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Air Canada · AC (TSX) · FY2025

Air Canada Aeroplan by the numbers

Air Canada bought Aeroplan back in 2019 and folds it into "other revenues", so the program's profit is invisible, but its footprint is not: about C$4.6 billion of deferred points revenue against C$22.4 billion of annual revenue.

Written and reviewed by the Points Plug team. Last reviewed .

What Air Canada reports

Loyalty revenue
C$1.7 billion other revenues
Aeroplan revenue is not broken out. Other revenues were C$1,735m in 2025, up 15%, with "higher non-air revenues related to the Aeroplan program" cited as a driver.
Deferred revenue for unredeemed miles
C$1.84 billion current
"Aeroplan and other deferred revenues" (current) at 31 December 2025, up from C$1,588m. The non-current portion was C$2,811m at 30 September 2025.
Members
10 million+
"Active members totalling more than ten million" per the 2025 annual information form.

Card partners and deals

  • TD, CIBC and American Express in Canada, and Chase in the US. Contract terms are not disclosed.
  • Air Canada took a C$26 million charge in 2025 to settle tax matters from its 2019 repurchase of Aeroplan from Aimia.

How the miles are accounted for

  • Aeroplan points are deferred revenue, split between a current portion (C$1.84bn) and a non-current portion (about C$2.8bn), with the whole balance around C$4.6bn.
  • Air Canada does not report Aeroplan as a segment or disclose its profit.

What it means

Other revenues of C$1.7 billion grew 15% in 2025, faster than the airline, with Aeroplan's non-air revenue (mostly card partner payments) named as a driver. Group operating income was C$918 million, so a loyalty program earning anything like the 20% margins disclosed by Qantas or Flying Blue would account for a large share of it.

With more than 10 million active members and four issuing banks, Aeroplan is Canada's dominant program. The 2026 move to earning 1 point per dollar on Air Canada flights, the lowest base rate among the programs here, lowers the cost of miles issued for flying while the bank-funded issuance keeps growing.

What it means for your Air Canada Aeroplan balance

A program that earns more from selling miles to banks than from flights has an incentive to keep issuing them, and the deferred revenue line is the airline's own estimate of what an average outstanding mile will cost it to honour. Compare that with published valuations and with what Points Plug pays to see where your balance stands.

Air Canada Aeroplan finances: FAQ

How much does Aeroplan make for Air Canada?
Not disclosed. Air Canada reports Aeroplan inside other revenues, which were C$1.7 billion in 2025, up 15%.
How big is the Aeroplan liability?
About C$4.6 billion: C$1.84 billion current at 31 December 2025 plus about C$2.8 billion non-current.
How many Aeroplan members are there?
More than 10 million active members, per Air Canada's 2025 annual information form.

Sources

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