Air Canada released Q4 and FY2023 financial results on Friday, showing a record full-year operational revenues of $21.8 billion. But the union representing the carrier's pilots says it isn't compensating pilots as well as it should, leading to hundreds wanting to leave.

The Air Line Pilots Association International (ALPA) — the largest airline pilot union in the world, represents more than 77,000 pilots at 43 US and Canadian airlines — explained that it's negotiating a new pilot contract with the airline after the last one expired in September 2023. It was nearly a decade old.

Contractual negotiations have been ongoing for seven months, and the results could drastically impact the airline's service as we know it.

ALPA noted that for 70 per cent of the carrier's pilots, leaving or staying with the airline will depend on the outcome of contract negotiations. They could go to other airlines or "leave the profession entirely" amid a pilot-supply crisis.

"Pilots at comparable airlines in the United States are paid 50 to 300 per cent more than pilots in Canada," the union shared. "Currently, up to 500 Air Canada pilots are working with US immigration firms in search of a contract that better reflects their efforts and experience."

Air Canada's full-year operating revenues in 2023 were 32 per cent higher than in 2022. Its adjusted pre-tax profit was more than twice that of 2022 as well, at $3.982 billion.

Compared to Q4 of 2022, last year's Q4 operating revenues were $5.175 billion — up 11 per cent.

"Today's earnings report shows that Air Canada continues to grow, thanks in large part to the contributions Air Canada pilots made throughout this past holiday season and beyond," said Charlene Hudy, Air Canada ALPA Master Executive Council chair, in an emailed statement.

She shared that despite being one of the most profitable airlines in North America, Air Canada has "yet to recognize the value of its pilots and compensate them accordingly."

"In light of today's announcement from Air Canada, we want to remind them that their future success, both financially and operationally, will require them to recognize the value in its pilots and take steps to attract and retain experienced pilots in the flight deck," said Hudy.

"The Air Canada pilots deserve a world-class contract that better reflects today's world — one that addresses career progression, job security, quality-of-life concerns, and closes the growing wage gap between the United States and Canada," she concluded.