Cargojet Q4: Strong cashflow amid challenges

A Cargojet Boeing 767 freighter prepares to take off.
MarcelX42, CC BY-SA 4.0, via Wikimedia Commons

Cargojet, a leading Canadian cargo airline based in Mississauga, Ontario, reported its financial results for Q4 ending December 31, 2023.

While the company faced a decline in revenue compared to the same period in 2022, it exhibited financial resilience. The operator maintained a strong cash flow and adjusted EBITDA margins.

This performance reflects Cargojet’s proactive approach to navigating a challenging economic landscape.

Q4 Numbers


Cargojet reported revenue of $254.7 million in Q4 2023, a decrease from $271.0 million in the same period of 2022.

This slight decline can be partially attributed to the company’s strategic shift from “hyper growth” during the COVID-19 era.

It has now become a focus on cost optimization and preparation for the current economic climate.


Despite the decrease in revenue, Cargojet’s adjusted EBITDA remained relatively stable at $81.6 million compared to $82.9 million in Q4 2022.

This indicates the company’s effectiveness in managing operational costs while maintaining profitability.

Photo: Cargojet C-GYAJ By Atlantic Aviation Media -, CC BY 2.0,
Photo: C-GYAJ By Atlantic Aviation Media
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Net Loss 

While the reported net loss for the quarter was $34.9 million, this figure is significantly impacted by non-cash adjustments related to stock warrant valuations and contract asset amortization.

Excluding these non-cash adjustments, Cargojet actually generated net earnings of $28.5 million. This figure can be compared to $18.0 million in Q4 2022, demonstrating positive underlying profitability.

Cash Flow

A significant positive highlight for Cargojet is the substantial improvement in its cash flow position. The company generated a free cash flow inflow of $37.9 million for the three-month period ending December 31, 2023.

This is compared to a significant outflow of $99.6 million in the same period of 2022. The turnaround suggests Cargojet’s efforts to control costs and optimize financial resources are yielding positive results.

Cargojet Co-CEO Jamie Porteous acknowledges the current economic challenges but expresses optimism about Cargojet’s performance.

He describes 2023 as a year of crucial transition, where the company shifted its focus from rapid growth to cost management and strategic preparation for the new economic reality.

Porteous highlights the success of their initiatives, such as rationalizing capital expenditure plans and maintaining adjusted EBITDA margins, demonstrating progress in their cost-control efforts.

Looking Ahead

Co-CEO Pauline Dhillon emphasizes Cargojet’s unwavering commitment to shareholder value and solidifying its position as the preferred choice for its strategic customers.

This commitment is further reinforced by the company’s outstanding on-time performance of 99.5% in Q4, showcasing their dedication to delivering exceptional service and maintaining strong customer relationships.

In conclusion, Cargojet’s Q4 2023 results demonstrate its ability to navigate a challenging economic environment with focus and resilience.

The carrier’s strategic decisions, combined with its focus on cost management and customer service excellence, position it well for continued success in the future.

Cargojet is a scheduled cargo airline based in Mississauga, Ontario, Canada. It is the largest cargo airline in Canada, and it operates cargo services within Canada and internationally.

The company was founded in 2002 and has grown to become a major player in the North American cargo market.

It operates a fleet of all-cargo Boeing aircraft, including the 767-300ER, 757-200F, and 737-400F.

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By Len Varley - Assistant Editor 4 Min Read
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