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Visual21 Nov 2025
Data center suppliers
TFI International (TFII) investor relations material
TFI International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Operating margins improved, with best-in-class performance and 8.5% margin, despite subdued freight volumes and macro headwinds; free cash flow conversion reached 87.1% TTM Q3 2025.
Q3 2025 revenue was $1.97B, down 10% year-over-year, with net income of $84.7M and adjusted net income of $99.1M, reflecting weaker demand.
Board approved a 4% dividend increase to $0.47 per share and continued share repurchases, returning over $100M to shareholders in Q3.
Maintained a diversified business model across LTL, Truckload, Logistics, and Package & Courier, with operations in the U.S. and Canada.
Focus remains on operational efficiency, quality of revenue, and preparing for a market rebound, supported by disciplined M&A and e-commerce growth.
Financial highlights
Q3 2025 total revenue: $1.97B (Q3 2024: $2.18B); revenue before fuel surcharge: $1.72B (Q3 2024: $1.91B).
Q3 operating income: $153.3M (8.9% margin); adjusted net income: $99.1M; adjusted EPS: $1.20 (Q3 2024: $1.58).
Free cash flow for Q3 was $199.4M, with $573.4M generated year-to-date, exceeding the prior year.
Adjusted EBITDA for TTM Q3 2025 was $1,206.2M; adjusted EBITDA margin: 17.7%.
$2.5B returned to shareholders since 2017 through dividends and buybacks; annual forward dividend yield of 2.1%.
Outlook and guidance
Q4 2025 adjusted diluted EPS expected between $0.80 and $0.90, reflecting continued weak freight demand.
Full-year net CapEx forecasted at $100–$175M, down from $200M previously expected.
Management emphasizes a robust acquisition pipeline, e-commerce growth, and cost structure improvements.
Guidance assumes no significant change in the operating environment; optimism for 2026 as market conditions and regulatory changes are expected to improve.
Update on independent contractor reclassification
Capital allocation strategy in current market
Segment profitability outlook
How to close US LTL volume gap?
AI investment: expected impact on costs & service?
Driver Inc. impact on Canadian Truckload OR?
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Next TFI International earnings date
Q4 202519 Feb, 2026
Next TFI International earnings date
Q4 202519 Feb, 2026
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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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