GTAA REPORTS 2026 FIRST QUARTER RESULTS

TORONTO, May 12, 2026 /CNW/ - The Greater Toronto Airports Authority ("GTAA") today reported its financial and operating results for the first quarter of 2026.  Toronto Pearson, Canada's busiest airport, saw continued growth in its overall passenger volumes, which increased 4.2% to 11.1 million in the first quarter of 2026, compared to the same period in 2025. The domestic sector passenger volume increased by 0.2 million passengers or 8.6% during the quarter, while the international sector recorded an increase of 0.2 million passengers or 2.1%. Passenger traffic in 2026 continues to face pressure from the global economic and political landscape and industry impact from the ongoing delays in aircraft delivery.   

"Toronto Pearson delivered solid first–quarter results, demonstrating the resilience and strength of our airport amid a complex global economic and geopolitical environment," said Deborah Flint, President and CEO.

"These results  reflect the financial discipline and strategic groundwork we have put in place," added Ms. Flint. "As we move through 2026, we are also driving continued progress on the  Pearson LIFT program, delivering infrastructure that enables the connectivity and capacity essential to long-term growth."

Toronto Pearson continues to monitor the global economic and political landscape closely, assessing risks and adapting as ongoing pressures from geopolitical conflicts continue to create economic and aviation sector uncertainty.

Key Passenger and Financial Information

	Three months ended March 31
(millions)	2026	2025	Change ^1
Passenger Activity				%
Domestic	3.6	3.4	0.2	8.6
International	7.5	7.3	0.2	2.1
Total	11.1	10.7	0.4	4.2
($ millions)
Total Revenues	522.4	487.4	35.0	7.2
EBITDA ^2	239.3	216.9	22.4	10.3
EBITDA Margin	45.8 %	44.5 %
Net Income	42.0	69.5	(27.5)	(39.5)
Free Cash Flow ^2	163.3	130.8	32.5	24.8
^1Percentage calculations are based on actual results (not rounded as presented).
^2 Please refer to Non-GAAP Financial Measures at the end of this document for further details.

Revenue for the three months ended March 31, 2026 was $522.4 million, an increase of 7.2%, compared to the same period in 2025. The increase in the year is primarily driven by increases in rate and fee, as well as increased aviation activity and passenger traffic.

Earnings before interest and financing costs, and amortization ("EBITDA") for the three months ended March 31, 2026 was $239.3 million, an increase of 10.3%, compared to the same period in 2025.  The increase in EBITDA is related to higher revenues associated with the increase in aeronautical fees, AIF and commercial revenues, partially offset by an increase in operating costs (before amortization). EBITDA margin during the three months ended March 31, 2026 was 45.8%, an increase of 1.3 percentage points due the above factors. Refer to section "Non-GAAP Financial Measures" of this MD&A for additional information.

The GTAA generated net income during the quarter of $42.0 million, a decrease of 39.5%, compared to the same period in 2025, primarily due to an asset write down. 

Free Cash Flow during the quarter was $163.3 million, a increase of 24.8% compared to the same period in 2025 driven by higher cash flow from operations combined with lower cash outflows related to capital expenditure. Refer to section "Non-GAAP Financial Measures" of this MD&A for additional information.

The GTAA's March 31, 2026 financial results are analyzed in more detail in the GTAA's Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis,, each for the three months ended March 31, 2026, which are available at www.torontopearson.com and on SEDAR at www.sedarplus.ca.

Caution Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. This forward-looking information is based on a variety of assumptions and is subject to risks and uncertainties. These statements reflect GTAA Management's current beliefs and are based on information currently available to GTAA Management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that the GTAA's assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in the GTAA's securities regulatory filings, including its most recent Annual Information Form and Management's Discussion and Analysis, which can be found on SEDAR at www.sedarplus.ca. 

NON-GAAP FINANCIAL MEASURES

Throughout this news release, there are references to the following performance measures which in Management's view are valuable in assessing the economic performance of the GTAA.  While these financial measures are not defined by the International Accounting Standards Board and are referred to as non-GAAP measures which may not have any standardized meaning, they are common benchmarks in the industry, and are used by the GTAA in assessing its operating results, including operating profitability, cash flow and investment program.

EBITDA

EBITDA is earnings from operations before interest and financing costs, reversal or impairment of investment property, write-down of property and equipment, and amortization.  EBITDA is a commonly used measure of a company's operating performance. This is used to evaluate the GTAA's performance without having to factor in financing and accounting decisions.

Free Cash Flow

Free Cash Flow ("FCF") is cash flows from operating activities per the consolidated statements of cash flows, and ACIP grants received less capital expenditures (property and equipment, investment property, and other) and interest and financing costs paid, net of interest income (excluding non-cash items). FCF is used to assess funds available for debt reduction or future investments within Toronto Pearson.

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" eight times in the last nine 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.

For our corporate X channel, please visit @PearsonComms. For operational updates and passenger information, please visit @TorontoPearson/@AeroportPearson on X. You can also follow us on Facebook or Instagram.

SOURCE Greater Toronto Airports Authority

GTAA Media Office | [email protected] | [phone]