Companies: 10,795·Total market cap: $144.5T
Air Canada

Air Canada

AC.TOTSXIndustrials● Active
$21.23
$-0.18(-0.84%)
Market Cap$6.1B
P/E Ratio—
52W High$23.72
52W Low$16.45
Free Cash FlowFinancialsRevenue

Air Canada (AC.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

AC.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was $747.0M for FY2025 (fiscal year ending 2025-12-31), down 42.3% year-over-year The FCF margin was 3.3%.

FY2025 Free Cash Flow$747.0M▼ -42.3% YoY
Trailing 12M (TTM)$1.24Btrailing 4 quarters sum
FCF Margin3.3%$747.0M ÷ revenue
3-Year CAGR-2.1%FY2022 → FY2025
5-Year CAGRN/AN/A — contains negative FCF
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
ac.to free cash flow history · ac.to free cash flow chart · ac.to free cash flow growth rate · ac.to free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest$747.0M▼ 42.3%3.3%
FY2024$1.29B▼ 53.0%5.8%
FY2023$2.76B▲ +246.2%12.6%
FY2022$796.0M▲ +130.2%4.8%
FY2021−$2.64B▲ +25.9%-41.2%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
ac.to free cash flow 2025 · ac.to free cash flow 2024 · ac.to free cash flow 2023 · ac.to operating cash flow

FCF valuation metrics

Air Canada (AC.TO) trades at a FCF yield of 20.16% and a price-to-free-cash-flow ratio of 5.3x. FCF per share stands at $3.98, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)
20.16%
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
$3.98
TTM FCF ÷ Shares Outstanding
Price / FCF
x5.3
Share Price ÷ FCF per Share
EV / FCF (TTM)
x11.6
Enterprise Value basis
Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31
ac.to price to free cash flow · ac.to free cash flow yield · ac.to free cash flow per share · ac.to price to cash flow ratio

Cash flow statement summary

For FY2025, Air Canada generated $3.66B in operating cash flow and spent 2.91B in capital expenditures, yielding $747.0M in free cash flow.

Operating Activities
+$3.66B
Cash from core business operations
2025-12-31
Investing Activities
−$1.00B
CapEx, acquisitions & investments
2025-12-31
Financing Activities
−$2.37B
Buybacks, dividends & debt
2025-12-31
FCF FormulaOperating CF ($3.66B) − |CapEx| (2.91B) = FCF ($747.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
ac.to cash flow statement · ac.to cash flow statement 2025 · ac.to operating cash flow · ac.to cash flow from operations

Free cash flow vs peers (Industrials)

#CompanyFree Cash FlowYoY
#1
Air Canada
Air CanadaYOU
AC.TO
$747.0M-42.3%
#2
Caterpillar Inc.
Caterpillar Inc.
CAT
$10.27B+16.5%#3
RTX Corporation
RTX Corporation
RTX
$7.94B+75.1%#4
GE Aerospace
GE Aerospace
GE
$7.26B+97.5%#5
The Boeing Company
The Boeing Company
BA
−$1.88B+87.0%#6
Space Exploration Technologies Corp.
Space Exploration Technologies Corp.
SPCX
−$13.95B-159.0%
Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Air Canada (AC.TO) reported free cash flow of $747.0M for FY2025 (fiscal year ending 2025-12-31), down 42.3% year-over-year. The FCF margin was 3.3%.

Based on available data, Air Canada has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $3.69B in FY2019.

Air Canada's FCF yield is 20.16% and price-to-FCF ratio is 5.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

AC.TO free cash flow · 8 questions

Air Canada free cash flow was $747.0M for FY2025, down 42.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.24B.

AC.TO free cash flowAC.TO FCFAC.TO FCF 2025AC.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Air Canada · Air Canada SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026