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Air Canada (AC) investor relations material
Air Canada Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved $5.6B in Q2 revenue, $418M operating income, and $909M adjusted EBITDA with a 16.1% margin, despite economic and geopolitical uncertainty.
Premium revenues increased 5% year-over-year; 11.6M passengers carried, up 2.5%.
Strong performance in Transatlantic, Sixth Freedom, and premium products; Aeroplan, Cargo, and Vacations contributed significantly.
Completed $500M share buyback, reducing pandemic-induced dilution; reaffirmed full-year guidance.
Recognized as Best Airline in North America and among the global top 20 by Skytrax.
Financial highlights
Net income was $186M, diluted EPS $0.51; adjusted net income $207M, adjusted EPS $0.60.
Q2 operating income: $418M; adjusted EBITDA: $909M; adjusted EBITDA margin: 16.1%.
Free cash flow for Q2: $183M, down $268M year-over-year due to higher CapEx; YTD free cash flow: $1B.
Total liquidity at $8.4B, down from $10.2B a year earlier, mainly due to debt reduction and share repurchases.
Operating margin was 7.4%, down 1.0 percentage point year-over-year.
Outlook and guidance
Reaffirmed 2025 adjusted EBITDA guidance of $3.2B–$3.6B and adjusted CASM of 14.25–14.5¢.
Full-year capacity expected to grow 13%; Q3 capacity to increase 3.25–3.75%.
Free cash flow guidance maintained at breakeven ±$200M.
2028 targets: ~$30B revenue, adjusted EBITDA margin ≥17%, free cash flow margin ~5%, ROIC ≥12%, share count below 300M.
Guidance assumes marginal Canadian GDP growth, CAD/USD 1.39, jet fuel C$0.92/litre.
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