Canada Post said on Friday that it has lost more than $1 billion from operations so far this year, as it reported $541-million before-tax losses in the third quarter.

The Crown corporation said the loss was “unprecedented” — the largest quarterly loss in its history — and a 71.7 per cent increase in losses over the same period last year.

Before taxes, the company reported $989 million in losses in the first nine months of 2025, compared to a loss before tax of $345 million in the same period last year.

“The company is facing the most severe and challenging financial situation in its history,” it said in its earnings release. “Canada Post’s financial situation continued to deteriorate in the third quarter of 2025…”

Canada Post blamed labour uncertainty for the losses it incurred this year, most of which were in the second and third quarters, it said. Those periods reflect the significant impact of its postal workers’ labour disruption on the business, it added.

It said that labour uncertainty and its workers’ ongoing strike activity have driven customers to competitors for their deliveries. Its parcels revenue has declined by approximately 40 per cent, it said.

The company’s revenue fell by $283 million or 18 per cent in the third quarter, and by $386 million or 6.8 per cent so far this year.

Its transaction mail revenue rose due to stamp price increases, it said, as well as volume increases related to election mailings and a surge in lettermail following the national strike in the fourth quarter of 2024.

Negotiations between Canada Post and the Canadian Union of Postal Workers (CUPW), which represents 55,000 employees, have been ongoing for the last 23 months. The union has been on a rotating strike since Oct. 11 following a two-week-long national strike.

CUPW has been without new collective agreements since the beginning of the year.

“Canada Post needs to get back and expand its share of the parcel market,” the union said on Tuesday, when the company shared initial figures of the third quarter results during an annual public meeting.

Meanwhile, Canada Post-owned Purolator recorded a profit of $59 million in the third quarter, compared to $62 million in 2024.

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