May 28, 2025
Canada Post has released its 2024 Annual Report, including the company’s financial results for the year.
The challenges facing the postal system – operational, structural and regulatory – are enormous and they are mounting. The need to change our operating model, respond to our challenges and secure this national infrastructure for the road ahead, is more urgent than ever before.
2024 Annual Report highlights
- Canada Post recorded a loss before tax of $841 million in 2024, compared to a $748-million loss before tax in 2023. It’s the seventh consecutive annual loss for the Corporation.
- The company’s operating loss for the year was nearly $1.3 billion, which excludes income from the divestitures of SCI Group Inc. and Innovapost Inc. Without the divestitures, the $841-million loss before tax for 2024 would have been significantly larger.
- Since 2018, Canada Post has lost more than $3.8 billion before taxes.
- Letter mail continued to decline in 2024 and our Parcels business remained under threat in a highly competitive delivery market.
- Revenue for the year declined by $800 million, or 12.2 per cent, compared to 2023, falling across the Parcels, Transaction Mail and Direct Marketing lines of business.
- The labour disruption in the fourth quarter contributed a net negative impact of $208 million toward the $841-million loss before tax. Revenue fell much more than costs during the strike period.
- Our financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). They are jointly audited by an independent, third-party accounting firm and the Office of the Auditor General of Canada.
We welcomed the recent report by the Industrial Inquiry Commission, which provided a frank and objective assessment of our challenges and the fundamental obstacles facing Canada Post and the Canadian Union of Postal Workers (CUPW). We remain focused on reaching new agreements with CUPW, and we look forward to working with the new government in Ottawa to make the changes necessary to modernize and preserve this vital infrastructure for Canadians, long into the future.
More information
