Air Canada reported cargo operating revenues of C$991m in 2024, reflecting a 7% increase compared to the previous year. This growth represents an additional C$67m over 2023.
According to Air Canada’s ‘Management’s Discussion and Analysis of Results of Operations and Financial Condition’ report published on February 13, the rise in cargo revenues was driven by higher volumes of chargeable kilos and improved yields for belly cargo in the Pacific and freight in the Americas. However, the increase was partially offset by lower cargo revenues in the Atlantic region, primarily due to decreased yields.
In the fourth quarter of 2024, cargo operating revenues reached C$293m, marking a 20% rise compared to the same period in 2023. This followed an 18% year-on-year increase in cargo revenues during the third quarter of 2024.
Regarding operating expenses, Air Canada adjusted its freighter capacity plans in the first quarter of 2024 to better align with market conditions. This included the removal of two Boeing 767-300 freighters from its 2024-2025 fleet plan, resulting in a one-time operating expense of C$20m.
Throughout 2024, the airline reduced its freighter fleet by one Boeing 767-300, ending the year with six freighters, down from seven at the close of 2023.
Looking ahead, Air Canada has no plans to expand its freighter fleet through to the end of 2026. Originally, the airline intended to operate 12 freighters—10 Boeing 767s and two Boeing 777s. However, in September 2023, it cancelled an order for two new Boeing 777 freighters. Additionally, in May 2024, Air Canada cancelled its plans to convert two 767 passenger aircraft into freighters.