Air Canada reported record operating revenues of $5.8 billion in Q4 2025 and $22.4 billion for the full year. Operating income was $918 million, adjusted EBITDA was $3.1 billion. Strong customer sentiment scores led to being named Best Airline in North America. Bookings momentum is strong for 2026. Operating revenues for Q4 were $5.77 billion, operating expenses were $5.45 billion, operating income was $324 million, and adjusted EBITDA was $867 million. For the full year, operating revenues were $22.37 billion, operating expenses were $21.45 billion, operating income was $918 million, and adjusted EBITDA was $3.12 billion. The company plans to increase operated capacity by 2.5% in Q1 2026. The 2026 guidance includes adjusted EBITDA of $3.35 to $3.75 billion, ASM capacity increase of 3.5% to 5.5%, adjusted CASM of 15.05 ¢ to 15.35 ¢, and free cash flow of $400 million to $800 million. Assumptions for guidance include modest Canadian GDP growth, average Canadian dollar trading at C$1.36 per U.S. dollar, and jet fuel price averaging C$0.90 per liter in 2026. Air Canada has made non-binding letters for up to $2 billion in sale and leaseback transactions scheduled to close in 2026 and 2027. Long-term debt and lease liabilities were $11.576 billion with a leverage ratio of 1.7x. Air Canada announced 2028 financial targets and 2030 aspirations, including operating revenues exceeding $30 billion in 2028, adjusted EBITDA margin of 17% in 2028, and free cash flow margin of 5% by 2030. Adjusted CASM for Q4 2025 was 15.34 cents, for the full year 2025 it was 14.72 cents. Adjusted EBITDA for Q4 2025 was $867 million, for the full year 2025 it was $3.124 billion. Adjusted pre-tax income for Q4 2025 was $244 million, for the full year 2025 it was $658 million. Adjusted net income for Q4 2025 was $191 million, for the full year 2025 it was $471 million. Free cash flow for Q4 2025 was negative $478 million, for the full year 2025 it was $747 million. Net debt was $5.411 billion as of December 31, 2025, with a leverage ratio of 1.7x. Air Canada will host a quarterly analysts’ call on February 13, 2026, at 7:30 AM ET with key executives presenting the results and outlook. The company cautions regarding forward-looking information, citing risks and uncertainties that may impact results. The full report includes detailed financial and operating metrics for Q4 2025 and full year 2025.

Read more at GlobeNewswire: Air Canada Reports Fourth Quarter and Full Year 2025