Aviation Intelligence Database · Airline profile
Airline profile
Company-reported performance, unit economics, balance-sheet and fleet metrics from FY2022 to the latest published period. Metrics are in the same order as the Airline Comparison tool.
At a glance
Latest reported period
Trends
Performance over time
Headline metrics and the gap between unit revenue and unit cost, FY2022 to the latest period.
Metrics
Full-year history
Analysis
What the numbers say
More detail
Additional disclosures
Guidance vs actual
Did the airline deliver?
What management guided at the start of each financial year compared with what was reported. Within the guided range = met; for cost metrics, below the range = beat.
Fleet & orders
Fleet composition
Key events
What moved the numbers
Peers
Compare with peers
FAQ
Frequently asked questions
Methodology
How to read this page
Every figure keeps the company’s own reporting period, currency, entity scope and terminology. Partial periods are not annualised, currencies are not converted and missing KPIs are not estimated. The first 14 rows are the metrics used in the Airline Comparison tool.
- Fiscal years are labelled by the calendar year in which they end (a year to 31 Mar 2025 appears as FY2025). The exact period end is shown in the first row, with a link to the source document.
- Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
- YoY change compares with the same period one year earlier: % change for amounts, percentage points (pp) for ratios. Green means favourable (for costs, a fall is favourable). n.m. = not meaningful.
- Operating margin is operating result ÷ revenue unless the company defines its own margin (marked D).
- Sources: annual reports, interim results and traffic statements. See Data & Research.
Text version of the Air Canada data on this page
Air Canada data snapshot
- Scope: Air Canada
- Region: North America
- Business model: Network carrier
- Financial year end: 31 Dec
- Reporting currency: CAD
- Source: Q2 2026 results
- Latest period: Q2 2026
- Last updated: 2026-09-23
Latest read
Air Canada has grown revenue on a relatively stable capacity base, while unit revenue strengthened materially in Q2 2026. The longer history shows margin normalization after the 2023 rebound and rising adjusted ex-fuel unit costs.
Reported metrics by period
Annual results
- FY2025 (year ended 31 Dec): Passengers: 45.297m; Revenue: C$22.37bn; Operating profit / result: C$0.92bn operating income; Operating margin: ~4%; Load factor: 84.6%; RASK / yield: 21.3¢ TRASM; CASK ex-fuel: 14.7¢ adjusted CASM; Fleet size: 357 aircraft (Operating fleet); EBITDA / EBITDAR: C$3.12bn (Adjusted EBITDA).
- FY2024 (year ended 31 Dec): Passengers: 45.886m; Revenue: C$22.26bn; Operating profit / result: C$1.26bn operating income; Operating margin: ~6%; Load factor: 85.0%; RASK / yield: 21.3¢ TRASM; CASK ex-fuel: 13.8¢ adjusted CASM; EBITDA / EBITDAR: C$3.59bn (Adjusted EBITDA).
- FY2023 (year ended 31 Dec): Passengers: 44.790m; Revenue: C$21.83bn; Operating profit / result: C$2.28bn operating income; Operating margin: 10.4%; Load factor: 86.7%; RASK / yield: 22.1¢ TRASM; CASK ex-fuel: 13.49¢ adjusted CASM; EBITDA / EBITDAR: C$3.98bn (Adjusted EBITDA).
Quarterly and interim results
- Q2 2026 (quarter ended 30 Jun): Passengers: 12.03m (Revenue passengers); Revenue: C$6.27bn; Load factor: 87.5%; RASK / yield: 23.3¢ TRASM; CASK ex-fuel: 15.47¢ adjusted CASM; EBITDA / EBITDAR: C$719m (Adjusted EBITDA).
Guidance versus actual
| Period | Metric | Guided | Actual | Outcome / note |
|---|---|---|---|---|
| FY2026 | Available seat miles | +3.5–5.5% | — | Pending |
Fleet
Total fleet: 357 aircraft (as of Q2 2026). FY2026 capacity guidance is ASM growth of 3.5–5.5%.
| Fleet fact | Value | Context |
|---|---|---|
| Q2 operating cash flow | C$651m | Quarter |
| Q2 free cash flow | C$174m | Quarter |
| Net leverage | 1.7× | Latest reported |
| Long-term debt and leases | C$12.79bn | Latest reported |
| FY2025 liquidity | C$7.5bn | Year end |
| FY2025 net debt | C$5.41bn | Year end |
Reported financial history
C$ billion unless stated otherwise.
| Year | Operating revenue | Operating income | Operating margin | Adjusted EBITDA | Operating cash flow | Free cash flow |
|---|---|---|---|---|---|---|
| 2023 | 21.83 | 2.28 | 10.4% | 3.98 | 4.32 | 2.76 |
| 2024 | 22.26 | 1.26 | ~6% | 3.59 | 3.93 | 1.29 |
| 2025 | 22.37 | 0.92 | ~4% | 3.12 | 3.66 | 0.75 |
Adjusted EBITDA, operating cash flow and free cash flow follow Air Canada’s reported definitions.
Traffic and unit economics
Air Canada’s reported Canadian-cent unit measures and adjusted CASM definition are retained.
| Year | Passengers | RPM | ASM | Load factor | Yield | PRASM | TRASM | CASM | Adj. CASM | Fuel ¢/litre |
|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 44.790m | 85.802bn | 99.012bn | 86.7% | 22.6¢ | 19.6¢ | 22.1¢ | 19.8¢ | 13.49¢ | 111.6 |
| 2024 | 45.886m | 88.643bn | 104.381bn | 85.0% | 22.3¢ | 18.9¢ | 21.3¢ | 20.1¢ | 13.8¢ | 100.6 |
| 2025 | 45.297m | 89.021bn | 105.174bn | 84.6% | 22.0¢ | 18.6¢ | 21.3¢ | 20.4¢ | 14.7¢ | 91.4 |
Q2 2026 operating snapshot
Q2 2026 traffic and unit figures are company reported.
| Metric | Q2 2026 | YoY change |
|---|---|---|
| Revenue passengers | 12.03m | +4.2% |
| RPM | 23.60bn | +3.4% |
| ASM | 26.94bn | +0.3% |
| Load factor | 87.5% | +2.6pt |
| Yield | 23.7¢ | +7.2% |
| PRASM | 20.7¢ | +10.5% |
| TRASM | 23.3¢ | +10.9% |
| Adjusted CASM | 15.47¢ | +7.4% |
Earnings context
Passenger volumes have remained near the mid-40-million range since 2023 while network distance and capacity have grown. Yield, premium mix and unit costs are more informative than passenger count alone for assessing the current earnings trajectory.
Outlook
What to watch Air Canada’s reported Canadian-cent unit measures are retained without conversion.
What to watch:
- TRASM: whether premium and corporate demand keeps unit revenue elevated.
- Adjusted CASM: cost inflation after the rise from 2023 to 2025.
- Fuel costs and renewed 2026 pressure.
- Leverage and progress toward an investment-grade balance sheet.
- Capital requirements as widebody and narrowbody renewal continues.