Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Balance Sheet

The series contains two scale breaks, with total assets reading in the low billions in 2024Q2 and 2025Q3 before jumping to the $80B to $140B range in adjacent periods. This pattern suggests the dataset may mix consolidated and unconsolidated or differently denominated figures, so trend conclusions should be treated cautiously. Investors should monitor reconciliation to audited filings before attributing the expansion to operating growth.

The apparent decline in D/E alongside rising absolute debt reflects equity expansion from retained earnings and equity growth rather than deleveraging, which is a meaningful distinction. Debt was reported as zero in 2026Q1, a gap that warrants investigation rather than interpretation as repayment. Refinancing exposure and the timing of maturities cannot be assessed from the supplied data.

Goodwill accounting for a large share of total assets raises impairment sensitivity, particularly given the scale discontinuities in the series. Net PPE of roughly $4.5B to $4.9B in mid-2024 through 2025 versus $55.1B in 2026Q3 suggests a reclassification or consolidation effect that should be verified against source filings. The asset mix is consistent with an airport concession model, but the composition cannot be confirmed from the data alone.

Cash reached $23.9B in 2026Q3, which is substantial relative to the reported current liabilities implied by the ratio, yet a sub-1.0 current ratio indicates short-term obligations exceed current assets. The ratio's fluctuation alongside cash swings suggests timing of debt classification may be influencing results. Liquidity appears adequate on a cash basis but warrants monitoring of the current-liability profile.