Statistics Canada released quarterly financial data for Canadian air carriers covering the second quarter of 2024 through the second quarter of 2025. The operating ratio, which measures operating expenses as a share of revenue, fell from 0.95 in Q2 2024 to 0.87 in Q3 2024 before rising to 1.00 in Q4 2024 and 1.03 in Q1 2025, before easing to 0.97 in Q2 2025. Operating profit margins improved markedly from 5.2 % in Q2 2024 to 13.4 % in Q3 2024, then dropped to 0.1 % in Q4 2024 and fell below zero at –3.0 % in Q1 2025, recovering to 2.5 % in Q2 2025. Profit margin data for Q3 2024 were suppressed, while the latest quarter shows a margin of 3.3 %.
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