Logotype for Air Canada

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.
Logotype for Air Canada
Q2 2025 earnings summary29 Jul, 2025

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.

Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next Air Canada earnings date

Logotype for Air Canada
Q3 202531 Oct, 2025
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Air Canada earnings date

Logotype for Air Canada
Q3 202531 Oct, 2025

The essential earnings season companion

The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

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.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage