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Air Canada provides domestic, U.S. transborder, and international airline services. It provides scheduled passenger services under the Air Canada Vacations and Air Canada Rouge brand names in the Canadian market, the Canada-U.S. transborder market, and in the international market to and from Canada, as well as through capacity purchase agreements on other regional carriers. As of December 31, 2025, the company operated a fleet of 223 aircraft under the Air Canada brand name comprising 132 Airbus narrow-body aircraft, and 91 Airbus wide-body aircraft; 33 aircraft under the Air Canada Rouge brand name consisting of 13 Airbus A321 aircraft, 5 Airbus A320 aircraft, and 15 Airbus A319 aircraft; 105 aircraft under the Air Canada Express brand name, including 25 Embraer 175, 35 Mitsubishi CRJ-900, and 45 De Havilland Dash 8-400aircraft; and 15 Mitsubishi CRJ-200 aircraft. It provides air cargo services for routes between Canada, the United States, Europe, Asia, South America, and Australia. In addition, the company develops, operates, markets, and distributes vacation travel packages in the Caribbean, Mexico, the United States, Europe, Central and South America, Asia, Oceania, and the Middle East; offers cruise packages in North America, Europe, the Caribbean, Japan, and Dubai; and provides travel loyalty programs. It also operates Air Canada Café. Air Canada was founded in 1937 and is headquartered in Saint-Laurent, Canada.
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Air Canada operates scheduled domestic and international passenger and cargo services from major Canadian hubs and manages the Aeroplan loyalty program and alliance partnerships. Long-term growth drivers include recovery in international travel, fleet renewal, ancillary revenue expansion and partnership network development, which may benefit earnings as the carrier leverages market share and network scale.
Major investment risks include sensitivity to economic cycles and fuel-price volatility, labor disputes and operational disruptions, intense competition on key routes, and leverage and refinancing demands that could constrain financial flexibility.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 789.00M | 515.00M | 2212.00M | -1524.00M | -3981.00M |
| Net income | 644.00M | 1720.00M | 2276.00M | -1700.00M | -3602.00M |
| Selling general administrative | 692.00M | 649.00M | 555.00M | 468.00M | 362.00M |
| Selling and marketing expenses | 1075.00M | 1085.00M | 1097.00M | 797.00M | 244.00M |
| Gross profit | 6851.00M | 5455.00M | 6150.00M | 2799.00M | -1620.00M |
| Reconciled depreciation | 2012.00M | 1799.00M | 1703.00M | 1640.00M | 1616.00M |
| Ebit | 1395.00M | 1246.00M | 3142.00M | -11.00M | -3049.00M |
| Ebitda | 3407.00M | 3045.00M | 4845.00M | 1629.00M | -1138.00M |
| Depreciation and amortization | 2012.00M | 1799.00M | 1703.00M | 1640.00M | 1911.00M |
| Operating income | 918.00M | 1263.00M | 2279.00M | -11.00M | -3049.00M |
| Other operating expenses | 21454.00M | 20992.00M | 19554.00M | 16739.00M | 9190.00M |
| Interest expense | 606.00M | 731.00M | 930.00M | 896.00M | 732.00M |
| Tax provision | 145.00M | -1205.00M | -64.00M | 176.00M | -379.00M |
| Interest income | 57.00M | 672.00M | 416.00M | 1327.00M | 794.00M |
| Net interest income | -384.00M | -300.00M | -514.00M | -704.00M | -668.00M |
| Income tax expense | 145.00M | -1205.00M | -64.00M | 176.00M | -379.00M |
| Total revenue | 22372.00M | 22255.00M | 21833.00M | 16556.00M | 6400.00M |
| Total operating expenses | 5933.00M | 4192.00M | 3871.00M | 2982.00M | 1170.00M |
| Cost of revenue | 15521.00M | 16800.00M | 15683.00M | 13757.00M | 8020.00M |
| Total other income expense net | -129.00M | -748.00M | -67.00M | -1513.00M | -932.00M |
| Net income from continuing ops | 644.00M | 1720.00M | 2276.00M | -1700.00M | -3602.00M |
| Net income applicable to common shares | 644.00M | 1720.00M | 2276.00M | -1700.00M | -3602.00M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 31215.00M | 31208.00M | 30197.00M | 29507.00M | 30614.00M |
| Intangible assets | 1265.00M | 1170.00M | 1084.00M | 1054.00M | 1080.00M |
| Other current assets | 609.00M | 600.00M | 251.00M | 322.00M | 336.00M |
| Total liab | 28624.00M | 28820.00M | 29401.00M | 31062.00M | 30605.00M |
| Total stockholder equity | 2591.00M | 2388.00M | 796.00M | -1555.00M | 9.00M |
| Other current liab | 4513.00M | - | - | 2691.00M | 2603.00M |
| Common stock | 2275.00M | - | 2744.00M | 2743.00M | 2735.00M |
| Capital stock | 2275.00M | 2612.00M | 2744.00M | 2743.00M | 2735.00M |
| Retained earnings | 202.00M | -325.00M | -2024.00M | -4370.00M | -2785.00M |
| Other liab | - | - | - | 6666.00M | 8170.00M |
| Good will | 3273.00M | 3273.00M | 3273.00M | 3273.00M | 3273.00M |
| Other assets | 3531.00M | - | - | 3565.00M | 4364.00M |
| Cash | 2795.00M | 2518.00M | 2817.00M | 2693.00M | 4248.00M |
| Cash and equivalents | 2795.00M | - | - | 2693.00M | 4248.00M |
| Total current liabilities | 14134.00M | 11448.00M | 10008.00M | 9353.00M | 6924.00M |
| Current deferred revenue | 6654.00M | - | 5814.00M | 5399.00M | 3309.00M |
| Net debt | 8781.00M | 7127.00M | 10179.00M | 13613.00M | 12275.00M |
| Short term debt | 2967.00M | - | 866.00M | 1263.00M | 1012.00M |
| Short long term debt | 2429.00M | 1163.00M | 359.00M | 713.00M | 511.00M |
| Short long term debt total | 11576.00M | - | 12996.00M | 16306.00M | 16523.00M |
| Other stockholder equity | 166.00M | - | 133.00M | 118.00M | 104.00M |
| Property plant equipment | 14515.00M | - | - | 11950.00M | 11191.00M |
| Total current assets | 7916.00M | 9062.00M | 10260.00M | 9665.00M | 10053.00M |
| Long term investments | 715.00M | 857.00M | 820.00M | 887.00M | 653.00M |
| Net tangible assets | - | - | - | -5882.00M | -4344.00M |
| Short term investments | 2730.00M | 4464.00M | 5734.00M | 5295.00M | 4554.00M |
| Net receivables | 1292.00M | 1089.00M | 1121.00M | 1037.00M | 691.00M |
| Long term debt | 6137.00M | 8482.00M | 10966.00M | 15043.00M | 15511.00M |
| Inventory | 490.00M | 391.00M | 337.00M | 318.00M | 224.00M |
| Accounts payable | - | - | 3328.00M | 2552.00M | 2359.00M |
| Accumulated other comprehensive income | -52.00M | - | -57.00M | -46.00M | -45.00M |
| Non currrent assets other | 2757.00M | 104.00M | 2777.00M | 2630.00M | 3776.00M |
| Non current assets total | 23299.00M | 22146.00M | 19937.00M | 19842.00M | 20561.00M |
| Capital lease obligations | 3010.00M | 3025.00M | 2537.00M | 3038.00M | 3179.00M |
| Long term debt total | 8609.00M | - | - | 15043.00M | 15511.00M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 1812.00M | -1363.00M | -1401.00M | -2498.00M | -862.00M |
| Change to liabilities | - | - | - | 0.00M | 0.00M |
| Total cashflows from investing activities | -1005.00M | -1363.00M | -1827.00M | -2498.00M | -1869.00M |
| Net borrowings | -1513.00M | -2366.00M | -2368.00M | -1612.00M | 3661.00M |
| Total cash from financing activities | -2370.00M | -2872.00M | -2368.00M | -1612.00M | 4011.00M |
| Change to operating activities | - | - | - | 1609.00M | 283.00M |
| Net income | 644.00M | 1720.00M | 2276.00M | -1700.00M | -3602.00M |
| Change in cash | 277.00M | -299.00M | 124.00M | -1722.00M | 590.00M |
| Begin period cash flow | 2518.00M | 2817.00M | 2693.00M | 4415.00M | 3658.00M |
| End period cash flow | 2795.00M | 2518.00M | 2817.00M | 2693.00M | 4248.00M |
| Total cash from operating activities | 3657.00M | 3930.00M | 4320.00M | 2368.00M | -1563.00M |
| Issuance of capital stock | 2.00M | 1.00M | 3.00M | 6.00M | 555.00M |
| Depreciation | 2012.00M | 1784.00M | 1692.00M | 1640.00M | 1616.00M |
| Other cashflows from investing activities | 93.00M | -1.00M | -18.00M | -926.00M | 47.00M |
| Sale purchase of stock | -859.00M | -473.00M | 1.00M | 6.00M | 555.00M |
| Other cashflows from financing activities | 0.00M | -34.00M | -1827.00M | 196.00M | 7966.00M |
| Change to netincome | - | - | - | 827.00M | 154.00M |
| Capital expenditures | 2910.00M | 2636.00M | 1564.00M | 1572.00M | 1073.00M |
| Change in working capital | 758.00M | 214.00M | 711.00M | 1498.00M | 412.00M |
| Stock based compensation | - | - | 38.00M | - | - |
| Other non cash items | 117.00M | 1447.00M | -312.00M | 801.00M | 406.00M |
| Free cash flow | 747.00M | 1294.00M | 2756.00M | 796.00M | -2636.00M |
Sector: Industrials Industry: Airlines
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| AC Air Canada |
-0.80 3.56% |
21.68 | 10.12 | 19.49 | 0.25 | 2.15 | 0.52 | 3.41 |
| EIF Exchange Income Corporation |
-3.56 2.98% |
116.10 | 33.09 | 26.04 | 1.77 | 3.34 | 2.49 | 10.95 |
Air Canada provides domestic, U.S. transborder, and international airline services. It provides scheduled passenger services under the Air Canada Vacations and Air Canada Rouge brand names in the Canadian market, the Canada-U.S. transborder market, and in the international market to and from Canada, as well as through capacity purchase agreements on other regional carriers. As of December 31, 2025, the company operated a fleet of 223 aircraft under the Air Canada brand name comprising 132 Airbus narrow-body aircraft, and 91 Airbus wide-body aircraft; 33 aircraft under the Air Canada Rouge brand name consisting of 13 Airbus A321 aircraft, 5 Airbus A320 aircraft, and 15 Airbus A319 aircraft; 105 aircraft under the Air Canada Express brand name, including 25 Embraer 175, 35 Mitsubishi CRJ-900, and 45 De Havilland Dash 8-400aircraft; and 15 Mitsubishi CRJ-200 aircraft. It provides air cargo services for routes between Canada, the United States, Europe, Asia, South America, and Australia. In addition, the company develops, operates, markets, and distributes vacation travel packages in the Caribbean, Mexico, the United States, Europe, Central and South America, Asia, Oceania, and the Middle East; offers cruise packages in North America, Europe, the Caribbean, Japan, and Dubai; and provides travel loyalty programs. It also operates Air Canada Café. Air Canada was founded in 1937 and is headquartered in Saint-Laurent, Canada.
7373 Côte-Vertu Boulevard West, Saint-Laurent, QC, Canada, H4Y1H4
514 422 6020
37000
| Name | Title | Year Born |
|---|---|---|
| Mr. Michael Stewart Rousseau | CEO, Pres & Director | 1958 |
| Mr. Amos S. Kazzaz | Exec. VP & CFO | 1956 |
| Mr. Craig Landry | Exec. VP & Chief Operations Officer | NA |
| Ms. Arielle Meloul-Wechsler | Exec. VP and Chief HR & Public Affairs | 1968 |
| Ms. Lucie Guillemette | Exec. VP & Chief Commercial Officer | NA |
| Mr. Melvin Crocker | Chief Information Officer | NA |
| Valerie Durand | Head of Investor Relations & Corp. Sustainability | NA |
| Mr. Marc B. Barbeau | Exec. VP & Chief Legal Officer | NA |
| Mr. Mark Youssef Nasr | Sr. VP of Products, Marketing & eCommerce | NA |
| Mr. John Alec MacLeod | VP of Global Sales & Alliances | 1960 |
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