Income Statement Air Canada

Stocks

AC

CA0089118776

Airlines

Market Closed - Toronto S.E. Other stock markets 04:23:05 2026-07-17 pm EDT			5-day change	1st Jan Change
22.58 ^CAD	-2.84%		-7.65%	+17.06%

Jul. 17	Airlines resume some Middle East flights but disruption continues	RE
Jul. 16	Airlines gradually restore Middle East services after Iran conflict	RE

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Published financial data: AIR CANADA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	5.99B	15.5B	20.33B	20.75B	20.64B
Other Revenues, Total	407M	1.05B	1.51B	1.5B	1.74B
Total Revenues	6.4B	16.56B	21.83B	22.26B	22.37B
Cost of Goods Sold, Total	6.77B	12.56B	14.51B	15.63B	15.74B
Gross Profit	-374M	4B	7.32B	6.63B	6.63B
Selling General & Admin Expenses, Total	281M	853M	1.16B	1.17B	1.15B
Depreciation & Amortization - (IS)	1.62B	1.64B	1.7B	1.8B	2.01B
Other Operating Expenses	817M	1.66B	2.15B	2.36B	2.52B
Other Operating Expenses, Total	2.71B	4.15B	5.02B	5.32B	5.69B
Operating Income	-3.09B	-159M	2.3B	1.3B	942M
Interest Expense, Total	-732M	-896M	-930M	-731M	-606M
Interest And Investment Income	72M	168M	416M	431M	222M
Net Interest Expenses	-660M	-728M	-514M	-300M	-384M
Currency Exchange Gains (Loss)	-52M	-732M	389M	-400M	245M
Other Non Operating Income (Expenses)	-47M	199M	-2M	-79M	-51M
EBT, Excl. Unusual Items	-3.85B	-1.42B	2.18B	526M	752M
Restructuring Charges	-161M	-	-	-	-
Gain (Loss) On Sale Of Investments	-36M	-86M	45M	17M	37M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-38M	-4M	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	101M	-14M	-10M	-28M	-
EBT, Incl. Unusual Items	-3.98B	-1.52B	2.21B	515M	789M
Income Tax Expense	-379M	176M	-64M	-1.2B	145M
Earnings From Continuing Operations	-3.6B	-1.7B	2.28B	1.72B	644M
Net Income to Company	-3.6B	-1.7B	2.28B	1.72B	644M
Net Income - (IS)	-3.6B	-1.7B	2.28B	1.72B	644M
Net Income to Common Incl Extra Items	-3.6B	-1.7B	2.28B	1.72B	644M
Net Income to Common Excl. Extra Items	-3.6B	-1.7B	2.28B	1.72B	644M
Per Share Items
Net EPS - Basic	-10.26	-4.75	6.36	4.8	2.07
Basic EPS - Continuing Operations	-10.26	-4.75	6.36	4.8	2.07
Basic Weighted Average Shares Outstanding	351M	358M	358M	358M	311M
Net EPS - Diluted	-10.26	-4.75	5.97	4.72	1.87
Diluted EPS - Continuing Operations	-10.26	-4.75	5.97	4.72	1.87
Diluted Weighted Average Shares Outstanding	351M	358M	376M	376M	320M
Normalized Basic EPS	-6.85	-2.48	3.8	0.92	1.51
Normalized Diluted EPS	-6.85	-2.48	3.62	0.87	1.47
Supplemental Items
EBITDA	-2.15B	816M	3.36B	2.44B	2.24B
EBITA	-3.07B	-140M	2.32B	1.32B	961M
EBIT	-3.09B	-159M	2.3B	1.3B	942M
EBITDAR	-2.11B	872M	3.42B	2.52B	2.31B
Total Revenues (As Reported)	6.4B	16.56B	21.83B	22.26B	22.37B
Effective Tax Rate - (Ratio)	9.52	-11.55	-2.89	-233.98	18.38
Total Current Taxes	16M	47M	-17M	30M	19M
Total Deferred Taxes	-395M	129M	-47M	-1.24B	126M
Normalized Net Income	-2.4B	-888M	1.36B	329M	470M
Interest Capitalized	17M	13M	14M	32M	57M
Interest on Long-Term Debt	749M	909M	944M	763M	663M
Non-Cash Pension Expense	340M	-49M	-70M	424M	89M
Supplemental Operating Expense Items
Selling and Marketing Expenses	244M	797M	1.1B	1.08B	1.08B
Research And Development Expense From Footnotes	84M	106M	107M	116M	119M
Net Rental Expense, Total	37M	56M	68M	81M	76M
Imputed Operating Lease Interest Expense	15.02M	24.81M	34.04M	37.27M	33.25M
Imputed Operating Lease Depreciation	21.98M	31.19M	33.96M	43.73M	42.75M
Maintenance & Repair Expenses, Total	656M	706M	1.08B	1.24B	1.34B
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	24M	32M	38M	51M	45M
Total Stock-Based Compensation	24M	32M	38M	51M	45M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	4.25B	2.31B	2.82B	2.52B	2.8B
Short Term Investments	4.55B	5.3B	5.73B	4.46B	2.73B
Total Cash And Short Term Investments	8.8B	7.6B	8.55B	6.98B	5.52B
Accounts Receivable, Total	691M	1.04B	1.12B	1.09B	1.29B
Total Receivables	691M	1.04B	1.12B	1.09B	1.29B
Inventory	224M	318M	337M	391M	490M
Prepaid Expenses	83M	183M	124M	476M	478M
Restricted Cash	167M	386M	-	-	-
Other Current Assets, Total	86M	139M	127M	124M	131M
Total Current Assets	10.05B	9.66B	10.26B	9.06B	7.92B
Gross Property Plant And Equipment	21.92B	23.13B	23.74B	24.69B	26.81B
Accumulated Depreciation	-10.73B	-11.65B	-12.5B	-13.06B	-14.24B
Net Property Plant And Equipment	11.19B	11.48B	11.25B	11.64B	12.57B
Long-term Investments	653M	887M	820M	857M	715M
Goodwill	3.27B	3.27B	3.27B	3.27B	3.27B
Other Intangibles, Total	1.08B	1.05B	1.08B	1.17B	1.26B
Deferred Tax Assets Long-Term	39M	48M	50M	1.04B	774M
Other Long-Term Assets, Total	4.32B	3.1B	3.46B	4.17B	4.7B
Total Assets	30.61B	29.51B	30.2B	31.21B	31.22B
Liabilities
Accounts Payable, Total	2.36B	2.55B	3.04B	3.32B	4.1B
Accrued Expenses, Total	206M	98M	252M	307M	132M
Current Portion of Long-Term Debt	511M	713M	359M	1.16B	2.43B
Current Portion of Leases	501M	550M	507M	592M	538M
Unearned Revenue Current, Total	3.31B	5.4B	5.81B	5.98B	6.65B
Other Current Liabilities	38M	41M	38M	87M	276M
Total Current Liabilities	6.92B	9.35B	10.01B	11.45B	14.13B
Long-Term Debt	12.83B	12.56B	10.97B	9.07B	6.68B
Long-Term Leases	2.68B	2.49B	2.03B	1.84B	1.93B
Unearned Revenue Non Current	3.66B	3.16B	2.99B	2.95B	2.78B
Pension & Other Post Retirement Benefits	2.59B	1.77B	1.88B	1.84B	1.53B
Deferred Tax Liability Non Current	73M	73M	73M	73M	73M
Other Non Current Liabilities	1.85B	1.66B	1.46B	1.59B	1.5B
Total Liabilities	30.6B	31.06B	29.4B	28.82B	28.62B
Common Stock, Total	2.74B	2.74B	2.74B	2.61B	2.28B
Additional Paid In Capital	104M	118M	133M	149M	166M
Retained Earnings	-2.78B	-4.37B	-2.02B	-325M	202M
Comprehensive Income and Other	-45M	-46M	-57M	-48M	-52M
Total Common Equity	9M	-1.56B	796M	2.39B	2.59B
Total Equity	9M	-1.56B	796M	2.39B	2.59B
Total Liabilities And Equity	30.61B	29.51B	30.2B	31.21B	31.22B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	358M	358M	358M	340M	295M
ECS Total Common Shares Outstanding	358M	358M	358M	340M	295M
Book Value / Share	0.03	-4.34	2.22	7.03	8.8
Tangible Book Value	-4.34B	-5.88B	-3.56B	-2.06B	-1.95B
Tangible Book Value Per Share	-12.14	-16.41	-9.93	-6.05	-6.61
Total Debt	16.52B	16.31B	13.86B	12.67B	11.58B
Net Debt	7.72B	8.7B	5.31B	5.69B	6.05B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-4.62B	-4.45B	-3.64B	-3.64B	-4.62B
Debt Equivalent Oper. Leases	296M	448M	544M	648M	608M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	122M	200M	169M	192M	214M
Inventories - Others	102M	118M	168M	199M	276M
Buildings, Total	1.05B	1.09B	1.12B	1.22B	1.29B
Machinery, Total	13.96B	15.02B	15.8B	16.58B	17.91B
Full Time Employees	19.8K	30.5K	35.7K	37.1K	37K
Assets on Operating Lease - Gross	400M	425M	485M	590M	619M
Assets on Operating Lease - Accumulated Depreciation	-198M	-215M	-252M	-335M	-400M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-3.6B	-1.7B	2.28B	1.72B	644M
Depreciation & Amortization - CF	1.5B	1.51B	1.57B	1.65B	1.85B
Amortization of Goodwill and Intangible Assets - (CF)	20M	19M	19M	20M	19M
Depreciation & Amortization, Total	1.52B	1.53B	1.58B	1.67B	1.87B
Amortization of Deferred Charges, Total - (CF)	84M	106M	107M	116M	119M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	36M	86M	-45M	-17M	-37M
Asset Writedown & Restructuring Costs	-	4M	-	-	-
Other Operating Activities, Total	118M	737M	-370M	37M	218M
Change in Other Net Operating Assets	283M	1.61B	767M	406M	840M
Cash from Operations	-1.56B	2.37B	4.32B	3.93B	3.66B
Capital Expenditure	-1.07B	-1.57B	-1.56B	-2.64B	-2.91B
Sale of Property, Plant, and Equipment	19M	36M	9M	-	-
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-862M	-959M	-245M	1.27B	1.81B
Other Investing Activities, Total	47M	-3M	-27M	-1M	93M
Cash from Investing	-1.87B	-2.5B	-1.83B	-1.36B	-1B
Long-Term Debt Issued, Total	8.17B	202M	84M	1.59B	231M
Total Debt Issued	8.17B	202M	84M	1.59B	231M
Long-Term Debt Repaid, Total	-4.51B	-1.81B	-2.45B	-3.96B	-1.74B
Total Debt Repaid	-4.51B	-1.81B	-2.45B	-3.96B	-1.74B
Issuance of Common Stock	555M	6M	1M	1M	2M
Repurchase of Common Stock	-	-	-	-473M	-859M
Other Financing Activities, Total	-205M	-6M	-1M	-34M	-
Cash from Financing	4.01B	-1.61B	-2.37B	-2.87B	-2.37B
Foreign Exchange Rate Adjustments	11M	20M	-1M	6M	-5M
Net Change in Cash	590M	-1.72B	124M	-299M	277M
Supplemental Items
Cash Interest Paid	531M	761M	858M	696M	591M
Cash Income Tax Paid (Refund)	2M	67M	45M	50M	48M
Levered Free Cash Flow	-1.35B	799M	2.04B	-253M	500M
Unlevered Free Cash Flow	-897M	1.36B	2.63B	204M	879M
Change In Net Working Capital	-480M	-1.37B	-1.02B	-189M	-1.16B
Net Debt Issued / Repaid	3.66B	-1.61B	-2.37B	-2.37B	-1.51B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-6.48	-0.33	4.82	2.66	1.89
Return on Total Capital	-12.36	-0.64	9.79	5.49	4.03
Return On Equity %	-417.87	219.92	-599.74	108.04	25.87
Return on Common Equity	-417.87	219.92	-599.74	108.04	25.87
Margin Analysis
Gross Profit Margin %	-5.84	24.13	33.54	29.78	29.64
SG&A Margin	4.39	5.15	5.34	5.24	5.14
EBITDA Margin %	-33.53	4.93	15.38	10.95	10
EBITA Margin %	-47.94	-0.85	10.64	5.95	4.3
EBIT Margin %	-48.25	-0.96	10.55	5.86	4.21
Income From Continuing Operations Margin %	-56.28	-10.27	10.42	7.73	2.88
Net Income Margin %	-56.28	-10.27	10.42	7.73	2.88
Net Avail. For Common Margin %	-56.28	-10.27	10.42	7.73	2.88
Normalized Net Income Margin	-37.57	-5.36	6.23	1.48	2.1
Levered Free Cash Flow Margin	-21.16	4.82	9.37	-1.14	2.23
Unlevered Free Cash Flow Margin	-14.02	8.21	12.03	0.91	3.93
Asset Turnover
Asset Turnover	0.22	0.55	0.73	0.73	0.72
Fixed Assets Turnover	0.57	1.46	1.92	1.95	1.85
Receivables Turnover (Average Receivables)	8.98	17.94	18.84	18.78	17.33
Inventory Turnover (Average Inventory)	34.74	46.35	44.31	42.93	35.74
Short Term Liquidity
Current Ratio	1.45	1.03	1.03	0.79	0.56
Quick Ratio	1.37	0.92	0.97	0.71	0.48
Operating Cash Flow to Current Liabilities	-0.23	0.25	0.43	0.34	0.26
Days Sales Outstanding (Average Receivables)	40.65	20.34	19.37	19.49	21.06
Days Outstanding Inventory (Average Inventory)	10.51	7.87	8.24	8.52	10.21
Average Days Payable Outstanding	117.83	70.82	70.22	74.14	85.59
Cash Conversion Cycle (Average Days)	-66.67	-42.61	-42.6	-46.12	-54.32
Long Term Solvency
Total Debt/Equity	184K	-1.05K	1.74K	530.57	446.78
Total Debt / Total Capital	99.95	110.54	94.57	84.14	81.71
LT Debt/Equity	172K	-967.4	1.63K	457.08	332.27
Long-Term Debt / Total Capital	93.82	101.98	88.66	72.49	60.77
Total Liabilities / Total Assets	99.97	105.27	97.36	92.35	91.7
EBIT / Interest Expense	-4.22	-0.18	2.48	1.79	1.55
EBITDA / Interest Expense	-2.14	1.53	4.18	4.07	4.65
(EBITDA - Capex) / Interest Expense	-3.61	-0.23	2.5	0.46	-0.16
Total Debt / EBITDA	-10.52	11.93	3.56	4.26	4.11
Net Debt / EBITDA	-4.92	6.37	1.37	1.91	2.15
Total Debt / (EBITDA - Capex)	-6.25	-79.54	5.96	37.6	-121.85
Net Debt / (EBITDA - Capex)	-2.92	-42.46	2.28	16.88	-63.69
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.72	158.69	31.87	1.93	0.53
Gross Profit, 1 Yr. Growth %	-56.66	99.78K	83.3	-9.5	0.05
EBITDA, 1 Yr. Growth %	-25.85	-142.9	311.4	-27.38	-8.2
EBITA, 1 Yr. Growth %	-21.33	-95.04	-1.76K	-42.96	-27.47
EBIT, 1 Yr. Growth %	-21.2	-94.41	-1.55K	-43.36	-27.82
Earnings From Cont. Operations, 1 Yr. Growth %	-22.49	-52.8	-233.88	-24.43	-62.56
Net Income, 1 Yr. Growth %	-22.49	-52.8	-233.88	-24.43	-62.56
Normalized Net Income, 1 Yr. Growth %	-22.86	-60.59	-253.31	-75.84	42.97
Diluted EPS Before Extra, 1 Yr. Growth %	-37.73	-53.71	-225.59	-20.82	-60.5
Accounts Receivable, 1 Yr. Growth %	7.3	50.07	8.1	-2.85	18.64
Inventory, 1 Yr. Growth %	34.94	41.96	5.97	16.02	25.32
Net Property, Plant and Equip., 1 Yr. Growth %	-1.69	2.58	-2.02	3.68	8.04
Total Assets, 1 Yr. Growth %	5.88	-3.62	2.34	3.44	0.02
Tangible Book Value, 1 Yr. Growth %	61.37	35.41	-39.46	-42.29	-5.26
Common Equity, 1 Yr. Growth %	-99.48	-17.38K	-151.19	200	8.5
Cash From Operations, 1 Yr. Growth %	-33.57	-257.66	82.43	-9.03	-6.95
Capital Expenditures, 1 Yr. Growth %	-10.73	46.51	-0.51	68.54	10.39
Levered Free Cash Flow, 1 Yr. Growth %	-54.27	-166.44	72.61	-112.44	-297.43
Unlevered Free Cash Flow, 1 Yr. Growth %	-65.06	-282.49	50.52	-92.22	331.55
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-42.16	68.47	84.7	15.94	1.23
Gross Profit, 2 Yr. CAGR %	-75.32	115.16	4.18K	28.8	-4.85
EBITDA, 2 Yr. CAGR %	-11.76	-46.9	32.85	72.85	-18.35
EBITA, 2 Yr. CAGR %	37.19	-81.05	-9.3	207.64	-35.68
EBIT, 2 Yr. CAGR %	38.45	-79.86	-9.99	186.49	-36.06
Earnings From Cont. Operations, 2 Yr. CAGR %	56.22	-39.52	-20.51	0.59	-46.81
Net Income, 2 Yr. CAGR %	56.22	-39.52	-20.51	0.59	-46.81
Normalized Net Income, 2 Yr. CAGR %	47.22	-46.64	-22.27	-39.14	-41.23
Diluted EPS Before Extra, 2 Yr. CAGR %	37.52	-46.31	-23.76	-0.28	-44.08
Accounts Receivable, 2 Yr. CAGR %	-13.62	26.9	27.37	2.48	7.36
Inventory, 2 Yr. CAGR %	2.79	38.41	22.66	10.89	20.58
Net Property, Plant and Equip., 2 Yr. CAGR %	-2.59	0.43	0.25	0.67	5.84
Total Assets, 2 Yr. CAGR %	5.02	1.02	-0.68	2.84	1.72
Tangible Book Value, 2 Yr. CAGR %	489.51	47.82	-9.46	-40.89	-26.06
Common Equity, 2 Yr. CAGR %	-95.48	-4.78	840.45	23.92	80.42
Cash From Operations, 2 Yr. CAGR %	-47.69	0.32	69.59	28.83	-7.99
Capital Expenditures, 2 Yr. CAGR %	-27.21	14.36	20.73	29.49	36.4
Levered Free Cash Flow, 2 Yr. CAGR %	-28.11	-48.07	30.43	-53.76	-50.44
Unlevered Free Cash Flow, 2 Yr. CAGR %	-44.58	-27.25	87.81	-65.84	-42.05
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-29.16	-4.7	55.27	51.5	10.56
Gross Profit, 3 Yr. CAGR %	-58.95	-13.36	103.97	1.08K	18.39
EBITDA, 3 Yr. CAGR %	-4.85	-33.35	5.07	8.63	39.98
EBITA, 3 Yr. CAGR %	28.5	-55.88	-15.86	-22.29	90.05
EBIT, 3 Yr. CAGR %	28.78	-53.79	-16.23	-22.87	80.95
Earnings From Cont. Operations, 3 Yr. CAGR %	360.02	4.82	-21.17	-21.84	-27.64
Net Income, 3 Yr. CAGR %	360.02	4.82	-21.17	-21.84	-27.64
Normalized Net Income, 3 Yr. CAGR %	111.43	-7.17	-24.14	-47.34	-19.09
Diluted EPS Before Extra, 3 Yr. CAGR %	328.97	-4.34	-28.73	-22.79	-26.77
Accounts Receivable, 3 Yr. CAGR %	-4.61	3.85	20.29	16.37	7.6
Inventory, 3 Yr. CAGR %	0.6	14.47	26.62	20.4	15.5
Net Property, Plant and Equip., 3 Yr. CAGR %	-0.18	-0.89	-0.4	1.31	3.07
Total Assets, 3 Yr. CAGR %	11.84	2.06	1.46	0.64	1.89
Tangible Book Value, 3 Yr. CAGR %	19.24	261.03	9.77	-22.08	-30.83
Common Equity, 3 Yr. CAGR %	-86	-29.3	-22.57	542.58	18.55
Cash From Operations, 3 Yr. CAGR %	-23.34	-25.44	22.45	37.8	15.59
Capital Expenditures, 3 Yr. CAGR %	-23.91	-8.09	9.17	34.93	22.79
Levered Free Cash Flow, 3 Yr. CAGR %	162.07	-32.71	-11.62	-40.5	-24.99
Unlevered Free Cash Flow, 3 Yr. CAGR %	30.06	-22.52	0.76	-35.09	-20.44
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-15.3	0.37	3.93	3.07	30.85
Gross Profit, 5 Yr. CAGR %	-38.08	-2.14	6.25	1.53	50.35
EBITDA, 5 Yr. CAGR %	-0.07	-18.5	6.15	-2.42	-5.01
EBITA, 5 Yr. CAGR %	17.67	-36.31	9.95	-4.06	-24.43
EBIT, 5 Yr. CAGR %	17.82	-34.67	9.76	-4.13	-24.81
Earnings From Cont. Operations, 5 Yr. CAGR %	32.68	-3.48	127.93	3.11	-32.65
Net Income, 5 Yr. CAGR %	32.68	-3.48	127.93	3.11	-32.65
Normalized Net Income, 5 Yr. CAGR %	29.95	2.7	39.85	-21.59	-31.5
Diluted EPS Before Extra, 5 Yr. CAGR %	27.05	-8.26	114.95	-2.74	-35.32
Accounts Receivable, 5 Yr. CAGR %	-0.46	4.96	7.09	3.3	14.94
Inventory, 5 Yr. CAGR %	3.79	9.07	8.9	13.02	24.17
Net Property, Plant and Equip., 5 Yr. CAGR %	7.98	6.99	-0	-0.27	2
Total Assets, 5 Yr. CAGR %	15.16	10.66	6.65	2.37	1.54
Tangible Book Value, 5 Yr. CAGR %	48.92	16.06	6.81	75.06	-6.27
Common Equity, 5 Yr. CAGR %	-62.53	-14.59	-24.65	-11.51	8.6
Cash From Operations, 5 Yr. CAGR %	-8.38	-2.86	4.48	-7.21	9.22
Capital Expenditures, 5 Yr. CAGR %	-18.15	-8.28	-8.48	5.42	19.34
Levered Free Cash Flow, 5 Yr. CAGR %	8.06	25.96	93.56	-37.34	-29.94
Unlevered Free Cash Flow, 5 Yr. CAGR %	4.44	76.2	45.14	-41.3	-19.3