Press release

May 10, 2022

TORONTO, CANADA - The Greater Toronto Airports Authority (“GTAA”) today reported its financial and operating results for the quarter ended March 31, 2022. Passenger activity increased 4.1 million or 384.5 per cent during the first quarter of 2022 as compared to the same period of 2021. Passenger activity increased given a domestic vaccine rollout, fewer travel restrictions and pent-up travel demand compared to the same period of 2021. Nevertheless, all measures of operating activity continue to be well below 2019 levels due to the impact of the pandemic on the GTAA and the global aviation industry in general.

“The rollback of selected travel restrictions on the part of the Government of Canada and an increased interest on the part of the travelling public to take to the skies are both promising signs,” said Deborah Flint, President and CEO, GTAA. “As we move along the path toward recovery and an increasing number of passengers choose Pearson, we call on government to streamline inbound public health requirements to avoid bottlenecks and thereby ensure the efficient flow of passengers through Canada’s airports.”

Key Financial and Passenger Information



For the period ended March 31

Three months






Passenger Activity
































($ millions)





Total Revenues









Total operating expenses (excluding amortization)


















Net Loss









Free Cash Flow          33.5           (37.6)    71.1      

1. % Change" and "%" are based on detailed actual numbers (not rounded as presented). 

2. Please refer to Non-GAAP Financial Measures at the end of this document for further details.



During the first quarter of 2022, passenger activity through Toronto Pearson and resultant revenues increased, when compared to the same period of 2021, due to the domestic vaccination rollout, easing of travel restrictions and pent-up travel demand, although the number of passenger and flight activity remains significantly lower, when compared to the same period in 2019.

Earnings before interest and financing costs and amortization (“EBITDA”) during the first quarter of 2022 increased significantly, as compared to the same period of 2021, due to a large increase in operating activity and revenues and managing operating costs prudently. Net loss during the first quarter of 2022 decreased $82.4 million to $44.6 million, as compared to the same period of 2021, due to the same reasons above.

Free cash flow increased $71.1 million to $33.5 million during the first quarter of 2022, when compared to the same period of 2021, primarily driven by the significant increase in revenues over the increase in costs, and lower capital expenditures.

As a result of COVID-19, there continues to be limited visibility with regard to future travel demand given changing government policies regarding travel and the continued presence of testing requirements that vary from country to country. These restrictions and concerns about travel due to COVID-19 continue to inhibit demand. Management continues to analyze the extent of the financial impact of the COVID-19 pandemic, which while it is diminishing, continues to be adverse and material. While the full duration and scope of the COVID-19 pandemic cannot be known at this time, in the long-term the GTAA believes that recovery will be achieved, and the pandemic will not have a material impact on the long-term financial sustainability of the Airport.

The GTAA’s March 31, 2022 financial results are discussed in more detail in the GTAA’s Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis, each for the quarter ended March 31, 2022, which are available at and on SEDAR at

Caution Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. This forward-looking information is based on a variety of assumptions and is subject to risks and uncertainties. These statements reflect GTAA Management’s current beliefs and are based on information currently available to GTAA Management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that the GTAA’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in the GTAA’s securities regulatory filings, including its most recent Annual Information Form and Management’s Discussion and Analysis, which can be found on SEDAR at


Throughout this news release, there are references to the following performance measure which in Management’s view is valuable in assessing the economic performance of the GTAA. While this financial measure is not defined by the International Accounting Standards Board (“IFRS”), and is referred to as non-GAAP measure which may not have any standardized meaning, it is a common benchmark in the industry, and is used by the GTAA in assessing its operating results, including operating profitability, cash flow and investment program.


EBITDA is earnings before interest and financing costs and amortization. EBITDA is a commonly used measure of a company's operating performance. This is used to evaluate the GTAA’s performance without having to factor in financing and accounting decisions.

Free Cash Flow

Free Cash Flow (“FCF”) is cash flow from operating activities per the consolidated statements of cash flows less capital expenditures (property and equipment, and investment property) and interest and financing costs paid, net of interest income (excluding non-cash items). FCF is used to assess funds available for debt reduction or future investments within Toronto Pearson.

About the Greater Toronto Airports Authority

The GTAA is the operator of Toronto Pearson International Airport.

Contact: GTAA Media Office (416) 776-3709

Twitter: @PearsonComms