Grupo Aeroportuario del Pacífico (NYSE:PAC) reported a complex fourth quarter for 2025, where a windfall from new Mexican airport tariffs was largely eroded by surging operational costs and storm-related closures in Jamaica.
The Guadalajara-based airport operator posted total revenues of Ps. 9,894.8 million, a 2.8% increase year-over-year.
The top line was bolstered by the implementation of the 2025–2029 Master Development Program (MDP) tariffs in Mexico, which drove a 12.6% rise in aeronautical revenue and a 13.3% jump in non-aeronautical services.
However, the bottom line told a different story.
Comprehensive income for the quarter fell 34.3% to Ps. 1,493.3 million.
This sharp decline was attributed to a 28.1% spike in the cost of services, driven by increased maintenance, higher employee expenses, and the impact of the Mexican government’s concession fee hike from 5% to 9%, which went into effect earlier in the year.
Operations were further strained by Hurricane Melissa, which struck Jamaica in October 2025.
The storm forced the temporary suspension of operations at Sangster International Airport in Montego Bay, leading to terminal damage and a significant drop in Caribbean passenger traffic.