WestJet Airlines profit history

First published on March 24, 2012

Amidst all of the reports of Air Canada‘s financial troubles and strikes, I was curious about the financial history of Canada’s other major airline, WestJet. I couldn’t find a simple chart on the history of WestJet’s profit / losses, either quarterly or yearly. Here’s a simple table and chart on WestJet’s annual net earnings history, taken from WestJet’s annual reports:

Year Net earnings (thousands of dollars)
1997 6,200
1998 6,500
1999 15,800
1999 15,800
2000 30,300
2001 36,700
2002 51,780
2003 60,539
2004 -17,168
2005 24,001
2006 116,631
2007 189,048
2008 178,506
2009 98,178
2010 90,197
2011 148,702

WestJet profit/loss history

Note: earnings prior to 2010 are stated using Canadian GAAP. 2010 and later are stated using IFRS, which is now mandatory for publicly accountable companies in Canada.

Note: I do not own, nor do I plan to ever own, shares in WestJet, Air Canada, or any related company.


One Response to “WestJet Airlines profit history”

  1. Tim says:

    I don’t know if it is the union is driving AC into the ground, but even comparing the Air Canada stock on the TSE against WJA does indicate public sentiment has been waning for quite some time. I’m curious if there are numbers on a route level, to be able to fairly compare AC ridership on the same routes as WJ. My guess is that WJ has an advantage in focusing on its more profitable routes.

    Reply from Peter: I also read somewhere that WestJet’s break-even load factor is somewhere around 75% whereas Air Canada’s is around 85%

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