Cargojet stock weighs Q2 growth against margin pressure

Cargojet stock is being judged against a mixed second-quarter 2026 performance, with market capitalization at CAD 1.3 billion on September 29, 2026. Revenue and cash generation improved, while fuel costs and labor expenses put pressure on profitability.

Revenue beats the prior year

According to ScanX News, Cargojet reported CAD 275.8 million in Q2 2026 revenue, up 10.4 percent from CAD 249.9 million in Q2 2025. Revenue excluding fuel surcharges increased 5.0 percent to CAD 250.1 million, giving the headline growth a more measured operating comparison.

Adjusted EBITDA rose 8.9 percent to CAD 87.3 million from CAD 80.2 million, but the adjusted EBITDA margin compressed by 260 basis points to 31.7 percent. Free cash flow turned positive at CAD 56.2 million, compared with an outflow of CAD 72.5 million in the prior-year quarter.

Analyst target stays above TSX value

MarketBeat reported on September 17, 2026 that TD set a CAD 128.00 price target and maintained a buy rating. The same report cited a consensus target of CAD 121.00, with ten of eleven tracked analysts carrying buy ratings.

The target sits above the CAD 86.44 TSX price by a wide margin, but the operating debate is visible in the quarterly figures: charter revenue rose 37 percent to CAD 54.7 million, while hybrid ACMI revenue declined 12 percent to CAD 54.7 million. Cargojet's exposure to fuel and pilot costs therefore remains central to the earnings discussion.

Customer recognition adds operating context

On September 14, 2026, Cargojet announced that it received the 2026 Shipper's Choice Award for Air Freight from Inside Logistics. The company said the award reflected feedback from shippers, freight forwarders and logistics professionals across Canada.

The award provides a service-quality counterpoint to the margin pressure. Cargojet said it operates 42 cargo aircraft and carries more than 25,000,000 pounds of cargo weekly across its Dedicated, ACMI and International Charter services.

TSX quote remains below yearly high

Cargojet traded at CAD 86.44 on the TSX at 11:47 a.m. EDT on September 29, 2026, down 0.53 percent from the prior close of CAD 86.90. Its 52-week range was CAD 65.60 to CAD 100.87, placing the quote CAD 14.43 below the yearly high, while market capitalization stood at CAD 1.3 billion.