Cargojet (CJT) Q2 2026 earnings summary

Executive summary

• Delivered a strong quarter with total revenue of $275.8 million, up 15.8% year-over-year, reflecting a resilient business model and effective asset utilization despite market uncertainty and higher fuel prices.

• Maintained industry-leading on-time performance of 99.2% and operational excellence, supported by disciplined cost management.

• Secured a five-year pilot agreement, ensuring stability and operational certainty.

• Focused on disciplined execution, customer relationships, and leveraging a flexible one-fleet strategy.

• Net earnings reached $7.0 million, reversing a net loss of $3.2 million in the prior-year quarter.

Financial highlights

• Revenue reached $275.8 million, up $37.6 million or 15.8% year-over-year.

• Adjusted EBITDA was $87.3 million, up 8.9% from $80.2 million year-over-year; margin was 31.7%, down from 33.7% due to higher fuel prices.

• Free cash flow was $56.2 million, a $128.7 million improvement from an outflow last year.

• Gross margin improved to $59.2 million (21.5% of revenue), up from $49.5 million (20.8%).

• Net cash from operating activities was $96.2 million, up from $28.0 million year-over-year.

Outlook and guidance

• Expect continued global economic and geopolitical uncertainty.

• Confident in strategy, customer relationships, and ability to create long-term value.

• Anticipate strong domestic demand, especially from e-commerce and secondary markets, into Q3 and Q4.

• Ongoing focus on selective, accretive international growth leveraging existing fleet.

• Plans to continue rationalizing costs and capital expenditures to generate cash and strengthen customer relationships.