Pearson Passenger Growth Slows As Trans-Border Travel Sags

Canada’s busiest airport saw slight growth in overall passenger volumes in the first half of the year, largely driven by strong growth in both domestic and international sectors. 

Overall international growth at Toronto Pearson, however, was offset by a decline in trans-border travel. 

Year-to-date passenger volume was also impacted by extreme weather events, and a five-day runway closure due to a single aircraft incident in the first quarter.

Overall traffic increased by 0.3 million or 1.5% to 12.0 million for the second quarter and 0.1 million or 0.1% to 22.7 million year-to-date, when compared to the same periods of 2024. 

“Q2 2025 was encouraging with growth in domestic and international sectors, which offset the decline in trans-border U.S. travel,” said Deborah Flint, Greater Toronto Airport Authority President and CEO.  

“Amid ongoing uncertainties in the global economic and political landscape, year-to-date performance is as strong as 2024, and our long-term strategy remains firmly on track.”

Rate and fee increases helped drive higher revenues. Revenues for Q2 were $520.7 million, an increase of 7.3%. Year-to-date revenue was $1,008.1 million, an increase of 5.7. The GTAA said the increase in the second quarter and year-to-date is primarily driven by rate and fee increases, aviation activity and a marginal increase in overall passenger traffic.

Earnings before interest and financing costs, and amortization (“EBITDA”) for the second quarter was $260.9 million, an increase of 8.4%, while year-to-date EBITDA was $477.8 million, an increase of 3.9%.