Chorus Aviation (CHR) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with adjusted net income up 41.8% to $19.1M, advancing strategic growth in aviation, aerospace, and defense, and maintaining a diversified, cash-generating portfolio supported by recurring revenue streams.

• Generated CAD 117.7M in free cash flow and aircraft sale proceeds in H1, with CAD 72.6M in Q2, and returned $17.3M to shareholders via share repurchases and dividends.

• Maintained a strong balance sheet with leverage at 1.5x and liquidity of CAD 204M as of June 30, 2026.

• Completed KADEX Aero Supply acquisition, which contributed $1.2M net income in Q2 and outperformed initial expectations.

• Continued disciplined capital allocation, including share repurchases, dividends, and growth investments.

Financial highlights

• Adjusted EBITDA was $50.7M in Q2 2026, nearly flat year-over-year.

• Adjusted net income per share rose to $0.83, up from $0.54 year-over-year; free cash flow per share increased to $1.41.

• Free cash flow reached $32.3M in Q2 2026.

• Operating revenue rose 7.6% year-over-year to $349.4M in Q2 2026.

• Leverage improved to 1.5x from 1.7x at year-end 2025.

Outlook and guidance

• Reaffirmed full-year 2026 guidance, expecting to track toward the high end, with adjusted EBITDA of $170–185M and free cash flow of $100–110M.

• No anticipated step down in H2; continued strong performance expected from Voyageur, KADEX, and Jazz.

• United Nations contract revenue to remain steady through Q1 2027.

• Forecasts $35–45M free cash flow after repayment of amortizing term loans.

• Capital expenditures for 2026 expected between $36.5–51.5M.