Air Canada reports Q4, full year 2025 results

Air Canada has reported its financial results for the fourth quarter and full year 2025 and provided its outlook for the full year 2026.

Michael Rousseau, President and Chief Executive of Air Canada, said: “Air Canada finished 2025 with a solid fourth quarter, delivering record revenues of $5.8 billion and achieving strong year‑over‑year earnings growth. For the full year, we generated $918 million in operating income and $3.1 billion in adjusted EBITDA. These results reflect our disciplined actions throughout the year, the strength of our commercial strategy, the loyalty of our customers, and—above all—the dedication and professionalism of our employees. I want to sincerely thank them for their hard work through a demanding year and through the severe cold and record snowfall of recent storms.”

Rousseau continued: “We delivered these results while effectively managing shifting demand trends, a labour disruption in the summer, and continued macroeconomic and geopolitical uncertainty. We maintained our focus on operational reliability, advanced our cost‑reduction initiatives, and generated solid free cash flow, reinforcing the resilience of our business model and supporting disciplined capital allocation, including meaningful share repurchases.”

Air Canada’s President and Chief Executive observed that: “As we look ahead to 2026, we are encouraged by the strong momentum in bookings and the opportunities created by our next phase of fleet investments. At the same time, we remain sharply focused on cost management, productivity, cash generation, and preserving balance‑sheet flexibility. Air Canada enters 2026 from a position of strength, and we remain committed to creating sustained value for our customers, employees, and shareholders.”

Highlights of Air Canada’s results include:

• Delivered record operating revenues of $5.8 billion in the fourth quarter of 2025, reaching $22.4 billion for the full year
• Operating income of $918 million and adjusted EBITDA* of $3.1 billion in 2025
• Generated $3.7 billion in net cash flows from operations and $747 million in free cash flow* in 2025, deployed over $850 million in share buybacks
• Improved operational performance and customer sentiment scores year over year, recognized as the Best Airline in North America at the 2025 Skytrax World Airline Awards
• Experiencing strong momentum in bookings versus last year