Since 2019, the title of China's busiest airport has rotated among Beijing, Shanghai and Guangzhou.
This year, Guangzhou Baiyun International Airport reclaimed the top spot. However, its third-quarter 2026 financial results reveal a striking contrast: on the one hand, it overtook Shanghai Pudong International Airport to regain its position as China's busiest airport by passenger throughput for the first time in two years; on the other, its net profit attributable to shareholders plunged nearly 40% year over year in the first nine months.
Passenger traffic is up, but profits are down.
So, what exactly is happening at Baiyun Airport?
Here are the figures for the third quarter:
- Revenue: RMB 2.138 billion (about USD 320.2 million), up 8.45% year over year
- Net profit attributable to shareholders: RMB 264 million (about USD 39.5 million), down 23.59% year over year
For the first nine months of 2026:
- Revenue: RMB 6.197 billion (about USD 928.1 million), up 8.78% year over year
- Net profit attributable to shareholders: RMB 691 million (about USD 103.5 million), down 36.96% year over year
Revenue is growing, but profits are falling — and by a significant margin.
The reason is clearly outlined in the financial report: the commissioning of Phase III of the airport’s expansion project has driven up costs ahead of revenue growth.
There is a common pattern in the airport industry: when major infrastructure projects begin operations, costs rise immediately, while revenue takes time to catch up. This creates an inevitable period of adjustment.
Baiyun Airport is now a textbook example of rising traffic but declining profits. It leads the nation in passenger throughput, but has yet to be fully absorb the costs associated with bringing new capacity online.
