Cargojet revenue down 10.5% in Q3, diminished by global trade barriers

Cargojet reported CA$219.9 million ($155.8 million) in revenue for the third quarter, a decrease of 10.5% year over year. “Entering the back half of 2025, the near-term impact of seismic shifts in global trade became more apparent as persistent tariffs and other trade barriers became the new normal,” co-Chief Executive Jamie Porteous said on today’s earnings call. “Demand remained uncertain as major policy shifts continued, including the removal of the U.S. de minimis exemption, disrupting trans-Pacific e-commerce flows and tempering near-term growth expectations.” [caption id="attachment_57147163" align="aligncenter" width="1490"] Cargojet operates converted 767-200 and 767-300 freighters. (Courtesy/Cargojet)[/caption] To weather this upheaval, Cargojet must be resilient and disciplined, he said. “Although in the longer term we expect the world to adapt and global trade to reestablish new normal patterns, it remains likely that the near term will be characterized by continued uncertainty and some volatility,” he said. Cargojet also announced in the earnings call that Porteous will retire effective Dec. 31. Porteous, a founding partner of Cargojet in 2002, will remain with the company as a strategic adviser until Dec. 31, 2026. Co-CEO Pauline Dhillon, also a Cargojet founding partner, will become CEO Jan. 1, 2026. Q3 results The carrier reported $3.5 million in adjusted net earnings, down 79.2% YoY. Cargojet also reported for Q3: Adjusted earnings per share of 23 cents, down 78.4% YoY; and Adjusted EBITDA of $49.9 million, down 14.4% YoY. Cargojet reported domestic network, ACMI and charter revenues of $132.5 million, down 8.9% YoY. The decline was attributed to ACMI and charter operations, as domestic network revenue increased 6.3% YoY. The ACMI and charter revenue declines were driven primarily by macroeconomic conditions, Cargojet said in the earnings report. Cargojet fleet The Canadian carrier operates a fleet of forty-one freighters: Six leased and sixteen owned 767-300BCFs and -300BDSFs; One leased and two owned 767-200BDSFs; and Sixteen owned 757-200PCFs. Cargojet expects to put four 767-300 freighters into service this year. The company bought its first production 767-300F , the 2000-vintage unit 30780, from Jetran in Q4 2024. The unit entered service in July. The carrier acquired two of the four 767s (29383, ex-Condor, and 29617, ex-TUI Airways) from CAM in 2024. Cargojet received both aircraft in Q2 after conversion with IAI. Cargojet expects to receive the fourth 767-300BDSF this quarter, according to the fleet table. Additionally, the carrier placed a 1991-vintage, RB211-powered 757-200PCF (24607) with 21 Air in Q3. Cargojet also signed letters of intent in June to sell two of its older 767-300Fs and to buy a converted 767-300 freighter for delivery in Q1 2026, according to the earnings report. CAM bought the 1996-vintage unit 26327 in Q3 and Cargojet expects to close the sale of unit 27597 in Q4. They were the only PW4000-powered 767s in Cargojet’s fleet. Shares of Cargojet ( TSX: CJT , OTCMKTS: CGJTF ) were down 14.86 % from market open to $49.04 as of market close today. Cargojet has a market capitalization of $751.4 million. Editor’s note: All amounts have been converted to U.S. dollars. Cargo Facts LATAM 2026, the essential event for stakeholders in Latin America, will take place Feb. 10-12 at the Marquis Reforma in Mexico City. Learn more and register by Dec. 26 to take advantage of early-bird pricing.

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