TFI International (TFII) investor relations material

Executive summary

• Q3 operating income rose 17% to $180.0 million; adjusted diluted EPS increased 39% to $1.67, supported by Truckload and Logistics.

• Consolidated operating ratio remained below 90%; year-to-date free cash flow was $442.2 million.

• Performance diverged by segment: Truckload operating income rose sharply, while LTL operating income declined YoY and QoQ.

• TTM Q3 adjusted EBITDA was $1,224.8 million and free cash flow was $701.2 million, with 84.3% free cash flow conversion.

Financial highlights

• Q3 revenue was $2.23 billion, up 13%; revenue before fuel surcharge rose 8% to $1.86 billion.

• Q3 operating income increased 17% to $180.0 million; net income rose 25% to $105.7 million and reported diluted EPS was $1.28.

• Adjusted net income grew 38% to $137.3 million and adjusted diluted EPS rose 39% to $1.67; adjusted EBITDA increased to $339.9 million from $305.4 million.

• 9M revenue reached $6.47 billion; operating income was $496.9 million and adjusted net income was $347.0 million.

• TTM Q3 net cash from operating activities was $894.5 million; net capital expenditures were $254.2 million.

Outlook and guidance

• Q4 2026 adjusted diluted EPS guidance is $1.30–$1.40, assuming no significant change in operating conditions.

• FY26 adjusted operating-ratio outlook: Truckload improvement of 400–500 bps, Logistics improvement of 100–200 bps, and LTL deterioration of 0–100 bps.

• FY26 net capital expenditures, excluding real estate, are expected at $225–$250 million.

• 2027 consolidated operating ratio is expected to improve below 90%; U.S. LTL improvement is targeted during 2027.

• 2027 Truckload operating ratio could reach 85% in the soft-demand environment; constrained capacity and further operational improvements are expected to help.