GTAA’s 2023 annual results show passenger activity is up

The Greater Toronto Airports Authority (“GTAA”) today reported its financial and operating results for 2023.

Passenger activity significantly increased by 9.2 million, or 25.8 per cent, from 35.6 million to 44.8 million in 2023, when compared to 2022, due to strong travel demand and the travel industry partners’ ability to deliver more consistent levels of service following recovery challenges in 2022.

During 2023, passenger activity recovered to 88.9 per cent compared to 2019 passenger activity.  During the month of December 2023, passenger activity recovered to 93.7 per cent of December 2019 passenger activity.

“In 2023, travel activity was robust with nearly 45 million passengers at Toronto Pearson International Airport. Successful fourth quarter operations showcased the value of Toronto Pearson’s operating and capital investments in people, processes, technology, and equipment,” said Deborah Flint, president and CEO of GTAA. “Our 10-year strategic plan underpins necessary infrastructure reinvestment and revitalization that will make Toronto Pearson a global leader in airport performance, customer care, and sustainability.”

Key achievements in 2023

Revenues increased during 2023 by $395.2 million to $1,887.1 million, when compared to 2022, primarily due to the significant growth in passenger and flight activity through Toronto Pearson and the rate and fee increases on January 1, 2023.

Earnings before interest and financing costs, and amortization (“EBITDA”) increased significantly during 2023 by $201.5 million to $960.3 million, when compared to 2022, due to the significant increase in revenues associated with higher operating activity, partially offset by the increase in operating costs (before impairment of investment property, write-down of property and equipment, and amortization).

Net income during 2023 increased by $192.7 million to $265.0 million, when compared to 2022 due to significantly higher revenues associated with the increase in operating activity, a decrease in interest expense, partially offset by a large increase in operating costs during 2023.

Airline partnership agreements

In December, 2023, the GTAA entered into Airline Partnership Agreements with several airlines for a new rebate program aimed at driving better performance and passenger experience at Toronto Pearson.

These airlines, representing approximately 90 per cent of seats at Toronto Pearson, are eligible to earn rebates commencing January 2024 on aeronautical fees for measures that contribute to departing on time, delivering bags within 30 minutes, towing aircraft off gates when going out of service, and efficient use of check-in counters to incent airlines financially to meet consistently high customer experience expectations.

The GTAA’s Dec. 31, 2023 financial results are discussed in more detail in the GTAA’s Consolidated Financial Statements and Management’s Discussion and Analysis, each for the year ended Dec. 31, 2023, which are available at and on SEDAR at