TORONTO, CANADA - The Greater Toronto Airports Authority (“GTAA”) today reported its financial and operating results for 2024. Toronto Pearson, Canada’s busiest airport, saw continued strength in demand for air travel, as passenger volumes increased 4.4 per cent to 46.8 million in 2024, compared to 2023. Growth was led by a 7.5 per cent increase in international travel, reflecting Toronto Pearson’s status as North America’s most internationally connected airport.
“This was an exceptionally good year for Pearson’s standing as a global travel hub,” said Deborah Flint, President and CEO. “As we continue to build back towards our 2019 peak in passenger numbers, we successfully attracted seven new airlines to start operations here – the most of any large airport in North America. We also secured the highly coveted title of North America’s Best Airport Over 40 Million Passengers in the annual Airport Service Quality awards – the industry’s gold-standard ranking.”
“These are incredible achievements and reflect the gains we have already made in the early stages of our new 10-year strategic plan. To accommodate growth and changing customer expectations, we are investing across the airport to improve the passenger experience, support operational resilience and add capacity, including through digital transformation initiatives and adoption of new technologies.”
A key element of the strategic plan is Pearson LIFT, a long-term capital program to accommodate projected passenger growth over the next decade. Announced in April 2024, LIFT is a major infrastructure investment plan focused on transforming Pearson into one of the most advanced, sustainable and passenger-friendly airports in the world. Pearson LIFT will revitalize existing facilities, replace ageing assets and build substantial new modernized terminal space for Pearson passengers and partner airlines.
“LIFT is vital to increase our competitiveness and enhance our position as a global travel hub and key driver of the Canadian economy,” said Ms. Flint. “Our plans have been formally endorsed by our airline partners at Pearson, and we are moving forward with pace to deliver this much-needed new infrastructure quickly and affordably.”
GTAA is closely monitoring geopolitical events, assessing our risks and positioning ourselves to adapt as ongoing tariff pressures create economic uncertainty.
Key Passenger and Financial Information
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(millions) |
2024 |
2023 |
Change 1 |
2022 |
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Passenger Activity |
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% |
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Domestic |
16.4 |
16.5 |
(0.1) |
(0.8) |
14.3 |
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International |
30.4 |
28.3 |
2.1 |
7.5 |
21.3 |
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Total |
46.8 |
44.8 |
2.0 |
4.4 |
35.6 |
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($ millions) |
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Total Revenues |
1,975.4 |
1,887.1 |
88.3 |
4.7 |
1,491.9 |
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EBITDA 2 |
938.2 |
960.3 |
(22.1) |
(2.3) |
758.8 |
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EBITDA Margin |
47.5 % |
50.9 % |
(3.4) |
(6.7) |
50.8 % |
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Net Income |
329.2 |
265.0 |
64.2 |
24.2 |
72.3 |
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Free Cash Flow 2 |
381.4 |
468.7 |
(87.3) |
(18.6) |
235.4 |
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1 Percentage calculations are based on detailed actual numbers (not rounded as presented). |
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2 Please refer to Non-GAAP Financial Measures at the end of this document for further details. |
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Revenues increased during the year ended December 31, 2024 by $88.3 million to $1,975.4 million, when compared to the same period of 2023, attributed primarily to an increase in passenger and flight activity and higher aeronautical rates.
Earnings before interest and financing costs, and amortization (“EBITDA”) decreased during the year ended December 31, 2024 by $22.1 million to $938.2 million, compared to the same period of 2023. Higher revenues associated with the increase in operating activity were offset by an increase in operating costs for 2024 reflecting investments in the year to support customer experience as passenger levels continue to grow.
Net income increased during the year ended December 31, 2024 by $64.2 million to $329.2 million, compared to the same period of 2023. In addition to the factors described above, the increase was due to impairment charges on investment properties in 2023 that did not reoccur, asset revaluations and higher interest income associated with cash and cash equivalents and short-term investments.
Free cash flow decreased during the year ended December 31, 2024 by $87.3 million to $381.4 million, compared to the same period of 2023, driven by lower receipt of funds under the Airport Critical Infrastructure Program (“ACIP”) and a decrease in cash flows from operations driven by the timing of change in working capital. Cash flows from operations are used to fund capital expenditures focused on improving facilities and enabling growth, while maintaining quality customer experience.
During 2024, some notable results from the GTAA's capital investments included:
- rehabilitation of approximately 465,400 square metres of airside infrastructure, encompassing runway 15R33L, taxiways, and apron slabs and an additional 40,000 square metres of repairs on runway 05-23, Taxiway A, and Taxiway G.
- procurement and receipt of the next-generation check-in solution which provides new and critically touchless and/or low-touch processes for all passengers at the Terminals.
- Modernization of the infield concourse to facilitate passenger growth and provide operational flexibility via additional gate availability. The project was substantially completed in November 2024, delivering refurbishments to terminal amenities and existing gates, and adding new gates.
- Revitalization of T1 washrooms including amodernizing and standardizing washroom facilities throughout the terminal including the introduction of new technology and improved accessibility.
- As part of the Airport's fleet replenishment, GTAA has procured equipment such as fire trucks, snow cutter blowers, deicing trucks, tractors and compact multi-task vehicles. The addition of these new vehicles added resiliency to the GTAA's fleet, ensuring sufficient operational vehicles to clear the runways and taxiway surfaces at Toronto Pearson.
In 2024, the GTAA exercised the 20-year extension of its Ground Lease. As a result, the Ground Lease now expires on December 1, 2076. This extension provides greater stability for commercial partners and financial investors at the Airport.
The GTAA’s December 31, 2024 financial results are analyzed in more detail in the GTAA’s Audited Consolidated Financial Statements and Management’s Discussion and Analysis, each for the year ended December 31, 2024, 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” six times in the last seven 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.
Contact: GTAA Media Office | media.relations@gtaa.com | (416) 776-3709