TFI International Inc

Latest Results (12.11.2025):

TFI International Inc reported its 2025 Third Quarter financial results, documenting a decline in operating income, net income, and earnings per share compared to Q3 2024. Despite softer revenue and volume pressures across its segments, the company maintained strong cash flow generation and enhanced shareholder returns through increased dividends and share repurchases, positioning it for strategic investments in a challenging freight environment.

Operating and Earnings Declines

The company’s operating income fell to $153.3 million (from $201.2 million in Q3 2024) while net income dropped to $84.7 million compared to $125.9 million last year. Diluted EPS declined to $1.02 from $1.48, with similar trends in adjusted figures, underlining the impact of reduced volumes and a weaker freight market.

Cash Flow and Dividend Enhancements

Net cash from operating activities was $255.4 million, down from $351.1 million, and free cash flow reached $199.4 million versus $272.5 million in Q3 2024. The Board of Directors increased the quarterly dividend by 4%, raising it to $0.47, which complements their ongoing efforts to return excess capital to shareholders through both dividends and share repurchase activities.

Segment Results and Revenue Trends

Revenue before fuel surcharge decreased across all major segments: an 11% drop for Less-Than-Truckload, 7% for Truckload, and 14% for the Logistics segment compared to Q3 2024. These declines in segment performance were a key contributor to the overall reduction in operating income and net income.

Future Guidance and Strategic Outlook

Looking ahead, TFI International expects its Q4 2025 adjusted diluted EPS to range between $0.80 and $0.90, amidst expectations of lower deliveries and continued weak freight demand. Additionally, the company has renewed its normal course issuer bid, supporting further share repurchases to boost future EPS growth.