
The company’s structure and strategic moves reflect a focus on building a resilient, diversified airport network with exposure to high-growth leisure markets. As travel demand recovers and expands, GAP’s portfolio—anchored by major gateways in Guadalajara and Tijuana and supported by strong tourism hubs like Puerto Vallarta, Los Cabos, and La Paz—positions the company to capitalize on both domestic demand and international travel flows. Jamaica’s airports provide geographic diversification that can help mitigate risk and offer cross-market opportunities for route development and collaborative marketing with airlines, tour operators, and tourism boards.
GAP’s forward-looking statements, set out in the press materials accompanying the August 2025 traffic update, reflect management’s expectations for future economic conditions, industry dynamics, and company performance. The company emphasizes that such statements are not guarantees of future results and are subject to a range of risks and uncertainties, including economic and market conditions and operational factors. The statements are based on current views and assumptions, and actual outcomes may differ materially if those assumptions change.
The corporate governance framework underpins GAP’s approach to growth and risk management. The company has implemented a whistleblower program in accordance with applicable securities regulations, designed to provide anonymous and confidential reporting of suspected wrongdoing. This program is intended to enhance oversight and prompt investigation of issues that may affect financial condition, liquidity, or results of operations. While the specifics of the program, including contact methods, are outlined in GAP’s disclosures, the essential aim is to reinforce accountability and compliance across the organization.
GAP’s investor relations and social responsibility functions are structured to keep stakeholders informed about performance, strategy, and governance while ensuring that communications are aligned with regulatory requirements and market expectations. The company’s leadership emphasizes a commitment to sustaining growth across its airport network through prudent capacity planning, operational efficiency, and the pursuit of opportunities to expand in high-potential markets.
Capacity Momentum and Forward-Looking Considerations
As GAP reports August 2025 traffic, several strategic themes emerge that will likely influence the company’s direction through the remainder of the year and into 2026. First, the robust domestic growth across multiple airports—particularly in Puerto Vallarta, Morelia, Mexicali, La Paz, Los Mochis, and Manzanillo—indicates that domestic travel demand remains a primary driver of GAP’s near-term performance. This momentum supports the ability to optimize domestic route structures, respond to seasonal peaks, and position the network for sustained profitability by aligning capacity with traveler demand in core leisure markets.
Second, the international segment, while not expanding as rapidly as domestic traffic, shows resilience in key hubs such as Guadalajara and Los Cabos, with new capacity and improved operational efficiency helping to sustain international passenger flows. The mixed performance in some international markets, including Tijuana and Puerto Vallarta, highlights the ongoing challenge of cross-border and international demand volatility, which GAP will need to monitor closely. Strategic adjustments—such as targeted marketing, partnerships with airlines, and selective capacity shifts—could help the company maximize yields on profitable international routes while preserving service coverage for markets with steadier demand.
Third, the CBX dynamic presents a nuanced view of cross-border travel. The monthly decline in CBX users for August 2025 compared with August 2024 contrasts with the year-to-date growth, underscoring the importance of macro conditions, border dynamics, and seasonal factors on cross-border travel patterns. GAP’s broader cross-border strategy may benefit from continued collaboration with cross-border partners, promotional initiatives, and route optimization to convert cross-border demand into sustainable, profitable flows across peak travel periods.
Fourth, capacity expansion appears calibrated to market demand. A 3.6% increase in seats for August 2025 demonstrates GAP’s willingness to expand capacity in alignment with rising passenger volumes, yet the slight dip inload factor to 84.0% from 84.3% in the prior year suggests a measured approach to capacity management. The capacity-growth dynamic, in conjunction with selective airport performance, will influence GAP’s margin and profitability as the year progresses. The company’s ability to adjust to fluctuating demand and optimize aircraft utilization will be critical, especially in markets with double-digit domestic gains and markets with more modest or negative growth.
Foresight into the remainder of 2025 will hinge on several external factors, including consumer confidence, macroeconomic conditions in Mexico and international markets, currency dynamics, fuel prices, and competitive pressures within the aviation sector. GAP’s diversified portfolio across Pacific Mexico and the Caribbean provides a strategic cushion, enabling portfolio-level risk management while pursuing selective expansion opportunities in markets with clear demand signals. The company’s governance framework and its forward-looking statements emphasize prudent planning and risk-aware execution, consistent with its history of growth and governance discipline.
Conclusion
Grupo Aeroportuario del Pacífico delivered a solid August 2025 traffic performance, marked by a 3.3% year-over-year increase in total terminal passengers across its 12 Mexican airports and a favorable domestic momentum that outpaced international growth. Domestic traffic rose 5.1% for the month, while international traffic advanced 0.8%, reflecting a gradual but positive normalization of cross-border and international travel. The month featured standout performances in domestic markets such as Puerto Vallarta and Morelia, with several airports posting double-digit gains, complemented by more modest gains or declines in others, including the mixed results seen at Tijuana and Los Cabos.
Capacity decisions played a key role, with a 3.6% increase in seats for August 2025 and a near-stable overall load factor of 84.0%. The balance between capacity expansion and passenger demand suggests GAP’s ongoing commitment to optimizing the network’s efficiency while capitalizing on high-potential markets. The CBX segment highlighted cross-border travel’s sensitivity to macro and policy environments, even as the year-to-date path remains positive.
GAP’s broader strategic context—anchored by a sizable Mexican Pacific airport network and complemented by Jamaica’s Montego Bay and Kingston gateways—continues to define its growth trajectory. The company’s history of strategic acquisitions, including MBJ Airports Limited and the Kingston concession, underscores its emphasis on geographic diversification and long-term value creation for investors and travelers alike. As the company navigates the balance between domestic expansion and international exposure, its focus on capacity optimization, market diversification, and disciplined governance will shape its performance in the quarters ahead.
Overall, GAP’s August 2025 results reinforce its position as a leading operator in the Pacific region, with a resilient domestic backbone, measured international exposure, and strategic diversification that aligns with a growth-oriented outlook for the global travel ecosystem. This momentum, combined with ongoing capacity management and market-driven route optimization, positions GAP to capitalize on improving travel demand across its footprint as the industry continues to recover and evolve.
