Canada Post reports US$147.5 million Q1 pre-tax loss as parcel volumes drop 17.2%

Canada Post posted a pretax loss of US$147.5 million in the first quarter of 2026, as parcel volumes tumbled 17.2% and revenue fell 14.3% from a year earlier. The loss, a sharp widening from a US$29.5 million deficit a year ago, came just days before the Canadian Union of Postal Workers ratified a new contract through Jan. 31, 2029, ending more than two-and-a-half years of labor turmoil that undermined customer confidence. The operating loss surged 147% to US$196.4 million. The Crown corporation has now lost US$4.5 billion since 2018, including US$1.15 billion in 2025. Shippers diverted volumes to competitors during the uncertainty, triggering double-digit declines in parcel, mail and direct marketing revenues. Management aims to rebuild by expanding to weekend delivery, converting 136,000 addresses to community mailboxes starting in late 2026, and modernizing e-commerce services to end reliance on taxpayer bailouts. Purolator, its express unit, earned a US$16.5 million pretax profit.