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Canada’s national mail carrier has released its latest financial report, detailing a whopping $1.57 billion in losses last year before tax — its worst on record.
It’s yet another blow to the Crown corporation that’s already drowning in debt so badly that it’s surviving on $2 billion worth of federal loans to stay afloat.
“The severity of the corporation’s financial situation underscores the urgency to transform and meet the modern needs of the country,” Canada Post wrote in a news release Monday.
The $1.57-billion loss in 2025 is nearly double what the corporation lost in 2024, when it posted $841 million in losses before tax.
Canada Post is blaming a combination of disruptions from strike action and federal regulations that impeded the corporation from competing with private mail carriers.
“Canada Post’s financial situation deteriorated significantly in 2025 as labour uncertainty weighed on the business, and decades-old rules and frameworks continued to impede the company’s modernization and its ability to compete,” the statement reads.
Parcel revenue and volumes fell more than 30 per cent in 2025, the corporation said.
Canada Post is beginning the first wave of ending door-to-door delivery as it shifts to community mailboxes. The move is intended to save money and address the Crown corporation’s debt.
The dark financial picture comes the same day that Canadian Union of Postal Workers (CUPW) members begin voting on a new collective agreement.
Canada Post and CUPW were previously locked in a major labour dispute that spanned over a year and included two nationwide strikes that brought mail delivery to a complete standstill right before the busy holiday seasons.
Jon Hamilton, a spokesperson for Canada Post, said the corporation continues to lose money in 2026, in part because the corporation has lost customers it can’t get back.
“We’re consistently down again because our large retailers, those who ship a lot of parcels, are saying ‘We’ll talk to you when you have certainty. Until then, we’re going to stay with the competition.'”
Canada Post is expected to be self-sustaining through the products it sells. But since 2018, is has lost money every year, now totalling $6.1 billion.
“We absolutely don’t want to be relying on taxpayers to top us off so that we can continue to operate. That’s likely going to be a reality as we move forward,” Hamilton said.
Canada Post is the process of completely restructuring how it operates in an attempt to once again be financially viable. Those changes are expected to take years.
Last week, the corporation announced the first batch of new postal codes to lose door-to-door delivery as part of that plan.
The national mail carrier plans to switch the four million addresses that still get doorstep delivery to community mailboxes in the next five years.
It’s expected to save $400 million annually and lead to a 30 per cent reduction in the workforce at the depots where the changes are happening.
CBC News has reached out to the Canadian Union of Postal Workers for comment but has not received a response.
