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Air Canada (AC) investor relations material
Air Canada Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 delivered solid results despite a significant labor disruption, with 12.2 million passengers carried, a 4% year-over-year decline, and rapid operational recovery supported by strong customer initiatives.
The labor disruption had a $375 million net negative impact on Q3 operating income and adjusted EBITDA, but bookings rebounded quickly and continued into Q4.
Operational performance and customer satisfaction improved year-over-year, with premium and corporate revenues outperforming.
Financial highlights
Q3 2025 operating revenues were $5.8 billion, down 5% year-over-year, with operating income of $284 million and adjusted EBITDA of $961 million (16.6% margin).
Passenger revenue was $5.2 billion, cargo $239 million, and other revenue $291 million; premium cabin revenues outperformed economy by 6 percentage points.
Adjusted diluted EPS was $0.75, and diluted EPS was $0.88, both down year-over-year.
Free cash flow for Q3 was $211 million, with year-to-date free cash flow at $1.2 billion, aided by payment timing.
Ended Q3 with $8.3 billion in liquidity and a leverage ratio of 1.6x; net debt stood at $4.83 billion.
Outlook and guidance
2025 capacity expected to increase by 0.75% versus 2024, with adjusted CASM guidance at 14.60–14.70¢ and adjusted EBITDA of $2.95–$3.05 billion.
Free cash flow for 2025 is expected between break-even and $200 million, with Q4 seeing cash outflows as delayed payments are processed.
Q4 CapEx anticipated at approximately $900 million; full-year CapEx just under $3 billion.
Cost reduction program of $150 million on track for 2025, with recurring savings expected in 2026.
Long-term targets for 2028 include operating revenues of ~$30 billion, adjusted EBITDA margin ≥17%, and free cash flow margin ~5%.
Quantify Q3 labor-related charges
Impact of updated FX and fuel price on 2025 guidance
NCIB's role in addressing pandemic dilution
2026 ASM growth outlook given fleet delays?
737 MAX Rouge reconfiguration plan details.
Drivers of Q4 record load factor and revenue?
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Next Air Canada earnings date
Q4 202513 Feb, 2026
Next Air Canada earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Air Canada provides air transportation in Canada and around the world. The Company also provides related services in support of its core business. In addition, it sells cargo capacity on its aircraft to third party airlines. Air Canada serves over 33 million customers annually and provides scheduled passenger service directly to 64 Canadian cities, 56 destinations in the United States and 81 cities in Europe, the Middle East, Africa, Asia, Australia and the Caribbean. Air Canada was founded in 1937 and is headquartered in Saint-Laurent, Canada.
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