TFI International Inc. stands as a prominent provider of transportation and logistics solutions across North America, serving the United States, Canada, and ...
TFI International Inc. (TFI; NYSE: TFII) is a large, integrated trucking and logistics platform serving customers across North America—primarily in the United States, Canada, and Mexico. The company’s operations are organized into four main divisions that collectively span both asset-based transportation and asset-light logistics services. From a business perspective, TFI’s ...TFI International Inc. (TFI; NYSE: TFII) is a large, integrated trucking and logistics platform serving customers across North America—primarily in the United States, Canada, and Mexico. The company’s operations are organized into four main divisions that collectively span both asset-based transportation and asset-light logistics services.
From a business perspective, TFI’s core offering is moving freight efficiently through a combination of network design, service specialization, and scale. In its Package and Courier segment, it focuses on collecting, shipping, and delivering goods through established routes and delivery capabilities. The Less-Than-Truckload (LTL) division serves shipments that are smaller than full truckloads, emphasizing the collection, consolidation, movement, and distribution of freight through a freight network. The Truckload (TL) segment handles full truckloads and related services, including expedited shipping, flatbed transport, tank container operations, dedicated routes, and truckload brokerage—using both standard equipment and specialized equipment depending on freight requirements.
Complementing these asset-based services, the Logistics segment provides asset-light solutions such as freight brokerage, international freight forwarding, comprehensive transportation management, and last-mile small parcel delivery. This mix helps TFI address a broad range of customer needs—from managed transportation programs to direct freight movement.
Operationally, the company leverages a sizable fleet and extensive service network. As of December 31, 2021, TFI reported a fleet of 13,384 tractors and 50,091 trailers and relied on a broad base of independent contractors (9,428 at that time), highlighting how labor and capacity partnerships are integral to the cost structure and service levels.
Cost and “BOM” considerations in this industry are dominated by labor/contractor costs, fuel and energy, equipment (tractors/trailers) and maintenance, insurance, network and terminal operations, and working-capital needs tied to freight cycles. Because transportation margins can be sensitive to utilization, pricing, and input costs, financial performance typically correlates with load volumes, contract terms, and fleet efficiency.
From a financial/market perspective, the provided snapshot indicates TFI operates with profitability margins (e.g., EBITDA and EBIT margins in the low-to-mid teens/low single digits range in TTM metrics provided) and trades at valuation multiples that reflect ongoing cash generation and expected earnings power (e.g., EV-to-sales and EV-to-operating-cash-flow figures in the snapshot). The capital intensity of trucking (fleet and equipment) also means that free cash flow strength and capex discipline are important for shareholders.
Key people include Alain Bédard, who serves as Chairman of the Board, President, and CEO, with David Saperstein as CFO. Strategically, TFI has undergone branding and corporate evolution (formerly TransForce Inc. until rebranding in December 2016), and the company’s current leadership emphasizes building an integrated logistics offering across asset and asset-light capabilities.
Headquartered at 8801 Trans-Canada Highway, Saint-Laurent, Quebec (H4S 1Z6), TFI operates with a workforce on the order of ~25,935 employees worldwide (with additional independent contractors). Overall, TFI’s “wish” from a service standpoint is consistent: maintain reliable delivery performance, optimize network utilization, expand customer-specific logistics solutions, and manage costs and equipment effectively to sustain competitive service levels in a cyclical transportation environment.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$11.0B
+31.1%
+17.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$433.6M
+2.6%
+214.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+12.2%
-18.0%
+37.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+6.9%
-19.0%
+110.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+3.9%
-21.7%
+167.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$983.7M
+48.2%
+91.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+8.9%
+13.1%
+62.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
138.1%
+23.7%
-6.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.03x
-0.0%
+2.0%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Good day, ladies and gentlemen. Thank you for standing by. Welcome to TFI International Second Quarter 2026 Earnings Call. Please be advised that this conference call may contain statements that are forward-looking in nature and is subject to a number of risks and uncertainties that could cause actual results to differ materially. I would also like to remind everyone that this conference call is being recorded on July 27, 2026. Joining us on the call today are Alain Bedard, Chairman, President and Chief Executive Officer; and David Saperstein, Chief Financial Officer. I would now like to turn the conference over to Mr. Alain Bedard. Thank you. Please go ahead.
Alain Bedard : Well, thank you, operator, and welcome, everyone, to our call this afternoon. Within the past now where TFI International reported stronger-than-expected quarterly results with adjusted diluted EPS of $1.85, exceeding our outlook range of $1.50 to $1.60 and up 38% year-over-year. All 3 of our business segments grew operating income by double digits, and we again produced solid free cash flow, which, as you know, is a long-standing priority of ours. Put simply, the investment we made during the recent slowdown, both in internal operation and strategic M&A are beginning to benefit our performance. We now have a balanced and diverse portfolio of operating companies and attractive end markets, which we continue to serve while always maintaining our focus on efficiency and related operating principles. And of course, there is no better than the hard-working people of TFI to execute on our plan and capitalize on the resulting opportunities. The foundational support for TFI International's thoughtful approach to value creation, both cycle in and cycle out, begins with our strong balance sheet, which improved further during the quarter. We generated more than $200 million of free cash flow, further supporting our ability to strategically allocate capital and, very importantly, return excess capital to shareholders whenever possible, including close to $40 million in quarterly dividends paid during the quarter. So let's take a high-level look at our second quarter financial results. Starting with the top line. Our total revenue before fuel surcharge of $1.9 billion was up 6% over the past year, while operating income climbed nearly 30% to $220 million. That reflects a margin of 11.6%, which was up more than 200 basis points relative to 9.5% figure a year earlier. Also on a consolidated basis, our net cash from operating activity rose to $256 million from $247 million. Now let's dig deeper into each of our 3 segments, starting with LTL, which was 38% of our segmented revenue before fuel surcharge. We generated $725 million of LTL revenue before fuel surcharge, up 3% year-over-year. Our LTL adjusted operating ratio was 88.5% and operating income of $86 million was up a very solid 17%, producing a return on invested capital of 12%. Now let's move to our truckload, for …
