TFI International (TFII) Q2 2026 earnings summary

Executive summary

• Adjusted diluted EPS reached CAD 1.85 (up 38% year-over-year), exceeding guidance, with all three business segments posting double-digit operating income growth and strong free cash flow generation over CAD 200 million.

• Operating income rose 29% year-over-year to $220.4 million in Q2 2026, with net income up 39% to $136.2 million and adjusted net income up 36% to $152.5 million.

• 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.

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, with consolidated margin improving to 11.6% from 9.5% a year earlier.

• Adjusted EBITDA for Q2 2026 was $363.9 million, up from $326.6 million in Q2 2025; TTM Q2-2026 adjusted EBITDA was $1,190.4 million.

• Net cash from operating activities reached $914.7 million (TTM Q2-2026); free cash flow at $784.1 million.

• Quarterly dividend payout was close to CAD 40 million, with a 4% increase to $0.47 per share in Q2 2026.

Outlook and guidance

• Q3 2026 adjusted diluted EPS expected in the range of $1.70–$1.80, up to 50% year-over-year growth at the high end.

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