Summary of Results 4Q25 vs. 4Q24
The sum of aeronautical and non-aeronautical services revenues increased by Ps. 911.4 million, or 12.8%. Total revenues increased by Ps. 267.1 million, or 2.8%.
Cost of services increased by Ps. 426.8 million, or 28.1%.
Income from operations increased by Ps. 322.1 million, or 8.4%.
EBITDA increased by Ps. 357.3 million, or 7.5%, an increase from Ps. 4,757.0 million in 4Q24 to Ps. 5,114.3 million in 4Q25. EBITDA margin (excluding the effects of IFRIC-12) went from 66.9% in 4Q24 to 63.8% in 4Q25.
Comprehensive income decreased by Ps. 781.1 million, or 34.3%, from an income of Ps. 2,274.3 million in 4Q24 to an income of Ps. 1,493.3 million in 4Q25.
Company's Financial Position:
During the 4Q25, total aeronautical revenues increased compared to 4Q24, primarily driven by the implementation in Mexico of the airport tariffs approved for the 2025–2029 period, as well as the opening of new routes. This effect was partially offset by the decrease in passenger traffic in Jamaica, resulting from the impact of Hurricane Melissa on the island in October 2025. Montego Bay Airport was affected, sustaining damage to the terminal building, equipment, and operational areas. As a precautionary measure, the airport suspended operations on October 26, 2025, resuming them on November 1. Kingston Airport experienced minor impacts and only required the preventive closure of its facilities on October 25, resuming regular operations on October 29. The recovery of passenger traffic in Jamaica will largely depend on the pace of restoration of the country's hotel and tourism infrastructure.
As of December 31, 2025, the Company reported a financial position of Ps. 10,453.2 million in cash and cash equivalents.
Passenger Traffic
During 4Q25, the 14 airports operated by GAP recorded a decrease of 139.6 thousand total passengers, representing a 0.9% decrease compared to 4Q24.
During this period, the following new routes were inaugurated:
Domestic:
Airline
Departure
Arrival
Opening date
Frequencies
Volaris
Guadalajara
Zihuatanejo
November 2, 2025
4 weekly
Volaris
Guadalajara
Puebla
November 2, 2025
2 daily
Volaris
Guadalajara
Villahermosa
November 2, 2025
1 daily
Volaris
Guadalajara
Durango
November 3, 2025
3 weekly
Note: Frequencies can vary without prior notice.
International:
Airline
Departure
Arrival
Opening date
Frequencies
Volaris
Guadalajara
Bogota
November 4, 2025
2 weekly
Air Canada
Guadalajara
Toronto
November 4, 2025
3 weekly
Porter
Puerto Vallarta
Toronto
November 14, 2025
3 weekly
Copa
Los Cabos
Panama City
December 4, 2025
3 weekly
WestJet
Montego Bay
Quebec
December 6, 2025
1 weekly
WestJet
Guadalajara
Calgary
December 7, 2025
2 weekly
Air Transat
Guadalajara
Montreal
December 13, 2025
2 weekly
Porter
Puerto Vallarta
Ottawa
December 13, 2025
2 weekly
Flair
Montego Bay
Toronto
December 14, 2025
2 weekly
Aeroméxico
Guadalajara
Seattle
December 18, 2025
1 daily
Porter
Puerto Vallarta
Hamilton
December 18, 2025
2 weekly
Wingo
Montego Bay
Bogota
December 18, 2025
2 weekly
Delta
Los Cabos
Austin
December 20, 2025
1 daily
Frontier
Puerto Vallarta
Atlanta
December 20, 2025
1 weekly
Frontier
Los Cabos
Atlanta
December 20, 2025
1 weekly
Frontier
Los Cabos
Las Vegas
December 20, 2025
1 weekly
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers, 14 airports (in thousands):
Airport
4Q24
4Q25
Change
2024
2025
Change
Guadalajara
3,159.8
3,432.8
8.6
%
11,939.5
12,727.9
6.6
%
Tijuana*
2,143.4
2,121.8
(1.0
%)
8,431.6
8,556.0
1.5
%
Los Cabos
710.7
670.9
(5.6
%)
2,830.4
2,841.6
0.4
%
Puerto Vallarta
720.3
768.7
6.7
%
2,841.9
3,123.4
9.9
%
Montego Bay
0.1
0.0
(100.0
%)
0.1
0.0
(61.3
%)
Guanajuato
571.3
573.3
0.3
%
2,116.6
2,241.5
5.9
%
Hermosillo
561.6
529.9
(5.6
%)
2,074.3
2,121.2
2.3
%
Kingston
0.5
0.2
(52.8
%)
2.9
1.2
(57.7
%)
Morelia
181.3
209.8
15.7
%
645.9
777.3
20.4
%
La Paz
312.0
344.1
10.3
%
1,191.9
1,300.0
9.1
%
Mexicali
261.8
335.3
28.1
%
1,026.9
1,264.5
23.1
%
Aguascalientes
169.1
166.4
(1.6
%)
636.1
649.6
2.1
%
Los Mochis
165.4
182.8
10.5
%
577.4
705.7
22.2
%
Manzanillo
33.9
37.1
9.5
%
128.3
134.7
5.0
%
Total
8,991.2
9,373.2
4.2
%
34,443.8
36,444.7
5.8
%
International Terminal Passengers, 14 airports (in thousands):
Airport
4Q24
4Q25
Change
2024
2025
Change
Guadalajara
1,556.0
1,572.5
1.1
%
5,909.1
5,968.7
1.0
%
Tijuana*
1,112.2
1,052.8
(5.3
%)
4,114.1
4,094.0
(0.5
%)
Los Cabos
1,168.7
1,187.8
1.6
%
4,657.7
4,688.3
0.7
%
Puerto Vallarta
991.1
1,004.5
1.3
%
3,961.6
3,824.3
(3.5
%)
Montego Bay
1,159.9
624.7
(46.1
%)
5,057.0
4,469.0
(11.6
%)
Guanajuato
278.9
277.8
(0.4
%)
1,052.4
1,059.9
0.7
%
Hermosillo
19.9
22.6
13.6
%
82.5
81.9
(0.8
%)
Kingston
449.4
429.6
(4.4
%)
1,774.3
1,840.0
3.7
%
Morelia
174.9
205.0
17.2
%
658.8
730.7
10.9
%
La Paz
5.4
12.1
123.6
%
14.1
37.6
166.5
%
Mexicali
1.7
2.1
22.2
%
7.3
7.6
4.6
%
Aguascalientes
83.6
88.8
6.2
%
325.7
334.5
2.7
%
Los Mochis
1.7
1.8
5.1
%
7.8
7.9
0.0
%
Manzanillo
24.4
24.2
(1.1
%)
90.1
96.5
7.1
%
Total
7,027.8
6,506.2
(7.4
%)
27,712.5
27,241.0
(1.7
%)
*CBX users are classified as international passengers.
Total Terminal Passengers, 14 airports (in thousands):
Airport
4Q24
4Q25
Change
2024
2025
Change
Guadalajara
4,715.9
5,005.2
6.1
%
17,848.7
18,696.6
4.8
%
Tijuana*
3,255.6
3,174.7
(2.5
%)
12,545.8
12,650.0
0.8
%
Los Cabos
1,879.4
1,858.7
(1.1
%)
7,488.1
7,529.9
0.6
%
Puerto Vallarta
1,711.4
1,773.2
3.6
%
6,803.5
6,947.7
2.1
%
Montego Bay
1,160.0
624.7
(46.1
%)
5,057.1
4,469.1
(11.6
%)
Guanajuato
850.2
851.1
0.1
%
3,169.0
3,301.5
4.2
%
Hermosillo
581.4
552.5
(5.0
%)
2,156.7
2,203.1
2.1
%
Kingston
449.9
429.8
(4.5
%)
1,777.2
1,841.2
3.6
%
Morelia
356.2
414.8
16.4
%
1,304.6
1,508.1
15.6
%
La Paz
317.4
356.2
12.2
%
1,206.0
1,337.6
10.9
%
Mexicali
263.5
337.3
28.0
%
1,034.1
1,272.1
23.0
%
Aguascalientes
252.7
255.2
1.0
%
961.8
984.1
2.3
%
Los Mochis
167.1
184.6
10.5
%
585.2
713.6
21.9
%
Manzanillo
58.3
61.3
5.0
%
218.4
231.2
5.9
%
Total
16,019.0
15,879.4
(0.9
%)
62,156.3
63,685.7
2.5
%
*CBX users are classified as international passengers.
CBX Users (in thousands):
Airport
4Q24
4Q25
Change
2024
2025
Change
Tijuana
1,092.3
1,034.1
(5.3
%)
4,048.6
4,018.1
(0.8
%)
Consolidated Results for the Fourth Quarter of 2025 (in thousands of pesos):
4Q24
4Q25
Change
Revenues
Aeronautical services
4,959,405
5,585,454
12.6
%
Non-aeronautical services
2,150,748
2,436,075
13.3
%
Improvements to concession assets (IFRIC-12)
2,517,564
1,873,248
(25.6
%)
Total revenues
9,627,717
9,894,778
2.8
%
Operating costs
Costs of services:
1,518,017
1,944,858
28.1
%
Employee costs
602,964
692,238
14.8
%
Maintenance
292,933
435,029
48.5
%
Safety, security & insurance
228,903
235,619
2.9
%
Utilities
145,671
157,109
7.9
%
Business operated directly by us
80,522
94,431
17.3
%
Other operating expenses
167,024
330,432
97.8
%
Technical assistance fees
218,061
239,849
10.0
%
Concession taxes
699,702
765,371
9.4
%
Depreciation and amortization
923,444
958,732
3.8
%
Cost of improvements to concession assets (IFRIC-12)
2,517,564
1,873,248
(25.6
%)
Other (income)
(82,602
)
(42,862
)
(48.1
%)
Total operating costs
5,794,186
5,739,196
(0.9
%)
Income from operations
3,833,531
4,155,582
8.4
%
Financial Result
(618,028
)
(1,141,415
)
84.7
%
Income before income taxes
3,215,503
3,014,167
(6.3
%)
Income taxes
(1,046,324
)
(1,222,790
)
16.9
%
Net income
2,169,179
1,791,377
(17.4
%)
Currency translation effect
112,921
(283,884
)
(351.4
%)
Cash flow hedges, net of income tax
(17,775
)
-
(100.0
%)
Remeasurements of employee benefit, net income tax
10,024
(14,237
)
(242.0
%)
Comprehensive income
2,274,349
1,493,256
(34.3
%)
Non-controlling interest
(117,440
)
(63,992
)
(45.5
%)
Comprehensive income attributable to controlling interest
2,156,908
1,429,264
(33.7
%)
4Q24
4Q25
Change
EBITDA
4,756,975
5,114,314
7.5
%
Comprehensive income
2,274,349
1,493,256
(34.3
%)
Comprehensive income per share (pesos)
4.5012
2.9553
(34.3
%)
Comprehensive income per ADS (US dollars)
2.4999
1.6413
(34.3
%)
Operating income margin
39.8
%
42.0
%
5.5
%
Operating income margin (excluding IFRIC-12)
53.9
%
51.8
%
(3.9
%)
EBITDA margin
49.4
%
51.7
%
4.6
%
EBITDA margin (excluding IFRIC-12)
66.9
%
63.8
%
(4.7
%)
Costs of services and improvements / total revenues
42.2
%
37.6
%
(10.8
%)
Cost of services / total revenues (excluding IFRIC-12)
21.7
%
23.0
%
6.1
%
- Net income and comprehensive income per share for 4Q25 and 4Q24 were calculated based on 505,277,464 shares outstanding as of December 31, 2025, and December 31, 2024, respectively. Figures in U.S. dollar were converted from pesos using an exchange rate of Ps. 18.0057 per U.S. dollar, as published by the U.S. Federal Reserve Board (noon buying rate) on December 31, 2025.
- For consolidating the Jamaican airports, an average exchange rate of Ps. 18.3151 per U.S. dollar was used, corresponding to the three-month period ended December 31, 2025.
Revenues (4Q25 vs. 4Q24)
• Aeronautical services revenues increased by Ps. 626.0 million, or 12.6%.• Non-aeronautical services revenues increased by Ps. 285.3 million, or 13.3%.• Revenues from improvements to concession assets decreased by Ps. 644.3 million, or 25.6%.• Total revenues increased by Ps. 267.1 million, or 2.8%.
The change in aeronautical services revenues was primarily due to the following factors:
Revenues at the Mexican airports increased by Ps. 892.5 million, or 21.2%, compared to 4Q24. This increase was mainly driven by higher passenger revenues, which rose by Ps. 621.7 million, or 17.1%, reflecting the implementation of the new airport maximum tariffs approved for the 2025–2029 regulatory period, effective as of March 2025, as well as a 2.9% increase in passenger traffic during the quarter.
Revenues at the Jamaican airports decreased by Ps. 266.4 million, or 35.7%, compared to 4Q24, mainly due to a 34.5% decrease in passenger traffic during the quarter, resulting from the impact of the Hurricane Melissa, as previously described. Additionally, the appreciation of the Mexican peso against the U.S. dollar negatively affected revenue translation, as the average exchange rate moved from Ps. 20.0691 in 4Q24 to Ps. 18.3151 in 4Q25, representing a peso appreciation of 8.7%.
The change in non-aeronautical services revenues was primarily driven by the following factors:
Revenues at Mexican airports increased by Ps. 366.5 million, or 19.5%, compared to 4Q24. Revenues from businesses operated directly by us increased by Ps. 262.9 million, or 28.3%, mainly driven by the consolidation of revenues from the cargo and bonded warehouse business, which contributed Ps. 129.2 million, or 37.4%, to this growth. Revenues from businesses operated by third parties increased Ps. 102.8 million, or 11.5%, 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, ground transportation, and leasing of space, which together increased by Ps. 92.3 million, or 13.8%. This increase was partially offset by a decrease in timeshares, which declined Ps. 3.9 million, or 5.7%.
Revenues at the Jamaican airports decreased by Ps. 81.2 million, or 29.5%, compared to 4Q24, primarily due to the decline in passenger traffic resulting from the impact of Hurricane Melissa and the peso appreciation in the 4Q25.
4Q24
4Q25
Change
Businesses operated by third parties:
Food and beverage
281,075
311,589
10.9
%
Car rental
197,765
223,813
13.2
%
Retail
171,081
171,425
0.2
%
Duty-free
196,043
156,057
(20.4
%)
Leasing of space
100,036
97,617
(2.4
%)
Timeshares
67,502
63,633
(5.7
%)
Other commercial revenues
45,467
56,688
24.7
%
Ground transportation
48,827
53,919
10.4
%
Communications and financial services
29,143
27,922
(4.2
%)
Total
1,136,938
1,162,662
2.3
%
Businesses operated directly by us:
Cargo operation and bonded warehouse
383,679
509,613
32.8
%
Car parking
178,729
206,898
15.8
%
Convenience stores
149,057
171,256
14.9
%
VIP Lounges
151,715
168,162
10.8
%
Advertising
50,674
75,453
48.9
%
Hotel operation
36,531
53,812
47.3
%
Access control services
-
25,640
100.0
%
Total
950,384
1,210,835
27.4
%
Recovery of costs
63,426
62,578
(1.3
%)
Total Non-aeronautical Revenues
2,150,748
2,436,075
13.3
%
Figures expressed in thousands of Mexican pesos.
‐ Revenues from improvements to concession assets 1
Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 644.3 million, or 25.6%, compared to 4Q24. The change was composed of:
Improvements to concession assets at the Company's Mexican airports, decreased by Ps. 651.9 million, or 29.9%, in line with the investments committed under the Master Development Program for the 2025–2029 period.
Improvements to concession assets at the Company's Jamaican airports, which increased by Ps.7.6 million, or 2.3%.
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 decreased by Ps. 55.0 million, or 0.9%, compared to 4Q24, mainly due to a Ps. 644.3 million, or 25.6%, decrease in the cost of improvements to concession assets (IFRIC-12). This effect was partially offset by higher technical assistance and concession fees, which together increased by Ps. 87.5 million, or 9.6%; a Ps. 426.8 million, or 28.1%, increase in the cost of services; and a Ps. 35.3 million, or 3.8%, increase in depreciation and amortization. Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 589.3 million, or 18.0%, compared to 4Q24.
This increase in total operating costs was primarily due to the following factors:
Mexican airports:
Operating costs increased by Ps. 162.7 million, or 3.5%, compared to 4Q24, mainly due to higher technical assistance and concession fees, which together increased by Ps. 293.1 million, or 41.6%; a Ps. 439.6 million, or 32.6%, increase in the cost of services; a Ps. 41.5 million, or 5.3%, increase in depreciation and amortization. This effect was partially offset by a Ps. 651.9 million, or 29.9%, decrease in the cost of improvements to the concession assets (IFRIC-12). Excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased by Ps. 814.6 million, or 32.7%.
The change in the cost of services at our Mexican airports during 4Q25 was mainly due to:
Maintenance increased by Ps. 131.8 million, or 54.6%, compared to 4Q24, mainly due to the opening of new operational areas, airfield maintenance, and the operation of jet bridges by Ps. 42.0 million in the quarter.
Other operating expenses increased by Ps. 108.1 million, or 56.0%, compared to 4Q24, mainly due to higher consulting services for business acquisition projects totaling Ps. 121.4 million, partially offset by a decrease of Ps. 14.2 million in the allowance for doubtful accounts.
Employee costs increased by Ps. 92.0 million, or 17.2%, compared to 4Q24 mainly due to an increase in personnel, salary adjustments, and amendments to the Federal Labor Law.
Utilities increased by Ps. 19.7 million, or 20.4%, compared to 4Q24, mainly due to an increase in the cost of energy in Mexico.
Jamaican Airports:
Operating expenses decreased by Ps. 217.7 million, or 19.4%, compared to 4Q24, mainly due to a reduction in concession fees of Ps. 205.5 million, or 54.4%; cost of services of Ps. 12.8 million, or 4.9%; and depreciation and amortization of Ps. 6.2 million, or 4.2%. This effect was partially offset by an increase in the cost of improvements to concession assets (IFRIC 12) of Ps. 7.6 million, or 2.3%.
Operating income margin increased from 39.8% in 4Q24 to 42.0% in 4Q25. Excluding the effects of IFRIC-12, the operating income margin declined from 53.9% in 4Q24 to 51.8% in 4Q25. Income from operations increased by Ps. 322.1 million, or 8.4%, compared to 4Q24.
EBITDA margin went from 49.4% in 4Q24 to 51.7% in 4Q25. Excluding the effects of IFRIC-12, EBITDA margin went from 66.9% in 4Q24 to 63.8% in 4Q25. The nominal value of EBITDA increased by Ps. 357.3 million, or 7.5%, compared to 4Q24.
Financial results increased in expenses by Ps. 523.4 million, or 84.7%, going from a net expense of Ps. 618.0 million in 4Q24 to a net expense of Ps. 1,141.4 million in 4Q25. This change was mainly the result of:
Foreign exchange rate fluctuations, which changed from an income of Ps. 83.8 million in 4Q24 to an income of Ps. 70.1 million in 4Q25, resulting in a foreign exchange decrease of Ps. 13.7 million due to the appreciation of the peso. In addition, the foreign currency translation effect contributed to a Ps. 351.6 million increase in expense compared to 4Q24.
Interest expense increased by Ps. 368.9 million, or 33.6%, compared to 4Q24, mainly due to an increase in the level of debt.
Interest income decreased by Ps. 140.7 million, or 35.6%, compared to 4Q24, mainly due to a decrease in the cash and cash equivalents average balance and decrease in the reference rates.
In 4Q25, net and comprehensive income decreased by Ps. 735.9 million, or 32.4%, compared to 4Q24, mainly due to a Ps. 351.6 million increase in foreign currency translation losses versus the same period of last year.
During 4Q25, net income decreased by Ps. 377.8 million, or 17.4%, compared to 4Q24. Income tax for the period increased by Ps. 176.5 million, composed of a Ps. 108.3 million increase in current income tax and a Ps. 68.2 million decrease in deferred tax benefit. This was mainly due to a decrease in the application of tax loss carryforwards for Ps. 80.1 million, compared to 4Q24, and a lower inflation effect, which decreased from 1.5% in 4Q24 to 1.3% in 4Q25.
Consolidated Results for the Twelve Months of 2025 (in thousands of pesos):
2024
2025
Change
Revenues
Aeronautical services
19,110,068
22,821,818
19.4
%
Non-aeronautical services
7,671,766
9,704,090
26.5
%
Improvements to concession assets (IFRIC-12)
6,832,541
8,882,633
30.0
%
Total revenues
33,614,375
41,408,540
23.2
%
Operating costs
Costs of services:
5,214,923
6,490,747
24.5
%
Employee costs
2,125,958
2,577,441
21.2
%
Maintenance
848,575
1,256,387
48.1
%
Safety, security & insurance
831,411
927,048
11.5
%
Utilities
542,482
605,959
11.7
%
Business operated directly by us
299,539
353,097
17.9
%
Other operating expenses
566,958
770,816
36.0
%
Technical assistance fees
845,233
971,750
15.0
%
Concession taxes
2,715,069
3,817,751
40.6
%
Depreciation and amortization
3,061,039
3,751,949
22.6
%
Cost of improvements to concession assets (IFRIC-12)
6,832,541
8,882,633
30.0
%
Other (income)
(105,076
)
(86,404
)
(17.8
%)
Total operating costs
18,563,729
23,828,426
28.4
%
Income from operations
15,050,645
17,580,114
16.8
%
Financial Result
