On March 26, 2024, Air Canada published its 2023 Annual Report which also highlighted the carrier’s main achievements for the year. In addition to a robust set of financial results for the year which included record annual revenues for the company, the report stated that “the airline made progress on key strategic initiatives” during 2023.
Among its key accomplishments for 2023, Air Canada carried 46 million passengers and earned a full-year operating income of $2.3 billion on record operating revenues of $21.8 billion.
Adjusted EBITDA (a standard accounting measure of earnings less certain allowable expenses) more than doubled in the year, reaching almost $4 billion. The airline generated cash from operating activities of approximately $4.3 billion which equates to cash flows of nearly $2.8 billion. The carrier ended the year with a total liquidity of $10.3 billion.
In addition to achieving a strong set of financial results, in 2023, Air Canada launched 14 new routes and by the end of 2023 served 188 direct destinations worldwide. In support of its ongoing fleet renewal and network expansion, the company ordered 18 Boeing 787-10 Dreamliners and five Boeing 737 MAX 8 single-aisle short-haul aircraft for future fleet growth.
The carrier employed an additional 8,000 people in 2023, bringing its total employee count to approximately 39,000. Additionally, Air Canada invested $1.6 billion in 2023 in new aircraft, technology and customer service improvements.
Elsewhere in the Air Canada group of operating companies, the organization further expanded its business diversification program, with its Aeroplan loyalty scheme reaching eight million members, Air Canada Cargo deploying its seven cargo freighters to more than 12 destinations, and Air Canada Vacations significantly increasing its revenues.
The carrier also forged ahead with key sustainability initiatives in 2023. These included the addition of modern and efficient aircraft and ground support equipment (e-GSE vehicles) to its fleet, sourcing additional sustainable aviation fuel suppliers SAF, and continued engaging its corporate customers through the airline’s “Leave Less” travel program.
“Very strong results”
“Air Canada delivered very strong results in 2023,” said Michael Rousseau, President and Chief Executive Officer of Air Canada. “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.”
“We continued to renew our fleet with more fuel-efficient and comfortable aircraft, and we expanded our network and products to offer more choice and convenience to our customers. We also advanced our Environmental, Social, and Governance programs through our sustainability, equity, and accessibility activities and supported the communities we serve, including by providing thousands of employment opportunities,” he added.
“Air Canada has a solid foundation to build upon and a clear vision for the future as a leader in the global aviation industry, connecting Canada to the world, and as a trusted partner for all our stakeholders. I thank our customers for their loyalty, our 39,000 employees for their hard work and dedication to safe operations, and our investors for their support throughout the year,” Rousseau concluded.
According to ch-aviation, Air Canada currently flies on 374 routes serving 192 destinations across 59 countries. The carrier operates a fleet of 250 aircraft comprising 40 737 MAX 8s, 33 A220s, 25 A319s, 25 A320s, and 33 A321s. The widebody fleet is made up of 13 A330s, three 767-300ERs, six 777-200ERs, 19 777-300ERs, eight 787-8s and 31 787-9s. The carrier also operates seven 767-300 dedicated freighters for cargo operations.