Press Release

Toronto Port Authority Releases 2025 Financial Statements

Toronto · May 11, 2026

Corporate

The Toronto Port Authority has released its 2025 Audited Financial Statements and Management’s Discussion and Analysis, reporting on a year of strong revenue growth and capital investment.

May 11, 2026 (TORONTO) – The Toronto Port Authority has released its 2025 Audited Financial Statements and Management’s Discussion and Analysis, reporting on a year of strong revenue growth and capital investment.

Highlights from the 2025 fiscal year include:

Consolidated revenue increased 7.4% to $87.3 million;
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased 1.4% to $29.4 million;
Capital investments relating to property and equipment totalled $26.6 million.

Table: Financial Highlights

(in $ millions)

	2025	2024	Change	%
Revenues	87.3	81.3	6.0	7.4
Operating Expenses	69.8	63.8	6.0	9.4
Earnings Before Interest	17.5	17.5	0.0	0.0
Net Income	16.9	17.0	(0.1)	(0.6)
Capital Investment	26.6	19.7	6.9	35.0

Toronto Port Authority delivered strong revenue growth in 2025, while Earnings Before Interest remained in line with the prior year. Operating revenue increased by 7.4% to reach $87.3 million in 2025, up $6.0 million year over year, from sources including airport operating fees, marine services and property rentals. Capital Investment in the year was $26.6 million to support the organization’s infrastructure and overall EBITDA increased to $29.4 million, representing an increase of 1.4 per cent over 2024.

The Toronto Port Authority’s business units all contributed towards a successful year. The Port of Toronto experienced a strong 2025, contributing $22.9 million of revenue, underscoring its continued role in supporting regional trade, industry and tourism. In 2025, the Port of Toronto handled more than 2.1 million metric tonnes of cargo, delivered by 167 vessels, marking a 6.4% increase in imports compared with 2024. The Port of Toronto is also home to a growing Great Lakes cruise ship business, with Toronto serving as an essential turnaround point. The cruise ship business at the Port of Toronto posted solid results, with 42 cruise ship calls bringing more than 18,000 passengers to the city via the Cruise Ship Terminal.

Billy Bishop Toronto City Airport had a positive 2025. Revenues in 2025 were higher than in 2024, owing to higher Airport Operating Fees. Total passengers exceeded 1.7 million, down from 2 million in 2024.

Outer Harbour Marina reported revenues of $6.0 million for the year and made investments in enhanced amenities including The Dock Shoppe and The Cottage convenience store.

Toronto Port Authority’s contribution to the city and region in which it operates was significant in 2025 through $2.7 million in the form of payments in lieu of taxes and $2.4 million in property taxes to the City of Toronto. Additionally, $3.7 million was paid to the federal government for charges on gross revenue.

The Toronto Port Authority’s financial statements can be found on the website under Financial Accountability.

Quotes

“The Toronto Port Authority is a driving force behind a thriving waterfront, supporting jobs, enabling trade, and delivering the infrastructure our region depends on,” said Jane McKenna, Board Chair. “In 2025, we advanced and delivered key projects with a high degree of success, underscoring our ability to translate vision into tangible results. Our work generates billions in economic impact each year and helps fuel shared prosperity.”

“The year 2025 has been another strong year for the Toronto Port Authority, with important progress across all parts of our business,” said RJ Steenstra, President and CEO. “We’re investing in our facilities and services to better connect people, goods and communities, while continuing to build on our longstanding waterfront legacy. From marine shipping and recreational boating to aviation, we remain focused on responsible growth and creating new opportunities for the future of Toronto and the region.”

Annual General Meeting

The organization’s 2025 Annual General Meeting will be held on Thursday, June 11, 2026. For more information and to register by June 10, visit the event page on Eventbrite.

About the Toronto Port Authority

The Toronto Port Authority owns and operates Billy Bishop Toronto City Airport, which welcomes approximately two million passengers and generates approximately $2 billion in economic impact per year; the Outer Harbour Marina, one of Canada’s largest freshwater marinas; and the marine Port of Toronto, which facilitates businesses such as marine shipping, cargo services and passenger cruises to generate approximately $460 million in economic activity annually. Since 1911, and in its role as a city builder, the Toronto Port Authority has worked with partners and every level of government to enhance Toronto’s transportation infrastructure and economic growth. The Toronto Port Authority is committed to fostering strong, healthy and sustainable communities, and has invested more than $30 million in recent years to fund charitable initiatives and environmental programs that benefit communities along Toronto's waterfront and beyond.

The Toronto Port Authority is a federal agency and operates in accordance with the Canada Marine Act. It is guided by a Board of Directors that includes representation from all three levels of government.

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