May 12, 2026
TORONTO, CANADA - The Greater Toronto Airports Authority (“GTAA”) today reported its financial and operating results for the first quarter of 2026. Toronto Pearson, Canada’s busiest airport, saw continued growth in its overall passenger volumes, which increased 4.2% to 11.1 million in the first quarter of 2026, compared to the same period in 2025. The domestic sector passenger volume increased by 0.2 million passengers or 8.6% during the quarter, while the international sector recorded an increase of 0.2 million passengers or 2.1%. Passenger traffic in 2026 continues to face pressure from the global economic and political landscape and industry impact from the ongoing delays in aircraft delivery.
“Toronto Pearson delivered solid first-quarter results, demonstrating the resilience and strength of our airport amid a complex global economic and geopolitical environment,” said Deborah Flint, President and CEO.
“These results reflect the financial discipline and strategic groundwork we have put in place,” added Ms. Flint. “As we move through 2026, we are also driving continued progress on the Pearson LIFT program, delivering infrastructure that enables the connectivity and capacity essential to long-term growth.”
Toronto Pearson continues to monitor the global economic and political landscape closely, assessing risks and adapting as ongoing pressures from geopolitical conflicts continue to create economic and aviation sector uncertainty.
Key Passenger and Financial Information
Revenue for the three months ended March 31, 2026 was $522.4 million, an increase of 7.2%, compared to the same period in 2025. The increase in the year is primarily driven by increases in rate and fee, as well as increased aviation activity and passenger traffic.
Earnings before interest and financing costs, and amortization (“EBITDA”) for the three months ended March 31, 2026 was $239.3 million, an increase of 10.3%, compared to the same period in 2025. The increase in EBITDA is related to higher revenues associated with the increase in aeronautical fees, AIF and commercial revenues, partially offset by an increase in operating costs (before amortization). EBITDA margin during the three months ended March 31, 2026 was 45.8%, an increase of 1.3 percentage points due the above factors. Refer to section “Non-GAAP Financial Measures” of this MD&A for additional information.
The GTAA generated net income during the quarter of $42.0 million, a decrease of 39.5%, compared to the same period in 2025, primarily due to an asset write down.
Free Cash Flow during the quarter was $163.3 million, a increase of 24.8% compared to the same period in 2025 driven by higher cash flow from operations combined with lower cash outflows related to capital expenditure. Refer to section “Non-GAAP Financial Measures” of this MD&A for additional information.
The GTAA’s March 31, 2026 financial results are analyzed in more detail in the GTAA’s Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis, each for the three months ended March 31, 2026, which are available at www.torontopearson.com and on SEDAR at www.sedarplus.ca.