All-in charter growth leads to record Q3 revenues for Cargojet

Canadian freighter operator Cargojet reported record third-quarter revenues led by its all-in charter division.

The company saw third-quarter revenues increase by 30.3% year on year to C$286.5m, while earnings before interest and tax (ebit) improved by 155.7% to C$24.8m and net earnings were up 117% to $19.1m.

The revenue improvements were led by an 88.1% increase in its all-in charter business to C$61.9m. Domestic Network revenues were up 11.6% to C$111.2m and there was a 10.8% improvement for its ACMI business to C$60.5m.

The increase in revenue at its all-in charter business was primarily due to “new charter opportunities”, partially offset by the reductions in year-over-year frequency of scheduled charter services between China and Canada.

Its domestic business benefitted from an increase in e-commerce and B2B volumes during the period, consumer price index increases for contractual customers and higher fuel prices.

Meanwhile, ACMI was up on an increase in e-commerce and B2B volumes during the period, and increases in the consumer price index for contractual customers.

The company said that its record third-quarter revenues were achieved despite continued global trade instability and uncertainty due to the on-again-off-again closure of the Strait of Hormuz and rhetoric about potential military action driving unprecedented volatility in global trade and energy prices, including the price of jet fuel.

“As management continues to focus on revenue quality, cost discipline and asset utilisation, the positive results achieved so far in 2026 have set Cargojet up for success,” the company said in a results report.

“While macroeconomic factors and upward pressures on costs, including increased wages net of productivity benefits as a result of our new pilot agreement, represent potential headwinds in the fourth quarter, Cargojet continues to monitor the marketplace for new opportunities, and expects to deliver robust revenue and EBITDA performance during a strong peak season.”