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TFII

TFI International Inc.

TFII

TFI International Inc. • NYSE
$87.49 ▲ 0.81% (+0.70)
Market Cap $7.32 B
52w High $155.12
52w Low $72.02
Dividend Yield 1.88%
P/E 22.49
Volume 57.26K
Outstanding Shares 83.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.947B ▼ $102.754M ▲ $83.75M ▼ 4.302% ▼ $1.01 ▼ $302.064M ▼
Q2-2025 $2.071B ▲ $100.987M ▼ $99.798M ▲ 4.818% ▲ $1.2 ▲ $332.955M ▲
Q1-2025 $1.964B ▼ $102.006M ▼ $56.032M ▼ 2.852% ▼ $0.66 ▼ $262.39M ▼
Q4-2024 $2.077B ▼ $214.731M ▲ $83.879M ▼ 4.039% ▼ $0.99 ▼ $310.535M ▼
Q3-2024 $2.185B $97.866M $127.989M 5.859% $1.51 $359.246M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $31.582M ▲ $7.105B ▼ $4.469B ▼ $2.636B ▼
Q2-2025 $28M ▲ $7.226B ▲ $4.542B ▲ $2.684B ▲
Q1-2025 $16.433M ▲ $7.117B ▼ $4.486B ▲ $2.631B ▼
Q4-2024 $0 ▼ $7.146B ▼ $4.473B ▼ $2.673B ▼
Q3-2024 $55.218M $7.5B $4.748B $2.752B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $83.75M ▼ $252.923M ▲ $-56.512M ▲ $-193.024M ▼ $3.582M ▼ $181.494M ▲
Q2-2025 $99.798M ▲ $251.673M ▲ $-109.758M ▼ $-129.581M ▲ $11.566M ▼ $165.567M ▲
Q1-2025 $55.863M ▼ $193.558M ▼ $-9.676M ▲ $-167.361M ▲ $16.433M ▲ $152.848M ▼
Q4-2024 $81.512M ▼ $255.074M ▼ $-75.3M ▲ $-235.624M ▼ $-55.131M ▼ $183.697M ▼
Q3-2024 $126.884M $353.566M $-115.272M $-209.387M $28.529M $228.958M

Five-Year Company Overview

Income Statement

Income Statement TFI’s sales have grown strongly over the past five years and are now more than double early‑period levels, but they have cooled off from the freight boom peak in 2022. Profit quality looks solid, with healthy operating and EBITDA margins, yet earnings per share have trended down since that 2022 high as pricing power softened and costs stayed elevated. The company is still clearly profitable, but the gap between strong cash‑style profits and lower net income hints at meaningful depreciation and amortization from its large fleet and past acquisitions. Overall, this looks like a cyclical normalization from an exceptional year rather than a structural breakdown, but it does show how sensitive results are to freight demand and pricing conditions.

Balance Sheet

Balance Sheet The balance sheet has scaled up materially, reflecting years of acquisitions and growth, with both total assets and shareholders’ equity rising. Debt levels have climbed as well, so the company is more leveraged than it was a few years ago, even though equity has also grown. Cash on hand is quite lean in the latest year, suggesting TFI relies more on its steady cash generation and credit capacity than on holding large cash balances. The mix points to a “workhorse” balance sheet: not overly stretched based on current performance, but with less margin for error if industry conditions weaken sharply or large deals are financed aggressively.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has risen steadily over the period, even in years when reported earnings softened, which suggests good working‑capital discipline and solid underlying economics. Capital spending has increased but has consistently stayed below cash generated from operations, allowing free cash flow to trend upward. This gives TFI room to keep refreshing its fleet, fund acquisitions, and manage debt without appearing overly constrained, as long as freight volumes and pricing do not deteriorate significantly for an extended period.

Competitive Edge

Competitive Edge TFI is a scale player in North American trucking and logistics, with a broad network across Canada, the U.S., and Mexico and particular strength in cross‑border lanes. Its multi‑segment mix—parcel, less‑than‑truckload, truckload, and logistics—spreads risk across different customer needs and freight types, helping cushion downturns in any one area. The company’s long track record of buying and integrating smaller carriers has built density and reach, but also creates ongoing integration and execution risk. It competes in a fragmented, price‑sensitive industry, so its advantages rest on network breadth, efficiency, and service breadth rather than on an unassailable monopoly‑style moat.

Innovation and R&D

Innovation and R&D TFI is not a traditional R&D‑heavy firm, but it invests meaningfully in practical technology and operational innovation. It uses advanced transportation management systems and route‑planning tools to cut empty miles, improve asset utilization, and enhance shipment visibility. AI‑driven pricing and upgraded pickup‑and‑delivery software help it react quickly to changing demand and protect margins. The company is also leaning into sustainability with orders for zero‑emission vehicles, which could improve its long‑term cost profile and appeal to environmentally focused customers, though up‑front costs and technology evolution remain key uncertainties.

Summary

Overall, TFI looks like a mature, scaled logistics platform that has ridden the freight cycle up and is now adapting to more normal conditions. Profitability remains solid despite a pullback from peak earnings, and cash flow performance is a notable bright spot, supporting its acquisitive and capital‑intensive model. The balance sheet shows more leverage than in the past but still appears manageable given current cash generation. Strategically, its diversified service mix, broad network, and focus on technology and efficiency provide meaningful strengths, while cyclicality, integration demands, higher debt, and intense industry competition remain the main areas to watch.

NEWS

October 9, 2025 · 4:05 PM UTC

TFI International to Release 2025 Third Quarter Results

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September 15, 2025 · 4:05 PM UTC

TFI International Declares Quarterly Dividend

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