TFI International (TFII) Q1 2026 earnings summary

Executive summary

• Adjusted diluted EPS for Q1 2026 was $0.69, reflecting operational efficiency, though down from $0.76 year-over-year; adjusted net income was $57.2M, down from $64.2M.

• Free cash flow for Q1 was $124 million, supporting a strong balance sheet and $38 million in dividends paid; quarterly dividend increased by 4% to $0.47 per share.

• Revenue before fuel surcharge was $1.7 billion, flat year-over-year; total revenue was $1.95B, nearly flat compared to $1.96B in Q1 2025.

• Strategic acquisitions and operational efficiencies contributed to performance despite adverse weather and weaker demand.

• Achieved 13.9% CAGR in revenue before fuel surcharge and 13.8% CAGR in adjusted EBITDA from 2002 to 2025, demonstrating sustained growth.

Financial highlights

• Adjusted diluted EPS of $0.69 in Q1 2026, down from the prior year; adjusted EBITDA for TTM Q1-2026 was $1,152.9 million.

• Free cash flow of $124 million in Q1; TTM Q1-2026 free cash flow was $764.3 million.

• Net cash from operating activities was $122 million in Q1; TTM Q1-2026 net cash from operating activities was $905.7 million.

• Operating margin was 5.7% in Q1 2026, down from 6.7% in Q1 2025; TTM Q1-2026 operating margin at 7.9%.

• Returned US $2.6 billion to shareholders since 2017; annual forward dividend yield of 1.7%.

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.

• Focus remains on disciplined M&A, integration, and synergy realization.