Air Canada Issues Annual Report Highlighting Its Financial Accomplishments In 2023

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  • Air Canada reported strong financial performance in 2023, with operating revenues of $21.8 billion.
  • The carrier expanded its fleet, launched 14 new routes, and added 8,000 new employees.
  • Air Canada’s CEO commended the airline’s performance and emphasized its commitment to sustainability and inclusivity.

On 16 March 2024, Canadian flag carrier Air Canada issued its 2023 annual report, which demonstrated the airline’s numerous achievements throughout the past calendar year. While one might expect the report to include traditional financial performance statistics, this document went far beyond that with a full analysis of the carrier’s progress toward achieving a number of strategic initiatives.

Throughout 2023, Air Canada safely carried over 45 million passengers, which helped the airline, alongside its regional, low-cost, cargo, and charter subsidiaries, record full-year operating incomes of $2.3 billion, which came alongside a record operating revenue of $21.8 billion. With these numbers in mind, it is safe to say that the carrier is performing well financially and continues to provide strong returns for investors.

The carrier has also continued to grow throughout the last year, with fourteen new routes launched, bringing the airline’s total number of destinations served to 188. In this article, we will take a deeper look at Air Canada’s 2023 annual report and where the airline stands a quarter of the way through 2024.

Impressive achievements

The airline’s financial performance surpasses just performing well in a few specific categories. According to the report, which can be viewed on the Investor Relations page of the Air Canada website, the airline’s adjusted EBITDA (a measure of earnings) more than doubled to $4 billion.

Photo: The Global Guy | Shutterstock

The carrier further generated an operating cash flow of $4.3 billion and maintained a free cash flow of nearly $2.8 billion. The airline also significantly lowered its leverage ratio, an important measure of the company’s total debt.

The airline’s fleet grew significantly during this time period, with Air Canada sourcing 18 Boeing 787-10 Dreamliners and five 737 MAX 9 jets, all of which are widely known for their impressive fuel efficiency. The company’s workforce also expanded during the course of the year, with 8,000 new employees joining Air Canada over the course of the year. In total, Air Canada employs 39,000 people.

Air Canada airplane on its way to the airport of Montreal.

Photo: Wirestock Creators | Shutterstock

The company in total spent $1.6 billion on capital investments over the course of the year. These upgrades included new lounges, modernized aircraft, and updated technologies and control systems to prevent delays and potential Southwest-style meltdowns.


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Something to celebrate

Air Canada’s leadership team was undeniably excited by the release of the annual report, commemorating many important steps taken by the airline throughout 2023. In a statement, Michael Rousseau, the airline’s President and CEO, had the following words to share:

“Air Canada delivered very strong results in 2023. We met key financial objectives and advanced or exceeded most of our strategic and operational goals for the year, demonstrating our ability to perform consistently.”

The executive was quick to tout the airline’s modern fuel-efficient fleet for being a key catalyst for cost reduction and also indicated that an expanded network and increased product offerings have helped attract more customers. Rousseau was also excited to discuss the number of environmental, social, and governance (ESG) programs that were expanded over the course of 2023.

A closeup of an Air Canada Boeing 777-300ER.

Photo: The Bold Bureau | Shutterstock

Air Canada remains committed to supporting sustainability, equity, and accessibility throughout the communities it serves and provides thousands of entry-level employment opportunities. The airline is not just Canada’s connection to the world but also a partner for thousands of employees and investors.

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