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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.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.
How did acquisitions impact Q2 revenue?
Why did personnel expenses decrease?
What's driving subdued economic growth?
What is the next major US LTL improvement focus?
What drives 2026 industrial demand recovery?
What conditions enable a large LTL acquisition?
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Next TFI International earnings date
Q3 202531 Oct, 2025
Next TFI International earnings date
Q3 202531 Oct, 2025
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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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