Air Canada Cargo’s Q1 revenue climbs 16%

Air Canada reported CA$250 million ($179.5 million) in cargo revenue for the first quarter, an increase of 16.3% year over year. The carrier attributed growth in cargo revenue to shippers increasing activity to get ahead of tariff deadlines and U.S. changes to de minimis rules . [caption id="attachment_57148824" align="aligncenter" width="1569"] Air Canada operates a uniform fleet of six 767-300BDSFs. (Courtesy/Sao Jose dos Campos Airport)[/caption] “Uncertainty was for sure the main theme during the first quarter, related both to tariffs and the potential impact on the broader economic environment,” President and Chief Executive Michael Rousseau said on today’s earnings call. “We observed a decline in interest among Canadians for travel to the U.S. The noise around tariffs and trade disputes definitely had an impact.” Air Canada expects a “more normal environment” for cargo for the remainder of 2025, Mark Galardo , chief commercial officer and president of cargo, said on the earnings call. The carrier reported $3.7 billion in Q1 operating revenue, down 0.6% YoY. Air Canada also reported in Q1: Diluted loss per share of 29 cents, down from 16 cents in Q1 2024; and Adjusted EBITDA of $277.7 million, down 14.6% YoY. Air Canada operates six 767-300BDSFs. The carrier added its eighth 767F (30851) in April 2024 after conversion with IAI in Tel Aviv (TLV). However, in Q2 2024, Air Canada removed its two production 767-300Fs (67024 and 67023) from service and, as Cargo Facts reported in December, has leased them to Ethiopian Airlines . The carrier does not plan more changes to its freighter fleet through 2026, according to the earnings report. Air Canada’s Board of Directors authorized a substantial issuer bid in which Air Canada intends to offer purchase cancellations up to $359 million of its class A variable voting shares and class B voting shares, the report said. Shares of Air Canada ( OTCMKTS: ACDVF ) were up 13.22% from market open to $12.59 as of market close today. Air Canada has a market capitalization of $4.1 billion. IAG Cargo revenue up 12.4% in Q1 International Airlines Group (IAG) today reported 318 million euros ($357.9 million) in Q1 cargo revenue, up 12.4% YoY, which IAG attributed to strong cargo yields. Cargo demand continues to be positively affected by disruptions to sea freight in the Red Sea, IAG said in today’s earnings report. IAG also prioritized cargo operations in high-yielding regions like Asia Pacific and the Middle East, the report said. The carrier group posted $7.9 billion in Q1 operating revenue, up 9.6% YoY. The group also reported in Q1: Adjusted profit of $135 million, up from an adjusted loss of $104.6 million in Q1 2024; EBITDA of $7.7 billion, up 2.8% YoY; Adjusted earnings per share before exceptional items of 3 cents, an improvement from a loss of 2 cents in Q1 2024; 1.3 billion cargo tonne kilometers (CTK), up 7.5% YoY; and Cargo revenue per CTK of 27 cents, up 4.5% YoY. IAG Cargo does not operate freighters, relying on belly capacity on passenger aircraft operated by IAG subsidiaries. By subsidiary airline in Q1: Aer Lingus reported 38 million CTKs, down 5% YoY; British Airways reported 942 million CTKs, up 5.4% YoY; Iberia reported 316 million CTKs, up 14.9% YoY; Level reported 12 million CTKs, up 50% YoY; and Vueling did not report any CTKS in Q1 2025 or 2024. IAG Cargo, Qatar Airways Cargo and MASkargo announced plans last month to create a joint cargo business that, subject to regulatory approval, will let the carriers offer enhanced connectivity, faster transit times and new route opportunities. Shares of IAG ( OTCPK: ICAGY ) were up 2.34% from market open to $7.02 as of market close today. IAG has a market capitalization of $18.7 billion. Editor’s note: All amounts have been converted to U.S. dollars.

Air Canada Cargo’s Q1 revenue climbs 16%

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