TFI International (TFII) Company Report

Analyst Coverage

Research analysts who have asked questions during TFI International earnings calls.

Brian Ossenbeck

JPMorgan Chase & Co.

6 questions for TFII

Also covers: ARCB, CHRW, CNI +18 more

Cameron Doerksen

National Bank Financial

6 questions for TFII

Also covers: CAE, DOOO

Walter Spracklin

RBC Capital Markets

6 questions for TFII

Also covers: CNI, CP, CSX +2 more

Jordan Alliger

Goldman Sachs

5 questions for TFII

Also covers: ARCB, CSX, FDX +13 more

Ken Hoexter

BofA Securities

5 questions for TFII

Also covers: ARCB, CHRW, CNI +21 more

Konark Gupta

Scotiabank

5 questions for TFII

Also covers: CAE, CNI, CP +4 more

Benoit Poirier

Desjardins Capital Markets

4 questions for TFII

Also covers: CAE, CNI, CP +3 more

Scott Group

Wolfe Research

4 questions for TFII

Also covers: AAL, ALGT, ALK +35 more

Benjamin Mohr Mok

Citigroup

3 questions for TFII

Daniel Imbro

Stephens Inc.

3 questions for TFII

Also covers: ARCB, CHRW, CNI +23 more

Jason Seidl

TD Cowen

3 questions for TFII

Also covers: ARCB, CHRW, CSX +17 more

Kevin Chiang

CIBC Capital Markets

3 questions for TFII

Also covers: CAE, CNI, CP +5 more

Ravi Shanker

Morgan Stanley

3 questions for TFII

Also covers: AAL, ALGT, ALK +27 more

Thomas Wadewitz

UBS

3 questions for TFII

Also covers: ALK, ARCB, CHRW +20 more

Adam Roszkowski

Bank of America

2 questions for TFII

Also covers: TNK, WAB

Bascome Majors

Susquehanna Financial Group

2 questions for TFII

Also covers: CHRW, CNI, CSX +20 more

Bruce Chan

Stifel Financial Corp.

2 questions for TFII

Also covers: ARCB, FDX, FWRD +4 more

Elliot Alper

TD Cowen

2 questions for TFII

Also covers: ARCB, CVLG, FDX +5 more

J. Bruce Chan

Stifel

2 questions for TFII

Also covers: ARCB, CENN, CHRW +14 more

Andrew Baxter Cox

Stifel, Nicolaus & Company, Incorporated

1 question for TFII

Also covers: FWRD, LSTR, ULH +1 more

Ariel Rosa

Citigroup

1 question for TFII

Also covers: ARCB, CHRW, CNI +16 more

Christyne McGarvey

Morgan Stanley

1 question for TFII

Also covers: GXO, HUBG, R +1 more

Kunal Gupta

Scotiabank Global Banking and Markets

1 question for TFII

Matthew Milask

Stifel Financial Corp.

1 question for TFII

Also covers: FWRD, GXO, SAIA

Nancy

Morgan Stanley

1 question for TFII

Also covers: AUR

Paul Stoddard

Goldman Sachs

1 question for TFII

Also covers: LSTR

Tom Wadewitz

UBS Group

1 question for TFII

Also covers: ARCB, CHRW, CNI +19 more

Latest news

Recent press releases and 8-K filings for TFII.

TFII Reports Q4 2025 Results and Provides Q1 2026 Guidance

TFII

Earnings

Guidance Update

Share Buyback

TFI International generated $832 million in free cash flow for 2025, including $259 million in Q4 2025, which was up 25% year-over-year.
For Q4 2025, total revenue before fuel surcharge was $1.7 billion and operating income was $127 million, representing a 7.6% margin.
The company issued Q1 2026 adjusted diluted EPS guidance of $0.50-$0.60 and projects full-year 2026 net CapEx to be $225 million-$250 million.
In 2025, TFII repurchased over $225 million of common shares and ended the year with a 2.5 times funded debt to EBITDA ratio, with a long-term goal to reduce it closer to 2.
While the LTL market remains soft, the company anticipates early signs of improvement in Truckload and expects Logistics to perform better in 2026 due to recent acquisitions and increased OEM activity.

Feb 18, 2026, 1:30 PM

Transcript

TFI International Reports Q4 2025 Results and Provides 2026 Outlook

TFII

Earnings

Guidance Update

Share Buyback

TFI International reported Q4 2025 free cash flow of $259 million, a 25% increase year-over-year, contributing to a full-year 2025 free cash flow of $832 million. Total revenue before fuel surcharge for Q4 2025 was $1.7 billion, down from $1.8 billion a year earlier, with operating income of $127 million.
For Q1 2026, the company expects adjusted diluted EPS to be in the range of $0.50-$0.60, and full-year 2026 net CapEx (excluding real estate) is projected between $225 million and $250 million.
In 2025, TFII repurchased over $225 million of common shares and raised its dividend. The company plans $200 million to $300 million in tuck-in M&A for 2026 and aims to reduce its funded debt to EBITDA ratio from 2.5 to closer to 2.0 over time.
Despite a persistent freight recession, management anticipates delivering better operating ratio (OR) or EPS in 2026 compared to 2025, with expected improvements in Logistics and Truckload segments, and organic growth in U.S. LTL.

Feb 18, 2026, 1:30 PM

Transcript

TFI International Reports Q4 2025 Results and Provides 2026 Outlook

TFII

Earnings

Guidance Update

M&A

TFI International reported Q4 2025 revenue before fuel surcharge of $1.7 billion and operating income of $127 million, with free cash flow of $259 million, representing a 25% year-over-year increase.
For the full year 2025, the company generated $832 million in free cash flow and repurchased over $225 million of common shares.
The company provided Q1 2026 adjusted diluted EPS guidance of $0.50-$0.60 and expects full-year 2026 net CapEx to be $225 million-$250 million.
Strategic priorities for 2026 include pursuing $200 million-$300 million in tuck-in acquisitions, improving LTL service by shifting freight from rail to road, and growing asset-light operations.
The company aims to reduce its funded debt to EBITDA ratio from 2.5 times at year-end 2025 to closer to 2.0 over time.

Feb 18, 2026, 1:30 PM

Transcript

TFI International Announces Q4 and Full-Year 2025 Results

TFII

Earnings

Dividends

Guidance Update

TFI International reported Q4 2025 operating income of $127.2 million and net income of $71.7 million, down from $160.2 million and $88.1 million respectively in Q4 2024. Diluted EPS for Q4 2025 was $0.87, compared to $1.03 in the prior year period. Full-year 2025 total revenue decreased to $7.88 billion from $8.40 billion in 2024, with operating income at $565.3 million compared to $719.0 million in 2024, primarily due to weaker market demand.
The company generated Q4 2025 free cash flow of $258.9 million, an increase from $207.5 million in Q4 2024, contributing to full-year free cash flow of $832.3 million.
The Board of Directors approved a $0.47 quarterly dividend, marking a 4% increase over the Q4 2024 dividend. TFI International also repurchased well over $200 million worth of common shares during 2025.
For Q1 2026, the company anticipates adjusted diluted EPS to be in the range of $0.50 to $0.60.

Feb 17, 2026, 9:13 PM

6-K

TFI International Announces Fourth Quarter and Full-Year 2025 Results

TFII

Earnings

Guidance Update

Dividends

TFI International reported fourth quarter 2025 operating income of $127.2 million, net income of $71.7 million, and diluted EPS of $0.87, which were lower compared to the prior year quarter.
For the full year 2025, total revenue was $7.88 billion, net income was $310.6 million, and diluted EPS was $3.72, reflecting decreases from 2024 primarily due to weaker market demand.
Despite revenue declines, free cash flow increased to $258.9 million in Q4 2025 from $207.5 million in Q4 2024, and totaled $832.3 million for the full year.
The company's Board of Directors approved a $0.47 quarterly dividend, a 4% increase, and repurchased over $200 million in common shares during 2025.
TFI International provided first quarter 2026 adjusted diluted EPS guidance of $0.50 to $0.60.

Feb 17, 2026, 9:07 PM

Press Release

TFI International Reports Data Center Growth and Appoints Chief Commercial Officer

TFII

Revenue Acceleration/Inflection

Management Change

New Projects/Investments

TFI International's Truckload segment generated over $3 billion in total revenue during 2025, with data center-related revenue growing from approximately $8 million in Q1 2025 to more than $15 million by Q4 2025, totaling $43 million for the full year.
Broader electric grid-related revenue for the company surpassed $110 million in 2025, also demonstrating robust recent growth.
Scott Hoppe has been appointed as the new Chief Commercial Officer of SFI, TFI's asset-based truckload brand, to further support data center and electric grid customers.

Jan 20, 2026, 10:15 PM

6-K

TFI International Reports Rapid Data Center Business Growth and New CCO Appointment

TFII

Revenue Acceleration/Inflection

Management Change

TFI International's Truckload segment generated more than $3 billion in total revenue during 2025.
Data center-related revenue within the Truckload segment grew from approximately $8 million in the first quarter of 2025 to more than $15 million by the fourth quarter, totaling $43 million for the year.
Broader electric grid-related revenue surpassed $110 million in 2025, also demonstrating robust growth.
Scott Hoppe has been appointed to the newly created role of Chief Commercial Officer of SFI, TFI's asset-based truckload brand, to further support the rapid buildout of data centers and related electric grid projects.

Jan 20, 2026, 9:59 PM

Press Release

Threaded Fasteners Inc. Acquires TSA Manufacturing Inc.

TFII

M&A

New Projects/Investments

Threaded Fasteners Inc. (TFI) completed its acquisition of TSA Manufacturing Inc., a fastener manufacturing operation based in Omaha, Nebraska, on January 5, 2026.
This transaction marks TFI's tenth acquisition since 2012, expanding the company's geographic footprint to 10 states.
The acquisition strengthens TFI's vertical integration model by bringing specialized fastener manufacturing capabilities in-house, which is expected to enhance operational efficiency and supply chain control.

Jan 6, 2026, 3:00 PM

Press Release

TFI International Reports Q3 2025 Results, Raises Dividend, and Provides Q4 2025 Outlook

TFII

Earnings

Guidance Update

Share Buyback

TFI International reported Q3 2025 adjusted net income of $99 million and adjusted EPS of $1.20, a decrease from $134 million and $1.58 respectively in Q3 2024, on total revenue before fuel surcharge of $1.7 billion.
The company generated nearly $200 million in free cash flow during Q3 2025, contributing to over $570 million year-to-date, and announced a 4% increase in its quarterly dividend to $0.47 per share while repurchasing $67 million in shares during the quarter.
For Q4 2025, TFII expects adjusted diluted EPS between $0.80 and $0.90, anticipating a difficult quarter with U.S. LTL operating ratio projected at 96% due to slow volumes and external factors.
Management expressed optimism for a market rebound in 2026 and plans significant investments in AI to improve efficiency, while also considering large M&A opportunities in mid-to-late 2026.

Oct 31, 2025, 2:00 PM

Transcript

TFII Announces Third Quarter 2025 Results

TFII

Earnings

Dividends

Share Buyback

For the third quarter ended September 30, 2025, TFI International Inc. reported total revenue of $1,968.7 million, net income of $84.7 million, and diluted earnings per share of $1.02. These results reflect a decrease compared to the third quarter of 2024, primarily due to a decline in revenues from existing operations driven by weaker market demand.
Net cash from operating activities for Q3 2025 was $255.4 million, and free cash flow was $199.4 million.
The Board of Directors approved an increase to the quarterly dividend to $0.47 per outstanding common share, payable on January 15, 2026.
A renewed Normal Course Issuer Bid (NCIB) was approved, authorizing the company to purchase for cancellation a maximum of 7,667,696 common shares, representing 10% of the public float, from November 4, 2025, to November 3, 2026.