Air Canada has reported a fourth quarter 2024 net loss of $644 million or ($1.81) per diluted share on a year-over-year increase in revenue of 4.0 percent to $5.4 billion. At December 31, 2024, the carrier had $9.15 billion in total available liquidity.
On Thursday (February 13, 2025), Air Canada announced their fourth quarter and full year financial results for the period ending December 31, 2024. The carrier reported a fourth quarter net loss of $644 million or ($1.81) per diluted share on a 4.0 percent year-over-year increase in revenue to $5.4 billion. Air Canada’s fourth quarter total revenue per available seat mile (TRASM) increased 2.3 percent compared to the same period last year to 21.7 cents, while cost per available seat mile (CASM) increased 8.8 percent to 22.7 cents. Costs excluding fuel and other items (CASM-ex) or ‘Adjusted CASM’ increased 5.7 percent versus Q4 2023 to 15.1 cents. At December 31, 2024, Air Canada had $7.75 billion in cash, cash equivalents, short and long-term investments and $1.4 billion available under undrawn credit facilities, for liquidity totaling $9.15 billion.
Air Canada's Full Year 2024 Financial and Operational Highlights - Courtesy Air Canada
In Thursday’s announcement, Air Canada’s President and Chief Executive Officer, Michael Rousseau, said,
“Air Canada achieved record annual revenues in 2024 of $22.3 billion on a five per cent increase in capacity over 2023. We executed our plan, making adjustments where necessary, achieving nearly $3.6 billion in annual adjusted EBITDA and free cash flow of $1.3 billion. We also bought back for cancellation over 20 million shares in 2024 and over 15 million more in early 2025, completing the normal course issuer bid program we announced in November. We safely transported about 47 million passengers during the year, and I thank all Air Canada employees for their dedication to serving our customers with glowing-hearted hospitality.
“2024 allowed us to demonstrate the wide-ranging strengths and adaptability of Air Canada. We adapted to market conditions and nimbly adjusted our network during the year. We were pleased to achieve a new contract with our pilots with limited disruption. We also enhanced the customer experience through improved operations, including an eight-point gain in on-time performance over 2023 and ongoing fleet, product, technology, and airport investments.
“We are well positioned with a solid year behind us to leverage our competitive advantages, including our iconic brand, premium products, and global network, and to continue delivering on our plans. Our team has consistently proven its discipline, and we will continue to navigate uncertainty and external pressures with prudence and decisiveness. The demand environment remains favourable. We remain agile and responsive in our dynamic aviation industry and are prepared to adapt promptly to any changes or challenges that may arise.”
Air Canada is Canada’s largest domestic and international airline. The Canadian flag carrier is a founding member of the Star Alliance and holds a Four-Star ranking from Skytrax. Air Canada provides scheduled passenger service to 180 airports in Canada, the United States, and internationally on six continents. Through the carrier’s Aeroplan loyalty program, customers can earn and redeem points on the world’s largest airline partner network of 45 airlines. Air Canada Cargo offers air freight lift and connectivity to hundreds of destinations across six continents with a dedicated fleet of 767-300 Freighters and passenger aircraft belly hold capacity. Additionally, the airline has committed to a net zero emissions goal from all global operations by 2050.
Source: Air Canada/CNW