TFI International Inc. (TFII)

TFI International reported third-quarter 2026 revenue of $2.23 billion on 29 October, up 13 percent from $1.97 billion a year earlier 1.

Operating income rose 17 percent to $180.0 million, and net income rose 25 percent to $105.7 million 1.

The company says Truckload operating income rose 91 percent and Logistics 59 percent 1.

Less-Than-Truckload (LTL), which moves smaller loads, fell 43 percent to $44.4 million, helped down by a $14.4 million non-cash office building impairment 126.

Alain Bédard, the chairman and chief executive, said pricing initiatives within LTL began to benefit results late in the quarter and into October 1.

The company expects fourth-quarter 2026 adjusted diluted earnings per share of $1.30 to $1.40 1.

It also received notice that the GFP contract will not be renewed after 31 January 2027, a contract that produced $30.4 million of third-quarter revenue 2.

Steve Mayer joins the board effective 29 October 2026, and a dividend of $0.47 a share was declared on 15 September 34.

The business traces its origins to 1957, and a new management team led by Alain Bédard was appointed in 1996 6.

Growth came mostly by purchase, and the company says it has acquired more than 214 companies since 1996 6.

Early deals added cross-border truckload in March 1998, a larger share of cross-border LTL through TST in March 2000, and parcel delivery through Canpar in July 2002 6.

In 2011 it bought Dynamex, now TForce Logistics, which added same-day delivery and opened doors in the U.S. market 6.

Its common shares began trading on the New York Stock Exchange on 13 February 2020 6.

The largest turning point came on 30 April 2021, when it bought UPS Ground Freight, now TForce Freight, the LTL and dedicated truckload units of United Parcel Service, which had US$3 billion in revenues 6.

In August 2022 it sold a truckload, temperature-controlled and Mexican logistics business for US$525 million and left the Mexican market 6.

It bought JHT Holdings in 2023, which moves new trucks from plants to dealers, and in the second quarter of 2024 it bought Daseke, a flatbed and specialized carrier 6.

Total revenue was $7.52 billion in 2023, $8.40 billion in 2024 and $7.88 billion in 2025 7.

Operating income went from $757.6 million in 2023 to $719.0 million in 2024 and $565.3 million in 2025 7.

For 2025 the company blamed a weakened market and weaker volumes, partly offset by $346.1 million from acquisitions 7.

Employees fell from about 27,100 at the end of 2024 to about 24,900 at the end of 2025 6.

What it does

The company reports three segments: Less-Than-Truckload, Truckload and Logistics 6.

Truckload moves full loads from the customer to the destination, in closed vans or specialized equipment, and includes expedited, flatbed, tank container and dedicated services and brokerage 6.

Logistics is asset-light, meaning it uses few trucks of its own, and covers brokerage, freight forwarding, transportation management and small parcel delivery 6.

In 2025 LTL made 41 percent of revenue, Truckload 39 percent and Logistics 20 percent, counting revenue between segments 6.

The third quarter by segment

Revenue before fuel surcharge was $677.7 million in LTL, $753.0 million in Truckload and $437.0 million in Logistics 1.

Operating income was $100.2 million in Truckload and $49.4 million in Logistics 1.

In LTL, revenue per shipment excluding fuel fell 4.4 percent to $293.87 while shipments rose 4.6 percent to 1,855 thousand 2.

LTL's adjusted operating ratio, costs as a share of revenue where lower is better, was 91.3 percent against 88.8 percent a year earlier 2.

Rivals

The company names Old Dominion, SAIA, ArcBest and XPO as its main LTL rivals in the United States, and Mullen and Manitoulin in Canada 6.

In truckload it names Trimac, Challenger and Bison in Canada and Knight-Swift, Werner, Schneider and Heniff in the United States 6.

In logistics it names C.H. Robinson, OnTrac and Echo Global Logistics 6.

Fleet, sites and people

At 30 September 2026 it had 12,125 trucks, 40,356 trailers and 5,879 independent contractors 2.

It had 617 facilities, 371 in the United States and 246 in Canada, and 25,680 employees 2.

No single customer accounts for more than 5 percent of revenue 2.

Bédard is chairman, president and chief executive, and David Saperstein is chief financial officer 5.

Current problems

Between 14 March and 21 May 2025, class actions were filed in New York, Quebec and Ontario against the company and some officers 7.

They allege misleading statements about customers, revenue, costs and profitability, and the company says the allegations have no merit 7.

The umbrella, in words

The company says it manages a network of wholly-owned operating subsidiaries, and that many acquired firms keep their original names and management teams 6.

Its trademark list includes TForce Freight, Canpar, Loomis Express, Vitran Express, Contrans, the Daseke group and JHT 6.

It reports 142 applied-for or registered trademarks and more than 40 patents from its JHT, Piston Tank and Canpar/Loomis businesses 6.

Its structure chart says each entity is wholly-owned, directly or indirectly, unless otherwise indicated 6.

Caisse de depot et placement du Quebec reported owning 8.6 percent of the common stock, and FIL Limited 5.8 percent, in their filings with the SEC 89.

Common shares carry one vote each, the annual information form says 6.

The company expects fourth-quarter 2026 adjusted diluted earnings per share of $1.30 to $1.40 and full-year net capital expenditures excluding real estate of $225 million to $250 million 1.

For the fourth quarter it expects the adjusted operating ratio to improve 400 to 500 basis points in Truckload and 100 to 200 in Logistics, and to decline 0 to 100 in LTL 1.

Its GFP contract ends on 31 January 2027 after the customer gave notice of non-renewal 2.

The share repurchase program runs from 4 November 2025 to 3 November 2026 and allows up to 7,667,696 shares, with none bought through 30 September 2026 2.

It reports $33.3 million of tractors bought in advance in 2026 ahead of expected price increases from the new 2027 emissions standards 2.

Its dividend policy is to distribute 15 to 30 percent of annualized free cash flow from continuing operations each year 6.

The company says it seeks to capitalize on a potential shift toward domestic manufacturing, data center and electric grid related growth, and e-commerce expansion 6.