Cargojet is Canada’s premier time-sensitive overnight air-cargo operator, moving more than 1.3 million pounds each business night through its Hamilton hub and connecting roughly 15 major Canadian metropolitan areas. Its three-segment model combines scheduled domestic flying, predictable international ACMI contracts and higher-upside charter operations. **The company’s greater-than-90% domestic market share and regulatory cabotage protection create a utility-like moat**, reinforced by 99.2% on-time performance and long-term agreements with Canada Post/Purolator, DHL and Amazon. Q2 2026 revenue rose 15.8% year over year to CAD 275.8 million, beating consensus by 7.32%, while Adjusted EBITDA increased 8.9% to CAD 87.3 million. Adjusted EPS fell to CAD 0.67 because of pilot costs and fuel-surcharge dilution, but free cash flow swung to CAD 56.2 million from a CAD 72.5 million outflow. The stock reference price was CAD 81.59, with EV/Adjusted EBITDA of 7.00x and forward P/E of 18.85x. Near-term catalysts are labor-cost pass-through, leverage below 2.5x and domestic and international volume recovery; the consensus target was CAD 121.85.