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Cargojet (CJT) investor relations material
Cargojet Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Leadership transition continues with Pauline Dhillon confirmed as next CEO effective January 1, 2026, following Jamie Porteous stepping back to a strategic advisor role after 24 years of service.
Domestic network revenue grew 6.3% year-over-year, offsetting declines in ACMI and Charter revenues due to macroeconomic headwinds.
Total revenues fell 10.5% year-over-year to $219.9 million, primarily from lower ACMI and Charter business.
Free cash flow surged 218.8% year-over-year to $152.4 million, driven by higher operating cash flow and asset disposals.
Net earnings dropped 70.4% year-over-year to $8.8 million, reflecting revenue declines in non-domestic segments.
Financial highlights
Domestic revenue grew by 6.3% year-over-year to just under CAD 100 million, offsetting declines in ACMI and charter revenue.
Adjusted EBITDA margin was robust at 32.0%, though down 1.5 percentage points from the prior year.
Free cash flow: $152.4 million (up 218.8% year-over-year).
Adjusted net earnings: $4.9 million (down 79.2% year-over-year).
Maintenance capital expenditures for the quarter were CAD 45.5 million, with year-to-date net CapEx at just over CAD 170 million.
Outlook and guidance
Q4 is expected to show sequential improvement in ACMI and charter revenues, though not to the extent of previous years.
2026 is anticipated to have stable margins, with benefits from ongoing cost control initiatives.
Growth CapEx for 2026 is projected to be minimal, with only one aircraft delivery planned and likely to be leased out.
Management remains optimistic about long-term international trade normalization and is focused on cost and capital discipline.
Block hours are expected to remain at current levels into the first half of 2026, with flexibility to adjust as demand changes.
Sustainability of FCF without asset disposals?
Impact of ACMI/Charter decline on gross margin?
Future impact of headcount reduction on operations?
Fleet capacity adaptation to market shifts
Criteria for new international route expansion
Path to 2.5x net debt/EBITDA target by early 2026
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Q4 202517 Feb, 2026
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Frequently asked questions
Cargojet Inc provides time-sensitive air cargo services across North America, with a focus on overnight air freight transportation. The company operates a fleet of all-cargo aircraft, servicing major cities and providing chartered cargo flights. Cargojet's services support logistics, e-commerce, and freight forwarding industries. The company is headquartered in Mississauga, Canada, and its shares are listed on the TSX.
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