Air Canada Q4 Earnings Call Highlights

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MarketBeat

Fri, February 13, 2026 astatine 8:08 AM CST 9 min read

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Air Canada delivered a beardown 2025 with grounds Q4 profitability: fourth-quarter gross of CAD 5.8 billion and grounds Q4 Adjusted EBITDA of CAD 867 million, and full-year gross of CAD 22.4 billion with Adjusted EBITDA of much than CAD 3.1 billion, beating guidance contempt labour and inflationary headwinds.
Management called 2026 a “transitional year” with outgo pressures and dense fleet activity, guiding 2026 Adjusted EBITDA to CAD 3.35–3.75 billion, escaped currency travel to CAD 400–800 million, CASM to CAD 0.1505–0.1535, and capableness maturation of 3.5%–5.5%, portion readying up to 35 aircraft deliveries and ordering 8 A350‑1000s.
Balance-sheet and superior returns stay strong: the hose finished 2025 with CAD 7.5 billion successful liquidity, net leverage of 1.7x, CAD 747 million successful escaped currency flow, returned much than CAD 850 million to shareholders successful 2025, and targets further buybacks to chopped shares beneath 300 million by 2028.
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Air Canada (TSE:AC) executives said the bearer delivered a “strong 2025 with an exceptional Q4,” pointing to grounds fourth-quarter profitability, resilient planetary demand, and continued advancement connected superior returns and equilibrium expanse targets, portion flagging 2026 arsenic a “transitional year” marked by outgo pressures and dense craft deliveries aboriginal successful the year.

President and CEO Michael Rousseau said fourth-quarter gross reached CAD 5.8 billion, up astir 7% year-over-year, supported by “industry-leading rider portion gross performance” and “strong premium demand.” Air Canada posted record Q4 Adjusted EBITDA of CAD 867 million, up 25% from the anterior year.

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Chief Commercial Officer and President of Cargo Mark Galardo said the hose achieved record Q4 rider revenues of CAD 5.0 billion and an all-time precocious Q4 load origin of 85%. Unit revenues roseate 2% successful the quarter, which Galardo described arsenic a starring effect among large North American airlines. He said planetary markets led performance, contributing adjacent to 90% of the quarter’s gross uplift.

For the afloat year, absorption reported total gross of CAD 22.4 billion, up 1% versus 2024, and Adjusted EBITDA of much than CAD 3.1 billion, which CFO John Di Bert said exceeded the company’s guidance scope and “market expectations.” Di Bert noted the effect came contempt the nonstop fiscal interaction of a summertime labour disruption, geopolitical challenges, and late-stage inflationary pressures connected immoderate costs.

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