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TFI International (TFII) investor relations material

TFI International Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Jul, 2025

Executive summary

  • Achieved strong margin performance and best-in-class free cash flow conversion despite economic uncertainty and soft freight volumes.

  • Diversified operations across LTL, TL, Logistics, and Package & Courier segments, with a decentralized management approach.

  • Completed 94 acquisitions since 2016, including major deals like Daseke and three tuck-in acquisitions in 2025.

  • E-commerce and last-mile logistics continue to drive growth, with significant B2B and B2C revenue.

  • Returned $124M to shareholders in Q2 2025 via buybacks and dividends, with over 1.5M shares repurchased in H1 2025.

Financial highlights

  • Q2 2025 revenue before fuel surcharge was $1.8B, down from $2.0B in Q2 2024; total Q2 2025 revenue was $2.04B, down from $2.26B.

  • Operating income for Q2 2025 was $170M (9.5% margin), down from $206M; adjusted net income $112M, adjusted EPS $1.34, both down year-over-year.

  • Free cash flow for Q2 2025 was $182M, up 20% from $151M in Q2 2024; FCF conversion for H1 2025 was 87.6%.

  • Adjusted EBITDA for Q2 2025 was $327M (18.2% margin), down from $380M (19.4%).

  • Dividend per share increased 13% to $0.45; annualized yield 2.0%.

Outlook and guidance

  • Q3 EPS expected in the range of $1.10 to $1.25, with normal seasonal sequential declines anticipated.

  • Net CapEx for the full year projected at $200M.

  • Management expects subdued North American growth due to tariffs, inflation, and geopolitical risks, but sees potential recovery in late 2025 or 2026 from US fiscal stimulus and CapEx incentives.

  • Focus remains on profitability, efficiency, and shareholder value through disciplined capital allocation and selective acquisitions.

  • Maintains a strong acquisition pipeline in a fragmented industry, with disciplined M&A criteria.

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Frequently asked questions

TFI International Inc. provides transportation and logistics services in the United States, Canada, and Mexico. The company operates through three segments: Package and Courier, Less-Than-Truckload (LTL), and Logistics and Last Mile. The Package and Courier segment offers provisions of expedited time-sensitive delivery services for letters, documents, small parcels, and palletized freight; local pickup and linehaul services; consolidation, distribution, and warehousing solutions; customized logistics solutions; trade show services; logistics support services; return solutions; customs brokerage services; temperature controlled transportation solutions. TFI International Inc. is headquartered in Saint-Laurent, Canada.

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