GAP Reports 4.1% Passenger Traffic Decline in May 2026 Amid Mixed Airport Performance

Event summary

  • GAP's 12 airports saw a 4.1% drop in passenger traffic in May 2026 compared to May 2025.
  • Guadalajara airport bucked the trend with a 7.1% increase, while Puerto Vallarta (-14.4%), Tijuana (-9.8%), and Los Cabos (-6.0%) saw declines.
  • International passenger traffic fell 8.2% in May 2026, with Montego Bay down 19.1% and Puerto Vallarta down 26.5%.
  • Seats available decreased by 7.5%, but load factors improved from 81.1% to 84.1%.
  • Year-to-date (Jan-May) passenger traffic is down 5.7% compared to the same period in 2025.

The big picture

GAP's passenger traffic decline reflects broader challenges in the tourism sector, particularly in international travel. The mixed performance across its airports highlights regional disparities, with domestic travel holding up better than international. The company's focus on operational efficiency, as evidenced by improved load factors despite fewer seats, will be crucial in navigating these headwinds. GAP's strategic investments in Jamaican airports add complexity to its operational landscape, requiring careful management of both Mexican and international assets.

What we're watching

Tourism Recovery
Whether GAP's tourist-heavy airports like Puerto Vallarta and Los Cabos can rebound from significant declines in international traffic.
Operational Efficiency
How GAP will manage seat capacity reductions while maintaining improved load factors.
Regional Disparities
The pace at which domestic vs. international passenger trends diverge across GAP's airport network.