by Natasha Lair
Last updated: 8:30 AM ET, Fri March 28, 2025
Toronto Pearson International Airport (YYZ) continued its post-pandemic recovery in 2024, with passenger numbers rising 4.4% to 46.8 million, according to the Greater Toronto Airports Authority (GTAA).
The growth was fueled by a 7.5% surge in international travel.
“This was an exceptionally good year for Pearson’s standing as a global travel hub,” said Deborah Flint, President and CEO of the GTAA.
“We successfully attracted seven new airlines—the most of any large airport in North America—and earned the title of North America’s Best Airport Over 40 Million Passengers in the annual Airport Service Quality awards.”
Expansion Plans
To accommodate future growth, the GTAA is pressing ahead with Pearson LIFT, a long-term infrastructure investment program announced in April 2024.
The initiative aims to modernize existing facilities, expand terminal space, and implement advanced technologies to enhance passenger experience and operational efficiency.
“LIFT is vital to increase our competitiveness and enhance our position as a global travel hub,” Flint stated in a press release.
“Our airline partners support this vision, and we are moving forward with pace to deliver this much-needed infrastructure quickly and affordably.”
The airport also made significant capital investments in 2024, including major airside infrastructure rehabilitation, a next-generation check-in system, and terminal washroom upgrades.
Additionally, Pearson expanded its vehicle fleet with new fire trucks, snow cutters, and deicing trucks.
Revenue Growth
Financially, the GTAA saw revenues climb by $88.3 million to $1.97 billion, driven by increased passenger traffic and higher aeronautical rates.
Due to higher operational costs, EBITDA declined by $22.1 million to $938.2 million. Net income rose by $64.2 million to $329.2 million, supported by asset revaluations and increased interest income.
The GTAA extended its Ground Lease by 20 years to secure long-term stability, ensuring operational certainty until 2076.
Adapting Amid Economic Uncertainty
The GTAA stated that it will continue closely monitoring geopolitical events, assessing our risks and positioning ourselves to adapt as ongoing tariff pressures create economic uncertainty.
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