Canada Post says it has lost over $1 billion in operational expenses so far this year amid ongoing labour disruptions.
The Crown corporation and its largest union of postal workers have been without a collective agreement for nearly two years, and November marks one year since a nationwide strike amid the holiday shopping season.
The numbers were revealed as the company hosted its annual public meeting for 2025 on Tuesday.
Canada Post says it has seen an operational loss of just over $1 billion, according to chief financial officer Rindala El-Hage, who added that the third quarter dating from July through September alone saw a loss of about $535 million.
The second quarter saw a loss of just over $400 million, and at the time, the company said it was the “largest loss” in a single quarter to date.
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An operational loss occurs when a company spends more to maintain its core services than it brings in through revenue from those same services.
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Business owners, industry leaders and individuals have been seeking alternative carriers, especially for parcels while the labour disruptions have been ongoing. With alternative carriers available, albeit often at a higher cost, Canada Post reports it continues to lose its share of the market.
“Canada Post used to dominate the parcel delivery industry. However, our faster and more efficient competitors not only caught up to us — they have far surpassed us,” said chief operating officer Alexandre Brisson at Canada Post.
“Over the past few years, Canada Post’s market share has plummeted, which has decimated its financial position.”
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El-Hage also said “Canada Post is now effectively insolvent,” echoing wording from the Industrial Inquiry Commission’s report in May.
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The Canadian Union of Postal Workers continues to negotiate with Canada Post, along with the help of federal mediators, to reach a collective agreement.
Canada Post has been working with Joël Lightbound, minister overseeing the overhaul of Canada Post, to help the company become financially sustainable. Recommendations include reducing letter delivery standard timelines, expanding parcel delivery schedules, increasing the use of community mailboxes, as well as reducing staff.
Amid the ongoing negotiations, the CUPW continues to engage in labour disruptions as rotating strikes, but neither the union or Canada Post has been able to assure further strike action can be avoided.
“The way to reverse this trend is clear — Canada Post needs more customers, and a new collective agreement that brings flexibility and efficiency in its delivery model,” said Brisson.
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