TFI International (TFII) Q2 2026 earnings summary

Executive summary

• Adjusted diluted EPS reached CAD 1.85 (up 38% year-over-year), with all three business segments posting double-digit operating income growth and Truckload operating income up 50%.

• Achieved a 13.9% CAGR in revenue and 13.8% CAGR in adjusted EBITDA from 2002 to 2025, demonstrating resilience through economic cycles.

• Diversified operations across LTL (41% of YTD Q2-2026 revenue), Truckload (39%), and Logistics (20%), with a decentralized management approach.

• Completed 86 acquisitions since 2017, including 5 major deals, supporting both organic and inorganic growth.

• Free cash flow for the quarter exceeded CAD 200 million, supporting capital returns and strategic allocation.

Financial highlights

• Q2 2026 total revenue grew 12% to $2.29 billion; revenue before fuel surcharge up 6% to $1.90 billion.

• Operating income rose nearly 30% to CAD 220 million; adjusted EBITDA for Q2 2026 was $363.9 million, up from $326.6 million in Q2 2025.

• Operating margin improved to 11.6%, up over 200 basis points from last year; Q2 2026 operating margins: Truckload 13.9%, LTL 11.8%, Logistics 11.5%.

• Net cash from operating activities increased to CAD 256 million from CAD 247 million; free cash flow conversion remained strong.

• Quarterly dividend payout was close to CAD 40 million, with a 4% increase to $0.47 per share.

Outlook and guidance

• Q3 adjusted EPS expected in the CAD 1.70–1.80 range, up to 50% higher year-over-year at the high end.

• Anticipated year-over-year adjusted operating ratio improvement: 500–650 bps in Truckload, 250–350 bps in Logistics, flat in LTL.

• Full-year net CapEx (excluding real estate) expected at CAD 225–250 million.

• Maintains a robust acquisition pipeline and expects continued growth through disciplined M&A and organic initiatives.

• Guidance assumes no significant changes in the operating environment.