NAV CANADA announces fiscal 2025 third quarter financial results Français
In the third quarter of fiscal 2025, the Company saw a further increase in air traffic levels, as measured in weighted charging units (1), of 4.5% on a year over year basis. The Company's revenue for the third quarter of fiscal 2025 was $466 million, compared to $433 million over the same period in fiscal 2024.
During this quarter, NAV CANADA's financial performance demonstrated strong operating results, reflecting increased air traffic levels and the Company's commitment to fiscal responsibility. NAV CANADA is proud to have earned prestigious recognitions, including the CANSO level 2 GreenATM Environmental Accreditation and the CANSO Global Safety Achievement Award, underscoring our commitment to excellence, sustainability and safety.
"Traffic figures reflect the industry's resilience and operational strength despite recent headwinds," says Mark Cooper, NAV CANADA's President and CEO. "By continuously investing in our people and technology, we are building a foundation for long-term success. We remain focused on maintaining this momentum and delivering value to all our stakeholders."
The Company is closely monitoring external events, assessing our risks and positioning ourselves to remain agile amid heightened global uncertainty.
The Company had positive free cash flow (2) of $26 million in the third quarter of fiscal 2025 as compared to positive free cash flow of $17 million in the same period in fiscal 2024. The increase in free cash flow is driven by higher receipts of government grants and lower capital investments, partially offset by lower operating cash inflows as compared to the third quarter of fiscal 2024. The Company ended the quarter with a cash balance of $675 million.
Operating expenses for the third quarter of fiscal 2025 were $443 million as compared to $418 million over the same period in fiscal 2024, primarily due to higher compensation costs driven by an increase in both wage and staffing levels.
Other expenses for the third quarter of fiscal 2025 were $42 million as compared to $19 million over the same period in fiscal 2024, primarily due to change in fair value of the investment in Aireon as well as the impact of changes in the Canadian and U.S. dollar exchange rate on this investment.
The Company had a net loss (before net movement in regulatory deferral accounts including rate stabilization) of $19 million in the third quarter of fiscal 2025 as compared to a net loss of $5 million for the third quarter of fiscal 2024.
The Company is subject to legislation that regulates its approach to setting charges. The timing of the recovery of certain revenue and expenses through customer service charges is managed through movements in regulatory deferral accounts. The net movement in regulatory deferral accounts for the third quarter of fiscal 2025 was an income of $19 million as compared to an expense of $27 million over the same period in fiscal 2024.
As of May 31, 2025, the rate stabilization account had a debit balance of $168 million, which reflects a decrease of $18 million during the quarter. This shortfall is to be recovered from customers through future customer service charges.
Associated Links
The Company's Financial Statements and Management's Discussion and Analysis for the three and nine months ended May 31, 2025 can be found at:
Financial Statements
Management's Discussion and Analysis
About NAV CANADA
NAV CANADA is a private, not-for-profit company, established in 1996, providing air traffic control, airport advisory services, weather briefings and aeronautical information services for more than 18 million square kilometres of Canadian domestic and international airspace.
The Company is internationally recognized for its safety record and technology innovation.
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