EarningsQ2 2026 Earnings Report
DE:ADH2 Q2 2026 EPS Results
Actual EPS€0.25
Consensus EPS€0.10
Beat/MissBeat by +€0.16
One Year Ago EPS€0.38
DE:ADH2 Q2 2026 Revenue Results
Actual Revenue€3.92B
Expected Revenue€3.86B
Beat/MissBeat by +€58.99M
YoY Revenue Growth+11.26%
Earnings Announcement Details
QuarterQ2 2026
Date08/11/2026
TimeAfter Close
Conference CallTuesday, August 11, 2026
DE:ADH2 Upcoming Earnings
Air Canada's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:ADH2 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted robust top-line performance (record revenues +11% YoY), strong adjusted EBITDA ($719M) and exceptional balance sheet metrics (liquidity $8.9B, net leverage 1.7x), alongside strategic value realization via a $2.5B minority sale of Aeroplan that accelerates deleveraging and shareholder returns. Offsetting these positives are material near-term headwinds from fuel volatility (a $500M–$600M booking/fuel mismatch), higher operating costs (including $388M of excluded charges) and modest ASM growth, which pressure unit costs. On balance, the company demonstrated financial resilience and clear mitigation plans (fuel recapture expected to improve into Q4, sale-and-leaseback/SIB proceeds), so positives meaningfully outweigh the detractors.Company Guidance
Record Revenues and Strong EBITDA
Operating revenues of $6.3B, up 11% YoY, and adjusted EBITDA of $719M (adjusted EBITDA margin 11.5%), at the upper end of guidance and ahead of expectations.
Passenger Revenue & Unit Revenue Strength
Passenger revenues $5.6B, up 11% YoY; PRASM grew 11% YoY, supported by broad-based network demand and premium/corporate strength (premium +11%, corporate +19% YoY).
Network and Demand Metrics
System-wide load factor of 87.5% (industry-leading among North American peers) and system yield growth of ~7% YoY; capacity (ASMs) in Q2 up 0.3% YoY with measured capacity management.
Cargo Outperformance
Cargo revenues rose 29% YoY driven by strong yield growth and increased Sixth Freedom freight flows using freighters to feed wide-body bellies.
Aeroplan Monetization and Strategic Capital Move
Announced 25% minority equity sale of Aeroplan for $2.5B, valuing Aeroplan at $10B (~21x EBITDA). Transaction expected to reduce gross/net leverage by ~0.5x, pay USD 1.2B debt maturity, and fund a substantial issuer bid (up to CAD 800M).
Strong Cash Generation and Balance Sheet
Operating cash flow $651M and Q2 free cash flow $174M; ended quarter with $8.9B liquidity (38% of trailing 12-month revenues) and net leverage 1.7x (below long-term target <2x).
Capital Allocation and Shareholder Returns
Deployed $1.6B in buybacks since Nov 2024 (including $270M in 2026), repurchased 14.5M shares YTD; outstanding share count reduced ~22% to 280M units; sale-and-leaseback proceeds H1 $501M toward $1B target.
Fleet Renewal Progress
Took delivery of 2 A321XLRs and 5 A220s YTD; expect first two 787-10 by year-end plus additional 7 XLRs and 11 A220s; gross CapEx expected ~$3.6B in 2026 (timing-driven decline of ~$300M).
Reinstated 2026 Guidance
Full-year ASMs growth guidance 2.25%–3.25%; adjusted CASM increase guidance 5%–6% vs 2025; adjusted EBITDA guidance $2.9B–$3.2B; free cash flow guidance $200M–$500M (assumes ~$1B of sale-and-leaseback transactions).
DE:ADH2 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed