Chorus Aviation (CHR) Q3 2025 earnings summary

Executive summary

• Delivered solid Q3 2025 financial results, with strong execution on strategic plans and operational performance.

• Net income for Q3 2025 was $10.7 million, down from $18.4 million in Q3 2024, mainly due to a $12.8 million negative swing in unrealized foreign exchange losses.

• Adjusted Earnings available to Common Shareholders rose to $15.4 million from $11.7 million year-over-year, driven by lower net interest expense.

• Completed the redemption of Series B debentures, substantially finishing debt repayment and balance sheet restructuring.

• Announced a second SIB in 2025, targeting up to $50 million in share repurchases; $35.2 million repurchased year-to-date.

Financial highlights

• Adjusted EPS of $0.60, up from $0.43 in Q3 2024, driven by lower corporate costs and net interest expense.

• Adjusted EBITDA of $51.6 million, down $2 million year-over-year, primarily due to lower aircraft leasing revenue and reduced activity at Voyageur.

• Free cash flow of $33.2 million, up $0.7 million year-over-year.

• Leverage ratio at 1.5x as of September 30, 2025, within the targeted 1x-2x range.

• Operating revenue for Q3 2025 was $323.6 million, down 5.4% year-over-year.

Outlook and guidance

• Expect to realize $20 million in net proceeds from three Dash 8-400 aircraft sales by year-end, with $42 million more from six additional aircraft sales by July 2026.

• Voyageur's 2025 revenue is forecasted at $140–$145 million, including $8 million intercompany revenue, with an improved operating income margin of 8.25% versus 7.25% in 2024.

• Jazz's Fixed Margin under the CPA is expected to be no less than $59.6 million in 2025 and $43.9 million in 2026.

• Capital expenditures for 2025 are projected between $32.5 million and $47.5 million.

• 2026 forecast U.S./CAD FX rate remains at 1.35; Q4 2025 updated to 1.38.