Canada Post reported a $205 million pre-tax loss in the first quarter of 2026, extending its financial decline as the Crown corporation grapples with falling revenue and customer uncertainty. The results were released just before unionized postal workers finished voting on new contract ratifications.
Parcel revenue alone dropped $79 million year-over-year, with volumes down 17% compared to the first quarter of 2025. The company blamed the losses on labor instability, as customers shifted to more reliable competitors.
The Canadian Union of Postal Workers has been holding ratification votes since April 20. Union leadership urged approval, but strike votes are also underway to gain leverage if the deal fails.
New contracts would implement federal changes announced last fall: workforce reductions, phasing out door-to-door delivery, and resuming weekend parcel services. Canada Post said it will transition to community mailboxes over five years.
The company has also cut executive positions and closed some post offices in areas that have grown suburban. It pledged to protect rural, remote, and Indigenous communities, and to allow door-to-door delivery for those with mobility issues.