Investor Relations

Investor Relations

Air Canada's principal objective is to be a sustainable, profitable global champion. In pursuing this goal, Air Canada seeks to continually improve customer experience and employee engagement and create value for shareholders by focusing on four core priorities:  

  • Identifying and implementing cost reduction and revenue enhancing initiatives;
  • Pursuing profitable international growth opportunities and leveraging its competitive attributes to expand margins, in large part by increasing connecting traffic through its strategic international gateways in Toronto, Vancouver and Montréal, and growing and competing effectively in both the business and leisure markets to and from Canada;
  • Fostering positive culture change which includes making meaningful investments in training and other tools that support delivering exceptional customer experiences and that promote improved collaboration to enable Air Canada and its employees to better work together in a supportive and enriching environment.

More information is available in our 2018 Annual ReportOpen PDF file, our 2018 Annual Information Form Open PDF file , and our 2018 Corporate Sustainability Report.

Air Canada is committed to climate action and has endorsed the aviation industry’s collective goals:  

  • An average improvement in fuel efficiency of 1.5% per year from 2009 to 2020
  • A cap on net aviation CO2 emissions from 2020 (carbon-neutral growth)
  • A reduction in net aviation CO2 emissions of 50% by 2050, relative to 2005 levels

Air Canada has reported to the CDP for 10 years and in 2018 was recognized by CDP for our commitment to disclosure and transparency. For additional information on our carbon footprint, targets and our climate protection strategy, and to gain access to our CDP response, please visit our dedicated environment site here

Air Canada Deputy Chief Executive Officer and Chief Financial Officer, Michael Rousseau, will host a conference call and listen-only audio webcast on Tuesday, February 18, 2020 at 08:30 ET to announce Air Canada's fourth quarter and full year 2019 financial results.

Certain Air Canada Executives will be available for analysts' questions, and Michael Rousseau and Pierre Houle, Managing Director and Treasurer, will be available to answer questions from holders of Air Canada bonds and term loan B lenders.

Webcast: https://edge.media-server.com/mmc/p/h3hedwvi 
External site which may not meet accessibility guidelines.

Conference call dial-in:  416-340-2219 or 1-800-377-0758
Replay (until April 30, 2020): 905-694-9451 or 1-800-408-3053 passcode: 8272941#.

Fourth Quarter and Year-End 2019 Results – February 18, 2020

Third Quarter 2019 Results – October 29, 2019

Second Quarter 2019 Results – July 30, 2019

First Quarter 2019 Results – May 6, 2019

Fourth Quarter and Year-End 2018 Results April 03, 2019

Third Quarter 2018 Results October 31, 2018

Second Quarter 2018 Results July 27, 2018

First Quarter 2018 Results April 30, 2018

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2017 Results February 16, 2018

Third Quarter 2017 Results October 25, 2017

Second Quarter 2017 Results August 1, 2017

First Quarter 2017 Results May 5, 2017

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2016 Results February 17, 2017

Third Quarter 2016 Results November 7, 2016

Second Quarter 2016 Results July 29, 2016

First Quarter 2016 Results April 29, 2016

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2015 Results February 17, 2016

Third Quarter 2015 Results November 5, 2015

Second Quarter 2015 Results August 12, 2015

First Quarter 2015 Results May 12, 2015

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2014 Results February 11, 2015

Third Quarter 2014 Results November 6, 2014

Second Quarter 2014 Results August 7, 2014

First Quarter 2014 Results May 15, 2014

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2013 Results February 12, 2014

Third Quarter 2013 Results November 8, 2013

Second Quarter 2013 Results August 7, 2013

First Quarter 2013 Results May 3, 2013

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2012 Results February 7, 2013

Third Quarter 2012 Results November 8, 2012

Second Quarter 2012 Results August 8, 2012

First Quarter 2012 Results May 4, 2012

Annual Report & Annual Information Form

Fourth Quarter and Year-End 2011 Results February 9, 2012

Third Quarter 2011 Results November 4, 2011

Second Quarter 2011 Results August 4, 2011

First Quarter 2012 Results May 5, 2011

Annual Report & Annual Information Form

Fourth Quarter Results and Year-End 2010 Results February 10, 2011

Third Quarter 2010 Results November 4, 2010

Second Quarter 2010 Results August 5, 2010

First Quarter 2010 Results May 6, 2010

Annual Report & Annual Information Form

Fourth Quarter Results and Year-End 2009 Results February 10, 2010

Third Quarter 2009 Results November 6, 2009

Second Quarter 2009 Results August 7, 2009

First Quarter 2009 Results May 8, 2009

Annual Report & Annual Information Form

Fourth Quarter Results and Year-End 2008 Results February 13, 2009

Third Quarter 2008 Results November 7, 2008

Second Quarter 2008 Results August 8, 2008

First Quarter 2008 Results May 8, 2008

Annual Report & Annual Information Form

Fourth Quarter Results and Year-End 2007 Results February 7, 2008

Third Quarter 2007 Results November 9, 2007

Second Quarter 2007 Results August 10, 2007

First Quarter 2007 Results May 11, 2007

Annual Report & Annual Information Form

2020

Proxy Materials

Report on Voting Results

Speeches and Presentations

Monday, May 6, 2019
2019 Annual Meeting of Shareholders

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Monday, April 30, 2018
2018 Annual Meeting of Shareholders

2017

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Friday, May 5, 2017
2017 Annual Meeting of Shareholders

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Tuesday, May 10, 2016
2016 Annual Meeting of Shareholders

Management Proxy Circular

Report on Voting Results

Speeches and Presentations

Tuesday, May 12, 2015
2015 Annual Meeting of Shareholders

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results

Management Proxy Circular

Report on Voting Results May 21, 2008

Management Proxy Circular

Report on Voting Results March 27, 2007

Air Canada Class A variable voting shares and Class B voting shares trade on the Toronto Stock Exchange(TSX) under a single ticker designated AC (also designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Voting and Variable Voting Shares" of Air Canada). In the United States, Air Canada’s Class A variable voting shares and Class B voting shares also trade on the OTCQX under the symbol ACDVF Opens in New Window.

Class A variable voting shares may only be held, beneficially owned or controlled, directly or indirectly, by persons who are not Canadians.

Class B voting shares may only be held, beneficially owned and controlled, directly or indirectly, by Canadians.

"Canadian" under section 55(1) of the Canadian Transportation Act means:

  1. (a) a Canadian citizen or a permanent resident (as defined in the Citizenship Act and the Immigration and Refugee Protection Act, a summary definition of each of which is provided below);

  2. (b) a government in Canada or an agent or mandatary of such a government; or

  3. (c) a corporation or entity that is incorporated or formed under the laws of Canada or a province, that is controlled in fact by Canadians and of which at least 51% of the voting interests are owned and controlled by Canadians and where:

    1. (i) no more than 25% of the voting interests are owned directly or indirectly by any single non-Canadian, either individually or in affiliation with another person; and

    2. (ii) no more than 25% of the voting interests are owned directly or indirectly by one or more non-Canadians authorized to provide an air service in any jurisdiction, either individually or in affiliation with another person.

Each Class B voting share confers the right to one vote at all shareholder meetings.

You can purchase or sell Air Canada shares through a brokerage firm or a financial institution that provides brokerage services.

AST Trust Company (Canada)
2001 Robert-Bourassa Boulevard
Suite 1600 
Montreal, Quebec H3A 2A6
Canada
Tel: 1.800.387.0825 
Email: inquiries@astfinancial.com
Web: www.astfinancial.com/caOpens in New Window

Please visit the Financial Reports and Information tab or SEDAROpens in New Window to download copies of Air Canada’s financial documents.

To ensure Air Canada’s share records are up-to-date, please contact either your brokerage firm or our registrar and transfer agent, AST Trust CompanyOpens in New Window (Canada), with any name or address changes.

Air Canada’s financial year ends on December 31.

PricewaterhouseCoopers LLP are Air Canada’s external auditors.

Air Canada is covered by the following financial analysts:
Analyst Firm Phone
Andrew Didora Bank of America Merrill Lynch (646) 855-2924
Ben Cherniavsky Raymond James Ltd. (604) 659-8244
Cameron Doerksen National Bank Financial (514) 879-2579
Chris Murray AltaCorp Capital (647) 776-8246
Corey Hammill Paradigm Capital (416) 361-0754
David Ocampo Cormark Securities Inc. (416) 943-4232
Doug Taylor Canaccord Genuity (416) 867-6101
Fadi Chamoun BMO Capital Markets (416) 359-6775
Helane Becker Cowen and Company (646) 562 1399
Hunter Keay Wolfe Research (646) 845-0751
Jamie Baker J.P. Morgan (212) 622-6713
Kevin Chiang CIBC World Markets Inc. (416) 594-7198
Konark Gupta Scotia Capital Inc. – Canada (416) 865-6337
Tim James TD Securities Inc. (416) 308-9773
Walter Spracklin RBC Capital Markets (416) 842-7877

Please note that any opinions, estimates or forecasts regarding the performance of Air Canada and its management made by these analysts are theirs alone and do not represent the opinions, estimates or forecasts of Air Canada or its management. Air Canada does not by its reference above or distribution imply that the Company analyzes or approves of such information, conclusions or recommendations. Moreover, Air Canada does not and will not distribute copies of analysts' reports to investors or other persons.

Adjusted CASM
Refers to operating expense per ASM adjusted to remove the effects of aircraft fuel expense, ground packages costs at Air Canada Vacations, the operating expenses of Aeroplan in 2019, and special items.

Adjusted net income (loss)
Refers to the consolidated net income (loss) of Air Canada adjusted to remove the after-tax effects of foreign exchange gains or losses, net financing income (expense) relating to employee benefits, gains or losses on financial instruments recorded at fair value, gains or losses on sale and leaseback of assets, gains or losses on debt settlements and modifications, gains or losses on disposal of assets, and special items.

Adjusted pre-tax income (loss)
Refers to the consolidated income (loss) of Air Canada before income taxes and adjusted to remove the effects of foreign exchange gains or losses, net financing income (expense) relating to employee benefits, gains or losses on financial instruments recorded at fair value, gains or losses on sale and leaseback of assets, gains or losses on debt settlements and modifications, gains or losses on disposal of assets, and special items.

Atlantic passenger and cargo revenues
Refer to revenues from flights that cross the Atlantic Ocean with origins and destinations principally in Europe, India, the Middle East and North Africa.

Available seat miles or ASMs
Refers to a measure of passenger capacity calculated by multiplying the total number of seats available for passengers by the miles flown.

Average stage length
Refers to the average mile per departure seat and is calculated by dividing total ASMs by total seats dispatched.

CASM
Refers to operating expense per ASM.

Domestic passenger and cargo revenues
Refer to revenues from flights within Canada.

EBITDA
Refers to earnings before interest, taxes, depreciation, amortization and impairment. EBITDA is a non-GAAP financial measure.

Free cash flow
Refers to net cash flows from operating activities minus additions to property, equipment and intangible assets, and is net of proceeds from sale and leaseback transactions. Free cash flow in 2019 also excludes the one-time proceeds related to the Aeroplan acquisition.

Leverage ratio
Refers to the ratio of net debt to trailing 12-month EBITDA (calculated by dividing net debt by trailing 12-month EBITDA).

Loss (gain) on debt settlements and modifications
Refer to gains or losses related to debt settlements and modifications that, in management’s view, are to be separately disclosed by virtue of their size or incidence to enable a fuller understanding of the Corporation’s financial performance.

Other passenger and cargo revenues
Refer to revenues from flights with origins and destinations principally in Central and South America, the Caribbean and Mexico.

Pacific passenger and cargo revenues
Refer to revenues from flights that cross the Pacific Ocean with origins and destinations principally in Asia and Australia.

Passenger load factor
Refers to a measure of passenger capacity utilization derived by expressing Revenue Passenger Miles as a percentage of Available Seat Miles.

Passenger revenue per available seat mile or PRASM
Refers to average passenger revenue per ASM.

Percentage point (pp)
Refers to a measure for the arithmetic difference of two percentages.

Return on invested capital or ROIC
Refers to return on invested capital and is a measure used to assess the efficiency with which a company allocates its capital to generate returns.

Revenue passenger carried
Refers to the International Air Transport Association’s (IATA) definition of passenger carried whereby passengers are counted on a flight number basis rather than by journey/itinerary or by leg.

Revenue passenger miles or RPMs
Refers to a measure of passenger traffic calculated by multiplying the total number of revenue passengers carried by the miles they are carried.

Seats dispatched
Refers to the number of seats on non-stop flights. A non-stop flight refers to a single takeoff and landing.

Special items
Refer to those items that, in management’s view, are to be separately disclosed by virtue of their significance to the financial statements, to enable a fuller understanding of the Corporation’s financial performance.

Weighted average cost of capital or WACC
Refers to management’s estimate of its cost of capital, in which each category of capital is proportionately weighted.

Yield
Refers to average passenger revenue per RPM.