If you’re looking for two Canadian dividend stocks worth buying right now and holding for years, Cargojet (TSX: CJT) and Spin Master (TSX: TOY) deserve a serious look.
Both companies are navigating short-term turbulence with impressive discipline and quietly setting up for a strong 2026 and beyond.
Let’s see why.
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Is this TSX dividend stock a good buy?
Cargojet is Canada’s dominant overnight air cargo carrier. And in a freight recession, that matters more than ever.
- In Q4, the company posted adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $95 million at a 33.4% margin, even as total revenue dipped 2.9% year over year. Cargojet has maintained strong profit margins through a focus on cost management and fleet optimization.
- Domestic overnight revenue in Q4 hit $120.2 million, up nearly 17% year over year. For the full year, that segment grew almost 14%. The driver is e-commerce, given that Canadians are shopping online at an accelerating pace, and Cargojet is the infrastructure behind next-day delivery across the country.
- On the international front, Cargojet suspended its China charter agreement early in 2026: a mutual decision driven by tariff and trade uncertainty. But management is already replacing that revenue. New North-South Americas charter routes running five days a week and a freshly launched Liege, Belgium service are filling the gap.
Ajay Virmani, Executive Chairman, noted on the call that the MD-11 freighter grounding, which took 54 aircraft out of global cargo supply, has created a meaningful charter opportunity that “makes up more than what we had in China.”
Cargojet raised its dividend by 10% and is committed to getting its net debt-to-EBITDA ratio back below 2.5 times.
Simply put: Cargojet is a cash-generating machine with a dominant domestic position, improving cost structure, and a management team that knows how to find opportunity in disruption.
The bull case for this Canadian dividend stock
Valued at a market cap of $1.8 billion, Spin Master is a well-diversified toy company. Yes, 2025 was a rough year for the toy segment. Tariff-driven retailer destocking cut into sales, and Melissa & Doug was disproportionately affected given its heavy reliance on Chinese manufacturing and U.S. sales.
Management took a goodwill impairment charge on the brand. But channel inventory at retailers is now down 12%, and Spin Master’s own inventory is down 20%. That’s a clean setup heading into 2026.
The real catalyst is the third PAW Patrol movie, hitting theatres globally in August 2026. Based on previous movie cycles, this is a proven revenue and margin driver across all three creative centres: toys, entertainment licensing, and digital games.
Management confirmed $20 million in contractual distribution revenue landing in Q3. And that’s before accounting for toy sales tied to the movie’s launch.
Meanwhile, Digital Games is a quiet powerhouse. Revenue grew 16% in Q4, and adjusted operating income jumped 24%. Toca Boca World is approaching scale, with nearly one billion hours viewed on Netflix for PAW Patrol content in 2025, up 10% year over year, according to CEO Christina Miller.
The company is also expanding into strategic trading card games, a category that nearly doubled in size last year.
Spin Master is guiding to stable-to-low single-digit revenue growth in 2026, with mid- to upper-single-digit adjusted EBITDA growth. Management has a clear track record of delivering 50 to 100 basis points of margin expansion annually. The dividend is maintained, the buyback program is renewed, and the company has repurchased roughly 7% of its TSX-listed shares over the past three years.
Analysts tracking the TSX dividend stock forecast free cash flow to increase from $110 million in 2025 to $211 million in 2030. In this period, the annual dividend is projected to expand from $0.44 per share to $0.84 per share, enhancing the yield at cost to almost 6%.
The Foolish takeaway
Both Cargojet and Spin Master are businesses with durable competitive advantages, growing dividends, and near-term catalysts. Cargojet benefits from Canada’s e-commerce boom and its unmatched overnight network. Spin Master has a blockbuster movie lined up and a digital platform hitting its stride.
For long-term investors, both of these stocks look like the kind of no-brainer buys worth accumulating now.
