March 5, 2026
TORONTO, CANADA - The Greater Toronto Airports Authority (“GTAA”) today reported its financial and operating results for 2025. Toronto Pearson, Canada’s busiest airport, saw modest growth in its overall passenger volumes, which increased 1.1% to 47.3 million in 2025, compared to the same period in 2024. Growth in the domestic sector was partially offset by a marginal decrease in the international sector. Passenger traffic in 2025 was primarily impacted by the global economic and political landscape and timing of aircraft delivery due to supply chain issues in the industry. To a lesser degree, extreme weather events, a single aircraft incident and an air carrier labour disruption contributed to final passenger volume. 2024 was also a leap year resulting in an extra day's operations.
“Despite global shifts in travel and trade, Toronto Pearson grew passenger volume overall, reflecting our competitive position, and agility that enabled airlines to redistribute their routes and networks, in response to a changing landscape,” said Deborah Flint, President and CEO.
“2026 will entail more visible outcomes from the years of foundation setting of our strategy including LIFT,” added Ms. Flint. “We are building for the future where global connectivity is even more critical for prosperity in Canada.”
Toronto Pearson continues to monitor the global economic and political landscape closely, assessing risks and ready to adapt as ongoing tariff pressures create economic uncertainty.
Key Passenger and Financial Information
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Twelve months ended December 31 |
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(millions) |
2025 |
2024 |
Change 1 |
2023 |
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Passenger Activity |
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% |
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Domestic |
17.2 |
16.4 |
0.8 |
4.6 |
16.5 |
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International |
30.1 |
30.4 |
(0.3) |
(0.8) |
28.3 |
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Total |
47.3 |
46.8 |
0.5 |
1.1 |
44.8 |
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($ millions) |
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Total Revenues |
2,084.8 |
1,975.4 |
109.4 |
5.5 |
1,887.1 |
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EBITDA 2 |
990.2 |
938.2 |
52.0 |
5.5 |
960.3 |
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EBITDA Margin |
47.5 % |
47.5 % |
— |
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50.9 % |
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Net Income |
366.1 |
329.2 |
36.9 |
11.2 |
265.0 |
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Free Cash Flow 2 |
402.7 |
381.4 |
21.3 |
5.6 |
468.7 |
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1 Percentage calculations are based on detailed actual numbers (not rounded as presented). |
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2 Please refer to Non-GAAP Financial Measures at the end of this document for further details. |
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Revenue for the year was $2,084.8 million, an increase of 5.5%, compared to the same period in 2024. The increase was primarily driven by changes in rates and fees and growth in aviation activity and passenger traffic.
Earnings before interest and financing costs, and amortization (“EBITDA”) for the year was $990.2 million, an increase of 5.5%, compared to 2024. The increase in EBITDA was related to higher revenues associated with the increase in aeronautical fees and AIF partially offset by an increase in operating costs (before amortization). EBITDA Margin during the year was 47.5%, similar to last year.
The GTAA generated net income during the year of $366.1 million, an increase of 11.2%, compared to 2024, driven by the increase in revenues offset by the increase in expenses.
Free Cash Flow was $402.7 million, a increase of 5.6% compared to the same period in 2024 driven by higher cash flow from operations, partially offset by higher cash outflows related to capital expenditure, lower receipt of funds under the ACIP and higher net interest expense.
The GTAA’s December 31, 2025 financial results are analyzed in more detail in the GTAA’s Audited Consolidated Financial Statements and Management’s Discussion and Analysis, each for the year ended December 31, 2025, which are available at www.torontopearson.com and on SEDAR at www.sedarplus.ca.
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 www.sedarplus.ca.
NON-GAAP FINANCIAL MEASURES
Throughout this news release, there are references to the following performance measures which in Management’s view are valuable in assessing the economic performance of the GTAA. While these financial measures are not defined by the International Accounting Standards Board and are referred to as non-GAAP measures which may not have any standardized meaning, they are common benchmarks in the industry, and are used by the GTAA in assessing its operating results, including operating profitability, cash flow and investment program.
EBITDA
EBITDA is earnings from operations before interest and financing costs, reversal or impairment of investment property, write-down of property and equipment, 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 flows from operating activities per the consolidated statements of cash flows, and ACIP grants received less capital expenditures (property and equipment, investment property, and other) 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 Toronto Pearson
The Greater Toronto Airports Authority is the operator of Toronto Pearson International Airport, Canada’s largest airport and a vital connector of people, businesses, and goods.
Toronto Pearson has been named “Best Large Airport in North America serving more than 40 million passengers” seven times in the last eight years by Airports Council International, the global trade representative of the world’s airports. Toronto Pearson was also recognized in 2025 as one of “Canada’s Best Employers” by Forbes.
For our corporate X channel, please visit @PearsonComms. For operational updates and passenger information, please visit @TorontoPearson/@AeroportPearson on X. You can also follow us on Facebook or Instagram.
Contact: GTAA Media Office | media.relations@gtaa.com | (416) 776-3709