TORONTO, May 6, 2025 /CNW/ – The Greater Toronto Airports Authority (“GTAA”) today reported its financial and operating results for the three months ended March 31, 2025. Toronto Pearson, Canada’s busiest airport, saw a slight decline in its passenger volumes, which decreased 2.0 per cent to 10.7 million in the first quarter of 2025, compared to the same period in 2024. This was due to a slight softening in both the international and domestic sectors, compared to the same period in 2024. February also saw extreme weather conditions, and a five-day runway closure due to a single aircraft incident.
“Our performance in the first quarter has been marginally affected by the operational events in February as well as the current global economic and political landscape,” said Deborah Flint, President and CEO. “These pressures have resulted in a 2% decline in total year over year passenger traffic.”
“We continue to make steady progress on our growth strategy as we build for the future” added Ms. Flint. “Pearson’s economic contribution to the region are substantial, and we remain focused on strengthening our connectivity as a global hub airport.”
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
| Three months ended March 31 | ||||
| (millions) | 2025 | 2024 | Change 1 | |
| Passenger Activity | % | |||
| Domestic | 3.4 | 3.5 | (0.1) | (2.2) |
| International | 7.3 | 7.4 | (0.1) | (1.9) |
| Total | 10.7 | 10.9 | (0.2) | (2.0) |
| ($ millions) | ||||
| Total Revenues | 487.4 | 468.5 | 18.9 | 4.0 |
| EBITDA 2 | 216.9 | 219.4 | (2.5) | (1.0) |
| EBITDA Margin | 44.5 % | 46.8 % | (2.3) | |
| Net Income | 69.5 | 73.6 | (4.1) | (5.6) |
| Free Cash Flow 2 | 130.8 | 117.1 | 13.7 | 11.7 |
| 1 Percentage calculations 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. |
Revenue growth of $18.9 million for the three months ended March 31, 2025, is primarily driven by rate and fee increases, offset by a decline in passenger volumes compared to the same period in 2024.
Earnings before interest and financing costs, and amortization (“EBITDA”) decreased during the three months ended March 31, 2025, by 1.0 per cent to $216.9 million, compared to the same period of 2024. Higher revenues associated with the increase in aeronautical and AIF fees were offset by the increase in operating costs (before amortization), for Q1 2025 reflecting investments in the year to support customer experience and prepare GTAA for medium to long term growth in passenger volumes.
Net income decreased during the three months ended March 31, 2025 by $4.1 million to $69.5 million, compared to the same period of 2024 due to the increase in total expenses being partially offset by increase in revenues.
Free cash flow increased $13.7 million to $130.8 million driven by higher cash flow from operations partially offset by lower receipt of funds under the Airport Critical Infrastructure Program (“ACIP”). Cash flows from operations are used to fund capital expenditures focused on improving facilities and enabling growth, while maintaining quality customer experience.
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.