Air Canada Reports Third Quarter 2026 Financial Results

Air Canada has reported its third quarter 2026 financial results and also provided updated full-year 2026 financial guidance.

Highlights of the airlines Q3 include:

• Delivered record third-quarter operating revenues of $6.984 billion
• Achieved 14% year-over-year growth in total unit revenues in the third quarter of 2026
• Reported adjusted EBITDA of $936 million and operating income of $261 million
• Allocated Aeroplan transaction proceeds to repay $1.7 billion of debt and complete an $800 million substantial issuer bid
• Reduced shares outstanding by approximately 10% with the completion of the substantial issuer bid, ending the third quarter with 252.7 million shares outstanding

* Ended the third quarter with long-term debt and lease liabilities of $10.853 billion, net debt* of $4.219 billion and total liquidity of $8.018 billion

John Di Bert, Executive Vice President and Chief Financial Officer, said that: “Air Canada delivered record third-quarter operating revenues of $7 billion, reflecting broad-based strength across our network and revenue streams. Strong demand supported a 2.6-percentage-point year-over-year gain in passenger load factor to 89% and an 11% increase in yield.”

He continued: “Combined with 33% growth in cargo revenues, this solid performance contributed to a 21% year-over-year increase in total revenues. Decisive pricing, capacity and cost actions helped mitigate the impact of a $906 million year-over-year increase in fuel expense, with fuel prices 10 cents per litre above our third-quarter expectations. We delivered adjusted EBITDA* of $936 million and operating income of $261 million.”

Di Bert observed that: “While we expect the challenging environment to persist, our strong financial position provides us with the flexibility to respond to near-term developments. We remain focused on executing on what we can control.”

And he added: “Our diversified business model, broad global network and leading premium offering provide a solid foundation for navigating this environment and advancing our New Frontiers strategy. Air Canada’s recent recognition as Best Airline in North America at the 2026 Skytrax World Airline Awards — the 10th time since 2010 — reinforces the strength of our offering and our commitment to customers.”