Greater Toronto Airports Authority Reports 2022 Results

TORONTO, March 23, 2023 /CNW/ – The Greater Toronto Airports Authority (“GTAA”) today reported its financial and operating results for 2022.  Passenger activity significantly increased by 22.9 million or 180.8 per cent to 35.6 million during 2022, when compared to 2021.  Passenger activity increased given the easing of pandemic-related travel restrictions and pent-up travel demand compared to 2021. 

“With passenger traffic growing strongly over the fourth quarter of 2022, industry must continue to focus on post-pandemic recovery with the aim of providing the stellar passenger experience that Canadians want and deserve,” said Deborah Flint, President and CEO, GTAA. “The recovery is well under way and we are working with everyone across the ecosystem to give passengers a predictable customer experience, streamlined border procedures and modernized airport infrastructure.”

“The GTAA is investing to create the airport of the future, but we call for the federal government to continue investing in modernized infrastructure. That includes allowing Canadian airports to reinvest the rent they pay in order to accelerate progress,” continued Ms. Flint. “Doing so would bring about an aviation system that is globally competitive and on the leading edge of passenger service, benefiting not only travellers but all Canadians by virtue of the strong economic contribution that airports make to their communities, provinces and country.”

Key Financial and Passenger Information

Passenger Activity%
($ millions)
Total Revenues1,491.9826.8665.180.4823.5
Total operating expenses (excluding impairment of
investment property and amortization)
Net Income (Loss)72.3(350.4)422.7120.6(383.4)
Free Cash Flow 2235.4(46.3)281.7608.4(513.1)
 % Change” and “%” are based on detailed actual numbers (not rounded as presented). 
2 Please refer to Non-GAAP Financial Measures at the end of this document for further details.

Passenger activity through Toronto Pearson and resultant revenues increased during 2022, when compared to 2021, although the number of passenger and flight activity remains lower, when compared to 2019.  Passenger activity during 2022 was 70.5 per cent of activity in 2019.  During the fourth quarter of 2022, passenger activity recovered to 78.9 per cent of 2019 passenger activity.

The GTAA generated net income for the first fiscal year since 2019 (pre-COVID-19).  Earnings before interest and financing costs, impairment of investment property and amortization (“EBITDA”) increased significantly during 2022, when compared to 2021, due to a large increase in operating activity and revenues and the prudent management of operating costs.  Net income during 2022 increased by $422.7 million to $72.3 million, when compared to the net loss of 2021, due to the same reasons above. 

Free cash flow increased during 2022 by $281.7 million to $235.4 million, when compared to 2021, primarily driven by the significant increase in revenues over the increase in costs.

Management continues to analyze the extent of the financial impact of the COVID-19 pandemic, which has now diminished, and to implement recovery plans. In the long term, the GTAA believes that full recovery will be achieved, and the pandemic will not have a material impact on the long-term financial sustainability of the airport.

The GTAA’s December 31, 2022 financial results are discussed in more detail in the GTAA’s Consolidated Financial Statements and Management’s Discussion and Analysis, each for the year ended December 31, 2022, which are available at and on SEDAR at