TFI International (TFII) Q1 2026 earnings summary

Executive summary

• Adjusted diluted EPS for Q1 2026 was $0.69, down from $0.76 year-over-year, reflecting operational efficiency and disciplined capital allocation.

• Free cash flow for Q1 was $124 million, supporting a strong balance sheet and $38 million in dividends paid.

• Revenue before fuel surcharge was $1.7 billion, flat year-over-year, with consolidated operating earnings of $97 million and a 5.7% margin.

• Q1 2026 operating income was $96.6M, down from $114.6M year-over-year, with net income at $43.3M versus $56.0M in Q1 2025.

• Board approved a $0.47 quarterly dividend, a 4% increase over the prior year.

Financial highlights

• Adjusted diluted EPS of $0.69 in Q1 2026, down from the prior year.

• Free cash flow of $124 million in Q1; funded debt-to-EBITDA ratio at 2.6 at March-end.

• Net cash from operating activities was $122 million, down from $193.6M year-over-year.

• Operating income declined 16% year-over-year, primarily due to lower revenues and $6.7M in incremental accident-related expenses.

• Adjusted EBITDA was $241.4M, down from $259.0M year-over-year.

Outlook and guidance

• Q2 2026 adjusted diluted EPS expected in the range of $1.50–$1.60, above prior year.

• Net CapEx (excluding real estate) for 2026 expected at $225–$250 million.

• No full-year guidance due to macro uncertainties, including trade agreements and fuel volatility.

• Sequential OR improvement of 400–500 bps expected Q1 to Q2; LTL segment to improve 600–700 bps.